may 2013 economic affairs.pdf
TRANSCRIPT
7272019 May 2013 Economic Affairspdf
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7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 213
MBA (Full Time Part Time)
BCom BBA MSc Exam
Results
Mohanlal Sukhadia
University MA BPE BSc
BTM Exam Results Vi ew Al l
are set to form a joint ven ture (JV) for taking up various initiatives in
the oil and gas sector including supply of LNG to Sri Lanka by Petronet
LNG Limited (PLL) to feed power plants in that country The decision to
form the joint venture was taken following a meeting between the Petroleum
Secretary Vivek Rae and the Ministry of Finance and Planning and Secretary
Ministry o f Economic Developme nt Sri Lanka P B Jayasundara rece ntly Seeking
to put the co-operation in the oil and gas sector on the fast track the government
has asked IOC to formalize a proposal within this month and submit the same to
CPC to facilitate further discussions While acknowledging that there were p ending
issues of Lanka IOC the Sri Lankan side suggested that the b est way forward was to
carry the initiative for enhancing co-operation between the two countries It was
decided during the meeting that IOC would submit a comprehensive proposal on
the structure o f the proposed JV that would address all concerns of IOC
In a surprise rejig at the top on 1 June NR Narayana Murthy is back in
Infosys as Executiv e Chairman at a time when the IT major has lost ground to
rivals and the stock has been among the worst performers in its league The
company which Narayana Murthy co-founded with six others for $250 is now$7 -
billion software majo r but has b een going throug h a ro ugh patc h the last two y ears
With Murthy rsquos appointment as Executiv e Chairman of the board and Additional
Director for the next five years the countryrsquos third largest software exporter hopes
to make up the lost ground The board proposes to extend the retirement age for
the Executiv e Chairman to 7 5 y ears ldquoThis is my second innings and an exc iting yet
somewhat new level of challenges awaits merdquo said Murthy who got to know of his
role this morning However the shareholders have to give their nod to the
appointment of Murthy who retired from Infosys in August 2011 and has not held
an executive role the last seven years KV Kamath who was appointed Chairmanafter Murthyrsquos ex it will step down this month
APTITUDE TESTS
Practice Tests in Number
system percentages ages
etc
GENERAL KNOWLEDGE
GK for competitive exams
in various topics
JEE MAIN
FAQs Quick Review Model
tests Study material etc
JEE ADVANCED
Study material chapter-
wise and online tests etc
CAT SPECIAL
Shortlisting and selection
criteria for IIMs
USEFUL LINKS
UPSC Exams Schedule
అం టల అర ల
వక ల
YEARLY TM
CURRENT AFFAIRS
WEEKLY TM
CURRENT AFFAIRS
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 313
Ac co rding t o data r eleased by the Central Statis tic al Organizatio n (CSO) on 3 1 May
2013 economic growth slowed to 48 in the January-March quarter
and fell to a decades low of 5 for the entire 2012-13 fiscal due to poor
performance of farm manufacturing and mining sectors The economic growth or
GDP had expanded by 51 in January-March quarter of 2012-13The Indian
econo my had grown by 54 per cent 5 2 and 47 amp in the first second and third
quarters respectively of 2012-13
The country had clocked 62 growth in 2011-12 fiscal In January-March quarter
of 2012 -13 manufacturing sector grew marginally by 26 against 01 growth in
the same period of the earlier fiscal During 2012-13 the sector grew by a meagre
one per c ent compared to 27 in the prev ious fiscal Mining and quarrying sector
contracted by 31 during the fourth quarter of last fiscal Farm sector output
expanded by just 14 in January-March this year as against 2 in the same
quarter of 2011-12 The agriculture sector also grew at a slower rate of just 19 in
2012-13 compared to 36 in 2011-12
The Reserve Bank of India on 27 May 201 3 imposed restrictions on banks and
NBFCs for providing loans against gold coins as well as units of gold ETFs and
mutual funds to curb demands for gold Also banks were asked to ensure that the
amount of loan to any customer against gold ornaments gold jewellery and gold
coins (weighing up to 50 grams) should be within the board approved limit Banks
are currently permitted to grant advances against gold ornaments and other
jewe ller y and against spe cia lly minted gold co ins sold by banks Howev er no
advances can be granted by banks for purchase of gold in any form including
primary gold gold bullion gold jewellery gold coins units of gold exc hange traded
funds and units of gold mutual funds Gov ernment has taken sever al steps rec ently
including raising import duty to curb the inbound shipments of gold RBI too had
put restrictions on banks on gold imports which has led to forex outflow and
SSC Exams Sche dule
Careers after 10th amp Inter
Citizen Service s
Useful Websites
Important Days
Age Calc ulator
For Advertising Contact
advtsakshieducationcom
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 413
T he In ternational Monetary Fund (IMF) lowered its forecast for Chinarsquos
economic growth at 775 for the year 2013 citing a weak world economy
and exports in Washington on May 29th Earlier it had forecasted 8 growth
Annual ec ono mic gro wth of China fell to 7 8 in 20 12 the slo west sinc e 1999
becau se of its dec reasing ex po rt demand and increasing co sts the eur o-zo ne deb t
crisis and uncertainty over the US economic recovery China is worldrsquos second
largest economy The IMF advised that China should put priority on reining in
social financing growth or else the country s fast credit supply may fuel inflation in
future
The Planning Commission approved Project Ananta an Rs 8000 crore
programme that looks for pulling Anantapur district out of the control of the
perennial drought The Planning Commission has approved an Rs 53000 crore
Plan for the State up by 82 per cent compared to 48935 crore Rupees in year
2012 The project will take a complete approach to achieve the target The
Commission is supposed to send its team to study the feasibility o f the scheme Both
the State and the Centre would fund the Project After getting the Planning
Commission nod the State would consider starting similar programmes for other
bac kward distric ts suc h as Medak Adilab ad and Srikakulam A high-lev el team of
scientists suggested that the district required a five year plan to take stock of the
situation and prepare a plan to address issues such as natural resource
management crops and livestock
Pursuant to the announcement made in the Union Budget for 2013-14
the Government of India in consultation with Reserve Bank of India
(RBI) has decided to launch Inflation Index Bonds (IIBs) as instruments
that will protect savings of the poor and middle classes from inflation and
incentivise the household sector to save in financial instruments rather than buy
gold An official press release on 16 May said that for appropriate price discovery
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 513
and market development however it is necessary to issue comparable instruments
through auctions to the institutional investors such as Pension Funds Insurance
and Mutual FundsThis will create demand for IIBs and help in making them
tradable in the secondary market It is therefore proposed to issue initial series for
institutional investors (including 20 to retail investors) and later another series
exclusively for retail investors First series of IIBs would be issued in H1 of the
current FY With a view to target greater retail participation for this series also it
has been decided to enhance the non-competitive segment for retail investors to
20 from the present lev el of 5 the release said
Pursuant to the announcement made in the Union Budget for 2013-14
the Government of India in consultation with Reserve Bank of India
(RBI) has decided to launch Inflation Index Bonds (IIBs) as instruments
that will protect savings of the poor and middle classes from inflation and
incentivise the household sector to save in financial instruments rather than buy
gold An official press release on 16 May said that for appropriate price discovery
and market development however it is necessary to issue comparable instruments
through auctions to the institutional investors such as Pension Funds Insurance
and Mutual FundsThis will create demand for IIBs and help in making them
tradable in the secondary market It is therefore proposed to issue initial series for
institutional investors (including 20 to retail investors) and later another series
exclusively for retail investors First series of IIBs would be issued in H1 of the
current FY With a view to target greater retail participation for this series also it
has been decided to enhance the non-competitive segment for retail investors to
20 from the present lev el of 5 the release said
Opening up the prospects of export of shale gas to energy-starved India
the US on 17 May has granted conditional authorisation to export
domestically-produced liquefied natural gas (LNG) to count ries that do
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 613
major implications for India the Department of Energy (DoE) on 17 May
announced that it had conditionally authorised Freeport LNG Expansion LP and
FLNG Liquefaction LLC (Freeport) to export domestically-produced LNG to non-
FTA countries from the Freeport Terminal on Quintana Island in Texas Given that
the companies from countries such as China Japan and Britain have already an
ov erwhelming stake in this Tex as company India is unlikely to benefit immediately
from this grant of licence But the decision paves the way for India which does not
have a free trade agree ment with the US to get its co mpanies seek similar licences
for import of the much-needed gas from the US in large quantities from other
terminals The existing federal law generally requires approval of natural gas
exports to countries that have an FTA with the US For countries that do not have
an FTA with the US the Natural Gas Act directs the Department of Energy to grant
export authorisations unless the Department finds that the proposed exports ldquowill
not be co nsistent with the public interestrdquo
T he RBI on 12 May 2013 imposed restrictions on gold import by banks
in order to moderate the demand of gold for domestic use The RBI
decided to restrict the import of gold on consignment basis by banks only to meet
the genuine needs of expor ters o f gold jewellery The RBI stated that the dec ision is
base d on the reco mmendat ions of the Working Grou p on Gold that had sugg ested
aligning gold import regulations with the rest of the imports for creating a level
playing field between gold imports and other imports The restrictions have come
into effect immediately
The Union Government in Month of May 2013 has proposed stronger
powers to Securities and Exchange Board of India (SEBI) enabling it to
carry out search and seizure operations and for attachment of assets
With this a Spec ial power has also been pro po sed to SEBI with whic h it can seek
information on telephone call data records from any persons or entities in respect
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 713
to any securities transaction being examined by it It is worth mentioning here that
Proposals to make required amendments in the SEBI Act and other relevant
regulations have been finalized after detailed consultations with the market
regulator and are being presented before the Union Cabinet for its approval The
Government is planning to introduce the Securities Laws (Amendment) Bill 2013 in
Parliament to carry out the proposed changes for grant of stronger powers to SEBI
The Government has come up with the decision of accepting most of the proposals
made by SEBI in this regard and the amendments would be carried out after the
Cabinet approv es them and the req uired amendment Bill is passed by Parliament
The Union Government on 13 May 2013 hiked the monetary assistance
by 25 000 ru pees un der the Indira Awas Y ojana (I AY ) the housing scheme
for the poor giving priority to the scheduled castes tribes and minorities The cost
for 250 square foot housing unit has gone up to 7 000 0 rupees in plain areas and
7 500 0 rupee s in hilly and difficult areas from 4500 0 rupee s The Union
Government under the new guidelines of the Indira Awas Yojna has decided to
transfer the share of its funds to the State Governments rather than making a
district based allocation The Union Governmentrsquos assistance got procurement of a
homestead site to the states has been doubled for landless poor from 10000
rupees to 200 00 rupee s The changes has been brought in following the agreement
reached between the Government and the Jan Satyagraha on 11 October 2012 at
Ag ra also known as the Ag ra Agreeme nt on Land Refor ms in whic h 10-point
agreement was signed by the Rural Dev elopment Minister Jairam Ramesh at A gra
In connection with Cobrapost Red Spider 2 Expose which was released on 6 May
Rajiv Takru Secretary Department of Financial Services (DFS) and Ministry of
Finance have ordered the Chairman cum Managing Directors (CMDs) of various
Public Sector Banks and Life Insurance Corporation of India an immediate action in
the matter The Secretary of DFS had also sought compliance and action taken
report to be submitted on utmost priority As a result certain PSBs have already
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 813
officersemployees of various Public Sector Banks have been suspended including
one from insurance sector Beside it ten officers of PSBs have be en diveste d of their
wor k and six hav e been asked to proc eed on leave More actio n taken repo rts are
expected in near future
An In ter-m inisterial Group on 9 May has appro ved 10 per ce nt equ ity
sale in Coal In dia which is expected to fetch over Rs 17000 crore to the
government At present the government holds 90 per cent stake in Coal India
Ltd The Group headed by Disinvestment Secretary Ravi Mathur is guiding the
process of disinvestment of governments equity in CIL Besides the panel has
members drawn from Ministry of Coal Departments of Legal Affairs Economic
Affair s Corporate Affairs and Chairm an-cum-Managing Dire ctor of CIL Coal India
whic h has a cash balance of abo ut Rs 60 000 crore will be the bigg est
disinvestment for the government in the 2013-14 fiscal The government would like
to earn Rs 4000 0 cr ore thro ugh PSU stake sale in this fiscal
The Cabinet Committee on Economic Affairs (CCEA) on 9 May 2013
approved the proposal of the Ministry of Shipping for setting up of two
major ports in the count ry The two por ts will come up in Andhra Pradesh and
West Bengal eac h through Public Priv ate Partnership mod e As per the proposal
approved one port is expected to come up at Dugarajapatnam Nellore
district in An dhra Pradesh and looked forward to find out the techno-eco nomic
feasibility report for commissioning of the port Another port will be developed at
Sagar Island in West Bengal after obtaining environmental clearances and
following exact procedures for development of the project The cabinet also agreed
for appointment of the transaction adviser s and legal consultants and finalization of
the project structure in c onsultation with the State Gov ernment o f West Bengal and
the Planning Commission
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 913
National Stock Exchange launched the countryrsquos first dedicated debt
trading platform on 11 May 2013 The new Platform launched is awaiting the
market regulator Securities and Exchanges Board of Indisrsquos (SEBI) guidelines for
allowing participation of mutual funds insurance companies and pension funds
NSE had recently received approval from SEBI to launch the debt segment The
debt trading platform is supposed to provide retail investors an opportunity to
invest in corporate bonds on a liquid and transparent exchange platform Banks
and primary dealers are the first to enter and they will provide enough liquidity in
the debt segment The mutual funds insurance companies and pension funds are
also expected to participate after guidelines for the same are issued The Debt
Trading exchange platform is an innovation which has been launched after
intensive feedback from market participants It is similar to RBIrsquos NDS-OM where
Government sec urities are traded on a transparent platform
The Cabinet Committee on Economic Affairs on 2 May gave its approval to the
proposal of Ingka Holding BV Netherlands as recommended by the Foreign
Investment Promotion Board (FIPB) The approval would result in FDI inflows
amounting to Rs10 5 00 c rore approximately into the country
The Cabinet Committee on Economic Affairs on 2 May approved the
setting up of a Central Public Sector Enterprises (CPSE) Exchange
T raded Fund (ET F) which would com prise CPSE stocks (from amongst
the listed CPSE stocks) Each stock would have a fixed weightage in the basket
The composition of the basket the launch of the New Fund Offer (NFO) the
discount to be provided and other issues relating to contribution and pricing of the
ETF would be dec ided by the Empowere d Group of Ministers (EGoM) This will help
in minimizing market disruptions seen in public offerings of listed CPSEs increase
ability o f the Government to monetize part ial stakes in listed CPSEs some o f which
have lo w liquidity and free float broad base re tails participation of shares o f CPSEs
-
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1013
-
the Government from a pricing perspective as part of the discounts could be back-
ended in the per spectiv e of success o f ETFs globally a CPSE ETF will boost the ETF
product in the country and will help fulfill the domestic investorsrsquo appetite for an
equity ETF products as the domestic Indian investor is vastly under-served vis-a-
vis the fore ign inv estor co mmunity CPSE ETF is made up of a b asket of shar es of
different CPSEs that tracks an index fund but trades like a stock o n the ex change
Asian Dev elo pm ent Bank (ADB) on 5 May 2013 announced that it is going to
provide about 6 billion dollars loan to In dia ov er th e next th ree years
whic h was dec ided a t the co ncluding day of the 46t h annual mee ting of the funding
agency Although the ADB is facing the challenge of raising resources the basic
idea behind providing loan is to maintain its lending level to India The bank is
wor king on par tnership strategy and is planning to maintain the lev el of lend ing to
India It is important here to note that India is the biggest borrower of ADB and
ADB had ex tended a 24 billion dol lars loan to India in 20 12 across sec tors like
transport energy commerce industry trade and finance The bank will also
continue to lend10 billion dollars a year across the member-nations despite
generating lower return from investments
The Supreme Court of India on 1 May 2013 upheld the constitutional
validity of Govern m en trsquos dec ision allowing 51 percent foreign direct
Inv estment in the mu lti-brand retail sector A bench of Justices R M Lodha
Madan B Lokur and Kurian Joseph gave the ruling The bench observed that there
was no harm in giv ing the po licy a c hanc e It saw mer it in t he polic y that it would
eliminate intermediaries and help provide farmers a better price for their produce
It dismissed the petition filed against the 51 percent FDI in multi-brand retail As
per the court the policy will affect the lives of only 133 of the countrys
population living in 53 cities
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1113
Ac co rdin g to T RAI data Utt ar Pradesh acc ou nt ed for th e largest
number of mobile subscribers in India followed by Tamil Nadu
Maharashtra An dhra Pradesh an d Bihar Uttar Pradesh has a total of 12160
million mobile phone connect ions while Tamil Nadu has 7 181 million
subscribers Maharashtra is at the third position with a subscriber base of 67 7 3
million followed by Andhra Pradesh and Bihar at 6412 million and 607 3 million
respectively These five states together account 366 million mobile subscribers
whic h is 45 per ce nt of the total ce ll pho ne co nnec tio ns in t he co untr y Karnataka
stands sixth with 5245 million mobile subscribers followed by the central Indian
state of Madhya Pradesh with 5143 million subscribers Gujarat fast rising as the
