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South Asian Association for Regional Cooperation (SAARC)

HQKathmandu, Nepal.

members(8)-

AFGHANISTAN,INDIA,NEPAL,MALDIVES,PAKISTAN,BANGLADESH,SRILANKA,BHUTAN

18TH SUMMIT KATHMANDU,NEPAL(2013)

Bay of Bengal Initiative for Multi-Sectoral Technical and Economic

Cooperation(BIMSTEC)

members(7)-

BANGLADESH,SRILANKA,BHUTAN,INDIA,THAILAND,MYANMAR,NEPAL

The 3rd BIMSTEC Summit meeting is expected to be held in Myanmar during this year

Association of Southeast Asian Nations(ASEAN) HQ-Jakarta,Indonesia

members(10)-Indonesia, Malaysia, Phillippines,Singapore,Vietnam,Brunei,Laos,Myanmar,Cambodia,Thailand 21st ASEAN summit held atPhenom Penh(Cambodia)

Mekong Ganga Cooperation(MGC)

members(6)-

India

,Vietnam,Laos,Myanmar,Cambodia,Thailand 6th meeting held at NEW DELHI(2012)

Shanghai Cooperation Organisation(SCO)

HQBeijing, China.

members(6)-RUSSIA,CHINA,KAZAKHSTAN,KYRGHIZTAN,TAJIKISTAN,UZBEKISTAN

13TH SUMMIT WILL BE HELD at BISHKEK(KYRGHIZTAN) in sep ,2013

Gulf Cooperation Council(GCC) HQ-RIYADH(SAUDI ARABIA)

members(6)-BAHRAIN,KUWAIT,OMAN,SAUDI ARABIA,UAE,QATAR

Indian Ocean Rim-Association for Regional Cooperation (IOR-ARC) : HQMauritius


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18 members

Mercosur : HQMontevideo, Uruguaymembers(5)-ARGENTINA,BRAZIL,PARAGUAY(suspended on june 2012 because it blocked the entry ofVenezuela into MERCOSUR),URUGUAY,VENEZUELA

Asia-Pacific Economic Cooperation (APEC) : HQSingapore. The Asia-Pacific EconomicCooperation (APEC) is an economic forum for a group of Pacific Rim countries to discussmatters on regional economy, cooperation, trade and investment. The current membership ofAPEC consists of 21 members,

Organisation of the Islamic Conference (OIC) : HQJeddah, Saudi Arabia.members(57)

World Bank Group consists of:

The International Bank for Reconstruction and Development (IBRD), established in 1945,which provides debt financing on the basis of sovereign guarantees;

The International Finance Corporation (IFC), established in 1956, which provides variousforms of financing without sovereign guarantees, primarily to the private sector;

The International Development Association (IDA), established in 1960, which providesconcessional financing (interest-free loans or grants), usually with sovereign guarantees;

The Multilateral Investment Guarantee Agency (MIGA), established in 1988, which providesinsurance against certain types of risk, including political risk, primarily to the private sector; and

The International Centre for Settlement of Investment Disputes (ICSID),established in1966, which works with governments to reduce investment risk.

Food and Agriculture Organisation (FAO) : HQRome, Italy.

International Labour Organisation (ILO) : HQ-Geneva, Switzerland.

United Nations Educational, Scientific and Cultural Organisation (UNESCO) :HQ-Paris,France.

International Civil Aviation Organisation (ICAO) : HQ

Montreal, Canada

World Health Organisation (WHO) : HQ-Geneva, Switzerland

International Atomic Energy Agency (IAEA) : HQ-Vienna, Austria.

International Telecommunication Union (ITU) : HQParis, France.


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International Maritime Organisation (IMO) : HQLondon

International Court of Justice (ICJ) : HQ-The Hague,The Netherlands

International Criminal Court (ICC) : HQThe Hague, The Netherlands

United Nations Children's Fund (UNICEF) : HQNew York City

United Nations Conference on Trade and Development (UNCTAD) : HQGeneva,Switzerland

United Nations Environment Programme (UNEP) : HQGigiri, Nairobi, Kenya

World Intellectual Property Organisation (WIPO) : HQGeneva, Switzerland.

World Trade Organisation (WTO) : HQGeneva, Switzerland.

Asian Development Bank (ADB) : HQManila, Philippines

United Nations High Commissioner for Refugees (UNHCR) : HQGeneva, Switzerland.


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Dr. C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister released thedocument 'Economic Outlook 2013-14' at a Press Conference in New Delhi today. Following arethe highlights of the document:

Economy to grow at 5.3% in 2013-14

Agriculture projected to grow at 4.8% in 2013-14 as against 1.9% in 2012-13. The early andgood monsoon had a huge positive impact on sowing activity. The reservoir position in the weekending August 29, 2013, was 29 per cent better than the average of the last 10 years. Thus bothkharifand rabi crops are expected to be good.

