|1.||Industrial workers’ retail inflation fell from 6.97% in May 2022 to 6.16% in June 2022.||Inflation based on the Consumer Price Index for Industrial Workers (CPI-IW) was 5.57% in the same month a year earlier (June 2021).|
Food inflation in June 2022 was 6.73%, compared to 7.92% in May 2022 and 5.61% in June 2021.
The All-India CPI-IW grew by 0.2 points in June 2022. It was 129.2 points at the time. In May 2022, it was 129 points.
The Food & Beverage group exerted the greatest upward impact on the CPI-IW in June 2022. It added 0.20 percentage points to the overall change.
Puducherry saw the highest rise (2.6 points), followed by Amritsar (2.2 points) and Tripura (2.2 points) (2.0 points).
Sangrur saw the greatest drop of 2.4 points. The indices of six centres remained stable.
|2.||PM Modi inaugurates Deutsche Bank’s IFSC Banking Unit (IBU) at GIFT-IFSC in Ahmedabad.||In the beginning, the IBU of Deutsche Bank in Gujarat International Finance-Tec City (GIFT City) will offer financial products in trade finance, fixed income, and currencies.|
It would make cash pooling easier for both Indian and foreign clients. It will also make external commercial borrowing (ECB) finance available to its primary clients.
Deutsche Bank is a global investment bank headquartered in Germany.
|3.||Between 2020-21 and 2021-22, the percentage of GDP accounted for by goods and services grew by 2.7%.||The GDP proportion of goods and services exports has increased from 18.7% in 2020-21 (FY21) to 21.4% in 2021-22. (FY22).|
From 10.9% in 2020-21 (FY21) to 13.3% in 2021-22, the overall percentage of goods export in GDP has grown by 2.4%. (FY22).
Engineering products provided the most (3.53%) to the annual GDP share of goods exports in 2021-22.
Petroleum products (2.13%), diamonds and jewelry (1.23%), organic and inorganic chemicals (0.93%), and medications and pharmaceuticals (0.78%) were the next highest.
In the fiscal year 2017-18, exports of goods and services accounted for 18.8% of GDP. In fiscal year 2018-19, it was 19.9%. In fiscal year 2019-20, it fell to 18.7%.
|4.||Auguste Tano Koume has taken over as World Bank Country Director for India, succeeding Junaid Kamal Ahmad.||His appointment as World Bank Country Director for India took effect on August 1, 2022.|
He was most recently the World Bank’s Country Director for the Republic of Turkey.
Auguste is a Côte d’Ivoire native (a country on the southern coast of West Africa).
The World Bank Group’s largest client is India.
In the fiscal year 2021-22, India borrowed $3.98 billion from the International Bank for Reconstruction and Development (IBRD) and $83 million from the International Development Association (IDA).
|5.||Beginning October 1, 2022, enterprises having a combined annual revenue of more than ten crore will be required to use electronic invoicing.||E-invoices are now required for enterprises with an annual revenue of more than 20 crore.|
Following the GST Council’s advice, the Finance Ministry issued a notification to decrease the threshold.
E-invoicing gives a uniform invoice format that a machine can interpret.
This method is used by the Goods and Services Tax Network (GSTN) to electronically validate B2B invoices before they can be utilised on the common GST site.
The GSTN-managed invoice registration site will assign an identifying number to each invoice filed through the electronic invoicing system (IRP).
Businesses who are required to use electronic invoicing will have their invoices rejected if they do not do so.
On such an invoice, the receiver is not permitted to claim Input Tax Credit (ITC), and further penalties may apply.
GSTN has approved a number of accounting and invoicing software applications.
They give free basic accounting and billing solutions to small taxpayers (companies with a revenue of less than 1.5 crore).
The Goods and Services Tax Network (GSTN) provides IT infrastructure and services linked to GST.
|6.||Manufacturing PMI rises from 53.9 in June 2022 to 56.4 in July 2022, an 8-month high.||The Services PMI fell from 59.2 in June 2022 to a four-month low of 55.5 in July 2022.|
Manufacturing currently accounts for more than 14% (14.4%) of Gross Value Added (GVA). The proportion of services is around 55%.
S&P Global prepares the Purchasing Managers’ Index (PMI), which is based on a survey of 400 managers. Indexes above 50 indicate expansion, while those below 50 indicate recession.
S&P Global compiles the services PMI, like the manufacturing PMI, using answers from 400 service sector firms.
Consumer (excluding retail), transportation, technology and communication, banking, insurance, real estate, and business services are among the industries represented.
|7.||GST revenue collected in July 2022 is the second highest since the implementation of GST.||In July 2022, gross GST income of about 1,48,995 crore rupees was received.|
According to the Finance Ministry, GST income collection in July 2022 would be 28% more than in July 2021.
According to the Finance Ministry, monthly GST earnings have exceeded 1.4 lakh crore rupees for five months in a row. It has steadily increased month after month.
|8.||The RBI has released the March 2022 Financial Inclusion Index (FI Index).||The FI Index increased in value from 53.9 in March 2021 to 56.4 in March 2022.|
Growth has been observed across all FI Index sub-indices.
The RBI created a composite Financial Inclusion Index (FI-Index) to measure the level of financial inclusion in the country.
The RBI issued it in August 2021 for the fiscal year ending March 2021.
The annual FI-Index for the fiscal year ending March 2017 was 43.4.
The Index was created without the use of a “base year.” It collects data on numerous facets of financial inclusion into a single value.
The value can vary from 0 to 100. 0 indicates total financial exclusion. A score of 100 indicates complete financial inclusion.
It is made up of three broad parameters. Access (35% weight), utilisation (45% weight), and quality (20% weight) are the factors.
In all 97 categories, the index responds to access, service utilisation, and service quality.
|9.||HDFC Bank Parivartan has inked a Memorandum of Understanding (MOU) worth 107.76 crore with the Indian Institute of Science, Bengaluru.||HDFC Bank has contributed 107.76 crore as part of the MoU for the development of the Bagchi-Parthasarathy Hospital at IISc Bengaluru.|
The bank will provide funding for three wings of IISc’s multi-specialty, not-for-profit hospital.
|10.||In 2020, India received the most trade help from wealthy countries.||In 2020, India will get $2.7 billion in trade help from wealthy nations. In 2019, India got $3.9 billion.|
Bangladesh is the second-largest receiver of developed-country aid, after Egypt, Ethiopia, Kenya, Vietnam, and Pakistan.
The World Trade Organization and the Organization for Economic Cooperation and Development (OECD) have produced the Joint Aid for Trade at a Glance 2022 report .
The major funders are the World Bank, European Union Institutions, and Asian Development Bank.
Top contributor nations include Japan, the United States, Germany, and France.
The overall distribution in 2020 was $48.7 billion. Covid-19-related initiatives have received around $4.7 billion in funding.
Trade aid is primarily intended for the least developed countries. It includes of assistance for the development of supply-side capability as well as trade-related infrastructure for international commerce.