Today, we are sharing the next part of our Banking and Finance Awareness Series “Financial Awareness at a Glance “. Go through this now to get all the important insights which took place last week in Banking and Finance Sector in India and world. This will immensely help you in upcoming exams.
Financial Awareness at a Glance
1. Moody’s cuts India’s GDP forecast to 7.3% from 7.5%
- International rating company Moody’s Investors Service lowered India’s growth forecast to 7.3% for 2018 from 7.5% projected earlier.
- According to the Moody’s one of the factor to global growth is re-escalation of trade tensions between the US and China.
- Moody’s expects China’s growth to decelerate to 6.6% in 2018 and to 6.4% in 2019.
- India’s economy is projected to grow by 7.5% in 2019.
2. Indian Economy Grows 7.7% in 4th Quarter: Central Statistics Data
- According to the Central Statistics Office (CSO) national accounts data, India’s GDP grew at the fastest pace in seven quarters at 7.7 percent in January-March remains ahead of China as the fastest growing economy.
- India’s economic expansion at 7.7 per cent was significantly higher than China’s 6.8 per cent in the January-March period.
- However, the Indian economy on yearly basis grew at a four-year low of 6.7 per cent in 2017-18, down from 7.1 per cent in the previous fiscal.
- The previous low was recorded in 2013-14 at 6.4 per cent.
3. India’s per capita income grows by 8.6% to Rs 1.13 lakh in FY18
- According to the Ministry of Statistics and Programme Implementation (MOSPI) data, India’s per capita income grew at a slower pace of 8.6 per cent to Rs 1,12,835 during the last fiscal ended March 2018.
- The per capita net national income in 2016-17 stood at Rs 1,03,870, witnessing a growth of over 10.3 per cent from the preceding fiscal ended March 2016 (at Rs 94,130).
- The per capita income at current prices during 2017-18 is estimated to have attained a level of Rs 1,12,835 as compared to the estimates for the year 2016-17 of Rs 1,03,870, showing a rise of 8.6 per cent.
4. India launched 2nd IT Corridor in Guiyang, China
- India launched its second IT corridor in China to cash in on the burgeoning Chinese software market which remained elusive despite the presence of top Indian technology firms.
- The National Association of Software and Services Companies (NASSCOM) has established one more Digital Collaborative Opportunities Plaza (SIDCOP) platform in China to provide market access to Indian IT firms in the huge Chinese market
- At the launch of the corridor agreements worth RMB 36 million (about $6 million) were signed between Indian service providers and Chinese customers by China’s Guiyang Municipal government and the NASSCOM.
- Last December, the NASSCOM established its first SIDCOP platform in the Chinese port city of Dalian, which is India’s first IT hub in China.
5. Tata Motors signs a MoU with Maharashtra to promote e-mobility
- Tata Motors, India’s largest automobile company signed a Memorandum of Understanding (MoU) with the State Government of Maharashtra for deployment of 1000 Electric Vehicles (EV) across its range of passenger and commercial vehicles in the State.
- The MoU boosts the Maharashtra Electric Vehicle Policy 2018 in accelerating the adoption of EVs in Maharashtra.
6. Facebook to offer digital literacy programme for women
- Social networking giant Facebook had partnered with National Commission for Women (NCW) to launch a digital literacy programme in collaboration with the Cyber Peace Foundation (CPF).
- The digital literacy program for women aims to train 60,000 women in universities through interactive sessions on a pilot basis.
- The training will be conducted in local languages.
- The one-year pilot of Facebook’s digital literacy program will be held in Delhi-NCR, Haryana, Manipur, Maharashtra, Meghalaya, Sikkim, and Tamil Nadu.
- These interactive sessions will provide training on the safe and responsible use of the internet, social media and email and will enable trainees to differentiate between credible and questionable information.
7. India, World Bank sign $500 million loan pact for rural roads
- India signed a USD 500 million (Rs 3,371 crore) loan pact with World Bank to provide additional financing for PMGSY rural road projects.
- It will provide additional financing for the Pradhan Mantri Gram Sadak Yojana (PMGSY) Rural Roads Project “which will build 7,000 km of climate resilient roads, out of which 3,500 km will be constructed using green technology.
- The World Bank has supported PMGSY since its inception in 2004.
- So far it has invested over USD 1.8 billion in loans and credits mostly in the economically weaker and hill states across North India — Bihar, Himachal Pradesh, Jharkhand, Meghalaya, Rajasthan, Uttarakhand, and Uttar Pradesh.
- It has built and improved about 35,000 km of rural roads and benefited about eight million people with access to all-weather roads.
8. India signs a loan agreement with the World Bank for Rajasthan Project
- India and World Bank signed a loan agreement of USD 21.7 Million for the strengthening of Public Financial Management in Rajasthan Project.
- The objective of the project is to improved Budget execution, enhanced accountability and greater efficiency in Revenue Administration in Rajasthan.
9. BCCI goes ‘green’ by joining hands with United Nations
- The BCCI and UN Environment signed an agreement to promote ‘green’ cricket in India.
- “The partnership aims to spread greater awareness about key environmental challenges facing the country and highlight alternate and more sustainable solutions.
- The BCCI will endeavour to reduce its environmental impact by greening operations and engaging cricketers and fans in green initiatives.
- The partnership will also focus on phasing out single-use plastic across stadiums in the country.
- The United Nations Environment Programme is an agency of United Nations and coordinates its environmental activities, assisting developing countries in implementing environmentally sound policies and practices.
- The headquarter of UNEP is in Nairobi, Kenya.