Economy Round Up – May 26 to 30, 2014

India Infoline News Service | Mumbai |

India's GDP (gross domestic product) stood at 4.7% in the financial year ended 2014.

Top Stories

Narendra Modi assumes office as 15th Prime Minister of India

Narendra Modi today assumed office as the Fifteenth Prime Minister of India. Narendra Modi offered floral tributes to Mahatma Gandhi in his office at South Block, and assumed charge of the office of Prime Minister.  Narendra Modi as an able administrator, has focused on good governance initiatives as well as development to bring about qualitative change in the lives of the people. He has adopted the guiding principle of "Minimum Government and Maximum Governance" and also rationalization with a commitment to bring a change in the work culture and style of governance. He held a short briefing with the Principal Secretary to PM Nripendra Mishra and senior officers in PMO. Senior PMO officials welcomed and received Narendra Modi, when he arrived at the Prime Minister’s Office in South Block.

PM Modi speaks to Premier Li Keqiang of China

Narendra Modi quits Vadodara, retains Varanasi

PM stresses on governance, delivery & implementation

Rajya Sabha to begin session from June 9

Modi govt’s first Lok Sabha session from June 4

PM Narendra Modi calls on former PM Dr. Manmohan Singh

Modi's cabinet: The Official list

After keeping his ministers and the media perhaps guessing, the final official list is out on who heads which ministry. Prime Minister Narendra Modi will hold his first Cabinet meeting today. The names more or less match the buzz which has been around since Monday. Seven women are part of the Modi Cabinet including Smriti Irani who is among the youngest and Najma Heptullah, the lone Muslim face in the Narendra Modi Cabinet. The President of India, as advised by the Prime Minister, has directed the allocation of portfolios among the following members of the Union Council of Ministers...Read More

Dharmendra Pradhan gets Petroleum and Natural Gas Ministry

Ramvilas Paswan assumes charge of Consumer Affairs, Food and Public Distribution

Ravi Shankar Prasad assumes charge of the Law & Justice Ministry

Ashok Gajapathi Raju Pusapati gets Civil Aviation Ministry

Anant Geete gets Heavy Industries and Public Enterprises Ministry

Harsimrat Kaur Badal gets Food Processing Industries Ministry

Narendra Singh Tomar gets Mines, Steel , Labour and Employment Ministry

Jual Oram gets Tribal Affairs Ministry

Radha Mohan Singh to handle Agriculture Ministry

Smriti Zubin Irani gets Human Resource Development Ministry

Thawar Chand Gehlot gets Social Justice and Empowerment Ministry

Smriti Zubin Irani gets Human Resource Development Ministry

General V.K. Singh to handle Development of North Eastern Region

Upendra Kushwaha gets Rural Development Ministry of State

Kiren Rijiju gets Home Affairs Ministry of State

Manoj Sinha gets Railway Ministry

Nirmala Sitharaman gets Commerce and Industry Ministry

Dr. Jitendra Singh assumes Charge as Minister of State for Personnel, Public Grievances

Sarbananda Sonowal gets Youth Affairs and Sports Ministry

Prakash Javadekar gets Information and Broadcasting Ministry

Inderjit Singh Rao gets Planning (Independent Charge) Ministry

What are the top 10 priorities for Modi government?

Prime Minister Narendra Modi announced its priority agenda today.

The PM has stressed on governance, delivery and implementation.

He has asked each ministry to form a 100-day priority list and also asked minsters to address state views with Centre.

The PM would meet ministers and secretaries separately.

  1. To remove hurdles in economic growth.
  2. To prioritise education, energy and water.
  3. To bring in reforms in infrastructure.
  4. To provide a people-oriented government and governance.
  5. To ensure time-bound implementation of policy.
  6. To maintain consistency in policy.
  7. To promote e-auctioning in government tenders.
  8. To improve inter-ministerial co-ordination.
  9. To build confidence in the bureaucracy.
  10. To empower and provide freedom to the bureaucracy.

The cabinet on Tuesday had approved the creation of a Special Investigation Team to unearth black money parked in offshore accounts.

"The Prime Minister indicated that he would like his office to consider issues, especially those raised by the States on priority and with sensitivity," an official statement from the PMO said.

