World Rice Output

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{tab=World Rice Output}

World Rice Output in 2011 Estimated at 476 mn Tonnes – FAO

Global rice production is expected to touch 476 million tonnes in 2011, on the back of improved weather conditions, as the influence of La Nina is expected to neutralise by June, United Nation’s Food and Agriculture Organisation said on June 24, 2011. The world rice production reached a new record in 2010, at 464 million tonnes ( 696 million tonnes paddy ), up 1.8 per cent from the previous season, said FAO. World paddy production in 2011 is forecast to expand by 2.5 per cent to 713 million tonnes ( about 476 million tonnes, milled basis ). According to the third advance estimate of the Agriculture Ministry, rice production in India in the 2010 – 2011, season is pegged at 94.11 million tonnes.

FDI Declines 62% to $7b in 2010 – 2011 – RBI

Foreign Direct Investment ( FDI ) into the country in 2010 – 2011 declined by 62 per cent in 2010 – 2011 to $7.1 billion from $18.8 billion the previous year, according to the RBI data released on June 30, 2011.
Major Highlights : During the year as a whole i.e. April to March 2010 – 2011, despite improvement in net invisibles surplus, higher trade deficit led to increase in absolute size of current account deficit. However, as a proportion of GDP, CAD ( Current Account Deficit ) was marginally lower than the preceding year.

Trade Balance : ( trade deficit ) widened to US$ 130.5 billion ( 7.5 per cent of GDP ) during 2010 – 2011 from US$ 118.4 billion ( 8.6 per cent of GDP ) a year ago.

Net invisibles surplus ( Invisibles Receipts minus Invisibles Payments ) increased to US$ 86.2 billion during 2010 – 2011 ( US$ 80.0 billion last year ). The increase in invisibles receipts was mainly driven by services exports, which recorded a growth of 37.8 per cent during 2010 – 2011 ( as against a decline of 9.6 during the preceding year )

The Current Account Deficit ( Trade Balance + Net Invisibles ) at US$ 44.3 billion works out to 2.6 per cent of GDP during 2010 – 2011 as compared to US$.38.4 billion ( 2.8 per cent of GDP ) a year ago.

Net capital inflows increased to US$ 59.7 billion mainly driven by external assistance, short term trade credits, ECBs and banking capital. Although net capital inflows were higher, accretion to foreign exchange reserves during 2010 – 2011 was marginally lower as a larger share of increased flows was absorbed by the widened current account deficit.

Major Items of India’s Balance of Payments ( US $ billion ) General Studies Question Bank CD

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Net Capital Flows ( US$ billion )

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PAN must for High Value Jewellery Buy, Debit Cards

Any purchase of bullion or jewellery worth ₹5 lakh or more will require mandatory quoting of PAN from July 1, 2011. High value purchase of jewellery, among valuables, have often been feared to be a much favoured route for circulation of black money and quoting of PAN would help the tax authorities in tracking such transactions. Recently, RBI had also asked the banks to consider the jewellers and bullion dealers as high risk customers and to keep an enhanced vigil on their transactions. The transactions that already require PAN include sale or purchase of any immovable property valued at ₹5 lakh or more, sale or purchase of motor vehicles other than two wheelers and bank deposits exceeding ₹50,000. These also include opening of bank accounts, hotel bills of over ₹25,000 and mutual fund investments of ₹50,000 and above.

India is World’s 4th Largest Steel Producer

Despite a 7 per cent hike in its output, India slipped by a step to be the fourth largest steel producer in the world in 2010, according to World Steel Association on June 30,2011. India produced 68.3 million tonnes of steel in 2010 as against 63.5 million tonnes in 2009. The US, which produced 80.5 million tonnes as against 58.2 million tonnes in the previous year, overtook India and Russia to emerge as the third largest producer in 2010. China with an output of 626.7 million tonnes ( 573.6 mt in 2009 ) and Japan with an output of 109 million tonnes ( 87.5 mt ) remained the top two producers of steel in 2010. Total global steel output stood at 1,413.5 mt, up from 1230.9 mt in 2009.

Draft Micro Finance Bill Makes RBI Sole Regulator of MFIs

The government has proposed a regulatory framework for the microfinance industry that provides protection to the consumer, makes the Reserve Bank of India the sole regulator and puts industry under a strict watch. The draft Micro Finance Institutions ( Development and Regulation ) Bill 2011 gives sweeping power to the RBI by bringing all aspect of microfinance under its oversight. The finance ministry on July 6, 2011 put out the draft bill for comments. The government has now sought comments from all stakeholders before finalisinig the bill.

