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Category: Economy

  • PM-KISAN 17th Installment Releasing Tomorrow: Check Name On Beneficiary List, Rs 2,000 To Be Transferred Into Bank Accounts Of Eligible Farmers | Personal Finance News

    New Delhi: Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme 17th Installment update — PM Narendra Modi will be releasing the 17th Installment money of the PM-KISAN Yojna under which Rs 2,000 will be credited into the bank account of eligible farmers tomorrow.

    The Prime Minister will release Rs 20,000 crore to over 9.26 crore beneficiary farmers during an event in Varanasi tomorrow (18 June 2024), the official Twitter Handle of the Department of Agriculture & Farmers Welfare, Ministry of Agriculture & Farmers Welfare, Government of India has informed.

    केन्द्र सरकार ने है ठाना, #PMKisan योजना का लाभ शत-प्रतिशत पात्र किसानों तक है पहुंचाना
    .
    पीएम किसान सम्मान निधि योजना के अंतर्गत 17वीं किस्त का हस्तांतरण 18 जून, 2024 को किया जाएगा जिसमें बस 1 दिन शेष है।#agrigoi #1DayToGo #PMKisan17thInstallment #EmpoweringAnndatas pic.twitter.com/dBzq5d3MgX
    — Agriculture INDIA (@AgriGoI) June 17, 2024

    After being sworn in as Prime Minister for the 3rd time, PM Narendra Modi signed his first file authorising the release of 17th instalment of PM Kisan Nidhi. This will benefit 9.3 crore farmers and distribute around Rs 20,000 crores, on June 10.

    PM Modi said, “Ours is a Government fully committed to Kisan Kalyan. It is therefore fitting that the first file signed on taking charge is related to farmer welfare. We want to keep working even more for the farmers and the agriculture sector in the times to come.”

    PM Kisan Samman Nidhi 17th installment: How To check your name in beneficiary list?

    -Visit official PM KISAN website https://pmkisan.gov.in/ Portal

    – You will see the map of India under Payment Success tab.

    – On the right hand side, there will be a yellow coloured tab called “Dashboard”

    – Click on Dashboard

    – After clicking, you will be taken to a new page

    – On the Village Dashboard tab, you will have to fill your complete details

    – Select the state, district, Sub-District and Panchayat

    – Then click on show button

    – After this you can choose your details

    – Click ‘Get Report’ button

    – Now you can see your name in the Beneficiaries list


    The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Scheme, was launched by PM Narendra Modi in 2019, aims to provide income support to all landholder farmer families across the country with cultivable land, subject to certain exclusions.  Under the Scheme, the amount of Rs 6000 per year is released in three monthly instalments of Rs 2000 each directly into the bank accounts of the beneficiaries.

  • Tata Nexon Hits 7 Lakh Sales In 7 Years, Get Up to Rs 1 Lakh Benefits Now! | Auto News

    Tata Nexon Sales And Anniversary Offer: Tata Motors is celebrating 7 lakh unit sales of Nexon, in its 7th year. Launched in 2017, Nexon has been India’s largest-selling SUV for three consecutive years from 2021 to 2023.

    It was also the 1st Indian car that got a 5-star rating from Global NCAP in 2018 and set the benchmark for others. In Feb 2024, the new-gen Nexon received its GNCAP 5-star rating as per the updated 2022 protocol, and recently Nexon.ev got a 5-star rating from Bharat-NCAP, this month.

    Available in multiple powertrains – petrol, diesel, and electric, the Nexon’s performance is evident in its accelerated sales growth, with over 3 lakh units sold in just the last two years (2022 and 2023).
     
    Nexon’s Journey To 7 Lakh Units

    — 1 Lakh: August 2019 (25 months)
    — 2 Lakh: May 2021 (20 months)
    — 3 Lakh: March 2022 (10 months)
    — 4 Lakh: October 2022 (7 months)
    — 5 Lakh: April 2023 (6 months)
    — 6 Lakh: December 2023 (8 months)
    — 7 Lakh: July 2024 (7 months)

    To celebrate Nexon’s 7 Lakh sales and its 7th year, all Tata Motors passenger vehicles dealers and showrooms nationwide, are organising special events and customer meets. Additionally, the company is offering benefits on Nexon up to Rs. 1 lakh, depending on model and variant.

