Weekly News 19th Sept 2022

1. Weekly
News
19th Sept 2022
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2. Snapshot
Annual Summit of SCO
Fitch Slashes India's GDP
Growth Forecast
Saudi Overtakes Russia
To Be India's No. 2 Oil
Supplier
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Other News

3. Annual Summit of Shanghai Cooperation Organization
(SCO)
 The summit of the eight-nation influential grouping took place amid the growing geo-political turmoil largely triggered by the
Russian invasion of Ukraine and China's aggressive military posturing in the Taiwan Strait.
 The SCO was founded at a summit in Shanghai in 2001 by the presidents of Russia, China, the Kyrgyz Republic, Kazakhstan,
Tajikistan and Uzbekistan.
 Over the years, it has emerged as one of the largest trans-regional international organizations. India and Pakistan became its
permanent members in 2017.
 PM Modi addresses and said that Indian economy is expected to grow by 7.5 per cent this year and it will be the highest among
the world's largest economies.
 The prime minister also said India is making progress to become a manufacturing hub while highlighting various aspects of the
country's economy.
 PM Modi also talked about the need for the SCO to develop reliable and resilient supply chains to offset disruptions caused by the
Covid-19 pandemic and the Ukraine crisis.
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4. Fitch Slashes India's GDP Growth Forecast
 Fitch expects the Indian economy to slow down, that it would cut the country's gross domestic product growth
forecast for the current fiscal year through March 2023 to 7 per cent from 7.8 per cent.
 It also projected a further slowdown in growth to 6.7 per cent in FY24 from its earlier estimate of 7.4 per cent.
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SEBI Registered Investment Adviser (INA200006628)

5. Saudi Overtakes Russia To Be India's No. 2 Oil Supplier
 Saudi Arabia emerged as the second-biggest oil supplier to India, overtaking Russia by a thin margin, while Iraq retained the
top spot in August.
 As per the analysts, the supplies from Saudi cannot be cut due to clauses in contracts and Russia was able to reduce its
discounts because of high demand especially in Asia.
 India's overall crude imports in August declined to a five-month low, down 4.1% from July.
 Increased purchases of Saudi and Emirati oil raised Middle East's share in India to 59% in August from 54% in July.
 Russian oil accounted for about 16% for India's overall imports in April-August, the first five months of this fiscal year.
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SEBI Registered Investment Adviser (INA200006628)

6. Other News
 Indian Forex Reserves have fallen over $80 billion since Ukraine Crisis to 2-Year Low to $550.871 billion in the week
 According to data with depositories, FPIs (foreign portfolio investors) pumped a net ₹ 12,084 crore into Indian equities during
September 1-16 . They were net buyers on hopes of continued growth momentum, even as global and domestic data prints were
adverse with elevated inflation reported across major economies
 The global economy may face a recession next year caused by an aggressive wave of policy tightening, the World Bank said in a
new report.
 Air India Aims At 30% Domestic Market Share In 5 Years with the transformation plan “Vihaan.AI”.
 Cheetah have been reintroduced to India seven decades after the species was declared extinct in the country. They were
brought from Namibia to India and released in MP’s Kuno National Park.
 After 15,000 matches, 20 Grand Slam titles and 24 years, Roger Federer, Swiss Tennis player, announces retirement.
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