Exports grow 45.7% in the first quarter

CategoryPayment ModeFees
For General / OBC CandidatesAt IIFT Counter / by Post / Online₹ 1,500 /-
For SC / ST / PH CandidatesAt IIFT Counter / by Post / Online₹ 750 /-
For Foreign Nationals / NRIs / Children of NRIsAt IIFT Counter / by Post / OnlineUS$ 75 ( INR ₹ 3000 /- )

India’s exports have registered a growth of 45.7% to US $ 79 billion during the period April to June 2011 while the imports were US $ 110.6 billion with a growth of 36% and a trade deficit of negative US $ 31.6 billion, during the same period.

During April – June 2011, exports the following sectors have done well viz., engineering, 94% ( US $ 23 billion ); Gems & Jewellery, 19% ( 9.25 billion US $ ); petroleum & oil products, 60% ( US $ 14 billion ); man made yarn & made – ups, 30% ( US $ 1-2 billion ); electronics, 69% ( US $ 2.8 billion ); Marine products, 27% ( 0.6 billion ); and leather registered the growth of 26% ( 1.1 billion US $. ) Interacting with the media persons, Shri Khullar stated that exports of iron ore, Fruits & vegetables and tobacco are on the negative growth because of ban on exports on these sectors.

As regards imports during April – June 2011, the growth estimates on the following sectors are : POL, 18% ( US $ 30.5 billion ); pearls & precious stones, .10% ( US $ 7.5 billion ); gold & silver, 200% ( US $ 17.7 billion ); Iron & steel, -10% ( US $ 2.7 billion ) and machinery, 49% ( US $ 9 billion ).

{tab=Net Profit}

Net Profits of PSBs at ₹45,000 crore in 2010 – 2011

The Finance Minister Pranab Mukherjee on July 8, 2011 urged all Public Sector Banks / Financial Institutions to exert themselves in containing the downward trend of Asset Quality by devising suitale strategies for containing and rolling back NPAs at the review meeting of the Chief Executives officers ( CEOs ) of Public Sector Banks / Financial Institutions in New Delhi.

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NSSO Unveils Household Consumer Expenditure Survey for 2009 – 2010

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Top & Bottom States of NSSO Survey

The survey has estimated the all India average monthly per capita expenditure at 71,053.64 in rural and 71,984.46. The States among the top in spending are Kerala ( 71,835.22 in rural and 72,412.58 in urban areas ), Punjab ( ₹1,648.92 and 72,108.79 ), Haryana ( 71,509.91 and 72,321.49 ) and Maharashtra ( ₹1,152.79 )and ( ₹2,436.75 ). The States at the bottom of the consumption chart are Bihar ( 7780.15 and 71,237.54 ), Chhattisgarh ( ₹783.57 and ₹1,647.32 ) Odisha ( ₹ 818.47 and ₹1,548.36 ) and Jharkhand ( ₹825.15 and ₹1,583.75 ).

37,971 MW Power Capacity Commissioned During 11th Plan till June 2011

The installed capacity in the power sector in the country recorded a growth of 45% from 1,23,901 MW in January 2006 to 1,77,135 MW in June 2011 This was stated by the Power Minister Sushilkumar Shinde at the Parliamentary Consultative Committee attached to his Ministry in New Delhi on July 11,2011 A capacity of 37,971 MW has already been commissioned during the 11th Plan till June 2011. The total capacity commissioned during the 10th Plan was 21,180 MW.

Direct Taxes Account for 56% of Total Revenue Collections 2010 – 2011

The Union Finance Minister Pranab Mukherjee on July 15, 2011 said that direct tax collections now account for more than 56 per cent of the total revenue collections of Central Government. Direct tax collections have reached nearly Rupees four lakhs forty six thousand crores ( 74,46,000 crore ) in 2010 – 2011 Mukherjee was speaking on the occasion of the concluding ceremony of the celebrations on completion of 150 years of the Income Tax Department in New Delhi.

