Current Affairs PDF February 2015

CurrentAffairsEdu.
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Union Budget 2015

Finance Minister Shri Arun Jaitley has said that the Indian Economy has turned
around dramatically in the last nine months with the real GDP growth expected to
accelerate to 7.4% making India the fastest growing large economy in the world.
Presenting the General Budget for the year 2015-16 in Lok Sabha today, he said
macro-economic stability has been restored and conditions have been created for
sustainable poverty elimination, job creation and durable double digit economic
growth. Shri Jaitley specifically talked about three key achievements of the
Government, the Jan Dhan Yojana which brought over 12.5 crores families into
financial mainstream in a short period of 100 days, transparent coal block
auctions to augment resources of the states and Swachh Bharat which has
become a movement to regenerate India. Shri Jaitley said that India has now
embarked on two more game changing reforms which are GST and the JAM
Trinity-Jan Dhan, Aadhar and Mobile-to implement direct transfer of benefits. He
added that GST will put in place a state-of-the art indirect tax system by 1st April
2016 while the JAM Trinity will allow transfer benefits in a leakage-proof, welltargetted and cashless manner.
Describing the declining inflation as one of the major achievements of the
Government, the Finance Minister said that this represents a structural shift. He
said CPI inflation is expected to remain at close to 5% by the end of the year
which will allow further easing of monetary policy. Shri Jaitley said a Monetary
Policy Framework Agreement has been concluded with the RBI to keep inflation
below 6%.
Stating that while based on the new series, estimated GDP growth for 2014-15 is
7.4%, Shri Jaitley said growth in the next financial year is expected to be
between 8 to 8.5% and aiming for a double-digit rate seems feasible very soon.
The Minister underlined that India has to think in terms of a quantum jump. He
said the year 2022 will be the Amrut Mahotsav, the 75th year, of Indias
independence. He added the vision of what the Prime Minister has called Team
India led by the States and guided by the Central Government should include a
roof for each family which will require to complete two crore houses in urban
areas and four crore houses in rural areas with each house having 24 hour power
supply, clean drinking water, a toilet and road connectivity. He said the vision
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includes that at least one member from each family should have access to the
means of livelihood, substantial reduction in poverty, electrification of the
remaining 20,000 villages including off-grid solar power by 2020, connecting each
of the 1,78,000 un-connected habitation, providing medical services in each
village and city, ensuring a Senior Secondary School within 5 km reach of every
child, strengthening rural economy-increase irrigated area, ensuring
communication connectivity to all villages, to make India, the manufacturing hub
of the world through Skill India and the Make in India Programmes, encourage
and grow the spirit of entrepreneurship and development of Eastern and North
Eastern regions on par with the rest of the country.
The Finance Minister counted five major challenges faced by the Indian economy
which are agricultural income under stress, weak private sector investment in
infrastructure, decline in manufacturing, resource crunch in view of higher
devolution in taxes to states and maintaining fiscal discipline. Shri Jaitley assured
that the country will meet the challenging fiscal deficit target of 4.1% of GDP, that
the Government had inherited. Talking about the fiscal roadmap Shri Jaitley said
that the Government is firm to achieve fiscal target of 3% of GDP. He added that
the journey for fiscal deficit target of 3% will be achieved in three years rather
than two years.
Stating that the Government is committed in its resolve, as Indians, to regain its
pre-eminence as a just and compassionate country, Shri Jaitley said that what is
needed is a well targeted system of subsidy delivery. He emphasized on need to
cut subsidy leakages, to achieve which the Government is committed to the
process of rationalizing subsidies. He said the direct transfer of benefits, started
mostly in scholarship schemes, will be further expanded with a view to increasing
the number of beneficiaries from the present 1 crore to 10.3 crore.
Reiterating that the Governments commitment to farmers runs deep, the
Finance Minister proposed to fully support Agriculture Ministrys organic farming
scheme Paramparagat Krishi Vikas Yojana. Stating that the Pradhanmantri
Gram Sinchai Yojana is aimed at irrigating the field of every farmer and improving
water use efficiency to provide Per Drop More Crop , Shri Jaitley proposed
allocation of Rs. 5,300 crore to support micro-irrigation, watershed development
and the Pradhan Mantri Krishi Sinchai Yojana.

