Current Affairs Sep 11, 2015

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01. Gold imports cross 120 tonnes in August, highest so far in FY16: Declining prices of gold in the global market have pushed up imports of the precious yellow metal to over 120 tonnes in August, the highest so far in the fiscal. The imports aggregated to 89 tonnes, as against 50 tonnes during the last year. The rise in imports is mainly due to the oncoming festival season

02. Maharashtra Bank launches soil and water health card for farmers: In a bid to help farmers increase soil productivity by appropriate use of fertilizers, Bank of Maharashtra has launched a soil and water health card which will help them ascertain the nutrient status of their farm lands. This will also help improve soil fertility and crop yield.

03. Women – 20 group launched: To promote global gender-inclusive economic growth, the Group of Twenty (G20) launched Women-20 (W20) group, which will have 20 women leaders from G20 nations. The first W20 summit 2015 will held on October 7-8, 2015 at Istanbul, Turkey. Ms. Gulden Turktan from Turkey has been appointed as the first President of W20 forum.

04. Ban on exports: The Union Government has taken several measures to increase availability and control the price of essential commodities, especially pulses and onions. States have been empowered to impose stock limits on pulses, export of all pulses is banned except Kabuli Chana, organic pulses and Lintels to the tune of 10,000 MTs. Besides there is zero duty on import of pulses. [PIB]

05. Engineering Exports flies high: Engineering is the leading segment of Indian industry and overseas shipments from this sector account for over twenty-two percent of India’s total merchandise exports. The engineering sector accounts for 25 percent of India’s total factories in the organized sector and contributes around 35 percent of total output in the country, being the highest foreign exchange earner. Source: Speech by the President of India, Shri Pranab Mukherjee at the Diamond Jubilee Celebrations of Engineering Export Promotion Council of India [EEPC India].

06. Corporate funds in projects decline 27%: RBI: Investments in new projects by the corporate sector plummeted 27 per cent during the fiscal ended March 2015 in spite of a host of measures by the government to boost the economic growth in the last one year. A RBI study on corporate investments released recently estimates that a total capital expenditure of Rs 1,93,300 crore (including bank finance, IPOs and GDR issues) would have been incurred by the companies in 2014-15, reflecting a reduction of 27 per cent over the previous year. Of this Rs 71,800 crore is planned to be spent by the companies in fresh projects in 2014-15, it said.

07. Govt may extend interest subsidy scheme for exporters by 3 years: The Government is expected to extend the interest subsidy scheme for exporters for 3 years to help boost overseas shipments that have been in the negative zone since last December. The ministries of commerce and finance are discussing the issue and their decision is likely to be sent soon to the Union Cabinet for approval, sources said.