JUNE 2018-ECONOMY NEWS |
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India will become 5 Trillion dollar Economy
Addressing the diaspora in Athens, President Ram Nath Kovind reported that India is striving to become a $5 trillion economy and the world’s third largest consumer market by 2025.
Majority of Indians in Lowest Wealth Group: BCG
A new report shows that 55% of the total wealth in the country is with those having less than $1,00,000 net worth.
In contrast, only 18% of the global wealth is with those in this category.
The Boston Consulting Group’s (BCG’s) Global Wealth Report 2018 also shows that those with more than $1 billion in personal wealth, have cornered 16% of total wealth in India.
National Anthem not mandatory in Cinema Halls: Supreme Court
The Indian GDP has been predicted to grow by 7.4% in FY19 by Fitch.
It has earlier predicted GDP growth by 7.3% for FY 2018-19 and for FY20 it is 7.5%.
Industry expects close to 8% GDP growth over next two years: CII
According to a report by Confederation of Indian Industries (CII) a growth close to 8% GDP in next 2 years is expected.
Rs 50,000 crore worth of investments have been made.
Fiscal prudence, able macroeconomic management, and strong reforms would be the reasons for the growth.
World Bank forecasts 7.3 per cent growth for India
The World Bank has forecast a growth rate of 7.3 per cent for India this year and 7.5 per cent for the next two years, making it the fastest growing country among major emerging economies.
FDI Inflows to India Fall by $4 Billion last year: UN report
Foreign Direct Investment to India decreased to 40 billion dollars last year from 44 billion dollars in 2016 while outflows from India, the main source of investment in South Asia, more than doubled, according to a new trade report by the UN.
Government meets fiscal deficit target
Government has met its fiscal deficit target for 2017-18 at 3.53% of the Gross Domestic Product.
Government in the Budget had revised the fiscal deficit target for 2017-18 to 3.5% from the earlier estimate of 3.2%.
Indian Economy grows 7.7% in 4th quarter: Central Statistics Data
The Indian economy grew 7.7% in the fourth quarter of 2017-18.
The GDP had expanded 5.6%, 6.3% and 7%, in the first three quarters of 2017-18, according to the data released by Central Statistics Office.
Moody’s slashes India Growth Forecast to 7.3%
According to Moody’s Investors Service report India’s GDP forecast has gone down to 7.3% from 7.5% for 2018.
This cut if because of higher oil prices.
The forecast for 2019 is constant at 7.5%.
108 years old Monorail used by Maharaja of Patiala is now operational
One important heritage attraction at National Rail Museum- a 108 years old monorail, which was used by Maharaja of Patiala Lt Bhupinder Singh, became operational on 11 January 2018.
The National Rail Museum announced to start this heritage train on every Thursday for visitors.
This monorail, hauled by steam locomotives, is one of its kinds in the world.
National Rail Museum (NRM) is the focus of Rail heritage of India, a source of fascination and interest in railways for all.
The Museum promises to take the visitors on an exciting journey into the Railway history and heritage and depict their contribution to the industrial and economic progress of the country.
Kajol named ambassador for Swatchh Aadat Swachh Bharat
Actress Kajol, an active supporter of eradicating preventable deaths from hygiene-related issues, has become an advocacy ambassador for a Swachh Aadat Swachh Bharat initiative.
Kajol took to Twitter to urge people to become “swachhta doot” and contribute to Prime Minister Narendra Modi’s Swachh Bharat Abhiyan.
Ministry of Petroleum launches Saksham 2018 campaign
Saksham (Sanrakshan Kshamta Mahotsav) is an annual flagship event of Petroleum Conservation Research Association (PCRA) under the aegis of Ministry of Petroleum & Natural Gas, Govt. of India.
The event focuses on the active involvement of the Oil & Gas PSUs along with other stake holders like State Governments, for creating focused attention on fuel conservation through people-centric activities.
The month-long campaign aims to intensify efforts for making citizens aware of the conservation and effective utilization of petroleum products.
Ministry of Railway launches SFOORTI App
In a major digital initiative to help plan the traffic flows and optimize freight operations, Ministry of Railways launched Smart Freight Operation Optimisation & Real Time Information (SFOORTI) App for Freight Managers which provides features for monitoring and managing freight business using Geographic Information System (GIS) Views and Dashboard.
With this application, movement of freight trains on Geographic Information System (GIS) view can be tracked.
Both passenger and freight trains can be tracked over Zones/Divisions/ Sections in single GIS View.
HRD Ministry releases All India Higher Education Survey
The Gross Enrolment Ratio (GER) in higher education of Indian has registered an increase from 24.5% in 2015-16 to 25.2% in 2016-17 according to latest All India Higher Education Survey (AIHES) released by HRD Ministry.
The survey findings were based on responses of 795 universities, 34,193 colleges and 7,496 standalone institutions.
There are total of 864 universities, 40,026 colleges and 11,669 standalone institutions in the country.