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In order to support the agriculture sector with the help of effective agriculture
credit and focus on small and marginal farmers, the Finance Minister proposed to
allocate Rs. 25,000 crore to the corpus of Rural Infrastructure Development fund
(RIDF) set up in NABARD, Rs. 15,000 crore for Long Term Rural Credit Fund; Rs.
45,000 crore for Short Term Cooperative Rural Credit Refinance Fund; and Rs.
15,000 crore for Short Term RRB Refinance Fund. He said that the Government
has set up an ambitious target of Rs. 8.5 lakh crore of agricultural credit. Stating
the Governments commitment to supporting employment through MGNREGA,
The Minister proposed an initial allocation of Rs. 34,699 crore for the programme.
The Finance Minister proposed to create a Micro Units Development Refinance
Agency (MUDRA) Bank, with a corpus of Rs. 20,000 crore, and credit guarantee
corpus of 3,000 crore, which will refinance Micro-Finance Institutions through a
Pradhan Mantri Mudra Yojana,. He added that priority will be given to SC/ST
enterprises in lending.
While showing concern over a large proportion of Indias population being
without any kind of insurance, Shri Jaitley said that the soon-to-be- launched
Pradhan Mantri Suraksha Bima Yojana, will cover accidental death risk of Rs. 2
lakh for a premium of just Rs. 12 per year. Similarly, he said, the Government will
also launch the Atal Pension Yojana, which will provide a defined pension,
depending on the contribution, and its period. To encourage people to join this
scheme, the Government will contribute 50% of the beneficiaries premium
limited to Rs. 1,000 each year, for five years, in the new accounts opened before
31st December, 2015. The third Social Security Scheme that the Minister
announced is the Pradhan Mantri Jeevan Jyoti Bima Yojana which covers both
natural and accidental death risk of Rs. 2 lakhs. The premium will be Rs. 330 per
year, or less than one rupee per day, for the age group 18-50.
Mentioning about unclaimed deposits of about Rs. 3,000 crores in the PPF and
approximately Rs. 6,000 crores in the EPF corpus, the Minister said that the
amounts will be appropriated to a corpus, which will be used to subsidize the
premiums on these social security schemes through creation of a Senior Citizen
Welfare fund in the Finance Bill. He reiterated the Governments commitment to
the on-going schemes for the welfare of SCs, STs and Women.

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The Finance Minister underlined the pressing need to increase public investment
in infrastructure. He said that he proposes increased outlays on both the roads
and the gross budgetary support to the railways, by Rs. 14,031 crore and Rs.
10,050 crore respectively. He said the CAPEX of the public sector units is expected
to be Rs. 3,17,889 crore, an increase of approximately Rs. 80,844 crore over RE
2014-15. He also proposed to establish National Investment and Infrastructure
Fund (NIIF) with an annual flow of Rs. 20,000 crore. He said that he also intends
to permit tax free infrastructure bonds for the projects in the rail, road and
irrigation sector. He said the PPP mode of infrastructure development has to be
revisited and revitalized.
Shri Jaitley proposed to establish the Atal Innovation Mission(AIM) in NITI which
will provide Innovation Promotion Platform involving academicians, and drawing
upon national and international experiences. A sum of Rs. 150 crore is proposed
to be earmarked for the mission.
The Finance Minister said that the Government is establishing a mechanism to be
known as SETU (Self-Employment and Talent Utilisation) which will support all
aspects of start-up businesses, and other self-employment activities, particularly
in technology-driven areas. Rs. 1,000 crore have been initially earmarked in NITI
Aayog for the purpose.
Shri Jaitley said the Government also proposes to set up 5 new Ultra Mega Power
Projects each of 4000 MWs in the plug-and-play mode.
In order to promote investment in the country, the Minister proposed to set up a
Public Debt Management Agency (PDMA) which will bring both Indias external
borrowings and domestic debt under one roof. He also proposed to merge the
Forwards Markets Commission with SEBI to strengthen regulation of commodity
forward markets and reduce wild speculation. He said enabling legislation,
amending the Government Securities Act and the RBI Act is proposed in the
Finance Bill, 2015.
Regarding the Employees Provident Fund (EPF), the Minister said the employees
need to be provided two options, EPF or the New Pension Scheme (NPS). He said,
for employees below a certain threshold of monthly income, contribution to EPF
should be optional, without affecting or reducing the employers contribution.

