In June 2024, India’s economic landscape witnessed significant growth driven by robust performance in both manufacturing and services sectors. The Purchasing Managers’ Index (PMI) for manufacturing soared, accompanied by strong hiring activity, marking a 19-year high. Concurrently, the Eight Core Industries Index expanded by 6.5% year-on-year in the initial months of FY25, led by sectors like coal and electricity.
ICICI Prudential Launches India’s First Oil & Gas ETF
ICICI Prudential Mutual Fund has made a significant move in the Indian investment landscape by launching the ICICI Prudential Nifty Oil & Gas ETF. ICICI Prudential Mutual Fund has made a significant move in the Indian investment landscape by launching the ICICI Prudential Nifty Oil & Gas ETF. This pioneering product marks the introduction of India’s first exchange-traded fund (ETF) specifically focused on the oil and gas sector. The fund is designed to track the performance of the Nifty Oil & Gas TRI, an index that serves as a barometer for the listed companies operating within this crucial economic sector.
Europe’s Ariane 6 Rocket Launched After 4-Year Delay
Europe’s new Ariane 6 rocket successfully blasted off for the first time, restoring the continent’s independent access to space after a series of setbacks. Initially delayed for an hour by a small problem, the rocket lifted off from Kourou, French Guiana, releasing satellites into orbit. This launch marked a significant milestone for European space efforts, which had suffered from delays and loss of independent launch capabilities.
UNESCO Expands World Network of Biosphere Reserves
The United Nations Educational, Scientific and Cultural Organization (UNESCO) has recently made a significant announcement, approving the designation of 11 new Biosphere Reserves across 11 countries. This expansion brings the total number of sites in the World Network of Biosphere Reserves to an impressive 759, spanning 136 countries worldwide. This development marks a crucial step forward in global efforts to protect biodiversity and promote sustainable development.
India-Taiwan Mutual Recognition Agreement for Organic Products
The India-Taiwan Mutual Recognition Agreement (MRA) for Organic Products, effective from July, 2024, aims to enhance trade by allowing certified organic products from each country to enter the other’s market. India’s Agricultural and Processed Food Products Export Development Authority (APEDA) and Taiwan’s Agriculture and Food Agency are the respective implementing agencies for this landmark agreement.
Uttar Pradesh Defence Corridor Boosts Industrial Growth
The Uttar Pradesh government has secured over 154 defence manufacturing deals worth Rs 25,000 crore, marking a significant stride in bolstering India’s defence production capabilities. These initiatives are part of the Uttar Pradesh Defence Industrial Corridor (UPDIC), spanning Lucknow, Kanpur, Jhansi, Aligarh, Chitrakoot, and Agra districts.
Financial Inclusion Index Rises with Growth Across All Segments
The Reserve Bank of India’s (RBI) Financial Inclusion Index (FI-Index), which measures the extent of financial inclusion across the country, rose to 64.2 in March 2024 from 60.1 in March 2023. This improvement reflects growth across all sub-indices, indicating a deepening of financial inclusion. The main contributor to the improvement in the index was the usage dimension, which indicates greater engagement with financial services by the population.