Economy
RBI reduced Repo Rate By 25 Basis Points To 7.5 percent
The Reserve Bank of India (RBI) on 4 March reduced the repo rate by 25 basis points to 7.5 percent with immediate effect. This is the second time since January 2015 that RBI reduced the repo rate by 25 basis points. With this, the reverse repo rate under the LAF stands adjusted to 6.5 percent, and the marginal standing facility (MSF) rate and the Bank rate to 8.5 percent.
India’s Billionaires To Rise 104% By 2024
According to the latest Knight Frank Wealth Report, as of 2014,Wealth creation in India is likely to accelerate significantly with the number of ultra-wealthy individuals expected to double to 3,371 by 2024. India is home to 1,652 ultra high net worth individuals (UHNWIs), which is likely to swell to 3,371 by the year 2024, registering a jump of 104 per cent. The number of UHNWIs in India has increased from 622 in 2004 to 1,652 in 2014, registering a rise of 166 per cent over the past decade (2004-2014). At 0.1 UHNWI per lakh population, India ranks a distant 84 among 97 countries globally in terms of equitable distribution of wealth.
Indian Railways Signed MoU with LIC For Rs 1.5 lakh crore Investments
Indian Railways on 11 March signed an Memorandum of Understanding (MoU) with Life Insurance Corporation (LIC) to raise Rs 1.5 lakh crore for financing the development of its various commercially viable infrastructure projects. Under this MoU, LIC will make available a Financial Assistance of 150000 crore rupees to the Indian Railways for implementing Railway projects over the next five years. The Financial Assistance will be available from the Financial Year 2015-16.
India Becomes 3rd Biggest Steel Producer Over Takes US
India has become the third-largest steel producer in the world by overtaking United States (US) in first two months of year 2015. It was revealed in the Data compiled by World Steel Association (WSA) on 22 March. India’s production in first two months i.e. January- February of 2015 was 14.56 million tonnes (MT). This production growth was the highest during this two month period at 7.6% as compared to the global average of just 0.6% at 127.6 MT.China tops in steel production and accounts for nearly half of the global steel production. During this period China has produced 65 MT steel.
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