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Stating that India is one of the largest consumers of gold in the world, Shri Arun
Jaitley proposed to introduce a Gold Monetisation Scheme, which will replace
both the present Gold Deposit and Gold metal Loan Schemes. The New scheme
will allow the depositors of gold to earn interest in their metal accounts and the
jewelers to obtain loans in their metal account. Banks/other dealers would also
be able to monetize this gold. He also proposed a Sovereign Gold Bond, as an
alternative to purchasing metal gold. He also announced commencing work on
developing Indian Gold Coin, which will carry the Ashok Chakra on its face.
Highlighting need for increasing investments from all sources, the Finance
Minister proposed to allow foreign investments in Alternate Investment
Funds. He said in order to catalyze investments from the Indian Private Sector in
South East Asia, a Project Development Company will set up manufacturing hubs
in Cambodia, Myanmar, Laos and Vietnam.
In order to support Programmes for women security, advocacy and awareness,
the Minister proposed to provide another Rs. 1,000 crore to the Nirbhaya Fund.
Shri Jaitley said resources will be provided to start work along landscape
restoration, signage and interpretation centres, parking, access for the differently
abled, visitors amenities, including securities and toilets, illumination and plans
for benefiting communities around them at various heritage sites.
Expressing concern over environmental degradation, the Minister said that the
target of renewable energy capacity has been revised to 1,75,000 MW till 2022.
He said the Government is also launching a Scheme for Faster Adoption and
manufacturing of Electric Vehicles (FAME) with an initial outlay of Rs. 75 crore.
The Minister emphasized on formal skill training and said the Government will
soon launch a National Skills Mission which will consolidate skill initiatives spread
across several Ministries. He said Rs. 1,500 crore has been set apart for Deen
Dayal Upadhyay Gramin Kaushal Yojana. He proposed to set up a fully IT based
Student Financial Aid Authority to administer and monitor Scholarship as well
Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi
Karyakram.

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The Minister proposed to set up several New Institutions. An IIT will be set up in
Karnataka and Indian School of Mines, Dhanbad will be upgraded in to a fullfledged IIT. New All India Institutes of Medical Sciences (AIIMS) will be set up in
J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam. Another AIIMS like
institution will be set up in Bihar. A post graduate institute of Horticulture
Research & Education will be set up in Amritsar. Three new National Institutes of
Pharmaceutical Education and Research will be set up in Maharashtra, Rajasthan
and Chattisgarh and one institute of Science and Education Research will be set
up in Nagaland and Odisha each. IIMs will be setup in J&K and Andhra Pradesh.
Shri Jaitley said India is making good progress towards digital India. He said the
National Optical Fibre Network Programme (NOFNP) of 7.5 lakh kms networking
2.5 lakh villages is being further speeded up by allowing willing States to
undertake its execution.
The Minister said that in spite of the large increase in the devolution to states,
adequate provision is being made for the schemes for the poor with allocation of
Rs. 68,968 crore to the education sector including mid-day meals, Rs. 33,152 crore
to the health sector and Rs. 79,526 crore for rural development activities
including MGNREGA, Rs. 22,407 crore for housing and urban development, Rs.
10,351 crore for women and child development, Rs. 4,173 crore for Water
Resources and Namami Gange. The Minister said that adequate funds have been
provided for the needs of the armed forces. As against likely expenditure of this
year of Rs. 2,22,370 crore the budget allocation for 2015-16 is Rs. 2,46,727 crore.
Shri Arun Jaitley while giving the budget estimates for 2015-16 said Non-Plan
expenditure estimates for the Financial Year are Rs. 13,12,220 crore. Plan
expenditure is estimated to be Rs. 4,65,277 crore, which is very near to the R.E. of
2014-15. Total Expenditure has accordingly been estimated at Rs. 17,77,477
crore. Gross Tax receipts are estimated to be Rs. 14,49,490 crore. Devolution to
the States is estimated to be Rs. 5,23,958 crore. Share of Central Government will
be Rs. 9,19,842 crore. Non Tax Revenues for the next fiscal are estimated to be
Rs. 2,21,733 crore. He said with the above estimates, fiscal deficit will be 3.9
percent of GDP and Revenue Deficit will be 2.8 percent of GDP.
TAX PROPOSALS

