India’s economy is now the 10th biggest economy in the world in terms of gross domestic product (GDP), according to the latest report published by the World Bank. Indian economy grew at an average annual rate of just over 6% from 1980 to 2010. However India remains the poorest country among the G20, with per capita income at USD 1,499 compared to China’s USD 6,807.
India’s growth has been largely driven by the services sector which has more than 50% weight in overall economic output. The agricultural, manufacturing and the industrial sectors have slowed down recently due to lower investment and global slowdown leading to decade low GDP growth of 4.5% in the previous financial year.
During budget speech, Finance Minister Arun Jaitley has announced to increase FDI limit in the defence sector up to 49% from 26% now. Also FDI limit for insurance sector would be increased to 49% from existing 26%. All these measures were taken in order to boost foreign inflow in the country.
Finance Minister Arun Jaitley has allocated Rs 100 crores for the safety and welfare of women and for Beti Bachao Beti Padhao Yojana to generate awareness on the issues. An outlay of Rs 50 crore has been made for pilot testing of a scheme on safety for women on public road transport. Another 150 crore rupees have been allocated for a scheme to increase the safety of women in large cities.
Famous actress Zohra Sehgal passed away at 4:00pm in Delhi today. She was 102. A Padma Vibhushan awardee, Zohra Sehgal is an Indian actress and choreographer, who started her career as dancer with Uday Shankar in 1935 and worked with him for the next eight years. She has appeared in many Bollywood films as a character actor as well as in English language films and television series.
The Bank of England has held UK interest rates at a record low of 0.5% during its monetary policy announcement today. Size if its economic stimulus programme, popularly known as Quantitative Easing, was also kept unchanged at 375 billion pound.
Argentina defeated the Netherlands 4-2 on penalties yesterday to set up a third World Cup final against Germany. Argentinian goalkeeper Sergio Romero saved two penalty shoot outs to help his country reach World Cup final after 24 years. It was the first World Cup semi-final ever to end 0-0 after 120 minutes.
It will be a record third World Cup final between the two countries, with Argentina winning the title 3-2 in 1986 and the Germans 1-0 in 1990. Germany also eliminated Argentina in the quarter-finals of the last two World Cups.
World Football Federation, FIFA has suspended Nigeria from all international football amid allegations of government interference in its football federation. The ban means no Nigerian team including club sides can play internationally. Nigeria reached the second round of the World Cup 2014 in Brazil
FIFA had given the Nigerian government until Tuesday to reinstate the sacked Nigeria Football Federation, NFF executive committee. The NFF was dissolved by the government last week and replaced by a sole administrator.
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