Economy / Market Snapshot – March, 2022

General News

• Assembly Elections 2022: BJP retains power in 4 States, landslide win for AAP in Punjab.
• 2nd terms for CMs in UP, Goa, Manipur and Uttarakhand; Bhagwant Mann takes oath as 18th Punjab CM.
• Bypolls in West Bengal, Chhattisgarh, Bihar and Maharashtra will be held on April 12, counting on April 16.
• 2nd part of Budget session of Parliament resumes. Parliament approves ₹1.42 lakh crore budget for J&K.
• Govt approves acquisition proposals of armed forces worth over ₹8,000 crore.
• India, China ‘agree to maintain stability on ground’ in 15th round of LAC talks.
• PM Modi upholds commitment to Indo-Pacific region’s peace, stability and prosperity at QUAD meet.
• Japan’s PM Fumio Kishida arrives in India; announces ₹3.2 lakh crore worth investments over next 5 years.
• PM Modi and Scott Morrison hold India-Australia Virtual Summit, discusses regional, international issues.
• China Foreign Minister Wang Yi meets with NSA Ajit Doval, EAM Jaishankar.
• PM Modi calls for regional unity and cooperation among BIMSTEC nations.
• India, Indonesia discusses countering terrorism, cyber safety and maritime security issues.
• Sonia Gandhi continues as Congress interim President; Congress’ G-23 pushes for party overhaul.
• Sharad Yadav merges LJD with Lalu Prasad Yadav’s RJD.
• Assam, Meghalaya sign historic agreement to resolve 50-year-old boundary dispute.
• India’s COVID-19 cases crosses 4.3 crore, death toll rises to 5.21 lakh; 60.1% of population fully vaccinated.
• COVID-19 vaccination of children in age group of 12 to 14 begins; more than 1.5 crore received COVID jabs.
• Centre to end COVID-19 containment measures from March 31; face masks, social distancing to continue.
• Government restores 5-year e-tourist visa to foreign nationals; 10 years visa to US, Japan citizens.
• India, Maldives ink pact for mutual recognition of COVID-19 vaccination certificates.
• Operation Ganga: Over 22500 Indian citizens evacuated so far from Ukraine.
• National Medical Commission allows foreign medical graduates to complete internship in India after Test.
• India, WHO sign pact to set up global centre for traditional medicine in Gujarat.
• Karnataka High Court rules wearing hijab not essential religious practice.
• Home Ministry amends Census rules to allow self-enumeration, digital data collection.
• India regrets accidental firing of Brahmos missile into Pak, orders high-level probe.
• Padma awards: Gen. Rawat, Ghulam Nabi Azad, SII’s Cyrus Poonawalla, Covaxin makers, N Chandrasekhar,
  late Kalyan Singh, Neeraj Chopra among awardees.
• Russia-Ukraine crisis: India abstains from voting on resolutions led by UN and Russia.
• Indian Embassy in Ukraine temporarily relocated to Poland.
• Russia targets Ukraine’s Chernobyl and Zaporizhzhia nuclear plants.
• US House approves $13.6 billion in aid for Ukraine in huge spending bill.
• President Biden announces another $500 million in direct aid to Ukraine.
• Polish, Czech, Slovenian PMs travel to Kyiv in EU show of support for Ukraine.
• NATO rejects no-fly zone over Ukraine, despite President Zelensky’s repeated pleas.
• Russia-Ukraine war enters its 36th day; heavy shelling, missile strikes continue.
• Russia, Ukraine hold face-to-face peace talks in Istanbul.
• Russia strikes Ukraine with cruise missiles from Black Sea and Caspian Sea.
• EU imposes 4th set of sanctions against Russia for war.
• Ukraine’s President Volodomyr Zelenskyy addresses NATO Summit, asks for weapons.
• US President Biden visits Europe, announces new sanctions and measures to help Ukrainian refugees.
• Russia halts WWII peace treaty talks with Japan in response to sanctions over Ukraine invasion.
• US President Joe Biden proposes $1.8 billion for Indo-Pacific Strategy.
• US Senate approves bill to make daylight saving time permanent.
• United States reaches 65,000 H-1B visa cap for 2022 USCIS.