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The Finance Minister Shri Arun Jaitley has said that a very important dimension to
our tax administration is the fight against the scourge of black money. He said
that taxation is an instrument of social and economic engineering. Tax collections
help the Government to provide education, healthcare, housing and other basic
facilities to the people to improve their quality of life and to address the problems
of poverty, unemployment and slow development. To achieve these objectives, it
has been our endeavour in the last nine months to foster a stable taxation policy
and non-adversarial tax administration.
Shri Jaitley said that Goods and Services Tax (GST) introduced in the last Session
will play a transformative role in the way our economy functions. This
transformative piece of legislation in indirect taxation needs to be matched with
transformative measures in direct taxation. He said that the rate of corporate tax
is proposed to be reduced from 30% to 25% over the next four years. This will
lead to higher level of investment, higher growth and more jobs. The broad things
adopted in finalizing the tax proposals include:A. Measures to curb black money
B. Job creation through revival of growth and investment and promotion of
domestic manufacturing and Make in India;
C. Minimum government and maximum governance to improve the ease of
doing business;
D. Benefits to middle class taxpayers;
E. Improving the quality of life and public health through Swachch Bharat
initiatives; and
F.
Stand alone proposals to maximize benefits to the economy.
Shri Jaitley said that a considered decision has been taken to enact a
comprehensive new law on black money to specifically deal with such money
stashed away abroad. The Bill in this regard is proposed to be introduced in the
current Session of the Parliament. The key features of the bill will include
punishment of rigorous imprisonment up to ten years for concealment of income

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and assets and evasion of tax in relation to foreign assets. This offence will be
made non-compoundable and offenders will not be permitted to approach the
Settlement Commission. Penalty for such concealment of income and assets at
the rate of 300 per cent of tax shall be levied. Non-filing of return or filing of
return with inadequate disclosure of foreign assets will be punishable with
rigorous imprisonment up to seven years.
As regards curbing domestic black money, a new and more comprehensive
Benami Transactions (Prohibition) Bill will be introduced in the current Session of
the Parliament. Shri Jaitley said that this law will enable confiscation of benami
property and provide for prosecution, thus, blocking a major avenue for
generation and holding of black money in the form of benami property, especially
in real estate. Quoting of PAN is being made mandatory for any purchase or sale
exceeding the value of Rs.1 lakh. To improve enforcement, CBDT and CBEC will
leverage technology and have access to information in each others data-base.
Mentioning job creation as the second pillar of taxation proposals Shri Jaitley said
that this will be ensured through revival of growth and investment and promotion
of domestic manufacturing and Make in India. The tax pass through is
proposed to be allowed to both Category-1 and Category-2 alternative
investment fund so that tax is levied on the investors in these funds and not on
the funds per se. To rationalize the capital gain regime for the sponsors exiting at
the time of listing of the units of Real Estate Investment Trusts (REITs) and
Infrastructure Investment Trusts (InvITs) subject to payment of Securities
Transaction Tax (STT) is proposed, he said.
Permanent Establishment (PE) norm will be modified to encourage fund
managers to relocate to India. The Finance Minister said that General Anti
Avoidance Rule (GAAR) will be deferred by two years. It will apply to investments
made on or after 01-04-2017, when implemented. In order to facilitate young
entrepreneurs rate of income tax on royalty and fees for technical services will be
reduced from 25 per cent to 10 per cent. To generate greater employment
opportunities the benefit of deduction for employment of new regular workman
to all business entities will be extended. The eligibility threshold of minimum 100
regular workmen will be reduced to 50.

