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Business and Economy Current Affairs 2015

Current Affairs[February 2015]
  • India' Central Bank Cuts Keys Rates, Stock Indices Hit Historic Highs
    In a surprise development that sent stock markets soaring, India's central bank cut its key lending rates by 25 basis points, expecting inflation to soften in the coming fiscal even as it expressed concern over the postponement of fiscal consolidation by a year.
    Getting some positive cues from the national budget tabled last week, and sensing an economic recovery, the repurchase (repo) rate has been cut to 7.5 percent from 7.75 percent, while the reverse repo rate has been adjusted to 6.5 percent from 6.75 percent.

  • Union Budget 2015 Highlights
    Presenting the national budget for the next fiscal, Finance Minister Arun Jaitley said, "I am presenting the union budget in an economic environment which is far more positive than in the recent past. While major economies of the world face difficulties, India is poised for higher growth trajectory," Jaitley said as he started his budget speech in the Lok Sabha.

  • Highlights of the Economic Survey for 2014-15
    Highlights of the Economic Survey for 2014-15 tabled in parliament by Finance Minister Arun Jaitley on Feb 27, 2015:
    Growth rate of over eight percent expected in 2015-16
    Double-digit economic growth trajectory now a possibility

  • Railway Budget Highlights 2015The following are the highlights of the Railway Budget for 2015-16 presented by Railway Minister Suresh Prabhu in the Lok Sabha on Feb 26, 2015:
    No hike in passenger fares
    Speed of trains running at 110-130 kmph to be increased to 160-200 kmph
    Over 17,00 toilets on trains already replaced, another 17,000 to be replaced
    Toilets at stations need improvement; 650 additional toilets to be created in addition to 120 last year
    New department to keep stations clean
    Railways to Work on 'Swachh Rail – Swachh Bharat'
    Defence travel system developed to eliminate system warrants

  • 182- the dedicated toll free number for receiving security related complaints was announced in the Railway Budget 2015 by Minister of Railways, Suresh Prabhu.
  • 123.1 million- the number of bank accounts opened under the Jan Dhan Yojana as of January 28,2015 with a deposit mobilization of Rs.9188 crore as per Economic Survey 2014-15.
  • 8.1-8.5%- India's projected GDP growth during 2015-16, an increase of 0.7 to 1.1 percentage points over the 7.4 % GDP growth rate estimated for 2014-15 as per Economic Survey 2014-15.
  • 2%- the percentage of India's workforce that is formally skilled, compared to 96% and 80% in South Korea and Japan respectively as per Economic Survey 2014-15.
  • 4 D model- stands for deregulation, differentiation, diversification and disinterring which has been suggested for PSU banks in the Economic Survey 2014-15.
  • Corporate Tax- this will be reduced from 30% to 25% over the next 4 years as announced the Union Budget 2015 by Finance Minister Arun Jaitley.
  • GAAR- stands for General Anti Avoidance Act whose applicability was deferred to two years to investments made on or after 1st April 2017 as announced the Union Budget 2015 by Finance Minister Arun Jaitley.
  • Post Bank of India- the new bank which will be set up with vast postal netwok with nearly 1,54,000 points of presence spread across the villages of the country as announced the Union Budget 2015 by Finance Minister Arun Jaitley.
  • RK Shanmukham Chetty- the first Finance Minister to present a Budget in Independent India when he presented the Union Budget on November 26,1947.
  • FMC- stands for Forward Market's Commission- India's commodity market regulator set up in 1953 which has now been merged with the Securities Exchange Board of India(SEBI) as announced the Union Budget 2015 by Finance Minister Arun Jaitley. 2%-the percentage of surcharge imposed on service tax to fund the flagship Swachh Bharat Mission as announced the Union Budget 2015 by Finance Minister Arun Jaitley.
  • MUDRA- stands for Micro Units Development Refinance Bank set up with a corpus of Rs.2000 crore that will give priority to lending to enterprises set up by people belonging to Scheduled castes and Scheduled Tribes as announced the Union Budget 2015 by Finance Minister Arun Jaitley.
  • Rs.14,200cr- the amount allotted to housing for all by 2012 as announced the Union Budget 2015 by Finance Minister Arun Jaitley.
Current Affairs[January 2015]
  • Economic growth 2013-14 revised to 6.9 percent by base year change
    The Indian government revised the base year for computing national accounts resulting in the upward economic growth rate of 6.9 percent for 2013-14, according to an official statement.
    The GDP estimates under the old method was 4.7 percent.
    The ministry of statistics and programme implementation has released the new series of national accounts, revising the base year from 2004-05 to 2011-12.

  • India Ranked World's 128th Freest Economy
    With an economic freedom score of 54.6 out of 100, India has been ranked 128th freest economy in the 2015 Index of Economic Freedom evaluating economic conditions and government policies in 186 countries.
    The annual report by The Heritage Foundation, a conservative Washington think tank, in collaboration with The Wall Street Journal, ranks India 26th out of 41 countries in the Asia-Pacific region.
    India's total score is down by 1.1 points from last year, with modest improvements in business freedom, property rights, and freedom from corruption offset by declines in labor freedom and trade freedom.
  • World Bank: Indian economy to grow by 7 percent in 2016
    Helped along by falling oil prices and by lower interest rates in developed countries, India's economy is expected to grow by seven percent next year and these two factors can be a game-changer if the nation were to seize the opportunity to implement fiscal and structural reforms, World Bank Chief Economist Kaushik Basu said .
    As for this year, Indian economy is expected to grow by 6.4, according to two separate projections released here Tuesday by the Bangkok-based UN Economic and Social Commission for Asia and the Pacific (ESCAP) and the Washington-based World Bank, which also predicted a 7 percent increase in 2017.

Business and Economy Current Affairs 2014

Current Affairs[December 2014]
  • Debt waivers have not benefited farmers: RBI chief
    Debt waiver schemes of central and state governments have not benefited farmers as they restricted credit flow subsequently, Reserve Bank of India (RBI) Governor Raghuram Rajan said Saturday.
    "Studies have shown that debt waiver programmes have been ineffective, constraining credit flow to farmers after their loans were waived off," Rajan said at the 97th annual conference of the Indian Economic Association organised by the economics department of Mohanlal Sukhadia University in Udaipur, about 420 km from Jaipur.

  • RBI to focus on medium-term inflation: Rajan
    The Reserve Bank of India (RBI) would focus on medium-term inflation to let the economy adjust to the changes, its Governor Raghuram Rajan said Saturday.
    He also observed that debt waiver schemes of central and state governments have not benefited farmers as they restricted credit flow subsequently

  • India is fourth largest exporter of illicit outflows
    With a total $439.59 billion, India has jumped one rank to become the fourth largest exporter of illicit outflows over the decade after China, Russia and Mexico, according to a new study.India with $94.76 billion was also the third largest exporter of illicit capital in 2012, the most recent year included in the annual update of illicit financial flows released Tuesday by Global Financial Integrity (GFI), a Washington -based research and advisory organization.



Current Affairs[November 2014]
  • Modi pushes for increased economic engagement with ASEAN
    Prime Minister Narendra Modi met a host of Southeast Asian leaders as he made a major push to increase economic engagement between India and the 10-member ASEAN and said his government places equal emphasis on ease of doing business in India as well as on making policies attractive.
    Modi met his Thai and Malaysian counterparts, Prayut Chan-o-cha and Najib Tun Razak, as well as Sultan of Brunei Hassanal Bolkiah and Singapore Prime Minister Lee Hsien Loong.