most industry-friendly state came eighth with 5123 million cell phone
connectio ns while Rajasthan the largest state in terms of area has 47 83 million
mobile subscribers India which is the worlds second largest mobile
phone market in terms of subscribers had 86166 million mobile
connections as on February 2013 data from telecom regulator Telecom
Regulatory Authority of India (TRAI) showed Mobile subscriber base in the
country declined by 011 percent to 86166 million at the end of February 2013
from 8626 million in January 2013 Indias total telecom subscriber base which
includes mobile and landline connections declined marginally to 892 million in
February 2013 from 8931 million at the end of January this year Indias telecom
subscriber base had touc hed an all-time high of 9655 million in June 201 2
Infrastructu re financier IDFC on 2 May has announ ced that its current
Managing Director amp Chief Executive Officer Rajiv Lal would replace
outgoing chairman Deepak Parekh Mr Parekh will leave the government-
promoted IDFC to chair the IDFC advisory council - consultative body that will be
formed within the next few months Mr Parekh has been the chairman of the
gove rnment promote d infrastructure financier for the last fifteen y earsIDFC said in
a statement Parekh has relinquished his post as Chairman The board has
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1213
Managing Directo r and CEO
Sticking to its c autious stance the Reserve Bank of India (RBI) on 3 May cut
the key interest rate by just 025 per c ent to 7 25 per cent and kept the
liquidity enhancing cash reserve requirement unchanged disappointing
the industry and stock market The RBI in its annual monetary policy statement
said there would be modest improvement in the countryrsquos economic growth to 57
per cent in the current fiscal as against the decadersquos low of 5 per cent in 2012-13
Justifying the limited easing RBI Governor D Subbarao said the ldquomonetary policy
action by itself cannot revive growth It needs to be supplemented by efforts
towards easing the supply bottlenecks improving governance and stepping public
investmentrdquo The upside risks to inflation which cooled to a three-year low in
March ldquostill remain significantrdquo in the near term on suppressed inflation on the
energy front Mr Subbarao added ldquoOverall the balance o f risks stemming from the
Reserve Bankrsquos assessment of the growth-inflation dynamic yields little space for
further policy easingrdquo he said The decision to leave the CRR unchanged seems to
have been driven by an improvement in the liquidity deficit as the banks are now
drawing around Rs 84000 crore from the overnight window compared to Rs 18
lakh crore late last fiscal RBI expects inflation to hover broadly around the 55 per
cent mark in the curr ent fiscal and said it will deploy ldquoall instruments at co mmandrdquo
to bring it down to 5 per c ent by March next y ear
wwwsakshieducationcom
Published on 572013 72900 PM
Other Current Affairs
A t E i Aff i
7272019 May 2013 Economic Affairspdf
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MBA (Full Time Part Time)
BCom BBA MSc Exam
Results
Mohanlal Sukhadia
University MA BPE BSc
BTM Exam Results Vi ew Al l
are set to form a joint ven ture (JV) for taking up various initiatives in
the oil and gas sector including supply of LNG to Sri Lanka by Petronet
LNG Limited (PLL) to feed power plants in that country The decision to
form the joint venture was taken following a meeting between the Petroleum
Secretary Vivek Rae and the Ministry of Finance and Planning and Secretary
Ministry o f Economic Developme nt Sri Lanka P B Jayasundara rece ntly Seeking
to put the co-operation in the oil and gas sector on the fast track the government
has asked IOC to formalize a proposal within this month and submit the same to
CPC to facilitate further discussions While acknowledging that there were p ending
issues of Lanka IOC the Sri Lankan side suggested that the b est way forward was to
carry the initiative for enhancing co-operation between the two countries It was
decided during the meeting that IOC would submit a comprehensive proposal on
the structure o f the proposed JV that would address all concerns of IOC
In a surprise rejig at the top on 1 June NR Narayana Murthy is back in
Infosys as Executiv e Chairman at a time when the IT major has lost ground to
rivals and the stock has been among the worst performers in its league The
company which Narayana Murthy co-founded with six others for $250 is now$7 -
billion software majo r but has b een going throug h a ro ugh patc h the last two y ears
With Murthy rsquos appointment as Executiv e Chairman of the board and Additional
Director for the next five years the countryrsquos third largest software exporter hopes
to make up the lost ground The board proposes to extend the retirement age for
the Executiv e Chairman to 7 5 y ears ldquoThis is my second innings and an exc iting yet
somewhat new level of challenges awaits merdquo said Murthy who got to know of his
role this morning However the shareholders have to give their nod to the
appointment of Murthy who retired from Infosys in August 2011 and has not held
an executive role the last seven years KV Kamath who was appointed Chairmanafter Murthyrsquos ex it will step down this month
APTITUDE TESTS
Practice Tests in Number
system percentages ages
etc
GENERAL KNOWLEDGE
GK for competitive exams
in various topics
JEE MAIN
FAQs Quick Review Model
tests Study material etc
JEE ADVANCED
Study material chapter-
wise and online tests etc
CAT SPECIAL
Shortlisting and selection
criteria for IIMs
USEFUL LINKS
UPSC Exams Schedule
అం టల అర ల
వక ల
YEARLY TM
CURRENT AFFAIRS
WEEKLY TM
CURRENT AFFAIRS
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 313
Ac co rding t o data r eleased by the Central Statis tic al Organizatio n (CSO) on 3 1 May
2013 economic growth slowed to 48 in the January-March quarter
and fell to a decades low of 5 for the entire 2012-13 fiscal due to poor
performance of farm manufacturing and mining sectors The economic growth or
GDP had expanded by 51 in January-March quarter of 2012-13The Indian
econo my had grown by 54 per cent 5 2 and 47 amp in the first second and third
quarters respectively of 2012-13
The country had clocked 62 growth in 2011-12 fiscal In January-March quarter
of 2012 -13 manufacturing sector grew marginally by 26 against 01 growth in
the same period of the earlier fiscal During 2012-13 the sector grew by a meagre
one per c ent compared to 27 in the prev ious fiscal Mining and quarrying sector
contracted by 31 during the fourth quarter of last fiscal Farm sector output
expanded by just 14 in January-March this year as against 2 in the same
quarter of 2011-12 The agriculture sector also grew at a slower rate of just 19 in
2012-13 compared to 36 in 2011-12
The Reserve Bank of India on 27 May 201 3 imposed restrictions on banks and
NBFCs for providing loans against gold coins as well as units of gold ETFs and
mutual funds to curb demands for gold Also banks were asked to ensure that the
amount of loan to any customer against gold ornaments gold jewellery and gold
coins (weighing up to 50 grams) should be within the board approved limit Banks
are currently permitted to grant advances against gold ornaments and other
jewe ller y and against spe cia lly minted gold co ins sold by banks Howev er no
advances can be granted by banks for purchase of gold in any form including
primary gold gold bullion gold jewellery gold coins units of gold exc hange traded
funds and units of gold mutual funds Gov ernment has taken sever al steps rec ently
including raising import duty to curb the inbound shipments of gold RBI too had
put restrictions on banks on gold imports which has led to forex outflow and
SSC Exams Sche dule
Careers after 10th amp Inter
Citizen Service s
Useful Websites
Important Days
Age Calc ulator
For Advertising Contact
advtsakshieducationcom
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 413
T he In ternational Monetary Fund (IMF) lowered its forecast for Chinarsquos
economic growth at 775 for the year 2013 citing a weak world economy
and exports in Washington on May 29th Earlier it had forecasted 8 growth
Annual ec ono mic gro wth of China fell to 7 8 in 20 12 the slo west sinc e 1999
becau se of its dec reasing ex po rt demand and increasing co sts the eur o-zo ne deb t
crisis and uncertainty over the US economic recovery China is worldrsquos second
largest economy The IMF advised that China should put priority on reining in
social financing growth or else the country s fast credit supply may fuel inflation in
future
The Planning Commission approved Project Ananta an Rs 8000 crore
programme that looks for pulling Anantapur district out of the control of the
perennial drought The Planning Commission has approved an Rs 53000 crore
Plan for the State up by 82 per cent compared to 48935 crore Rupees in year
2012 The project will take a complete approach to achieve the target The
Commission is supposed to send its team to study the feasibility o f the scheme Both
the State and the Centre would fund the Project After getting the Planning
Commission nod the State would consider starting similar programmes for other
bac kward distric ts suc h as Medak Adilab ad and Srikakulam A high-lev el team of
scientists suggested that the district required a five year plan to take stock of the
situation and prepare a plan to address issues such as natural resource
management crops and livestock
Pursuant to the announcement made in the Union Budget for 2013-14
the Government of India in consultation with Reserve Bank of India
(RBI) has decided to launch Inflation Index Bonds (IIBs) as instruments
that will protect savings of the poor and middle classes from inflation and
incentivise the household sector to save in financial instruments rather than buy
gold An official press release on 16 May said that for appropriate price discovery
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 513
and market development however it is necessary to issue comparable instruments
through auctions to the institutional investors such as Pension Funds Insurance
and Mutual FundsThis will create demand for IIBs and help in making them
tradable in the secondary market It is therefore proposed to issue initial series for
institutional investors (including 20 to retail investors) and later another series
exclusively for retail investors First series of IIBs would be issued in H1 of the
current FY With a view to target greater retail participation for this series also it
has been decided to enhance the non-competitive segment for retail investors to
20 from the present lev el of 5 the release said
Pursuant to the announcement made in the Union Budget for 2013-14
the Government of India in consultation with Reserve Bank of India
(RBI) has decided to launch Inflation Index Bonds (IIBs) as instruments
that will protect savings of the poor and middle classes from inflation and
incentivise the household sector to save in financial instruments rather than buy
gold An official press release on 16 May said that for appropriate price discovery
and market development however it is necessary to issue comparable instruments
through auctions to the institutional investors such as Pension Funds Insurance
and Mutual FundsThis will create demand for IIBs and help in making them
tradable in the secondary market It is therefore proposed to issue initial series for
institutional investors (including 20 to retail investors) and later another series
exclusively for retail investors First series of IIBs would be issued in H1 of the
current FY With a view to target greater retail participation for this series also it
has been decided to enhance the non-competitive segment for retail investors to
20 from the present lev el of 5 the release said
Opening up the prospects of export of shale gas to energy-starved India
the US on 17 May has granted conditional authorisation to export
domestically-produced liquefied natural gas (LNG) to count ries that do
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 613
major implications for India the Department of Energy (DoE) on 17 May
announced that it had conditionally authorised Freeport LNG Expansion LP and
FLNG Liquefaction LLC (Freeport) to export domestically-produced LNG to non-
FTA countries from the Freeport Terminal on Quintana Island in Texas Given that
the companies from countries such as China Japan and Britain have already an
ov erwhelming stake in this Tex as company India is unlikely to benefit immediately
from this grant of licence But the decision paves the way for India which does not
have a free trade agree ment with the US to get its co mpanies seek similar licences
for import of the much-needed gas from the US in large quantities from other
terminals The existing federal law generally requires approval of natural gas
exports to countries that have an FTA with the US For countries that do not have
an FTA with the US the Natural Gas Act directs the Department of Energy to grant
export authorisations unless the Department finds that the proposed exports ldquowill
not be co nsistent with the public interestrdquo
T he RBI on 12 May 2013 imposed restrictions on gold import by banks
in order to moderate the demand of gold for domestic use The RBI
decided to restrict the import of gold on consignment basis by banks only to meet
the genuine needs of expor ters o f gold jewellery The RBI stated that the dec ision is
base d on the reco mmendat ions of the Working Grou p on Gold that had sugg ested
aligning gold import regulations with the rest of the imports for creating a level
playing field between gold imports and other imports The restrictions have come
into effect immediately
The Union Government in Month of May 2013 has proposed stronger
powers to Securities and Exchange Board of India (SEBI) enabling it to
carry out search and seizure operations and for attachment of assets
With this a Spec ial power has also been pro po sed to SEBI with whic h it can seek
information on telephone call data records from any persons or entities in respect
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 713
to any securities transaction being examined by it It is worth mentioning here that
Proposals to make required amendments in the SEBI Act and other relevant
regulations have been finalized after detailed consultations with the market
regulator and are being presented before the Union Cabinet for its approval The
Government is planning to introduce the Securities Laws (Amendment) Bill 2013 in
Parliament to carry out the proposed changes for grant of stronger powers to SEBI
The Government has come up with the decision of accepting most of the proposals
made by SEBI in this regard and the amendments would be carried out after the
Cabinet approv es them and the req uired amendment Bill is passed by Parliament
The Union Government on 13 May 2013 hiked the monetary assistance
by 25 000 ru pees un der the Indira Awas Y ojana (I AY ) the housing scheme
for the poor giving priority to the scheduled castes tribes and minorities The cost
for 250 square foot housing unit has gone up to 7 000 0 rupees in plain areas and
7 500 0 rupee s in hilly and difficult areas from 4500 0 rupee s The Union
Government under the new guidelines of the Indira Awas Yojna has decided to
transfer the share of its funds to the State Governments rather than making a
district based allocation The Union Governmentrsquos assistance got procurement of a
homestead site to the states has been doubled for landless poor from 10000
rupees to 200 00 rupee s The changes has been brought in following the agreement
reached between the Government and the Jan Satyagraha on 11 October 2012 at
Ag ra also known as the Ag ra Agreeme nt on Land Refor ms in whic h 10-point
agreement was signed by the Rural Dev elopment Minister Jairam Ramesh at A gra
In connection with Cobrapost Red Spider 2 Expose which was released on 6 May
Rajiv Takru Secretary Department of Financial Services (DFS) and Ministry of
Finance have ordered the Chairman cum Managing Directors (CMDs) of various
Public Sector Banks and Life Insurance Corporation of India an immediate action in
the matter The Secretary of DFS had also sought compliance and action taken
report to be submitted on utmost priority As a result certain PSBs have already
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 813
officersemployees of various Public Sector Banks have been suspended including
one from insurance sector Beside it ten officers of PSBs have be en diveste d of their
wor k and six hav e been asked to proc eed on leave More actio n taken repo rts are
expected in near future
An In ter-m inisterial Group on 9 May has appro ved 10 per ce nt equ ity
sale in Coal In dia which is expected to fetch over Rs 17000 crore to the
government At present the government holds 90 per cent stake in Coal India
Ltd The Group headed by Disinvestment Secretary Ravi Mathur is guiding the
process of disinvestment of governments equity in CIL Besides the panel has
members drawn from Ministry of Coal Departments of Legal Affairs Economic
Affair s Corporate Affairs and Chairm an-cum-Managing Dire ctor of CIL Coal India
whic h has a cash balance of abo ut Rs 60 000 crore will be the bigg est
disinvestment for the government in the 2013-14 fiscal The government would like
to earn Rs 4000 0 cr ore thro ugh PSU stake sale in this fiscal
The Cabinet Committee on Economic Affairs (CCEA) on 9 May 2013
approved the proposal of the Ministry of Shipping for setting up of two
major ports in the count ry The two por ts will come up in Andhra Pradesh and
West Bengal eac h through Public Priv ate Partnership mod e As per the proposal
approved one port is expected to come up at Dugarajapatnam Nellore
district in An dhra Pradesh and looked forward to find out the techno-eco nomic
feasibility report for commissioning of the port Another port will be developed at
Sagar Island in West Bengal after obtaining environmental clearances and
following exact procedures for development of the project The cabinet also agreed
for appointment of the transaction adviser s and legal consultants and finalization of
the project structure in c onsultation with the State Gov ernment o f West Bengal and
the Planning Commission
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 913
National Stock Exchange launched the countryrsquos first dedicated debt
trading platform on 11 May 2013 The new Platform launched is awaiting the
market regulator Securities and Exchanges Board of Indisrsquos (SEBI) guidelines for
allowing participation of mutual funds insurance companies and pension funds
NSE had recently received approval from SEBI to launch the debt segment The
debt trading platform is supposed to provide retail investors an opportunity to
invest in corporate bonds on a liquid and transparent exchange platform Banks
and primary dealers are the first to enter and they will provide enough liquidity in
the debt segment The mutual funds insurance companies and pension funds are
also expected to participate after guidelines for the same are issued The Debt
Trading exchange platform is an innovation which has been launched after
intensive feedback from market participants It is similar to RBIrsquos NDS-OM where
Government sec urities are traded on a transparent platform
The Cabinet Committee on Economic Affairs on 2 May gave its approval to the
proposal of Ingka Holding BV Netherlands as recommended by the Foreign
Investment Promotion Board (FIPB) The approval would result in FDI inflows
amounting to Rs10 5 00 c rore approximately into the country
The Cabinet Committee on Economic Affairs on 2 May approved the
setting up of a Central Public Sector Enterprises (CPSE) Exchange
T raded Fund (ET F) which would com prise CPSE stocks (from amongst
the listed CPSE stocks) Each stock would have a fixed weightage in the basket
The composition of the basket the launch of the New Fund Offer (NFO) the
discount to be provided and other issues relating to contribution and pricing of the
ETF would be dec ided by the Empowere d Group of Ministers (EGoM) This will help
in minimizing market disruptions seen in public offerings of listed CPSEs increase
ability o f the Government to monetize part ial stakes in listed CPSEs some o f which
