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Slide in GDP growth arrested, second quarter data shows 6.3 per cent increase

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Slide in GDP growth arrested, second quarter data shows 6.3 per cent increase

[vc_row][vc_column][vc_column_text]Indicating a possible cessation of the slide in India’s Gross Domestic Product (GDP) seen over the last successive five quarters, government data released on Thursday, November 30, showed a growth rate of 6.3 per cent in the second quarter (July-September) of financial year 2017-18.

The figure for the previous quarter, April-June, had hit a three-year low of 5.7 per cent.

The GVA (Gross Value Added) to the economy stands at 6.1 per cent, up from 5.6 per cent in the last quarter.

Infrastructure output grew 4.7% in October from a year ago, driven by higher refinery production. The infrastructure output, comprising eight sectors such as coal, crude oil and electricity, accounts for nearly 40% of India’s industrial output.

The growth in output compares with a downwardly revised 4.7% year-on-year growth in September. During April-October, the annual output growth was 3.5%, data showed.

A government press release said: “The economic activities which registered growth of over 6.0 percent in Q2 of  2017-18 over Q2 of 2016-17 are ‘manufacturing’, ‘electricity, gas, water supply & other utility services and ‘trade, hotels, transport & communication and services related to broadcasting’.”

“The growth in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’, ‘construction’ ‘financial, insurance, real estate and professional services’ and ‘Public administration, defence & other services’ is estimated to be 1.7 percent, 5.5 percent, 2.6 per cent, 5.7 percent  and 6.0 percent respectively, during this period,” said the press release.

Addressing a press conference in New Delhi, Chief Statistician of India, Dr TCA Anant, said the recovery of GDP growth to 6.3% in Q2 from a 3-year low of 5.7% in Q1, after almost 5 quarters of decline, “marks a reversal which is very encouraging”.

“Manufacturing growth has been one of the main reasons for the encouraging growth rate figure of 6.3 per cent for 2nd Quarter,” he added.

Replying to a question on how the implementation of GST has impacted the GDP, Anant said “it introduced a measure of statistical challenge for us” while calculating the growth rate.

He said the tax collection data is still being updated and current calculation was made on reported tax collections.

Welcoming the numbers, former union finance minister P Chidambaram, struck a note of caution:

“Happy that the July-Sep quarter has registered a growth rate of 6.3%. This a PAUSE in the declining trend of the last five quarters. But we cannot say now whether this will mark an upward trend in the growth rate. We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion,” he said in a series of tweets.

Senior BJP leader and former finance minister Yashwant Sinha, who had criticised Modi government’s handling of economy, tweeted: “India must grow at 8% to 10% to create the jobs we need for our youth. But let us celebrate 6.3% as a great achievement of our government. All our problems now stand resolved.”

“Agri production has declined sharply, manufacturing has fallen, construction is down yet wait to see how we go gaga over this figure of growth,” he said in another tweet.

Earlier this month, rating agency Moody’s – which upgraded India’s credit rating to Baa2 from Baa3 and changed its India outlook to positive from neutral – said it expected the economy to grow at 6.7 per cent this fiscal and rise to 7.5 per cent in 2018-19.

Earlier in the day, the stock market saw a sharp slump, dropping over 450 points. Reliance Industries, SBI and ICICI bank were among those who recorded loses.

Finance Minister Arun Jaitley on Thursday asserted that improved macroeconomic fundamentals have placed India on the growth trajectory and the country would have to invest heavily in infrastructure over the next two decades to graduate to a middle-income economy.

The bounce back in economy was widely expected as there were clear signs of the businesses coming out of the slowdown caused by demonetisation and the roll out of GST, said media reports. A Reuters poll of economists had predicted a growth rate of 6.4 per cent, while various other bodies projected the rate between 5.9 per cent and 7.1 per cent.