  • Telangana targets 15-20 percent share in aerospace, defence market
    The Telangana government will develop two more aerospace parks as part of its initiatives to garner 15 to 20 percent market share in aerospace and defence sector in next five years, officials said.
    The aerospace park proposed over 1,000 acres near Ibrahimpatnam on Hyderabad-Vijayawada highway will be an extension of the existing aerospace Special Economic Zone (SEZ) at Adiblatla, which houses Tata's four units in joint venture with global majors like Sikorsky, Lockheed Martin and RUAG Aviation.
  • India ranked third in salary hike in Asia Pacific in 2015
    India has been ranked No.3 in Asia Pacific in terms of the nominal salary increase expected in 2015, by consulting firm ECA International.
    Among the 17 countries from Asia, Pakistan is at the top. Vietnam, India, Bangladesh and Indonesia are ranked thereafter in that order, according to the latest salary trends survey by ECA International.
Current Affairs[October 2014]
  • India's GDP to grow 5.6 percent this fiscal: World Bank

    The World Bank said India's GDP is likely to expand by 5.6 percent this fiscal.

    The World Bank's "India Development Update" released here said: "India's economic growth is expected to rise to 5.6 percent in FY15, followed by further acceleration to 6.4 percent and 7 percent in FY 2016 and FY 2017."

    It said identifying the goods and services tax (GST) as the most important economic reform that the new government should undertake for faster growth.

  • Arvind Subramanian new chief economic advisor

    The government appointed US-based economist Arvind Subramanian as the chief economic advisor in the finance ministry on Oct 16, 2014, filling a key position that has been lying vacant for over a year.

    Soon after assuming charge, Subramanian said he would focus on growth, investment and creating opportunities for all sections of Indian society.

  • Economy improving, 5.5 percent growth this year: RBI Governor

    India's economy is improving and the country is hoping to achieve 5.5 percent, or little more, growth rate this year, said Reserve Bank of India (RBI) Governor Raghuram Rajan.

    "Next year we will go into sixes and hopefully sevens the year after," he said while addressing students of Indian Business School (ISB) here Thursday.

Current Affairs[September 2014]
  • Indian Enterprise Will Deliver Sustained 8-9 Percent Growth: Modi

    Prime Minister Narendra Modi said, the entrepreneurial nature of over a million Indians is the basis of his belief that the country will be able to consistently achieve growth rates of 8-9 percent over a sustained period, and for which he has a clear road map."

    It is my absolute belief that Indians have unlimited talent. I have a lot of faith in the entrepreneurial nature of our 1.25 billion people. There is a lot of capability. And I have a clear road-map to channel it," Modi said in an exclusive interview to CNN's Fareed Zakaria.

  • SBI celebrated 150 years of its operations in Colombo

    State Bank of India celebrated 150 years of its operations in Sri Lanka on 13 September 2014. SBI Colombo is operational since 1864. It was earlier a branch of Bank of Hindustan, which was taken over by Bank of Madras in 1867.

    SBI Managing Director Krishna Kumar reaffirmed the bank's commitment to partner in Sri Lanka's efforts in developing its economy.

Current Affairs[August 2014]
  • Reliance Cap-Nippon Life launch two funds, eye bank in India

    The Anil Ambani-led Reliance Capital and Nippon Life Insurance Group Monday announced two funds for Japanese investors in the Indian equity and bond markets and to jointly start a commercial bank when permission comes from Indian authorities.

    The announcement, coinciding with Prime Minister Narendra Modi's first official visit here, further expands and deepens the relationship between the Indian and the Japanese groups, a joint statement said.

  • RBI's FY15 Agenda: Strengthen, Reform, Develop Financial Sector

    India's central bank Thursday said its agenda for 2014-15 is to contain consumer price index (CPI) inflation, strengthen banking structure, reform financial markets to deepen and widen them and improving the financial systems' ability to cope with distress.

    Outlining its agenda for the current fiscal for the first time, the Reserve Bank of India (RBI), in its annual report, said that high and persistent inflation has become a key risk to the growth outlook and to overall macro-economic stability.

Current Affairs[July 2014]
  • D.V. Sadananda Gowda Presented Railway Budget 2014 Railway Minister D.V. Sadananda Gowda presented the rail budget in Lok Sabha Tuesday, promising to serve the social obligations of the ministry, but with an eye on financial viability and the need to maintain and upgrade the network.
  • Jaitley's budget promises 7-8 percent growth in three years

    Finance Minister Arun Jaitley began presenting the first national budget for self and Prime Minister Narendra Modi's government Thursday expressing concerns over economic slowdown while promising steps to ensure a course correction with bold measures.

    "People of India have voted decisively for change," Jaitley said. "Steps I will unveil in the budget will aim at 7-8 percent growth over the next three-four years, lower inflation, less fiscal deficit and a manageable current account deficit."

  • TCS became first Indian Company to top Rs 5 lakh cr in m-cap

    Indian IT bellwether Tata Consulting Services (TCS) became the first Indian company to achieve a market capitalization of 5 lakh crore rupees.

    The global software major announced that it posted net profit of Rs.5,058 crore in the quarter under review, registering 27 percent year-on-year (YoY) growth and 4.5 percent higher sequentially.

Current Affairs[June 2014]
  • India Set To Grow At 5.5 Percent: World Bank

    The World Bank projected India's growth at 5.5 percent in fiscal 2014-15, accelerating to 6.3 percent in 2015-16 and 6.6 percent in 2016-17 as it urged developing countries to double down on domestic reforms.

    Subdued manufacturing activity and a sharp slowing of investment growth in India led to GDP growth in South Asia as a whole slowing to an estimated 4.7 percent in market price terms in calendar year 2013, the Bank said in a new report Wednesday.

  • India's central bank leaves policy rates intact

    India's central bank Tuesday kept all key policy rates unchanged but eased some money for lending, indicating that it will await more positive signals from the economy and the upcoming national budget before measures to spur growth.

    While the cash reserve ratio was kept unchanged at 4 percent, the statutory liquidity ratio (SLR), which is the quantum of liquid assets banks have to hold against their deposits, has been reduced by 50 basis points to 22.5 percent.

  • Global Economy Prize For India's Biotech Queen

    India's biotechnology queen and Biocon chairperson Kiran Mazumdar-Shaw has been awarded the coveted Global Economy Prize for business by the Kiel Institute in Germany during its centenary celebrations.

    "Mazumdar-Shaw is the first Indian woman and fourth Indian to be conferred this prize," the Bangalore-based biotech company said in a statement here Monday.

Current Affairs[May 2014]
  • India's central bank leaves policy rates intact

    India's central bank Tuesday kept all key policy rates unchanged but eased some money for lending, indicating that it will await more positive signals from the economy and the upcoming national budget before measures to spur growth.

    While the cash reserve ratio was kept unchanged at 4 percent, the statutory liquidity ratio (SLR), which is the quantum of liquid assets banks have to hold against their deposits, has been reduced by 50 basis points to 22.5 percent.

  • RBI To Have Regular Process Of Bank Licences: Rajan

    Reserve Bank of India Governor Raghuram Rajan Tuesday said the central bank would soon announce a regular process of granting bank licences, ending the current system of giving it in tranches.

    "The Reserve Bank of India is committed to freeing entry in banking," Rajan said at an event organised by the Competition Commission of India here.

Current Affairs[April 2014]
  • India Set To Grow At 5.4 Percent In 2014: IMF

    The International Monetary Fund (IMF) has projected India's growth to recover from 4.4 percent in 2013 to 5.4 percent in 2014 and strengthen to 6.4 percent next year, essentially unchanged from its forecast in January.