have lo w liquidity and free float broad base re tails participation of shares o f CPSEs
-
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1013
-
the Government from a pricing perspective as part of the discounts could be back-
ended in the per spectiv e of success o f ETFs globally a CPSE ETF will boost the ETF
product in the country and will help fulfill the domestic investorsrsquo appetite for an
equity ETF products as the domestic Indian investor is vastly under-served vis-a-
vis the fore ign inv estor co mmunity CPSE ETF is made up of a b asket of shar es of
different CPSEs that tracks an index fund but trades like a stock o n the ex change
Asian Dev elo pm ent Bank (ADB) on 5 May 2013 announced that it is going to
provide about 6 billion dollars loan to In dia ov er th e next th ree years
whic h was dec ided a t the co ncluding day of the 46t h annual mee ting of the funding
agency Although the ADB is facing the challenge of raising resources the basic
idea behind providing loan is to maintain its lending level to India The bank is
wor king on par tnership strategy and is planning to maintain the lev el of lend ing to
India It is important here to note that India is the biggest borrower of ADB and
ADB had ex tended a 24 billion dol lars loan to India in 20 12 across sec tors like
transport energy commerce industry trade and finance The bank will also
continue to lend10 billion dollars a year across the member-nations despite
generating lower return from investments
The Supreme Court of India on 1 May 2013 upheld the constitutional
validity of Govern m en trsquos dec ision allowing 51 percent foreign direct
Inv estment in the mu lti-brand retail sector A bench of Justices R M Lodha
Madan B Lokur and Kurian Joseph gave the ruling The bench observed that there
was no harm in giv ing the po licy a c hanc e It saw mer it in t he polic y that it would
eliminate intermediaries and help provide farmers a better price for their produce
It dismissed the petition filed against the 51 percent FDI in multi-brand retail As
per the court the policy will affect the lives of only 133 of the countrys
population living in 53 cities
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1113
Ac co rdin g to T RAI data Utt ar Pradesh acc ou nt ed for th e largest
number of mobile subscribers in India followed by Tamil Nadu
Maharashtra An dhra Pradesh an d Bihar Uttar Pradesh has a total of 12160
million mobile phone connect ions while Tamil Nadu has 7 181 million
subscribers Maharashtra is at the third position with a subscriber base of 67 7 3
million followed by Andhra Pradesh and Bihar at 6412 million and 607 3 million
respectively These five states together account 366 million mobile subscribers
whic h is 45 per ce nt of the total ce ll pho ne co nnec tio ns in t he co untr y Karnataka
stands sixth with 5245 million mobile subscribers followed by the central Indian
state of Madhya Pradesh with 5143 million subscribers Gujarat fast rising as the
most industry-friendly state came eighth with 5123 million cell phone
connectio ns while Rajasthan the largest state in terms of area has 47 83 million
mobile subscribers India which is the worlds second largest mobile
phone market in terms of subscribers had 86166 million mobile
connections as on February 2013 data from telecom regulator Telecom
Regulatory Authority of India (TRAI) showed Mobile subscriber base in the
country declined by 011 percent to 86166 million at the end of February 2013
from 8626 million in January 2013 Indias total telecom subscriber base which
includes mobile and landline connections declined marginally to 892 million in
February 2013 from 8931 million at the end of January this year Indias telecom
subscriber base had touc hed an all-time high of 9655 million in June 201 2
Infrastructu re financier IDFC on 2 May has announ ced that its current
Managing Director amp Chief Executive Officer Rajiv Lal would replace
outgoing chairman Deepak Parekh Mr Parekh will leave the government-
promoted IDFC to chair the IDFC advisory council - consultative body that will be
formed within the next few months Mr Parekh has been the chairman of the
gove rnment promote d infrastructure financier for the last fifteen y earsIDFC said in
a statement Parekh has relinquished his post as Chairman The board has
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1213
Managing Directo r and CEO
Sticking to its c autious stance the Reserve Bank of India (RBI) on 3 May cut
the key interest rate by just 025 per c ent to 7 25 per cent and kept the
liquidity enhancing cash reserve requirement unchanged disappointing
the industry and stock market The RBI in its annual monetary policy statement
said there would be modest improvement in the countryrsquos economic growth to 57
per cent in the current fiscal as against the decadersquos low of 5 per cent in 2012-13
Justifying the limited easing RBI Governor D Subbarao said the ldquomonetary policy
action by itself cannot revive growth It needs to be supplemented by efforts
towards easing the supply bottlenecks improving governance and stepping public
investmentrdquo The upside risks to inflation which cooled to a three-year low in
March ldquostill remain significantrdquo in the near term on suppressed inflation on the
energy front Mr Subbarao added ldquoOverall the balance o f risks stemming from the
Reserve Bankrsquos assessment of the growth-inflation dynamic yields little space for
further policy easingrdquo he said The decision to leave the CRR unchanged seems to
have been driven by an improvement in the liquidity deficit as the banks are now
drawing around Rs 84000 crore from the overnight window compared to Rs 18
lakh crore late last fiscal RBI expects inflation to hover broadly around the 55 per
cent mark in the curr ent fiscal and said it will deploy ldquoall instruments at co mmandrdquo
to bring it down to 5 per c ent by March next y ear
wwwsakshieducationcom
Published on 572013 72900 PM
Other Current Affairs
A t E i Aff i
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1313
August 2013 Economic Affairs
July 2013 Economic Affairs
June 2013 Economic Affairs
April 2013 Economic Affairs
March 2013 Economic Affairs
February 2013 Economic Affairs
January 2013 Economic Affairs
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Site is Best v iewed in Internet Explorer 7 amp abov e with 10 24 times 76 8 Resolution
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 313
Ac co rding t o data r eleased by the Central Statis tic al Organizatio n (CSO) on 3 1 May
2013 economic growth slowed to 48 in the January-March quarter
and fell to a decades low of 5 for the entire 2012-13 fiscal due to poor
performance of farm manufacturing and mining sectors The economic growth or
GDP had expanded by 51 in January-March quarter of 2012-13The Indian
econo my had grown by 54 per cent 5 2 and 47 amp in the first second and third
quarters respectively of 2012-13
The country had clocked 62 growth in 2011-12 fiscal In January-March quarter
of 2012 -13 manufacturing sector grew marginally by 26 against 01 growth in
the same period of the earlier fiscal During 2012-13 the sector grew by a meagre
one per c ent compared to 27 in the prev ious fiscal Mining and quarrying sector
contracted by 31 during the fourth quarter of last fiscal Farm sector output
expanded by just 14 in January-March this year as against 2 in the same
quarter of 2011-12 The agriculture sector also grew at a slower rate of just 19 in
2012-13 compared to 36 in 2011-12
The Reserve Bank of India on 27 May 201 3 imposed restrictions on banks and
NBFCs for providing loans against gold coins as well as units of gold ETFs and
mutual funds to curb demands for gold Also banks were asked to ensure that the
amount of loan to any customer against gold ornaments gold jewellery and gold
coins (weighing up to 50 grams) should be within the board approved limit Banks
are currently permitted to grant advances against gold ornaments and other
jewe ller y and against spe cia lly minted gold co ins sold by banks Howev er no
advances can be granted by banks for purchase of gold in any form including
primary gold gold bullion gold jewellery gold coins units of gold exc hange traded
funds and units of gold mutual funds Gov ernment has taken sever al steps rec ently
including raising import duty to curb the inbound shipments of gold RBI too had
put restrictions on banks on gold imports which has led to forex outflow and
SSC Exams Sche dule
Careers after 10th amp Inter
Citizen Service s
Useful Websites
Important Days
Age Calc ulator
For Advertising Contact
advtsakshieducationcom
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 413
T he In ternational Monetary Fund (IMF) lowered its forecast for Chinarsquos
economic growth at 775 for the year 2013 citing a weak world economy
and exports in Washington on May 29th Earlier it had forecasted 8 growth
Annual ec ono mic gro wth of China fell to 7 8 in 20 12 the slo west sinc e 1999
becau se of its dec reasing ex po rt demand and increasing co sts the eur o-zo ne deb t
crisis and uncertainty over the US economic recovery China is worldrsquos second
largest economy The IMF advised that China should put priority on reining in
social financing growth or else the country s fast credit supply may fuel inflation in
future
The Planning Commission approved Project Ananta an Rs 8000 crore
programme that looks for pulling Anantapur district out of the control of the
perennial drought The Planning Commission has approved an Rs 53000 crore
Plan for the State up by 82 per cent compared to 48935 crore Rupees in year
2012 The project will take a complete approach to achieve the target The
Commission is supposed to send its team to study the feasibility o f the scheme Both
the State and the Centre would fund the Project After getting the Planning
Commission nod the State would consider starting similar programmes for other
bac kward distric ts suc h as Medak Adilab ad and Srikakulam A high-lev el team of
scientists suggested that the district required a five year plan to take stock of the
situation and prepare a plan to address issues such as natural resource
management crops and livestock
Pursuant to the announcement made in the Union Budget for 2013-14
the Government of India in consultation with Reserve Bank of India
(RBI) has decided to launch Inflation Index Bonds (IIBs) as instruments
that will protect savings of the poor and middle classes from inflation and
incentivise the household sector to save in financial instruments rather than buy
gold An official press release on 16 May said that for appropriate price discovery
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 513
and market development however it is necessary to issue comparable instruments
through auctions to the institutional investors such as Pension Funds Insurance
and Mutual FundsThis will create demand for IIBs and help in making them
tradable in the secondary market It is therefore proposed to issue initial series for
institutional investors (including 20 to retail investors) and later another series
exclusively for retail investors First series of IIBs would be issued in H1 of the
current FY With a view to target greater retail participation for this series also it
has been decided to enhance the non-competitive segment for retail investors to
20 from the present lev el of 5 the release said
Pursuant to the announcement made in the Union Budget for 2013-14
the Government of India in consultation with Reserve Bank of India
(RBI) has decided to launch Inflation Index Bonds (IIBs) as instruments
that will protect savings of the poor and middle classes from inflation and
incentivise the household sector to save in financial instruments rather than buy
gold An official press release on 16 May said that for appropriate price discovery
and market development however it is necessary to issue comparable instruments
through auctions to the institutional investors such as Pension Funds Insurance
and Mutual FundsThis will create demand for IIBs and help in making them
tradable in the secondary market It is therefore proposed to issue initial series for
institutional investors (including 20 to retail investors) and later another series
exclusively for retail investors First series of IIBs would be issued in H1 of the
current FY With a view to target greater retail participation for this series also it
has been decided to enhance the non-competitive segment for retail investors to
20 from the present lev el of 5 the release said
Opening up the prospects of export of shale gas to energy-starved India
the US on 17 May has granted conditional authorisation to export
domestically-produced liquefied natural gas (LNG) to count ries that do
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 613
major implications for India the Department of Energy (DoE) on 17 May
announced that it had conditionally authorised Freeport LNG Expansion LP and
FLNG Liquefaction LLC (Freeport) to export domestically-produced LNG to non-
FTA countries from the Freeport Terminal on Quintana Island in Texas Given that
the companies from countries such as China Japan and Britain have already an
ov erwhelming stake in this Tex as company India is unlikely to benefit immediately
from this grant of licence But the decision paves the way for India which does not
have a free trade agree ment with the US to get its co mpanies seek similar licences
for import of the much-needed gas from the US in large quantities from other
terminals The existing federal law generally requires approval of natural gas
exports to countries that have an FTA with the US For countries that do not have
an FTA with the US the Natural Gas Act directs the Department of Energy to grant
export authorisations unless the Department finds that the proposed exports ldquowill
not be co nsistent with the public interestrdquo
T he RBI on 12 May 2013 imposed restrictions on gold import by banks
in order to moderate the demand of gold for domestic use The RBI
decided to restrict the import of gold on consignment basis by banks only to meet
the genuine needs of expor ters o f gold jewellery The RBI stated that the dec ision is
base d on the reco mmendat ions of the Working Grou p on Gold that had sugg ested
aligning gold import regulations with the rest of the imports for creating a level
playing field between gold imports and other imports The restrictions have come
into effect immediately
The Union Government in Month of May 2013 has proposed stronger
powers to Securities and Exchange Board of India (SEBI) enabling it to
carry out search and seizure operations and for attachment of assets
With this a Spec ial power has also been pro po sed to SEBI with whic h it can seek
information on telephone call data records from any persons or entities in respect
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 713
to any securities transaction being examined by it It is worth mentioning here that
Proposals to make required amendments in the SEBI Act and other relevant
regulations have been finalized after detailed consultations with the market
regulator and are being presented before the Union Cabinet for its approval The
Government is planning to introduce the Securities Laws (Amendment) Bill 2013 in
Parliament to carry out the proposed changes for grant of stronger powers to SEBI
The Government has come up with the decision of accepting most of the proposals
made by SEBI in this regard and the amendments would be carried out after the
Cabinet approv es them and the req uired amendment Bill is passed by Parliament
The Union Government on 13 May 2013 hiked the monetary assistance
by 25 000 ru pees un der the Indira Awas Y ojana (I AY ) the housing scheme
for the poor giving priority to the scheduled castes tribes and minorities The cost
for 250 square foot housing unit has gone up to 7 000 0 rupees in plain areas and
7 500 0 rupee s in hilly and difficult areas from 4500 0 rupee s The Union
Government under the new guidelines of the Indira Awas Yojna has decided to
transfer the share of its funds to the State Governments rather than making a
district based allocation The Union Governmentrsquos assistance got procurement of a
homestead site to the states has been doubled for landless poor from 10000
rupees to 200 00 rupee s The changes has been brought in following the agreement
reached between the Government and the Jan Satyagraha on 11 October 2012 at
Ag ra also known as the Ag ra Agreeme nt on Land Refor ms in whic h 10-point
agreement was signed by the Rural Dev elopment Minister Jairam Ramesh at A gra
In connection with Cobrapost Red Spider 2 Expose which was released on 6 May
Rajiv Takru Secretary Department of Financial Services (DFS) and Ministry of
Finance have ordered the Chairman cum Managing Directors (CMDs) of various
Public Sector Banks and Life Insurance Corporation of India an immediate action in
the matter The Secretary of DFS had also sought compliance and action taken
report to be submitted on utmost priority As a result certain PSBs have already
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 813
officersemployees of various Public Sector Banks have been suspended including
one from insurance sector Beside it ten officers of PSBs have be en diveste d of their
wor k and six hav e been asked to proc eed on leave More actio n taken repo rts are
expected in near future
An In ter-m inisterial Group on 9 May has appro ved 10 per ce nt equ ity
sale in Coal In dia which is expected to fetch over Rs 17000 crore to the
government At present the government holds 90 per cent stake in Coal India
Ltd The Group headed by Disinvestment Secretary Ravi Mathur is guiding the
process of disinvestment of governments equity in CIL Besides the panel has
members drawn from Ministry of Coal Departments of Legal Affairs Economic
Affair s Corporate Affairs and Chairm an-cum-Managing Dire ctor of CIL Coal India
whic h has a cash balance of abo ut Rs 60 000 crore will be the bigg est
disinvestment for the government in the 2013-14 fiscal The government would like
to earn Rs 4000 0 cr ore thro ugh PSU stake sale in this fiscal
The Cabinet Committee on Economic Affairs (CCEA) on 9 May 2013
approved the proposal of the Ministry of Shipping for setting up of two
major ports in the count ry The two por ts will come up in Andhra Pradesh and
West Bengal eac h through Public Priv ate Partnership mod e As per the proposal
approved one port is expected to come up at Dugarajapatnam Nellore
district in An dhra Pradesh and looked forward to find out the techno-eco nomic
feasibility report for commissioning of the port Another port will be developed at
Sagar Island in West Bengal after obtaining environmental clearances and
following exact procedures for development of the project The cabinet also agreed
for appointment of the transaction adviser s and legal consultants and finalization of
the project structure in c onsultation with the State Gov ernment o f West Bengal and
the Planning Commission
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 913
National Stock Exchange launched the countryrsquos first dedicated debt
trading platform on 11 May 2013 The new Platform launched is awaiting the
market regulator Securities and Exchanges Board of Indisrsquos (SEBI) guidelines for
allowing participation of mutual funds insurance companies and pension funds
NSE had recently received approval from SEBI to launch the debt segment The
debt trading platform is supposed to provide retail investors an opportunity to
invest in corporate bonds on a liquid and transparent exchange platform Banks
and primary dealers are the first to enter and they will provide enough liquidity in
the debt segment The mutual funds insurance companies and pension funds are
also expected to participate after guidelines for the same are issued The Debt
Trading exchange platform is an innovation which has been launched after
intensive feedback from market participants It is similar to RBIrsquos NDS-OM where
Government sec urities are traded on a transparent platform
The Cabinet Committee on Economic Affairs on 2 May gave its approval to the
proposal of Ingka Holding BV Netherlands as recommended by the Foreign
Investment Promotion Board (FIPB) The approval would result in FDI inflows
amounting to Rs10 5 00 c rore approximately into the country
The Cabinet Committee on Economic Affairs on 2 May approved the
setting up of a Central Public Sector Enterprises (CPSE) Exchange
