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Current Affairs on Economy

Current Affairs 20 March 2015

Country's largest insurer LIC on 19 March 2015 has picked up 9.9 percent stake in which rating agency for about Rs 428 crore?: CARE

Explanation: CARE Ratings commenced operations in April 1993 and over nearly two decades, it has established itself as the second-largest credit rating agency in India. With the rating volume of debt of around Rs. 57,111 bn (as on March 2014), CARE Ratings is proud of its rightful place in the Indian capital market built around investor confidence. CARE Ratings has also emerged as the leading agency for covering many rating segments like that for banks, sub-sovereigns and IPO gradings. Thus, LIC on 19 March 2015 acquired 28,82,136 shares of the rating agency CARE through a bulk deal.

Current Affairs 19 March 2015

The government on 18 March 2015 launched a Rs 200 crore scheme to set up a network of technology and incubation centres to accelerate entrepreneurship and promote start-ups for innovation and entrepreneurship in which industry?: Agro-industry

Explanation: The scheme emanates from Budget presented in July 2015 by Finance Minister Arun Jaitley, in which he had proposed a technology centre network to promote innovation, entrepreneurship and agro-industry by setting up a fund with a corpus of Rs 200 crore. Thus under this proposed plan this new scheme is designed to provide necessary skill set for setting up business enterprises and also to facilitate the market linkages available to entrepreneurs and to provide hand holding for a critical period to ensure self sustainability.  Therefore to start the project and make the fund available government has ensure that credit is available for start-ups, the MSME Ministry has created a fund of funds of Rs 60 crore to be channelized through SIDBI.

Posted on: 19th March 2015 Read complete Article →

Current Affairs 18 March 2015

On 17 March 2015, BSNL Launched Special scheme for the Tamil Nadu customers for what service?: 3G data card and special recharge for mobile pre-paid subscribers

Explanation: Customers with BSNL Broad band connection and fixed monthly charges of more than Rs 600 can avail 3G data card for Rs 800 plus taxes and to avail the offer along with 500 MB free data, customers have to purchase new SIM and data plan for Rs 94 at BSNL customer service centres. Under the special calling facility scheme, prepaid customers can purchase Rs 88 special voucher which allows to make calls across any network and location at a flat 50 paise per minute for a period of 90 days. The scheme is valid till 45 days for a special recharge of Rs 51.

Posted on: 18th March 2015 Read complete Article →

The iconic Taj Mansingh Hotel in the heart of the national capital will auctioned soon with New Delhi Municipal Council (NDMC) initiating proceedings after getting a go-ahead from the Union Home Ministry for its auctioning. It was so far taken care by Tata-backed Indian Hotels Company Limited (IHCL) on lease since how many years?: 33 Years

Explanation: Taj Mansingh Hotal lease had ended in 2011 and the IHCL was given six temporary extensions to operate the hotel since then on various grounds. Since NDMC was not capable of initiating or conducting the auction process thus, the consultant for the project Ernst and Young has helped in the bid management process had pulled out three months ago. Thus the bidding process, however, is likely to take around 6-8 months after the Council initiates the proceedings. However, two years ago when the NDMC had decided to auction the property, the IHCL had approached the Delhi High Court seeking a stay on the process. But now, the company had not got a stay order from the court to restrain the NDMC from auctioning the hotel.

Indian Railways has announced on 17 March 2015 the increase in platform ticket price from Rs.5, which would be effective from 1 April 2015. What will be new platform ticket price in India from 1 April 2015?: Rs.10

Explanation: The increase of platform ticket from rs. 5 to rs.10 will be effective from 1 April 2015. The decision was made to check the unwanted rush at railway stations during the peak seasons like any festivals or mela. Divisional Railway Managers (DRM) have been empowered to increase the rate of platform ticket beyond Rs 10 to regulate rush at platform during specific requirements. Along with this in 2015-16 budget, it was approved to increase the advance booking from 60 days to 120 days which would also be going to be effective from 1 April 2015. 

