Financial Affairs 8 October 2016 |Banking Awareness for SBI IBPS UPSC SSC Exams
India to be 2nd largest coal producer by 2020
- India is set to surpass the US as the world’s biggest coal producer after China by 2020.
- The South Asian nation’s share of world output will increase to 12.7% by 2020 from 9.8% in 2016.
- It cautioned that the country will still fall short of the government’s ambitious coal output target.
‘Indian economy can grow 5-fold to $10 tn by 2031’
- India started off to rapid growth a little later than China.
- India has the potential to accomplish in the next 15 years what China did in the last 15 years.
- India’s GDP stands at about $2 trillion and it has good prospects of rising to $10 trillion in the next 15 years.
Spending on mobile ads to touch Rs 10k cr by ’18
- The mobile phone is the third largest advertising medium in India.
- The Advertisement spending on the mobile was to touch Rs 4,200 crore by the end of 2016.
- It is expected to grow to Rs10,000 crore by the end of 2018.
World food prices rise to highest in 18 months
- World food prices rose in September to their highest since March 2015, led mainly by sugar.
- The food price index has been increasing steadily since January.
- A lot of the September increase has to do with sugar, so if sugar were to stop increasing, the index would be more or less flat.
India’s first diamond mineral block auctioned
- A diamond mineral block in Madhya Pradesh’s having precious stone worth nearly Rs 106 crore has gone under the hammer.
- Hatupur Diamond mineral block was successfully selled on October 5, in Panna district.
- This is the first diamond mineral block of the country which went under the hammer.
Forex reserves hit all-time high of $371.99 bn
- India’s foreign exchange reserves scaled a new high of USD 371.99 billion, up USD 1.223 billion for the week to September 30.
- The increase was primarily on account of a USD 1.468-billion surge in the foreign currency assets.
- The reserves had risen by USD 1.166 billion to USD 370.766 billion by previous week.
Sweden offers expertise to set up smart grids in India
- Sweden said partnering India in the energy space would be a “win-win situation”.
- The need for India is to adopt smart grids and concepts to improve energy.
- Waste management will be a huge issue, waste to power is an area where they could have very good cooperation.
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