30/09/2024
- The weak unemployment data in the US will force US Fed to cut interest rates in the near future and the total interest rate cuts in the US might be in the range of 1.5-2% in the next two years. The stable long term interest rates in the US will be set at 3% and the range will be 3-5%.
- The sharp fall in crude oil prices will further help Indian economy. A lot of resources will be saved and can be utilised for productive purposes by Indian companies or the Indian Government depending upon the Government policies.
- GST for the August month has jumped by about 10% to Rs 1.75 lakh crores.
- FDI inflows jump 47.8% to $16.17 billion in April to June 2024.
- Somehow Tamil Nadu has seen the top global companies establish their bases in the state. Google, Amazon, Apple all are in Tamil Nadu. So, the state might be doing something right.
- The Union Cabinet on Monday approved India’s fifth semiconductor facility to be stablished by Kaynes Technology in Sanand, Gujarat.
- Cabinet approves Rs 18036 crores railway lines connecting Manmad and Indore.
- Gadkari asks state Finance Ministers to consider reducing GST on flexible fuel vehicles.
- The cabinet has taken a few decisions and will spend Rs 13966 crores to boost the Agriculture sector. Cabinet approved digital agri mission with an outlay of Rs 2817 crores. It has also approved Rs 3979 crores plan for food, nutritional security. The Cabinet gave its nod to Agri education, management plan worth Rs 2291 crores. Cabinet approved Horticulture Plan worth Rs 860 crores. The government also approves Rs 71702 crore Livestock Health Management and Production Plan. Cabinet approves Rs 1202 crore plan to strengthen Krishi Vigyan Kendra. It has also approved Rs 1115 crore plan for Natural Resource Management.
- FADA has said that the inventory levels of cars have reached an alarming level of Rs 77800 crores. High inventories in the Auto sector seems to be a cause of concern.
- US Fed is meeting on 17-18 Sept 2024. Either it could cut rates by 25 bps or announce a future date for the rate cut.
- Defence Ministry to approve major Navy, Army projects worth over Rs 1.45 lakh crores.
- India must have at least 10 semiconductor fabrication units in the next 10 years to become a global power as per Ajit Manocha, the President of Semi, the global semiconductor and electronics body.
- India’s services PMI for the month of August hit a high of 60.9.
- India secures over Rs 5 lakh crore investment from Singapore after PM Modi visit.
- Tech companies continued to cut jobs at a rapid pace in August 2024. More than 27000 workers in the industry lost their jobs as over 40 companies including big names like IBM, Intel, Cisco announced layoffs.