Welcome to your go-to newsletter for all things buzzing in the world of politics, finance, and beyond! We've got a jam-packed edition for you today, covering everything from Narendra Modi's new Cabinet to Nirmala Sitharaman’s reappointment as Finance Minister, and even a rightward shift in the European Parliament. So. get comfy and dive into the latest updates with us.
1. Modi 3.0 Council of Ministers: 34 ministers retain berth, including 19 in Cabinet
Prime Minister Narendra Modi's new Council of Ministers, marking his third term, retains 34 ministers from the previous council, with 19 holding Cabinet positions. Key figures such as Rajnath Singh, Amit Shah, Nitin Gadkari, Nirmala Sitharaman, and S Jaishankar have been reappointed, highlighting a focus on continuity and experience. Annapurna Devi has been promoted from Minister of State to Cabinet Minister. At the same time, L Murugan retains his berth despite losing the Lok Sabha election, as he is a Rajya Sabha member.
Additionally, some ministers have returned after a hiatus, including BJP chief J P Nadda, who served in Modi's first term, along with Jual Oram and Ajay Tamta. This composition reflects Modi's strategy of blending seasoned leaders with fresh faces to drive his administration's agenda forward. The new council aims to maintain stability and leverage experienced leadership for effective governance.
More Here.
2. From MSME loans to PLI review: At least nine items on new Modi cabinet's policy checklist
Prime Minister Narendra Modi's new Council of Ministers is ready, with portfolios announced Monday. CNBC-TV18 believes that at least nine policy changes are expected. These may be introduced during the upcoming budget. Key anticipated changes include:
These policy changes aim to drive economic growth, support small businesses, and create jobs. Further details and updates are expected as the story develops.
Read More.
3. Not bound by time, have no limit to our thinking — Modi tells PMO officials
Prime Minister Narendra Modi, after being sworn in for a record-equalling third term, addressed officials of the Prime Minister's Office (PMO) on June 10, outlining his vision of "Nation First" and "2047 Viksit Bharat." Emphasising a limitless approach to work, Modi stated that his team is not bound by time or conventional constraints, aiming for continuous and boundless efforts. He highlighted the transformation of the PMO from a perceived power centre to a catalytic agent since 2014, focusing on serving the people rather than acquiring power.
Read More.
Modi criticised the Opposition's view of the PMO as a power hub and stressed that it should be seen as the people's PMO. His remarks set the tone for his third term, focusing on ambitious long-term goals for India. The first meeting of Modi's new 72-member Union Council of Ministers in the BJP-led National Democratic Alliance government was scheduled for the evening at his Lok Kalyan Marg residence.
4. PM Modi assumes office for third time, signs first file to release 17th instalment of PM Kisan Nidhi
On June 10, Prime Minister Narendra Modi assumed office for a record-equalling third term and signed his first file to release the 17th instalment of the PM Kisan Nidhi, benefiting 93 million farmers with a distribution of around ₹20,000 crore. Emphasising the government's commitment to farmer welfare, Modi stated that it was fitting for the first action of his new term to focus on Kisan Kalyan.
Modi leads a 72-member Union Council of Ministers in the BJP-led National Democratic Alliance government, which he described as a blend of youth and experience dedicated to improving people's lives. The new Cabinet's first meeting was scheduled for 5 pm at the Prime Minister's Lok Kalyan Marg residence. BJP president JP Nadda also hosted a dinner for the newly inducted ministers. Modi's swift action and focus on agriculture set the tone for his administration's priorities in the coming term.
How farmers can check their payment status
The PM-KISAN scheme provides landholding farmers' families with an annual financial benefit of ₹6,000, distributed in three equal instalments of ₹2,000 each. This instalment follows the 16th tranche, which was distributed on February 28.
To check their payment status, farmers can visit the PM-KISAN portal (pmkisan.gov.in), select 'Beneficiary Status' under the 'Farmers Corner' section, enter their registered Aadhaar number or bank account number, and click 'Get Data'. Additionally, completing the eKYC (electronic Know Your Customer) process has been made mandatory for all beneficiaries, which can be done through OTP on the PM-KISAN portal. This initiative underscores the government's commitment to providing crucial income support to farmers' families.
