Economy & News
Economic Survey for 2015-16 to be tabled today
The Economic Survey for 2015-16 will be tabled in Parliament by Union Finance Minister Arun Jaitley on Friday.
The Economic Survey is the Finance Ministry's view on the annual
economic development of the country that gives a broad idea on the
macro-economic data, which will impact the budget decisions. The survey,
a flagship annual document of the Ministry of Finance, reviews the
developments in the economy over the previous 12 months, which
summarises the performance [….] Read more at:
Jain Irrigation founder chairman Bhavarlal Jain passes away
Jain
Irrigation System founder Chairman and Padmashri awardee Bhavaralal
Jain -- who pioneered micro-irrigation system in India -- died here
today after a brief illness. Jain, who was a renowned industrialist in
Jalgaon and a pioneer in Indian agriculture, passed away in Jaslok
Hospital today afternoon. He had been undergoing medical treatment at
the hospital for the past 10 days, the company said in statement. His
mortal remains are being taken to Jalgaon where the cremation will
[….] Read more at:
Skill India will provide trained workforce to Railways: Rajiv Pratap Rudy
Union
Minister Rajiv Pratap Rudy today said the Skill India campaign will
provide an efficient and trained workforce to the Indian Railways. "Nine
crore man-days employment by 2017-18 and 14 crore man-days by 2018-19
is a big opportunity for skilled workforce, that the Rail budget has
presented today. "Skill India will ensure maximum support in providing
efficient and trained workforce for the railways in the country," Rudy
said. Ficci's ex-President Jyotsna Suri said the [….] Read more at:
Solar mission: India to appeal against WTO ruling
India
will once again appeal against a World Trade Organization ruling, which
declared that support provided by the Jawaharlal Nehru National Solar
Mission to domestic manufacturers was inconsistent with the Trade
Related Investment Measures agreement signed by the country. "We will
appeal to the WTO. Several options are still open to us. This does not
affect the domestic content requirement (DCR) rules or the 'Make in
India' programme," said Tarun Kapoor, joint secretary [….] Read more
at:
Govt plans DBT in fertiliser subsidy
Government
plans to directly transfer the fertiliser subsidy to farmers and a
pilot project for the same is also being considered in 20 districts. The
Department of Fertilisers (DoF) is working on a road-map to capture the
details of farmers so that sales data can be captured and subsidy can
be transferred to farmers' accounts directly, according to a
Parliamentary Standing Committee report. "The Department (DoF) is
working closely with the Mission Directorate (DBT) to implement DBT in
[….] Read more at:
Rs 1,000 crore to be given for Kapu Corporation in Budget: CM Chandrababu Naidu
Andhra
Pradesh Chief Minister N Chandrababu Naidu today said Rs 1,000 crore
would be allocated for Kapu Corporation in the 2016-17 state Budget. The
CM also said the government would take necessary steps to give Backward
Classes (BC) status to Kapu community as soon as the Backward Classes
Commission submits its report. The community has been agitating for
inclusion in the BC list. "Rs 1,000 crore would be allocated by the
state government [….] Read more at:
India should avoid divisions among BRICS: Chinese media
India
should shed its "long-standing bias against China" and avoid divisions
among the five-member BRICS bloc specially in the backdrop of US
attempts to rewrite international rules, a Chinese media report said
today. "India should focus on how to improve solidarity within BRICS,
especially to overcome its long-standing bias against China due to
historical reasons. New Delhi believes that Beijing should reflect on
why it is always misunderstood by its neighbouring countries. But
[….] Read more at:
Bihar presents Rs 1.44 lakh cr budget, imposes no fresh tax
Bihar
finance minister Abdul Bari Siddiqui today presented a Rs 1.44 lakh
crore state budget for 2016-17 with no fresh tax proposals. Presenting a
revenue surplus budget of Rs 14,649.46 crore for 2016-17, an increase
of Rs 24,010.95 crore from the current financial year's (2015-16) budget
of Rs 1,20,685.32 crore, departments of education, health, energy and
road construction got a major thrust. The budget had the imprint of
Chief Minister Nitish Kumar's 'Saat Nischay' (seven resolves), whic
[….] Read more at:
India's growth rate to accelerate to 8-10% in 2-5 years: CEA Arvind Subramanian
India
is expected to accelerate to 8-10 per cent growth rate in two to five
years on account of structure reforms and encouraging competitive
federalism. "Basically, next 2-5 years, we will reach 8-10 per cent
growth. There is no contradiction in saying that this year the world
economy is weak and therefore we need to focus on domestic demand,"
Chief Economic Adviser Arvind Subramanian told reporters today after
Economic Survey 2015-16 was tabled by Finance Minister Arun Jaitley in
[….] Read more at:
Hilsa preservation and research centre set up in Sultanpur
The
West Bengal government has set up a Hilsa preservation and research
centre in Sultanpur. The state government has also provided
temperature-controlled mobile vans and cycle-mounted ice boxes for
selling fish. These activities are regulated by fishermen's cooperatives
have ensured a steady income for the cooperatives. Counting the success
of the fish farming segment in Bengal, state finance Minister Amit
Mitra said, "Fish farming in West Bengal is a big industry now [….]
Read more at:
Forex reserves fall $1.46 bn, first weekly decline in five
The
Reserve Bank of India's foreign exchange reserves fell $1.46 billion as
of Feb. 19 from a week earlier, marking the first weekly fall in five,
as the central bank was seen as selling dollars to prevent the rupee
from hitting a record low. Foreign exchange reserves stood at $350.4
billion for the week ending Feb. 19, down $1.46 billion from the
previous week; and its first weekly fall since Jan. 22, according to RBI data on Friday. The rupee is dangerously close to touching a record low [….] Read more at:
BRICS Bank to begin funding of projects from April: Kamath
The
New Development Bank (NDB) set up by the BRICS countries will approve
one project from each member nation in April followed by finalisation of
about 10 to 15 projects, mostly green energy ventures, its President K V
Kamath said today. Addressing media here in the Communist giant's
financial hub ahead of signing of the bank's headquarters agreement with
China tomorrow, Kamath said the NDB will commence funding by finalising a project from each of the BRICS (Brazil [….] Read more at:
K P Sharma Oli hardsells Nepal to Bollywood, India Inc
Visiting
Nepalese Prime Minister K P Sharma Oli today called upon India Inc to
invest in the Himalayan nation as it presents tremendous business
opportunities. "Nepal presents a conducive atmosphere for doing business
in the areas of manufacturing, hydropower, IT and tourism," Oli said,
according to a statement by All India Association of Industries that
organised the meeting with industry and tinsel town leaders. Oli further
said though investors from many countries are keen on [….] Read more
at:
Thanks & Regards,
Meetesh Shiroya
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