ECONOMY - 2013 MAY

May 1

Supreme Court gave green signal to introduce FDI in Multi - Branded Retail Industries (51% FDI in Multi – Brand Retail).

May 3

RBI cuts Repo Rate by 25 basis points: The Reserve Bank of India reduced the policy repo rate under its Liquidity Adjustment Facility (LAF) by 25 basis points from 7.5% to 7.25%.

Sweden's famous furniture chain IKEA enters into Indian market with an investment of Rs. 10,500 crores, after being approved by Cabinet Committee on Economic Affairs (CCEA).
Civil aviation minister Ajit Singh asserted that the government envisages investment of $ 12.1 billion in the aviation sector in the 12th plan period (2012 - 2016). Out of which, 9.3 billion dollars is expected to come from the private sector.
The Union government of India revised food grains production estimate upwards by 5.22 million tonnes for the year 2012 - 13 over earlier expectation of 254.24 million tonnes, due to the higher output of wheat, rice and coarse cereals.

May 4

India ranked 38th among 165 nations in the economist magazine's index of democracy ratings for the year 2012.

May 5

Asian Development Bank (ADB) at the concluding day of the 46th annual meeting announced that it is shall provide about 6 billion dollars as loan to India over the next three years.

May 6

According to the Creative Index Report 2013, Delhi has been ranked as the most creative state in India with the greatest potential for success in today's creative economy.

May 7

Government cleared 17 FDI proposals worth Rs.263 crores following recommendations by Foreign Investment Promotion Board (FIPB) headed by Department of Economic Affairs Secretary Arvind Mayaram.

May 8

Annual Budget Outlay of National Mission on Micro Irrigation (NMMI) Scheme had been enhanced by approximately 13% from 15 bank's for the financial year 2012 - 13 to Rs. 16.93 billion for the year 2013 - 14. Andhra Pradesh was allotted a higher sum of Rs. 295 crores, Maharashtra Rs. 250 crores and Gujarat gets Rs. 200 crores.

 

 

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