Read More Here
5. Nirmala Sitharaman: PM Modi reappoints India's record-breaking finance minister in NDA 3.0 Cabinet
Prime Minister Narendra Modi has reappointed Nirmala Sitharaman as Finance Minister in his third term, recognising her significant contributions over the past five years. Sitharaman has made history by presenting six consecutive budgets, a record previously held by former PM Morarji Desai. She first took charge of the finance portfolio in 2019, succeeding Arun Jaitley, and became the first woman to hold this position for a full term.
Sitharaman's tenure has been marked by significant reforms, including reducing the base corporate tax from 30% to 22%. She was crucial in steering the economy through the COVID-19 pandemic by announcing a substantial economic package worth ₹20 lakh crore, approximately 10% of India's GDP. Her policies have focused on fiscal consolidation, successfully reducing the fiscal deficit from 5.8% to 5.6%. Sitharaman's reappointment signals a continuation of these strategies to strengthen India's economic stability and growth.
Read More.
Anish Shah, President of FICCI and CEO of Mahindra Group, is optimistic about India's economic future under a stable coalition government. In an interview, he emphasised the importance of reducing costs, improving ease of business, and establishing high-quality manufacturing standards to achieve global excellence. Shah highlighted the rural economy's mixed performance due to varying rainfall but noted positive signs like increased tractor sales, suggesting some policy interventions may be needed but not drastic changes.
Shah advocated for the upcoming full Budget to focus on growth and investment, particularly enhancing farm prosperity, streamlining the farm-to-fork process, promoting women-led development, and investing in sustainable, green solutions. He also discussed the need to review and tweak the Production Linked Incentive (PLI) schemes to encourage more participation from the MSME sector. Shah believes these priorities are critical for driving comprehensive and inclusive growth in India.
Read More.
7. Ridham Desai Optimistic About India's Economy and Investment Prospects Post-2024 Elections
Ridham Desai, MD of Morgan Stanley India, remains optimistic about India's economic prospects despite the formation of a coalition government following the 2024 Lok Sabha elections. In an interview with CNBC-TV18, Desai emphasized that coalition governments have been the norm in India since 1989 and expects the current administration to be stable. He believes Prime Minister Narendra Modi's commitment to structural reforms will drive macroeconomic stability and supply-side improvements.
Desai noted domestic investment has been a key market driver, limiting foreign investor participation. However, he predicts this will change as corporate issuances increase, creating opportunities for foreign investment.
For investment strategy, Desai recommends focusing on domestic cyclicals, including private banks, consumption stocks, and industrials, while being selective due to valuation concerns. He also suggests considering IT services as a contrarian bet. Desai is confident that India's investment cycle is picking up, anticipating a robust primary issuance cycle and increased foreign buying in the next six months.
Read More.
8. SEBI Eases Nomination Rules for Existing Demat and Mutual Fund Accounts
The Securities and Exchange Board of India (SEBI) issued a circular on June 10, announcing changes regarding submitting nomination details for demat accounts and mutual fund folios. SEBI will no longer freeze the portfolios of mutual fund investors and demat account holders who fail to submit their nomination preferences, which is a decision made in response to market feedback. This change applies to existing investors and unitholders.
The circular also clarifies that investors holding securities in physical form can still receive dividends, interest payments, and redemption payments and lodge grievances, irrespective of their nomination status. Additionally, investors can continue to request services from their mutual fund registrar and transfer agent (RTA) without submitting their nomination choices.
However, all new investors and unitholders must mandatorily provide their nomination preferences for demat accounts and mutual fund folios, except for jointly held accounts and funds. SEBI emphasizes that this requirement ensures smooth transmission of securities and prevents the accumulation of unclaimed assets. Regular reminders will be sent to non-compliant investors via SMS, email, and pop-ups on web/mobile applications.
Read More.
9. Equity Mutual Funds Record Highest-Ever Inflows in May
In May 2024, equity mutual funds saw a record net inflow of ₹34,670.9 crore, driven by substantial investments in New Fund Offers (NFOs) and thematic schemes. Thematic funds alone attracted ₹19,213 crore, with the HDFC Manufacturing NFO contributing nearly ₹9,500 crore. Mid-cap and small-cap funds also saw significant inflows, reaching ₹2,605.5 crore and ₹2,724.67 crore, respectively.
