Soon after the Union Budget, RBI governor Raghuram Rajan reduced the repo rate by 25 basis points to 7.5%, on account of improved government finances. This move caused Sensex to reach all time high – 30,000. This is also the second time that the RBI has cut rates outside its scheduled reviews to boost investment and growth.
Union Budget for 2015-16 presented
Finance Minister of India Arun Jaitley presented the budget for 2015-16 in the Parliament. Though the budget lacked “big bang measures”, it sought to create an enabling platform, for future economic growth. In an attempt to blunt the growing criticism about the Modi government being pro-rich, the finance minister announced a series of pro-poor measures.
India ready for double digit growth: Economic Survey
According to the Economic Survey of India for 2014-15, the Indian economy is likely to grow at between 8.1% and 8.5% next year and “seems poised for propulsion. The survey said, “India has reached a sweet spot – rare in the history of nations – in which it could finally be launched on a double-digit medium-term growth trajectory”.
Railway Budget of India presented in Parliament
Railway minister Suresh Prabhu presented the railway budget for 2015-16 in the parliament. The budget is noted for its distinctness from the previous budgets as this time it did not announce a new train or new railway line.
State’s share of central taxes hiked by unprecedented 10%
The 14th Finance Commission has hiked the states’ share of central taxes by an unprecedented 10 percentage points from 32% to 42%. The move will financially benefit states greatly, possibly at the Centre’s cost. It gives states greater freedom to choose how they spend the money while reducing the discretionary fiscal space available to the Union finance minister.
Dilip Sanghvi becomes richest Indian by market value
By overtaking Mukesh Ambani of Reliance Industries Ltd (RIL), Dilip Sanghvi, the promoter of Sun Pharma became the richest Indian on the basis of the promoter holdings in the listed companies of the two groups.
BSNL’s share in mobile market comes down to single digit
According to the statistics released by TRAI (Telecom Regulatory Authority of India), BSNL’s share in the mobile phone market came down to 8.6% in 2014 from 11.6% in 2012.
RBI cuts SLR, introduces new category of FDs
Reserve Bank of India cut statuary liquidity ratio (SLR) by 50 basic points. Now SLR is 21.5%. As a result of this move, banks will have their hand an additional Rs 42,000 crore to lend.
Royal Enfield crosses Harley Davidson in global sales
In a surprising report it is revealed that Chennai-based Royal Enfield crossed the global motorcycle brand Harley Davidson in global sales. Royal Enfield sold over 3 lakh bikes in 2014 which is quite greater than Harley’s global sales of 2.67 lack bikes.
Apple marks a record by making $18 billion quarterly profit
At the end of December 2014, Apple has $18 billion quarterly profit- the highest ever profit recorded by a corporate organisation.