PM Narendra Modi announced a new campaign “Start-up India, Stand up India”
In his Independence Day Adress Prime Minister Narendra Modi launched a new campaign with the name “Start-up India, Stand up India”.
Indian Economy
Wholesale inflation in India lowest since 1976
Wholesale prices has fallen for the ninth consecutive month in July on the back of a decline in food and fuel prices, raising prospects of a cut in interest rates to give a push to growth.
Govt of India started overhauling PSU banks by appointing private sector executives in top positions
The Central government of India announced an overhaul of public sector banks. As a part of this process, the government drafted executives from the private sector to run at least two state-run lenders, for the first time since nationalization.
RBI paid government Rs 66,000 cr in dividend
The Reserve Bank of India paid a dividend of nearly Rs 66,000 crore to the government. The amount is the highest ever in the central bank’s 80year history, and 22% more than it paid last year.
Inflation in India decreases while Industrial Output jumps to 4-month high
According to a recently released data, the Retail inflation in India decreased sharply in July, while industrial output growth rose to a four-month high in June.
India to produce a dozen billionaires among start-ups by 2020: ASSOCHAM
ASSOCHAM (Associated Chamber of Commerce Industries) Study on Start-Ups released on 2 August 2024 pointed out that India is expected to produce at least a score of billionaires and many times millionaires among the start-ups in the next five years.
Union Cabinet approved Rajya Sabha panel’s amendments on GST Bill, 2014
The Union Cabinet on 29 July 2024 approved amendments proposed by Rajya Sabha Select Committee on Goods and Services Tax (GST) Constitution Amendment Bill, 2014.
India’s trade deficit in May 2015 narrowed to 10.4 billion US dollars
The data of India’s foreign trade (merchandise) for the month May 2015 was released on 16 June 2024 by the Union Ministry of Commerce & Industry. According to it, India’s trade deficit in May 2015 declined to 10.4 billion US dollars from 11.2 billion US dollars recorded in May 2014.
Sensex reaches 30,000 after RBI reduced repo rate
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.
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