Economy / Market Snapshot – March, 2023

General News

• Karnataka Assembly Elections to take place on May 10, counting to be held on May 13.
• Assembly election results 2023: Neiphiu Rio takes oath as Nagaland CM for fifth term.
• Conrad Sangma takes oath as Meghalaya CM and Manik Saha as Tripura CM for second term.
• Both houses of Parliament face multiple disruptions over Rahul Gandhi and Adani issues.
• Rahul Gandhi convicted ‘Modi surname’ defamation case, disqualified by Parliament..
• PM Modi inaugurates 8th edition of Raisina Dialogue; Italian PM Giorgia Meloni Chief Guest of the event.
• Australian PM Anthony Albanese visits India; becomes first foreign leader to visit INS Vikrant.
• Japanese PM Fumio Kishida arrives in India on a two-day visit.
• India signs $ 1 billion loan pact with World Bank to boost healthcare infra.
• India, Mexico sign MoU on research, technology and innovation collaborations.
• India, World Food Programme sign MoU during Global Millets Conference.
• PM Modi unveils official stamp, coin of the International Year of Millets 2023 at Global Millets Conference.
• Jaishankar, US Secretary of Air Force discuss opportunities for India-US defence cooperation.
• Govt advises states to follow 5-fold strategy to fight Covid-19 as cases go up.
• NITI Aayog holds inter-ministerial meeting to review Seasonal Influenza situation in the States.
• Health Ministry issues advisory as IMD forecasts heatwaves after hottest February since 1901.
• UIDAI rolls out new security mechanism for robust fingerprint-based Aadhaar authentication.
• President to appoint CEC, ECs on recommendation of committee comprising PM, LoP & CJI, orders SC.
• Karnataka govt scraps Muslim quota of 4%, increases quota of Lingayats and Vokkaligas by 2% each.
• CM Yogi Adityanath approves infrastructure projects worth ₹465 crore in Ayodhya.
• CM Ashok Gehlot announces formation of 19 new districts, 3 new divisions in Rajasthan.
• Akhilesh Yadav meets Mamata Banerjee; agree on new front – without Congress.
• EPS takes charge as AIADMK general secretary after Madras HC rejects OPS challenge.
• Centre announces 10% reservation for ex-Agniveers in BSF recruitment.
• Centre approves buying of different weapon systems worth over ₹70,000 crore for Defence forces.
• Indian Army signs MoU with NTPC for implementing of Green Hydrogen Projects in Army Establishments.
• NITI Aayog’s Atal Innovation Mission join hands with Australia’s science agency CSIRO.
• ISRO successfully launches heaviest payload rocket mission LVM3-M3 OneWeb India-2 with 36 satellites.
• Supreme Court fixes February 28, 2024 as deadline to pay ₹28,000 crore arrears under OROP scheme.
• Bar Council permits foreign lawyers and firms to practice foreign law in select fields in India.
• Delhi excise policy case: K Kavitha appears before ED for questioning; Delhi court rejects Sisodia bail.
• Lalu Prasad Yadav, Rabri Devi & daughter Misa Bharti get bail in land-for-job scam case.
• President Murmu presents 3 Padma Vibhushan, 4 Padma Bhushan and 47 Padma Shri Awards for 2023.
• Oscars 2023: ‘The Elephant Whisperer’ bags award for Best Documentary Short Film.
• Naatu Naatu wins Oscar, becomes first song from an Indian film to bag honour.
• UN member states agree on historic deal to protect high seas after decades of talks.
• WHO calls on China to be transparent in sharing data to determine Covid’s origins.
• US’ Antony Blinken meets Russia’s Sergei Lavrov on G20 sidelines, urges stance reversal on nuclear treaty.
• ICC judges issue arrest warrants against Vladimir Putin over Ukraine war crimes.
• President Xi Jinping meets with Russian President Vladimir Putin.
• Xi Jinping secures historic third term as Chinese President, Li Qiang appointed Chinese Premier.
• China reopens to tourists, resumes all visas following COVID-19 lockdowns.
• Japan, South Korea agree to mend ties as leaders meet after 12 year gap.
• US approves selling Taiwan $619 million worth of F-16 munitions.
• US Senate panel approves Biden’s pick Eric Garcetti for India Ambassador.