    Speaking on the occasion, Vivek Srivatsa, Chief Commercial Officer, Tata Passenger Electric Mobility Ltd., said, “Since its launch in 2017, the Nexon has set new standards in design, safety, comfort, and driving pleasure. With a wide choice of powertrains and personas, we have ensured that there is an ideal Nexon for every evolving need and discerning choice of our customers. 

    “To celebrate this landmark achievement of 7 lakh sales in 7 years and to express our sincere gratitude to the growing Nexon family, we are passing on exciting price benefits for both existing and new customers,” he added.

  • Zomato May Buy Paytm’s Movie Ticketing Business: Reports | Companies News

    New Delhi: Online food delivery platform Zomato is in advanced discussions to buy Paytm’s movie ticketing and events business, according to multiple reports. This move aligns with Zomato’s plan to expand its ‘going out’ offerings. The potential deal could value Paytm’s vertical at around Rs 1,500 crore, as per reports. Zomato or Paytm were yet to comment on the reports.

    If finalised, this acquisition would be Zomato’s second-largest purchase, following its acquisition of quick commerce platform Blinkit in 2021, which was an all-stock deal worth Rs 4,447 crore. Meanwhile, Zomato has invested Rs 300 crore in its quick commerce arm, Blinkit, as this segment is projected to surpass its core food delivery business.

    The board of the company has approved the investment of Rs 300 crore in Blinkit Commerce, as per filings with the Registrar of Companies accessed via TheKredible. Additionally, Zomato will also invest Rs 100 crore in Zomato Entertainment, its events arm, which specialises in curating and selling tickets for concerts, parties, and festivals.

     

  • IRDAI Introduces Higher Surrender Payouts On Early Exit From Life Insurance Policies | Personal Finance News

    New Delhi: If you have an insurance policy, the Insurance Regulatory and Development Authority of India (IRDAI) brings great news for you. If you decide to exit your life insurance policy early then you’ll receive more money back. In an effort to benefit policyholders, the IRDAI has mandated a higher special surrender value (SSV) for traditional endowment policies.

    This means that even if you choose to exit your policy after just one year, you’ll get a portion of your premium refunded. This change comes after extensive discussions and proposals, ensuring that policyholders are better protected and receive fairer returns when they surrender their policies early. (Also Read: Petrol, Diesel Price Hike: Karnataka Government Raises Fuel Rates By Rs 3 Per Litre)

    “While we anticipate a gross impact of approximately 100 bps on the company’s new business margin (NBM) due to higher surrender value on early exits, we are confident in our ability to largely mitigate this impact without compromising the value proposition for our customers,” an HDFC Life spokesperson said Moneycontrol. “We expect these measures to positively impact the long-term growth prospects for the industry.” (Also Read: SBI Customers, ALERT! Your Home Loan, Personal Loan EMIs To Go Up As Bank Raises Lending Rates By 10 Basis Points)

    “Given that substantial number of policyholders surrender their policies in early years, this regulation would immensely benefit those policyholders in particular,” An anonymous source from a private life insurance company told Moneycontrol. “The increase will also be applicable to surrender in latter years, albeit the quantum of such increase will be comparatively lower.”

    The IRDAI has announced that the special surrender value (SSV) should be at least equal to the present value of the paid-up sum assured and any future benefits, such as regular income payouts. Previously, life insurers opposed this move and argued that these products are designed for long-term goals and not for providing liquidity, according to Moneycontrol.

    “Reserving will have to go up and more capital will be required,”The CEO of a leading private life insurance company told Moneycontrol. The CEO further added “The upfront charges are high and it is difficult to recoup the commissions paid in the initial years,”.