T raded Fund (ET F) which would com prise CPSE stocks (from amongst
the listed CPSE stocks) Each stock would have a fixed weightage in the basket
The composition of the basket the launch of the New Fund Offer (NFO) the
discount to be provided and other issues relating to contribution and pricing of the
ETF would be dec ided by the Empowere d Group of Ministers (EGoM) This will help
in minimizing market disruptions seen in public offerings of listed CPSEs increase
ability o f the Government to monetize part ial stakes in listed CPSEs some o f which
have lo w liquidity and free float broad base re tails participation of shares o f CPSEs
-
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1013
-
the Government from a pricing perspective as part of the discounts could be back-
ended in the per spectiv e of success o f ETFs globally a CPSE ETF will boost the ETF
product in the country and will help fulfill the domestic investorsrsquo appetite for an
equity ETF products as the domestic Indian investor is vastly under-served vis-a-
vis the fore ign inv estor co mmunity CPSE ETF is made up of a b asket of shar es of
different CPSEs that tracks an index fund but trades like a stock o n the ex change
Asian Dev elo pm ent Bank (ADB) on 5 May 2013 announced that it is going to
provide about 6 billion dollars loan to In dia ov er th e next th ree years
whic h was dec ided a t the co ncluding day of the 46t h annual mee ting of the funding
agency Although the ADB is facing the challenge of raising resources the basic
idea behind providing loan is to maintain its lending level to India The bank is
wor king on par tnership strategy and is planning to maintain the lev el of lend ing to
India It is important here to note that India is the biggest borrower of ADB and
ADB had ex tended a 24 billion dol lars loan to India in 20 12 across sec tors like
transport energy commerce industry trade and finance The bank will also
continue to lend10 billion dollars a year across the member-nations despite
generating lower return from investments
The Supreme Court of India on 1 May 2013 upheld the constitutional
validity of Govern m en trsquos dec ision allowing 51 percent foreign direct
Inv estment in the mu lti-brand retail sector A bench of Justices R M Lodha
Madan B Lokur and Kurian Joseph gave the ruling The bench observed that there
was no harm in giv ing the po licy a c hanc e It saw mer it in t he polic y that it would
eliminate intermediaries and help provide farmers a better price for their produce
It dismissed the petition filed against the 51 percent FDI in multi-brand retail As
per the court the policy will affect the lives of only 133 of the countrys
population living in 53 cities
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1113
Ac co rdin g to T RAI data Utt ar Pradesh acc ou nt ed for th e largest
number of mobile subscribers in India followed by Tamil Nadu
Maharashtra An dhra Pradesh an d Bihar Uttar Pradesh has a total of 12160
million mobile phone connect ions while Tamil Nadu has 7 181 million
subscribers Maharashtra is at the third position with a subscriber base of 67 7 3
million followed by Andhra Pradesh and Bihar at 6412 million and 607 3 million
respectively These five states together account 366 million mobile subscribers
whic h is 45 per ce nt of the total ce ll pho ne co nnec tio ns in t he co untr y Karnataka
stands sixth with 5245 million mobile subscribers followed by the central Indian
state of Madhya Pradesh with 5143 million subscribers Gujarat fast rising as the
most industry-friendly state came eighth with 5123 million cell phone
connectio ns while Rajasthan the largest state in terms of area has 47 83 million
mobile subscribers India which is the worlds second largest mobile
phone market in terms of subscribers had 86166 million mobile
connections as on February 2013 data from telecom regulator Telecom
Regulatory Authority of India (TRAI) showed Mobile subscriber base in the
country declined by 011 percent to 86166 million at the end of February 2013
from 8626 million in January 2013 Indias total telecom subscriber base which
includes mobile and landline connections declined marginally to 892 million in
February 2013 from 8931 million at the end of January this year Indias telecom
subscriber base had touc hed an all-time high of 9655 million in June 201 2
Infrastructu re financier IDFC on 2 May has announ ced that its current
Managing Director amp Chief Executive Officer Rajiv Lal would replace
outgoing chairman Deepak Parekh Mr Parekh will leave the government-
promoted IDFC to chair the IDFC advisory council - consultative body that will be
formed within the next few months Mr Parekh has been the chairman of the
gove rnment promote d infrastructure financier for the last fifteen y earsIDFC said in
a statement Parekh has relinquished his post as Chairman The board has
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1213
Managing Directo r and CEO
Sticking to its c autious stance the Reserve Bank of India (RBI) on 3 May cut
the key interest rate by just 025 per c ent to 7 25 per cent and kept the
liquidity enhancing cash reserve requirement unchanged disappointing
the industry and stock market The RBI in its annual monetary policy statement
said there would be modest improvement in the countryrsquos economic growth to 57
per cent in the current fiscal as against the decadersquos low of 5 per cent in 2012-13
Justifying the limited easing RBI Governor D Subbarao said the ldquomonetary policy
action by itself cannot revive growth It needs to be supplemented by efforts
towards easing the supply bottlenecks improving governance and stepping public
investmentrdquo The upside risks to inflation which cooled to a three-year low in
March ldquostill remain significantrdquo in the near term on suppressed inflation on the
energy front Mr Subbarao added ldquoOverall the balance o f risks stemming from the
Reserve Bankrsquos assessment of the growth-inflation dynamic yields little space for
further policy easingrdquo he said The decision to leave the CRR unchanged seems to
have been driven by an improvement in the liquidity deficit as the banks are now
drawing around Rs 84000 crore from the overnight window compared to Rs 18
lakh crore late last fiscal RBI expects inflation to hover broadly around the 55 per
cent mark in the curr ent fiscal and said it will deploy ldquoall instruments at co mmandrdquo
to bring it down to 5 per c ent by March next y ear
wwwsakshieducationcom
Published on 572013 72900 PM
Other Current Affairs
A t E i Aff i
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1313
August 2013 Economic Affairs
July 2013 Economic Affairs
June 2013 Economic Affairs
April 2013 Economic Affairs
March 2013 Economic Affairs
February 2013 Economic Affairs
January 2013 Economic Affairs
Home | A bou t Us | Disclaimer | Contact us at educationsakshicom
Engineering | Competit iv e Exam s | Tenth Class | Intermediate
Copyr ight copy 201 0 sakshieducationcom All r ights reserved
Site is Best v iewed in Internet Explorer 7 amp abov e with 10 24 times 76 8 Resolution
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 413
T he In ternational Monetary Fund (IMF) lowered its forecast for Chinarsquos
economic growth at 775 for the year 2013 citing a weak world economy
and exports in Washington on May 29th Earlier it had forecasted 8 growth
Annual ec ono mic gro wth of China fell to 7 8 in 20 12 the slo west sinc e 1999
becau se of its dec reasing ex po rt demand and increasing co sts the eur o-zo ne deb t
crisis and uncertainty over the US economic recovery China is worldrsquos second
largest economy The IMF advised that China should put priority on reining in
social financing growth or else the country s fast credit supply may fuel inflation in
future
The Planning Commission approved Project Ananta an Rs 8000 crore
programme that looks for pulling Anantapur district out of the control of the
perennial drought The Planning Commission has approved an Rs 53000 crore
Plan for the State up by 82 per cent compared to 48935 crore Rupees in year
2012 The project will take a complete approach to achieve the target The
Commission is supposed to send its team to study the feasibility o f the scheme Both
the State and the Centre would fund the Project After getting the Planning
Commission nod the State would consider starting similar programmes for other
bac kward distric ts suc h as Medak Adilab ad and Srikakulam A high-lev el team of
scientists suggested that the district required a five year plan to take stock of the
situation and prepare a plan to address issues such as natural resource
management crops and livestock
Pursuant to the announcement made in the Union Budget for 2013-14
the Government of India in consultation with Reserve Bank of India
(RBI) has decided to launch Inflation Index Bonds (IIBs) as instruments
that will protect savings of the poor and middle classes from inflation and
incentivise the household sector to save in financial instruments rather than buy
gold An official press release on 16 May said that for appropriate price discovery
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 513
and market development however it is necessary to issue comparable instruments
through auctions to the institutional investors such as Pension Funds Insurance
and Mutual FundsThis will create demand for IIBs and help in making them
tradable in the secondary market It is therefore proposed to issue initial series for
institutional investors (including 20 to retail investors) and later another series
exclusively for retail investors First series of IIBs would be issued in H1 of the
current FY With a view to target greater retail participation for this series also it
has been decided to enhance the non-competitive segment for retail investors to
20 from the present lev el of 5 the release said
Pursuant to the announcement made in the Union Budget for 2013-14
the Government of India in consultation with Reserve Bank of India
(RBI) has decided to launch Inflation Index Bonds (IIBs) as instruments
that will protect savings of the poor and middle classes from inflation and
incentivise the household sector to save in financial instruments rather than buy
gold An official press release on 16 May said that for appropriate price discovery
and market development however it is necessary to issue comparable instruments
through auctions to the institutional investors such as Pension Funds Insurance
and Mutual FundsThis will create demand for IIBs and help in making them
tradable in the secondary market It is therefore proposed to issue initial series for
institutional investors (including 20 to retail investors) and later another series
exclusively for retail investors First series of IIBs would be issued in H1 of the
current FY With a view to target greater retail participation for this series also it
has been decided to enhance the non-competitive segment for retail investors to
20 from the present lev el of 5 the release said
Opening up the prospects of export of shale gas to energy-starved India
the US on 17 May has granted conditional authorisation to export
domestically-produced liquefied natural gas (LNG) to count ries that do
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 613
major implications for India the Department of Energy (DoE) on 17 May
announced that it had conditionally authorised Freeport LNG Expansion LP and
FLNG Liquefaction LLC (Freeport) to export domestically-produced LNG to non-
FTA countries from the Freeport Terminal on Quintana Island in Texas Given that
the companies from countries such as China Japan and Britain have already an
ov erwhelming stake in this Tex as company India is unlikely to benefit immediately
from this grant of licence But the decision paves the way for India which does not
have a free trade agree ment with the US to get its co mpanies seek similar licences
for import of the much-needed gas from the US in large quantities from other
terminals The existing federal law generally requires approval of natural gas
exports to countries that have an FTA with the US For countries that do not have
an FTA with the US the Natural Gas Act directs the Department of Energy to grant
export authorisations unless the Department finds that the proposed exports ldquowill
not be co nsistent with the public interestrdquo
T he RBI on 12 May 2013 imposed restrictions on gold import by banks
in order to moderate the demand of gold for domestic use The RBI
decided to restrict the import of gold on consignment basis by banks only to meet
the genuine needs of expor ters o f gold jewellery The RBI stated that the dec ision is
base d on the reco mmendat ions of the Working Grou p on Gold that had sugg ested
aligning gold import regulations with the rest of the imports for creating a level
playing field between gold imports and other imports The restrictions have come
into effect immediately
The Union Government in Month of May 2013 has proposed stronger
powers to Securities and Exchange Board of India (SEBI) enabling it to
carry out search and seizure operations and for attachment of assets
With this a Spec ial power has also been pro po sed to SEBI with whic h it can seek
information on telephone call data records from any persons or entities in respect
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 713
to any securities transaction being examined by it It is worth mentioning here that
Proposals to make required amendments in the SEBI Act and other relevant
regulations have been finalized after detailed consultations with the market
regulator and are being presented before the Union Cabinet for its approval The
Government is planning to introduce the Securities Laws (Amendment) Bill 2013 in
Parliament to carry out the proposed changes for grant of stronger powers to SEBI
The Government has come up with the decision of accepting most of the proposals
made by SEBI in this regard and the amendments would be carried out after the
Cabinet approv es them and the req uired amendment Bill is passed by Parliament
The Union Government on 13 May 2013 hiked the monetary assistance
by 25 000 ru pees un der the Indira Awas Y ojana (I AY ) the housing scheme
for the poor giving priority to the scheduled castes tribes and minorities The cost
for 250 square foot housing unit has gone up to 7 000 0 rupees in plain areas and
7 500 0 rupee s in hilly and difficult areas from 4500 0 rupee s The Union
Government under the new guidelines of the Indira Awas Yojna has decided to
transfer the share of its funds to the State Governments rather than making a
district based allocation The Union Governmentrsquos assistance got procurement of a
homestead site to the states has been doubled for landless poor from 10000
rupees to 200 00 rupee s The changes has been brought in following the agreement
reached between the Government and the Jan Satyagraha on 11 October 2012 at
Ag ra also known as the Ag ra Agreeme nt on Land Refor ms in whic h 10-point
agreement was signed by the Rural Dev elopment Minister Jairam Ramesh at A gra
In connection with Cobrapost Red Spider 2 Expose which was released on 6 May
Rajiv Takru Secretary Department of Financial Services (DFS) and Ministry of
Finance have ordered the Chairman cum Managing Directors (CMDs) of various
Public Sector Banks and Life Insurance Corporation of India an immediate action in
the matter The Secretary of DFS had also sought compliance and action taken
report to be submitted on utmost priority As a result certain PSBs have already
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 813
officersemployees of various Public Sector Banks have been suspended including
one from insurance sector Beside it ten officers of PSBs have be en diveste d of their
wor k and six hav e been asked to proc eed on leave More actio n taken repo rts are
expected in near future
An In ter-m inisterial Group on 9 May has appro ved 10 per ce nt equ ity
sale in Coal In dia which is expected to fetch over Rs 17000 crore to the
government At present the government holds 90 per cent stake in Coal India
Ltd The Group headed by Disinvestment Secretary Ravi Mathur is guiding the
process of disinvestment of governments equity in CIL Besides the panel has
members drawn from Ministry of Coal Departments of Legal Affairs Economic
Affair s Corporate Affairs and Chairm an-cum-Managing Dire ctor of CIL Coal India
whic h has a cash balance of abo ut Rs 60 000 crore will be the bigg est
disinvestment for the government in the 2013-14 fiscal The government would like
to earn Rs 4000 0 cr ore thro ugh PSU stake sale in this fiscal
The Cabinet Committee on Economic Affairs (CCEA) on 9 May 2013
approved the proposal of the Ministry of Shipping for setting up of two
major ports in the count ry The two por ts will come up in Andhra Pradesh and
West Bengal eac h through Public Priv ate Partnership mod e As per the proposal
approved one port is expected to come up at Dugarajapatnam Nellore
district in An dhra Pradesh and looked forward to find out the techno-eco nomic
feasibility report for commissioning of the port Another port will be developed at
Sagar Island in West Bengal after obtaining environmental clearances and
following exact procedures for development of the project The cabinet also agreed
for appointment of the transaction adviser s and legal consultants and finalization of
the project structure in c onsultation with the State Gov ernment o f West Bengal and
the Planning Commission
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 913
National Stock Exchange launched the countryrsquos first dedicated debt
trading platform on 11 May 2013 The new Platform launched is awaiting the
market regulator Securities and Exchanges Board of Indisrsquos (SEBI) guidelines for
allowing participation of mutual funds insurance companies and pension funds
NSE had recently received approval from SEBI to launch the debt segment The
debt trading platform is supposed to provide retail investors an opportunity to
invest in corporate bonds on a liquid and transparent exchange platform Banks
and primary dealers are the first to enter and they will provide enough liquidity in
the debt segment The mutual funds insurance companies and pension funds are
also expected to participate after guidelines for the same are issued The Debt
Trading exchange platform is an innovation which has been launched after
intensive feedback from market participants It is similar to RBIrsquos NDS-OM where
Government sec urities are traded on a transparent platform
The Cabinet Committee on Economic Affairs on 2 May gave its approval to the
proposal of Ingka Holding BV Netherlands as recommended by the Foreign
Investment Promotion Board (FIPB) The approval would result in FDI inflows
amounting to Rs10 5 00 c rore approximately into the country
The Cabinet Committee on Economic Affairs on 2 May approved the
setting up of a Central Public Sector Enterprises (CPSE) Exchange
T raded Fund (ET F) which would com prise CPSE stocks (from amongst
the listed CPSE stocks) Each stock would have a fixed weightage in the basket
The composition of the basket the launch of the New Fund Offer (NFO) the
discount to be provided and other issues relating to contribution and pricing of the
ETF would be dec ided by the Empowere d Group of Ministers (EGoM) This will help
in minimizing market disruptions seen in public offerings of listed CPSEs increase
ability o f the Government to monetize part ial stakes in listed CPSEs some o f which
have lo w liquidity and free float broad base re tails participation of shares o f CPSEs
-
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1013
-
the Government from a pricing perspective as part of the discounts could be back-
ended in the per spectiv e of success o f ETFs globally a CPSE ETF will boost the ETF
product in the country and will help fulfill the domestic investorsrsquo appetite for an
equity ETF products as the domestic Indian investor is vastly under-served vis-a-
vis the fore ign inv estor co mmunity CPSE ETF is made up of a b asket of shar es of
different CPSEs that tracks an index fund but trades like a stock o n the ex change
Asian Dev elo pm ent Bank (ADB) on 5 May 2013 announced that it is going to
provide about 6 billion dollars loan to In dia ov er th e next th ree years
whic h was dec ided a t the co ncluding day of the 46t h annual mee ting of the funding
