ECONOMY
Central Government announced 0.25% cut in Interest Rate for short term deposits
The Central Government on 16 February 2016 announced 0.25% cut in interest rates for short term post office deposits and Kisan Vikas Patra (KVP) & it is not applicable for long term deposits like Monthly Income Scheme, PPF, Senior Citizen and Child Schemes. These new interest rates for small saving schemes will be applicable from April 1, 2016. The compound-ing of interest rates in case of 10 years National Saving certificate are discontinued since december 2015, five year National Saving Certificate and Kisan Vikas Patra will be done on annual basics from April they will no longer earn 0.25 percent higher interest than Government securities of similar tenures.
Coca Cola stops manufacturing in three Indian plants
The Coca Cola Beverages Pvt. Ltd,has suspended manufacturing at three Locations in India at Kaladera (Rajasthan), Vishakhapatnam (Andhra Pradesh) and Brynihat (Meghalaya) due to long term economic viability and market demands of products. The company faces significant opposition in Various parts of Indian mainly from water stressed ares and challenges to Coca Cola botting operations are expected to grow as water conditions reaches worse across they country the main reason to shut down.
India Beats USA and Became 2nd Largest Smart phone Market in the World
By crossing 220 million in active unique smartphone users in 2015 India has crossed the US and became the world’s second largest smartphone market, for the first time in Smartphone market India grew 15% annually. India crossed the 100 Million smartphones-sold-in-year milestone at the end of 2015.The top three smartphone sellers are Samsung with 25.7% in smartphone market. Micromax in the second position in both mobile phone market with 13.7 % and smartphone segment with 14.3%, Apple stands in third with 11 per cents in smartphone market.
Infosys, TCS, Wipro join Obama’s “Computer science for all”scheme
Three major IT companies of India Infosys, Tata consultancy services and wipro have joined US president Barak Obama’s ambitious “computer science for all” initiative as a part of public private collaboration pleding over USD3million grants. The Infosys had given a $1million in donation, Tata consultancy services is providing grants to teachers in 27 US cities, wipro announced a $2.8 million grant for multiyear project in partnership with Michigan University to have hundred of school teachers.
India to be fastest growing economy at 7.3% in 2016
As per recently released United Nations world economy report India will be the world’s fastest growing large economy at 7.3 per cent in 2016, improving further to 7.5 per cent in the following year.this results in the sharp decline in the prices of oil, metals and food. Spending on infrastructure, health and education is very low compared to other nations. Consumer and investor confidence has raised. The report is produced annually by the UN Department of Economic and Social Affairs (UN/DESA), the UN Conference on Trade and Development (UNCTAD), the five UN regional commissions and the World Tourism Organisation.