Economy
RBI Announced Second Bi-Monthly Monetary Policy Statement
The Reserve Bank of India (RBI) announced second Bi-Monthly Monetary Policy Statement on 3 June. RBI in its second bi-monthly monetary policy statement has kept the policy rates unchanged. RBI Governor Raghuram G Rajan announced that the apex bank has kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0 per cent. The cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 percent of net demand and time liabilities (NDTL). The reverse repo rate under the LAF remained unchanged at 7.0 percent and the marginal standing facility (MSF) rate and the Bank Rate at 9.0 percent.
India Ranks 15th with 175,000 Millionaire Households
The Boston Consulting Group (BCG) latest report titled ‘14th Annual Study of the Global Wealth-Management Industry’ was released on 10 June 2014. According to the report , India had 1.75 lakh millionaire households in 2013 which ranks it as the 15th in the world in terms of countries with highest number of millionaire households.
World Bank Lowered Growth Forecast For Developing World To 4.8 percent
The World Bank on 11 June released Global Economic Prospects (GEP) report and revised down the economic growth forecast for developing world in 2014 to 4.8 percent from 5.3 percent estimated in January 2014. It also highlighted that the growth in 2015 and 2016 at 5.4 and 5.5 percent, respectively.
India Became Home To 1.56 lakh Millionaires In 2013
According to the World Wealth Report 2014, released by Capgemini and RBC Wealth Management on 20 June, India became home to 1.56 lakh millionaires with 3,000 more joining the elite club in 2013, making the country 16th most populous in terms of population of super-rich people worldwide.