Retail inflation increases to 4.87% in May, industrial growth rises 4.9% in April
Retail inflation inched up to 4.87% in May on increase in prices of certain items in the food basket, as per the government data released on 12th June. Based on the Consumer Price Index (CPI), the inflation was at 4.58% in the preceding month April. In May last year, it was 2.18%. According to the data of the Central Statistics Office (CSO), food inflation rose to 3.10% last month, as against 2.8% in April. Meanwhile, the government released separate data for Industrial output which showed that the industrial growth expanded by 4.9% in April this year, spurred by higher growth in manufacturing and mining sectors. The industrial growth, measured on the Index of Industrial Production (IIP), was 3.2% in April last year.
India’s May oil imports up 2.8% year-on-year – trade
India imported 4.3 million barrels per day (bpd) of oil in May, a rise of 2.8% on a year earlier, according to data from shipping and industry sources, with the top three suppliers Iraq, Saudi Arabia and Iran making up 56.4% of imports. In May, India imported about 705,200 bpd of Iranian oil, the highest since October 2016. The increase from Iran lifted imports from the Middle East, with the region accounting for about 73% of overall purchases in May compared to 65% in April, data showed. The share of Latin American crude imports to India increased marginally, while African imports nearly halved to 7.2% in May.
ISRO offers lithium-ion cell tech transfer to ‘qualified’ industries
The Indian Space Research Organisation (ISRO) today floated a request for qualification (RFQ) for technology-transfer of the lithium-ion cell to Indian industries. ISRO’s Vikram Sarabhai Space Centre (VSSC) has offered to transfer the in-house developed Li-ion cell technology to competent industries on a ‘non-exclusive’ basis to establish Li-ion cell production facilities in the country. Li-ion cells find wide applications in electronic gadgets, telecommunication, industrial applications as well as in aerospace. This initiative is expected to enable Zero Emission Policy of India and accelerate the development of indigenous electric vehicle industry, ISRO said in a statement said.
NITI Aayog Announces 3,000 Additional Atal Tinkering Labs
NITI Aayog’s Atal Innovation Mission (AIM) has selected 3,000 additional schools for the establishment of Atal Tinkering Labs (ATLs), bringing the total number of ATL schools to 5,441. The selected schools, according to a statement from NITI, shall receive a grant of Rs. 20 lakh spread over the next five years to establish ATLs for nurturing innovation and entrepreneurial spirit among secondary school children across India. ATLs will soon be established in every district of India, seeking to enable an innovation ecosystem, which will facilitate transformational change in technological innovation and pedagogy, the statement said.
Tata Power Renewable signs power purchase pact with GE
Tata Power Renewable Energy Ltd today said it has entered into a power purchase agreement (PPA) with GE to provide solar rooftop solutions for six manufacturing and services sites in India. The project would be executed on a build-own-operate basis, it said. Tata Power Renewable Energy Ltd is the wholly-owned arm of Tata Power. The installation of the solar rooftop projects will help to generate over 1 million kWh of electricity per year, and will lead to an average tariff reduction of around 30%, the statement said. GE will also be able to curb the emission of over 13,000 kg of carbon dioxide per day.
NSE launches ‘Tri-Party Repo Market’ platform to facilitate repo in corporate debt securities
Leading stock exchange NSE today launched ‘Tri-Party Repo Market‘ platform in its debt segment to facilitate repurchase (repo) of corporate debt securities. The platform is a kind of repo contract where a third entity, apart from the borrower and lender, called tri-party agent acts as an intermediary to facilitate services like collateral selection, payment, and settlement, custody, and management during the life of the transaction. At the launch of the platform, NSE MD & CEO Vikram Limaye said: “The corporate bond market in India needs improved liquidity because a holder of a corporate bond typically ends upholding the security to maturity.” Repo on corporate debt provides an opportunity to borrow against the securities and provides short-term liquidity to participants, Limaye said.
OPIC gives $5 mn loan to Grameen Impact via IndusInd Bank
The US government arm Overseas Private Investment Corporation (OPIC) has given USD 5 million loan to Grameen Impact Investments to support domestic small and medium enterprises. The financing to Grameen Impact, a non-banking financial company, comes through IndusInd Bank in the form of a loan guarantee agreement. The OPIC guarantee enabled the bank to disburse an equivalent of Rs 33.5 crore (USD 5 million) loan to Grameen Impact, IndusInd Bank said in a statement.
Historic Trump-Kim meet at Singapore on 12th June
Trump said the denuclearization process would be starting “very quickly;” the two developed “a very special bond;” and he “absolutely” would invite Kim to the White House. Kim ignored reporters’ shouted questions whether he would make that momentous journey, but Trump later said Kim had accepted the invitation. Kim declared the “world will see a major change” and he and Trump “decided to leave the past behind.” Trump and Kim shook hands and exchanged farewells without interpreters as the summit ended.
Real Madrid name Spain’s Julen Lopetegui as coach
Spain coach Julen Lopetegui will take over as Real Madrid manager on a three-year contract after the World Cup, the European champions said on 12th June. Frenchman Zinedine Zidane stepped down two weeks ago, days after leading Real to a third consecutive Champions League title. Lopetegui, who last month signed a new contract through to 2020 with Spain, spent three years with Real as a player.
Learn Two a Day:
Dudhsagar waterfalls: on Mandovi river in Goa
Chitrakoot waterfalls: on Indravati(a tributary of Godavari) in Chattisgarh