Rural Broadband project, #BharatNet,rolled out by @narendramodi govt,to be implemented via PPP model,will ensure,every inhabited village in 16 States will have Optical Fibre Connectivity,with overall cost at 19041 Cr
3.61 lakh villages will get broadband,OTT&Multi media Services
On economic front,good news is,for FY21,India saw Current Account Surplus (CAS) of 0.9% of GDP,versus Current Account Deficit (CAD) of 0.9% in FY20
Under inept #Congress,#CAD rose to 6.8% in 2013 but it has been less than 2% in last 7yrs,under @narendramodi govt,which bodes well
Just look at the kind of transformative work being done by @narendramodi &his team
PM Matsya Sampada Yojana to boost #Pisciculture,with a Rs 20000 Cr corpus &subsidy in the range of 40%-60%,is a huge boost to agri&allied services sector
India's #ForexReserves surged by $5.06 bn to touch record of $608.99 billion in week ended June 25,from $603.93,in week ended June 18
Under @narendramodi,India has world's 3rd largest Forex kitty;In 1991,under #Congress,we had to mortgage 47mn tonnes of gold to raise measly amt
@narendramodi govt has taken landmark step of including retail& wholesale trade as MSME
This will have positive impact on smaller retailers&wholesalers with turnover upto 250 Cr,in availing priority sector lending&benefits announced via #AtmanirbharBharat
As part of #Rafale deal,#Dassault investing around €100 million in JV with #RelianceDefence (RD),as part of Offset obligations,which is less than 3% of total #Offset obligations
RD,not getting US$20 billion or even US$4 billion as liar Rahul Gandhi claimed,but less than $120mn
Reliance Defence,was formed after purchase of #PipavavDefence,which was in business of building warships &other vessels for Indian navy for years
So Reliance Defence,not a new company,as alleged by #Congress troll #RahulGandhi&his foolhardy acolytes #Rafale deal,completely clean
During earlier round of bidding for #MMRCA,under @INCIndia led #UPA govt,#Dassault tied up with Reliance Aerospace,which was newly formed company,without any experience in defence or aircraft business
Of Rs 18170 Cr worth of assets attached,Rs 9371Cr will be transferred to PSBs
This is a huge achievement,thx to Fugitive Economic Offenders Act,brought in by @narendramodi that gives banks power to monetise assets of fugitives,who fled India
.@INCIndia used to evergreen bad loans which means,once a loan came up for repayment,terms of repayment were changed repeatedly, due to which repayment kept getting postponed
Zombies are firms with interest coverage ratio of less than one;it is ratio of a firm’s profit after tax to its total interest expense;Such firms cannot meet interest obligations from their income
So #FOMC decides to keep rates unchanged at 0%-0.25%
Interest on excess reserves raised by 5bps from 0.10% to 0.15%
Inflation forecast raised by 100bps from 2.4% to 3.4%,though #Fed says long term goal is 2%
No #RateHike before 2023,says Powell;In March,he said,not before 2024
So called overnight #Repo operations where banks exchange high-end collateral for reserves,have been seeing record demand lately,as institutions look for any yield above the negative rates they are seeing in some markets
No plans to stop $120bn of monthly Bond purchases by #Fed
In separate matter,#FOMC announced,it would extend dollar-swap lines with global central banks through end of the yr
Currency program is the last #Covid-era initiative,Fed took to keep global markets flowing
Basically,Fed decides to stay with liquidity glut&easy money policy
Globally #Inflation is rising because of co-ordinated fiscal stimulus,that has led to asset prices,zooming;For instance,annualized inflation in USA is 9.7%;2yrs back,US was in throes of #Disinflation
$6 trillion stimulus by #Biden has led to too much money chasing too few goods
For those wanting to know why the difference in #WPI&CPI,figures well,weights of items in CPI are based on average household expenditure,taken from consumer expenditure surveys
Weightage of Primary articles in #CPI is 55%+,with Food group alone having weight of 39.06% #Inflation
Global Food Index in May is up 39.7% YoY,due to drought in many parts of the globe
#GlobalFoodIndex is measured by #FAO Food Price Index,#FFPI,which is a measure of monthly changes in international prices of a basket of #food commodities;It consists of average of five commodity group price indices,weighted by average export shares of each group over 2014-2016