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August 03, 2012

February - Current Affairs - Economy

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Per Capita Income Has Raised

The per capital income in India has been raised up by 15.6% according to central statistical office at  the current prices during 2011-12 is estimated to be 60,972/-.The per capita income at current prices is estimated at Rs. 53,331/-in 2010-11, as against Rs. 46,117/- for the previous year 2010.

EU Carbon: Over-Flight Charges  For India, Russia & China

India, Russia and China may consider imposing over-flight charges on European airlines, if the    European Union Continues with its plans of imposing a carbon tax on International airlines. The tax came into force from 1 January 2012.There is growing acceptance between various countries, including the US and Brazil, on imposing some restrictions on the EU if they continue with their plans  to impose the tax.

Food Grains  Output To Hit Record High

India’s food grains productions expected to reach Record High in second successive year in 2011-2012, and aided by the above normal monsoon & improved productivity in eastern states of Bihar and Jharkhand. According to the Government estimates, output of food grains to touch 250.42million tonnes as against the previous year’s harvest of 244.78million tonnes. The cotton output to be at a record high of 34milllion bales of 170kg each as against previous year’s 3million bales.The rice output   to be beat more at 102.75million tonnes, over last year’s 95.98million tonnes. The wheat output  is  higher at 88.3million tonnes, over last year’s 86.87million tonnes. Where as the pulses, oil seeds and  coarse cereals are projected to dip. The production of pulses dip by 5.26%,17.28million tonnes over last year’s 18.24million tonnes. Output of turdal and red gram is lower at 2.72million tonnes last year’s 2.86million tonnes. The oil seeds dip by 30.58million tonnes against 32.48million tonnes in the previous year’s.

GDP Growth To Hit Low Of 6.9%

India’s economy is expected to grow low by 6.9% in 2011-12, the slowest pace of expansion in three   years, dragged down by sluggish industrial growth and decline in the mining sector. According to central statistics office showed growth in 2011-12 is estimated below by 7% to 7.5%.The Indian economy, Asia’s third largest, had been hit by stubbornly high inflation, high interest rates, and a slowing global economy which emerged in last year.

Set Up Of National Centre For Cold Chain Development

The Government of India, on 9 Feb 2012 approved setting up of a National centre for cold chain      development, NCCD, as a society under the Societies Registration Act 1860 and allocation of one time  grant of Rs. 25crore as corpus fund had been released. The NCCD will be having a governing council  under the chairmanship of secretary with 22 members, covering Government officials, confederation of Indian Industry, federation of Indian Chambers of commerce & industries,  FICCI and other stake holders. The move comes in the wake of post harvest losses to the tune of 50000crore rupees annually in absence of proper storage facilities.

RBI Changed The Bank Rate To Rebuild It With (MSF) Rate

The Reserve Bank of India (RBI) on 13 Feb 2012 changed the bank rate, a medium term signal rate after 9 yrs. The bank rate, a benchmark rate nine which RBI buys or re-discounts bills of exchange or other commercial papers eligible for purchase, was hiked with immediate effect to 9.5% from 6%. The rate was raised with the objective to realign it with the marginal standing facility MSF rate as a one-time technical adjustment to link it with the main policy repo rate

RBI Issued Circular For Development Of  WLA’s

The Reserve Bank of India (RBI) on 14 Feb 2012 issued the draft circular for development of White        Label Automated Teller Machine (WLA’s) from non-banks entities. The central bank also announced  its plans. The central bank’s issuance of the draft reflected the bank’s intention to accelerate the growth and penetration of ATM’s in the country. ATM’s rolled out by non-bank will provide ATM service to  consumers of all banks. WLA means ATM owned, run and maintained by third parties on a contract  basis from financial institutions.

Mumbai World’s Second Least Expensive City

A global survey had named two Indian cities the financial hub Mumbai and the national capital –         New Delhi, among the four least expensive places across the world. As per the worldwide cost of living survey by economist Intelligence Unit ( EIU) Mumbai is the second least expensive city globally, while New Delhi is ranked fourth. Karachi in Pakistan has been named as the cheapest destination globally,which Zurich in Switzerland is the most expensive place across the world.

PM’s Economic advisory Panel Projected 7.5% To 8% Growth Rate

The Prime Minister’s economic advisory panel projected 7.5% to 8% growth rate for the next fiscal 2012-13 and the country is also expected to achieve a higher economic expansion if the global       environment turns favorable. While releasing the review of economy 2011-12 that the growth rate in 2011-12 is likely to be 7.1%, marginally higher than 6.9%. projected by the central statistical organisation (CSO).

RBI To Issue 5Rs Coin In Bhagat Singhs Name

The Reserve Bank of India’s RBI had made an announcement to bring out 5Rs coin devoted to the legendary Martyr. A photograph of Bhagat singh  and the words-Shaheed Bhagat singh birth centenary  1907-2007 will be inscribed on one side of the coin.The two horizontal lined on capital of Ashoka   pillars and the value of denomination will be displayed. Figures 1907-2007 will be printed below the picture and the coin is made of iron and chromium will be of a 2.3mm diameter.

First Nationwide Annual India Consumer Price Index Released

As per the first Nationwide retail inflation data was released by the centre of Statistical Office on 21 Feb 2012, inflation based on the all India consumer price index stood at 7.65% in Jan 2012. The annual consumer price index CPI data released for the first time measured prices in major food groups, fuel, clothing , housing and education across the rural and urban India . Overall retail inflation in rural and urban areas stood at 7.38%.Consumer price inflation for rural India was recorded at 7.38%, for urban India stood at 8.25%.

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