Financial Affairs 17 October 2016 | Banking Awareness for SBI IBPS UPSC SSC Exams



1India one of world’s most open economies: PM Modi

  • India has transformed into “one of the most open economies” in the world with a strong growth rate.
  • They have undertaken substantial reforms in the past two years to streamline and simplify governance.
  • Growth is strong and we are taking steps to keep the momentum going.

2India, Russia to explore building $25bn gas pipeline

  • The pipeline is to connect Russian gas grid to India through a 4,500 km to 6,000 km pipeline.
  • The shortest route will entail bringing the pipeline through Himalayas into Northern India.
  • the pipeline can come via Central Asian nations, Iran and Pakistan into Western India.

3‘India to be among top 4 markets for Cisco by 2020’

  • Cisco in the next few years will have a strong growth in government and enterprise business.
  • The USD 49-billion firm, which has some 11,000 employees in India.
  • Their business is over a USD 1 billion in India & Last year, it grew over 20 per cent.

4Music industry to grow 90% to ₹2,060cr by 2020

  • Digital music companies are looking to create original content as they drive usage of their apps.
  • The number of downloads with an increase in time on music streaming apps has led them to grow their business.
  • The size of music industry which stood at Rs 1,080 crore in 2015 is expected to grow to Rs 2,060 crore by 2020.

5Essar bought for $13bn, largest foreign acquisition in India

  • India’s Essar Group confirmed that it has agreed to sell a 98 percent interest in its Essar Oil unit to a consortium led by Russia’s Rosneft.
  • Russia’s Rosneft giving the energy giant a gateway into the world’s fastest growing fuel market.
  • The deal was carefully structured to avoid falling foul of western sanctions against Russia over its role in the Ukraine crisis.

6Around 15 Swiss banks in money laundering ‘red zone’

  • Swiss federal have opened criminal proceedings against Zurich-based Falcon Private Bank for alleged failure to prevent suspected money laundering.
  • Falcon is the second Swiss bank, after BSI, to face a criminal investigation by Switzerland’s Office.
  • The move is partly based on an investigation by FINMA, which has also opened proceedings against several other lenders.

7Fixing multiple GST rates could be time-consuming

  • India could levy Goods & Services Tax (GST) at multiple rates came from Arun Jaitley when he said that pollutants and environment unfriendly items could attract GST at rates higher than the standard rate.
  • Mr. Jaitley said in Panaji, ahead of the third round of deliberations of the GST Council scheduled to start on 18 October 16.

8India revenue crosses $1 billion for Cisco: CEO

  • India is poised to become one of the top four markets for technology giant Cisco in the next few year, it crosses $1 billion in revenue already.
  • The $49-billion firm, which has some 11,000 employees in India, counts the South Asian nation as its second headquarters after the U.S.



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