- Government approves Rs. 76,000 crore plan for semi-conductors and display manufacturing
The government this week approved a Rs 76,000-crore scheme to boost semiconductor and display manufacturing in the country in a bid to position India as a global hub for hi-tech production, and attract large chip makers
The move would further India’s ambitions to be self-reliant in electronics manufacturing, bring massive investments and result in 35,000 specialized jobs apart from indirect employment for one lakh people
- Fed doubles taper, signals three rate hikes in 2022 in inflation pivot
Federal Reserve officials intensified their battle against the hottest inflation in a generation by shifting to an earlier end of their asset-buying program and signaling they favor raising interest rates in 2022 at a faster pace than economists were expecting.
It will double the pace at which it’s scaling back purchases of Treasuries and mortgage-backed securities to $30 billion a month, putting it on track to conclude the program in early 2022
- WPI Inflation surges to record 14.23% in November
Annual wholesale price-based inflation surged to a record 14.23% in November fueled by price rise in items like fuel, oilseeds, minerals, vegetable oils, basic metals, wheat and fruits.
Price increase in products like mineral oils, crude petroleum and natural gas and food products compared to the corresponding month of the previous year contributed to the high rate of inflation. Food inflation surged to 6.7% in November from 3.1% in October.
- India’s exports rise 27.1%
India’s merchandise exports jumped 27.16 per cent to USD 30.04 billion in November on the back of good performance by sectors like petroleum products, engineering goods and electronic items.
Imports in November were at USD 52.94 billion, showing an increase of 56.58 per cent over inbound shipments of USD 33.81 billion in the year-ago month. Gold imports rose nearly 40 per cent to USD 4.22 billion as against 3.02 billion in November 2020.
- Bank of England announces rate hike from pandemic – era lows
The Bank of England on Thursday hiked interest rates for the first time since the onset of the pandemic, increasing its main interest rate to 0.25% from its historic low of 0.1% as inflation pressures mount.
The Bank’s nine-member Monetary Policy Committee voted 8-1 in favor of the 15 basis point hike, while voting unanimously to maintain the government bond-buying program at its target stock of £875 billion ($1.16 trillion), along with £20 billion of corporate bonds.