• AUKUS deal: US, Australia and UK ink nuclear-powered submarine deal to counter Chinese aggression.
• UK boosts defense spending by $6 billion in response to Russia and China.
• Emmanuel Macron survives no-confidence vote as fresh protests rock France against pension reforms.
• Netanayhu government survives no-confidence votes in Israeli parliament.
• British, New Zealand parliaments block TikTok over security concerns.
• Saudi Arabia approves decision to join the Shanghai Cooperation Organisation as ties with Beijing grow.
• Myanmar’s Military Govt Junta dissolves Aung San Suu Kyi’s Party along with other Opposition Parties.
• North Korea unveils new nuclear warheads as US air carrier arrives in South.
• Nepali Congress leader Ram Chandra Paudel sworn in as President of Nepal.
• North Korea calls on UN to demand immediate end to US, South Korea combined military drills.
• Odisha CM Patnaik inaugurates India’s largest hockey stadium – Birsa Munda Stadium in Rourkela.
• WPL 2023 Final: Harmanpreet Kaur-led Mumbai Indians defeat Delhi Capitals by 7 wickets, win inaugural title; Meg Lanning wins Orange Cap, Hayley Matthews Purple Cap.
• IND vs AUS ODI Series: Australia win series 2-1, become No.1 ODI team
• IPL 2023 begins; BCCI introduces new rule changes and playing conditions for the 16th season.
• Ashwin breaks Anil Kumble’s twin record with his fifer in Ahmedabad.
• FIFA confirms expanded 2026 World Cup with record 104 matches.

Business News

• PM Modi, Sheikh Hasina inaugurate ₹377 crore diesel pipeline to Bangladesh.
• Nirmala Sitharaman presents ₹1.18 lakh crore budget for J&K in Lok Sabha.
• LG Manoj Sinha lays the foundation stone for a ₹250-crore mall in Srinagar, calls it J&K’s first FDI project.
• Lok Sabha passes Finance Bill; approves setting up of GST Appellate Tribunal.
• Withholding tax on royalties and fees for technical services earned by foreign companies doubled to 20%.
• Mutual Fund investments with less than 35% equity investment will be deemed as STCG.
• Centre slashes windfall tax on domestic crude oil to ₹3,500 per tonne; hikes duty on diesel.
• Cooking gas price hiked by ₹50 per cylinder, commercial gas go up by ₹350.
• Govt extends Ujjwala Yojana LPG subsidy of ₹200/gas cylinder for another year.
• Govt sanctions ₹800 crore for installing 7,432 EV fast charging stations across the country.
• Centre launches portal to ensure availability of power during peak demand at high price.
• Centre forms Committee of Secretaries to fast-track infrastructure projects along northern border areas.
• Govt hikes DA, DR for central govt employees to 42% of basic pay.
• India, World Bank sign agreement for construction of Green National Highway Corridor project in 4 states.
• India unveils the new Foreign Trade Policy 2023 in order to boost exports amid slowing global trade.
• Ministry of Steel signs MoU with selected companies under PLI scheme.
• Govt imposes money laundering provisions on crypto sector.
• Centre amends anti-money laundering rules, brings ‘politically exposed persons’ under PMLA.
• Centre grants full Customs Duty exemption on import of medicines & food for treating rare diseases.
• Odisha approves 25 industrial projects worth ₹5,827 crore to create jobs.
• Andhra Pradesh has received 340 investment proposals worth ₹13 lakh crore: CM YS Jagan Mohan Reddy.
• Govt clears launch of IFFCO’s nano DAP fertiliser in market.
• India gets world’s longest railway platform at Hubballi in Karnataka.
• Central Railway achieves 100% electrification of entire Broad Gauge Network.
• UP CM Yogi Adityanath, Nitin Gadkari inaugurate 18 road projects worth ₹10,000 crore for eastern UP.
• Maharashtra govt partners with 91Springboard to set up virtual incubation center.
• PAN, Aadhaar linking deadline extended to June 30, 2023: CBDT.
• Hindustan Zinc declares ₹11,000 crore dividend; Vedanta to earn ₹7,132 crore, LIC to get ₹296 crore
• ICICI Bank launches digital solutions for participants of capital market and custody services.
