India’s defense exports have achieved a record-breaking milestone, skyrocketing from 686 crore rupees in 2013-14 to nearly 16 thousand crore rupees in 2022-23.
This impressive growth of 23 times demonstrates India’s advancement in the global defense manufacturing industry.
Unified Payment Interface (UPI) transactions in India soared to unprecedented levels in May 2023, with a total transaction value of Rs 14.3 trillion and a volume of 9.41 billion.
This represents a 2% increase in value and a 6% increase in volume compared to the previous month of April.
The surge in UPI transactions comes at a time when the Indian government is actively promoting digital payments and aims to bring various tax collections under the digital payment ecosystem.
The Goods and Services Tax (GST) revenue collection for May has witnessed a significant increase, marking the 15th consecutive month that the monthly collection has exceeded the Rs 1.4-lakh-crore milestone.
Despite a slight dip from April’s record-breaking collection of Rs 1.87 lakh crore, the Ministry of Finance announced that the GST revenue for May stood at Rs 1.57 lakh crore.
J.P. Morgan, a leading global financial institution, has revised its projection for India’s annual growth rate, raising it to 5.5% for fiscal year 2024.
The upward adjustment comes in the wake of India’s stronger-than-expected economic performance, with a growth rate of 6.1% recorded in the March quarter.
However, J.P. Morgan also cautions that the Indian economy is not immune to the challenges posed by a potential global economic slowdown and tighter financial conditions.
India’s economy showcased remarkable resilience as it recorded a higher-than-expected growth rate of 6.1 percent in the fourth quarter (Q4) of FY23, surpassing analysts’ predictions.
This robust expansion was primarily driven by the manufacturing and construction sectors, which outperformed expectations and reflected sustained domestic demand amidst a gloomy global economic outlook.
The encouraging Q4 performance led to an upward revision of the overall economic growth forecast for FY23, now pegged at 7.2 percent, compared to the previously estimated 7 percent.
Amarendu Prakash has taken charge as the new Chairman and Managing Director of Steel Authority of India Ltd (SAIL) from May 31. He was previously the Director (In-charge) of SAIL’s Bokaro steel plan.
Prakash was previously involved in driving business transformation and financial turnaround of SAIL, which resulted in bringing back the company from a three year streak of losses, from FY16 toFY18, to being back in the black in FYI9.
Sanjay Varma took over as the Managing Director (additional charge) of Mangalore Refinery and Petrochemicals Ltd (MRPL). Varma has been on the board of MRPL as Director (Refinery) since June 2020.
He has also had extensive exposure by being on the boards of ONGC-Mangalore Petrochemicals Ltd and Shell-MRPL Aviation. A graduate of mechanical engineering, Varma joined MRPL in December 1993 and has played a pivotal role in the execution and operation of all three major phases of the refinery and its aromatic complex.
The Meghalaya government has responded to the demands of the Voice of the People’s Party (VPP) and announced the formation of an expert committee to review the state’s reservation policy.
This move comes in the wake of an indefinite hunger strike led by VPP MLA Ardent Basaiawmoit, who has now called off his protest following the government’s decision.
The expert committee will comprise individuals well-versed in constitutional law, economics, sociology, demographic studies, and related fields. Let’s delve deeper into the details of this significant development
Telangana Formation Day, observed annually on June 2nd since 2014, is a state public holiday in Telangana, India. It marks the commemoration of the formation of the state of Telangana.
The day is celebrated with various activities such as parades, cultural programs, and speeches. It is also an occasion to honor the sacrifices made by those who fought for the establishment of Telangana.
Latvian lawmakers picked the country’s long-serving and popular foreign minister, a strong backer of Ukraine, as its new head of state in a tight vote. The 100-seat Saeima legislature elected Edgars Rinkevics, the country’s top diplomat since 2011, as president to serve for a four-year term. He received 52 votes, one vote more than required to win. Incumbent Egils Levits, Latvia’s head of state since 2019, didn’t seek reelection.