Economy
Bill Gates Is Wealthiest Living US Entrepreneur
According to the Wealth-x, Microsoft founder Bill Gates is the wealthiest living US entrepreneur, with an estimated net worth of US$ 80.2 billion.The list of 10 billionaires was released on 2 July dominated by technopreneurs as six of them made their fortunes from technology or technology-related businesses.
Eight Indian Companies In Fortune 500 List
Eight Indian companies, led by state-run IOC, have made it to the latest Fortune Global 500 list of world’s biggest firms which has been topped by US-based retailer Wal-Mart after a gap of two years.
Union Railway Budget 2014-15
Union Railway Minister D.V. Sadananda Gowda on 8 July 2014 presented his first Railway Budget in Parliament.This is the first rail budget presented by any Bharatiya Janata Party (BJP) minister and it is also Sadanand Gowda’s first rail budget.
Highlights From Railway Budget 2014-15 :-
* No new increase in passenger fares and freight charges.
* Next generation e-Ticketing system, capable of supporting 7200 tickets per minute as against 2000 tickets per minute and allow 1,20,000 simultaneous users at any point in time, will help in the revamp of railway reservation System.
* Railway Ministry will develop 10 major stations in the country to global standards.It will provide Wi-Fi in A-1 and A category stations and in select trains.
* Office-on-wheels: Internet and workstation facilities on select trains
* Paperless office of Indian railways in 5 years. Digital reservation charts at stations
* Women RPF Constables to escort ladies coaches; 4,000 women constables to be inducted
* 17000 Railway Protection Force (RPF) constables to provide safety to passengers
* Setting up of Railway University for technical and non-technical subjects, tie-up with technical institutions
* Indian Railways need around Rs 40,000 crore improving rail safety. Rs 1785 crore will be provided for road under bridges and over bridges.Ultra sonic devices to detect rail fractures and automatic closing of doors both in mainline & suburban coaches are being considered.
* Cleanliness budget up by 40 pc over last year
* Private investment in Rail Infrastructure through Domestic and Foreign Direct Investment (FDI)
* FDI in railway projects, except in operations
* FDI, domestic investments in rail infrastructure
* Per capita contribution to Staff Benefit Fund increased from Rs.500 to Rs.800.
* Loss per passenger per kilometre up from 10% in 2000-01 to 23% in 2012-13
High Speed Rail Network and Bullet Trains:-
* Bullet trains will be introduced in the Mumbai-Ahmedabad sector.
* Diamond Quadrilateral network of high speed rail linking major metros and growth centres is being worked out.
* Increasing train speeds between several cities to 160-200 km/hour. Railways will spend Rs 100 crore for high speed trains between metros.The government needs Rs 9 lakh crore for funding Diamond Quadrilateral.
New Trains In Rail Budget:- 5 Jansadharan Trains, 5 Premium Trains, 6 AC express trains, 27 express trains, 8 passenger trains, 2 MEMU services and 5 DEMU will be introduced this year. Special trains to meet the holiday and festival rush would continue to operate.
Economic Survey of India 2013-14
Union Finance Minister Arun Jaitely on 9 July presented Economic Survey of India 2013-14 in the Lok Sabha.
Following are the highlights of the Economic Survey Report 2013-14 :-
* Economy to grow in the range of 5.4 – 5.9 per cent in 2014-15 overcoming sub-5 percent growth.
* Aided by favourable monsoons, agricultural and allied sector registered a growth of 4.7 per cent in 2013-14.
* The India’s balance-of-payments position improved dramatically in 2013-14 with current account deficit at US $ 32.4 billion as against US$ 88.2 billion in 2012-13.
* India’s foreign exchange reserves increased from US$ 292.0 billion at end March 2013 to US$ 304.2 billion at end march 2014.
* World trade volume which decelerated to 2.8 per cent in 2012 has shown signs of recovery in 2013, albeit slow with a 3.0 per cent growth.
* The sharp fall in imports and moderate export growth in 2013-14 resulted in a sharp fall in India`s trade deficit by 27.8 per cent.
* Record food grains and oilseeds production of 264.4 million tonnes (mt) and 32.4 mt is estimated in 2013-14.
* The latest gross domestic product (GDP) estimates show that industry grew by just 1.0 per cent in 2012-13 and slowed further in 2013-14, posting a modest increase of 0.4 per cent.
* India ranked 12th in terms of services GDP in 2012 among the world’s top 15 countries in terms of GDP (at current prices).
* In 2013-14, FDI inflows to the services sector (top five sectors including construction) declined sharply by 37.6 per cent to US$ 6.4 billion compared to an overall growth in FDI inflows at 6.1 per cent resulting in the share of the top five services in total FDI falling to nearly one-sixth.
* According to HDR 2013, India has slipped down in HDI with its overall global ranking at 136 (out of the 186 countries) as against 134 (out of 187 countries) as per HDR 2012. It is still in the medium human development category.
Union Budget 2014-15
Union Finance Minister, Arun Jaitley on 10 July 2014 presented Union Budget 2014-15.
Highlights of the Union Budget 2014-15:-
* The tax bracket has been increased to 2.5 lakh rupees from previous 2 lakh rupees, whereas, for senior citizen it has been raised to 3 lakh rupees from previous 2.5 lakh rupees
* Tax relief for interest on housing loan rose from 1.5 lakh rupees to 2 lakh rupees
* Deduction under 80C increased from 1 lakh rupees to 1.5 lakh rupees
* 1000 crore rupees proposed for Pradhanmantri Krishi Seechai Yojana to improve irrigation facility
* 14389 crore rupees announced for Pradhan Mantri Gram Sadak Yojna, PMGSY
* 100 crore rupees allotted for Beti bachao-beti padhao yojna
* Minimum pension of 1000 rupees to meet the expenditure to all subscribers of EPFO scheme
* 50000 crore rupees for SC/ST schemes
* FDI cap in Defence sector has been raised to 49 percent
* The finance minister in the budget announced steps for sustained growth of 7-8 percent within the next three-four years
* PSU 247944 crore capex to create industrial cycle
* Shyama Prassad Mukherjee Rozgar mission to be launched
* Excise duty on footwear reduced from 12 percent to 6 percent
* Excise duty concessions to continue till 31 December 2014
* No change in surcharge
* No change in Direct Tax rates
* War Memorial will be set up at Princess Park, New Delhi
* Composite cap on FDI in insurance proposed to be raised to 49 percent from 26 percent
* 15 Model Rural Health Research centers for rural health issues.