Other indicators like passenger vehicle and tractor sales, industrial production, electricity generation and rail cargo were all reported to have accelerated in the past few months. Big companies have also largely adjusted to the changes while benefiting from reduced logistics costs. Prominent Indian firms had their best profit growth in last six quarters in July-September, according to Thomson Reuters data. According to the data, Indian companies’ total profits are expected to grow 25% in the next fiscal year, which would be the highest in Asia.

However, concerns still remain on the consumption and private investment front which have failed to pick up despite the economy staging a comeback of sorts. Also, the finance ministry has been unsuccessful in convincing RBI for a cut in key policy rates. Analysts on the contrary say that rising global oil prices could pinch consumers through higher inflation and may instead force the RBI to hike the rates in the second half of 2018, denting the growth momentum, according to media reports.[/vc_column_text][/vc_column][/vc_row]

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Bank holidays October 2022: Banks to remain closed for 21 days due to Durga Puja, Diwali, and Chhath, check the full list of holidays here

The Reserve Bank of India (RBI) has released the list of bank holidays in October 2022 according to the guidelines.

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Bank holidays October 2022

October is a month full of festivities across India. This means banks working days will be affected. Last month, banks were shut for 21 days based on the festivals inlcuding Onam, Heroes’ Martrydom Day, Maharaja Agrasen Jayanti, S Bhagat Singh Jayanti, and others.

The Reserve Bank of India (RBI) has released the list of bank holidays in October 2022 according to the guidelines. The RBI divides holidays into three categories-Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday, Holiday under Negotiable Instruments Act, and Banks’ Closing of Accounts.

In October, both private and public sector banks will remain closed for 21 days due to multiple festivals including Durga Puja/Dussehra, Diwali, and Chhath Puja including the second and fourth Saturdays and Sundays.

Check the full list of bank holidays here

  • October 1: Half Yearly Closing of Bank Accounts
  • October 2: Sunday & Gandhi Jayanti Holiday
  • October 3: Durga Puja (Maha Ashtami)
  • October 4: Durga Puja/Dussehra (Maha Navami)/Ayudha pooja/Janmotsav of Srimanta Sankardeva
  • October 5: Durga Puja/Dussehra (Vijaya Dashmi)/Janmotsav of Srimanta Sankardeva
  • October 6: Durga Puja (Dashain)
  • October 7: Durga Puja (Dashain)
  • October 8: Second Saturday Holiday and Milad-i-Sherif/Eid-i-Milad-ul-Nabi (Birthday of Prophet Muhammed)
  • October 9: Sunday
  • October 13: Karva Chauth
  • October 14: Friday following Eid-i-Milad-ul-Nabi
  • October 16: Sunday
  • October 18: Kati Bihu
  • October 22: fourth Saturday
  • October 23: Sunday
  • October 24: Kali Puja/Deepavali/Diwali (Laxmi Pujan)/Naraka Chaturdashi)
  • October 25: Laxmi Puja/Deepawali/Govardhan Pooja
  • October 26: Govardhan Pooja/Vikram Samvant New Year Day/Bhai Bij/Bhai Duj/Diwali (Bali Pratipada)/Laxmi Puja/Accession Day
  • October 27: Bhaidooj/Chitragupt Jayanti/Laxmi Puja/Deepawali/Ningol Chakkouba
  • October 30: Sunday
  • October 31: Sardar Vallabhbhai Patels Birthday/Surya Pashti Dala Chhath (Morning ardhya)/Chhath Puja

Full list of weekly bank holidays across India

  • October 16: Sunday
  • October 22: Fourth Saturday
  • October 23: Sunday
  • October 30: Sunday

October is full of festivities and to avoid any inconvenience bank holders are advised to plan their bank visit accordingly.

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10 more days to go: RBI mandates tokenisation of debit and credit cards from October 1, here are the new rules kicking in | FAQ

The last date to tokenise your cards is September 30.

