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- Bit by Bit 11th Oct. ||IAF to induct female officers to pilot its fleet of light combat helicopters || U.S v/s China & More
Bit by Bit 11th Oct. ||IAF to induct female officers to pilot its fleet of light combat helicopters || U.S v/s China & More
BGS Committee
October 11, 2022
Good morning! Seize the Day. Make it Ridiculously Amazing. Have a terrific Tuesday.
So, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
WEEK AHEAD
BSE SENSEX : ₹58,191.29 (-0.05%)
NIFTY 50 : ₹17,314.70 (-0.10%)
NIFTY BANK : ₹39,178.05 (-0.27%)
USD/INR : ₹82.83 (+0.94%)
BRENTOIL : $98.34 (+4.15%)
MCXGOLD : ₹51,999.00 (+0.05%)
FII Net Cashflow : - ₹2251 crores
DII Net Cashflow : + ₹545 crores
(Market Data as of 11:00 PM on 10/10/2022)
ECONOMY
Mission Divestment for Finance Ministry in the pre-Budget meet.
The Story:
During the pre-budget consultations, which started on October 10, the Finance Ministry has asked several ministries and departments to report on the status of Asset Monetization. The Department of Economic Affairs requested an explanation from the ministries about the asset monetization rate on September 6.
The Centre achieved Rs 96,000 crore in FY22, exceeding its target of Rs 88,222 crore, primarily due to mining auctions, NHAI highways, and power sector assets. The Center aims to raise Rs 1.62 lakh crore from asset monetization for the current fiscal year. Achieving this target remains critical to push for the Capex and to stick to the fiscal path.
The Finance Ministry recommended aggressive asset monetization at all levels last month in its Monthly Economic Report to combat the global economic headwinds and rising spending. However, by September 15, ministries had only been able to raise Rs 26,800, far less than what the Center had anticipated.
The Finance Ministry will encourage ministries to accelerate their monetization push during the pre-budget meeting. Yesterday was the first day of the pre-budget meeting, which discussed the fund demand for 2023–24 and the revised estimates (RE) of expenditures for the current fiscal year.
AUTOMOTIVE
The Story:
The Federation of Automobile Dealers Associations reported on Monday that India's retail vehicle sales increased 57% over the Navratri festival this year, reaching sales of approximately 5.4 lakh units. The Federation of Automobile Dealers Associations reported on Monday that India's retail vehicle sales increased 57% over the Navratri festival this year, reaching sales of approximately 5.4 lakh units. According to the FADA statement, 3,42,459 vehicles were sold during Navratri last year, while 5,39,227 vehicles were purchased between September 26 and October 5, 2022. The sales figures this year also set a record, surpassing the 4,66,128 unit high from Navratri in 2019.
According to FADA President Manish Raj Singhania, the Navratri sales prove that after a three-year hiatus, buyers are returning to showrooms. Two-wheeler retail sales at this year's Navratri increased by 52.35% to 3,69,020 units from 2,42,213 units during the holiday season last year. The boost in two-wheeler sales was 3.7% when compared to the 3,55,851 units recorded during the Navratri of the year before the Covid. Singhania was reported by PTI as adding, "Two-wheeler category, which was continually displaying weakness when compared to pre-Covid months, also saw a single-digit rise."
The sale of commercial vehicles increased similarly, increasing by 48.25% to 22,437 units from 15,135 units during Navratri the previous year. The three-wheeler category, which reported sales of 19,809 units during Navratri this year compared to 9,203 units last year, too showed a rise. In addition, tractor sales increased by 57.66% to 17,440 units from 11,062 units sold during Navratri 2021. We now hope that this pattern persists through Deepawali so that, in addition to passenger vehicle dealers, who will experience a decade high during this festive, the two-wheeler dealers also have a good season and, as a result, helps them liquidate their stock, which they had built up in anticipation of a good festive, Singhania said.
FMCG
The Story:
Reliance Retail's E-tail arm JioMart has seen more than 60 percent of its sales from tier 2 and beyond regions in this festive season. However, the response has been good in metro regions, a company's spokesperson said in an Interview.
JioMart's one-month-long 'Tyohaar Ready Sale' kicked off on 23rd September. The spokesperson said they had witnessed 2.5 times growth in sales, traffic, and product views in the first two weeks of sales. Their application installations have seen an increase of about three times during this period
Seeing the growth and competition in this space, Sandeep Varaganti, CEO of, JioMart, stated, "As one of the largest multichannel homegrown e-marketplaces, we aim to transform the digital retail ecosystem by empowering local stores, kiranas, SMB (Small and Medium Businesses), MSMEs, local artisans, and burgeoning women entrepreneurs."
As part of a first-of-its-kind, JioMart initiative this festive season, the online platform has also onboarded traditional artisans and weavers to strengthen their livelihoods. Varaganti said the artisans source their products from a wider community of other local artisans, creating additional indirect employment.
TECH
Key Facts:
The US published a sweeping set of export controls on Friday under the foreign direct product rule.
In 2021, South Korea was China's second-biggest exporting country in equipment, including chipmaking tools.
TSMC (Taiwan Semiconductor Manufacturing Company) is, the world's largest contract chipmaker and a major supplier to companies.
The Story:
The US has published measures including a measure to cut China off from certain semiconductor chips made anywhere in the world with U.S. equipment, vastly expanding its reach in its bid to slow Beijing's technological and military advances. Restrictions sent in letters this year to top toolmakers effectively requiring them to halt shipments of equipment to wholly Chinese-owned factories producing advanced logic chips.
However, they had not secured any promises that allied nations would implement similar measures and that discussions with those nations are ongoing. US risks harming technology leadership if foreign competitors are not subject to similar controls.
China firmly opposes U.S. export controls on semiconductor chips and urges the country to stop immediately, the decision by the United States not only hurts Chinese companies but also the commercial interests of U.S. exporters the commerce ministry said in a statement on Monday.
Taiwan has Signaled they would comply with new U.S. export controls that aim to hobble China's chip industry. Taiwanese semiconductor companies attach "great importance" to complying with the law, the island's government said on Saturday.
Want More Bits?
The Story:
The Indian Air Force is now preparing to hire female pilots for its fleet of Light Combat Helicopters in light of the force's growing number of female commanders.
When questioned if any pilots would be flying the helicopters called Prachand by the Defense Minister, IAF officials responded, "The fleet will include women officers operating the Light Combat Helicopters." On October 3, the aircraft entered service, and in the near future, 10 choppers would do the same.
The ALH Dhruv and other fleet helicopters are already flown by female officers. They would also be flying the LCH fleet, and they stated that women officers are currently being sought out for this position.
The IAF is the first force to induct women into combat roles, and IAF chief Air Chief Marshal VR Chaudhari is in favour of extending all opportunities for female officers, according to them.
In the Agniveer recruitment programme, the IAF will also appoint female officers, who will for the first time join males as members of the workforce below the officer rank.
The Air Force has never before made announcements about female candidates for positions below that of an officer. Women's enlistment had been announced by the Navy and Army.
Chaudhari stated the following on announcing the plan to enlist women as soldiers: "We as a company value merit and performance above all else and are gender-neutral. A high percentage of female officers in the IAF attests to our dedication to ensuring equality of opportunity and a level playing field for everyone, regardless of gender."