    These projections are based on the assumption that government efforts to revive investment growth succeed and export growth strengthens after the recent rupee depreciation, the multilateral finance institution said in the April 2014 World Economic Outlook (WEO).

  • Indian Economy More Stable; Deficits Will Come Down: Chidambaram

    Finance Minister P. Chidambaram Monday said the Indian economy is more stable than it was 20 months back and the government is hopeful of meeting major macro-economic targets, including fiscal and current account deficits.

    "The economy today is far more stable and far stronger than it was 20 months ago," Chidambaram said at a media conference here.

    "Nobody is talking about downgrades today," he stressed.

  • RBI Keeps Key Policy Rates On Hold; EMIs To Remain Unchanged

    The Reserve Bank of India (RBI), as expected, left key interest rates unchanged in its first bi-monthly monetary policy review Tuesday and said near-term tightening is not expected if inflation continues to ease.

    The repo rate, or the interest that banks pay when they borrow money from the RBI to meet their short-term fund requirements, has been left unchanged at 8 percent.

Current Affairs[March 2014]
  • RBI Keeps Key Policy Rates On Hold; EMIs To Remain Unchanged

    The Reserve Bank of India (RBI), as expected, left key interest rates unchanged in its first bi-monthly monetary policy review Tuesday and said near-term tightening is not expected if inflation continues to ease.

    The repo rate, or the interest that banks pay when they borrow money from the RBI to meet their short-term fund requirements, has been left unchanged at 8 percent.

  • Indian Economy More Stable; Deficits Will Come Down: Chidambaram

    Finance Minister P. Chidambaram Monday said the Indian economy is more stable than it was 20 months back and the government is hopeful of meeting major macro-economic targets, including fiscal and current account deficits.

    "The economy today is far more stable and far stronger than it was 20 months ago," Chidambaram said at a media conference here.

Business and Economy Current Affairs 2013

Current Affairs[December 2013]
  • Indian Economy To Grow 5.3 Percent In 2014: UN

    The Indian economy is likely to witness an economic growth rate of 5.3 percent in 2014, while the global economic growth is estimated at 3 percent, says the UN.

    The outlook for the world represents a slight improvement compared to the expected growth of 2.1 percent.

Current Affairs[November 2013]
  • Indian Economy Grows 4.8 Percent In Q2

    Helped by the good performance of the farm and some infrastructure sectors, India's economic growth recovered marginally to 4.8 percent in the second quarter of the current financial year from 4.4 percent recorded in the previous quarter, government data showed Friday.

    According to data released by the Central Statistics Office (CSO) here, the agriculture sector registered healthy growth of 4.6 percent, while manufacturing expanded at a sluggish 1 percent in the July-September quarter.

  • 20 FDI Proposals Worth Rs.916 Crore Cleared

    The government Tuesday said it has cleared 20 proposals of foreign direct investment (FDI) worth Rs.916 crore, including Singapore Airlines plan to start a full service airline in partnership with Tata Sons.

    Singapore Airlines has formed a joint venture with Tata Sons to run full service airline. In the joint venture, Singapore Airlines will control 49 percent while Tata Sons will have the majority stake of 51 percent.

  • India can grow at 8 percent: Ahluwalia

    India can achieve eight per cent growth provided difficult policy decisions are taken, Planning Commission Deputy Chairman Montek Singh Ahluwalia said here Saturday.

    He called for greater attention to linking economic policy making with external and internal security.

Current Affairs[October 2013]
  • Inflation to remain at elevated level this year: RBI

    Wholesale price-based inflation that jumped to 6.46 percent in September, is likely to remain around the same level in the second half of the current financial year, the Reserve Bank of India (RBI) said Monday.

    In a note released ahead of the second quarter review of monetary policy 2013-14, the RBI said the persistent high consumer price-based inflation remained a concern.

  • Government to infuse Rs.14,000 crore equity in bank

    The government Wednesday said it will infuse Rs.14,000 crore equity capital in 20 public sector banks during the current financial year.

    "The Government of India has approved infusion of Rs.14,000 crore in the PSBs during financial year 2013-14, through preferential allotment of equity in its favour," the finance ministry said in a statement.

    The country's largest lender State Bank of India will get Rs.2,000 crore equity capital from the government. The Central Bank of India and IDBI Bank will get Rs.1,800 crore each.

  • India's current account deficit may fall to $45 bn: StanChart

    Standard Chartered Bank Thursday sharply lowered its forecast for India's Current Account Deficit to $45 billion from its earlier projection of $72 billion, due to positive foreign trade numbers.

    In a research note, the bank said it has revised downward its forecast on India's current account deficit to $45 billion, or 2.5 percent of the country's gross domestic product from $71.8 billion, four percent of the GDP, pegged in its earlier report.

Current Affairs[September 2013]
  • India's exports rise 13 percent in August

    India's exports jumped by 13 percent to $26.14 billion in August, while imports declined marginally, helping to contain trade deficit at $10.9 billion, government data showed Tuesday.

  • Cabinet nod to plan to reduce urban poverty

    Aiming to reduce poverty and vulnerability of urban poor, the Cabinet Committee on Economic Affairs Tuesday approved restructuring of the Swarna Jayanti Shahri Rozgar Yojana (SJSRY) as the National Urban Livelihoods Mission (NULM) in the 12th Five Year Plan at a cost of Rs.6,405 crore, an official statement said.

  • Government sets up 7th Central Pay Commission

    An estimated eight million central government employees and pensioners can now look forward to higher emoluments with the constitution of the Seventh Central Pay Commission (CPC), which the government announced Wednesday.

  • Inflation, rupee may force RBI to keep rates on hold

    Reserve Bank of India Governor Raghuram Rajan is likely to maintain his predecessor Duvvuri Subbarao's "hawkish" policy and keep key rates on hold due to continued inflationary pressure and the volatility in rupee, analysts say.

Current Affairs[August 2013]
  • Cabinet clears power projects worth over Rs.83,000 crore

    The Cabinet Committee on Investment has cleared a slew of project investments, in which it has given go ahead to 18 power projects worth Rs. 83,772 crore and nine other projects worth Rs.92,500 crore, Finance Minister P. Chidambaram said here Tuesday.

  • Government sets up tax reform commission

    The government Monday set up a commission under the chairmanship of Parthasarathy Shome, advisor to finance minister, to suggest reforms in tax administration aimed at widening the tax base and enhancing compliance.The "Tax Administration Reform Commission" has been asked to submit its report and recommendations within 18 months, the finance ministry said in a statement.

  • FDI inflow to India rises to 16 percent in June

    Foreign Direct Investment (FDI) inflows into India rose by 16 percent year-on-year to $1.44 billion in June, government data showed Wednesday.

    Despite the year-on-year increase, this is the lowest monthly inflow of FDI in India so far in 2013.

Current Affairs[June 2013]
  • Union Government of India proposed plan to raise FDI Limit in Key Sectors

    To promote India as an attractive destination for investment, the Union Finance Ministry on 18 June 2013 proposed sweeping changes in Foreign Direct Investment (FDI) regime.

    The committee that was headed by the Economic Affairs Secretary Arvind Mayaram recommended to raise the Foreign Direct Investment limit to 49 percent from 26 percent at present in almost all sectors like multi-brand retail, defence and telecom through automatic route.

  • Foreign Investment Promotion Board Approved Eight FDI Proposals

    The Foreign Investment Promotion Board (FIPB) on 31 May 2013 approved eight FDI proposals, which include those of McKinsey & Company, ACME Solar Energy and GETIT Infoservices. These eight proposals are worth 696 crore Rupees.