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Recognizing the importance of indirect taxes in the context of promotion of

domestic manufacturing and Make in India, the Finance Minister said basic
custom duty on certain inputs, raw materials, intermediates and components in
22 items is proposed to be reduced to minimize the impact of duty evasion. All
goods except populated printed circuit boards for use in manufacture of ITA
bound items are proposed to be exempted from SAD. Subject to actual user
condition SAD will be reduced on import of certain other imports and raw
materials.
Shri Jaitley said wealth tax is proposed to be abolished and replaced with an
additional surcharge of 2 per cent on the super rich with the taxable income of
over Rs.1 Crore. With this 2 per cent additional surcharge a collection of Rs.9,000
Crore is targeted against a tax sacrifice of Rs.1,008 Crore. To eliminate the scope
for discretionary exercise of power and provide a hassle-free structure to the tax
payers, Shri Jaitley proposed to increase the threshold limit from Rs.5 Crore to
Rs.20 Crore.
In order to rationalize the MAT provisions for FIIs, profits corresponding to their
income from capital gains on transactions in securities which are liable to tax at a
lower rate, shall not be subject to MAT, Shri Jaitley said.
Education cess and the Secondary and Higher education cess is proposed to be
subsumed in central excise duty. The general rate of central excise duty of 12.36
per cent including the cesses will be rounded off to 12.5 per cent. The Advalorem rates of excise duty lower than 12 per cent and those higher than 12 per
cent with a few exceptions are not proposed to be increased. Excise duty on footwears with leather uppers and having retail price of more than Rs.1,000 per pair is
proposed to be reduced to 6 per cent. Shri Jaitley said on-line central excise and
service tax registration will be done in two working days. As a measure of
business facilitation time limit for CENVAT credit on inputs and input services to
be increased from 6 months to one year. Service tax plus education cess is
proposed to be increased from 12.36 per cent to 14 per cent to facilitate
transaction to GST.
Shri Jaitley said that cleanliness of households and clean environment are very
important social causes. As an initiative to Swachh Bharat Abhiyan Shri Jaitley

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proposed 100 per cent reduction for contribution, other than by way of CSR
contributions, to the Swachh Bharat Kosh. A similar tax treatment is also
proposed for the Clean Ganga Fund, he said. Shri Jaitley proposed an increase in
clean energy cess from Rs.100 to Rs.200 per metric tonne of coal, etc. to finance
clean environment initiatives. He further said that excise duty of sacks and bags
of polymers of ethylene other than for industrial use is proposed to be increased
from 12 per cen to 15 per cent. He also mentioned an enabling provision to levy
Swachh Bharat Cess at the rate of 2 per cent or less on all or certain services if
need arises. Shri Jaitley said that services by common affluent treatment plant
will be exempt from service tax. He also proposed concessions on customs and
excise duty available to electrically operated vehicle and hybrid vehicle extended
up to 31-03-2016.
The Finance Minister proposed no change in the rate of personal income tax and
rate of tax for companies in respect of income earned in the finance year 201516, assessable in Assessment Year 2016-17. Shri Jaitley proposed to levy a
surcharge @ 12 per cent on individuals, HUFs, AOPs, BOIs, artificial juridical
persons, firms, cooperative societies and local authorities having income
exceeding Rs.1 Crore. Surcharge in the case of domestic companies having
income exceeding Rs.1 Crore and up to Rs.10 Crore is proposed to be levied @ 7
per cent and surcharge @ 12 per cent is proposed to be levied on domestic
companies having income exceeding Rs.10 Crore.
He further proposed that in the case of foreign companies the surcharge will
continue to be levied @ 2 per cent if the income exceeds Rs.1 Crore and is up to
Rs. 10 Crore, and @ 5 per cent if the income exceeds Rs.10 Crore.
It is also proposed to levy a surcharge @ 12 per cent as against current rate of 10
per cent on additional income tax payable by companies on distribution of
dividends and buyback of shares, or by mutual funds and securitization trusts on
distribution of income.
The education cess on income tax @ 2 per cent for fulfilment of the commitment
of the Government to provide and finance universalized quality based education
and 1 per cent of additional surcharge called Secondary and Higher Education

