Current Affairs For Bank, IBPS Exams

28 November 2013

India's GDP to grow at 5.4 pct in Q2 of FY'14: Assocham

• A day ahead of the announcement of GDP figure for the July-September quarter of the current fiscal, industry body Assocham has pegged the country's growth at 5.4 per cent for the period on improved agricultural output.
• According to a study by Assocham, the agriculture sector is likely to grow at 4.25 per cent, whereas the industry and services sectors are expected to register 3 per cent and 7 per cent growth, respectively, during the period under review.
• Among other reasons contributing to 5.4 per cent growth in Q2, the study cited the Cabinet Committee on Investments clearance of pending high worth projects and postponement of fiscal taper by the US Federal Reserve, besides recovery in developed countries leading to higher export demand.
• India's economic growth hit a decade low of 5 per cent in 2012-13 on account of poor performances in the farm, manufacturing and mining sectors.
• The Reserve Bank of India (RBI) expects GDP to expand 5 per cent in the current financial year, while the government estimates growth at between 5 and 5.5 per cent.

Rural India shows signs of revival, wider outlook glum

• The Indian economy is still battling to recover from a significant slump. Growth slid in the fiscal year 2013 to just 5 percent, the lowest pace since 2002/03, as a stalled reform agenda prompted investors to flee. A vulnerable current account swelled to a record deficit, knocking the rupee to a record low. Since then, rural demand and other encouraging signs - a revival in exports and a narrowing of the current account deficit - have given India's policymakers reason to think the worst of the two-year slump may be over.

• Tractor sales in India rose nearly 29 percent in October from a year earlier, reaching a record high of 94,227 units. Sales of motorbikes, bought when farmers graduate from bicycles, jumped 18 percent in the same month. Consumer goods companies like Hindustan Unilever and natural health care firm Dabur are trying to boost rural sales. Helped by the boon, Dabur's net profit jumped by 23 percent in the September quarter from a year earlier.

• High inflation is impinging on urban demand and businesses are holding back investment until they can see the shape of a new Indian government due to be elected by May 2014. The central bank under new governor Raghuram Rajan has already raised its policy interest rates twice to counter inflation, adding to borrowing costs.

• The competing pressures on the economy are expected to be reflected in a report on Friday on India's GDP for July to September. Although annual growth is seen rising to 4.6 percent, a little better than the previous quarter, the data will likely show the economy is not firing in all areas. That is familiar to India's largest utility vehicle maker Mahindra and Mahindra . While the company's tractor sales jumped 21 percent as the monsoon rains fell between July and September, sales of passenger vehicles including SUVs, mostly bought in the cities, slumped 25 percent.

Nepal qualifies for World T20, ICC

• The Nepal cricket team have followed a set post-victory ritual ever since they landed in Abu Dhabi for the World T20 qualifiers. One they had indulged in diligently on four occasions going into the quarterfinal against Hong Kong.
• The five-wicket win ensured their qualification for a major ICC event, the 2014 World T20 in Bangladesh, for the first-time eve.

Shikhar Dhawan's ton guides India to ODI series win over West Indies

• Dhawan completed his 5th ODI hundred, Yuvraj went past fifty after a long time. Raina played a sweet little cameo while Dhoni was there to play the winning shot.
• India won the series 2-1 and will now go to South Africa in an exuberant mood. West Indies will take some positives from this series as they embark on a tour of New Zealand.

Sebi to issue draft insider trading norms in 10 days

• The Securities and Exchange Board of India, or Sebi, is likely to issue a draft on its new insider trading norms in 10 days, and formalize rules for real estate investment trusts, or REITs, in its forthcoming board meeting in December according to U.K Sinha.
• A 14-member panel set up by the market regulator in March to review insider trading norms is ready with its recommendations, Sinha said.
• The board of Sebi will receive the committee’s report within a week or maximum 10 days. Following this, it is likely to be released for public feedback before finally formalizing the new rules.
• Members of the committee include Mint journalist Mobis Philipose; Nirmal Jain, chairman, India Infoline Ltd; Motilal Oswal, chairman and managing director, Motilal Oswal Financial Services Ltd, Milind Barve, managing director of HDFC Asset Management Co. Ltd; and Rashesh Shah, chairman and chief executive officer, Edelweiss Group.
• Insider trading, which predominantly involves unlawful trading in listed stocks through front running and making illegitimate gains based on the firm’s price-sensitive information, is currently regulated by Sebi through norms that are two decades old.

New chief of Pakistan Army appointed

• Seniority was not the consideration when Prime Minister Nawaz Sharif promoted and appointed Lt General Raheel Sharif as the new Pakistan army chief .
• An official statement from the Prime Minister’s office said General Sharif was named as chief of army staff and General Rashad Mehmood as Chairman Joint Chiefs of Staff Committee(CJCSC) by President Mamnoon Hussain on the advice of Mr. Sharif.
• The previous CJCSC General Khalid Shameem Wynne retired in October and Mr. Sharif had said that he would make both top appointments together. The current chief of army staff General Ashfaque Parvez Kayani had a month ago dismissed rumours over his extension and offers of a new post after his retirement.
• Lt General Sharif was serving as principal staff officer to General Kayani and Inspector General Training and Evaluation of Pakistan Army, while General Rashid Mehmood was Chief of General Staff. He was number three in seniority after Lt General Mahmood and Lt General Haroon Aslam.
• General Sharif hails from a traditional military family and is decorated with the Hilal-e-Imtiaz and is the younger brother of 1971 war hero Major Shabbir Sharif who was awarded the Nishan i Haider.

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