Debt category schemes recorded net inflows of ₹42,495 crore, with liquid funds contributing ₹25,873.38 crore. Systematic Investment Plan (SIP) inflows hit an all-time high of ₹20,904 crore.
Himanshu Srivastava of Morningstar attributed the surge to market corrections, political optimism, and the rising popularity of sector/thematic funds. Despite high volatility, mid and small-cap funds continued to attract investors. Post-pandemic, valuation-conscious strategies gained favour, with value/contra categories drawing ₹1,404 crore in May.
Read More.
10. Rightward Shift in European Parliament Could Impact Climate, Trade, and EU Expansion Policies
The European Parliament has shifted to the right following the elections that concluded on Sunday, resulting in more eurosceptic nationalists and fewer mainstream liberals and Greens. This change could impact key policy areas over the next five years. In climate policy, the new parliament may weaken existing clean energy and CO2-cutting laws and influence the 2035 phase-out of new combustion engine cars. While foreign and defence policy primarily remains with EU member countries, the parliament will promote pan-European defence projects and approve the EU's long-term budget. Trade policy could face challenges, particularly in approving free trade agreements with partners like Mexico and Mercosur, due to increased nationalist opposition. Relations with China and the US may also be affected, especially if the EU's unified stance wavers. Additionally, the parliament will be crucial in reforming internal policies and decision-making processes necessary for the EU's potential enlargement to include new members like Ukraine.
Read More.
That’s all folks! Keep yourself up to date with the latest news, views and ideas to make money only on cnbctv18.com.
Beyond #Newsroom 📰
Follow the CNBC-TV18 channel on WhatsApp
Catch crispy news updates on the go!- CNBCTV18 Minis
Watch all #videos under one segment- CNBCTV18 Binge
We bring you real-time updates and analysis of the stock market- Real-time market updates
We'll see you tomorrow with another engaging ‘Top 10@10’
1. Modi 3.0 Council of Ministers: 34 ministers retain berth, including 19 in Cabinet
Prime Minister Narendra Modi's new Council of Ministers, marking his third term, retains 34 ministers from the previous council, with 19 holding Cabinet positions. Key figures such as Rajnath Singh, Amit Shah, Nitin Gadkari, Nirmala Sitharaman, and S Jaishankar have been reappointed, highlighting a focus on continuity and experience. Annapurna Devi has been promoted from Minister of State to Cabinet Minister. At the same time, L Murugan retains his berth despite losing the Lok Sabha election, as he is a Rajya Sabha member.
Additionally, some ministers have returned after a hiatus, including BJP chief J P Nadda, who served in Modi's first term, along with Jual Oram and Ajay Tamta. This composition reflects Modi's strategy of blending seasoned leaders with fresh faces to drive his administration's agenda forward. The new council aims to maintain stability and leverage experienced leadership for effective governance.
More Here.
2. From MSME loans to PLI review: At least nine items on new Modi cabinet's policy checklist
Prime Minister Narendra Modi's new Council of Ministers is ready, with portfolios announced Monday. CNBC-TV18 believes that at least nine policy changes are expected. These may be introduced during the upcoming budget. Key anticipated changes include:
- Increased allocation for the aspirational districts programme, potentially expanding beyond 500 districts.
- Revamping the Atal Innovation Mission to emphasise entrepreneurship and job creation.
- Establishing a new institute to boost credit to small businesses and enhance their exports.
- Proposals for higher indemnity for MSME bank loans.
- A comprehensive review of Production-Linked Incentive (PLI) schemes, focusing on industries that can generate more jobs.
- Enhancing backward linkages for MSMEs within PLI schemes.
- Addressing pending divestment and asset monetisation agendas.
- Balancing higher welfare expenditure with divestment and asset monetisation.
These policy changes aim to drive economic growth, support small businesses, and create jobs. Further details and updates are expected as the story develops.
Read More.
3. Not bound by time, have no limit to our thinking — Modi tells PMO officials
Prime Minister Narendra Modi, after being sworn in for a record-equalling third term, addressed officials of the Prime Minister's Office (PMO) on June 10, outlining his vision of "Nation First" and "2047 Viksit Bharat." Emphasising a limitless approach to work, Modi stated that his team is not bound by time or conventional constraints, aiming for continuous and boundless efforts. He highlighted the transformation of the PMO from a perceived power centre to a catalytic agent since 2014, focusing on serving the people rather than acquiring power.
