Manufacturing sector: According to a monthly survey, country’s manufacturing sector activity climbed to a near eight-year high in January, driven by the sharp rise in new business orders amid a rebound in demand conditions that led to a rise in production and hiring activity.
Electricity: India’s electricity supply rose 3.25 percent during the month of January after five straight months of decline, provisional government data showed, in relief for power producers. Power supply rose to 106.36 billion units in January, up from 103.01 billion units last year, an analysis of daily load despatch data from state-run Power System Operation Corp Ltd (POSOCO) showed.
Corona Virus: The government on February 3, reported India’s third case of coronavirus infection in Kerala, four days after the first case. The patient is a student from Wuhan and is currently isolated in a hospital in Kanjangad in Kasargod district of Kerala. The patient is stable and has been kept in isolation. The State government said that five people who were in contact with the student are also under observation. Till now, 1,793 people who traveled from coronavirus affected countries have been identified and placed under surveillance in Kerala.
Defence Expo 2020: Uttar Pradesh‘s capital city will host 11th edition of biennial Defence Expo 2020 from February 5th to 9th. The event will be inaugurated by Prime Minister Narendra Modi, on February 5. Nearly 1,000 exhibitors will participate in the event including 165 foreign companies from the US, France, Germany, Russia, Israel, Australia etc. The theme of DefExpo 2020 ‘India: The Emerging Defence Manufacturing Hub’ will cover the entire spectrum of the country’s aerospace, defence and security interests.
Bank Credit: RBI data shows that Banks credit and deposits grew 7.21 per cent and 9.51 per cent to Rs 100.05 trillion and Rs 131.26 trillion, respectively, in the fortnight ended January 17. In the year-ago fortnight, banks advance stood at Rs 93.32 trillion while deposits at Rs 119.85 trillion. In the previous fortnight ended January 2, credit had grown by 7.57 per cent to Rs 100.44 trillion and deposits by 9.77 per cent to Rs 132.10 trillion.
FCI: The Food Corporation of India will borrow Rs 1.36 trillion from the National Small Savings Fund (NSSF) to finance its increasing food subsidy bill in 2020-21, Budget documents showed. This is the highest in the past five years and almost 24 per cent more than last year. This explains the ‘under-provisioning’ of food subsidy in the 2020-21 Union Budget for FCI. This is because together with the budgetary allocation of Rs 77,982 crore, the total funds available to it to procure grains from farmers and distribute it at cheap rates to ration card holders comes to around Rs 2.15 trillion.
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