Industry (including manufacturing, mining and quarrying, electricity, gas, water supply andconstruction)projected to grow at 2.7% in 2013-14 as against 2.1% in 2012-13. Manufacturingsector projected to grow at 1.5% in 2013-14 as against 1 % in 2012-13.

Services projected to grow at 6.6%in 2013-14 as against 7.1% in 2012-13.

The Council expects the growth rate in 2013-14 to be higher than it was in 2012-13. Apartfrom the substantially improved performance of agriculture, the other sectors of the economywill also perform better in the second half of 2013-14 for three reasons

o The full impact of various measures taken over the last six months will be reflected later in thisyear

o Strong emphasis is being laid on improving the performance of key infrastructure sectors that

lie in the public domain such as coal, power, roads and railways

o Continuous efforts are being made to remove the bottlenecks in the implementation of projects

Structural Factors

Domestic savings rate decline of 6% between 2007-08 and 2011-12 almost entirely onaccount of a decline of 3.7% in public sector savings and 2.2% in private corporate savings.

Decline in net financial savings of households to 8 per cent in 2011-12 from 11-12 per centin years prior to 2010-11.

Investment rate projected at 34.7% of GDP in 2013-14 as against the estimated 35% in2012-13.

Domestic savings rate projected at 31% of GDP as against the estimated 30.2 % of GDP2012-13.

Domestic Inflation


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During 2013-14 the good performance in agriculture will have a moderating effect on foodinflation,depreciation of the rupee may put some upward pressure. On balance, WPI inflation byend March 2014 will be around 5.5 percent as against the average of 7.4% in 2012-13 and5.7% at end March 2013.

Difference between WPI and CPI widening in recent months primarily on account ofhigher weightage of food items in CPI.

External Sector: Controlling CAD remains main concern at present.

Current Account Deficit projected at $70 billion (3.8% of GDP) in 2013-14 against anestimated $88.2 billion (4.8% of GDP) in 2012-13.

o Merchandise trade deficit projected at $185 billion (10.1% of GDP) in 2013-14 against anestimated $195.7 billion (10.6% of the GDP) in 2012-13

o Net invisibles earnings projected at $115 billion (6.3 % of GDP) in 2013-14 against anestimated $107.5 billion (5.8 % of GDP) in 2012-13.

o Between 2010-11 and 2012-13, the combined impact of higher net oil and net gold imports onthe CAD was almost $57 billion or 3.0 percentage points of GDP. This was equivalent to 87 percent of the aggregate deterioration in the merchandise trade balance of $65 billion during theperiod.

o The CAD may go even below $ 70 billion in 2013-14 if the recent trends in exports andimports are maintained through the year.

Net Capital flows projected at $ 61.4 billion(3.4% of GDP) in 2013-14 against an estimated$ 89.4 billion in 2012-13, the second highest level to date.

o Net FDI inflows in 2013-14 projected at $21.7 billion against an estimated $19.8 billion in2012-13.

o Net FII inflows projected at $ 2.7 billion in 2013-14, even though data up to end of Augustshows a negative outflow. The commensurate figure is estimated at $ 17 billion in 2011-12 and$27 billion in 2012-13.

o Total inflows under the head of loans (ECBs and short-term loans)projected at $22 billion in

2013-14 as against an estimated $31.1 billion in 2012-13.

o Total banking capital inflows projected at $ 18 billion in 2013-14 against an estimated $ 16.6billion in 2012-13.

External Value of the Currency:


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o EM currencies have sharply depreciated in 2013, especially since May (after the US FedChairman's statement). Those with large current account deficits, high inflation and weakeninggrowth have depreciated the most.

o For India, the short-term problem is of financing the large CAD, while the medium term

issue is to compress CAD to a more sustainable level of around 2.5% of GDP and ensure pricestability.

o The Rupee at the current level is well corrected. Stability is returning to the foreignexchange market. As capital flows return and as CAD begins to fall, this tendency will

strengthen.

Fiscal Situation: Containing fiscal deficit within the budgeted estimate could be a

challenge

The Centre's budgeted fiscal deficit is estimated at 4.8% of GDP in 2013-14, as against an

estimated 4.9% in 2012-13.

The fiscal deficit during the first four months of the current financial year has already reached62.8 per cent, and expenditure on major subsidies 51.3 per cent, of the budgetary provision forthe full financial year.

Discretionary expenditure budgeted may need to be compressed, and subsidies restructured, inthe remaining months of the financial year in a growth friendly manner to limit fiscal slippages.