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New Debit card and credit card rule

The Reserve Bank of India (RBI) has announced new rules for debit and credit card holders from October 1. Under these rules, the users are required to tokenise their debit and credit cards. The last date to tokenise your cards is September 30.

But what actually is tokenisation? Here’s all you need to know about it.

What is tokenisation of Debit and Credit cards?

As per the RBI, tokenisation refers to the replacement of actual card details with an alternate code called the token.

What is the benefit of tokenisation?

Since the merchant is not given access to the actual card information while completing the transaction, tokenized card transactions are perceived to be safer.

Will the merchant have access to your personal information after tokenisation?

The merchants can’t store information like CVV and the number while making a transaction. RBI considers tokenisation as the more secure and safest online payment system.

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How can the tokenisation be carried out?

By submitting a request through the token requestor’s app, the cardholder can have their card tokenized. The token requestor will send the request to the card network, and with the card issuer’s approval, the card network will issue a token corresponding to the combination of the card, the token requestor, and the device.

How to tokenise your card?

Step 1: Visit the merchant’s website or app and initiate a transaction.
Step 2: Select the credit or debit card and enter the CVV details.
Step 3: Then an option will pop up-either- Secure your card or Save card as per RBI guidelines. Tick-mark the check box.
Step 4: After that, you will receive the OTP on your registered mobile number.
Step 5: Now, the tokenisation process is done.

Can you de-tokenise the card?

Yes, you can convert the token back to actual card details. This is known as de-tokenisation.

What are the charges that the customer needs to pay for availing of this service?

The customer need not pay any charges for availing of this service.

How is tokenisation different from Credit and Debit cards?

The 16-digit card number will be replaced with a token that is created by the card network and sent back to the retailer. The retailer will keep a record of this token for the next transactions. To continue with the approval process, they must enter their CVV and OTP.

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Cyrus Mistry, former Tata Group chairman, dies in road accident in Palghar

The official said four people were in the car when the accident happened, of which two succumbed to injuries.

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Cyrus Mistry, former Tata Group chairman, dies in road accident in Palghar

Industrialist and former Tata Sons chairman Cyrus Mistry died in a car accident on Sunday. The accident took place in Palghar at around 3:15 pm on a bridge over the Surya river when the 54-year-old was travelling to Mumbai from Ahmedabad. The industrialist succumbed to injuries.

According to the reports, Mistry was returning from Ahmedabad when his car hit the divider on the road. The reports of his demise have been confirmed by the Palghar Superintendent of Police.

The official said four people were in the car when the accident happened, of which two succumbed to injuries. The other two, including the driver, have been injured. All the injured have been admitted to a local hospital in Kasa. The industrialist was travelling in a Mercedes car.

Mistry is survived by his wife Rohiqa Chagla, the daughter of lawyer Iqbal Chagla and granddaughter of jurist M.C. Chagla, and two sons Firoz Mistry and Zahan Mistry.

Cyrus Mistry’s daughter Aloo is the wife of Noel Tata, Ratan Tata’s step-brother.

All you need to know about Cyrus Mistry

Cyrus Pallonji Mistry was the sixth chairman of the Tata Group and only the second after Nowroji Saklatwala, to not bear the surname Tata.

After Ratan Tata announced his retirement in December 2012, Cyrus Mistry took over as chairman.

He assumed leadership of the Tata Group in December of that year after being chosen by a selection committee in mid-2012. But after 4 years he was removed in a boardroom coup led by Tata Trusts, which owned 66 per cent of Tata Sons and was controlled by Ratan Tata.  

Natarajan Chandrasekaran was appointed as the new chairman a few months after the former chairman, Ratan Tata, returned as an interim chairman.

In May, the Supreme Court rejected a petition by the Sapoorji Pallonji (SP) group asking for a review of the 2021 judgement upholding the Tata group’s decision to oust Cyrus Mistry as executive chairman of the Tata Sons.

After his Tata stint, Cyrus went on to set up a venture capital firm, Mistry Ventures LLP.

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