    Further, the insurance regulator now requires life insurers to provide a Customer Information Sheet (CIS) to customers which is similar to what health and general insurers do. This sheet will clearly explain clauses, policy benefits, premiums, and terms and conditions in simple and concise language.

    The IRDAI also allowed insurers to design a variety of new products, including index-linked plans and variable annuity payout options. The regulator introduced stricter penalties for insurers regarding customer grievances.

  • Indian Textile Exports Surge By 9.59% In May Despite Global Economic Challenges | Economy News

    New Delhi: Despite unfavourable economic conditions in major markets such as the European Union (EU), the US, and West Asian nations, Indian textile exports grew by 9.59 per cent compared to the previous year in May 2024, the Confederation of Indian Textile Industry (CITI) said in a report. Simultaneously, Indian apparel exports saw a growth of 9.84 per cent during the same period.

    The CITI in its report highlighted that the cumulative exports of textiles and apparel during May 2024 registered a growth of 9.70 per cent over May last year. The country’s overall exports for May 2024 surged to USD 68.29 billion. This was a substantial year-on-year increase of 10.2 per cent, according to data released by the Commerce Ministry on June 14. (Also Read: SBI Customers, ALERT! Your Home Loan, Personal Loan EMIs To Go Up As Bank Raises Lending Rates By 10 Basis Points)

     The analysis noted that during Apr -May’ 24, Indian textile exports registered a growth of 6.04 per cent over the previous year, while apparel exports registered a growth of 4.46 per cent during the same time period. The cumulative exports of textiles and apparel during April-May 2024 saw a surge of 5.34 per cent as compared to the same period last year. (Also Read: Several Employees Of THIS Bank Fired Over Fake Keyboard Activity And Mouse Jiggling: Details Here)

     The recently released export data revealed that sectors such as electronic goods, drugs and pharmaceuticals, organic and inorganic chemicals, engineering goods, petroleum products, plastics & linoleum, cotton yarn/fabs made-ups ( textiles manufactured), handloom products, etc., man-made yarn/fabs./made-ups, handloom products etc. performed well in the exports from the country.

     Other merchandise products, such as meat, dairy and poultry products, mica, coal and other ores, minerals including processed minerals, RMG of all textiles, tea, coffee, rice, tobacco, carpet and handicrafts, oil seeds; and fruits and vegetables, did well too.

    On Friday, Ashwani Kumar, President of the Federation of Indian Export Organisations (FIEO), highlighted that a positive trajectory was seen in May 2024, driven by robust order bookings. Among the top ten export markets for India were the US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany and France. Considerably, in these markets, the exports registered a double-digit growth rate.

    Breaking down export data released yesterday, the merchandise exports witnessed a 9.1 per cent rise to USD 38.13 billion, while service exports climbed by 11.7 per cent, reaching USD 30.16 billion. 

  • Petrol, Diesel Price Hike: Karnataka Government Raises Fuel Rates By Rs 3 Per Litre | Economy News

    New Delhi: After the Lok Sabha elections, the Karnataka government has raised the prices of petrol and diesel. Starting today, petrol is now Rs 3 per litre more expensive and diesel has gone up by Rs 3.05 per litre. These new prices are effective immediately.

    Petrol and Diesel Price Hike in Karnataka

    Starting today, petrol and diesel prices have increased in Karnataka. The state government has revised the sales tax, raising it from 25.92 per cent to 29.84 per cent for petrol and from 14.3 per cent to 18.4 per cent for diesel. These new rates are now in effect and have resulted in higher fuel prices across the state. (Also Read: SBI Customers, ALERT! Your Home Loan, Personal Loan EMIs To Go Up As Bank Raises Lending Rates By 10 Basis Points)

    Sales Tax Increase in Karnataka

    The Karnataka government has revised the sales tax rates. According to the official notification, the Karnataka Sales Tax (KST) on petrol is now 29.84 per cent, and on diesel, it is 18.4 per cent. This increase in sales tax directly leads to higher retail prices for petrol and diesel. (Also Read: Several Employees Of THIS Bank Fired Over Fake Keyboard Activity And Mouse Jiggling: Details Here)

    Following the tax increase, petrol and diesel prices in Karnataka have surged by Rs 3 per litre. Prior to the hike, petrol was selling at Rs 99.84 per litre and diesel at Rs 85.93 per litre in Bangalore. However, fuel is now more expensive in Bangalore compared to Delhi where petrol is priced at Rs 94.72 per litre and diesel at Rs 87.62 per litre. This increase has further widened the price gap.

