Economics
/ Business
[April
– June 2015]
Foreign Policy
2015-20
·
Foreign
Policy 2015-2020 unveiled
·
MEIS
(Merchandise Exports from India Scheme) and SEIS (Services Exports from India
Scheme) launched
·
Increase
exports to $900 bn by 2020
·
Raise
India’s share in world exports from 2% to 3.5%
ING Vysya with Kotak
Mahindra
·
RBI
sanctioned the scheme of amalgamation of ING Vysya Bank Ltd. with Kotak
Mahindra Bank Ltd
·
With
this sanction, all branches of ING Vysya Bank will function as branches of
Kotak Mahindra Bank
·
This
approval of RBI for the merger deal would create Kotak as the country’s fourth
largest private sector lender after HDFC Bank, ICICI Bank and Axis Bank in
terms of market capitalisation
·
The
deal is the first major bank takeover since Bank of Rajasthan was amalgamated
with the ICICI Bank on 13 August 2010
Dena Bank and LIC on
PMJDY
·
Dena
Bank signed a Memorandum of Understanding (MoU) with Life Insurance Corporation
(LIC) of India to provide insurance cover to all Aadhaar-linked savings account
holders of the bank in the age group of 18 to 50 years.
·
The
insurance cover will be provided under the Prime Minister’s Pradhan Mantri
Jeevan Jyoti Bima Yojana (PMJBY) scheme
Ajay Shankar
Committee
·
The
Union Ministry of Commerce and Industry formed an expert committee under the
chairmanship of Ajay Shankar
·
To
suggest simplified compliance for establishing new industries
·
The
Expert Committee has been constituted for examining the possibility of
replacing multiple prior permissions with pre-existing regulatory mechanism and
to prepare draft legislation for this purpose.
GIFT
·
GIFT
City abbreviated as Gujarat International Finance Tec-City hosted India’ first
IFSC (International Finance Services Center) was launched by Finance Minister
Arun Jaitley.
·
He
also unveiled the rules and regulations that govern the IFSC’s. In the booklet
released, the instructions for the IFSC’s were presented by RBI (Reserve Bank
of India), SEBI (Securities and Exchange Board of India) and IRDA (Insurance
Regulatory and Development Authority of India).
Forbe’s Global 2000
Companies list
·
First
position by Industrial and Commercial Bank of China
·
Indian
companies in the list (Reliance Industries at 142nd position, SBI at 152nd, Oil
and Natural Gas ranked 183, Tata Motors (263), ICICI Bank (283), Indian Oil
(349), HDFC Bank (376), NTPC (431), Tata Consultancy Services (485), Bharti
Airtel (506), Axis Bank (558), Infosys (672), Bharat Petroleum (757), Wipro
(811), Tata Steel (903) and Adani Enterprises (944).)
World’s top 10
consumer finance firms
(1) American Express (6) Mastercard
(2) Capital One
Financial (7) HDFC
(3) Visa (8)
CIT Group of the US
(4) Discover
Financial Services (9)
Taiwan’s Hua Nan Financial
(5) Orix (10)
China’s Franshion Properties
A. P. Shah Committee
·
By
Union Finance Ministry
·
To
look into the issue of Minimum Alternate Tax (MAT) on Foreign Institutional
Investors (FIIs).
New Bank Note paper
unit
·
Inaugurated
by Union Finance Minister
·
At
Hoshangabad, Madhya Pradesh
·
With
opening of this, India will become self-reliant in producing Bank Note Paper
for big denominations.
RBI cuts Repo rate
|
Policy Rate of RBI – Key Rates
(As of June 04, 2015)
|
|
|
CRR
|
4.00
|
|
SLR
|
21.50
|
|
Repo
|
7.25
|
|
Reverse Repo
|
6.25
|
|
MSF
|
8.25
|
|
MSF=Repo + 1
|
|
|
Reverse Repo = Repo
- 1
|
|
US becomes biggest oil producer in 2014,
surpasses Saudi Arabia
·
The
US overtook Saudi Arabia as the world’s biggest oil producer in 2014 by
producing 15.9% more oil at 11.6 million barrels of oil per day to surpass
Saudi Arabia’s 11.5 million bpd production.
·
Russia
was on third place with 10.8 million bpd oil production, according to BP Plc’s
Statistical Review of World Energy.
·
The
US surpassed Russia as the world’s largest producer of oil and gas by producing
1,250.4 million tons of oil and oil equivalent natural gas as compared to
Russia’s 1,062 million tons in 2014.
·
The
shale oil revolution has helped US to reach this milestone.
RBI allows NRIS to invest in Chit funds
·
The
Reserve Bank of India (RBI) has permitted NRIs to subscribe to the chit funds
without limit on a non-repatriation basis.
·
However
the subscription to chit funds should come through the normal banking channel,
including through an account maintained with a bank in India
Task Force headed by D Swarup on Financial
Redress Agency
·
Union
Ministry of Finance constituted a Task Force on Financial Redress Agency (FRA).
·
The
10-member task force will be headed by Dhirendra Swarup who served as the first
chairman of the Pension Fund Regulatory and Development Authority (PFRDA) in
2004.
·
The
Task Force was set up to begin the preparatory work for FRA that was
recommended by the Financial Sector Legislative Reforms Commission (FSLRC).
·
FRA
would act as a unified redress agency for financial consumers across the
country.
India among top 10 FDI recipients
·
In
a statistic, that will bring cheer to the Modi government which is trying to
kick start the investment cycle in the country, India after many years broke in
to the top 10 FDI destinations of the world in 2014, according to UNCTAD in its
World Investment Report 2015.
·
The
last time India came in the top 10 list was in 2008.
·
India ranked 9th in 2014, with FDI inflows
of $34 billion, a 22 per cent rise.
·
India
was at the 15th position in the previous two years.
·
However, India is the only BRIC (Brazil,
Russia, India and China) country that hasn’t yet crossed the $50 billion-a-year
FDI mark.
·
UNCTAD
said that until an MP is afraid to appear to encourage FDI or business in
India, the high favourability ratings will not convert into high inflows and
they will remain low.
Panels to facilitate GST rollout
·
Union
Finance Minister Arun Jaitley has approved the formation of two committees to
facilitate the implementation of the Goods and Services Tax (GST) from next
April.
·
A
steering committee will monitor the progress of consultations with stakeholders
such as trade and industry and the training of officers.
·
The
other committee, chaired by Arvind Subramanian, will recommend possible tax
rates under the GST that would be consistent with the present level of revenue
collected by the Centre and the States.
AIIB (Asian
Infrastructure Investment Bank): 50 nations joined AIIB
·
Delegates
of 50 countries signed the 60-article agreement that will lay the legal
framework for the China-initiated Asian Infrastructure Investment Bank (AIIB).
Australia was first to sign the agreement at the Great Hall of the People in
the Chinese capital Beijing.
·
Out
of the 57 founder-member countries, the remaining seven - Denmark, Kuwait, Malaysia,
Philippines, Holland and South Africa and Thailand could not sign the agreement
as it was not ratified by their respective domestic authorities. The
agreement outlined the financial share of each member, policymaking, business
and operational systems and governance structure of the AIIB.
·
China
will contribute 29.78 billion US dollars of the bank's 100 billion US dollars
capital base, becoming its largest shareholder with a 30.34 percent stake.
·
India will be the second-biggest
shareholder at 8.4 percent, followed by Russia, which will have a 6.5 percent
stake.
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