Economy / Market Snapshot – JUNE, 2023

General News

• PM Modi embarks on a three-day state visit to the US; both countries sign many vital agreements.
• PM Modi, Egyptian President El-Sisi sign deal to elevate bilateral relationship to a “Strategic Partnership“.
• NSA Ajit Doval holds talks with US NSA Jake Sullivan on bilateral, regional & international issues.
• Eastern Ladakh border row: India, China hold in-person diplomatic talks.
• India, Nepal agree to tackle boundary dispute amicably; ink raft of pacts to broad-base ties.
• India, Bangladesh agree to initiate 5 joint development projects for border population.
• Jaishankar, Brazilian counterpart hold talks on advancing cooperation in BRICS, IBSA, G20 blocs.
• PM Modi writes to G20 members, proposes full membership for African Union.
• US Defence Secretary Austin arrives in India, holds talks with Rajnath Singh.
• PM Modi and Saudi Crown Prince discuss ways to bolster relations in connectivity, energy & defence.
• President Murmu holds talks with Suriname President; 3 MoUs signed in Agriculture and Health sectors.
• NITI Aayog, UN sign GoI-UN Sustainable Development Cooperation Framework 2023-27.
• Guinness world record created at PM Modi’s Yoga event in US for most nationalities.
• PM Modi flags off 5 Vande Bharat trains in poll-bound Madhya Pradesh.
• Agriculture ministry launches PM Kisan Mobile App with face recognition.
• PM Modi distributes about 70,000 appointment letters to newly inducted recruits under Rozgar mela.
• Centre announces 3 schemes worth over ₹8,000 crore for disaster management in country.
• Centre reviews health preparedness in 7 states as heatwave death toll up.
• India signs global Artemis accord with US, to share data resources over Moon mission.
• Govt clears deal, India to buy US Predator drones that target enemy with pinpoint accuracy.
• Defence Ministry signs ₹500 crore contract to strengthen Indian Army’s communication system.
• Navy carries out successful test of Made in India heavyweight Torpedo to destroy underwater target.
• Union Minister Jitendra Singh launches mRNA-based Covid Booster Vaccine – GEMCOVAC-OM.
• Fresh violence erupts in Manipur; Rahul Gandhi visits relief camps.
• Telangana CM KCR inaugurates Asia’s largest govt-funded housing complex at Kollur.
• NCP’s Sharad Pawar appoints Praful Patel, Supriya Sule as new working presidents.
• Congress appoints TS Singh Deo as Chhattisgarh’s Deputy CM ahead of polls.
• Tamil Nadu minister Senthil Balaji arrested after ED raids.
• Odisha’s triple train crash: 291 dead, over 900 injured in India’s worst train accident in over two decades.
• At 13 days and 3 hours, Biparjoy longest duration cyclone since 1977 makes landfall in coastal Gujarat.
• Chhattisgarh IPS officer Ravi Sinha appointed new chief of Research and Analysis Wing.
• Protesting wrestlers meet Amit Shah, Anurag Thakur, demand Brij Bhushan’s arrest.
• BIS makes license mandatory for 24 footwear products; orders quality control on firemen’s boots, jackets.
• Nehru Memorial Museum and Library renamed Prime Ministers’ Museum and Library Society.
• Yoga event in Surat with over 1 lakh participants sets Guinness World Record.
• Opposition meet in Patna: 15 parties agree to contest 2024 elections together.
• Centre gives nod to National Research Foundation Bill, 2023.
• CAG to probe ‘irregularities’ in Delhi CM house revamp.
• Antony Blinken meets Chinese President Xi Jinping in bid to ease soaring US-China tensions.
• Ukraine, India discuss implementation of Zelenskyy-PM Modi’s agreements.
• Pentagon announces $2 billion Ukraine air defence package.
• Belarus starts receiving tactical nuclear weapons from Russia.
• African leaders meet with Russian, Ukrainian leaders to broker peace between Kyiv and Moscow.
