1. Economic outlook
Economic outlook for 2009-10 submitted by the PM’s Economic Advisory Concil (PMEAC).
1. Indian economy comes out from global crisis.
2. GDP growth 6.5%.
3. 7% GDP growth expected for 2009-10.
4. Inflation rate remain 6%.
5. Fiscal Deficit expected to be 10.1% of GDP
2. GDP GROWTH
Grew by 6.1% during Q1 of 2009-10.
This is the heighest GDP growth whichever indian economy obtained.
India obtained the second fastest growing economy among major countries after China (7.9%).
2008-09- Q1- 7.8%
2009-10- Q1- 6.1%
2009-10- Q2- 7.9%
=>The major increment in GDP in mining and Quarring 7.9%.
2008-09- 6.7% -----
2009-10- 6.5% 6.3%
2010-11 ------- 8%
2011-12 ------- 9%
3. Rashtriya Krishi Vikas Yojna
To support agriculture growth to level 4%, government has allocated 30% more fund to the agriculture ministry’s “Flagship Scheme”.
4. New Direct Tax code Proposed
1. Tax deduction limit on saving to be raised to 3L.
2. Rate of Tax to be uniform.
3. Securities transction tax to be abolished.
4. No tax deduction on interest payable on any govt. Securities.
5. Base year for calculation of cap gains tax moved to April-2000.
5. Gift Exceeding Rs. 50,000 Brought under Tax Payment
If the recipient of gift with value exceeding Rs. 50,000 has to pay tax of 30% of the value of the gift.
6. MSP(Minimum Support price) for 2009-10 Kharif crops
=>union government announced MSP for paddy and pulses. Price raised for paddy and pulses by 100 and upto 240/quintal.
Paddy- 950 - 980(A Grade)
7. MSP for Rabi Crop
Wheat- 1080(2008-09) - 1100(2009-10)
Mustard 1830 (“) - 1830(“)
Sunflower 1650 (“) - 1680(“)
8. Maharatna Status after Navratna Proposed
=>Initially Navratna status awarded to 7 PSE, but at present it ahs gone to 18.
Now the government come one more step forward to initiate ‘Maharatna’ status: to be given those Navratna compnies which show better performance.
Presently maharatna status given to 6 PSE
=>ONGC, IOC, BHEL, BSNL, NTPC, SAIL
=>These compnies have the antonomy to invest upto 1000 crore without prior permission to govt but limit has raised to 5000 crore.
9. World bank to fund India’s Secondary Education Programme
=> Indian covernment has recently launched “Rashtriya Madhyamik Shiksha Abhiyan (RMSA) to improve the quality of secondary education. World bank is supposed to provide soft loan for the Scheme.
10. New BPL Criteria Recommended:
=> Currently BPL families are identified on the basis of score (0-4) on 13 Socio-Economic parameter. This methodology had a maximum score 52 (4 point to each 13 parameter). The new recommended method will have a maximum score of 10 marks only.
11. Monetary Measures
1. Bank rate, repo rate, reverse repo rate and CRR (Cash reserve ratio) unchanged at 6%, 4.75%, 3.25%, and 5% respectively.
2. SLR raised to 25% from 24% by 100 basis point.
12. RBI buys 200 tones gold from IMF
=> Top gold holders are:
1. USA 8133.5 tonne
2. France 2445.1 tonne
3. Germany 3408.5 tonn.
4. Itly 2451.8 tonn.
5. India 557.7 tonn
13. New base year for new WPI
Presently wholesale price index with base year 1993-94 is being used for measuring inflation. The new WPI with base year 2004-05 has been planned.
14. ICEX Becomes fourth commodity Exchange
=> Indian commodity Exchange (ICEX) is fourth commodity exchange in india which is sponsored by India Bulls and MMTC.
=> Other three commodity Exchange are:-
1. MCEX- Multi Comm. Exchange
2. NCDEX- National comm. & Derivative Exchange
3. NMCEX- National multi comm. Exchange
15. India to Generate 14,500 MW Renewable Energy by 2012
=> According to IREDA (India renewable Energy Development Agency) spend over 1,00,000 crore to setting up this plant.
=> In similar development govt. Is also taking steps to setup 20,000 MW solar power generation capicity under the national solar mission by 2020.
16. India’s free Trade Agreement with ASEAN
17. World bank approves $4.3 billion loan to india
=> Approved loan to four projects of india
1. Infrastructure investment
2. Enable PSU banks to expand credit
3. Strengthen power transmission
18. HDI (Humuan development Index) Report
=> India’s ranking 134th out of 182
2nd – Australia