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Cess on tax and surcharge is proposed to be continued for the financial year
2015-16 for all taxpayers, the Minister said.
Describing the extension of benefits to middle class tax payers as the priority of
the government, Shri Jaitley proposed the following concessions:A. Increase in the limit of deduction in respect of health insurance premium
from Rs.15,000 to Rs.25,000.
(1) For senior citizens the limit will stand increased to Rs.30,000 from the existing
Rs.20,000.
(2) For very senior citizens of the age of 80 years or more, who are not covered
by health insurance, deduction of Rs.30,000 towards expenditure incurred on the
treatment will allowed.
B.
The deduction limit of Rs.60,000 towards expenditure on account of
specified diseases of serious nature is proposed to be enhanced to Rs.80,000 in
case of very senior citizens.
C. Additional deduction of Rs.25,000 will be allowed for differently abled
persons under Section 80DD and Section 80U of the Income-tax Act.
D. The limit on deduction on account of contribution to a Pension Fund and the
New Pension Scheme is proposed to be increased from Rs.1 lakh to Rs.1.5 lakh.
E. To provide social safety net and the facility of pension to individuals and
additional deduction of Rs.50,000 is proposed to be provided for contribution to
the New Pension Scheme under Section 80 CCD. This will enable India to become
a pensioned society instead of a pensionless society.
F. Investments in Sukanya Samriddhi Scheme is already eligible for deduction
under Section 80C. All payments to the beneficiaries including interest payment
on deposit will also be fully exempt.
G. Transport allowance exemption is being increased from Rs.800 to Rs.1,600
per month.

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H. For the benefit of senior citizens, service tax exemption will be provided on
Varishta Bima Yojana.
Mentioning change, growth, jobs and genuine effective up-liftment of the poor
and the under-privileged as Governments commitment and re-affirming its
commitment to the Constitutional principles of equality and justice for all without
concern for caste, creed or religion, Shri Jaitley ended his budget speech with the
Upanishad-inspired mantra.
---------------------------------------*******-----------------------------------------------National Science Day - 28th February
A Growth Rate of over 8 Per Cent Expected for the Coming Year: Govt
---------------------------------------*******-----------------------------------------------Major Reform Initiatives Undertaken by Government in Banking, Insurance and
Financial Sector:
Economic Survey 2014- 15 states that liquidity conditions (money supply) have
remained broadly balanced during 2014-2015 except for some temporary tight
conditions due to delayed government expenditure. Steps taken by the Reserve
Bank of India (RBI) played a positive role in managing the liquidity conditions.
Till January 2015, RBI had kept the policy rates unchanged. As inflationary
conditions eased, RBI softened the monetary policy by cutting the Repo
rates by 25 basis points in January 2015 (from 8% to 7.75%).
The Reserve Bank of India (RBI) also adopted new Consumer Price Index
(combined) as the measure for nominal anchor (Headline CPI) for policy
communication.
Economic Survey 2014- 15 also mentions about the many reform initiatives
undertaken in the banking sector during 2014- 2015. These include:
1. Banks being allowed to raise capital from the market to meet capital
adequacy norms by diluting the governments stake up to 52 per cent.

