Economy
Government Retains 100 Per cent FDI in Existing Pharma Units
Government of India on 8 January decided to retain the policy of allowing 100 per cent foreign investments in the existing pharma firms, brushing aside concerns about non availability of affordable drugs in view of MNCs takeovers.India permits 100 per cent FDI in pharma through automatic approval route in the greenfield, or new projects.
India’s Growth Projected To Rise To 7.1 Percent By 2016-17
According to the World Bank’s Global Economic Prospects (GEP) report released on 16 January , India’s growth is projected to rise to over six percent in fiscal 2014-15, increasing to 7.1 percent by fiscal 2016-17 with the world economy expected to strengthen this year.
Indian Economy Projected To Grow At 5.35% In 2014
According to the UN World Economic Situation and Prospects 2014 (WESP) report released on 24 January , India’s economy is projected to grow at a slower-than-expected rate of 5.3 per cent in 2014. Full-year growth decelerated to 4.8 per cent in 2013 from 5.1 per cent in the calendar year 2012.
RBI raised Repo Rate By 25 Basis Points To 8 Percent
Reserve Bank of India (RBI) raised the Repo rate under Liquidity Adjustment Facility (LAF) by 25 basis points from 7.75 percent to 8 percent. Besides, it kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4 percent of net demand and time liability (NDTL). The decision to raise the repo rate and keep the CRR unchanged was announced by the RBI in its Third Quarter Monetary Policy Review on 28 January. As a result, the reverse repo rate under the LAF stands adjusted at 7 percent, and the marginal standing facility (MSF) rate and the Bank Rate at 9.0 percent.