Economy / Market Snapshot – September 2022

General News

• SCO Summit: PM Modi calls for reliable supply chain to foster economic recovery.
• World leaders deliberate on regional security situation, enhancing trade and connectivity at SCO Summit.
• Jaishankar Iterates India’s global efforts, censures neighbours for shielding terrorists at UNGA.
• India, UAE and France hold first trilateral ministerial meeting on the sidelines of a UNGA session.
• QUAD nations vow to assist each other in acting against malicious cyber activities. PM Modi and
  Bangladesh PM Sheikh Hasina jointly unveil Unit-I of Maitree Super Thermal Power Project.
• S Jaishankar and Rajnath Singh attend 2nd India-Japan 2+2 ministerial dialogue in Tokyo.
• India, UAE sign MoU to set up cultural forum to strengthen ties between two countries.
• S Jaishankar meets Saudi Crown Prince Mohammed bin Salman in Jeddah, apprises him of bilateral ties.
• India signs MoU with Gulf Cooperation Council to facilitate consultation.
• Jaishankar, LIoyd Austin discuss opportunities for bilateral defence industrial cooperation.
• India, France agree to expand cooperation on Indo-Pacific body.
• Lt Gen Anil Chauhan(retd) appointed as new Chief of Defence Staff.
• India and China hold talks in eastern Ladakh, focusing on maintaining security and stability in the region.
• Defence ministry inks ₹1,700 crore deal for additional BrahMos missiles for frontline warships.
• Army installs radar at 15,000 feet in North Sikkim to predict avalanche.
• Indian Army contingent participates in Ex Vostok-2022 in Russia.
• India and Egypt sign MoU in defence, focus on co-production of military platforms.
• PM Modi inaugurates Kartavya Path, formerly called Rajpath; unveils Netaji’s 28ft statue.
• Amit Shah virtually inaugurates, lays foundation stone for various projects worth ₹1,200 crore in Gujarat.
• ISRO demonstrates new tech that can be used for Mars, Venus missions.
• Rahul Gandhi, Congress leaders embark on 3,570 km ‘Bharat Jodo Yatra’ from Kanyakumari till Kashmir.
• AICC Chief polls: Mallikarjun Kharge, Shashi Tharoor, K N Tripathi file nominations.
• Ghulam Nabi Azad floats own party; People of J&K to decide name and flag of the party.
• Amarinder Singh’s party Punjab Lok Congress merges with BJP.
• Former Goa Chief Minister Digambar Kamat and 7 other Congress MLAs to join BJP.
• 5 of 6 MLAs from Nitish Kumar’s JDU in Manipur merge with BJP.
• Centre, Assam ink peace pact with 8 tribal militant groups.
• Cabinet approves MoU signing between India, UAE on cooperation in education sector.
• India’s total COVID cases at 4.46 crore; worldwide cases at 61.7 crore.
• Govt launches national list of essential medicines; contains 384 medicines.
• National Medical Commission lists 3 universities for temporary relocation of Indian students from Ukraine.
• India’s first indigenously developed vaccine ‘Cervavac’ for cervical cancer prevention launched.
• Tamil Nadu govt rolls out Delhi model school plan; CM Arvind Kejriwal launches scheme.
• Tamil Nadu CM Stalin inaugurates free breakfast scheme for primary school students.
• Karnataka government releases ₹ 300 crore to manage the flood situation in Bengaluru.
• PM Modi launches Cheetah Rehab Project; releases 8 Namibian cheetahs at MP’s Kuno National Park.
• Delhi bans firecrackers till January 01; online delivery, sale restricted.
• Senior Advocate R Venkatramani appointed as the next Attorney General for India.
• Govt appoints Ratan Tata, Sudha Murthy, 4 others as new trustees, advisors of PM CARES fund.
• Supreme Court of India starts live streaming of its Constitution bench proceedings.
• Gujarati film ‘Chhello Show’ becomes India’s official entry for Oscars 2023.
• Queen Elizabeth II, UK’s longest-serving monarch passes away at 96 after reigning for 70 years.
• Prince Charles becomes king; Camilla becomes UK Queen Consort, without sovereign’s powers.
• Liz Truss beats Rishi Sunak in Tory leadership race to be new UK PM.
• Pakistan floods’ death toll nears 1,500; estimated economic loss may cross $40 billion.