• Bank of Baroda board approves divestment of up to 49% stake in credit cards subsidiary.
• Yes Bank 3 years share Lock-In period ended on March 13.
• Adani-Hindenburg row: SC orders committee to probe share crash; asks Centre, SEBI to cooperate.
• Fed hikes interest rate 0.25 point to curb inflation despite banking turmoil.
• Bank of England hikes rates by 25 bps, following US Fed.
• Pakistan’s inflation soars to 47% fueled by high food prices; onion up 228%, wheat 120%.
• Biden unveils $6.9 trillion budget, raises tax on rich, boosts spending on infra.
• US closes Silicon Valley Bank, the 16th largest bank in America, in biggest collapse since 2008.
• HSBC buys Silicon Valley Bank’s UK arm for £1 to protect deposits.
• First Citizens Bank agrees to buy Silicon Valley Bank deposits and loans.
• UBS agrees to buy Credit Suisse for more than $2 billion.
• New York Community Bank agrees to buy failed Signature Bank in $2.7 billion deal.
• Pakistan’s central bank raises key policy rate by 300 bps to 20%, highest level since 1996.
• China approves $1.3 billion rollover for cash-strapped Pakistan.
• Lanka’s central bank raises interest rates in anticipation of IMF bailout.
• IMF approves $3 billion in financial assistance for Sri Lanka to overcome crisis.
• Ukraine clinches $15.6 billion IMF loan, a first for nation at war.
• Eris Lifesciences buys dermatology brands from Dr Reddy’s for ₹275 crore.
• Tata Motors reaches new milestone, crosses 50 lakh passenger vehicle production mark.
• Hyundai inks agreement to take over General Motors India’s Talegaon plant.
• Hero MotoCorp signs agreement with US based Zero Motorcycle to collaborate on premium EV vehicles.
• U.S. and Japan strike deal on Minerals used in batteries for Electric Cars.
• Tesla officially opens Superchargers to non-Tesla EV owners in the US.
• Honda announces to shut plant in Pakistan till March 31, cites supply chain disruptions.
• Tata Group in agreement with Lockheed Martin to begin fighter wing production.
• Riyadh Air: Saudi Arabia unveils new national airline to compete with Gulf rivals.
• Bharti-backed OneWeb deploys another 40 satellites to low-Earth orbit with SpaceX.
• ONGC signs MoU with France’s TotalEnergies for exploration of deep-water blocks.
• HPCL and Chevron partner to introduce advance-tech lubricants in India.
• Essar group to set up steel plant in Saudi Arabia with an investment of $4 billion.
• India, US sign MoU on semiconductor supply chain and innovation partnership to boost cooperation.
• Airtel India adds 235 cities to 5G network, service available in 500 cities.
• Jio extends 5G coverage to 27 more cities, now covers 331 cities.
• Telecom products maker HFCL collaborates with Microsoft to roll out private 5G solutions for enterprises.
• iPhone maker Foxconn to set up electronic manufacturing plant in Telangana, to generate 1 lakh jobs.
• OpenAI introduces ChatGPT successor GPT-4, new chatbot aces LSAT, GRE, and all major exams.
• Ernie Bot: Baidu showcases China’s answer to ChatGPT to lead transformative technology.
• Adani prepays $2.15 billion share-backed financing, $500 million loan for Ambuja deal ahead of deadline.
• White House endorses TikTok bill, calls for swift ban of Chinese app.
• Alibaba Group announces structural overhaul, split of business into six units.
• PhonePe gets payment aggregator license, reaches $1 trillion annualised payment value run rate.
• Tata Group pauses talks to buy majority stake in bottled water firm Bisleri.
• HUL board names Rohit Jawa next MD & CEO, tenure starts from June 27.
• Infosys’ former President Mohit Joshi to replace CP Gurnani as Tech Mahindra’s MD & CEO.
• Rajesh Gopinathan quits as TCS CEO; K Krithivasan appointed CEO-designate.
• Biocon’s Kiran Mazumdar-Shaw to retire from Infosys Board.
• NDTV appoints ex SEBI chairman UK Sinha, Welspun India CEO Dipali Goenka as independent directors.
• RIL names V Srikanth as new CFO; veteran Alok Agarwal to become Senior Advisor to Chairman.