India’s Index of Industrial Production, the most important parameter to judge performance of industrial sector grew by 0.1% in January compared to 0.6% contraction in the previous month of December. IIP grew after three months of consecutive contraction and it will marginally improve optimism about Industrial growth.
The marginal improvement in the index of industrial production (IIP) was mainly on account of higher power generation (6.5% growth) and mining sector output (0.7% growth). Manufacturing sector, which constitutes over 75% of the IIP index, was contracted by 0.7% in February.
For the cumulative April-January 2013 period of current financial year, IIP growth stood at 0% compared to 1% growth during the same period last financial year. Now RBI has to cut rates in order to boost industrial growth. Now RBI may cut interest rate during its next monetary policy review meeting in order to boost industrial growth.
India’s Retail inflation, measured by Consumer Price Index, eased to 8.10% in February compared to 8.79% in January due to softening of food price rise. Food Inflation dropped to 8.57% in February compared to 9.9% in January which helped to ease overall retail inflation.
In February, Retail inflation in rural areas eased to 8.51% compared to 9.35% in January and in urban areas eased to 7.55% compared to 8.09% in January. The Reserve Bank will factor both retail inflation and IIP data in its next monetary policy meeting on 1st April in order to decide about possible interest rate cut.
1. Two Indian CEOs have been named among America’s most powerful CEOs under the age of 40, who head publicly-traded companies with highest market values, in the Forbes magazine list published today. Website hosting company Endurance International Group CEO and founder Hari K Ravichandran (38) has been ranked 19th and asset management firm Altisource Asset Management (AAMC) CEO Ashish Pandey (38) is ranked 20th in the list.
The list is topped by Google CEO and co-founder Larry Page. The youngest CEO on the list is Facebook founder Mark Zuckerberg who was placed at 2nd followed by Yahoo CEO Marissa Mayer who is also the only woman in this list.
2. Allahabad Bank has appointed Rakesh Sethi as its new Chairman and Managing Director. Before this he was an executive director at Punjab National Bank.
3. BCCI has announced today that Indian Premier League 2014 will be held in the United Arab Emirates, Bangladesh and India between 16th April and 1st June. The IPL will begin in the UAE, move to Bangladesh and finally come to India for the final set of matches. This move was taken due to upcoming Lok Sabha poll while will be held during the same time.
GK Quiz – 12 March 2014
|6051||Which Global tech company has acquired DeepMind Technologies, an artificial intelligence company in London, for USD 400 million in Jan 2014?|
|6052||Who won the Australian Open Men’s single title held in Jan 2014?|
|A) Rafael Nadal|
|B) Roger Federar|
|C) Stanislas Wawrinka|
|D) Andy Murray|
India’s exports were contracted by 3.7% in February to USD 25.7 billion after witnessing growth for seven consecutive months. At the same time Imports dropped by 17.1% to USD 33.8 billion in February due to lower import Gold and Silver. Trade deficit dropped to 5-month low of USD 8.1 billion in the same month. The trade deficit was improved due to 71.4% drop in gold and silver imports to USD 1.6 billion dollars in February.
The drop in export was due to lower global demand and India losing benefits under the European Union’s ‘Generalised System of Preferences’ scheme under which a number of sectors could send their goods to Europe at lower duties.
For the April to February period of current financial year, total exports increased by 4.8% USD 283 billion dollars, while imports dropped by 8.7% to USD 411 billion. The trade deficit during this period stood at USD 128 billion. With this, total export is going to miss the overall target of USD 325 billion for the current financial year.
1. Akhilesh Gupta, head of the Climate Change Programme at the Department of Science and Technology, has been elected as President of the Indian Meteorological Society for 2014-16. He succeeds Shailesh Nayak, Secretary, Ministry of Earth Sciences.
His career includes a spell as Secretary to the University Grants Commission during 2012-13. He also served as Advisor to Kapil Sibal, when he was the Minister for Science and Technology.
2. Global aviation giant Airbus has opened an Indian subsidiary and restructured India operations in order to consolidate strengths and capture the growing market. It has created a fully owned subsidiary called Airbus India by grouping its activities in the country. Srinivasan Dwarakanath is the new Chief Executive Officer (CEO) and Charles Champion is the Chairman of the new entity. Airbus India will manage the company’s Indian footprint spread across several sites. It will have customer facing centres in Delhi and Mumbai.
3. Max Life Insurance has tied up with Toyota Financial Services India Ltd to provide insurance cover to car loan customers. This alliance has been formed to provide insurance cover for car loan customers of Toyota Financial Services under a Max Life group product called Max Life Group Credit Life Secure. As per the agreement, Max Life Insurance will issue a Group Credit Life Secure policy, where Toyota Financial Services India will be the master (group) policyholder.
4. India’s Heena Sidhu and Chain Singh won Gold medals at the 7th Asian Shooting Championships held at Kuwait yesterday. Heena won the golf metal in the Women’s Air pistol event while Chain Singh won the Gold in the Men’s Air rifle event. India’s Pooja Ghatkar also won the gold in women’s air rifle category. Indian team won 3 Gold Medals in the Shooting Championships event.
1. Bangladesh will host the ICC World Twenty20 championship which scheduled to be held from the 16th of March. The fifth ICC World Twenty20 championship will have 16 teams for the first time that all will compete for the title.
GK Quiz – 11 March 2014
|6041||National Girl Child Day is celebrated on _________ across India.|
|6042||Tamil Nadu’s political party DMK suspended Whom from being a member of the party and also relieved him of the party posts in Jan 2014?|
|C) Dayanidhi Maran|
1. Former Infosys chief financial officer V Balakrishnan has been figured in AAP’s fourth list of candidates for the 2014 Lok Sabha elections. He will fight for Bangalore Central seat. This news came one day after his former colleague in Infosys Nandan Nilekani formally joining Indian Congress Party to content Lok Sabha poll from Bangalore South seat.
2. Domestic passenger car sales increased by 1.39%to 1,60,718 units in February compared to 1,58,512 units sold in the same month last year, as per the data released by the Society of Indian Automobile Manufacturers (SIAM). Motorcycle sales jumped by 5.39% to 8,43,307 units in February compared to 8,00,165 units sold in February last year. Recently Indian government has reduced excise duty on Four and Two wheelers which helped to boost sales volume.
3. The Indian stock markets jumped to new high today with Sensex crossing 22,000 mark for the first time due to sustained FII inflows. Nifty also managed to close at life time high of 6537. Indian stock markets witnessed strong buying due to improved macro-economic scenario in spite of Fed Tapering fear.
4. India has once again emerged as the largest non-oil trading partner of Dubai for financial year 2013-14, as per the latest report by the Dubai Department of Economic Development. It shows that the bilateral trade crossed USD 37 billion between these two nations.
5. Virat Kohli has reclaimed the No.1 position in the latest ICC ODI rankings released on 9th March after conclusion of the Asia Cup. He was followed by South African batsman AB de Villiers who is now trailing by nine points. Other Indian batsmen in the list include Shikhar Dhawan at 8th spot, Rohit Sharma at 22nd spot and Ravindra Jadeja at 50th spot.
1. William Clay Ford Sr., who led Ford Motor Co. for more than five decades and owned the National Football League’s Detroit Lions, has passed away. He was 88. He was the last surviving grandson of company founder Henry Ford.