PM priority agenda to include job creation: Reports

Resolve grievances of people quickly: PMO says

India's Q4 GDP at 4.6% vs 4.7%

India's GDP (gross domestic product) stood at 4.7% in the financial year ended 2014. The country's Q4 GDP growth stood at 4.6% as against the estimates of 4.7%.   The manufacturing sector continues to disappoint. Manufacturing growth was down at 1.4% as compared to the negative growth of 1.9% QoQ. The fourth quarter construction sector reported growth of 0.7% as against the estimates of 0.6% on QoQ. Trade & hotels reported growth at 3.9% in Q4 as against 4.3% QoQ. Mining growth was down at 0.4% in Q4 as against a negative growth of 1.6%. The electricity and gas recorded growth of 7.2% in Q4 as compared to 5% QoQ. During the same period, financial services sector reported growth of 12.4% vs 12.5% QoQ.

Community and social growth services growth was at 3.3% vs 7% QoQ. The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, has released the provisional estimates of national income for the financial year 2013-14 and the quarterly estimates of Gross Domestic Product (GDP) for the fourth quarter (January-March) of 2013-14, both at constant (2004-05) and current prices.The CSO has also released the corresponding annual and quarterly estimates of Expenditure components of the GDP in current and constant (2004-05) prices, namely the private final consumption expenditure, government final consumption expenditure, gross fixed capital formation, change in stocks, valuables, and net exports.

India's April fiscal deficit at Rs 1.13 trillion: Govt says

India's April fiscal deficit stood at Rs 1.13 trillion as against Rs. 936 billion YoY. FY14 fiscal gap stood at Rs. 5.08 trillion vs Rs. 5.24 trillion YoY, while revenue gap was at Rs. 3.6 trillion vs Rs. 3.7 trillion YoY, according to the government data. FY14 government spending stood at Rs. 15.6 trillion as against Rs. 15.9 trillion YoY. FY14 government receipt was at Rs. 10.5 trillion as compared to Rs. 10.6 trillion YoY. FY14 net tax receipts at Rs. 8.2 trillion, while non-tax receipts stood at Rs. 1.99 trillion. Revenue deficit for the month of April was at Rs. 1.01 trillion. The country's government receipts stood at Rs. 71 billion as compared to Rs. 81 billion YoY. Government's April stood at Rs. 1.2 trillion as against Rs. 1.02 trillion YoY. 

Change from confrontation to cooperation: Pak PM

In a bid to improve ties between India and Pakistan, the premiers of the two countries have exchanged notes and indicated that they would push to resolve their long standing disputes. The Indian team is said to have raised its concerns which include slow progress in the 2008 Mumbai attack trial in Pakistan as well as border ceasefire violations by Pakistani forces. Pak premier Nawaz Sharif said, "I urge that we should change from confrontation to cooperation and not engage in accusations and counter-accusations."

"My government stands ready to discuss with India all issues in a spirit of cooperation. For peace and security, we should bring stability instead of insecurity," he said reading out a prepared statement to the media.

Let behind Herat consulate attack: President Hamid Karzai to headlines today

News Infocus

Five Vacation planning tips that can save you money and reduce financial stress

Summer is finally here. It's a great time to take a much-deserved vacation with friends or family. But, vacations can quickly become stressful if you find yourself spending more money than you planned. Poor planning can cause you to use your credit card a lot and even make you late on paying bills. Here are five helpful tips from Evolve Money, the convenient online and mobile bill payment app available through iTunes and Google Play. They can help you stick to a vacation budget and plan for timely bill payments.

  1. Plan ahead and book promptly. The ideal vacation is one that is planned in advance and booked right away. The sooner you plan, the more money you can save. For instance, if you decide to head to the beach for the Fourth of July, book your trip immediately so you don't miss out on the best deals.
  2. Travel during down times. Some of the best vacations are ones you have when no one else is there. While the Fourth of Julywith friends at a popular campground can be a great time, it also can be the most expensive time to be there. To avoid paying extra, try planning vacations during the week, at the beginning or near the end of the summer, or other off-peak times.
  3. Avoid costly hotels. Summer is a time to be adventurous outside. Instead of staying at a hotel with luxury spa and fitness accommodations, look for alternatives such as cabins, bed and breakfasts or even houses for rent.
  4. Take care of your bills.?Paying your student loans or gas bill should be the last thing on your mind on vacation, but if you fail to make a payment, you could be charged with late fees. Plan ahead for your bills by using a mobile bill payment tool such as Evolve Money. It's free and easy to use so you can focus on your summer fun.
  5. Look for discounts. Summer is the season for destination discounts. Take a look at airline, travel, hotel and attraction websites. Some offer reduced rates at certain times during the season, and many offer bundled discounts.