Indian Oil is No. 1 Indian company in Fortune’s 500 Largest Companies

Eight Indian companies have made the cut in the list of world’s 500 largest companies unveiled by Fortune magazine in July 2011, with Indian Oil finding a place in the top 100 and Reliance Industries in 134th spot. Indian Oil has cornered the 98th spot, up from 125th place last year. Other Indian companies in the list are Bharat Petroleum ( 271 ), State Bank of India ( 291 ), Hindustan Petroleum ( 335 ), Tata Motors ( 358 ), ONGC ( 360 ) and Tata Steel ( 369 ).

Foreign Tourist Visits Register Growth of 24.2% in the year 2010

Foreign tourist visits to the country registered an impressive growth of 24.2% in the year 2010, says data unveiled by Ministry of Tourism on July 18, 2011. Similarly domestic tourist visits also showed a growth of 10.7 % last year. The number of domestic tourist visits to the States /  UTs during the year 2010 was 740 million as compared to 669 million in 2009 and 563 million in 2008.

The top ten States in terms of number of domestic tourist visits ( in millions ) during 2010 were Andhra Pradesh ( 155.8 ), Uttar Pradesh ( 144.8 ), Tamil Nadu ( 111.6 ), Maharashtra ( 48.5 ), Karnataka ( 38.2 ), Madhya Pradesh ( 38.1 ), Uttarakhand ( 30.2 ), Rajasthan ( 25.5 ), West Bengal ( 21.1 ) and Gujarat ( 18.9 ).The contribution of top 10 States was about 85.5% to the total number of domestic tourist visits during 2010. The percentage shares of top 5 States were Andhra Pradesh ( 21.0% ), Uttar Pradesh ( 19.6% ), Tamil Nadu ( 15.1% ), Maharashtra ( 6.5% ) and Karnataka ( 5.2% ).

The number of foreign tourist visits ( FTVs ) during the year 2010 was 17.9 million as compared to 14.4 million in 2009 and 2008. This shows an impressive growth of 24.2% over 2009 as compared to a decline of 0.1% in 2009 over 2008. The top ten States in terms of number of FTVs ( in millions ) during 2010 were Maharashtra ( 5.1 ), Tamil Nadu ( 2.8 ), Delhi ( 1.9 ), Uttar Pradesh ( 1.7 ), Rajasthan ( 1.3 ), West Bengal ( 1.2 ), Kerala ( 0.66 ), Bihar ( 0.64 ), Himachal Pradesh ( 0.45 ) and Goa ( 0.44 ). The contribution of top 10 States was about 90.3% to the total number of FTVs in the country during 2010. The percentage shares of top 5 States were Maharashtra ( 28.5% ), Tamil Nadu ( 15.7% ), Delhi ( 10.6% ), Uttar Pradesh ( 9.4% ) and Rajasthan ( 7.2% ).

Committee of Secretaries Approves 51% FDI in Multi brand Retail

India on July 22, 2011 moved closer to a major economic reform, with a committee of secretaries ( CoS ) giving an approval in principle for allowing up to 51 per cent foreign direct investment ( FDI ) in multibrand retail. The move was keenly awaited by global retail companies such as Walmart and Carrefour. The decision, if implemented, would bring in huge foreign investments in the retail sector. However, the CoS, chaired by Cabinet Secretary Ajit Kumar Seth, suggested riders such as keeping the minimum FDI at $ 100 million ( ₹450 crore ), of which at least half would have to be in back-end infrastructure such as cold storages, soil testing labs and seed farming.

At present, India allows 100 per cent FDI in cash & carry wholesale trade and up to 51 per cent in single-brand retail. The size of India’s retail sector is $590 billion ( ₹26 lakh crore ), according to a report by ICRIER. The share of organised retail in India is just over 4 per cent. It is 66 per cent in Japan, 55 per cent in Malaysia, 30 per cent in Indonesia and 20 per cent in China.

Official debate on FDI in multi brand retail gathered steam after the Department of Industrial Policy and Promotion ( DIPP ) came out with a discussion paper in July last year. Dipp supported a 51 per cent cap, while the consumer affairs ministry wanted a 49 per cent cap. Those opposed to FDI say the entry of multinationals in multi-brand retail will hurt the interests of small retailers.

Earlier, an inter ministerial group under the chairmanship of Chief Economic Advisor Kaushik Basu to suggest measures to fight inflation had pitched for allowing FDI in multi brand retail. “It is time for India to allow FDI in multi product retail and ( the report ) proposes the government consider this at the earliest, it said.