agency Although the ADB is facing the challenge of raising resources the basic
idea behind providing loan is to maintain its lending level to India The bank is
wor king on par tnership strategy and is planning to maintain the lev el of lend ing to
India It is important here to note that India is the biggest borrower of ADB and
ADB had ex tended a 24 billion dol lars loan to India in 20 12 across sec tors like
transport energy commerce industry trade and finance The bank will also
continue to lend10 billion dollars a year across the member-nations despite
generating lower return from investments
The Supreme Court of India on 1 May 2013 upheld the constitutional
validity of Govern m en trsquos dec ision allowing 51 percent foreign direct
Inv estment in the mu lti-brand retail sector A bench of Justices R M Lodha
Madan B Lokur and Kurian Joseph gave the ruling The bench observed that there
was no harm in giv ing the po licy a c hanc e It saw mer it in t he polic y that it would
eliminate intermediaries and help provide farmers a better price for their produce
It dismissed the petition filed against the 51 percent FDI in multi-brand retail As
per the court the policy will affect the lives of only 133 of the countrys
population living in 53 cities
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1113
Ac co rdin g to T RAI data Utt ar Pradesh acc ou nt ed for th e largest
number of mobile subscribers in India followed by Tamil Nadu
Maharashtra An dhra Pradesh an d Bihar Uttar Pradesh has a total of 12160
million mobile phone connect ions while Tamil Nadu has 7 181 million
subscribers Maharashtra is at the third position with a subscriber base of 67 7 3
million followed by Andhra Pradesh and Bihar at 6412 million and 607 3 million
respectively These five states together account 366 million mobile subscribers
whic h is 45 per ce nt of the total ce ll pho ne co nnec tio ns in t he co untr y Karnataka
stands sixth with 5245 million mobile subscribers followed by the central Indian
state of Madhya Pradesh with 5143 million subscribers Gujarat fast rising as the
most industry-friendly state came eighth with 5123 million cell phone
connectio ns while Rajasthan the largest state in terms of area has 47 83 million
mobile subscribers India which is the worlds second largest mobile
phone market in terms of subscribers had 86166 million mobile
connections as on February 2013 data from telecom regulator Telecom
Regulatory Authority of India (TRAI) showed Mobile subscriber base in the
country declined by 011 percent to 86166 million at the end of February 2013
from 8626 million in January 2013 Indias total telecom subscriber base which
includes mobile and landline connections declined marginally to 892 million in
February 2013 from 8931 million at the end of January this year Indias telecom
subscriber base had touc hed an all-time high of 9655 million in June 201 2
Infrastructu re financier IDFC on 2 May has announ ced that its current
Managing Director amp Chief Executive Officer Rajiv Lal would replace
outgoing chairman Deepak Parekh Mr Parekh will leave the government-
promoted IDFC to chair the IDFC advisory council - consultative body that will be
formed within the next few months Mr Parekh has been the chairman of the
gove rnment promote d infrastructure financier for the last fifteen y earsIDFC said in
a statement Parekh has relinquished his post as Chairman The board has
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1213
Managing Directo r and CEO
Sticking to its c autious stance the Reserve Bank of India (RBI) on 3 May cut
the key interest rate by just 025 per c ent to 7 25 per cent and kept the
liquidity enhancing cash reserve requirement unchanged disappointing
the industry and stock market The RBI in its annual monetary policy statement
said there would be modest improvement in the countryrsquos economic growth to 57
per cent in the current fiscal as against the decadersquos low of 5 per cent in 2012-13
Justifying the limited easing RBI Governor D Subbarao said the ldquomonetary policy
action by itself cannot revive growth It needs to be supplemented by efforts
towards easing the supply bottlenecks improving governance and stepping public
investmentrdquo The upside risks to inflation which cooled to a three-year low in
March ldquostill remain significantrdquo in the near term on suppressed inflation on the
energy front Mr Subbarao added ldquoOverall the balance o f risks stemming from the
Reserve Bankrsquos assessment of the growth-inflation dynamic yields little space for
further policy easingrdquo he said The decision to leave the CRR unchanged seems to
have been driven by an improvement in the liquidity deficit as the banks are now
drawing around Rs 84000 crore from the overnight window compared to Rs 18
lakh crore late last fiscal RBI expects inflation to hover broadly around the 55 per
cent mark in the curr ent fiscal and said it will deploy ldquoall instruments at co mmandrdquo
to bring it down to 5 per c ent by March next y ear
wwwsakshieducationcom
Published on 572013 72900 PM
Other Current Affairs
A t E i Aff i
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1313
August 2013 Economic Affairs
July 2013 Economic Affairs
June 2013 Economic Affairs
April 2013 Economic Affairs
March 2013 Economic Affairs
February 2013 Economic Affairs
January 2013 Economic Affairs
Home | A bou t Us | Disclaimer | Contact us at educationsakshicom
Engineering | Competit iv e Exam s | Tenth Class | Intermediate
Copyr ight copy 201 0 sakshieducationcom All r ights reserved
Site is Best v iewed in Internet Explorer 7 amp abov e with 10 24 times 76 8 Resolution
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 513
and market development however it is necessary to issue comparable instruments
through auctions to the institutional investors such as Pension Funds Insurance
and Mutual FundsThis will create demand for IIBs and help in making them
tradable in the secondary market It is therefore proposed to issue initial series for
institutional investors (including 20 to retail investors) and later another series
exclusively for retail investors First series of IIBs would be issued in H1 of the
current FY With a view to target greater retail participation for this series also it
has been decided to enhance the non-competitive segment for retail investors to
20 from the present lev el of 5 the release said
Pursuant to the announcement made in the Union Budget for 2013-14
the Government of India in consultation with Reserve Bank of India
(RBI) has decided to launch Inflation Index Bonds (IIBs) as instruments
that will protect savings of the poor and middle classes from inflation and
incentivise the household sector to save in financial instruments rather than buy
gold An official press release on 16 May said that for appropriate price discovery
and market development however it is necessary to issue comparable instruments
through auctions to the institutional investors such as Pension Funds Insurance
and Mutual FundsThis will create demand for IIBs and help in making them
tradable in the secondary market It is therefore proposed to issue initial series for
institutional investors (including 20 to retail investors) and later another series
exclusively for retail investors First series of IIBs would be issued in H1 of the
current FY With a view to target greater retail participation for this series also it
has been decided to enhance the non-competitive segment for retail investors to
20 from the present lev el of 5 the release said
Opening up the prospects of export of shale gas to energy-starved India
the US on 17 May has granted conditional authorisation to export
domestically-produced liquefied natural gas (LNG) to count ries that do
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 613
major implications for India the Department of Energy (DoE) on 17 May
announced that it had conditionally authorised Freeport LNG Expansion LP and
FLNG Liquefaction LLC (Freeport) to export domestically-produced LNG to non-
FTA countries from the Freeport Terminal on Quintana Island in Texas Given that
the companies from countries such as China Japan and Britain have already an
ov erwhelming stake in this Tex as company India is unlikely to benefit immediately
from this grant of licence But the decision paves the way for India which does not
have a free trade agree ment with the US to get its co mpanies seek similar licences
for import of the much-needed gas from the US in large quantities from other
terminals The existing federal law generally requires approval of natural gas
exports to countries that have an FTA with the US For countries that do not have
an FTA with the US the Natural Gas Act directs the Department of Energy to grant
export authorisations unless the Department finds that the proposed exports ldquowill
not be co nsistent with the public interestrdquo
T he RBI on 12 May 2013 imposed restrictions on gold import by banks
in order to moderate the demand of gold for domestic use The RBI
decided to restrict the import of gold on consignment basis by banks only to meet
the genuine needs of expor ters o f gold jewellery The RBI stated that the dec ision is
base d on the reco mmendat ions of the Working Grou p on Gold that had sugg ested
aligning gold import regulations with the rest of the imports for creating a level
playing field between gold imports and other imports The restrictions have come
into effect immediately
The Union Government in Month of May 2013 has proposed stronger
powers to Securities and Exchange Board of India (SEBI) enabling it to
carry out search and seizure operations and for attachment of assets
With this a Spec ial power has also been pro po sed to SEBI with whic h it can seek
information on telephone call data records from any persons or entities in respect
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 713
to any securities transaction being examined by it It is worth mentioning here that
Proposals to make required amendments in the SEBI Act and other relevant
regulations have been finalized after detailed consultations with the market
regulator and are being presented before the Union Cabinet for its approval The
Government is planning to introduce the Securities Laws (Amendment) Bill 2013 in
Parliament to carry out the proposed changes for grant of stronger powers to SEBI
The Government has come up with the decision of accepting most of the proposals
made by SEBI in this regard and the amendments would be carried out after the
Cabinet approv es them and the req uired amendment Bill is passed by Parliament
The Union Government on 13 May 2013 hiked the monetary assistance
by 25 000 ru pees un der the Indira Awas Y ojana (I AY ) the housing scheme
for the poor giving priority to the scheduled castes tribes and minorities The cost
for 250 square foot housing unit has gone up to 7 000 0 rupees in plain areas and
7 500 0 rupee s in hilly and difficult areas from 4500 0 rupee s The Union
Government under the new guidelines of the Indira Awas Yojna has decided to
transfer the share of its funds to the State Governments rather than making a
district based allocation The Union Governmentrsquos assistance got procurement of a
homestead site to the states has been doubled for landless poor from 10000
rupees to 200 00 rupee s The changes has been brought in following the agreement
reached between the Government and the Jan Satyagraha on 11 October 2012 at
Ag ra also known as the Ag ra Agreeme nt on Land Refor ms in whic h 10-point
agreement was signed by the Rural Dev elopment Minister Jairam Ramesh at A gra
In connection with Cobrapost Red Spider 2 Expose which was released on 6 May
Rajiv Takru Secretary Department of Financial Services (DFS) and Ministry of
Finance have ordered the Chairman cum Managing Directors (CMDs) of various
Public Sector Banks and Life Insurance Corporation of India an immediate action in
the matter The Secretary of DFS had also sought compliance and action taken
report to be submitted on utmost priority As a result certain PSBs have already
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 813
officersemployees of various Public Sector Banks have been suspended including
one from insurance sector Beside it ten officers of PSBs have be en diveste d of their
wor k and six hav e been asked to proc eed on leave More actio n taken repo rts are
expected in near future
An In ter-m inisterial Group on 9 May has appro ved 10 per ce nt equ ity
sale in Coal In dia which is expected to fetch over Rs 17000 crore to the
government At present the government holds 90 per cent stake in Coal India
Ltd The Group headed by Disinvestment Secretary Ravi Mathur is guiding the
process of disinvestment of governments equity in CIL Besides the panel has
members drawn from Ministry of Coal Departments of Legal Affairs Economic
Affair s Corporate Affairs and Chairm an-cum-Managing Dire ctor of CIL Coal India
whic h has a cash balance of abo ut Rs 60 000 crore will be the bigg est
disinvestment for the government in the 2013-14 fiscal The government would like
to earn Rs 4000 0 cr ore thro ugh PSU stake sale in this fiscal
The Cabinet Committee on Economic Affairs (CCEA) on 9 May 2013
approved the proposal of the Ministry of Shipping for setting up of two
major ports in the count ry The two por ts will come up in Andhra Pradesh and
West Bengal eac h through Public Priv ate Partnership mod e As per the proposal
approved one port is expected to come up at Dugarajapatnam Nellore
district in An dhra Pradesh and looked forward to find out the techno-eco nomic
feasibility report for commissioning of the port Another port will be developed at
Sagar Island in West Bengal after obtaining environmental clearances and
following exact procedures for development of the project The cabinet also agreed
for appointment of the transaction adviser s and legal consultants and finalization of
the project structure in c onsultation with the State Gov ernment o f West Bengal and
the Planning Commission
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 913
National Stock Exchange launched the countryrsquos first dedicated debt
trading platform on 11 May 2013 The new Platform launched is awaiting the
market regulator Securities and Exchanges Board of Indisrsquos (SEBI) guidelines for
allowing participation of mutual funds insurance companies and pension funds
NSE had recently received approval from SEBI to launch the debt segment The
debt trading platform is supposed to provide retail investors an opportunity to
invest in corporate bonds on a liquid and transparent exchange platform Banks
and primary dealers are the first to enter and they will provide enough liquidity in
the debt segment The mutual funds insurance companies and pension funds are
also expected to participate after guidelines for the same are issued The Debt
Trading exchange platform is an innovation which has been launched after
intensive feedback from market participants It is similar to RBIrsquos NDS-OM where
Government sec urities are traded on a transparent platform
The Cabinet Committee on Economic Affairs on 2 May gave its approval to the
proposal of Ingka Holding BV Netherlands as recommended by the Foreign
Investment Promotion Board (FIPB) The approval would result in FDI inflows
amounting to Rs10 5 00 c rore approximately into the country
The Cabinet Committee on Economic Affairs on 2 May approved the
setting up of a Central Public Sector Enterprises (CPSE) Exchange
T raded Fund (ET F) which would com prise CPSE stocks (from amongst
the listed CPSE stocks) Each stock would have a fixed weightage in the basket
The composition of the basket the launch of the New Fund Offer (NFO) the
discount to be provided and other issues relating to contribution and pricing of the
ETF would be dec ided by the Empowere d Group of Ministers (EGoM) This will help
in minimizing market disruptions seen in public offerings of listed CPSEs increase
ability o f the Government to monetize part ial stakes in listed CPSEs some o f which
have lo w liquidity and free float broad base re tails participation of shares o f CPSEs
-
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1013
-
the Government from a pricing perspective as part of the discounts could be back-
ended in the per spectiv e of success o f ETFs globally a CPSE ETF will boost the ETF
product in the country and will help fulfill the domestic investorsrsquo appetite for an
equity ETF products as the domestic Indian investor is vastly under-served vis-a-
vis the fore ign inv estor co mmunity CPSE ETF is made up of a b asket of shar es of
different CPSEs that tracks an index fund but trades like a stock o n the ex change
Asian Dev elo pm ent Bank (ADB) on 5 May 2013 announced that it is going to
provide about 6 billion dollars loan to In dia ov er th e next th ree years
whic h was dec ided a t the co ncluding day of the 46t h annual mee ting of the funding
agency Although the ADB is facing the challenge of raising resources the basic
idea behind providing loan is to maintain its lending level to India The bank is
wor king on par tnership strategy and is planning to maintain the lev el of lend ing to
India It is important here to note that India is the biggest borrower of ADB and
ADB had ex tended a 24 billion dol lars loan to India in 20 12 across sec tors like
transport energy commerce industry trade and finance The bank will also
continue to lend10 billion dollars a year across the member-nations despite
generating lower return from investments
The Supreme Court of India on 1 May 2013 upheld the constitutional
validity of Govern m en trsquos dec ision allowing 51 percent foreign direct
Inv estment in the mu lti-brand retail sector A bench of Justices R M Lodha
Madan B Lokur and Kurian Joseph gave the ruling The bench observed that there
was no harm in giv ing the po licy a c hanc e It saw mer it in t he polic y that it would
eliminate intermediaries and help provide farmers a better price for their produce
It dismissed the petition filed against the 51 percent FDI in multi-brand retail As
per the court the policy will affect the lives of only 133 of the countrys
population living in 53 cities
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1113
Ac co rdin g to T RAI data Utt ar Pradesh acc ou nt ed for th e largest
number of mobile subscribers in India followed by Tamil Nadu
Maharashtra An dhra Pradesh an d Bihar Uttar Pradesh has a total of 12160
million mobile phone connect ions while Tamil Nadu has 7 181 million
subscribers Maharashtra is at the third position with a subscriber base of 67 7 3
million followed by Andhra Pradesh and Bihar at 6412 million and 607 3 million
respectively These five states together account 366 million mobile subscribers
whic h is 45 per ce nt of the total ce ll pho ne co nnec tio ns in t he co untr y Karnataka
stands sixth with 5245 million mobile subscribers followed by the central Indian
state of Madhya Pradesh with 5143 million subscribers Gujarat fast rising as the
most industry-friendly state came eighth with 5123 million cell phone
connectio ns while Rajasthan the largest state in terms of area has 47 83 million
mobile subscribers India which is the worlds second largest mobile
phone market in terms of subscribers had 86166 million mobile
connections as on February 2013 data from telecom regulator Telecom
Regulatory Authority of India (TRAI) showed Mobile subscriber base in the
country declined by 011 percent to 86166 million at the end of February 2013
from 8626 million in January 2013 Indias total telecom subscriber base which
includes mobile and landline connections declined marginally to 892 million in
February 2013 from 8931 million at the end of January this year Indias telecom
subscriber base had touc hed an all-time high of 9655 million in June 201 2
Infrastructu re financier IDFC on 2 May has announ ced that its current
Managing Director amp Chief Executive Officer Rajiv Lal would replace
outgoing chairman Deepak Parekh Mr Parekh will leave the government-
promoted IDFC to chair the IDFC advisory council - consultative body that will be
formed within the next few months Mr Parekh has been the chairman of the
gove rnment promote d infrastructure financier for the last fifteen y earsIDFC said in
a statement Parekh has relinquished his post as Chairman The board has
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1213