Current Affairs 17 March 2015

According to IMF on 16 March 2015, India’s GDP is will be bigger than which two major countries combined in Four years?: Germany and Japan

Explanation: Due to recent change in Economic policy reforms, IMF has predicted that with India’s current economy whose size is $2 Trillion is poised to overtake the 2 major country Germany and Japan combined in 4 (four) years. As per India's new GDP series, the IMF expects growth to pick up to 7.2 per cent this fiscal year and accelerate further to 7.5 percent next year--making India the fastest growing large economy in the world. Also, Indian output will also exceed the combined output of the three next largest emerging market economies like Russia, Brazil, and Indonesia. These statements were made by the International Monetary Fund Managing Director Christine Lagarde in her recent lecture in India.

Posted on: 17th March 2015 Read complete Article →

Current Affairs 16 March 2015

The Centre  on 14 March 2015 has paid Rs 32,800 crore to states as compensation for phasing out of which  Tax in the run-up to roll-out of Goods and Services Tax?: Central Sales Tax

Explanation: In December 2014, government introduced the long-pending GST Bill in the Lok Sabha for roll-out of GST which would subsume various levies like entry tax and octroi. Thus the GST (Goods and Services Tax) is proposed to be rolled out from April 2016. Hence, as a part of the proposed GST regime, the CST is being phased out and its rate has been reduced to two percent from four percent. Therefore, to compensate states for losses they have incurred due to CST phase out. As per the agreement, 100 percent compensation is to be paid for 2010-11 fiscal, 75 percent for 2011-12 and 50 percent for 2012-13. The CST, a tax imposed on the inter-state movement of goods, was reduced from 4 percent to 3 percent in 2007-08 and further to 2 percent in 2008-09 after the introduction of value-added tax (VAT)

Posted on: 16th March 2015 Read complete Article →

With an objective to promote financial inclusion, National Bank for Agriculture and Rural Development (Nabard) on 15 March 2015 started a pilot project for complete digitisation of which entity to improve the quality of interface between members and banks for efficient and hassle free delivery of banking services?: Women Self Help groups (SHGs)

Explanation: There are over 74 lakh SHGs in the country having bank accounts, out of which around 42 lakhs are credit-linked which will benefit from digitisation when the project is expanded across India. The programme was launched at Ramgarh in Jharkhand. After this pilot launch it is believed that digitization will bring transparency, credibility to operations of SHGs through inbuilt grading MIS and thereby increasing the comfort of bankers in credit appraisal, disbursement and monitoring. Due to this programme now Nabard has taken this as a proactive step to address issues and constraints faced by different stakeholders of the SHG bank linkage programme (SHG-BLP), such as need for improving the quality of interface between SHG members and banks, timely credit linkage of SHGs, challenges in book keeping by low literate clients and convergence with pro poor government programmes. The data of SHGs and their members will be fed into the input device (tablet/mobile handset) which will be uploaded in the secured and dedicated website-www.Eshakti.Nabard.Org

Current Affairs 13 March 2015

The per capita income in Chhattisgarh is up by 10% and estimated at Rs 64,442 for the 2014-15 fiscal. What was the per capita Income in 2013-2014?: Rs.58.547

Explanation: The per capita income in Chhattisgarh is up by 10% while the state's economy GSDP (gross state domestic product) is likely to grow by 13.20 per cent during the period. As per advance estimate of GSDP at current price, during 2014-15, agriculture sector (agriculture, livestock, forestry and fishing) is expected to grow by 14.18 per cent, whereas industry sector (mining, construction, manufacturing and electricity, gas & water supply) and service sector is likely to grow by 10.62 per cent and 15.21 per cent, respectively. 

Posted on: 13th March 2015 Read complete Article →

Current Affairs 12 March 2015

On 11 March 2015, India and Mauritius signed five agreements during Prime Minister Narendra Modi's visit to give new momentum and height to bilateral cooperation. What are those 5 Agreement points?:

-MoU on ocean economy

-Traditional system of medicine

-Improving sea and air route at Agalega island

-Programme for cultural cooperation for the year 2015 to 2018

-Protocol for the importation of fresh mangoes from India

Explanation: India and Mauritius share age old civilization ties, they have deep historic and cultural ties, democratic values and intimate ancestral ties and become more important as 68 percent of the people are of Indian origin. The Visit is aimed at deepening the engagement with its maritime neighbor in the Indian Ocean region, and is likely to focus on a host of issues, including maritime security, anti-piracy operations, intensification of trade and investment, and the joint development of blue economy of the Indian Ocean

Posted on: 12th March 2015 Read complete Article →
Posted on: 12th March 2015 Read complete Article →
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