Farm Output

1. Lord Louis Mountbatten1947 - 1948
2. C. Rajagopalachari 1948 - 1950

Note : All producion figures are in million tonnes

  • *In million bales of 170 kilograms each
  • **in million bales of 180 kilograms each
  • Foodgrains in 2010-11- 241.56 mt : highest ever
  • Rice – 95.32 million tonnes
  • Wheat – 85.93 million tonnes : highest ever
  • Coarse Cereals – 42.22 million tonnes : highest ever
  • Maize – 21.28 million tonnes : highest ever
  • Pulses – 18.09 million tonnes : highest ever
  • Tur – 2.89 million tonnes
  • Urad – 1.74 million tonnes : highest ever
  • Moong – 1.82 million tonnes : highest ever
  • Gram – 8.25 million tonnes : highest ever
  • Oilseeds – 31.10 million tonnes : highest ever
  • Soyabean – 12.66 million tonnes : highest ever
  • Groundnut – 7.54 million tonnes
  • Rapeseed & mustard – 7.67 million tonnes
  • Cotton – 33.43 ran bales ( of 170 kg each ): highest ever
  • Sugarcane – 339.17 million tonnes

17.14 cr farmers covered under National Agriculture Insurance Scheme

National Agricultural Insurance Scheme – ( NAIS ) has covered 17.14 crore farmers over an area of 2,627 lakh hectares insuring a sum amounting to ₹ 2,10,523 crore till Kharif 2010. The scheme is being implemented in the country from Rabi 1999 – 2000 season. Claims to the tune of about ₹ 21,031 crore have become payable against the premium income of about ₹ 6,303 crore benefiting about 4.61 crore farmers.The NAIS, at present, is under operation in 25 States and 2 Union Territories.

 

{tab=India Ranked}

India Ranked 10th in Export of Services Worldwide

India achieved 10th rank in export of services worldwide, while emerged as the 20th biggest merchandise exporter in 2012, according to a latest WTO report unveiled on July 21, 2011. In 2009, the country stood at the 12th and 22nd position globally in services and goods exports, respectively. In value terms last year, India exported services and merchandise worth USD 110 billion and ( JSD 216 billion respectively, the ‘World Trade Report 2011’ said. India’s goods exports went up by 31% in 2010, helping the country to expand its market share to 1.4% from 1.2% in 2009. According to industry experts, increasing demand for Indian goods in new markets like Latin America and Africa are helping in boosting the country’s exports. Engineering and petroleum exports contribute about 40% in the total exports. New Delhi’s services exports share in the world exports increased to 3% in 2010 from 2.6% in 2009. Further the report said, globally China ranked first in terms of merchandise exports followed by the US and Germany. In services export, the US is on the top slot followed by Germany and UK.

India in 14th Spot as FDI Destination

Indicating a serious crisis developing in foreign investment climate, India slipped to the fourteenth spot from the eighth position in the list of countries that attracted the highest foreign direct investment ( FDI ) in 2010. Inflows into India declined by about $10 billion to $25 billion, according to the “World Investment Report 2011” released by United Nations Conference on Trade and Development ( UNCTAD ) in New Delhi on 26th July, 2011.General Studies Question Bank CD

Index of Eight Core Industries Grows 5.0% in June 2011

The Index of Eight core industries having a combined weight of 37.90 per cent in the Index of Industrial Production ( IIP ) with base 2004-05 stood at 138.98 in June 2011 and registered a growth of 5.2% compared to 4.4% registered in June 2010. During April – June 2011-12, eight core industries registered a growth of 5.0% as against 6.8% during the corresponding period of the previous year 2010-11.

Performance of the Eights Core Sectors :