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2. Pradhan Mantri Jan Dhan Yojana launched to provide universal access to

banking facilities with at least one basic banking account for every
household.
3. In April 2014, two applicants have been granted in principle approval to
set-up new banks in the private sector within 18 months.
4. RBI released guidelines and invited applications for setting up payments
banks and local area banks.
According to Economic Survey, FY 2014- 2015 saw some stress on the asset
quality of the Scheduled Commercial Banks as there was an increase in gross NPA
(Non Performing Advances) to the total gross advances. NPA increased from 4.1
%( March 2014) to 4.5 %( September 2014). As on June 2014 , five subsectors, viz.
Infrastructure, Textiles, Iron & Steel, Mining and aviation hold 54% of total
stressed advances of Public Sector Banks.
Actions taken by RBI to deal with NPAs
1. Issued guidelines, prompting banks to act as soon as a sign of stress is
noticed in borrowers actions and not to wait for it to become a NPA.
2. Tightened norms to Asset Reconstruction Companies, increasing the
minimum investment in security receipts to 15% from 5%.
3. Issued guidelines to bring flexibility in project loans to infrastructure and
core industry projects.
2014- 2015 also saw a decline in the growth of bank credit due to high accretion
of NRI deposits and also due to low deposit mobilization
Economic Survey points out that insurance penetration in India has grown from
2.3% in 2000 t0 3.9% in 2013. This insurance penetration level compares well with
the emerging market economies. The sector registered a growth of 9.4% during
2013- 14 with Life Insurance Corporation of India registering 13.5 % growth.
Reform initiatives in Insurance sector during 2014- 2015
Promulgation of Insurances Laws (Amendment) Ordinance 2014 :
o
To remove archaic and redundant provisions in insurance laws

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o
o
Empowering Insurance Regulatory and Development Authority to enable

more effective regulation
To increase the foreign equity cap in Indian Insurance Companies from 26%
to 49%
Equity Markets continue to do well for the financial year 2014- 2015 as per the
Economic Survey 2014- 15. The benchmark indices, BSE Sensex and Nifty showed
a general upward trend in the current year with growth rates of 29.9 % and 31.4
% year on year.
Reform initiatives in financial sector during 2014- 2015
Improvement in Corporate Governance norms

Establishment of a foreign portfolio investor for better functioning of both
primary and secondary markets
Overall Economic Survey 2014-15 talks about increased financial inclusion,

improved insurance penetration and fast growing equity markets in India. It also
dwells into the problems faced by the banking sector and the major policy
initiatives by the government to enable the growth of banking, insurance and
financial sectors.
---------------------------------------*******-----------------------------------------------The Railway Minister said, one of the biggest problems faced by the common man
intending to travel in unreserved class is purchasing a ticket. He said, the Railways
is introducing Operation Five Minutes to ensure that a passenger travelling
unreserved can purchase a ticket within five minutes.
Finance Ministry to Provide Budgetary Support of Rs 40,000 Crore for the
Railways Annual Plan
At the 57th Grammy Awards held on Sunday February 8, 2015 night in Los
Angeles, Bangalore based Indian origin musician Ricky Kej won the best new age
album award for his album Winds of Samsara, which was his collaboration with
African flautist Wouter Kellerman.