When it comes to planning for a cost-effective summer vacation, a little due diligence can save you a lot of money.

Indian travellers seeking vacations with substance this summer: Yatra.com

Fainting linked to your heart, not brain!

Fainting followed by blurring of vision, black out, light-headedness, feeling of nausea, dizziness should not be passed off as just a mere normal occurrence as all this may be a warning sign of a serious heart ailment. Dizziness is normal after strenuous work but fainting coupled with these signs is abnormal and warrant some seriousness if you are ignoring it. Fainting or Syncope, as known in medical terms, is loss of consciousness. A person who has fainting spells returns to full consciousness, but has no inkling of having lost it in the first place. The bout of fainting happens when the blood supply to the brain is hampered. The interruption in oxygen supply to brain happens due to low blood pressure, the result of which is less availability of blood to the brain as the heart is unable to pump blood. There could be many reasons for fainting or passing out. Anemia, low blood sugar, metabolic disorders, improper blood circulation are some of the reasons behind fainting spells. While fainting as such is not a cause to press the panic button, falling after passing out can cause severe injuries, especially to the head which is a very sensitive area...Read More

Should I go for a home loan or wait for rates to come down?

The best time for taking a home loan is when you have already shortlisted a house you want to buy. Waiting for interest rates to come down is an exercise in futility because your home loan is for a long period and rates are bound to fluctuate. A smart borrower will troll the market for the best deal. There are many home loan plans available in the market. Different banks offer various kinds of home loan options. Currently, all the banks across India are offering home loans at the rate of 10.15% to 10.5% per annum in all range of loan amounts. People equipped with relevant information about home loans, banks, interest options and EMIs are the ones to make best choices while selecting a loan...Read More

Sit straight at work!!

In today’s hectic world, many hours are spent at offices. On an average, a person sits more than 8 hours per day while doing his job at his office. Many of us do not take required number of frequent eye or leg breaks and eventually develop body ailments, most common of them are back and neck pain. Lack of proper knowledge and guidance coupled with a careless attitude towards health are the main culprits.

Negative effects of sitting for long hours:

Not only during office hours but even at home, we tend to pass the rest of our day’s hours mostly as sitting; watching TV, eating, surfing the net, commuting at sit-position and so on. This sitting habit contributes to a number of medical conditions like back pain, neck pain headache and other conditions. The way we are working on a computer, we underuse many of our muscles, while other muscles get tense and shorten. Very often we develop a so-called muscular imbalance, with a shortening of the breast muscles and a weakness of the upper back and shoulder blade muscles.

What we should do?

If you spend a significant amount of time sitting at your desk for work or other reasons, it is essential to If you are sitting at a desk for large portion of the workday, it’s important to give your body a break by standing up. When you do, you will work different muscles and get your blood moving up...Read More

Steppe Eagle: Another victim of Diclofenac

The serious threat from the veterinary drug - diclofenac - to various species of vultures has been known for a long time. Research now shows that the killer drug seems to be preying upon other birds of prey too. A paper published today in the Cambridge University Press journal - Bird Conservation International – by scientists from BNHS-India, UK-based Royal Society for the Protection of Birds (RSPB) and Indian Veterinary Research Institute (IVRI), Bareilly, Uttar Pradesh, has revealed that two Steppe Eagles found dead at a cattle carcass dump in Rajasthan had diclofenac residue in their tissues.

Steppe Eagles under threat

The recent findings based on the tests carried out on the bodies of the two Steppe Eagles found in Rajasthan showed the same clinical signs of kidney failure as seen in Gyps vultures after they had ingested diclofenac. Researchers have observed extensive visceral gout, lesions and uric acid deposits in the liver, kidney and spleen of the two birds and diclofenac residue in the tissues...Read More

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