World Bank pledges $2 billion in aid to flood-hit Pakistan.

• Ukraine pushes major counter-offensive as war with Russia crosses 200 days.
• UN nuclear experts make first inspection of Russian-held Zaporizhzhia power plant in Ukraine.
• EU chief von der Leyen visits Kyiv to discuss economy and EU integration plans.
• Antony Blinken, in Kyiv, unveils $2 billion in US military aid for Europe.
• Putin mobilizes more troops for Ukraine war, threatens nuclear retaliation over Russian-occupied land.
• Russia, China agree to expand defence ties.
• US approves $450 million F-16 fleet sustainment plan to Pakistan to meet counterterrorism threats.
• US President Biden announces launch of annual COVID vaccines for 12+ age group.
• Iranian President Ebrahim Raisi says sanctions must be lifted to reach nuclear deal.
• Sri Lanka`s former President Gotabaya Rajapaksa returns two months after fleeing country.
• Giorgia Meloni becomes Italy’s first ever woman Prime Minister.
• PM Modi declares 36th National Games open in Ahmedabad.
• ICC announces changes in cricket’s playing conditions, using saliva to polish ball permanently prohibited.
• Asia Cup 2022: Sri Lanka beat Pakistan by 23 runs to win their sixth title.
• Suresh Raina, Robin Uthappa, Australia captain Aaron Finch announce their retirements.
• IND vs AUS T20I: India win series 2-1, register maiden T20I series win over Australia at home.
• IND-W vs ENG-W: IND-W win ODI series 3-0; ENG-W win T20I series 2-1.
• IND vs SA T20I: India lead the series 1-0.
• PAK vs ENG T20I: 7 match series tied at 3-3; final match to decide winner .
• Neeraj Chopra creates history, wins Diamond League Final with 88.44m throw.
• World Wrestling Championship 2022: Vinesh Phogat grabs Bronze.
• Bajrang Punia becomes 1st Indian to win 4 medals at world wrestling championships, claims bronze.
• US Open: World No 1 Iga Swiatek becomes first Polish woman to win title.
• Carlos Alcaraz win maiden Grand Slam crown; becomes youngest World No. 1 in men’s tennis.
• Roger Federer announces retirement from professional tennis.

Business News

• PM launches National Logistics Policy; aims to bring cost to single-digit.
• Government approves 23 strategic projects under National Technical Textiles Mission.
• Centre releases ₹7,183 crore as revenue deficit grant to 14 states.
• GST collection up 28% in August; above ₹1.4 lakh crore for 6th straight month.
• Govt revises small companies’ definition; doubles paid-up capital limit to ₹4 crore.
• Govt to integrate 30 systems from different ministries for faster, cheaper services.
• Govt extends tenure of the Foreign Trade Policy 2015-20 by 6 months till March 2023.
• India overtakes UK to become world’s fifth largest economy.
• India bans export of broken rice, imposes 20% duty on non-Basmati rice, amid Drought in 4 states.
• Nitin Gadkari inaugurates, lays foundation stone of 7 NH projects costing over ₹1,128 crore in Gwalior.
• Centre extends deadline for mandatory six airbags in cars to Oct 1, 2023.
• Cabinet approves 2nd tranche of ₹19,500 crore of PLI scheme to boost manufacturing of solar modules.
• Karnataka signs ₹1.3-lakh crore investment MoUs in renewable energy.
• Govt reduces windfall tax on crude oil from ₹13,000 to ₹10,500 per tonne.
• Jet fuel price cut by 12%, Commercial LPG cylinder price reduced by ₹91.50.
• Andhra Pradesh okays six green energy projects worth ₹81,000 crore.
• Indian railways develops real-time train tracking system in collaboration with ISRO.
• President Murmu inaugurates Integrated Cryogenic Engines Manufacturing Facility of HAL in Bengaluru.
• Railways creates history by operating 2.7-km long freight train ‘Pinaka’ by combining four trains.