• UN Chief warns pandemic not over, decries ‘scandalous’ vaccine inequality
• Global COVID-19 caseload 488 million, fatalities at 6.16 million.
• Shanghai locked down as China’s biggest city sees over 3,400 asymptomatic COVID cases.
• Pakistani opposition moves no-confidence motion to seek PM Imran Khan’s ouster.
• Pakistan hosts Organization of Islamic Cooperation meet; Chinese Foreign Minister Wang Yi attends.
• Conservative candidate Yoon Suk-yeol elected South Korean President.
• North Korea fires possible ICBM in largest test since 2017; conducts ninth missile test of the year
• All 132 passengers presumed dead after 737 plane crashes in mountains in China.
• Oscars 2022: CODA wins Best Film; Dune makes a mark with six wins.
• India vs Sri Lanka: India sweep the Test series 2-0.
• Virat Kohli becomes 12th Indian to play in 100 Tests, 6th Indian batsman to reach 8000 runs.
• ICC Women World Cup: England to face Australia in final.
• Jhulan Goswami becomes first woman to enter 250-wicket club, joins elite Indian men’s bowlers.
• IPL 2022 kick off; Lucknow and Gujarat, joined the format taking the total to ten teams this year.
• MS Dhoni steps down as Chennai Super Kings captain, Ravindra Jadeja to lead in IPL 2022.
• Bangladesh seal historic one-day series triumph over South Africa.
• Swiss Open: PV Sindhu clinches title; Prannoy finishes runner-up in men’s singles.
• Daniil Medvedev overtakes Novak Djokovic for No. 1 in ATP rankings.
• World No. 1 Ashleigh Barty announces retirement from tennis aged 25.
• Cristiano Ronaldo becomes all-time leading scorer record on 807 goals.
• Tiger Woods officially inducted into World Golf Hall of Fame.
• Legendary Australian spinner Shane Warne dies of heart attack at 52.
• Court of Arbitration for Sport upholds FIFA’s ban on Russia’s participation in World Cup.

Business News

• Lok Sabha passes Finance Bill; completes budgetary exercise for FY23.
• Centre seeks Parliament nod for ₹1.07 lakh crore extra spending in 2021-22.
• Cabinet nod to National Land Monetization Corporation for monetising surplus land of PSUs.
• Govt collects ₹1.33 lakh crore GST in February, cess collection crosses ₹10,000 crore for first time.
• Over ₹53,600 crore GST compensation yet to be released to states this fiscal: Nirmala Sitharaman.
• Nitin Gadkari inaugurates 19 NH projects worth Rs 1,407 crore in Haryana and Rajasthan.
• India achieved its merchandise export target of $400 billion for FY22.
• PLI scheme for Automobile, Auto Component Industry attracts investment of ₹74,850 crore.
• EPFO fixes 8.1% as interest rate on provident fund deposits for 2021-22, lowest since 1977-78.
• Trade Unions went on 2-day nationwide strike; Banking, public transport services affected in some states.
• Petrol, diesel prices see 9 hikes in 10 days, total increase now stands at ₹6.40 a litre.
• BSE joins hands with Tamil Nadu government’s M-TIPB to promote listing of MSMEs.
• LIC gets SEBI approval to launch India’s biggest ever IPO.
• TCS’ ₹18,000 crore buyback offer subscribed 7.5 times; acceptance ratio at 26%.
• India resumes regular International Flights from 27th March; Covid curbs eased in airport, flights.
• Transactions under the UPI crossed the 5-billion count for the first time in March 2022.
• RBI Governor Shaktikanta Das launches ‘UPI123Pay’ for feature phones and 24/7 helpline, DigiSaathi.
• PNB reports fraud of ₹2,000 crore in IL&FS Tamil Nadu Power Company’s loan.
• DCGI’s EUA nod for Serum Institute’s COVID Vaccine – Covovax – for 12-17 age group.
• India, Japan launch clean energy partnership at 14th Annual Summit.
• Food, fuel prices skyrocket in Sri Lanka as it battles worst economic crisis; Sri Lankan rupee tumbles.
• India extends $1 billion line of credit to Sri Lanka.
• India signs agreement to set up hybrid power projects on northern Sri Lankan islands.
