Table of Contents
National News
Government Reduces Crude Oil Tax, Eliminates Diesel and ATF Levies
India has reduced the windfall tax on petroleum crude oil to Rs 2,100 per metric tonne, effective August 17, down from Rs 4,600 per tonne. This adjustment follows a previous reduction of 34.2 percent to Rs 4,600 on July 31. The government has also eliminated the windfall tax on the export of diesel and aviation turbine fuel (ATF).
Union Cabinet Approves Major Airport Projects in West Bengal and Bihar
The Union Cabinet has greenlit significant airport infrastructure projects in West Bengal and Bihar, with a total investment of approximately ₹2,962 crore. These developments are set to enhance air travel facilities and address growing passenger demand in these regions.
Six New Parliamentary Committees For 2024-25: Lok Sabha Speaker Constitutes
The Lok Sabha speaker on August 17, named the constituents of the six new Parliamentary Committees including the Public Accounts Committee (PAC) which examines government expenditure. Ganesh Singh, BJP MP from Satna, Madhya Pradesh has been appointed as the chairperson of the Committee on Welfare of Other Backward Classes.
International News
UN Human Rights Team To Visit Bangladesh To Investigate Human Rights Violations
A human rights team from the United Nations will visit Dhaka next week to discuss with the Bangladesh interim government, investigations into the human rights violations during the recent unrest in Bangladesh.
Economy News
Urban Unemployment Rate Declines to 6.6% in Q1 FY25
India’s urban unemployment rate slightly decreased to 6.6% in Q1 FY25 from 6.7% in Q4 FY24, as per the Periodic Labour Force Survey (PLFS) data released by the National Statistical Office (NSO). This decline was primarily due to a drop in the male unemployment rate. However, the female unemployment rate rose to 9%, marking a four-quarter high.
Gender Disparities in Financial Inclusion: Insights from NSO Data
The latest “Men and Women” report by the National Statistical Office (NSO) reveals a stark financial disparity between men and women in India. While women own a significant portion of bank accounts, their share of total deposits remains disproportionately low, indicating a deep-rooted gender gap in financial status.
Government Initiates Anti-Dumping Investigation into Steel Imports from Vietnam
India has initiated an anti-dumping investigation into the import of hot rolled flat products from Vietnam following complaints that these products are being sold at significantly low prices, negatively impacting the domestic steel industry. The move, driven by requests from leading Indian steelmakers such as JSW Steel and ArcelorMittal Nippon Steel India (AM/NS India), seeks to address the adverse effects of cheap imports on the domestic market, particularly under the India-Asean free trade agreement.
Decline in FDI in India’s Food Processing Sector in 2023-24
Foreign direct investment (FDI) in India’s food processing sector experienced a significant decline of 30% in the fiscal year 2023-24, totaling Rs 5,037.06 crore, down from Rs 7,194.13 crore in 2022-23. This decline follows a series of fluctuating FDI levels over recent years, with previous figures including Rs 5,290.27 crore in 2021-22, Rs 2,934.12 crore in 2020-21, and higher amounts in preceding years.
Appointment News
IRS Officer Rahul Navin New Director of Enforcement Directorate (ED)
The government on August 14, appointed acting Enforcement Directorate chief Rahul Navin as full-time director of the anti-money laundering agency for two years. The Appointments Committee of the Cabinet, in a statement dated August 14, confirmed his appointment as the new Director of Enforcement in the Directorate of Enforcement.
RBI Approves Salee Sukumaran Nair as MD & CEO of Tamilnad Mercantile Bank
The Reserve Bank of India (RBI) has approved the appointment of Salee Sukumaran Nair as the Managing Director and Chief Executive Officer of Tamilnad Mercantile Bank (TMB) for a three-year term. Nair, a seasoned banker with over 35 years of experience, is stepping into this role following his tenure as Deputy Managing Director and Chief Credit Officer at the State Bank of India (SBI). His appointment comes after the bank was temporarily overseen by a three-member Committee of Executives (COEs) due to the RBI’s earlier rejection of proposed candidates.
Schemes
’Ladki Bahin Yojana’ Today For 1 crore Women; Eligibility, Benefits
The Eknath Shinde-led Maharashtra government is set to officially launch the ‘Mukhyamantri Majhi Ladki Bahin Yojana’ today on the occasion of Raksha Bandhan. This initiative aims to provide ₹1500 every month to more than one crore women across the state.
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