Managing Directo r and CEO
Sticking to its c autious stance the Reserve Bank of India (RBI) on 3 May cut
the key interest rate by just 025 per c ent to 7 25 per cent and kept the
liquidity enhancing cash reserve requirement unchanged disappointing
the industry and stock market The RBI in its annual monetary policy statement
said there would be modest improvement in the countryrsquos economic growth to 57
per cent in the current fiscal as against the decadersquos low of 5 per cent in 2012-13
Justifying the limited easing RBI Governor D Subbarao said the ldquomonetary policy
action by itself cannot revive growth It needs to be supplemented by efforts
towards easing the supply bottlenecks improving governance and stepping public
investmentrdquo The upside risks to inflation which cooled to a three-year low in
March ldquostill remain significantrdquo in the near term on suppressed inflation on the
energy front Mr Subbarao added ldquoOverall the balance o f risks stemming from the
Reserve Bankrsquos assessment of the growth-inflation dynamic yields little space for
further policy easingrdquo he said The decision to leave the CRR unchanged seems to
have been driven by an improvement in the liquidity deficit as the banks are now
drawing around Rs 84000 crore from the overnight window compared to Rs 18
lakh crore late last fiscal RBI expects inflation to hover broadly around the 55 per
cent mark in the curr ent fiscal and said it will deploy ldquoall instruments at co mmandrdquo
to bring it down to 5 per c ent by March next y ear
wwwsakshieducationcom
Published on 572013 72900 PM
Other Current Affairs
A t E i Aff i
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1313
August 2013 Economic Affairs
July 2013 Economic Affairs
June 2013 Economic Affairs
April 2013 Economic Affairs
March 2013 Economic Affairs
February 2013 Economic Affairs
January 2013 Economic Affairs
Home | A bou t Us | Disclaimer | Contact us at educationsakshicom
Engineering | Competit iv e Exam s | Tenth Class | Intermediate
Copyr ight copy 201 0 sakshieducationcom All r ights reserved
Site is Best v iewed in Internet Explorer 7 amp abov e with 10 24 times 76 8 Resolution
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 613
major implications for India the Department of Energy (DoE) on 17 May
announced that it had conditionally authorised Freeport LNG Expansion LP and
FLNG Liquefaction LLC (Freeport) to export domestically-produced LNG to non-
FTA countries from the Freeport Terminal on Quintana Island in Texas Given that
the companies from countries such as China Japan and Britain have already an
ov erwhelming stake in this Tex as company India is unlikely to benefit immediately
from this grant of licence But the decision paves the way for India which does not
have a free trade agree ment with the US to get its co mpanies seek similar licences
for import of the much-needed gas from the US in large quantities from other
terminals The existing federal law generally requires approval of natural gas
exports to countries that have an FTA with the US For countries that do not have
an FTA with the US the Natural Gas Act directs the Department of Energy to grant
export authorisations unless the Department finds that the proposed exports ldquowill
not be co nsistent with the public interestrdquo
T he RBI on 12 May 2013 imposed restrictions on gold import by banks
in order to moderate the demand of gold for domestic use The RBI
decided to restrict the import of gold on consignment basis by banks only to meet
the genuine needs of expor ters o f gold jewellery The RBI stated that the dec ision is
base d on the reco mmendat ions of the Working Grou p on Gold that had sugg ested
aligning gold import regulations with the rest of the imports for creating a level
playing field between gold imports and other imports The restrictions have come
into effect immediately
The Union Government in Month of May 2013 has proposed stronger
powers to Securities and Exchange Board of India (SEBI) enabling it to
carry out search and seizure operations and for attachment of assets
With this a Spec ial power has also been pro po sed to SEBI with whic h it can seek
information on telephone call data records from any persons or entities in respect
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 713
to any securities transaction being examined by it It is worth mentioning here that
Proposals to make required amendments in the SEBI Act and other relevant
regulations have been finalized after detailed consultations with the market
regulator and are being presented before the Union Cabinet for its approval The
Government is planning to introduce the Securities Laws (Amendment) Bill 2013 in
Parliament to carry out the proposed changes for grant of stronger powers to SEBI
The Government has come up with the decision of accepting most of the proposals
made by SEBI in this regard and the amendments would be carried out after the
Cabinet approv es them and the req uired amendment Bill is passed by Parliament
The Union Government on 13 May 2013 hiked the monetary assistance
by 25 000 ru pees un der the Indira Awas Y ojana (I AY ) the housing scheme
for the poor giving priority to the scheduled castes tribes and minorities The cost
for 250 square foot housing unit has gone up to 7 000 0 rupees in plain areas and
7 500 0 rupee s in hilly and difficult areas from 4500 0 rupee s The Union
Government under the new guidelines of the Indira Awas Yojna has decided to
transfer the share of its funds to the State Governments rather than making a
district based allocation The Union Governmentrsquos assistance got procurement of a
homestead site to the states has been doubled for landless poor from 10000
rupees to 200 00 rupee s The changes has been brought in following the agreement
reached between the Government and the Jan Satyagraha on 11 October 2012 at
Ag ra also known as the Ag ra Agreeme nt on Land Refor ms in whic h 10-point
agreement was signed by the Rural Dev elopment Minister Jairam Ramesh at A gra
In connection with Cobrapost Red Spider 2 Expose which was released on 6 May
Rajiv Takru Secretary Department of Financial Services (DFS) and Ministry of
Finance have ordered the Chairman cum Managing Directors (CMDs) of various
Public Sector Banks and Life Insurance Corporation of India an immediate action in
the matter The Secretary of DFS had also sought compliance and action taken
report to be submitted on utmost priority As a result certain PSBs have already
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 813
officersemployees of various Public Sector Banks have been suspended including
one from insurance sector Beside it ten officers of PSBs have be en diveste d of their
wor k and six hav e been asked to proc eed on leave More actio n taken repo rts are
expected in near future
An In ter-m inisterial Group on 9 May has appro ved 10 per ce nt equ ity
sale in Coal In dia which is expected to fetch over Rs 17000 crore to the
government At present the government holds 90 per cent stake in Coal India
Ltd The Group headed by Disinvestment Secretary Ravi Mathur is guiding the
process of disinvestment of governments equity in CIL Besides the panel has
members drawn from Ministry of Coal Departments of Legal Affairs Economic
Affair s Corporate Affairs and Chairm an-cum-Managing Dire ctor of CIL Coal India
whic h has a cash balance of abo ut Rs 60 000 crore will be the bigg est
disinvestment for the government in the 2013-14 fiscal The government would like
to earn Rs 4000 0 cr ore thro ugh PSU stake sale in this fiscal
The Cabinet Committee on Economic Affairs (CCEA) on 9 May 2013
approved the proposal of the Ministry of Shipping for setting up of two
major ports in the count ry The two por ts will come up in Andhra Pradesh and
West Bengal eac h through Public Priv ate Partnership mod e As per the proposal
approved one port is expected to come up at Dugarajapatnam Nellore
district in An dhra Pradesh and looked forward to find out the techno-eco nomic
feasibility report for commissioning of the port Another port will be developed at
Sagar Island in West Bengal after obtaining environmental clearances and
following exact procedures for development of the project The cabinet also agreed
for appointment of the transaction adviser s and legal consultants and finalization of
the project structure in c onsultation with the State Gov ernment o f West Bengal and
the Planning Commission
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 913
National Stock Exchange launched the countryrsquos first dedicated debt
trading platform on 11 May 2013 The new Platform launched is awaiting the
market regulator Securities and Exchanges Board of Indisrsquos (SEBI) guidelines for
allowing participation of mutual funds insurance companies and pension funds
NSE had recently received approval from SEBI to launch the debt segment The
debt trading platform is supposed to provide retail investors an opportunity to
invest in corporate bonds on a liquid and transparent exchange platform Banks
and primary dealers are the first to enter and they will provide enough liquidity in
the debt segment The mutual funds insurance companies and pension funds are
also expected to participate after guidelines for the same are issued The Debt
Trading exchange platform is an innovation which has been launched after
intensive feedback from market participants It is similar to RBIrsquos NDS-OM where
Government sec urities are traded on a transparent platform
The Cabinet Committee on Economic Affairs on 2 May gave its approval to the
proposal of Ingka Holding BV Netherlands as recommended by the Foreign
Investment Promotion Board (FIPB) The approval would result in FDI inflows
amounting to Rs10 5 00 c rore approximately into the country
The Cabinet Committee on Economic Affairs on 2 May approved the
setting up of a Central Public Sector Enterprises (CPSE) Exchange
T raded Fund (ET F) which would com prise CPSE stocks (from amongst
the listed CPSE stocks) Each stock would have a fixed weightage in the basket
The composition of the basket the launch of the New Fund Offer (NFO) the
discount to be provided and other issues relating to contribution and pricing of the
ETF would be dec ided by the Empowere d Group of Ministers (EGoM) This will help
in minimizing market disruptions seen in public offerings of listed CPSEs increase
ability o f the Government to monetize part ial stakes in listed CPSEs some o f which
have lo w liquidity and free float broad base re tails participation of shares o f CPSEs
-
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1013
-
the Government from a pricing perspective as part of the discounts could be back-
ended in the per spectiv e of success o f ETFs globally a CPSE ETF will boost the ETF
product in the country and will help fulfill the domestic investorsrsquo appetite for an
equity ETF products as the domestic Indian investor is vastly under-served vis-a-
vis the fore ign inv estor co mmunity CPSE ETF is made up of a b asket of shar es of
different CPSEs that tracks an index fund but trades like a stock o n the ex change
Asian Dev elo pm ent Bank (ADB) on 5 May 2013 announced that it is going to
provide about 6 billion dollars loan to In dia ov er th e next th ree years
whic h was dec ided a t the co ncluding day of the 46t h annual mee ting of the funding
agency Although the ADB is facing the challenge of raising resources the basic
idea behind providing loan is to maintain its lending level to India The bank is
wor king on par tnership strategy and is planning to maintain the lev el of lend ing to
India It is important here to note that India is the biggest borrower of ADB and
ADB had ex tended a 24 billion dol lars loan to India in 20 12 across sec tors like
transport energy commerce industry trade and finance The bank will also
continue to lend10 billion dollars a year across the member-nations despite
generating lower return from investments
The Supreme Court of India on 1 May 2013 upheld the constitutional
validity of Govern m en trsquos dec ision allowing 51 percent foreign direct
Inv estment in the mu lti-brand retail sector A bench of Justices R M Lodha
Madan B Lokur and Kurian Joseph gave the ruling The bench observed that there
was no harm in giv ing the po licy a c hanc e It saw mer it in t he polic y that it would
eliminate intermediaries and help provide farmers a better price for their produce
It dismissed the petition filed against the 51 percent FDI in multi-brand retail As
per the court the policy will affect the lives of only 133 of the countrys
population living in 53 cities
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1113
Ac co rdin g to T RAI data Utt ar Pradesh acc ou nt ed for th e largest
number of mobile subscribers in India followed by Tamil Nadu
Maharashtra An dhra Pradesh an d Bihar Uttar Pradesh has a total of 12160
million mobile phone connect ions while Tamil Nadu has 7 181 million
subscribers Maharashtra is at the third position with a subscriber base of 67 7 3
million followed by Andhra Pradesh and Bihar at 6412 million and 607 3 million
respectively These five states together account 366 million mobile subscribers
whic h is 45 per ce nt of the total ce ll pho ne co nnec tio ns in t he co untr y Karnataka
stands sixth with 5245 million mobile subscribers followed by the central Indian
state of Madhya Pradesh with 5143 million subscribers Gujarat fast rising as the
most industry-friendly state came eighth with 5123 million cell phone
connectio ns while Rajasthan the largest state in terms of area has 47 83 million
mobile subscribers India which is the worlds second largest mobile
phone market in terms of subscribers had 86166 million mobile
connections as on February 2013 data from telecom regulator Telecom
Regulatory Authority of India (TRAI) showed Mobile subscriber base in the
country declined by 011 percent to 86166 million at the end of February 2013
from 8626 million in January 2013 Indias total telecom subscriber base which
includes mobile and landline connections declined marginally to 892 million in
February 2013 from 8931 million at the end of January this year Indias telecom
subscriber base had touc hed an all-time high of 9655 million in June 201 2
Infrastructu re financier IDFC on 2 May has announ ced that its current
Managing Director amp Chief Executive Officer Rajiv Lal would replace
outgoing chairman Deepak Parekh Mr Parekh will leave the government-
promoted IDFC to chair the IDFC advisory council - consultative body that will be
formed within the next few months Mr Parekh has been the chairman of the
gove rnment promote d infrastructure financier for the last fifteen y earsIDFC said in
a statement Parekh has relinquished his post as Chairman The board has
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1213
Managing Directo r and CEO
Sticking to its c autious stance the Reserve Bank of India (RBI) on 3 May cut
the key interest rate by just 025 per c ent to 7 25 per cent and kept the
liquidity enhancing cash reserve requirement unchanged disappointing
the industry and stock market The RBI in its annual monetary policy statement
said there would be modest improvement in the countryrsquos economic growth to 57
per cent in the current fiscal as against the decadersquos low of 5 per cent in 2012-13
Justifying the limited easing RBI Governor D Subbarao said the ldquomonetary policy
action by itself cannot revive growth It needs to be supplemented by efforts
towards easing the supply bottlenecks improving governance and stepping public
investmentrdquo The upside risks to inflation which cooled to a three-year low in
March ldquostill remain significantrdquo in the near term on suppressed inflation on the
energy front Mr Subbarao added ldquoOverall the balance o f risks stemming from the
Reserve Bankrsquos assessment of the growth-inflation dynamic yields little space for
further policy easingrdquo he said The decision to leave the CRR unchanged seems to
have been driven by an improvement in the liquidity deficit as the banks are now
drawing around Rs 84000 crore from the overnight window compared to Rs 18
lakh crore late last fiscal RBI expects inflation to hover broadly around the 55 per
cent mark in the curr ent fiscal and said it will deploy ldquoall instruments at co mmandrdquo
to bring it down to 5 per c ent by March next y ear
wwwsakshieducationcom
Published on 572013 72900 PM
Other Current Affairs
A t E i Aff i
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1313
August 2013 Economic Affairs
July 2013 Economic Affairs
June 2013 Economic Affairs
April 2013 Economic Affairs
March 2013 Economic Affairs
February 2013 Economic Affairs
January 2013 Economic Affairs
Home | A bou t Us | Disclaimer | Contact us at educationsakshicom
Engineering | Competit iv e Exam s | Tenth Class | Intermediate
Copyr ight copy 201 0 sakshieducationcom All r ights reserved
Site is Best v iewed in Internet Explorer 7 amp abov e with 10 24 times 76 8 Resolution
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 713
to any securities transaction being examined by it It is worth mentioning here that
Proposals to make required amendments in the SEBI Act and other relevant
regulations have been finalized after detailed consultations with the market
regulator and are being presented before the Union Cabinet for its approval The
Government is planning to introduce the Securities Laws (Amendment) Bill 2013 in
Parliament to carry out the proposed changes for grant of stronger powers to SEBI
The Government has come up with the decision of accepting most of the proposals
made by SEBI in this regard and the amendments would be carried out after the
Cabinet approv es them and the req uired amendment Bill is passed by Parliament
The Union Government on 13 May 2013 hiked the monetary assistance
by 25 000 ru pees un der the Indira Awas Y ojana (I AY ) the housing scheme
for the poor giving priority to the scheduled castes tribes and minorities The cost
for 250 square foot housing unit has gone up to 7 000 0 rupees in plain areas and
7 500 0 rupee s in hilly and difficult areas from 4500 0 rupee s The Union
Government under the new guidelines of the Indira Awas Yojna has decided to
transfer the share of its funds to the State Governments rather than making a
district based allocation The Union Governmentrsquos assistance got procurement of a
homestead site to the states has been doubled for landless poor from 10000
rupees to 200 00 rupee s The changes has been brought in following the agreement
reached between the Government and the Jan Satyagraha on 11 October 2012 at
Ag ra also known as the Ag ra Agreeme nt on Land Refor ms in whic h 10-point
agreement was signed by the Rural Dev elopment Minister Jairam Ramesh at A gra
In connection with Cobrapost Red Spider 2 Expose which was released on 6 May
Rajiv Takru Secretary Department of Financial Services (DFS) and Ministry of
Finance have ordered the Chairman cum Managing Directors (CMDs) of various
Public Sector Banks and Life Insurance Corporation of India an immediate action in
the matter The Secretary of DFS had also sought compliance and action taken
report to be submitted on utmost priority As a result certain PSBs have already
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 813
officersemployees of various Public Sector Banks have been suspended including
one from insurance sector Beside it ten officers of PSBs have be en diveste d of their
wor k and six hav e been asked to proc eed on leave More actio n taken repo rts are
expected in near future
An In ter-m inisterial Group on 9 May has appro ved 10 per ce nt equ ity
sale in Coal In dia which is expected to fetch over Rs 17000 crore to the
government At present the government holds 90 per cent stake in Coal India
Ltd The Group headed by Disinvestment Secretary Ravi Mathur is guiding the
process of disinvestment of governments equity in CIL Besides the panel has
members drawn from Ministry of Coal Departments of Legal Affairs Economic
Affair s Corporate Affairs and Chairm an-cum-Managing Dire ctor of CIL Coal India
whic h has a cash balance of abo ut Rs 60 000 crore will be the bigg est
disinvestment for the government in the 2013-14 fiscal The government would like
to earn Rs 4000 0 cr ore thro ugh PSU stake sale in this fiscal
The Cabinet Committee on Economic Affairs (CCEA) on 9 May 2013
