13 September 2013 Current Affairs
Indian Economy To Grow At 5.3% In 2013-14
The Economic Advisory Council to the Prime Minister (of India) on 13 September 2013 released the report “ Economic Outlook 2013-14 “ in New Delhi.The economic growth forecast of India for the current fiscal 2013-14 was lowered to 5.3 percent from 6.4 percent projected earlier. The PMEAC had in April 2013 projected 6.4 percent growth for Indian economy for current financial year.RBI too had earlier lowered its growth projection for this fiscal to 5.5 percent from 5.7 percent.
Important Points of the of Economic Outlook India are as following : –
* The PMEAC expects the agriculture sector to grow by 4.8 percent in the current fiscal up from 1.9 percent, while the industrial growth has been pegged at 2.7 percent as against 2.1 percent in 2012-13.
* Services projected to grow at 6.6%in 2013-14 as against 7.1% in 2012-13.
* Referring to the external sector, the advisory council expressed hope that the Current Account Deficit (CAD) in 2013-14 will come down to 70 billion US dollars or 3.8 percent of GDP, from 88.2 billion US dollars or 4.8 percent a year ago.
* The trade deficit ,would come down to around USD 185 billion in 2013-14, against an estimated USD 195.7 billion in 2012-13.
* Between 2010-11 and 2012-13, the combined impact of higher net oil and net gold imports on the CAD (Current Account Deficit) was almost 57 billion US dollars or 3 percent of GDP.
* The CAD may go even below $ 70 billion in 2013-14 if the recent trends in exports and imports are maintained through the year.
* Net Capital flows are projected to fall to USD 61.4 billion in 2013-14 against an estimated USD 89.4 billion in 2012-13 putting pressure on the country’s forex reserves.
World’s Oldest Man Salustiano Sanchez-Blazquez Died
The world’s oldest man, a former musician and coal miner, Salustiano Sanchez-Blazquez has died at the age of 112 in Grand Island, New York on 13 September.Salustiano Sanchez-Blazquez was officially certified by Guinness World Records as the world’s oldest man.He was born on 8 June 1901 in Spain.