Current Affairs of 19 October 1. India set to become $2 trillion economy this year India is poised to become a $2 trillion economy this year while its GDP size would cross another milestone of $3 trillion after five years in 2019, according to IMF’s latest world economic outlook. India’s ranking would also improve to the seventh largest economy in the world, while measured on “current prices” basis in US dollar, in 2019 from its tenth position currently. Latest data from the International Monetary Fund (IMF) show that Indian economy is set to be worth $2.05 trillion this year, increasing its size from USD 1.88 trillion in 2013. Last year too, India was among the ten largest economies in the world. Going by the IMF, United States would remain the world’s largest economy with a size of USD 17.42 trillion, followed by China at USD 10.35 trillion. Meanwhile, India is all set to cross the $3 trillion milestone in 2019 with a size of $3.18 trillion, surpassing Russia, Brazil and Italy. This would also make India the world’s seventh largest economy. At that time, Brazilian economy is estimated to be worth $2.89 trillion while Russian and Italian economies would have a size of $2.59 trillion and $2.45 trillion, respectively. 2. No plan to convert PSBs into public limited companies: Sandhu The Centre is not looking to bring public sector banks within the ambit of the new company law for now, a top Finance Ministry official has said. There is no immediate plan to repeal the existing statutes governing PSBs as suggested by the PJ Nayak committee and incorporate the banks as companies, GS Sandhu, Financial Services Secretary, Currently, almost all the PSBs barring two are operating under a statute -- popularly known as the Bank Nationalisation Act. There are only two state-owned banks that are now functioning as companies. The RBI appointed PJ Nayak Committee --which reviewed governance of Boards of Banks in India--recommended that existing statutes under which PSBs were constituted be repealed and banks be incorporated as companies. 3. Tata JLR plans factory in U.S. Tata Motors’ owned Jaguar Land Rover (JLR) is working on an ambitious plan to set up a factory in the U.S., in a first for a British carmaker in the world’s second- biggest automobile market. The West Midlands-based luxury carmaker is reportedly talking to several southern states of America, including South Carolina, about building a plant in the U.S., The Sunday Times claimed today. JLR is capitalising on a turnaround in its fortunes after Tata acquired the struggling brand for around 1.3 billion pounds back in 2008. It is all set to open a 130,000-vehicle factory in China on Tuesday and later this month will launch its i54 engine plant in Wolverhampton — a 500- million-pound investment. 4. Black money study reports yet to be accepted: Finance Ministry The Finance Ministry is yet to accept two of the three reports submitted to it on the assessment of black money in India and abroad which were commissioned by the UPA Government three years ago. The studies were conducted by the Delhi-based National Institute of Public Finance and Policy (NIPFP), the National Council of Applied Economic Research (NCAER), and the National Institute of Financial Management (NIFM) at Faridabad. “The report from one institute has been received and accepted and reports from the remaining two institutes have been received but are yet to be accepted by the Government,” the Finance Ministry said in reply to an RTI query. 5. MasterCard’s Ajay Banga among world’s best performing CEOs: Report Financial services giant MasterCard’s CEO Ajay Banga is the sole Indian- origin top executive in a list of 100 best-performing CEOs in the world compiled by the prestigious magazine Harvard Business Review (HBR), with Amazon CEO Jeffrey Bezos topping the rankings. The Harvard magazine’s annual ‘Best-Performing CEOs in the World’ 2014 list comprises global chief executives who “actually delivered solid results over the long run.” India-born Banga is ranked 64th on the list, which specifically took into account the increase in total shareholder return and market capitalization in ranking the CEOs. Under Banga, who was named MasterCard CEO in 2010, total shareholder return was 169 per cent while market capitalisation grew USD 66 billion. The list includes Cisco Systems CEO John Chambers at the third spot, Yum Brands CEO David Novak (12), Netflix chief Reed Hastings (23), Canon CEO Fujio Mitarai (45), Starbucks CEO Howard Schultz (54), Walt Disney CEO Robert Iger (60), Adidas CEO Herbert Hainer (73) and Nike CEO Mark Parker (76). 6. BJP on course to form govts in Maharashtra, Haryana Falling short of a majority, BJP is emerging as the largest party in the Maharashtra Assembly and the Shiv Sena looks set to finish second, triggering conciliatory noises from the two former allies over Government formation but each appeared to be waiting for the other to blink first. BJP won 120 in Maharastra and 47 in Haryana 7. Govt decides to deregulate diesel prices he Government has decided to completely de-regulate prices of retail diesel resulting in the first price cut of the fuel since January 2009. Indian Oil will cut diesel prices by Rs. 3.37 per litre (including taxes) from midnight in Delhi as a result of the deregulation of diesel price and linking it to market rates. The union cabinet has decided to completely de-re
Posted on: Sun, 19 Oct 2014 16:19:28 +0000
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