Indian Economy

Books to read:

1. Economic Survey
2. Budget
3. Indian Economy - Ramesh Singh

GDP Growth projections of India by various agencies

International Monetary Fund (IMF)

5.4 % (2014-15)

4.7 % (2015-16)

World Bank

5.7 % (2014-15)

Asian Development Bank (ADB)

5.5 % (2014-15)

6 % (2015-16)

National Council of Applied Economic Research (NCAER)

5.1-5.5 % (2014-15)

Sectors of Economy

1. Agriculture sector
2. Industrial sector
3. Service sector

FICCI
Confederation of Indian Industries (CII)
National Association of Software and  Service Companies (Nasscom)
K. Natarajan is the chairman of Nasscom.
R. Chandrasekhar is the president of Nasscom.
U.S. is the largest market for Indian IT exports with a share of 62 per cent.

Classification of Industries

1. Small Scale Industries (SSIs)
2. Medium Scale Industries (MSIs)
3. Large Scale Industries (LSIs)

Def. of SSI: An industry with an investment limit of Rs. 100 lakh

Significance of Small Scale Industries (SSI)

Less capital intensive

More labour absorbing

Rural industrialization

Banking

A bank is a financial intermediary between the depositors and borrowers.

Banks may be classified as scheduled banks and non-scheduled banks.

Scheduled banks are the banks that are included in the second schedule of the RBI Act, 1934.

Scheduled banks may be classified as commercial banks and investment bank.

Commercial banks may be classified as public sector banks, private sector banks and regional rural banks.

There are 27 public sector banks:

1. Allahabad Bank 

2. Andhra Bank 

3. Bank of Baroda 

4. Bank of India 

5. Bank of Maharashtra 

6. Bharatiya Mahila Bank 

7. Canara Bank 

8. Central Bank of India 

9. Corporation Bank 

10. Dena Bank 

11. IDBI Bank Ltd. 

12. Indian Bank 

13. Indian Overseas Bank 

14. Oriental Bank of Commerce 

15. Punjab & Sind Bank 

16. Punjab National Bank 

17. Syndicate Bank 

18. UCO Bank 

19. Union Bank of India 

20. United Bank of India 

21. Vijaya Bank

22. State Bank of Bikaner & Jaipur

23. State Bank of Hyderabad

24. State Bank of India

25. State Bank of Mysore

26. State Bank of Patiala

27. State Bank of Travancore

State Bank of India and it's associated banks are called as State Bank Group.

Development Financial Institutions are financial bodies that provide long-term finance to agriculture and industry.

Industrial Finance Corporation Limited is the first DFI in India and is established in 1948.

S.H. Khan committee (1997) recommended transformation of DFI into universal banks.

Reserve Bank of India (RBI) is the central bank of India.

RBI headquarters is at Mumbai.

RBI was established in 1935 and was nationalized in 1949.

RBI has a governor and 4 deputy governors.

RBI governor - Dr. Raghuram Rajan

RBI deputy governors - Dr. K.C. Chakrabarthy, H.R. Khan, Dr. Urjit R. Patel, Anand Sinha.

RBI frames the monetary policy.

Infrastructure

1.Electricity

Total installed electricity capacity 254 GW.

Total installed renewable energy capacity 32.8 GW.

2.Ports

3.Roads

4.Airports

Current Affairs of February 2014

1. The 28th Surajkund International Crafts Mela started in Haryana. Goa is the theme state for this year. Sri Lanka is the partner country this year. About 20 countries are participating in the Mela.


2. The Central Statistical Office (CSO) estimated the Gross Domestic Product (GDP) growth for 2013-14 at 4.9 per cent. The GDP growth for 2012-13 is 4.5 per cent.
   
   According to National Association of Software and Service Companies (Nasscom) the exports of Information Technology (IT) to grow at 13-15 per cent in 2014-15.
   
   Lakshmi Swaminathan is elected as the president of administrative tribunal of Asian Development Bank (ADB). She became the first Indian to head the tribunal.
   
   Ashok Vardhan is appointed as co-head of Goldman Sachs' securities division.
   
   International Olympic Commitee (IOC) revoked the suspension of Indian Olympic Association (IOA).
   
   

   

   Courtesy : Wikipedia

   Film director and cinematographer Balu Mahendra passed away.
   
   
   
   
   
   
   
   
   
   
   
   Autoimmune diseases are the diseases that are caused by antibodies. Antibodies are proteins synthesized by the immune system to fight foreign bacteria and viruses. In autoimmune diseases the antibodies attack the human cells.
   
   Recent Mergers and Acquisitions (M&As)
   
   
   1. Balmer Lawrie acquired Vacation Exotica.
   2. MakeMyTrip acquired EasytoBook
   3. Thomas Cook India merged Sterling Holiday Resorts.
   
   Google is working on a project called 'next generation' of internet with a target of offering data transfer speeds of 10 Gbps. At present, Google Fiber service offers data transfer speeds of 1 Gbps.
   
   Interim Budget
   The phones that cost less than Rs. 2000 were levied an excise duty of 1 per cent. Now, they are levied an excise duty of 6 per cent^[4].
   Interest subsidy on education loans taken upto March 31, 2009. Which means the union government will pay outstanding interest liability till December 31, 2013. However, the students have to pay interest from January 1, 2014^[5].
   
   The Union Government accepted "One Rank, One Pension" for ex-servicemen from 2014-15. This means the ex-servicemen of same rank and the same length of service receive same pension, irrespective of their retirement date.
   
   Abdul Basit is appointed as Pakistan high commissioner to India. He replaces Salman Bashir^[6].
   
   
   
   References:
   
   
   1. http://www.thehindu.com/todays-paper/gdp-estimates-show-worst-may-be-over/article5666488.ece
   2. http://www.thehindu.com/todays-paper/tp-business/ashok-varadhan-to-cohead-goldman-sachs-securities-division/article5679082.ece
   3. http://www.thehindu.com/todays-paper/balu-mahendra-passes-away/article5687355.ece
   4. http://www.thehindu.com/todays-paper/cars-are-cheaper-cellphones-dearer/article5700893.ece
   5. http://www.thehindu.com/todays-paper/student-loan-burden-eases/article5700891.ece
   6. http://www.thehindu.com/todays-paper/tp-national/abdul-basit-pakistan-envoy-to-india/article5700817.ece
   
   

Current Affairs of January, 2014

1. According to Gallup Poll, Barack Obama and Hillary Clinton are the most admired man and woman in the U.S.A.
2. Retail inflation for industrial workers for November stood at 11.47 %.