Read More.
Modi criticised the Opposition's view of the PMO as a power hub and stressed that it should be seen as the people's PMO. His remarks set the tone for his third term, focusing on ambitious long-term goals for India. The first meeting of Modi's new 72-member Union Council of Ministers in the BJP-led National Democratic Alliance government was scheduled for the evening at his Lok Kalyan Marg residence.
4. PM Modi assumes office for third time, signs first file to release 17th instalment of PM Kisan Nidhi
On June 10, Prime Minister Narendra Modi assumed office for a record-equalling third term and signed his first file to release the 17th instalment of the PM Kisan Nidhi, benefiting 93 million farmers with a distribution of around ₹20,000 crore. Emphasising the government's commitment to farmer welfare, Modi stated that it was fitting for the first action of his new term to focus on Kisan Kalyan.
Modi leads a 72-member Union Council of Ministers in the BJP-led National Democratic Alliance government, which he described as a blend of youth and experience dedicated to improving people's lives. The new Cabinet's first meeting was scheduled for 5 pm at the Prime Minister's Lok Kalyan Marg residence. BJP president JP Nadda also hosted a dinner for the newly inducted ministers. Modi's swift action and focus on agriculture set the tone for his administration's priorities in the coming term.
How farmers can check their payment status
The PM-KISAN scheme provides landholding farmers' families with an annual financial benefit of ₹6,000, distributed in three equal instalments of ₹2,000 each. This instalment follows the 16th tranche, which was distributed on February 28.
To check their payment status, farmers can visit the PM-KISAN portal (pmkisan.gov.in), select 'Beneficiary Status' under the 'Farmers Corner' section, enter their registered Aadhaar number or bank account number, and click 'Get Data'. Additionally, completing the eKYC (electronic Know Your Customer) process has been made mandatory for all beneficiaries, which can be done through OTP on the PM-KISAN portal. This initiative underscores the government's commitment to providing crucial income support to farmers' families.
Read More Here
5. Nirmala Sitharaman: PM Modi reappoints India's record-breaking finance minister in NDA 3.0 Cabinet
Prime Minister Narendra Modi has reappointed Nirmala Sitharaman as Finance Minister in his third term, recognising her significant contributions over the past five years. Sitharaman has made history by presenting six consecutive budgets, a record previously held by former PM Morarji Desai. She first took charge of the finance portfolio in 2019, succeeding Arun Jaitley, and became the first woman to hold this position for a full term.
Sitharaman's tenure has been marked by significant reforms, including reducing the base corporate tax from 30% to 22%. She was crucial in steering the economy through the COVID-19 pandemic by announcing a substantial economic package worth ₹20 lakh crore, approximately 10% of India's GDP. Her policies have focused on fiscal consolidation, successfully reducing the fiscal deficit from 5.8% to 5.6%. Sitharaman's reappointment signals a continuation of these strategies to strengthen India's economic stability and growth.
Read More.
6. FICCI President Anish Shah Advocates for Growth-Focused Budget and Sustainable Development
Anish Shah, President of FICCI and CEO of Mahindra Group, is optimistic about India's economic future under a stable coalition government. In an interview, he emphasised the importance of reducing costs, improving ease of business, and establishing high-quality manufacturing standards to achieve global excellence. Shah highlighted the rural economy's mixed performance due to varying rainfall but noted positive signs like increased tractor sales, suggesting some policy interventions may be needed but not drastic changes.
Shah advocated for the upcoming full Budget to focus on growth and investment, particularly enhancing farm prosperity, streamlining the farm-to-fork process, promoting women-led development, and investing in sustainable, green solutions. He also discussed the need to review and tweak the Production Linked Incentive (PLI) schemes to encourage more participation from the MSME sector. Shah believes these priorities are critical for driving comprehensive and inclusive growth in India.
Read More.