  • Coal : Coal production ( weight of 4.38% in the IIP ) registered a growth of (-) 3,3% in June 2011 compared to growth of 0.8% in June 2010. Coal production grew by 0.2% during April-June 2011 -12 compared to an increase of (-) 0.6 during the same period of 2010-11.
  • Crude Oil : Crude Oil production (weight of 5.22% in the IIP) registered a growth of 7.7 % in June 2011 compared to a growth of 6.8% in June 2010. The Crude Oil production registered a growth of 9.5% during April-June 2011-12 compared to 5.9% during the same period of 2010-11.
  • Natural Gas : Natural Gas production (weight of 1.71% in the IIP) registered a growth of (-) 11.7% in June 2011 compared to growth of 25.4% in June 2010. The Natural Gas production registered a growth of (-) 10 2% during April-June 2011-12 compared to 37.0% during the same period of 2010-11.
  • Petroleum Refinery Products : Petroleum refinery production ( weight of 5.94% in the IIP ) registered a growth of 4.7% in June 2011 compared to growth of 2.9% in June 2010. The Petroleum refinery production registered a growth of .5.3% during April-June 2011-12 compared to 5.3% during the same period of 2010-11.
  • Fertilizers : Fertilizer production ( weight of 1.25% in the IIP ) registered a growth of (-) 2.4% in June 2011 compared to (-) 6.7% in June 2010. Fertilizer production grew by 1.1% during April – June 2011 – 2012 compared to an increase of (-) 2.6% during the same period of 2010 – 2011.
  • Steel : Steel production ( weight of 6.68% in the IIP ) registered a growth of 12.5% in June 2011 compared to 4.3% in June 2010. Steel production grew by 7.8% during April – June 2011 – 12 compared to an increase of 8.6% during the same period of 2010 – 2011.
  • Cement : Cement production ( weight of 2.41% in the IIP ) registered a growth of (-) 0.8% in June 2011 compared to 3.7% in June 2010. Cement Production grew by (-) 0.9% during April – June 2011 – 2012 compared to an increase of 7.0% during the same period of 2010 – 2011.
  • Electricity : Electricity generation ( weight of 10.32% in the IIP ) registered a growth of 8.2% in June 2011 compared to growth of 3.8% in June 2010. Electricity generation grew by 8.3% during April – June 2011 – 2012 compared to 5.7% during the same period of 2010 – 2011

India to be 2nd Largest Steel Producer by 2013

The Union Minister for Steel, Beni Prasad Verma said that India will become the world’s second largest producer of steel by 2013 with an installed annual production capacity of 120 million tonnes up from the present 80 million tonnes. Addressing the 5th India steel Summit in New Delhi on July 26, 2011, he said that currently, India has the fourth largest steel sector in the world, both in terms of capacity and production.

The capacity is expected to exceed 150 million tonnes by 2020. By the end of the current financial year, the steel manufacturing capacity of the country might reach around 90 MT. This is likely to cross 110 MT by next financial year when the brownfield capacity addition projects of SAIL and other private sector projects get commissioned. India is endowed with significant iron ore reserves, estimated at 25 billion tonne. However, the proven economically mine-able reserve is only 7 billion tonne, of which the high reserve grade is only 1.3 billion tonne.

As a matter of policy the government imposes 20% duty on export of all kinds of iron ore. Steel consumption in India is around 50 Kilograms per person per year. A large section of rural India does not have good distribution network to avail the steel products. Rural steel consumption in the country is only 10 Kilograms per person. Various government social schemes like NREGA and Indira Awas Yojana are expected to bring about development in the rural areas and increase steel consumption.

Economic Outlook 2011 – 2012 Unveiled

The Prime Minister’s Economic Advisory Council ( PMEAC ) has cut the Gross Domestic Product ( GDP ) forecast for the current fiscal to 8.2 per cent as worries emerge on the global front. The Chairman Economic Advisory Council to the Prime Minister, Dr. C. Rangarajan released the ‘Economic Outlook 2011 – 2012’ in New Delhi on August 1, 2011. The PMEAC said that inflation will remain high at around nine per cent till October this year and said the Reserve Bank of India ( RBI ) may have to continue with its tight monetary policy till the price situation stabilises.

1. Rajendra Prasad1950 - 1962
2. S. Radha Krishnan1962 - 1967
3. Zakir - Hussain 1967 - 1969
4. VV. Giri 1969 - 1974
5. Fakhruddin Ali Ahmed 1974 - 1977
6. N. Sanjiva Reddy 1977 - 1982
7. Gyani Zail Singh 1982 - 1987
8. R. Venkataraman 1987 - 1992
9. Dr. Shanker Dayal Sharma 1992 - 1997
10. K.R. Narayanan1997 - 2002
11. Dr. A.RJ. Abdul Kalam 2002 - 2007
12. Pratibha Patil2007 - 2012

13. Pranab Mukherjee 2012 to present

Economic Growth Rates in india

Economy to grow at 8.2% in 2011 – 2012 : Agriculture grew at 6.6% in 2010 – 2011. Projected to grow at 3.0% in 2011 – 2012 Industry grew at 7.9% in 2010 – 2011 Projected to grow at 7.1 % in 2011 – 2012 Services grew at 9.4% in 2009 – 2010. Projected to grow at 10.0% in 2011 – 2012

