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Economy

China’s millionaire number crosses million mark

“The number of millionaires in China crossed a million mark for the first in the Communist nation, putting it in the elite club of the wealthy nations like US and Japan. The elite millionaires group includes 63,500 billionaires, according to  Hurun Report, a Chinese event and publishing group which compiled the China’s list of the rich.The number of Chinese
worth more than 10 million yuan (USD 1.6 million) broke the million mark in 2011 for the first time, with 1.02 million people now in this elite group. Of these million-plus wealthy individuals, 84 per cent are concentrated in the eastern,  northern and southern regions of China, with Beijing home to the greatest number, at 1.79 lakh millionaires.

Crisil Research cuts 2012-13 GDP growth forecast to 5.5%

Crisil Research has cut India’s real GDP growth forecast for 2012-13 from 6.5 per cent to 5.5 per cent. This downward revision in GDP is due to deficient monsoon and worsening of the Euro Zone economic outlook.

CIBIL working on Risk  Index to help banks

Credit Information Bureau (India) Ltd (CIBIL) is planning to introduce a risk index that will help the country’s banks take quicker decisions on extending loans to corporates and business houses. The index follows the credit information firm’s TransUnion score for individual borrowers being used by financial institutions and banks to take decisions in respect
of credit cards and home loans. “Any individual with over 750 score can be considered as good”.

P.M.’s Economic Panel Lowers the Indian

Growth Estimate to 6.7% for 2012-13 Prime Minister’s economic advisory panel on 17 August 2012 pegged GDP growth for the current financial year to 6.7 percent. This is mainly due to poor Monsoon which will pull down the agriculture
growth rate to 0.5 percent from 2.8 percent last year. “Economy will grow at 6.7 percent in 2012- 13, Prime Minister’s economic Advisory council (PMEAC) chairman C.Rangarajan said that while releasing “Economic outlook for 2012-13”.  He asked the government to open multi – brand retail to foreign investment and raise diesel prices in one (or) more steps to contain the subsidy bill. India has registered 6.5% growth in the fiscal year 2011- 12. Which was the lowest in the past nine years.

Government Detected Rs.49,325 crore Black Money in India

Government said that Rs.49,325 crore has been detected in the country in the last three years while tax evasion of Rs.600 crore found on input from abroad under multi-prolonged efforts to heck black money menance. this information has been  contained in a 13 page fact-sheet released by the Finance Ministry.The fact-sheet say the Central Board of Direct  Taxes(CBDT) has detected undisclosed income of over Rs.32,000 crore besides seizing assets valued at over Rs 2,600  crores. 17,325 crore income detected in survey. Government also disclosed that under Double Avoidance agreement(DTAA), investigation of information from German and France has led to detection of tax evasion of Rs.600  crore and realization of Rs.200 crore in taxes.

Union Finance Minister Approved the Proposal  FDI raise up to 49%

The Union Finance Minister P.Chidambaram  approved the raise of FDI in Insurance and Pension sector up to 49%. Earlier   the limit of FDI was up to 26%. This Proposal of 49% raise of FDI was made during the tenure of Pranab mukherjee.  It was delayed because of resistance from the cronies.

ISC directs Sahara Group to refund Rs 17,400 crore to investors

In a major setback to the Sahara Group, the Supreme Court on 31st August 2012 directed two of its companies to refund around Rs 17,400 crore to their investors within three months with 15 percent interest.A bench of justices K S Radhakrishnan and J S Khehar directed SEBI to take action against the companies, Sahara India Real Estate Corporation
and Sahara Housing Investment Corporation, if they fail to refund the money.

India, China joint panel to address trade concerns

India and China have agreed to establish a joint working group to address all trade-related issues, including the widening trade balance between the countries. The decision was taken at a meeting between trade minister Anand Sharma and his
Chinese counterpart Chen Deming in New Delhi on 27th August 2012.Trade between the countries was $75.4 billion in 2011-12, against $59 billion in 2010- 11. In 2011-12, exports to China stood at $17.9 billion while imports from there  stood at $57.5 billion, resulting in a trade deficit of $39.6 billion.

Responses to “August 2012 Economy”