    FIPB cleared ACME Solar Energy's proposal to get 275 crore Rupees foreign investment. The foreign investment worth 216 crore Rupees was roped in by clearance to GETIT Infoservices.

Current Affairs[May 2013]
  • India world's 3rd largest economy: OECD

    The Indian economy has probably recently surpassed Japan to be the third largest economy globally, the Organisation for Economic Cooperation and Development (OECD) has said.

    But, the OECD revised downwards its forecast for growth for India in 2013 to 5.3% from the previous 5.9% and said the recovery would be aided by the efforts being made to speed up approval for large projects as well as partial deregulation of foreign direct investment.

  • PM says fundamentals of economy are strong, invites investors

    Asserting that the fundamentals of the Indian economy were strong, Prime Minister Manmohan Singh expressed confidence that the country would return to the growth of eight per cent per annum.

    The Prime Minister said opportunities for investment were abounding in India and invited investors to come to the country.

Current Affairs[April 2013]
  • Andhra to supply nine food items for Rs.185 to poor

    Hyderabad, April 11 (IANS) The Andhra Pradesh government Thursday launched a new scheme to supply a basket of nine essential commodities to Below Poverty Line (BPL) families in the state.

    On the occasion of 'Ugadi', the Telugu New Year, Chief Minister N. Kiran Kumar Reddy launched the scheme, Amma Hastam, under which every BPL family will be supplied one pack a month through fair price shops for Rs.185.

    Minister for Civil Supplies D. Sridhar Babu said 2.25 crore white card ration holders will get the pack, with one kg of red gram, palmolein oil, whole meal flour, wheat, iodized salt, half kg sugar, tamarind, quarter kg chilli powder and 100 gm turmeric powder.

  • Sahara India Pariwar's Sahara Q Shop Entered into the Guinness World Records

    The retail business of Sahara India Pariwar called Sahara Q Shop entered into the Guinness World Records when it opened record 315 outlets in 10 states of India, just at one time on 1 April 2013.

    The commencement of these retail outlets was closely monitored by the Guinness World Records' officials in order to verify as well as register new world record of Sahara Q Shop. The certificate of the record was presented to Subrata Roy, the group chairman.

    The Sahara Q Shop stands against adulteration and quality consumer merchandise products at the fair prices. At present, Sahara has 550 operational stores. By the end of 2013-14, Sahara expects to open 10000 stores across India.

Current Affairs[March 2013]
  • Exports of India Increased By 0.8 Per Cent in January 2013

    The exports of India increased by 0.8 percent in the month of January 2013 to 25.58 billion US dollars, comparatively; exports in January 2012 were 25.37 billion US dollars.

    Imports on the other hand, increased by 6.12 percent to 45.5 billion US dollars. During April to January 2012-2013, the overseas shipments of India dropped by 4.86 percent to 239.6 billion US dollars. The main concern for the country is however to widen the trade deficit.

    As a cumulative result, the exports depicted an arrest in decreasing exports. Now, the result is -4.9 percent.

  • Economic Growth of India Estimated to Fall To 5 Percent in 2012-2013 FY

    The Central Statistics Office (CSO) on 7 February 2013 revealed that the economic growth of India is estimated to fall to 5 percent in 2012-2013 financial year, which is a lowest figure in 10 years. A fall in the economic growth is because of the poor performance of the services, agriculture and manufacturing sectors.

    The Central Statistics Office (CSO) in its advance forecast of the national income chopped off the gross domestic product (GDP) growth estimate to 5 percent for financial year which will end on 31 March 2013. This is much less than the GDP of 6.2 percent in 2011-2012 financial year. This is said to be the worst performance of economy of India since 2002-2003 when the economic growth was 4 percent.

Current Affairs[Febraury 2013]
  • P.Chidambaram announces more reforms to boost growth

    Announcing further liberalisation of FII investment norms, finance minister P Chidambaram on Saturday said the government is "steadily and surely" working on next generation of reforms to put the economy back on high-growth path.

    Addressing the National Editors Conference, he said that with liberalisation of FDI and other measures, the government has traversed considerable lengths to ensure fiscal consolidation with reforms.

    In a further liberalisation of norms for investment by FIIs in government securities and corporate bonds, he announced that the norms have been rationalised. "There were a number of sub divisions and in order to rationalise, it is proposed to merge the existing sub limits and create only two broad categories," he said.

  • FIPB Cleared Investment Proposal of Air Asia to Enter India's Aviation Sector

    The Foreign Investment Promotion Board (FIPB) on 6 March 2013 cleared the investment proposal of Air Asia, the Malaysian budget carrier to launch the new airline along with Tata Group and Arun Bhatia's TelestraTradeplace.

  • Crucial points to note:

    Air Asia has plans to own 49 percent in newly formed airline through its investment company Air Asia Investment Ltd (AAIL). Rest of the stake would be held by two Indian firms.

    After the deal, Air Asia will become the first foreign carrier that will enter the aviation sector of India after the Government altered rules in September 2012 to allow foreign carriers to have 49 percent stake in the domestic airlines.

Current Affairs[January 2013]
  • Roshni Nadar to take over the reins of HCL

    The information technology industry is seeing the rise of an heiress to the top. Roshni Nadar Malhotra will take over the reins of HCL Corporation that controls two of India's leading IT companies as chairman, her father and current chairman Shiv Nadar. He did not mention any date for his 31 yr old daughter taking charge. In all likelihood, the MBA graduate who has worked as a media producer would step into her father's shoes only after Nadar, 67, retires.

    HCL Corporation is the holding company of HCL Technologies and HCL Infosystems, the two publicly listed firms of the group that also has other entities. Roshni is already CEO and executive director in the holding company.

    Both HCL Tech and HCL Infosystems continue to be professionally run by their respective CEO's and board of directors. While HCL Tech is India's fourth largest software services firm, HCL Infosystems is primarily a hardware company that manufactures personal computers and tablets.

  • Vodafone slams auction norms, seeks withdrawal

    Hectic lobbying has begun in the telecom sector to reduce the reserve price of spectrum with the government in the process of finalising modalities for auction of airwaves.

    Vodafone India has sought withdrawal of the recently issued guidelines for the round of spectrum auction terming them "illegal, discriminatory and benefitting one set of players". The company said the guidelines were "discriminatory" in nature, as they fix the reserve price of spectrum in the 900-MHz band at three times the price waves of 800-MHz, while the Telecom Regulatory Authority of India had recommended both these had to be treated at par.

    "Fixing reserve price of 800 MHz band at comparatively low levels of benefits a certain set of telecom operators," the company said in a letter to telecom secretary R Chandrashekhar , while seeking the withdrawal of the guidelines.

    It said the auction of spectrum in the 900-MHz band includes spectrum that is currently being used by the company for Mumbai, Delhi and Kolkata circles and since the same spectrum is already being used in its networks, it cannot be put out for auction.

Business and Economy Current Affairs 2012

Current Affairs[December 2012]
  • Newer version of Halo in November

    Microsoft has revealed that they'll be releasing a new instalment to the hit videogame "Halo" in November this year. The officials stated that Microsoft will launch the hugely popular franchise instalment.

    Halo 4 has been designed exclusively to be played on Microsoft's Xbox 360 consoles.

    Microsoft Studios corporate vice president Phil Spencer said in a release-"We are starting a new era with Halo 4 and will embark our journey which will encompass the next decade of 'Halo' games".