The fiscal deficit of all states put together was 2.8 per cent of GDP in 2009-10, and moderatedfurther to 2.1 per cent in 2012-13 (BE). A slow but steady growth of tax and non-tax receipts, as

well as central transfers have helped in the process of fiscal consolidation in the states.

Monetary Policy

The current stance of monetary policy has to continue until stability in the rupee is achieved.Thereafter, if the current trend in the moderation of wholesale price inflation continues, which isin fact expected, the monetary authorities can switch to a policy of easing. The time frame forthis is very difficult to specify.

Measures Suggested to Improve Economic Conditions

I Growth friendly measures taken over the last year

liberalizing FDI investment norms

resolution of some tax issues of concern to industry

fast tracking of public sector investment: focussed attention on coal, power, road, railways


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initiating construction on the dedicated freight corridor

Cabinet Committee on Investments (CCI) set up to fast-track/debottleneck key projects: 209projects (with an aggregate investment of Rs. 384,203 crore) cleared

mid-course corrective measures to contain fiscal deficit

improved investment policy regime across a number of sectors like sugar, urea, gas, roads,banking, etc.

Accelerated parliamentary approval of pending bills

II Medium to Long-term Measures

(I) Improving manufacturing capabilities

Improving domestic supply chains

addressing specific tax issues in sectors like electronics

Facilitating productivity shift through assured supply of skilled labour

Encourage ease of doing business by streamlining procedures

(II) Foreign Investment

Stable, non-reversible policy regime

Early resolution of transfer pricing issues

(III) Lower Current Account Deficit

Focussed strategy to improve export competitiveness to take advantage of rupee depreciation

Simplifying export related procedures

Boost domestic coal production and reduce oil subsidies to make them more price elastic

Pro-active implementation of modified gold deposit scheme.

(IV) Sector specific measures

Agriculture Sector

o Promote High Value Agriculture (HVA)


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o Reform of agricultural marketing policies including APMC Acts

Developing Bond Markets

Public-Private Partnerships in Defence Procurement

Promoting MSMEs

Strategic interventions in Energy Sector.


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Report released by organisations ---

HDI - UNDP

World Economic Outlook - IMF

World development Report- World Bank

World Investment Report - UNCTAD

Education development Index - UNO

Global Hunger Index - International food policy Research Institute

Financial stability Report - RBI

***

Imp Full forms --- (A/c= account)

FCNR A/c - Foreign Currency Non Resident bank A/c = (only Term depsit A/c)

EEFC A/c - Exchange Earner's Foreign Currency A/c = (In only Current A/c)

NRE A/c - Non Resident External = (1 yr to 5yr)

RFC A/c - Resident Foreign Currency A/c

LERMS- liberlization exchange rate & management system

MIBID-Mumbai Interbank Bid rate

MIBOR-Mumbai Interbank offer rate

LIBOR-London Interbank offer rate

SERMA-Small & Medium Enterprise Rating Agency

ETF- Exchange Traded fund

DRT- Debt Recovery Tribunal

TAN - Tax deduction & account Number

TDS -Tax deduction at source

CDS- Corporate debt restructuring

CSR- Corporate Social responsibility

LLP - Limited liability partnership

LLC - Limited liability company

IMPS- Interbank mobile payment service

IBMA - Indian Bullion Market Association

FSLRC- Financial Sector Legislative reform Commission

PMI - Purchasing Managers Index

***

CD = Minimum period 3 months

IN RRB share of--- 1- GOvt= 50%, State Govt = 35%, Sponsored Bank= 15%

DICGC - Insure all commercial banks & RRB but not primary cooperative bnk

***

Ms. World Competition 2013 - to be held in Bali, Indonesia

Ms India World - Navneet kaur Dhilon , Patiala, Punjab


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Ms Universe Competition 2013- to be held in Moscow,Russia

Ms India Universe - Mansi Moghe , Indore(she is going to participate n it frm INDIA)


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Black Revolution - Petroleum Production

Blue Revolution - Fish Production

Brown Revolution - Leather/non-conventional(India)/Cocoa production

Golden Fibre Revolution - Jute Production

Golden Revolution -Overall Horticulture development/Honey Production

Grey Revolution - Fertilizer Revolution

Pink Revolution - Onion production/Pharmaceutical (India)/Prawn production

Red Revolution - Meat & Tomato Production

Round Revolution - Potato Revolution

Silver Fiber Revolution - Cotton Revolution

Silver Revolution - Egg/Poultry Production

White Revolution - Milk/Dairy production (In India - Operation Flood).


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Yellow Revolution - Oil Seeds production

Evergreen Revolution - Overall development of Agriculture


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Documents

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