• US Fed increases interest rates by 25 bps and signals more hikes ahead.
• Bank of England raises key rate to 0.75% from 0.5%, warns inflation could break 8%.
• IMF approves $1.4 billion in emergency funding support for Ukraine.
• World Bank approves $723 million loans, grants for Ukraine amid Russia invasion.
• Japan revokes Russia’s ‘Most-Favored Nation’ trade status.
• Major US, European firms pull out of Russia following invasion; World Bank, BRICS Bank suspend projects.
• Elon Musk’s SpaceX sent thousands of Starlink satellite internet dishes to Ukraine.
• IMF board signs off $44 billion Argentina debt deal, warns on risk.
• Saudi Arabia signs deals worth $2.13 billion with local, foreign defence firms.
• FATF keeps Pakistan in grey list, tells do more to probe, prosecute terrorists.
• Indian Railways tests indigenous train collision protection system ‘Kavach’.
• Cochin Shipyard, Dredging Corporation sign pact to build India’s first indigenous dredger.
• Prasar Bharati signs MoU with Yupp TV to expand global reach.
• Lulu Group to invest ₹3,500 crore in Tamil Nadu; 5 UAE firms sign MoUs worth ₹2,600 crore with the state.
• Samsung signs MoU with TN govt to invest ₹1,588 crore to set up new compressor plant for refrigerators.
• Suzuki signs MoU with Gujarat govt for electrical vehicles and battery manufacturing in India.
• India’s largest EV charging station for 4-wheelers opens in Gurugram with a capacity of 121 EV chargers.
• Hyundai Motor opens first plant in Indonesia to gear up Southeast Asia drive.
• MG Motor launches new venture ‘MG Charge’ to install 1,000 chargers in India in 1,000 days.
• Hero MotoCorp unveils new brand ‘Vida’ for emerging mobility solutions.
• Sony, Honda announce partnership to make electric vehicles.
• HAL introduces 19-seater aircraft, can be operated in semi-prepared and unpaved airstrips.
• U.S. FAA finalizes Boeing 777 safety directives after fan blade failures.
• Elon Musk’s SpaceX wins more NASA crew flights to ISS for $3.49 billion.
• Australia unveils $360 million in financing of critical minerals to offset China’s dominance.
• IEA members agree to release 60 million barrels of oil from their strategic reserves.
• Oil price surges to highest since 2008, as brent hit $139/barrel.
• India buys Russian oil despite pressure for sanctions; G7 rejects Russia’s demand to pay for gas in Rubles.
• US, EU announce new partnership to undercut Russian energy.
• Russia stock market exchange partially reopens after one-month closure.
• Bharti Airtel prepays ₹8,815 crore towards deferred liabilities for 2015 spectrum.
• TCS partners with Fletcher Building, Google Cloud to support long-term growth and digital innovation.
• Tech Mahindra partners with Cisco to drive 5G modernisation and routed optical networking.
• Google teams up with MeitY to help 100 Indian startups build global apps.
• EU approves new Digital Markets Act putting clamps on Big Tech.
• US adds Russia’s Kaspersky, China telecom firms to national security threat list.
• CBI arrests former NSE CEO Chitra Ramkrishna in co-location scam case.
• Russians launches ‘Rossgram’- a replacement of Instagram amid war with Ukraine.
• Amazon announces 20-for-1 stock split, $10 billion share buyback.
• BYJU’S named as official sponsor of FIFA World Cup Qatar 2022.
• PVR, INOX announce merger, Ajay Bijli will be MD of combined entity.
• Zomato acquires a 16.66% stake in Mukunda Foods for $5 million, grants $150-million loan to Blinkit.
• N Chandrasekaran appointed chairman of Air India as Ilker Ayci declines CEO role.
• Madhabi Puri Buch takes charge of Chairperson of SEBI.
• LIC appoints Reliance-Nippon Life’s Sunil Agarwal as CFO ahead of mega IPO.
• Aviation industry veteran Sanjiv Kapoor appointed Jet Airways CEO.
• Govt appoints ex-financial services secretary Debasish Panda as IRDAI Chief.
• Anil Ambani resigns as director of Reliance Power, Reliance Infrastructure