    Petrol-Diesel Prices in Bangalore 

    After an increase in sales tax by the Karnataka government, petrol prices in Bangalore have risen from Rs 99.84 per litre to Rs 102.84 per litre. Meanwhile, diesel prices have increased from Rs 85.93 per litre to Rs 88.95 per litre. This hike of Rs 3 per litre comes as a surprise as it was expected that prices would decrease after the Lok Sabha elections. 

    Petrol and diesel prices are likely to go up in Karnataka as the state govt revises sales tax by 29.84% and 18.44%.

    According to the Petroleum Dealers Association, petrol and diesel prices are likely to go up by Rs 3 and Rs 3.05 approximately in Karnataka pic.twitter.com/rJDinVT6SK
    — ANI (@ANI) June 15, 2024

  • Sensex, Nifty At All-Time High As Inflation Cools This Week | Markets News

    New Delhi: Indian stock markets closed at an all-time high in the last week. This is the second consecutive week when Indian frontline indices Sensex and Nifty made a new all-time high of 77,145 and 23,490 respectively. 

    In the last week that ended on June 14, Sensex closed at 76,992, up 299 points or 0.39 per cent, and Nifty settled at 23,465, up 175 or 0.75 per cent. Data released by the government on Wednesday showed that the retail inflation rate has fallen to 4.75 per cent in May, which was 4.83 per cent in April. (Also Read: Advance Tax First Instalment Payment: Find Out Who Has To Pay, Consequences Of Missing Payment)

    During the week, Foreign institutional investors (FIIs) have invested Rs 2,030 crore and domestic institutional investors (DIIs) have invested Rs 6,293 crore. Smallcap and midcap shares have attracted more investors than largecap during this period. BSE Smallcap Index rallied 5 per cent and BSE Midcap Index surged 4.4 per cent during the week. (Also Read: EPF Withdrawal Update: EPFO Discontinues Covid-19 Advance Facility – Check Details)

    In smallcap, EIH Associated Hotels, Reliance Power, PTC Industries, Avantel, HCC, GTL Infrastructure, Wardwizard Innovation and Mobility, Honda India Power Products, Home First Finance Company India, Paras Defense and Space Technology, and Asian Granito India gained more than 25 per cent.

    In midcap, Endurance Technologies, LIC Housing Finance, Scheffler India, Oil India, Max Healthcare Institute, Samvardhan Motherson International, Honeywell Automation, Oracle Financial Services Software, and New India Assurance were top gainers. Among the sector indices, the Capital Goods Index surged 6.4 per cent, the Realty Index rallied 5.4 per cent, the Telecom Index shot up by 4 per cent and the Oil and Gas Index gained 3.5 per cent.

  • Your PF Withdrawal Woes To End Soon; EPFO To Revamp UAN-Based System For Faster Claims Settlement | Personal Finance News

    Provident Fund Withdrawal: EPFO (Employees’ Provident Fund Organisation) will soon introduce UAN-based single accounting system for each member and automation of process flow with minimum human intervention for faster settlement of claims after revamping its application software, the Ministry of Labour and Employment said in a release on Friday.

    The new software is being developed in consultation with the Centre for Development of Advanced Computing (CDAC). In recent times, the organisation has taken several reforms to ease pensioners and employees. As part of the reforms, the EPFO has automated the claim settlement and reduced the rejections of claims.