• Russia’s private militia Wagner turns rebel, later agree to Belarus mediated deal to defuse tensions.
• EU approves 11th sanctions package against Russia over Ukraine.
• Former Vice President Mike Pence files paperwork launching 2024 Presidential bid.
• Donald Trump surrenders in court, released, pleads not guilty in secret documents case.
• UAE President Mohammed bin Zayed Al Nahyan meets with Putin, calls for dialogue to end Ukraine war.
• Boris Johnson quits as MP after being told he will be sanctioned for misleading Parliament.
• Iran unveils ‘hypersonic missile’, claims it can beat air defenses.
• Canada launches open work-permit stream for 10,000 American H-1B Visa holders.
• China inks deal with Pakistan to set up a nuclear power plant in Punjab province.
• Former Pakistan leaders Nawaz Sharif, Asif Zardari meet in UAE over election, seat sharing.
• Erdogan sworn in as President of Turkiye for third time.
• United Nations adopt first-ever treaty to protect marine life in high seas.
• China, Pakistan, Iran discuss regional security challenges, Taliban at counter-terrorism meet.
• Sri Lanka’s Cabinet of Ministers gives its approval for Sri Lanka’s domestic debt restructuring program.
• 2023 ODI World Cup: Tournament to begin on Oct 5, India to start campaign on Oct 8 against Australia.
• WTC final 2023: Australia crushes India by 209 runs to win World Test Championship title.
• Australia beat England by two wickets to win first Ashes Test.
• Satwiksairaj Rankireddy-Chirag Shetty win Indonesia Open Men’s Doubles title.
• Novak Djokovic wins French Open to claim men’s singles record 23rd Grand Slam title.
• WFI’s special general meeting notice issued, election & results on July 6.
• Bhavani Devi bags bronze, becomes first Indian fencer to win medal in Asian Championships.

Business News

• Centre releases ₹1.18 lakh crore as third instalment of tax devolution to states in June.
• GST collection rises 12% to ₹1.57 lakh crore in May.
• India’s GDP Grows 6.1% in January-March Quarter, 7.2% in FY23.
• Govt eases policy related to export of certain types of drones, UAVs.
• Centre approves ₹56,415 crores to 16 States for Capital Investment in current financial year.
• RBI leaves repo rate on hold at 6.5%; flags monsoon uncertainties and impact of El Nino.
• MPC opts for hawkish pause, focused on 4% inflation target; retains FY24 GDP growth forecast at 6.5%.
• World Bank approves $255.5 million loan for Indian technical education.
• US, India agree to terminate six of the seven disputes at World Trade Organization.
• Cabinet okays ₹1 lakh crore to create grain storage capacity in cooperative sector.
• Govt caps tur and urad dal stock to curb hoarding, rising prices.
• Govt directs FCI to conduct e-auctions of wheat and rice to check inflationary trends in retail prices.
• Nitin Gadkari lays foundation stone of 10 National Highway projects worth more than ₹8,415 crores in UP.
• Sarbananda Sonowal flags off India’s First International Cruise, From Chennai To Sri Lanka – MV Empress.
• Cabinet approves ₹2,980 crore for Exploration of Coal and Lignite scheme.
• NLC India forms arm to undertake green energy projects.
• National drug pricing body fixes ceiling prices of 51 drugs and 2 formulations.
• World Bank approves $1.5 billion financing for India’s low carbon energy sector.
• Indian stock indices touch fresh all-time highs; Sensex breaches record 64,000-mark, Nifty scales 19,000.
• Wipro extends closing date of ₹12,000 crore buyback to June 30.
• Amrutanjan Health Care board approves buyback plan at ₹900 per share.
• SEBI bans Zee promoters Subhash Chandra, Punit Goenka from holding directorial, key managerial roles.
• SEBI bars IIFL Securities from taking new clients for 2 years.
• ICICI Bank board approves delisting of equity shares of ICICI Securities.
• SBI presents dividend cheque of ₹5,740 crore to Finance Minister.