  •  Global economic and financial situation unlikely to improve.
  • To keep the economy growing at 9% it is important to increase fixed investment rate
  • Investment rate projected at 36.4% in 2010 – 2011 and 36.7% in 2011 – 2012
  • Domestic savings rate as ratio of GDP projected at 33.8% in 2010 – 2011 & 34.0 % in 2011 – 2012
  • The 2011 monsoon projected to be in the range of 90 to 96 per cent of Long Period Average. As a result farm sector output expected to grow at 3%

Trade & Foreign Investment

Current Account deficit is $44.3 billion ( 2.6% of GDP ) in 2010 – 2011 and projected at $54.0 billion ( 2.7% of GDP ) in 2011 – 2012
Merchandise trade deficit is $ 130.5 billion or 7.59% of the GDP in 2010 – 2011 and projected at $154.0 billion or 7.7% of GDP in 2011 – 2012

  • Invisibles trade surplus is $ 86.2 billion or 5.0% of the GDP in 2010 – 2011 and projected at $100.0 billion or 5.0% in 2011 – 2012
  • Capital flows at $61.9 billion in 2010 – 2011 and projected at $72.0 billion in 2011 – 2012
  • FDI inflows projected at $36 billion in 2011 / 2012 against the level of $23.4 billion in 2010 – 2011
  • FII inflows projected to be $14 billion which is less than half that of the last year i.e $30.3 billion
  • Accretion to reserves was $15.2 billion in 2010 – 2011 Projected at $18.0 billion in 2011 – 2012

Inflation : Inflation rate projected at 6.5 % in March 2012. The headline inflation rate would continue to be at 9 per cent in the month of July – October 2011. There will be some relief starting from November and will decline to 6.5% in March 2012. Available food stocks to be liberally released.

{tab=Per capita income}

India’s Per Capita Income at ₹ 24,143 in 2010 – 2011

The Per Capita Income at the national level, which was ₹ 24,143 in the year 2004 – 2005, stands at ₹ 54,835 in the year 2010 – 2011, showing an increase of more than 120%. This information was given by the Minister of State ( Independent Charge ) for Statistics and Programme Implementation Srikant Kumar Jena in the Lok Sabha on 4th August, 2011. The details of State / UT – wise per capita income ( Net State Domestic Product at factor cost ) at current prices, for the years 2004 – 2005 to 2009 – 2010, as compiled and provided by the Directorates of Economics & Statistics of the States, are given in the table below.

S.NoParticularsMax. Marks
1Weightage in aggregate in Bachelor’s degree50.0
2KVAFSU Written Test40.0
3ICAR / JRF exam qualified candidates2.0
4Distinction - University Medals / Sports and Cultural activities5.0
5Physically handicapped / Anglo - Indians / Scouts & Guides / Children of Ex - Servicemen / Defence personnel3.0
Total100

Government Finances India

Fiscal policy has an important role to contain demand pressure Need to ensure that fiscal deficit does not exceed the budgeted level. RBI will have to continue to follow a tight monetary policy till inflation shows definite signs of decline. Achieving fiscal targets set in 2011 / 2012 budget estimates to present a significant challenge. For 2011 / 2012, budget estimates of fiscal deficit for Centre. 4.7%; States – 2.1% and consolidated fiscal deficit including off budget liabilities 6.8%. Government to redouble efforts to collect larger revenue, resolve cases to reduce tax arrears. Minimize avoidable expenditures and initiate measures to increase revenues.

Resolve issues with states and introduce Goods and Services Tax. Reforms in power sector distribution system to limit the liabilities of state governments.

Some Key Issues of Concern:

  • Convergence of growth rates of states : An analysis of the recent data indicates that while most of the lower income states have shown stronger growth rates, several of the higher income states have also shown an increase
  • Current Account Deficit : Given our growth needs, a moderate trade deficit and CAD are inevitable. To finance the CAD, foreign investment flows need to be promoted. However CAD to be contained below 2.5% of the GDP
  • Power Sector: The India growth story inextricably linked to the power sector. Immediate policy interventions required for ensuring coal availability for the power plants, land acquisition and environmental clearances and revision of power tariff by states to reduce high AT&C losses Increased focus on non conventional energy
  • Food Security: Need to grant the poor a legal entitlement to food through an appropriate legislative enactment. Availability of grain needs to be kept in mind while deciding legal entitlements. Reforms in PDS are important to strengthen distribution Computerization, introduction of smart cards and using unique identification numbers for the beneficiaries are important interventions.