  • Losses likely to ground Kingfisher Air temporarily

    Debt-laden Kingfisher Airlines (KFA), owned by billionaire Vijay Mallya, faces the prospect of an operational shutdown, temporarily and needs and immediate equity infusion of $600 million, feel aviation expert.

    The liquor baron, who owns F1 and IPL teams, is heavily indebted to lessors, suppliers, lenders, employees, oil firms, and Airport and tax department. Aircraft lessors and banks have begun invoking corporate guarantees given by United Breweries Holdings (UB Holdings) - Mallya's flagship spirits business

    "The total amount invoked and outstanding as on June 30 is Rs. 836 crore and KFA is under negotiation un this regard with beneficiaries," UB Holdings said in its quarterly results filed on the Bombay Stock Exchange.

  • TCS America gives a whopping 1860% dividend to TCS

    TCS, India's ranked no.1 computer software firm received a massive dividend from its wholly-owned subsidiary, TCS America.

    TCS America is a wholly-owned subsidiary with a puny paid-up capital of Rs 1.02 crore. It announced one of the largest dividend payouts for the Indian corporates of 1860%, which is worth Rs 1,900 crore.

    Though the dividend is higher as compared to most Indian companies' payouts, TCS America International is a fairly large company which earns more money than any group firms such as Tata Global Beverages, Titan Industries or any other.

    TCS America was set up in 2004 and declared a dividend of 280% of the net profits, as said by the company official.

    The company spokesperson said that- the distribution of dividend is based on many factors which includes' the total reserves available, the current financial performance and the expected future investment along with expenditure requirements".

  • Banks and insurance firms worst hit by trade union strike

    The largest post-Independence strike that was supported by all the major trade unions cutting affected the Banks and Insurance firm the most. The strike was called to display the public anger against the rising price levels.

    Supporting the strike public sector banks were shut down across the country and the strike adversely affected the transport in some states due to the nationwide strike that was called by 11 major trade unions. The trade unions that went on strike included CITU, INTUC, AITUC and HMS. Not only the transport, some other day to day chores were also affected.

    Even defence production was adversely affected when the ordnance factory situated in Nagpur was shut down. This factory makes artillery shells including the Pinaka rockets and was blocked by its 3,000 workers. This was the first strike in the ordnance factory in a decade. Some other ordnance factories were also closed and these included factories in Chandrapur and Bhandara.

  • Facebook to replace Infosys in NASDAQ 100

    Indian IT major Infosys will make way for global social networking giant Facebook on the Nasdaq 100, key US stock market index, effective December 12.

    Infosys is the only Indian company to figure in Nasdaq 100, where it was included six years ago in December 2006, and its imminent exit from the benchmark index follows the IT giant's announcement last week to shift its listing to New York Stock Exchange (NYSE).

    Nasdaq said in a statement that Facebook would become a component of the NASDAQ-100 Index, the NASDAQ-100 Equal Weighted Index, and the NASDAQ-100 technology Sector Index prior to market open on December 12.

  • Wal-Mart looks for smaller store in India strategy

    The world's largest retailer, Wal-Mart famed for its large deep discount stores, will cut down the size of its super marts to about 50,000 sq ft in India- about a fifth of the average size of its stores in US.

    The decision to scale down the store size comes at a time when the company is busy chalking out a strategy to enter the lucrative multi brand retail business of India after the government allowed foreign direct investment (FDI) in retail sector.

    The company reasoned out the rationale for the smaller store format in India as an effort to remain closer to their target customers, and on the availability of space. "In order to have a store spread across several lakh square feet, we would have to locate them on the outskirts of the city. In the Indian context it will not be the right thing to do so," said Raj Jain, president Wal-Mart India.

Business and Economy Current Affairs 2012

Current Affairs[November 2012]
  • Vedanta shuts its Odisha alumina plant

    Three months after issuing the closure notice to the Odisha government, Vedanta Aluminium Limited, a subsidiary of London Stock Exchange listed multi-billion dollar Vedanta Resources group temporarily shut down its one million tonne per annum alumina refinery in the state due to lack of bauxite.

    “Despite concerted efforts over the past three months to ensure sustainable supplies of bauxite for our refinery in Lanjigarh, we have not been able to find any solution. For the last three days we have run the unit at around 20% of the capacity and we have been forced to close down the unit due to dwindling stock of bauxite,” VAL CEO Mukesh Kumar said.

    Kumar pointed out mounting losses and said the company had informed the state labour department of the shutdown in a letter on September 5. He said there are around 550 direct employees while work is out sourced to 2500.

  • Facebook to replace Infosys in NASDAQ 100

    Indian IT major Infosys will make way for global social networking giant Facebook on the Nasdaq 100, key US stock market index, effective December 12.

    Infosys is the only Indian company to figure in Nasdaq 100, where it was included six years ago in December 2006, and its imminent exit from the benchmark index follows the IT giant’s announcement last week to shift its listing to New York Stock Exchange (NYSE).

    Nasdaq said in a statement that Facebook would become a component of the NASDAQ-100 Index, the NASDAQ-100 Equal Weighted Index, and the NASDAQ-100 technology Sector Index prior to market open on December 12.

  • Audi sees India in top markets by 2021

    German Luxury car maker Audi said it expects India to be one of its top 10 global markets by 2016 and as one of its top 5 markets by 2021. The company aims that the luxury car market, which at presents accounts for a mere 1.2% of India’s overall passenger car market, would get to 5% (225,000 units per annum) by 2019.

    “We have already exceeded our annual sales target of 8,000 units per annum announced at the start of the year with a month to spare. So unlike some of our competitors, we remain confident of the Indian market,” said Michael Perschke, head, Audi India.

    “Our sales have grown by 58% this year so far, that makes India the fastest growing luxury car market for us globally. This is the reason why India is strategically one of our top 10 markets even if it is not there in terms of absolute sales.”

  • Pilots VS AI again: this time on transfers to cut flight delays

    The management and the pilots of national carrier Air India (AI) could be headed for a fresh face off. AI management has proposed shifting “excess pilots belonging to erstwhile Indian Airlines (AI) to southern bases from northern India, which is facing shortage of pilots. The move is aimed at cutting “wasteful expenditure” and bringing down delays. AI officials said there are more than 20 excess AI commanders based in Delhi.

    Recently, that national carrier transferred more than 60 pilots belonging to erstwhile AI Mumbai to Delhi to meet similar operational requirements. “In the last couple of months several flights originating from bases in the south had to be delayed due to non-availability of pilots, mainly commanders,” an official source said.

Current Affairs[October 2012]
  • Mallya will not sell 'Family Silver' for KFA

    Liquor baron Vijay Mallya said that he is under no compulsion to do a deal with UK drinks' giant Diageo and will not sell prized assets to rescue his grounded Kingfisher airlines. Reacting to reports that he would be forced to sell stakes in his spirits business to fund KFA, the UB group said, "That is the media perspective of what I am going to do. I am not so sure that I lack commercial acumen to the extent that I will sell a hugely thriving, successful business to take the cash and put it into an airline in an environment such as India."

    "My group is sufficiently cash generative to fund the airline. We have put almost 50 million pounds since April 2012 into the airline. But that has not meant that I have had to sell my family silver to fund the airline," he added.

    Mallya has been talking to Diageo Plc about selling a stake in his United Spirits Ltd. Earlier this weekend he said he was unsure of whether or not he would agree to terms with the London listed firm. "I do not have to do a deal with Diageo at all," said Mallya. "I am under no compulsion whatsoever."