• HDFC to merge into HDFC Bank effective July 1.
• UK’s Abrdn exits India’s HDFC AMC in $432 million stake sale.
• Equitas Holdings surrenders NBFC license to RBI.
• LIC Mutual Fund to acquire all schemes of IDBI Mutual Fund.
• Bajaj Finserv forays into mutual fund business.
• India and US identify around 25 areas of technology for partnership.
• TCS inks $1.1 billion deal with UK pension scheme Nest.
• Infosys signs $454 million deal with Danske Bank to boost digital transformation.
• Microsoft joins Indian govt to train 6K students, 200 educators in cybersecurity skills.
• Bill Gates meets with Chinese President Xi Jinping in Beijing.
• Cabinet approves $2.7 billion Micron’s chip plant; unit expected to create 5,000 jobs.
• Cabinet approves revival package of ₹89,047 crore for BSNL.
• Govt charts new rules for Oppo, Realme, and other Chinese mobile companies.
• TVS Motor fully acquires Swiss E-Mobility Group after buying residual stake.
• Stellantis, Foxconn form 50-50 JV on semiconductors for auto industry.
• ISRO partners with Tata Elxsi to strengthen capabilities for Gaganyaan Mission.
• Centre asks airlines to devise mechanism for reasonable pricing of air tickets.
• IndiGo makes historic $50 billion aircraft order, securing 500 Airbus A320 family planes.
• Air India places firm order for 470 planes from Airbus, Boeing at Paris Airshow.
• Akasa Air orders four Boeing B737 MAX planes at Paris Air Show.
• Go First creditors approve ₹425 crore interim fund to revive airline, await board nod.
• General Motor to join Tesla’s EV charging network in US.
• Tata to build India’s 1st lithium-ion cell manufacturing gigafactory in Gujarat.
• Aether Industries signs licensing agreement with Saudi Aramco Technologies.
• Tesla will be in India as soon as humanly possible: Elon Musk after meet with PM Modi.
• Saudi Arabia announces to cut oil production by 1 million barrels per day in July.
• Shell Petroleum decides to sell its shares, exit Pakistani market.
• GE Aerospace signs pact with HAL to manufacture fighter jet engines for IAF.
• Thyssenkrupp, India’s Mazagon Dock Shipbuilders sign submarine MoU.
• Yamuna Expressway Authority launches data centre scheme, eyes ₹220 crore revenue.
• Supreme Court revives ban on Uber, Rapido bike taxis in New Delhi.
• India bans 14 fixed-dose medicines for likely posing risks to health.
• President Biden signs debt limit bill, avoiding U.S. default.
• Fed keeps rates unchanged for first time in 15 months but signals 2 more potential hikes this year.
• IMF reaches staff-level agreement with Pakistan on $3 billion ‘stand-by arrangement’.
• World Bank approves $1.5 billion loan for Ukraine’s economic recovery.
• Pakistan govt hikes federal budget for next fiscal year.
• New Zealand’s economy dips into recession as higher interest rates bite.
• UK net debt passes 100% of GDP for first time since 1961.
• World Bank to provide $500 million budget support to Sri Lanka.
• BBC acknowledges it paid lower taxes in India.
• Jio Cinema wins digital rights for India’s tour of West Indies 2023.
• Lulu Group set to invest ₹10,000 crore in India; ₹3,500 crore in Telangana over next 5 years.
• Byju’s lenders scrap talks to restructure $1.2 billion loan.
• Deloitte resigns as statutory auditor of Byju’s and Aakash Educational.
• CCL acquires six coffee brands from Lofbergs Group.
• Indian American Ajay Banga takes over as World Bank President.
• IndiGo CEO Pieter Elbers elected as next chief of IATA’s board of governors.
• SBI MD Swaminathan Janakiraman appointed as RBI’s deputy governor.
• Eddie Wu to succeed Daniel Zhang as Amazon CEO, Joe Tsai named group’s chairman.