approved the proposal of the Ministry of Shipping for setting up of two
major ports in the count ry The two por ts will come up in Andhra Pradesh and
West Bengal eac h through Public Priv ate Partnership mod e As per the proposal
approved one port is expected to come up at Dugarajapatnam Nellore
district in An dhra Pradesh and looked forward to find out the techno-eco nomic
feasibility report for commissioning of the port Another port will be developed at
Sagar Island in West Bengal after obtaining environmental clearances and
following exact procedures for development of the project The cabinet also agreed
for appointment of the transaction adviser s and legal consultants and finalization of
the project structure in c onsultation with the State Gov ernment o f West Bengal and
the Planning Commission
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 913
National Stock Exchange launched the countryrsquos first dedicated debt
trading platform on 11 May 2013 The new Platform launched is awaiting the
market regulator Securities and Exchanges Board of Indisrsquos (SEBI) guidelines for
allowing participation of mutual funds insurance companies and pension funds
NSE had recently received approval from SEBI to launch the debt segment The
debt trading platform is supposed to provide retail investors an opportunity to
invest in corporate bonds on a liquid and transparent exchange platform Banks
and primary dealers are the first to enter and they will provide enough liquidity in
the debt segment The mutual funds insurance companies and pension funds are
also expected to participate after guidelines for the same are issued The Debt
Trading exchange platform is an innovation which has been launched after
intensive feedback from market participants It is similar to RBIrsquos NDS-OM where
Government sec urities are traded on a transparent platform
The Cabinet Committee on Economic Affairs on 2 May gave its approval to the
proposal of Ingka Holding BV Netherlands as recommended by the Foreign
Investment Promotion Board (FIPB) The approval would result in FDI inflows
amounting to Rs10 5 00 c rore approximately into the country
The Cabinet Committee on Economic Affairs on 2 May approved the
setting up of a Central Public Sector Enterprises (CPSE) Exchange
T raded Fund (ET F) which would com prise CPSE stocks (from amongst
the listed CPSE stocks) Each stock would have a fixed weightage in the basket
The composition of the basket the launch of the New Fund Offer (NFO) the
discount to be provided and other issues relating to contribution and pricing of the
ETF would be dec ided by the Empowere d Group of Ministers (EGoM) This will help
in minimizing market disruptions seen in public offerings of listed CPSEs increase
ability o f the Government to monetize part ial stakes in listed CPSEs some o f which
have lo w liquidity and free float broad base re tails participation of shares o f CPSEs
-
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1013
-
the Government from a pricing perspective as part of the discounts could be back-
ended in the per spectiv e of success o f ETFs globally a CPSE ETF will boost the ETF
product in the country and will help fulfill the domestic investorsrsquo appetite for an
equity ETF products as the domestic Indian investor is vastly under-served vis-a-
vis the fore ign inv estor co mmunity CPSE ETF is made up of a b asket of shar es of
different CPSEs that tracks an index fund but trades like a stock o n the ex change
Asian Dev elo pm ent Bank (ADB) on 5 May 2013 announced that it is going to
provide about 6 billion dollars loan to In dia ov er th e next th ree years
whic h was dec ided a t the co ncluding day of the 46t h annual mee ting of the funding
agency Although the ADB is facing the challenge of raising resources the basic
idea behind providing loan is to maintain its lending level to India The bank is
wor king on par tnership strategy and is planning to maintain the lev el of lend ing to
India It is important here to note that India is the biggest borrower of ADB and
ADB had ex tended a 24 billion dol lars loan to India in 20 12 across sec tors like
transport energy commerce industry trade and finance The bank will also
continue to lend10 billion dollars a year across the member-nations despite
generating lower return from investments
The Supreme Court of India on 1 May 2013 upheld the constitutional
validity of Govern m en trsquos dec ision allowing 51 percent foreign direct
Inv estment in the mu lti-brand retail sector A bench of Justices R M Lodha
Madan B Lokur and Kurian Joseph gave the ruling The bench observed that there
was no harm in giv ing the po licy a c hanc e It saw mer it in t he polic y that it would
eliminate intermediaries and help provide farmers a better price for their produce
It dismissed the petition filed against the 51 percent FDI in multi-brand retail As
per the court the policy will affect the lives of only 133 of the countrys
population living in 53 cities
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1113
Ac co rdin g to T RAI data Utt ar Pradesh acc ou nt ed for th e largest
number of mobile subscribers in India followed by Tamil Nadu
Maharashtra An dhra Pradesh an d Bihar Uttar Pradesh has a total of 12160
million mobile phone connect ions while Tamil Nadu has 7 181 million
subscribers Maharashtra is at the third position with a subscriber base of 67 7 3
million followed by Andhra Pradesh and Bihar at 6412 million and 607 3 million
respectively These five states together account 366 million mobile subscribers
whic h is 45 per ce nt of the total ce ll pho ne co nnec tio ns in t he co untr y Karnataka
stands sixth with 5245 million mobile subscribers followed by the central Indian
state of Madhya Pradesh with 5143 million subscribers Gujarat fast rising as the
most industry-friendly state came eighth with 5123 million cell phone
connectio ns while Rajasthan the largest state in terms of area has 47 83 million
mobile subscribers India which is the worlds second largest mobile
phone market in terms of subscribers had 86166 million mobile
connections as on February 2013 data from telecom regulator Telecom
Regulatory Authority of India (TRAI) showed Mobile subscriber base in the
country declined by 011 percent to 86166 million at the end of February 2013
from 8626 million in January 2013 Indias total telecom subscriber base which
includes mobile and landline connections declined marginally to 892 million in
February 2013 from 8931 million at the end of January this year Indias telecom
subscriber base had touc hed an all-time high of 9655 million in June 201 2
Infrastructu re financier IDFC on 2 May has announ ced that its current
Managing Director amp Chief Executive Officer Rajiv Lal would replace
outgoing chairman Deepak Parekh Mr Parekh will leave the government-
promoted IDFC to chair the IDFC advisory council - consultative body that will be
formed within the next few months Mr Parekh has been the chairman of the
gove rnment promote d infrastructure financier for the last fifteen y earsIDFC said in
a statement Parekh has relinquished his post as Chairman The board has
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1213
Managing Directo r and CEO
Sticking to its c autious stance the Reserve Bank of India (RBI) on 3 May cut
the key interest rate by just 025 per c ent to 7 25 per cent and kept the
liquidity enhancing cash reserve requirement unchanged disappointing
the industry and stock market The RBI in its annual monetary policy statement
said there would be modest improvement in the countryrsquos economic growth to 57
per cent in the current fiscal as against the decadersquos low of 5 per cent in 2012-13
Justifying the limited easing RBI Governor D Subbarao said the ldquomonetary policy
action by itself cannot revive growth It needs to be supplemented by efforts
towards easing the supply bottlenecks improving governance and stepping public
investmentrdquo The upside risks to inflation which cooled to a three-year low in
March ldquostill remain significantrdquo in the near term on suppressed inflation on the
energy front Mr Subbarao added ldquoOverall the balance o f risks stemming from the
Reserve Bankrsquos assessment of the growth-inflation dynamic yields little space for
further policy easingrdquo he said The decision to leave the CRR unchanged seems to
have been driven by an improvement in the liquidity deficit as the banks are now
drawing around Rs 84000 crore from the overnight window compared to Rs 18
lakh crore late last fiscal RBI expects inflation to hover broadly around the 55 per
cent mark in the curr ent fiscal and said it will deploy ldquoall instruments at co mmandrdquo
to bring it down to 5 per c ent by March next y ear
wwwsakshieducationcom
Published on 572013 72900 PM
Other Current Affairs
A t E i Aff i
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1313
August 2013 Economic Affairs
July 2013 Economic Affairs
June 2013 Economic Affairs
April 2013 Economic Affairs
March 2013 Economic Affairs
February 2013 Economic Affairs
January 2013 Economic Affairs
Home | A bou t Us | Disclaimer | Contact us at educationsakshicom
Engineering | Competit iv e Exam s | Tenth Class | Intermediate
Copyr ight copy 201 0 sakshieducationcom All r ights reserved
Site is Best v iewed in Internet Explorer 7 amp abov e with 10 24 times 76 8 Resolution
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 813
officersemployees of various Public Sector Banks have been suspended including
one from insurance sector Beside it ten officers of PSBs have be en diveste d of their
wor k and six hav e been asked to proc eed on leave More actio n taken repo rts are
expected in near future
An In ter-m inisterial Group on 9 May has appro ved 10 per ce nt equ ity
sale in Coal In dia which is expected to fetch over Rs 17000 crore to the
government At present the government holds 90 per cent stake in Coal India
Ltd The Group headed by Disinvestment Secretary Ravi Mathur is guiding the
process of disinvestment of governments equity in CIL Besides the panel has
members drawn from Ministry of Coal Departments of Legal Affairs Economic
Affair s Corporate Affairs and Chairm an-cum-Managing Dire ctor of CIL Coal India
whic h has a cash balance of abo ut Rs 60 000 crore will be the bigg est
disinvestment for the government in the 2013-14 fiscal The government would like
to earn Rs 4000 0 cr ore thro ugh PSU stake sale in this fiscal
The Cabinet Committee on Economic Affairs (CCEA) on 9 May 2013
approved the proposal of the Ministry of Shipping for setting up of two
major ports in the count ry The two por ts will come up in Andhra Pradesh and
West Bengal eac h through Public Priv ate Partnership mod e As per the proposal
approved one port is expected to come up at Dugarajapatnam Nellore
district in An dhra Pradesh and looked forward to find out the techno-eco nomic
feasibility report for commissioning of the port Another port will be developed at
Sagar Island in West Bengal after obtaining environmental clearances and
following exact procedures for development of the project The cabinet also agreed
for appointment of the transaction adviser s and legal consultants and finalization of
the project structure in c onsultation with the State Gov ernment o f West Bengal and
the Planning Commission
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 913
National Stock Exchange launched the countryrsquos first dedicated debt
trading platform on 11 May 2013 The new Platform launched is awaiting the
market regulator Securities and Exchanges Board of Indisrsquos (SEBI) guidelines for
allowing participation of mutual funds insurance companies and pension funds
NSE had recently received approval from SEBI to launch the debt segment The
debt trading platform is supposed to provide retail investors an opportunity to
invest in corporate bonds on a liquid and transparent exchange platform Banks
and primary dealers are the first to enter and they will provide enough liquidity in
the debt segment The mutual funds insurance companies and pension funds are
also expected to participate after guidelines for the same are issued The Debt
Trading exchange platform is an innovation which has been launched after
intensive feedback from market participants It is similar to RBIrsquos NDS-OM where
Government sec urities are traded on a transparent platform
The Cabinet Committee on Economic Affairs on 2 May gave its approval to the
proposal of Ingka Holding BV Netherlands as recommended by the Foreign
Investment Promotion Board (FIPB) The approval would result in FDI inflows
amounting to Rs10 5 00 c rore approximately into the country
The Cabinet Committee on Economic Affairs on 2 May approved the
setting up of a Central Public Sector Enterprises (CPSE) Exchange
T raded Fund (ET F) which would com prise CPSE stocks (from amongst
the listed CPSE stocks) Each stock would have a fixed weightage in the basket
The composition of the basket the launch of the New Fund Offer (NFO) the
discount to be provided and other issues relating to contribution and pricing of the
ETF would be dec ided by the Empowere d Group of Ministers (EGoM) This will help
in minimizing market disruptions seen in public offerings of listed CPSEs increase
ability o f the Government to monetize part ial stakes in listed CPSEs some o f which
have lo w liquidity and free float broad base re tails participation of shares o f CPSEs
-
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1013
-
the Government from a pricing perspective as part of the discounts could be back-
ended in the per spectiv e of success o f ETFs globally a CPSE ETF will boost the ETF
product in the country and will help fulfill the domestic investorsrsquo appetite for an
equity ETF products as the domestic Indian investor is vastly under-served vis-a-
vis the fore ign inv estor co mmunity CPSE ETF is made up of a b asket of shar es of
different CPSEs that tracks an index fund but trades like a stock o n the ex change
Asian Dev elo pm ent Bank (ADB) on 5 May 2013 announced that it is going to
provide about 6 billion dollars loan to In dia ov er th e next th ree years
whic h was dec ided a t the co ncluding day of the 46t h annual mee ting of the funding
agency Although the ADB is facing the challenge of raising resources the basic
idea behind providing loan is to maintain its lending level to India The bank is
wor king on par tnership strategy and is planning to maintain the lev el of lend ing to
India It is important here to note that India is the biggest borrower of ADB and
ADB had ex tended a 24 billion dol lars loan to India in 20 12 across sec tors like
transport energy commerce industry trade and finance The bank will also
continue to lend10 billion dollars a year across the member-nations despite
generating lower return from investments
The Supreme Court of India on 1 May 2013 upheld the constitutional
validity of Govern m en trsquos dec ision allowing 51 percent foreign direct
Inv estment in the mu lti-brand retail sector A bench of Justices R M Lodha
Madan B Lokur and Kurian Joseph gave the ruling The bench observed that there
was no harm in giv ing the po licy a c hanc e It saw mer it in t he polic y that it would
eliminate intermediaries and help provide farmers a better price for their produce
It dismissed the petition filed against the 51 percent FDI in multi-brand retail As
per the court the policy will affect the lives of only 133 of the countrys
population living in 53 cities
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1113
Ac co rdin g to T RAI data Utt ar Pradesh acc ou nt ed for th e largest
number of mobile subscribers in India followed by Tamil Nadu
Maharashtra An dhra Pradesh an d Bihar Uttar Pradesh has a total of 12160
million mobile phone connect ions while Tamil Nadu has 7 181 million
subscribers Maharashtra is at the third position with a subscriber base of 67 7 3
million followed by Andhra Pradesh and Bihar at 6412 million and 607 3 million
respectively These five states together account 366 million mobile subscribers
whic h is 45 per ce nt of the total ce ll pho ne co nnec tio ns in t he co untr y Karnataka
stands sixth with 5245 million mobile subscribers followed by the central Indian
state of Madhya Pradesh with 5143 million subscribers Gujarat fast rising as the
most industry-friendly state came eighth with 5123 million cell phone
connectio ns while Rajasthan the largest state in terms of area has 47 83 million
mobile subscribers India which is the worlds second largest mobile
phone market in terms of subscribers had 86166 million mobile
connections as on February 2013 data from telecom regulator Telecom
Regulatory Authority of India (TRAI) showed Mobile subscriber base in the
country declined by 011 percent to 86166 million at the end of February 2013
from 8626 million in January 2013 Indias total telecom subscriber base which
includes mobile and landline connections declined marginally to 892 million in
February 2013 from 8931 million at the end of January this year Indias telecom
subscriber base had touc hed an all-time high of 9655 million in June 201 2
Infrastructu re financier IDFC on 2 May has announ ced that its current
Managing Director amp Chief Executive Officer Rajiv Lal would replace
outgoing chairman Deepak Parekh Mr Parekh will leave the government-
promoted IDFC to chair the IDFC advisory council - consultative body that will be
formed within the next few months Mr Parekh has been the chairman of the
gove rnment promote d infrastructure financier for the last fifteen y earsIDFC said in
a statement Parekh has relinquished his post as Chairman The board has
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1213
Managing Directo r and CEO
Sticking to its c autious stance the Reserve Bank of India (RBI) on 3 May cut
the key interest rate by just 025 per c ent to 7 25 per cent and kept the
liquidity enhancing cash reserve requirement unchanged disappointing
the industry and stock market The RBI in its annual monetary policy statement
said there would be modest improvement in the countryrsquos economic growth to 57
per cent in the current fiscal as against the decadersquos low of 5 per cent in 2012-13
Justifying the limited easing RBI Governor D Subbarao said the ldquomonetary policy
action by itself cannot revive growth It needs to be supplemented by efforts
towards easing the supply bottlenecks improving governance and stepping public
investmentrdquo The upside risks to inflation which cooled to a three-year low in
March ldquostill remain significantrdquo in the near term on suppressed inflation on the
energy front Mr Subbarao added ldquoOverall the balance o f risks stemming from the
Reserve Bankrsquos assessment of the growth-inflation dynamic yields little space for
further policy easingrdquo he said The decision to leave the CRR unchanged seems to
have been driven by an improvement in the liquidity deficit as the banks are now
drawing around Rs 84000 crore from the overnight window compared to Rs 18
lakh crore late last fiscal RBI expects inflation to hover broadly around the 55 per
cent mark in the curr ent fiscal and said it will deploy ldquoall instruments at co mmandrdquo
to bring it down to 5 per c ent by March next y ear
wwwsakshieducationcom
Published on 572013 72900 PM
Other Current Affairs
A t E i Aff i
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1313
August 2013 Economic Affairs
July 2013 Economic Affairs
June 2013 Economic Affairs
April 2013 Economic Affairs
March 2013 Economic Affairs
February 2013 Economic Affairs
January 2013 Economic Affairs
Home | A bou t Us | Disclaimer | Contact us at educationsakshicom
Engineering | Competit iv e Exam s | Tenth Class | Intermediate
Copyr ight copy 201 0 sakshieducationcom All r ights reserved
Site is Best v iewed in Internet Explorer 7 amp abov e with 10 24 times 76 8 Resolution
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 913
National Stock Exchange launched the countryrsquos first dedicated debt
trading platform on 11 May 2013 The new Platform launched is awaiting the
market regulator Securities and Exchanges Board of Indisrsquos (SEBI) guidelines for
allowing participation of mutual funds insurance companies and pension funds
NSE had recently received approval from SEBI to launch the debt segment The
debt trading platform is supposed to provide retail investors an opportunity to
invest in corporate bonds on a liquid and transparent exchange platform Banks
