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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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