Indian Economy - Current Affairs for March, 2015

Indian Economy Current Affairs for March, 2015

Month wise coverage of Indian Economy Current Affairs helps you improve your general knowledge and prepare for all competitive exams like IBPS, Bank PO, SBI PO, RRB, RBI, LIC, Specialist Officer, Clerk, SSC, UPSC, Railway etc. This section is updated daily with the most important events.

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▼ RBI has revised regulation for NBFC lenders by getting them rated by March 2016   [03-30-15]

In the revised regulatory framework on NBFCs notified late last evening, RBI further said, those asset finance companies (AFCs) failing to achieve investment grade ratings by the end of March 2016, should not accept fresh public deposits and renewing existing ones. In such an event, all existing deposits should runoff to maturity and NBFCs should report to the concerned RBI's Regional Offices within 15 days.

▼ Qatar invited by New Delhi to be part of DMIC and other projects   [03-30-15]

On 26th Mar’15 a joint statement issued in New Delhi at the end of two day visit of the Emir of Qatar Sheikh Tamim bin Hamad Al Thani said, the Indian side highlighted the considerable experience and expertise its companies had acquired in infrastructure development including power generation and transmission.

▼ Spectrum Auction fetched GoI 1.10 lakh crore   [03-30-15]

The auction concluded today after 19 days and 115 rounds of bidding. However, 11 percent airwaves stayed unsold. The process of auction was conducted for 800 MHz, 900 Mhz, 1800 MHz and 2100 MHz covering both mobile telephony and broadband, including 4G.

▼ Makardhokra and Bhanegaon in Maharashtra, two open cast coal mines dedicated to the nation on March 21, 2015   [03-29-15]

The two open-cast coal mines at Makardhokra and Bhanegaon, having a capacity of 2-million tonne and one million tonne respectively, were formally dedicated to the nation on 21 March by Union Power Minister Piyush Goyal.

▼ Union Cabinet decides to shut 7 CPSEs   [03-29-15]

The Seven CPSEs are HMT Bearings, HMT Watches, HMT Chinnar Watches, Tungabhadra Steel Products, Hindustan Photo Films Manufacturing Co., Hindustan Cables and Spices Trading Corporation Ltd.

▼ IMF Chief: Indian economy will double its 2009 value by 2019   [03-28-15]

According to IMF Chief, India's growth is expected to exceed China this year. She said the recently presented Budget of India is a step in the right direction and India's recent adoption of flexible inflation targeting is a welcome step.

▼ Indian exports declined by 15% during February 2015   [03-28-15]

India's export was declined by more than 15 percent to 21.5 billion dollars in February 2015.

▼ Retail inflation in February 2015 was 5.37%   [03-28-15]

It increased due to higher prices of food items, including vegetables. According to official data, food inflation rose to 6.79 percent in February this year, from 6.06 percent in January. Inflation in vegetables rose to 13%, and in pulses and products to 10.61% during the month under review. Inflation in rural areas stood at 5.79 percent, and in urban areas at 4.95 percent in February.

▼ WB launched special project for adding solar photo voltaic panels to PHCs and schools   [03-28-15]

The State Government has also decided to introduce roof top solar power system particularly for high rise buildings. The government is also considering providing subsidy to the solar power user to encourage the use of Green Energy.

▼ IMF raises Indian growth forecast in March 2015   [03-28-15]

Last year, IMF had forecast a growth rate of 5.6 percent for the current fiscal, and 6.4 per cent for the next fiscal. In its annual assessment report for the country, IMF said that India has emerged as one of the fastest-growing big emerging market economies and the growth rate would grow by 7.5 per cent.

▼ RBI eases norms for home loans up to INR 10 lakhs   [03-28-15]

At present, Banks do not include stamp duty, registration and other documentation charges in the cost of housing property.

▼ State Bank of Travancore became second bank to announce rate cut after second Repo Rate Cut by RBI in March 2015   [03-28-15]

It is a associate bank of the State Bank Group announced a 10 basis-point cut in the base rate to 10.15% on 8th Mar’15.

▼ FDI increases by 44% during April-December 2014   [03-28-15]

The Foreign Direct Investment into the services sector jumped 44 per cent to 2.29 billion dollars in the April to December period of the current fiscal. The services sector contributes over 60 percent to India’s GDP.

▼ Repo rate was cut by RBI by 25 basis points on 4thMarch 2015   [03-27-15]

The Reserve Bank of India on 4th Mar’15 cut repo rate by 25 basis points to 7.5 percent, signaling that it was convinced by the fiscal consolidation measures announced in the Budget. This is the second out of turn 25 basis point-cut after the one in January.

▼ Shri Singaji Thermal Power Project first phase inaugurated in MP   [03-27-15]

The first phase of project will be inaugurated at Dongliya village in Khandwa district of Madhya Pradesh. The Shri Singaji Thermal Power Project will give impetus to the state government’s Atal Jyoti Abhiyan which aimed at providing 24 X 7 power supply across the state. The first phase of the Shri Singaji Thermal Power Project is of 12 hundred mega watt capacity. The Madhya Pradesh Power Generation Company has incurred 7820 crore rupees on this phase. With commissioning of two plants of this phase, the total thermal power generation capacity of the state will be 4500 mega watt.

▼ Monetary Policy framework sets targets for RBI   [03-27-15]

The Agreement, which was signed on February 20 but made public on 2nd Mar’15, veers round to RBI Governor Raghuram Rajan’s view that India too should move towards inflation targeting, which is common in developed economies. Currently, the Centre and the RBI give inflation estimates, but don’t set targets.