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After that Union Finance Minister Arun Jaitley had appealed to bank employee
unions to call off their proposed strike as talks were being held for their wage
revision.
In todays talks with Indian Banks Association (IBA), wage revision has
been settled at 15% with effect from November 2012.
The bank employees will now also get holidays on two Saturdays in a
month. The banks, however, will work full-day on remaining Saturdays
instead of the current practice of half-day.
Birdman, surreal comedy about an aging superstar, claimed the best picture
Oscar besides best director and original screenplay. The film also walked away
with best cinematography award. British star Eddie Redmayne walked away with
the best actor trophy for his physically- transformative turn as physicist Stephen
Hawking in The Theory of Everything. It was a close call for the 33-year-old star
as Birdman star Michael Keaton was his most fierce competitor. Julianne Moore
finally won her first Oscar in the best actress category for her poignant portrayal
of a mother and academic struggling with early-onset Alzheimers disease in Still
Alice. JK Simmons won the best supporting actor Oscar for his role as a bullying
Jazz instructor in Whiplash(hold) Ida from Poland won the best foreign feature
film.
Nitish Kumar takes oath as Chief Minister of Bihar
India secures release of Father Alexis Prem Kumar, from captivity in Afghanistan
Yuvraj Singh emerged as the costliest cricketer in the IPL 8 players auction,
bought for a record Rs 16 crore (USD 2.57 million approx) by Delhi Daredevils in
Bangalore.
Vanaj- National Tribal Festival- 2015 - New Delhi
The President of India, Shri Pranab Mukherjee will open the annual Udyanotsav
of Rashtrapati Bhavan on February 13, 2015 (Friday) at 1630 hrs
Aam Aadmi Party registers spectacular victory in Delhi; Oath taking on 14th Feb

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The Minister for Health & Family Welfare Shri J P Nadda launched the National
Deworming initiative aimed to protect more than 24 crore children in the ages of
1-19 years from intestinal worms, on the eve of the National Deworming Day, at
Jaipur today. Also present at the function were Shri Rajendra Rathore, Health
Minister, Rajasthan. They administered the deworming tablets to some school
going children.
Marathi writer Bhalchandra Nemade chosen for Jnanpith award
Government Decides to Infuse Rs.6990 Crores in Nine Public Sector Banks
As per these above mentioned two efficiency criteria, the amount allocated
bank-wise is as follows :
S.No.
1
2
3
4
5
6
7
8
9
Name of the Bank

Amount (Rupees in crore)
State Bank of India
2970
Bank of Baroda
1260
Punjab National Bank
870
Canara Bank
570
Syndicate Bank
460
Allahabad Bank
320
Indian Bank
280
Dena Bank
140
Andhra Bank
120
Total
6990
15th Delhi Sustainable Development Summit

L.C. Goyal appointed as Home Secretary
SCOPE HR Summit 2015 begin here in New Delhi
The Prime Minister Shri Narendra Modi has expressed joy over registration of 10
crore citizens, as a part of the PAHAL Yojana. Gives me great joy to know that

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over 10 crore citizens have been registered as a part of the PAHAL Yojana. A
momentous accomplishment. This makes PAHAL Yojana among the largest cash
transfer schemes in the world.
Madhusudhan Prasad takes over as new Urban Development Secretary
The 17th edition of Bharat Rang Mahotsav, Asias largest theatre festival, has
started in Delhi
MGNREGA Day - February 2
Dr. Nandita Chatterjee takes over as new Secretary (Housing and Urban Poverty
Alleviation)
Raahgiri day for the persons with disabilities day - February 1
Paes-Hingis clinch Australian Open mixed-doubles 2015 title
38th Raising Day of Indian Coast Guard - February 1, 2015
List of Important International Days in February 2015
4 February - World Cancer Day
6 February - International Day of Zero Tolerance to Female Genital Mutilation
13 February - World Radio Day
20 February - World Day of Social Justice
21 February - International Mother Language Day

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CurrentAffairsEdu.

com February 2015 Current Affairs

Union Budget 2015

Current Affairs For Bank Exam February 2015. More on http://www.currentaffairsedu.com

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Stand alone proposals to maximize benefits to the economy.

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Recognizing the importance of indirect taxes in the context of promotion of

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2. Pradhan Mantri Jan Dhan Yojana launched to provide universal access to

To remove archaic and redundant provisions in insurance laws

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Empowering Insurance Regulatory and Development Authority to enable

Improvement in Corporate Governance norms

Overall Economic Survey 2014-15 talks about increased financial inclusion,

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Name of the Bank

15th Delhi Sustainable Development Summit

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