I&B Ministry releases operational guidelines for DTH service provider.

• Cinema halls return to Jammu & Kashmir valley after 30 years.
• J&K L-G Manoj Sinha inaugurates and lays foundation stone of 14 projects of Jammu Smart City.
• Maharashtra FDA cancels Johnson & Johnson’s baby powder manufacturing license.
• IBBI amends Insolvency and Bankruptcy Code; permits bankrupt companies to be split.
• RBI hikes Repo rate by 50 bps to 5.9%, fourth rate hike in the current financial year
• RBI retains inflation forecast at 6.7% for FY23; FY23 GDP forecast cut to 7%.
• RBI enables cross-border bill payments via Bharat Bill Payment System (BBPS).
• HDFC Bank issues India’s first Electronic Bank Guarantee (e-BG).
• Tamilnad Mercantile Bank debuts with 3% discount at ₹495.
• Sri Lanka reaches initial IMF deal for $2.9 billion loan.
• US Fed raises interest rates 75 basis points for 3rd straight time.
• Bank of England hikes by 50 basis points, says UK may already be in recession.
• Euro plunges to 20-year low after Russian gas halt.
• Japanese Yen weakens to ¥143 zone against U.S. dollar in new 24-year low.
• Samsung, Intel showcase world’s first 17-inch ‘slidable’ display for PC.
• Intel unveils 13th gen Raptor Lake processors with up to 24 cores.
• Nokia Collaborates with TCS for new cloud-based human capital management process.
• Biden administration releases plan for $50 billion investment in chips.
• Intel kicks off work on $20 billion semiconductor plant in US.
• Vedanta, Foxconn to invest $19.5 billion in India’s Gujarat for chip project.
• Finance Ministry okays converting Vodafone Idea’s ₹16,100 crore dues to govt equity.
• Government makes IMEI number registration must for every handset.
• Apple starts production of iPhone 14 at Foxconn’s plant near Chennai.
• Rajasthan govt comes up with e-vehicle policy; sanctions ₹40 crore for e-vehicle purchase grant.
• BMW agrees to set up auto parts manufacturing plant in Punjab.
• Hero Electric to set up ₹1,200 crore EV manufacturing plant in Rajasthan.
• Ashok Leyland inks pact with UK-based Libertine for powertrain technology.
• BPCL signs pact with Brazil’s Petrobras to diversify crude oil sourcing.
• Russia’s Gazprom signs gas deal with China to convert payments to ruble, yuan.
• Germany takes subsidiary of Russian oil giant Rosneft under state control.
• Government kickstarts sale process of 2 subsidiaries of erstwhile national carrier Air India.
• DGCA mandates Breath analyser test for all pilots, cabin crew from 15 October.
• Chandigarh airport officially named as Shaheed Bhagat Singh International airport.
• Boeing to pay $200 million to settle SEC probe over 737 Max jetliner.
• India’s first intranasal COVID vaccine by Bharat Biotech gets DCGI approval.
• Serum Institute of India inks with Aspen to sell four vaccines in Africa.
• PepsiCo to invest ₹3,740 crore to set up four industrial units in UP.
• Twitter shareholders approve Elon Musk’s $44 billion takeover deal.
• TerraPay, NPCI collaborate for merchant payments via UPI-enabled QR codes.
• Infibeam Avenues consolidates business in 4 countries with its flagship brand CCAvenue.
• Skill India partners with Samsung to train Indian youth in AI, IoT, BigData, Coding.
• Online education platform upGrad acquires Centum Learning to upskill enterprise workforce.
• Tamil Nadu cabinet approves ordinance to ban online gaming in the state.
• Amazon, Flipkart kickstart their festive season sale.
• Former Tata Sons Chairman Cyrus Mistry dies in car crash near Mumbai.
• Krishnan Sankarasubramaniam takes over as Tamilnad Mercantile Bank MD & CEO.
• Gautam Adani appointed chairman of Ambuja Cements; son Karan to head ACC