- According to Moody’s, a global rating company, Indian economy is expected to grow at 7.5% during the year 2015 as compared to 7.2% during 2014.
- From this year tax payers will have to disclose all bank accounts held by them and instances of foreign travel to the income tax department while filling the form. This measure has been taken by the Central Board of Direct taxes to check on the menaces of black money.
- Trade deficit in March was the highest in four months at $11.79 billion as exports continue to fall underscoring risks for growth prospectus of the economy.
- According to a World Bank report, though the bank account penetration in India increased from 35 to 53% between 2011 to 2014, but the country also suffers from high dormancy rates.
- Nokia (Finnish Telecom Company) all set to buy its French rival Alcatel-Lucent at $16.6 billion.
- Inflation touched a record low 0f – 2.83% in March. This has strengthened the demand for a rate cut on RBI.
- ICICI has cut home loan rate for existing as well as new borrowers by 0.25%. Women borrowers will get loan at 9.85% instead of 9.9%
- Zomato (0nline restaurant guide) has acquired MaplePOS (a cloud based point-of-sale product for restaurants) for an undisclosed amount.
- SBI cut home loan rate by upto 0.25%. The new rate for other buyers will be 9.9% while for women and other weaker section it will be 9.85%. The rates are effective from 13th
- Canada’s Camco Corporation (mining a sixth of the world’s mined Uranium) will sign a pact with Nuclear power corporation of India for long term supply of mineral. The deal will most likely be signed during PM’s visit to Canada.
- Industrial production grew at nine month high 5 person in February on improved mining and manufacturing activity coupled with larger offtake of capital goods.
- A government committee has suggested the removal of the restrictions such as ceilings and end use norms for overseas borrowing through ECB route and deepening of the derivatives market to help firms hedge currency risks.
- Ahead of the announcements CRISIL said India Inc’s revenue growth might slip to a seven quarter low 2.5% because of the overall sluggishness in several sectors.
- Snapdeal acquired mobile transactions platform FreeCharge for an undisclosed amount.
- Soon there will be a single number for all distress calls to reach police, ambulance or fire services. The Number will be 112. (similar to 911 in US)
- Royal Dutch Shell agreed to buy smaller rival BG Group for $70 billion in the first major oil industry merger in more than a decade.
- RBI has raised the cap on lending by microfinance institutions to individual borrowers from Rs. 50000 to Rs. 1,00,000.
- PM Narendra Modi launched Mudra bank which will give loans upto 10lakhs to medium enterprises and also act as regulator for “micro finance institutions”.
- The government has approved charges in the FEMA rules to allow foreign investment in Real Estate Investment Trusts (REITS). Government has allowed Foreign Investment Promotion Board to clear proposals up to Rs. 3000 crs.
- Government has made e-procurement mandatory for tender valued above Rs. 5 lakh from April 1st.
Need help? Leave a comment...