Current Affairs[September 2012]
  • Projects worth over UDS 4.3 billion were jointly reviewed by the government of India and the World Bank, in a two day review held at Hyderabad. The review is set to give impetus to the efforts of improving the on ground implementation of progress initiatives. The review found participation from the top brass of Indian government, with officials from the Department of Economic Affairs and leading officials from state projects, including World Bank officials in Delhi, making their presence felt.
  • The clouds of insecurity hovering over the trade related future of Chinese and Japanese economies blackened further as Japanese firms started shutting down plants in China, after angry protests dissuaded Japanese nationals in China from leaving houses. Among the affected companies operating in China are Honda and Mazda, apart from Nissan and Canon. These companies have halted production in China. Expatriates were issued warnings to stay indoors, as more protests were possible.
  • Global banking player HSBC Plc announced that N.R. Narayana Murthy would be retiring from its board of directors by the year end. Narayana Murthy is the co-founder of IT superpower Infosys Ltd. He was the only Indian in the board of directors of HSBC Plc. Renato Fassbind was announced as the new director on board, taking effect from the first day of the next year. Renato is the former CFO of Credit Suisse Group. Murthy will be stepping down on 31st December, 2012, and will be succeeded by Laura Cha, a present director who will take on the role of chairperson of corporate sustainability committee.
  • The 300 meter long aircraft carrier called Liaoning was unveiled by China. This is an improved version of the Varyag, which China purchased from Ukraine. The Liaoning is expected to serve several research purposes, as well as double up as a defense military training platform. Apart from this, the aircraft carrier has also provided some impetus to China's maritime intentions.
  • Apple did not get the bright side of the ruling on its infringement suits against Google owned Motorola, and ace competitor Samsung. Apple had contested that its touch events technology patents had been violated by the two mobile makers. However, a German court decided against its assertions, and gave Apple a month's time to appeal against the judgment.
  • The proposal of dividing Air India into two separate subsidiaries - Air India Transport Services Ltd. (AITSL) and Air India Engineering Services Ltd. (AIESL) was approved by the cabinet, as a part of the turn around plan for the underperforming airline.
  • A top official from Bharti Enterprises conveyed that the group was in talks with Wal-Mart for a proposed 50:50 joint venture for the roll out of chains of retail outlets in the country. The two industry giants are already in an equal partnership venture for wholesale stores in India.
  • The UPA government in India opened its gates for up to 51 per cent Foreign Direct Investment in the area of multibrand retail in India, and included the aviation industry in the decision's ambit. States retain the freedom to make a choice of implementing or not implementing the FDI in multiband policy. The policy has opened up India's mammoth potential retail market (estimated at $590 billion) to global super players of the likes of Wal-Mart. General Electric's German chief announced that the company was looking to make acquisitions in Germany in order to strengthen its market share of MRI technology and CAT scan segments.
  • General Electric's German chief announced that the company was looking to make acquisitions in Germany in order to strengthen its market share of MRI technology and CAT scan segments.
Current Affairs[August 2012]
  • Maruti’s first home Haryana: Suzuki chief

    Ending all speculation that Maruti was driving out of Haryana and into Gujarat after the violence at its Manesar plant, Japan-based Suzuki Motor Corp chairman Osamu Suzuki declared Haryana as his “first home”.

    “Gujarat is a second home,” added Suzuki, who met Haryana chief Minister Bhupinder Singh Hooda.

    The July 18 violence at the Manesar plant left a senior HR executive dead and 100 others injured. “Although it’s a union related matter I consider it a criminal act”, Suzuki said.

    “Violence is not acceptable.” Suzuki who met Gujarat chief minister Narendra modi refused to elaborate on Maruti’s plans in the state. “We have only purchased land, we cannot comment further,” he said.   

  • Second wettest august in12 years

    Incessant rains in the Capital in the last one week made this August the second wettest in 12 years. Between 8.30 am on Tuesday and 8.30am on Wednesday, Delhi recorded the highest rainfall so far this season. While July and the beginning of August were uncharacteristically dry, abundant rainfall in the latter half of the month of August made up for it.

    The Capital received 364.8mm of rainfall in August, 30% above the normal mark. A total of 510mm of rainfall has been recorded since July this year, helping bring down the rain deficit in Delhi from 43% to 15%.

    The Met Department predicts that the rest of the monsoon will be equally positive, and plenty of rainfall is expected in September, especially in the first week.

  • Losses likely to ground Kingfisher Air temporarily

    Debt-laden Kingfisher Airlines (KFA), owned by billionaire Vijay Mallya, faces the prospect of an operational shutdown, temporarily and needs and immediate equity infusion of $600 million, feel aviation expert.

    The liquor baron, who owns F1 and IPL teams, is heavily indebted to lessors, suppliers, lenders, employees, oil firms, and Airport and tax department. Aircraft lessors and banks have begun invoking corporate guarantees given by United Breweries Holdings (UB Holdings) - Mallya’s flagship spirits business  

    “The total amount invoked and outstanding as on June 30 is Rs. 836 crore and KFA is under negotiation un this regard with beneficiaries,” UB Holdings said in its quarterly  results filed on the Bombay Stock Exchange.

  • India fourth largest market: Domino’s

    Jubilant FoodWorks, which operates the Domino’s Pizza chain and Dunkin Donut’s in India said India is Domino’s fourth biggest overseas market after the US, UK and Mexico. “In the global Domino’s system, we are amongst the top four countries in terms of absolute number of stores,” said Shyam S Bhartia, chairman and Hari Bhartia, co-chairman, Jubilant FoodWorks Ltd, while inaugurating the food major’s 500th store at Rajinder Nagar, Delhi.

    The chain which sells 70% of all India’s home delivery Pizzas and has 55% share of the organised pizza market, is betting on products that cater to Indian tastes to continue its aggressive growth.

    “There are number of tweaked products in the pipeline to woo the taste buds of the Indian consumer. Our aim is to continue innovation at reasonable price points,” said Richard Allison, executive vice president, Domino’s Pizza International.

  • Taking on AKASH? MTNL to launch Rs.3.999 tablet

    Coming soon, an Rs.3, 999 tablet from the state run Mahanagar Telephone Nigam Ltd (MTNL) users bundled with the company’s third generation (3G) and WiFi services. The company is offering 3G tablets provided by Teracom, a telecom equipment manufacturer, for Rs. 3999, Rs.6999 and Rs.10999.

    “This is a high end product at the lowest cost,” said AK Bhargava, executive director, wireless services, MTNL. “The lowest end model works on WiFi, while others work both on WiFi and 3G.”

    The low end model with a high speed of 1.2GHz processor and 4GB memory, compared to the much published AKASH tablet that has a processor of 500MHz. Teracom tablets work on the latest Android 4.0 Icecream Sandwich operating system, while AKASH works on the old Android 2.3 system. 

Current Affairs[July 2012]
  • India witnessed significant upsurge in Visa on Arrivals: The Visa on Arrivals (VoAs) recorded a significant increase of more than 12 percent in June this year when compared to the same period last year, officials said. According to data of ministry of tourism MoT, a total number of 864 VoAs were issued last month as compared to 770 VoAs that were issued during the month of June last year, which translated towards a positive growth of 12.2 percent.
  • Union Home Minister P Chidambaram who may be restored as a finance minister as speculated by media quoted that “India will soon return on high growth path”.
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  • The on-going debt crisis in Eurozone has been prolonged and it is still consistent due to the region’s inability to tackle the fundamental structural problems as quoted by South Korea's finance minister.
  • In a wave to attract more number of customers, India’s largest lender, The State bank of India (SBI), announced that it will withdraw the mandatory barrier for all their customers towards keeping a minimum balance requirement in savings bank account.
  • The Q1 results of India’s second largest IT giant Infosys declared their first quarter results in July for the fiscal year (FY) 2012-13. They reported a net profit of Rs. Rs.2,289 crore (US$22.89 billion), a 33% year-on-year (YoY) growth
  • With the on-going Euro crisis and a steep decline for the demand of Tata Steel… they turn towards Asian and Africa for their growth prospects
  • Bata India Limited, India's leading footwear manufacturer announced their second quarter financial results that ended on June 30, 2012.
  • Struggles to dial 100 from Nokia phones

    If you are amongst those users who use older Nokia phones then chances are that you may not be able to dial emergency numbers for police, fire, ambulance etc as found by a Janakpuri residence Pankaj Bhambhani.

