Centre Hikes MGNREGA Wages Marginally Ahead Of Polls, A CIA For India’s Manufacturing Sector Soon

Centre Hikes MGNREGA Wage Rates But Only After EC Approval

Ahead of the Lok Sabha elections, the central government has announced a 3-10 per cent increase in the wage rate of MGNREGA workers in nominal terms for financial year 2024-25, the Business Standard reported. The new wage rates will come into force from April 1, 2024. 

Wage rates in Uttar Pradesh and Uttarakhand have seen the lowest 3 per cent increase in 2024-25 as compared to 2023-24 while that of Karnataka will see the highest increase of 10.4 per cent, the notification showed. The notification of hiking wage rates has Election Commission approval, the report said. More here

Centre To Raise Rs 7.5 Lakh Crore In Market Borrowing In The First Half Of FY2024-25

The Centre is looking at raising Rs 7.5 lakh crore borrowings through dated securities in the first half of FY25, the Economic Times reported quoting the finance ministry. The amount is 53.1 per cent of the full-year target of Rs 14.13 lakh crore.

The sum is lower than the usual 57-60 per cent borrowing of the total for a fiscal year in its first half. This is due to the upcoming elections in April-May when spending is expected to slow down a bit, experts said. Of the projected borrowing, the government will raise Rs 12,000 crore via sovereign green bonds in the first half of FY25. Here’s more

RBI Tweaks Rules For Investments In Alternative Investment Funds

The Reserve Bank of India has tweaked rules governing investments in alternative investment funds (AIFs), Livemint reported. This has come as relief for lenders forced to make large provisions and facing a drought of capital.

In December, the RBI ordered banks and non-bank lenders to sell their investments in AIFs, which had further invested in companies to which the lenders had given loans in the previous 12 months; otherwise, they had to make 100 per cent provisions against them.

The central bank has clarified that lenders need to provide for only the amount the AIF invested in the debtor company, and not the entire amount the lender invested in the AIF. More here

Manufacturing Sector To Have Its Own Intelligence Unit

India will soon have a centralised intelligence unit to assess its manufacturing process, the Economic Times reported. The report said the idea is to ramp up the manufacturing sector in the country and make it globally competitive. An official said the plan is to comprehensively analyse the domestic market to identify products with high demand and growth potential and a value chain analysis to comprehend which products can add value.

The proposed intelligence unit would study the impact of schemes launched by the government aimed at lifting the share of manufacturing in GDP to 25 per cent by 2047 from about 17 per cent right now. Here’s more

IRDAI Wants More Data On Hinduja's Takeover Bid Reliance Capital's Insurance Biz

The insurance regulator, IRDAI, has said it cannot give a go-ahead to the acquisition of Reliance Capital’s insurance business by the Hinduja owned  IndusInd International Holdings Limited (IIHL) unless it was given more information, the Economic Times reported. 

In a letter to the administrator of Reliance Capital, IRDAI said it needed detailed information about the acquirer's ultimate primary shareholder, its source of funds, and capital structure. The National Company Law Tribunal had approved the Rs 9661 crore resolution plan put forward by IIHL and others for the Anil Ambani-owned R Cap. The acquisition can go ahead only if it passes muster with banking and insurance regulators. More here

CCI Chairperson Says Inquiries Against Some Fintech Entities On 

The Competition Commission of India (CCI) is conducting inquiries against some fintech entities to check if they were leveraging technologies impacting competition, the Business Standard reported. In an interview, CCI chief Ravneet Kaur asserted the regulator is taking necessary action to ensure a competitive digital market.

The regulator is focused on big tech companies as well as various other sectors, including fintech and online intermediary service providers, she said. The CCI chairperson said there is an increased sensitisation among entities about the competition law and stressed the focus is on striking the right balance between regulation and freedom. More here