7. Ridham Desai Optimistic About India's Economy and Investment Prospects Post-2024 Elections
Ridham Desai, MD of Morgan Stanley India, remains optimistic about India's economic prospects despite the formation of a coalition government following the 2024 Lok Sabha elections. In an interview with CNBC-TV18, Desai emphasized that coalition governments have been the norm in India since 1989 and expects the current administration to be stable. He believes Prime Minister Narendra Modi's commitment to structural reforms will drive macroeconomic stability and supply-side improvements.
Desai noted domestic investment has been a key market driver, limiting foreign investor participation. However, he predicts this will change as corporate issuances increase, creating opportunities for foreign investment.
For investment strategy, Desai recommends focusing on domestic cyclicals, including private banks, consumption stocks, and industrials, while being selective due to valuation concerns. He also suggests considering IT services as a contrarian bet. Desai is confident that India's investment cycle is picking up, anticipating a robust primary issuance cycle and increased foreign buying in the next six months.
Read More.
8. SEBI Eases Nomination Rules for Existing Demat and Mutual Fund Accounts
The Securities and Exchange Board of India (SEBI) issued a circular on June 10, announcing changes regarding submitting nomination details for demat accounts and mutual fund folios. SEBI will no longer freeze the portfolios of mutual fund investors and demat account holders who fail to submit their nomination preferences, which is a decision made in response to market feedback. This change applies to existing investors and unitholders.
The circular also clarifies that investors holding securities in physical form can still receive dividends, interest payments, and redemption payments and lodge grievances, irrespective of their nomination status. Additionally, investors can continue to request services from their mutual fund registrar and transfer agent (RTA) without submitting their nomination choices.
However, all new investors and unitholders must mandatorily provide their nomination preferences for demat accounts and mutual fund folios, except for jointly held accounts and funds. SEBI emphasizes that this requirement ensures smooth transmission of securities and prevents the accumulation of unclaimed assets. Regular reminders will be sent to non-compliant investors via SMS, email, and pop-ups on web/mobile applications.
Read More.
9. Equity Mutual Funds Record Highest-Ever Inflows in May
In May 2024, equity mutual funds saw a record net inflow of ₹34,670.9 crore, driven by substantial investments in New Fund Offers (NFOs) and thematic schemes. Thematic funds alone attracted ₹19,213 crore, with the HDFC Manufacturing NFO contributing nearly ₹9,500 crore. Mid-cap and small-cap funds also saw significant inflows, reaching ₹2,605.5 crore and ₹2,724.67 crore, respectively.
Debt category schemes recorded net inflows of ₹42,495 crore, with liquid funds contributing ₹25,873.38 crore. Systematic Investment Plan (SIP) inflows hit an all-time high of ₹20,904 crore.
Himanshu Srivastava of Morningstar attributed the surge to market corrections, political optimism, and the rising popularity of sector/thematic funds. Despite high volatility, mid and small-cap funds continued to attract investors. Post-pandemic, valuation-conscious strategies gained favour, with value/contra categories drawing ₹1,404 crore in May.
Read More.
10. Rightward Shift in European Parliament Could Impact Climate, Trade, and EU Expansion Policies
The European Parliament has shifted to the right following the elections that concluded on Sunday, resulting in more eurosceptic nationalists and fewer mainstream liberals and Greens. This change could impact key policy areas over the next five years. In climate policy, the new parliament may weaken existing clean energy and CO2-cutting laws and influence the 2035 phase-out of new combustion engine cars. While foreign and defence policy primarily remains with EU member countries, the parliament will promote pan-European defence projects and approve the EU's long-term budget. Trade policy could face challenges, particularly in approving free trade agreements with partners like Mexico and Mercosur, due to increased nationalist opposition. Relations with China and the US may also be affected, especially if the EU's unified stance wavers. Additionally, the parliament will be crucial in reforming internal policies and decision-making processes necessary for the EU's potential enlargement to include new members like Ukraine.
Read More.
That’s all folks! Keep yourself up to date with the latest news, views and ideas to make money only on cnbctv18.com.
Beyond #Newsroom 📰
Follow the CNBC-TV18 channel on WhatsApp
Catch crispy news updates on the go!- CNBCTV18 Minis
Watch all #videos under one segment- CNBCTV18 Binge
We bring you real-time updates and analysis of the stock market- Real-time market updates
We'll see you tomorrow with another engaging ‘Top 10@10’
First Published: Jun 10, 2024 10:30 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