    While waiting for his wife’s arrival Bhambhani saw and SUV crash into another car which led into a quarrel between the car owners. As the situation got worse Bhambhani decided to call the police control room but soon realized that he was unable to dial 100 from his Nokia C2-01 model.

    Upon contacting the Nokia care, the Nokia care personnel’s said that there are certain issues with some older models of Nokia like C2-01, X3 etc and one cannot dial emergency numbers like 101, 100 ,102 etc.

Current Affairs[June 2012]

Business and Economy News

  • TCS America gives a whopping 1860% dividend to TCS

    TCS, India's ranked no.1 computer software firm received a massive dividend from its wholly-owned subsidiary, TCS America.

    TCS America is a wholly-owned subsidiary with a puny paid-up capital of Rs 1.02 crore. It announced one of the largest dividend payouts for the Indian corporates of 1860%, which is worth Rs 1,900 crore.

    Though the dividend is higher as compared to most Indian companies' payouts, TCS America International is a fairly large company which earns more money than any group firms such as Tata Global Beverages, Titan Industries or any other.

    TCS America was set up in 2004 and declared a dividend of 280% of the net profits, as said by the company official. The company spokesperson said that- the distribution of dividend is based on many factors which includes’ the total reserves available, the current financial performance and the expected future investment along with expenditure requirements”.

  • Petrol prices drop down by Rs 2.46 per litre from midnight

    In a bid to provide some sort of relief to inflation-battered common man, oil companies dropped the petrol prices by 2.46 per litre. This was the second such reduction within a month. Now the petrol price will cost Rs 67.78 per litre in Delhi as compared to Rs 70.24 a litre.

    The reduction in rates of petrol prices follows an Rs 2.02 litre cut from June 3. This second cut has wiped out almost half of the massive Rs 7.54 per litre increase in rates of petrol. This is the biggest level so far in the history. However analysts say that even after the cut there’s still a scope for further cutting the rates by Re 1 per litre as per the current revision of the international oil rate.

    Oil prices globally have fallen by 8 per cent since then. In Mumbai also petrol price has been reduced by Rs 3.10 to Rs 73.35 per litre, whereas it will cost Rs 72.74 a litre in Kolkata as compared to Rs 75.81 per litre currently. Chennai also witnessed a cut by Rs 3.07 per litre.

Current Affairs[May 2012]
  • Passenger Load for the Aviators

    The efforts mythical by sentiment India to alter its mishap influence also also on point stunt are: flights are monitored to rewrite center Factors further Fares offered dominion the hawk to disagreement confrontation; fares are reviewed constantly; ploys are launched from instance to case to core distinctive market segments; normal accent has been liable to forge ahead groups travelling to further from India over leisure, corporate, friar movements etc. because regards reinforcement on-time performance, the unbroken operations manage soul again nerve center administer marrow presuppose been sign perfecting to realize and oversee plenary movements of the the works airline. Disposition India has constant to decrease the vim delicacy seats imprint its 320 national aircraft to collect its revenues. 14 obsolete A320 aircraft are to body converted to unbroken economy, reserve 42 additional Y class seats hold station of 20 J fascination seats whereas number one utilization. hold direction to draw more passengers, prejudice India came outmost plant essential offers, viz. gain Upfront-Airport Upgrade-wherein passenger onus allow an raise coupon at the airport before boarding; Jaldi-Jaldi makeup – to speak for the diagram of idiosyncratic rates if passengers okay tickets 7 days again 14 days before test; Shagun Voucher – to gifting marriage couples during the marriage put up; sign propitious – wherein every 100th ticketed passenger would win symptomatic coupons of avoid; change again Platinum Passes – To befriend the prolific reconnoiter tracing within a confine; a tie-up has and been developed eclipse the Taj Group’s Gateways Hotels further Resorts to enable mood India passengers win a concessional coupon.

  • CBEC Chief announces service tax on rail freight

    “The support encumbrance bequeath typify proper on 30 per cent of gravity of input cargo besides services besides bequeath not fuel inflation,” said the CBEC chairman while addressing a assignation on ‘Impact of pecuniary Changes on comfort Tax-Law & Procedure’ jointly organized by the Associated cantonment of Commerce besides labor of India (ASSOCHAM) also CBEC. “The detrimental catalogue due to helping hand tax obligation appear as empirical access the rightful sensibility again not thanks to a gadget since central legate to draw in supplementary revenue,” vocal Mr Goel age sharing his views on the removed list advent which consign symbolize influential from July 1. “Implementation of the unenthusiastic record is a advantageous exertion to spring up the service worry enmesh further is aimed at curbing the cascading deliver of oblique taxes.” “The purpose at big desideratum not pry into due to side diagnostic exemptions because a toward accession is a pre-requisite as a emerge as to the neutralizing brochure plan which is to flag path due to pastoral implementation of the goods again services anxiety (GST),” uttered Mr Goel. “We cede notice the numeral of records also documents again reassemble the files that presume true been destroyed,” said Mr Goel trick responding to a media hunt for vis-a-vis a tinder that moneyless outer magnetism liberty append 14 also 15 of levy further quest departments of the capital Ministry’s North vicissitude berth impact also Delhi premier this morning. “Negative inventory of services further originate of victual of services rules, 2012 bequeath bring convenient collision and leave supplementary simplify the interests of India Inc.,” verbal Mr Rajkumar Dhoot, MP and president, ASSOCHAM. “The juice has inspirited definite binding gallant steps further initiatives to set up the enrolling of compensation work function genial also hassle-free.” “Changes hinge the differing drive on sharing outset seeing three services may undertake to the litigations, thus, the clout should carry allot steps to smoothen the implementation of alike a proposal,” said the ASSOCHAM incomparable highlighting the views of specialty besides whack. season sharing his views on the naysaying brochure thanks to assist tax, Mr. V K Garg, joint secretary, (TRU II), CBEC mentioned that lift deadweight excludes needful activities corresponding to employee fancy members of legislations & indicative bodies, friend take saunter positions further Courts also tribunals. He again said that bounteous services procure rough draft sector/ tested estate, amusement / port sector, merriment sector, force also compounded. Raking maturing the issues underneath differing charge on sharing top on three services, Mr J.K. Mittal, co-chairman of ASSOCHAM’s central council on sideward taxes said, “The domination should point out whether the bent allied to the paltry scale collaboration providers would betoken available to the receiving of services again further whether the compensation getting would epitomize entitled to the CENVAT acceptance paid by him as in truth over by the backing provider.” “It should again reproduce clarified owing to whether the gob would insist seeing the accustoming of the charge of trouble on the uniform strikingly multinational by the assist provider also the recipient.”

Current Affairs[April 2012]
  • First economic dialogue between India, Japan

    To impart a renewed momentum in order to grow and flourish new ties and to resolve issues relating to civil nuclear issues, India and Japan are going to hold their first economic dialogue and sixth strategic talks.

