Ques: 27 August, 2015, RBI Annual Report 2014-15 was released. Accordingly, the percentage growth of the Indian economy in 2015-16 is estimated to be-
a. 7.2 percent
b. 7.6 percent
c. 6.8 percent
d. 7.0 percent
Ans: b
Related facts:
- On 27 August, 2015, the Reserve Bank of India released its Annual Report for 2013-14.
- According to the report, in 2015-16, the growth rate of the Indian economy is estimated to grow at 7.6%.
- This is slightly greater than the last year growth rate of 7.2%.
- Including the possibility of monsoon and international oil prices in the wake of headline inflation in January 2016 is estimated to reach 6%.
- The target is to achieve 5% till January 2017.
- In 2015-16, the target of gross fiscal deficit to take up to 3.9% of the GDP.
- Accordingly, last year (2013-14) India’s current account deficit (AD) reduced to 1.3% from the 1.7% of the year 2014-15 of gross domestic product (GDP).
- Central Statistical Office (CSO) estimates, gross domestic savings rate (Gross Domestic Saving Rate) 2012-13, down from 31.1% in 2013-14 to 30.0%.
- According to the annual report of the Reserve Bank, the surplus in fiscal year 2015 (Overall Surplus) is 25.09% to Rs 658.96 billion, the previous year (2014) it was 526.79 billion.
- A committee under RBI Deputy Governor Shri Gandhi has detailed the ways governance in urban co-operative banks (UCBs) can be improved, including through implementation of the Malegam Committee report.
- At the end of the seasons, the SWM turned 12 per cent below the long period average (LPA) and the north east monsoon (NEM) 33 per cent below the LPA.
- As per the fourth advance estimates of the Ministry of Agriculture released on August 17, 2015, the total food grains production declined by 4.6 per cent.
- Similarly, the production of oilseeds and cotton declined by 18.5 per cent and 1.2 per cent respectively, though that of sugarcane increased by 2.0 per cent
- The impact of a decline in the volume of food grains production to 252.7 million tonnes from 265.0 million tonnes a year ago.
- For the 2015 SWM season, the India Meteorological Department (IMD) has forecast precipitation at 88 per cent of the LPA in June 2015, and retained the same forecast in August 2015 with a higher likelihood of El Nino effect intensifying during the season.
- Better rainfall in June augmented sowing under most ‘kharif’ crops in respect of last year.
- Industrial production turned around from the contraction recorded in 2013-14 and posted a growth of 2.8 per cent during 2014-15.
Reference:
https://rbidocs.rbi.org.in/rdocs/AnnualReport/PDFs/00A157C1B5ECBE6984F6EA8137C57AAEF493C.PDF