Current Affairs - Economy

The Union government has approved an increased interest rate of 8.15% on Employees Provident Fund (EPF) deposits for the financial year 2022-23. This decision comes after the EPFO trustees ratified the proposal to raise the interest rates, which had been at a four-decade low of 8.10% for the previous fiscal year.

Foreign investors have pumped in nearly 44,000 crore rupees into Indian equities so far in July, extending their buying streak in the Indian equities markets.

According to a report by Ernest and Young, the Indian film industry suffered a loss of about Rs.18k crore in 2019 due to piracy. To address this issue of piracy, the Government of India has introduced the Cinematograph Amendment Bill 2023 in Rajya Sabha.

The Asian Development Bank (ADB) has projected India's economic growth to moderate in the current financial year, FY24, to 6.4 per cent, down from the 6.8 per cent expansion witnessed in FY23, relying on demand strength.

Chennai Metro Rail Ltd signed a contract agreement with Tata Projects Ltd. The letter of acceptance (LOA) has been issued to Tata Projects Ltd for a value of ₹1,205 crore (including provisional sum & GST). The contract is part of JICA funding for Phase II.