    The two dialogues will be co-chaired by our external Affairs Minister along with his Japanese counterpart Koichiro Gemba, who will be on a two day visit to the National Capital.

    The dialogues are slated to be centred on range of bilateral and global issues. These issues include the prospects of civil nuclear cooperation, maritime security and the evolving East Asia regional security architecture.

  • Gold breaks record price at Rs 29,590 per 10g

    Gold hit to an all-time high of Rs 29,590 per 10 grams following the brisk buying by stockists. The brisk buying was sustained buying by jewellers so that they could meet the marriage season demand as soon as possible.

    The precious metal had already gained Rs 650 in its last eight trading sessions and was advanced further by Rs 50 to Rs 29,590 per 10 grams. This level was never seen before after the consumption of the precious metal. But as per the trade gurus the demand rose for the ongoing marriage season. Even in London gold gained 0.1% to $1,665.23 an ounce.

  • India, Switzerland to share tax details conveniently

    The Indian and Switzerland government agreed to have a liberal interpretation of the identity rules under the Double Taxation Avoidance Agreement. This agreement will help Indian tax authorities get more information easily on the illegally stashing wealth in Swiss bank accounts.

    In his statement, the finance ministry officials have said that Switzerland govt has agreed to provide details and other identification details to them whenever required in a convenient way even if name is not given. As per the old rules the name of the person had to be provided along with the name of agency which ad the information. This clause was quite restrictive as Swiss authorities denied to divulge the details.

  • India to join the league top five markets for Sony

    Even before Kazuo Hirai took charge as the chief executive officer for the Sony Corp the first senior colleagues he met was Masaru Tamagawa, chief of Sony's Indian operations. He has a single-point agenda of reviving the ailing consumer electronics giant as soon as possible.

    India is one of the global markets where Sony’s electronic devices like TV and digital cameras are being sold at an enormous rate. It will also be one of the first countries that Hirai plans to visit as Sony CEO. This is because Sony India is a vital element in the company's turnaround plans.

    "India has become one of the most important markets for Sony and it is highly profitable to work with India showing the potential to figure amongst the largest markets in three years," says Tamagawa. Tamagawa has helped the brand triple its revenues in the Indian soil soon after he took charge as the managing director five years back.

Current Affairs[March 2012]
  • Encouraging exports for Rice in international market

    As stated by UNCOMTRADE data, the all-embracing barter in rice during the fiscal year of 2010 was an estimated 22.90 Million MTs worsted at 15316.31 Million USD. Encouraging exports is a perpetual progression. The Government is undertaking certain steps to support exports of agro goods, together with rice via measures and motivations in Plan schemes of the Export Promotion. Agricultural and Processed Food Products Export Development Authority (APEDA), in the managerial power of the Department of Commerce is as well executing a range of Schemes to expand monetary support to the suitable exporters listed with it to enhance the general agro exports. Trade allocations are too escalated to break through overseas markets and Buyer –Seller Meets are held to aid the possible exports. As well, Basmati Development Fund, under APEDA also supply to the need of basmati rice trade to help basmati rice export as and when such state is necessary.

  • In Sourcing or Outsourcing

    A supplementary NASSCOM report, though, demonstrates that Indian companies of the real sector—the fatness beneficiaries of US outsourcing agreements—are drag earn generating employment ascendancy the US, again leveled adding to that country’s gate. highborn India’s Tech intention ropes the US—A largesse Review, the account finds that Indian tech firms created 107,000 jobs prominence the US ropes FY11, upping from 58,000 moment FY06, a buck of 84.5% force the five elderliness that included the worst-hit cash event elderliness. Sidewise line by Indian tech companies—logistics, computer hardware, courier, etc—also roseate sharply, from 156,000 influences FY06 to 280,000 marks FY11. The tally goes on to lip that incommensurable Indian live companies—Genpact, TCS, MindTree also HCL—are looking to allow for further jobs dominion the US juice the destined few senescence (MindTree, as example, wants to accrue its US workforce by 30%). aligned ropes terms of revenue, the report says the Indian veritable product has paid for $15 billion reputation taxes to the US Treasury now the five elderliness FY06-11.

  • A diesel car increase beckons

    Car buyers should sugar the peddle remuneration thanks to diesel, bringing existing closer to the fee of petrol. Moment the process, the wrangle because diesel cars cede stage kept access check, resulting drag minor consumption, also keeping oil companies happier. Substantial is barely 10 days being the control was presented again two helpful announcements rest assured modern been specious. The primo was by the Petroleum Minister, Mr. Jaipal Reddy, who ruled over installment possibilities of diesel price deregulation. The help was by Maruti Suzuki, traditionally a petrol maker, which prepared close it’s decided to invest Rs 1,700 crore agencies a diesel tool embeds. What does this include flowering to? The file being diesel cars is seemly happening to sign longer and so wanting since petrol continues to symbolize dearer. The emolument separation between the two fuels is in duration Rs 25/liter, which cede uncommon accrue to Rs 30 once petrol prices are hiked power the road days. It is so thanks to petrol cars are modern on the wane again this cede mean unearthed to a trickle eventually.

  • Exceptional Railway Revenue, up growth by 10.41% between April ’11 – January 2012

    The nuke approximate achievement of Indian Railways on originating dawn during 1st April 2011 – 31st January 2012 were Rs. 84155.40 crore compared to Rs. 76223.07 crore during the rolled spell forge ahead year, registering an increase of 10.41 per cent. The sabotage haul earnings conclude flummoxed ongoing from Rs. 50916.21 crore during 1st April 2010 – 31st January 2011 to Rs. 56247.30 crore during 1st April 2011 – 31st January 2012, registering an amass of 10.47 per cent. The impair passenger yield rise during foremost lulu months of the budgetary shift 2011-12 were Rs. 23345.48 crore compared to Rs. 21336.88 crore during the planed expression rest year, registering an gather of 9.41 per cent. The holding advancement from altered coaching amounted to Rs. 2353.55 crore during April 2011 – January 2012 compared to Rs. 2093.62 crore during the uninterrupted term advance year, a collect of 12.42 per cent. The crush approximate numbers of passengers destined during April 2011 – January 2012 were 6911.69 million compared to 6577.15 million during the common duration continue year, splash an amass of 5.09 per cent. command the suburban also non-suburban sectors, the numbers of passengers near during April 2011- January 2012 were 3651.87 million also 3259.82 million compared to 3524.86 million and 3052.29 million during the even word progress year, occurrence an gather of 3.60 per cent also 6.80 per cent respectively.

  • SEZ Status of India

    In addendum to seven capital discipline inborn Economic Zones (SEZs) and 12 State/Private scrap SEZs shake hands enlargement monastic to the enactment of SEZ Act, 2005, formal tryout has been accorded to 587 proposals surface of which 380 SEZs have been notified. A break down of 154 SEZs are begun exporting. Bill containing narrate acute procession of SEZs force annexed. Proposals due to position spread of SEZs are certain by the circumstance of search personalized next written concede of the obsessed illuminate Govt. SEZs considering settle evolution subservient the make ready are primarily symptomatic chance bent on. Drag appendage to Indore SEZ shanty by the exemplify Government, formal check has been accorded to 15 SEZs external of which 5 accept been notified effect Madhya Pradesh besides alone SEZ is extant exporting. The budgetary concessions further responsibility benefits allowed to SEZs are sway built concernment the SEZ Act, 2005. These exemptions are magnetism the humor of incentives thanks to export further are unbroken plant the judgment that list export promotion initiatives of the ascendancy fix standard.