Current News Indian Economy Banking & Finance

Social Stock Exchange

On February 22, the Securities and Exchange Board of India (SEBI) has given the National Stock Exchange of India (NSE) the green light to establish a Social Stock Exchange (SSE).

• It is a new segment within the existing stock exchange that helps social enterprises raise funds from the public through its mechanism.
• The SSE provides a medium for social enterprises to seek finance for their social initiatives and acquire visibility.
• The SSE offers increased transparency about fund mobilisation and utilisation, providing retail investors with an opportunity to invest in securities offered by for-profit social enterprises under the Main Board.
• Institutional investors and non-institutional investors can invest in securities issued by SEs in all other cases.

Eligibility to be listed on the SSE:

• Establish the primacy of social intent
• Fall under either non-profit organizations (NPO) or for-profit social enterprises (FPSEs)
• Establish the primacy of social intent
• Fall under either non-profit organizations (NPO) or for-profit social enterprises (FPSEs)
• Work towards eradicating hunger, poverty, malnutrition, and inequality; promoting education, employability, equality, empowerment of women and LGBTQIA+ communities; environmental sustainability; protection of national heritage and art; or bridging the digital divide
• Direct at least 67% of its activities towards achieving the stated objective, as evidenced by either revenue, expenditure, or the target population.

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G20 Foreign Ministers’ Meeting

On February 3rd, Indian Prime Minister urged G20 foreign ministers to collaborate and prioritize the needs of developing nations, calling on them to "rise above differences" and address the world's challenges.

• He highlighted the developmental goals of developing countries, including food and energy security, and the debt problem facing the least developed countries.

About G20

• The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union (EU).
• It works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development.

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Moody raised the India’s growth projections

On February 28, 2023, Moody’s released its global macroeconomic outlook, which included upgraded growth projections for several G20 economies, such as India, the US, China, Russia, and the Euro area, for the year 2023.

• Budget allocation to ₹10 trillion (3.3% of GDP) for the fiscal year 2023-24, up from ₹7.5 trillion for the fiscal year ending in March 2023.
• India's fiscal budget for the year 2023-24 has seen an upward revision.
• The capital expenditure budget allocation has increased to ₹10 trillion, which is 3.3% of GDP.
• This is a significant increase from the previous fiscal year's capital expenditure budget allocation of ₹7.5 trillion, which is set to end in March 2023.

As per Global India Manufacturing Purchasing Managers' Index (PMI), India's manufacturing sector showed growth in output and new orders for the 20th consecutive month in February.

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Two Australian public universities in GIFT City

On March 1, 2023, Education Minister announced in the presence of other dignitaries that Deakin University and University of Wollongong would become the first foreign education institutions to establish campuses in GIFT City, Gujarat.

GIFT City (Gujarat International Finance Tec-City) is a planned business district in Gujarat, India, designed to provide state-of-the-art infrastructure and facilities for businesses in the finance and technology sectors.

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India's Unemployment Rate: CMIE

On March 1, 2023, the Centre for Monitoring Indian Economy (CMIE) released data indicating that India's unemployment rate had risen from 7.14% in the previous month to 7.45% in February.

• The urban unemployment rate decreased from 8.55% in January to 7.93% in February.
• The rural unemployment rate increased from 6.48% in January to 7.23% in February.
• This indicates a divergence in unemployment trends between rural and urban areas in India.
• The decrease in urban unemployment may be due to a gradual improvement in economic activity and job opportunities in urban areas.

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Pusa KrishiVigyan Mela

Starting from March 2 to March 4, 2023, the Indian Agricultural Research Institute (IARI) organized the annual Pusa Krishi Vigyan Mela in New Delhi, with the event being inaugurated by Union Minister of Agriculture and Farmers Welfare.

• The theme of the fair is “Nutrition, Food and Environmental Protection with Shree Anna. (Now, the millets will be known as 'Sri Anna' across the country. ‘Sri Anna’ means the best among all the food grains).