Forex Reserves at $316 b on August 12

The country’s foreign exchange reserves declined by $621 million to $316,605 billion during the week ended August 12, according to the Reserve Bank of India’s Weekly Statistical Supplement released on 19th August, 2011. The decline in reserves is mainly on account of currency revaluation. In the week under consideration the foreign currency assets fell by $652 million to $283,667 billion. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non- US currencies such as the euro, sterling and yen held in reserves. Gold was unchanged at $25,349 billion. SDRs increased by $19 million to $4,614 billion. The reserves position in the IMF increased by $12 million to $2,975 billion.

RBI Survey Lowers GDP Growth Estimate for 2011 – 2012 to 7.9%

India’s GDP growth projection for the current financial year has been lowered to 7.9 per cent from the earlier projection of 8.2 percent, according a Reserve Bank of India Survey on 12th August, 2011. The Survey of Professional Forecasters on Macroeconomic Indicators had revised the real GDP growth rate forecast downwards to 8.2 per cent in its May survey from 8.5 per cent in the earlier survey. The latest round of survey has revised projections for agriculture, industry and services growth to 3.5 per cent ( 3.1 per cent in the May survey ) 7.4 per cent ( 8.2 per cent ) and 9.0 per cent ( 9.6 per cent ) respectively.

Goldman Upgrades India Rating

Citing expected improvement in the macroeconomic situation, Goldman Sachs on 8th August, 2011 upgraded India’s rating to ‘market weight, indicating bullishness in the short-term. After maintaining an ‘under weight’ status on India for one year now, Goldman Sachs also cited lower oil prices and government push for policy reforms for the upgrade. However, Goldman expects the India economy to grow 7.3 per cent in the current fiscal, lower than the earlier projection of 7.5 per cent expansion. The Reserve Bank of India has forecast 8 percent growth in 2011-12. Global economic uncertainty apart, India is grappling wit” high prices with headline inflation touching 9.44 per cent in June.

Coal India Ltd. Pips RIL to be No.1 in M – Cap

Coal India ( CIL ) ended Reliance Industries’ four and a half year reign at the top on 17th August, 2011 to emerge as India’s biggest company by market cap as soaring demand, high commodity prices and a monopoly position in the industry lifted its shares. Coal India, which was listed only last year, rose 2.8% to end at Rs.398 on BSE, giving it a market value of ₹ 2,51,328 crore. Reliance Industries, which dethroned ONGC in February 2007 to become the biggest company by market value, slipped 0.7% to Rs.753.8 with a market value of ₹2,47,196 crore.

India Needs 55 Million more Jobs by 2015 – CRISIL

India needs at least 55 million additional jobs by 2015 to maintain the current ratio of employed people to total population at 39 per cent. This would be  nearly twice the jobs created during 2005 – 2010, according to a report from CRISIL Research, an independent research house on 17th August, 2011. The CRISIL Research study is based on recently released National Sample Survey Organisation ( NSSO ) data on employment in India. Total employment is the sum of people in jobs and self-employed. Between 2005 and 2010, the net addition in jobs was 27.7 million but the number of self-employed people decreased by 25.5 million. This restricted the increase in number of employed people to two million. This increase has been misinterpreted by many as the number of jobs created. Even at 27.7 million, the job creation leaves much to be desired.

Repo and Reverse Repo Rates Increased more than 10 times since April 2010

The Reserve Bank of India ( RBI ) has increased the repo and reverse repo rates from time to time to contain inflation and anchor inflationary expectations. As a result of the hike in policy rates, banks have increased their base rate and Benchmark Prime Lending Rates ( which are signal lending rates of banks ). This information was given by the Minister of State for Finance, Namo Narain Meena in Lok Sabha on 19th August, 2011. The following table captures the movement in repo and reverse repo rate since April 2010.

BranchCourse NameNumber of Seats
IMaruthuvam8
IIGunapadam8
IIISirappu Maruthuvam8
IVKuzhandhai Maruthuvam8 ( 7+1 ) BIMSTEC
VNoi Nadal7
VINanjunoolum Maruthuva Neethinoolum7
Total46 ( 45 + 1 ) BIMSTEC

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