Read daily news briefs on the economic issues collected from different sources.
SBI along with HDFC Bank are collectively planning to raise up to 10,000 crores through sales of perpetual or AT-1 bonds this week. These bonds are termed to be quasi-equity instruments which will allow the country’s most valued lenders and biggest mass financier to raise their respective capital adequacy ratio by up to 30 basis points and so make them able to advance funds to eager borrowers- retail and institutional. [ET]
India’s move to rethink the data protection Bill has been appreciated by Microsoft president and Vice-Caiman Brad Smith who called this action ‘an act of wisdom. He further added and said that India’s Digital leap is extraordinary. [ET]
The former chairman of Tata sons died on Sunday in a road accident in Palghar, Mumbai at the age of 54. [ET]
The strength in Consumption growth has led to the rise in foreign portfolio investment in India especially in a situation when most developed markets are squeezed by slowing consumption and rising costs. Urban and rural consumption rose 19.7% & 10.4% respectively in the first quarter of FY23, this resulted in real private consumption expenditure rising to 12.7%. [ET]
EPFO is in favour of increasing the retirement age and aligning it with life expectancy to reduce immense pressure on the pension funds in the coming future because India is projected to become an ageing society by 2047. It is likely to have 140 million elderly above 60 years of age. All these will require income and health security and so surge in pension outgo. [ET]
Alok Aditya (Junior Research Fellow at ISEC)
Anuradha (Research Assistant at ADRI)