and primary dealers are the first to enter and they will provide enough liquidity in
the debt segment The mutual funds insurance companies and pension funds are
also expected to participate after guidelines for the same are issued The Debt
Trading exchange platform is an innovation which has been launched after
intensive feedback from market participants It is similar to RBIrsquos NDS-OM where
Government sec urities are traded on a transparent platform
The Cabinet Committee on Economic Affairs on 2 May gave its approval to the
proposal of Ingka Holding BV Netherlands as recommended by the Foreign
Investment Promotion Board (FIPB) The approval would result in FDI inflows
amounting to Rs10 5 00 c rore approximately into the country
The Cabinet Committee on Economic Affairs on 2 May approved the
setting up of a Central Public Sector Enterprises (CPSE) Exchange
T raded Fund (ET F) which would com prise CPSE stocks (from amongst
the listed CPSE stocks) Each stock would have a fixed weightage in the basket
The composition of the basket the launch of the New Fund Offer (NFO) the
discount to be provided and other issues relating to contribution and pricing of the
ETF would be dec ided by the Empowere d Group of Ministers (EGoM) This will help
in minimizing market disruptions seen in public offerings of listed CPSEs increase
ability o f the Government to monetize part ial stakes in listed CPSEs some o f which
have lo w liquidity and free float broad base re tails participation of shares o f CPSEs
-
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1013
-
the Government from a pricing perspective as part of the discounts could be back-
ended in the per spectiv e of success o f ETFs globally a CPSE ETF will boost the ETF
product in the country and will help fulfill the domestic investorsrsquo appetite for an
equity ETF products as the domestic Indian investor is vastly under-served vis-a-
vis the fore ign inv estor co mmunity CPSE ETF is made up of a b asket of shar es of
different CPSEs that tracks an index fund but trades like a stock o n the ex change
Asian Dev elo pm ent Bank (ADB) on 5 May 2013 announced that it is going to
provide about 6 billion dollars loan to In dia ov er th e next th ree years
whic h was dec ided a t the co ncluding day of the 46t h annual mee ting of the funding
agency Although the ADB is facing the challenge of raising resources the basic
idea behind providing loan is to maintain its lending level to India The bank is
wor king on par tnership strategy and is planning to maintain the lev el of lend ing to
India It is important here to note that India is the biggest borrower of ADB and
ADB had ex tended a 24 billion dol lars loan to India in 20 12 across sec tors like
transport energy commerce industry trade and finance The bank will also
continue to lend10 billion dollars a year across the member-nations despite
generating lower return from investments
The Supreme Court of India on 1 May 2013 upheld the constitutional
validity of Govern m en trsquos dec ision allowing 51 percent foreign direct
Inv estment in the mu lti-brand retail sector A bench of Justices R M Lodha
Madan B Lokur and Kurian Joseph gave the ruling The bench observed that there
was no harm in giv ing the po licy a c hanc e It saw mer it in t he polic y that it would
eliminate intermediaries and help provide farmers a better price for their produce
It dismissed the petition filed against the 51 percent FDI in multi-brand retail As
per the court the policy will affect the lives of only 133 of the countrys
population living in 53 cities
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1113
Ac co rdin g to T RAI data Utt ar Pradesh acc ou nt ed for th e largest
number of mobile subscribers in India followed by Tamil Nadu
Maharashtra An dhra Pradesh an d Bihar Uttar Pradesh has a total of 12160
million mobile phone connect ions while Tamil Nadu has 7 181 million
subscribers Maharashtra is at the third position with a subscriber base of 67 7 3
million followed by Andhra Pradesh and Bihar at 6412 million and 607 3 million
respectively These five states together account 366 million mobile subscribers
whic h is 45 per ce nt of the total ce ll pho ne co nnec tio ns in t he co untr y Karnataka
stands sixth with 5245 million mobile subscribers followed by the central Indian
state of Madhya Pradesh with 5143 million subscribers Gujarat fast rising as the
most industry-friendly state came eighth with 5123 million cell phone
connectio ns while Rajasthan the largest state in terms of area has 47 83 million
mobile subscribers India which is the worlds second largest mobile
phone market in terms of subscribers had 86166 million mobile
connections as on February 2013 data from telecom regulator Telecom
Regulatory Authority of India (TRAI) showed Mobile subscriber base in the
country declined by 011 percent to 86166 million at the end of February 2013
from 8626 million in January 2013 Indias total telecom subscriber base which
includes mobile and landline connections declined marginally to 892 million in
February 2013 from 8931 million at the end of January this year Indias telecom
subscriber base had touc hed an all-time high of 9655 million in June 201 2
Infrastructu re financier IDFC on 2 May has announ ced that its current
Managing Director amp Chief Executive Officer Rajiv Lal would replace
outgoing chairman Deepak Parekh Mr Parekh will leave the government-
promoted IDFC to chair the IDFC advisory council - consultative body that will be
formed within the next few months Mr Parekh has been the chairman of the
gove rnment promote d infrastructure financier for the last fifteen y earsIDFC said in
a statement Parekh has relinquished his post as Chairman The board has
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1213
Managing Directo r and CEO
Sticking to its c autious stance the Reserve Bank of India (RBI) on 3 May cut
the key interest rate by just 025 per c ent to 7 25 per cent and kept the
liquidity enhancing cash reserve requirement unchanged disappointing
the industry and stock market The RBI in its annual monetary policy statement
said there would be modest improvement in the countryrsquos economic growth to 57
per cent in the current fiscal as against the decadersquos low of 5 per cent in 2012-13
Justifying the limited easing RBI Governor D Subbarao said the ldquomonetary policy
action by itself cannot revive growth It needs to be supplemented by efforts
towards easing the supply bottlenecks improving governance and stepping public
investmentrdquo The upside risks to inflation which cooled to a three-year low in
March ldquostill remain significantrdquo in the near term on suppressed inflation on the
energy front Mr Subbarao added ldquoOverall the balance o f risks stemming from the
Reserve Bankrsquos assessment of the growth-inflation dynamic yields little space for
further policy easingrdquo he said The decision to leave the CRR unchanged seems to
have been driven by an improvement in the liquidity deficit as the banks are now
drawing around Rs 84000 crore from the overnight window compared to Rs 18
lakh crore late last fiscal RBI expects inflation to hover broadly around the 55 per
cent mark in the curr ent fiscal and said it will deploy ldquoall instruments at co mmandrdquo
to bring it down to 5 per c ent by March next y ear
wwwsakshieducationcom
Published on 572013 72900 PM
Other Current Affairs
A t E i Aff i
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1313
August 2013 Economic Affairs
July 2013 Economic Affairs
June 2013 Economic Affairs
April 2013 Economic Affairs
March 2013 Economic Affairs
February 2013 Economic Affairs
January 2013 Economic Affairs
Home | A bou t Us | Disclaimer | Contact us at educationsakshicom
Engineering | Competit iv e Exam s | Tenth Class | Intermediate
Copyr ight copy 201 0 sakshieducationcom All r ights reserved
Site is Best v iewed in Internet Explorer 7 amp abov e with 10 24 times 76 8 Resolution
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1013
-
the Government from a pricing perspective as part of the discounts could be back-
ended in the per spectiv e of success o f ETFs globally a CPSE ETF will boost the ETF
product in the country and will help fulfill the domestic investorsrsquo appetite for an
equity ETF products as the domestic Indian investor is vastly under-served vis-a-
vis the fore ign inv estor co mmunity CPSE ETF is made up of a b asket of shar es of
different CPSEs that tracks an index fund but trades like a stock o n the ex change
Asian Dev elo pm ent Bank (ADB) on 5 May 2013 announced that it is going to
provide about 6 billion dollars loan to In dia ov er th e next th ree years
whic h was dec ided a t the co ncluding day of the 46t h annual mee ting of the funding
agency Although the ADB is facing the challenge of raising resources the basic
idea behind providing loan is to maintain its lending level to India The bank is
wor king on par tnership strategy and is planning to maintain the lev el of lend ing to
India It is important here to note that India is the biggest borrower of ADB and
ADB had ex tended a 24 billion dol lars loan to India in 20 12 across sec tors like
transport energy commerce industry trade and finance The bank will also
continue to lend10 billion dollars a year across the member-nations despite
generating lower return from investments
The Supreme Court of India on 1 May 2013 upheld the constitutional
validity of Govern m en trsquos dec ision allowing 51 percent foreign direct
Inv estment in the mu lti-brand retail sector A bench of Justices R M Lodha
Madan B Lokur and Kurian Joseph gave the ruling The bench observed that there
was no harm in giv ing the po licy a c hanc e It saw mer it in t he polic y that it would
eliminate intermediaries and help provide farmers a better price for their produce
It dismissed the petition filed against the 51 percent FDI in multi-brand retail As
per the court the policy will affect the lives of only 133 of the countrys
population living in 53 cities
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1113
Ac co rdin g to T RAI data Utt ar Pradesh acc ou nt ed for th e largest
number of mobile subscribers in India followed by Tamil Nadu
Maharashtra An dhra Pradesh an d Bihar Uttar Pradesh has a total of 12160
million mobile phone connect ions while Tamil Nadu has 7 181 million
subscribers Maharashtra is at the third position with a subscriber base of 67 7 3
million followed by Andhra Pradesh and Bihar at 6412 million and 607 3 million
respectively These five states together account 366 million mobile subscribers
whic h is 45 per ce nt of the total ce ll pho ne co nnec tio ns in t he co untr y Karnataka
stands sixth with 5245 million mobile subscribers followed by the central Indian
state of Madhya Pradesh with 5143 million subscribers Gujarat fast rising as the
most industry-friendly state came eighth with 5123 million cell phone
connectio ns while Rajasthan the largest state in terms of area has 47 83 million
mobile subscribers India which is the worlds second largest mobile
phone market in terms of subscribers had 86166 million mobile
connections as on February 2013 data from telecom regulator Telecom
Regulatory Authority of India (TRAI) showed Mobile subscriber base in the
country declined by 011 percent to 86166 million at the end of February 2013
from 8626 million in January 2013 Indias total telecom subscriber base which
includes mobile and landline connections declined marginally to 892 million in
February 2013 from 8931 million at the end of January this year Indias telecom
subscriber base had touc hed an all-time high of 9655 million in June 201 2
Infrastructu re financier IDFC on 2 May has announ ced that its current
Managing Director amp Chief Executive Officer Rajiv Lal would replace
outgoing chairman Deepak Parekh Mr Parekh will leave the government-
promoted IDFC to chair the IDFC advisory council - consultative body that will be
formed within the next few months Mr Parekh has been the chairman of the
gove rnment promote d infrastructure financier for the last fifteen y earsIDFC said in
a statement Parekh has relinquished his post as Chairman The board has
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1213
Managing Directo r and CEO
Sticking to its c autious stance the Reserve Bank of India (RBI) on 3 May cut
the key interest rate by just 025 per c ent to 7 25 per cent and kept the
liquidity enhancing cash reserve requirement unchanged disappointing
the industry and stock market The RBI in its annual monetary policy statement
said there would be modest improvement in the countryrsquos economic growth to 57
per cent in the current fiscal as against the decadersquos low of 5 per cent in 2012-13
Justifying the limited easing RBI Governor D Subbarao said the ldquomonetary policy
action by itself cannot revive growth It needs to be supplemented by efforts
towards easing the supply bottlenecks improving governance and stepping public
investmentrdquo The upside risks to inflation which cooled to a three-year low in
March ldquostill remain significantrdquo in the near term on suppressed inflation on the
energy front Mr Subbarao added ldquoOverall the balance o f risks stemming from the
Reserve Bankrsquos assessment of the growth-inflation dynamic yields little space for
further policy easingrdquo he said The decision to leave the CRR unchanged seems to
have been driven by an improvement in the liquidity deficit as the banks are now
drawing around Rs 84000 crore from the overnight window compared to Rs 18
lakh crore late last fiscal RBI expects inflation to hover broadly around the 55 per
cent mark in the curr ent fiscal and said it will deploy ldquoall instruments at co mmandrdquo
to bring it down to 5 per c ent by March next y ear
wwwsakshieducationcom
Published on 572013 72900 PM
Other Current Affairs
A t E i Aff i
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1313
August 2013 Economic Affairs
July 2013 Economic Affairs
June 2013 Economic Affairs
April 2013 Economic Affairs
March 2013 Economic Affairs
February 2013 Economic Affairs
January 2013 Economic Affairs
Home | A bou t Us | Disclaimer | Contact us at educationsakshicom
Engineering | Competit iv e Exam s | Tenth Class | Intermediate
Copyr ight copy 201 0 sakshieducationcom All r ights reserved
Site is Best v iewed in Internet Explorer 7 amp abov e with 10 24 times 76 8 Resolution
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1113
Ac co rdin g to T RAI data Utt ar Pradesh acc ou nt ed for th e largest
number of mobile subscribers in India followed by Tamil Nadu
Maharashtra An dhra Pradesh an d Bihar Uttar Pradesh has a total of 12160
million mobile phone connect ions while Tamil Nadu has 7 181 million
subscribers Maharashtra is at the third position with a subscriber base of 67 7 3
million followed by Andhra Pradesh and Bihar at 6412 million and 607 3 million
respectively These five states together account 366 million mobile subscribers
whic h is 45 per ce nt of the total ce ll pho ne co nnec tio ns in t he co untr y Karnataka
stands sixth with 5245 million mobile subscribers followed by the central Indian
state of Madhya Pradesh with 5143 million subscribers Gujarat fast rising as the
most industry-friendly state came eighth with 5123 million cell phone
connectio ns while Rajasthan the largest state in terms of area has 47 83 million
mobile subscribers India which is the worlds second largest mobile
phone market in terms of subscribers had 86166 million mobile
connections as on February 2013 data from telecom regulator Telecom
Regulatory Authority of India (TRAI) showed Mobile subscriber base in the
country declined by 011 percent to 86166 million at the end of February 2013
from 8626 million in January 2013 Indias total telecom subscriber base which
includes mobile and landline connections declined marginally to 892 million in
February 2013 from 8931 million at the end of January this year Indias telecom
subscriber base had touc hed an all-time high of 9655 million in June 201 2
Infrastructu re financier IDFC on 2 May has announ ced that its current
Managing Director amp Chief Executive Officer Rajiv Lal would replace
outgoing chairman Deepak Parekh Mr Parekh will leave the government-
promoted IDFC to chair the IDFC advisory council - consultative body that will be
formed within the next few months Mr Parekh has been the chairman of the
gove rnment promote d infrastructure financier for the last fifteen y earsIDFC said in
a statement Parekh has relinquished his post as Chairman The board has
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1213
Managing Directo r and CEO
Sticking to its c autious stance the Reserve Bank of India (RBI) on 3 May cut
the key interest rate by just 025 per c ent to 7 25 per cent and kept the
liquidity enhancing cash reserve requirement unchanged disappointing
the industry and stock market The RBI in its annual monetary policy statement
said there would be modest improvement in the countryrsquos economic growth to 57
per cent in the current fiscal as against the decadersquos low of 5 per cent in 2012-13
Justifying the limited easing RBI Governor D Subbarao said the ldquomonetary policy
action by itself cannot revive growth It needs to be supplemented by efforts
towards easing the supply bottlenecks improving governance and stepping public
investmentrdquo The upside risks to inflation which cooled to a three-year low in
March ldquostill remain significantrdquo in the near term on suppressed inflation on the
energy front Mr Subbarao added ldquoOverall the balance o f risks stemming from the
Reserve Bankrsquos assessment of the growth-inflation dynamic yields little space for
further policy easingrdquo he said The decision to leave the CRR unchanged seems to
have been driven by an improvement in the liquidity deficit as the banks are now
drawing around Rs 84000 crore from the overnight window compared to Rs 18
lakh crore late last fiscal RBI expects inflation to hover broadly around the 55 per
cent mark in the curr ent fiscal and said it will deploy ldquoall instruments at co mmandrdquo
to bring it down to 5 per c ent by March next y ear
wwwsakshieducationcom
Published on 572013 72900 PM
Other Current Affairs
A t E i Aff i
7272019 May 2013 Economic Affairspdf
httpslidepdfcomreaderfullmay-2013-economic-affairspdf 1313
August 2013 Economic Affairs
July 2013 Economic Affairs
June 2013 Economic Affairs
April 2013 Economic Affairs
March 2013 Economic Affairs
February 2013 Economic Affairs
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Managing Directo r and CEO
Sticking to its c autious stance the Reserve Bank of India (RBI) on 3 May cut
the key interest rate by just 025 per c ent to 7 25 per cent and kept the
liquidity enhancing cash reserve requirement unchanged disappointing
the industry and stock market The RBI in its annual monetary policy statement
said there would be modest improvement in the countryrsquos economic growth to 57
per cent in the current fiscal as against the decadersquos low of 5 per cent in 2012-13
Justifying the limited easing RBI Governor D Subbarao said the ldquomonetary policy
action by itself cannot revive growth It needs to be supplemented by efforts
towards easing the supply bottlenecks improving governance and stepping public
investmentrdquo The upside risks to inflation which cooled to a three-year low in
March ldquostill remain significantrdquo in the near term on suppressed inflation on the
energy front Mr Subbarao added ldquoOverall the balance o f risks stemming from the
Reserve Bankrsquos assessment of the growth-inflation dynamic yields little space for
further policy easingrdquo he said The decision to leave the CRR unchanged seems to
have been driven by an improvement in the liquidity deficit as the banks are now
drawing around Rs 84000 crore from the overnight window compared to Rs 18
lakh crore late last fiscal RBI expects inflation to hover broadly around the 55 per
cent mark in the curr ent fiscal and said it will deploy ldquoall instruments at co mmandrdquo
to bring it down to 5 per c ent by March next y ear
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Published on 572013 72900 PM
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Copyr ight copy 201 0 sakshieducationcom All r ights reserved
Site is Best v iewed in Internet Explorer 7 amp abov e with 10 24 times 76 8 Resolution