PM Modi inaugurates 1st PIO Parliamentary Conference in Delhi
Prime Minister Narendra Modi inaugurates the first Persons of Indian Origin (PIO) Parliamentary Conference in Delhi on the occasion of Pravasi Bharatiya Divas.
The day is celebrated every year to mark the contribution of the overseas Indian community in the development of India.
It also commemorates the return of Mahatma Gandhi from South Africa to Mumbai on 9 January 1915.
In the Conference, the biggest delegation was from Guyana with 20 members of parliament and three mayors.
Established in 2003, and sponsored by the Ministry of External Affairs of the Government of India, the Pravasi Bharatiya Divas is held from 7-9 January every year.
Prime Minister Narendra Modi presents National Bravery Awards to 18 children
Prime Minister Narendra Modi honored 7 girls and 11 boys with the National Bravery Awards.
Praising the resolve of the awardees.
The children felicitated by him in the past hailed from “rural and simple background”.
The awardees include a 14-year-old Karnataka girl who died while trying to save two boys from drowning.
President launches Pulse Polio programme for 2018
President Ram Nath Kovind has launched Pulse Polio Immunization (PPI) Programme for year 2018 by administering polio drops to children at the Rashtrapati Bhavan.
The event was organised on the eve of the National Immunisation Day (NID), observed on 28 January.
More than 17 crore children of less than 5 years across the country will be given polio drops as part of Government’s drive to eradicate polio from the country.
UIDAI introduces face authentication to further strengthen Aadhaar security
The Unique Identification Authority of India (UIDAI) decided to enable ‘Face Authentication’ in fusion mode on registered devices by July 1, so that people facing difficulty in other existing modes of verification such as fingerprints, iris, and one-time-password (OTP) could easily authenticate.
Not only will this new facility help in an inclusive authentication of those who are not able to biometrically verify their identity, due to worn out fingerprints, old age, or hard working conditions, but also add another layer of security.
Indu Malhotra, first woman lawyer to be directly promoted as Supreme Court judge
The senior advocate Indu Malhotra has been recommended as a judge of the Supreme Court by the collegium of Supreme Court.
Indu Malhotra would become the first woman lawyer to be directly appointed as a judge of the highest court.
Along with Indu Malhotra, Justice K M Joseph has also been cleared for elevation to the apex court.
Justice K M Joseph is presently chief justice of Uttarakhand High Court.
OPV Vijaya: Indian Coast Guard patrol vessel launched
The second indigenously built offshore patrol vessel (OPV) named Vijaya built by Larsen and Toubro (L&T) Shipyard for Indian Coast Guard (ICG) was launched at Kattupalli Shipyard, Tamil Nadu.
It is expected to be inducted into service by September 2018 after trials on the equipment.
Defence Minister Nirmala Sitharaman undertook a sortie in IAF s frontline combat jet Sukhoi-30 MKI in the western sector of Rajasthan.
She is the first woman defence minister of India to fly a sortie in an IAF Sukhoi-30 MKI fighter aircraft.
Sukhoi-30 MKI is a nuclear-capable aircraft which can penetrate deep into enemy territory and is the most potent component of our nation’s air power.
Three Ministries of the Union Government, the Ministry of Railways, Ministry of Human Resource Development and the Department of Science & Technology signed a Memorandum of Understanding (MoU) at Rail Bhawan, New Delhi for Joint funding of Technology Mission for Indian Railways.
The Assamese and Manipuri language versions of Prime Minister’s Official website- www.pmindia.gov.in were launched.
Now the PM INDIA website is available in 11 regional languages namely Assamese, Bengali, Gujarati, Kannada, Malayalam, Manipuri, Marathi, Odia, Punjabi, Tamil and Telugu in addition to English and Hindi.
The Andhra Pradesh Grameena Vikas Bank (APGVB) has operationalised its first desktop ATM in Telangana.
The mini-ATM within the branch premises will facilitate customers to withdraw small amounts.
At the same time, regular bank account holders can withdraw money and do other banking activities.
With these ATMs, there will be no need for separate ATM rooms, so there is no security issue.
This initiative is the biggest under the SBI and among the best regional rural banks (RRBs).
Gujarat has topped the logistics index chart, according to a Report released by Union Minister for Commerce & Industry Suresh Prabhu in New Delhi.
The chart is an indicator of the efficiency of logistical services necessary for promoting exports in particular and economic growth in general.
Among 22 states, Gujarat is followed by Punjab, Andhra Pradesh, Karnataka and Maharashtra on the index.
The ranking is based on the analysis of perception with regard to eight parameters, including infrastructure, services, regulatory process and safety of cargo.
Among the Union Territories, Daman & Diu occupied the top slot followed by Delhi and Chandigarh.
As regards the hilly states, Tripura was on top followed by Mizoram and Meghalaya.
New passports for citizens who have Emigration Check Required (ECR) status will have orange cover jackets, instead of the traditional dark blue.
Indian passports have a blue cover, diplomatic and official passports have white and red jackets, respectively.
Applicants who haven’t cleared 10th standard are given a passport with ECR category.
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