ECONOMY AFFAIRS JANUARY 2011

ECONOMY AFFAIRS JANUARY 2011

• According to the 'Quick estimates' for 2009-10, released by the C.S.O. (Central Statistical Organisation) on 31st January.
• Indian GDP growth for 2009-10revised up to 8% from the 7.4% estimated earlier for the fiscal. It occurred mainly on the better showing by manufacturing and service sectors.
• The country's GDP at factor cost at constant (2004-05) prices in 2009-10 is estimated at Rs 44.94 lakh crores as against Rs. 41.63 lakh crores in 2008-09.
• However, at current prices, it is estimated much higher at Rs 61.33 lakh crores as against Rs 52.82 lakh crores in 2008-09.
• The per capita income in real terms (at 2004 - 05 prices) is estimated at Rs 33,731 for 2009-10 as against Rs 31,801 in 2008-09.
• At current prices, it is estimated at Rs 46,492 for 2009-10 as against Rs 40,605 for 2008-09.
• ONGC said it had struck natural gas reserves in its maiden well drilled to tap shale gas in West Bengal. This is the first time gas has been discovered in sedimentary shale gas rocks outside the U.S.and Canada. 
• Y H Malegam committee constituted by Reserve Bank of India (RBI) in October 2010 to recommend the practices of Microfinance Institutions (MFIs) submitted its report and proposes the maximum interest rates as 24 percent. 
• Industrial output in November 2010 was slower-than-expected, 2.7 percent from a year earlier, sharply lower than the previous month's revised annual growth of 11.3 percent, according to government data released. 
• World Bank President Robert B.Zoellick signed a $220-million agreement with the Bihar government for “the Kosi Recovery Project to rebuild areas affected by the 2008 floods". 
• The gems and jewelry exports posted 39% growth at around $23.5 billion in the first three quarters of this fiscal. These were $14.46 billion in the corresponding period in the previous year, according to data given by the Gem and Jewelry Export Promotion Council (GJEPC)