    For speedy disposal of claims, auto settlement of advances up to 1 Lakh for illness, education, marriage and housing has been implemented by EPFO. About 25 Lakhs advance claims have been settled on auto mode, as per the Ministry statement. Sumita Dawra, Secretary, Ministry of Labour and Employment, Government of India held a review meeting on these reforms within the organisation on June 13, 2024.

    The meeting was attended by Neelam Shami Rao, CPFC and other senior officers of the Ministry of Labour and Employment and EPFO. The statement added, while elaborating on the recent reforms undertaken by the EPFO, that more than 50 per cent of the illness claims have been settled till now in auto mode. This has increased claim settlement speed and a large number of them are now being settled within 03 days.

    The chequebook/passbook of bank account uploads for the KYC Aadhaar-linked accounts of members have been dispensed with, thus eliminating the scrutiny requirement for almost 13 lakh claims in the last month. EPFO has also reduced and rationalised the remarks for easy comprehension by the members for the return of incomplete cases and rejection of ineligible cases, the statement read.

    The number of auto transfers generated has also increased threefold with the numbers increasing from 02 Lakh on April 24 to 06 Lakh in May 2024, as per the Ministry release. The review meeting highlighted the need of the expansion of social security and new initiatives for ease of living and ease of business. The operational reforms in Litigation Management and Audit were also discussed during the meeting.

  • India’s Forex Kitty Surges To New Lifetime High Of $655.8 Billion | Economy News

    New Delhi: India’s foreign exchange reserves surged by $4.3 billion during the week ended June 7 to scale a lifetime high of $655.8 billion, according to the latest data released by the RBI on Friday. The country’s forex kitty has broken the earlier record of $651.5 billion, as of May 31, that was announced by RBI Governor Shaktikanta Das on June 7, and has been rising steadily in recent weeks.

    The surge in foreign exchange reserves also came on a day when Commerce Ministry data show that India’s exports of goods shot up over 9 per cent in May. “India’s external sector remains resilient and overall, we remain confident of meeting our external financing requirements comfortably,” Das said at a press conference after the monetary policy meeting last week. (Also Read: Advance Tax First Instalment Payment: Find Out Who Has To Pay, Consequences Of Missing Payment)

    India, with an expected 15.2 per cent share in world remittances in 2024, also continues to be the largest recipient of remittances globally. Overall, the current account deficit for 2024-25 is expected to remain well within its sustainable level, he added. (Also Read: EPF Withdrawal Update: EPFO Discontinues Covid-19 Advance Facility – Check Details)

    An increase in the foreign exchange reserves reflects strong fundamentals of the economy and gives the RBI more headroom to stabilise the rupee when it turns volatile. A strong forex kitty enables the RBI to intervene in the spot and forward currency markets by releasing more dollars to prevent the rupee from going into a free fall. Conversely, a declining forex kitty leaves the RBI less space to intervene in the market to prop up the rupee.

  • India To Remain Asia-Pacific’s Fastest Growing Economy In 2024: Moody’s | Economy News

    New Delhi: India will remain the Asia-Pacific region’s fastest-growing economy in 2024, sustaining the domestically-driven momentum of last year, on the back of a continuity in policy that focuses on infrastructure development and encourages private sector investment, according to the latest report of global rating agency Moody’s. 

    In its report titled ‘Credit Conditions – Asia-Pacific H2 2024 Credit Outlook,’ released on June 13, Moody’s highlighted that Indonesia, the Philippines, and India have led the growth in the first half of 2024.

    Moody’s said stronger portfolio inflows are likely in India and ASEAN economies, because of robust corporate credit metrics and appealing valuations.

    In May, Moody’s projected the Indian economy to grow 6.8 per cent in the current year, followed by 6.5 per cent in 2025, on the back of strong economic expansion along with policy continuity after the Lok Sabha elections.

    India’s real GDP has grown by 8.2 per cent in the financial year 2023-24 which ended on March 31 to keep its tag as the world’s fastest-growing major economy. The RBI has upgraded its forecast for India’s GDP growth to 7.2 per cent  the weather office predicting an above-normal monsoon this year.