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CURRENT
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SEPTEMBER 2022
NATIONAL NEWS
ULIP
to be developed as part of logistics policy
A unified logistics
interface platform (ULIP) will be developed as part of the national logistics
policy to help different government and private agencies; shippers, service
providers enable information exchange on a real time basis in a confidential
manner.
Prime Minister Narendra
Modi on Saturday unveiled the National Logistics Policy that seeks to address
challenges facing the transport sector and bring down the logistics cost of
businesses from 13-14 per cent to a single digit. Development of ULIP is one of the eight
interventions proposed under the comprehensive logistics action plan, through
the policy will be implemented.
''This platform will be
utilised by various government and private agencies, service providers,
shippers, consignees etc. to enable information exchange on a real/near real
time basis amongst all stakeholders in a confidential manner,'' according to an
e-book of the department for promotion of industry and internal trade (DPIIT). It said that ULIP will address the challenges
of delayed processes and manual activities in India's logistics sector and will
be a game changer for the Indian logistics landscape.
In defence of the realm, again: Meet Mukul Rohatgi, the next AG for
India
Come
October 1, Mukul Rohatgi (67) will take charge as India’s new attorney general (AG).
The incumbent, K K Venugopal — who was given two one-year extensions after his
term ended in 2020 — had earlier indicated he wanted to retire on grounds of
health.
This will be Rohatgi’s second stint as AG. He was the National Democratic Alliance (NDA) government’s first
choice after it came to power in 2014. As AG, he won several important cases
for the government, including the triple talaq case in which he argued against
the practice. In 2017, he ended his three-year tenure, after which the
government appointed Venugopal.
INTERNATIONAL NEWS
UK inflation rises at fastest pace in 30 years on
soaring energy costs
British consumer prices rose at the fastest
pace in 30 years last month, fueled by soaring costs for household energy and
motor fuels the latest grim figures as inflation surges around the world.
Inflation in the United Kingdom accelerated to 7% in the 12 months
through March, the highest annual rate since March 1992, the Office for
National Statistics said Wednesday.
The UK faces what economists say will be the biggest drop in
living standards since the mid-1950s as rocketing energy costs, rising food
prices and tax increases overshadow higher wages.
Mass graves found in Ukraine proof of
Russia's war crimes: Trudeau
Canadian PM Justin
Trudeau on Sunday said that mass graves found in Ukraine were evidence of
Russian forces committing war crimes in the country. Russia needs to be held
accountable for its actions, Trudeau added. Around 440 bodies were claimed to
be found by Ukrainian authorities earlier this week in a forest near a town
recaptured from Russian forces.
Tesla planning to double vehicle sales in
Germany in 2022: Report
Electric vehicle
manufacturer Tesla is aiming to double its vehicle sales in Germany this year,
according to a report. Speaking to a German weekly publication, a local
executive said, "Our goal is to double sales each year, which translates
into around 80,000 units in 2022." Last year, Tesla made 39,714 vehicle
sales in Germany.
BUSINESS, BANKING
AND ECONOMY
Bitcoin falls below $20,000, down 58.9% from
year's high of $48,234
The world's biggest
cryptocurrency, Bitcoin, fell below $20,000 on Sunday. Bitcoin is down 0.44% in
the last 24 hours and is currently trading at $19,817.55, losing $310 from its
previous close. Its value saw a drop of 58.9% from the year's high of $48,234
it hit in March. Meanwhile, Ethereum, the second-largest digital currency,
dropped 1.45% to $1,421.14 on Sunday.
FPIs invest ₹12,000 crore in Indian equities
between Sept 1-16
Foreign portfolio
investors (FPIs) invested ₹12,000 crore in the Indian equity markets between
September 1-16, data with depositories showed. This comes after FPIs turned net
buyers for first time in July after nine straight months of net outflows, selling
₹2.46 lakh crore from Indian equities between October 2021-June 2022. They had
invested ₹51,200 crore in August 2022 in Indian equities.
Net direct tax collections in FY23 surge 23%
YoY to over ₹7 lakh cr
Net direct tax
collections in FY23 have surged 23% YoY to over ₹7 lakh crore against ₹5.68
lakh crore collected in FY22, according to data from the Central Board of
Direct Taxes. While ₹3.68 lakh crore was collected as corporation tax, ₹3.30
lakh crore was collected as income tax. Refunds worth ₹1.35 lakh crore have
been issued till September 17.
Current policy stance should continue,
expect more rate hikes: Ex-RBI Guv
RBI's current
policy stance should continue, said former RBI Governor C Rangarajan.
"Developed countries are also taking steep rate hikes. I expect more rate
hikes," Rangarajan added. He further said there was a steep fall in INR's
value against USD with the outflow of capital. "Now, with the inflow of
capital, value of INR is expected to strengthen," he added.
RBI policy: MPC may raise repo rate 35-50 bps, shows Business Standard
poll
he Reserve
Bank of India’s (RBI’s) Monetary Policy Committee (MPC) is likely to lift the
policy repo rate by 35-50 basis points (bps) on September 30, according to a
Business Standard poll, as it seeks to bring back elevated domestic inflation
within its target range.
Analysts
said that a heightened pace of policy tightening by central banks in advanced
economies is also seen as increasing pressure on the RBI to continue
front-loading rate hikes to maintain adequate interest rate differentials.
NBFCs get
extra 6-months to keep system ready to implement NPA norms
The Reserve
Bank of India (RBI) has given finance companies
extra time till September 30, 2022 to have systems ready to implement rule
wherein bad loans can be upgraded as ‘standard’ asset only when entire arrears
of interest and principal are paid. In November 2021, RBI had
given time till March 31, 2022 to implement the rule.
Mahesh Thakkar, director-general, Finance Industry
Development Council (FIDC) said, "This is good for the industry as finance companies
had asked for additional time. The financial year closure was approaching
(March 2022), so firms will not be adversely affected. NBFCs will be able to provide, realign and also educate
customers".
SPORTS
With bronze in Belgrade,
Bajrang Punia becomes 1st Indian to win 4 medals at world wrestling
championships
Besides Bajrang, Vinesh Phogat won her second World Championship bronze
medal in the women's 53kg category
Ace grappler
Bajrang Punia became the only Indian to claim four medals at the World
Wrestling Championships by clinching a bronze in the current edition, in
Belgrade, Serbia, on Sunday.
Bajrang, who won a
bronze in last year's Tokyo Olympics, eked out a close 11-9 win on points over
Sebastian C. Rivera of Puerto Rico in one of the the bronze medal bouts in the
65 kg category.
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