NATIONAL NEWS
Morgan Stanely projects India’s GDP for FY23 at 7.9%
Rating Agency Morgan Stanely has projected India’s GDP growth forecast for 2022-23 (FY23) at 7.9%. This is 50 bps less than its earlier projection due to the impact of the Russia-Ukraine conflict on oil prices. Furthermore, Stanley raised the country’s retail inflation estimate to 6%, meanwhile, current account deficits are seen to widen by 3% of GDP. India is affected through three key channels – higher prices for oil and other commodities; trade, and tighter financial conditions, influencing business/investment sentiment. Analysts at the brokerage also raised their inflation forecast to 6 per cent – the upper end of the tolerance band for the RBI – and flagged stagflation risks because of the ongoing events.
EPFO lowers interest rate on PF deposits to 8.1% for 2021-22
The retirement fund body, Employees Provident Fund Organisation (EPFO) has slashed the interest rate on provident fund deposits to 8.10% for 2021-22. This rate is 0.4% lower than the previous year. The interest rate on PF deposits was 8.5% in 2020-21 and 2019-20. This is the lowest in more than four decades. EPFO had credited 8.0% as interest rate in 1977-78. Since then, it has been either 8.25% or more. The interest rate of 8.1% has been declared based on EPFO’s estimated income for the year at Rs 76,768 crore and this will leave the retirement fund body with a surplus of Rs 450 crore. The move is expected to hit the earnings of over sixty million EPFO subscribers.
Global Investment in Digital Shopping 2021: India ranked 2nd
According to the London & Partners analysis of Dealroom. Co-investment data, India is the second-largest global venture capital investment hub for digital shopping companies, growing by a whopping 175% from $8 billion in 2020 to $22 billion in 2021. On a global scale, India came in second to the US last year, which attracted $51 billion in investment, followed by China at third with $14 billion and the UK at fourth with $7 billion. Within India, Bengaluru comes out on top globally with $14 billion worth of Venture Capital (VC) investments in digital shopping in 2021, followed by Gurugram at No. 7 with $4 billion and Mumbai at No. 10 with $3 billion.
J&K Bank bagged National Award for SHG Bank Linkage
Union Minister of Rural Development, Giriraj Singh honoured the Jammu and Kashmir Bank (J&K Bank) with the “National Award for Outstanding Performance for FY 2020-21” in recognition of its best performance in Self-Help Group Bank Linkage. Kirti Sharma, Zonal Head, Delhi, J & K Bank, accepted the award on the bank’s behalf from Union Minister Giriraj Singh. The award was presented during the event organized as a part of International Women’s Day (8th March 2022) at Vigyan Bhavan, New Delhi, Delhi. In line with the Bank’s commitment to extend banking facilities and financial services into the under-banked areas of Jammu and Kashmir, J&K Bank has commissioned 4 Business Units (Bus) in the region.
INTERNATIONAL NEWS
United National Security Council calls the meeting to assess Ukraine situation
The United Nations Security Council, at the request of 6 western nations, will meet on March 17, 2022. The 6 countries sought an open session on Ukraine ahead of an expected vote on a Russian humanitarian resolution on March 18, 2022. The mission has posted the flags of 6 council nations requesting the UNSC meeting. The six countries are the US, Norway, Ireland, UK, France, and Albania. UN Mission of the United Kingdom also tweeted that Russia is committing war crimes and targeting civilians. Russia’s invasion of Ukraine is a threat for all. On the other hand, Russia proposed a Security Council Resolution on March 15 that would demand the protection of civilians in vulnerable situations in Ukraine and safe passage for humanitarian aid and people.
Karolina Bielawaska crowned Miss World 2021
Poland’s Karolina Bielawaska was crowned Miss World 2021 at the 70th edition of the beauty pageant at San Juan, Puerto Rico. USA’s Shree Saini and Olivia Yace of Cote d’Ivoire were the first and the second runners-up respectively. India’s Manasa Varanasi failed to make it to the top 6, she was included in the list of top 13 at the 11th position.
