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Daily G.K. Buzz- 27th February 2015

1.NSE to set up international exchange in Gujarat

NSE MD and CEO- Chitra Ramkrishna 
i.The National Stock Exchange (NSE), on Thursday, signed a memorandum of understanding with the Gujarat International Finance Tec-City to establish an international exchange at the city-based financial hub.
ii.The GIFT Special Economic Zone, spread over 886 acres, is being developed as India’s first International Financial Services Centre (IFSC).This will allow Indian and international entities to deal in financial products and services from India.

2.Irom Sharmila gets Sthree Shakti award
Activist Irom Sharmila, who has been on an indefinite fast since November 4, 2000, demanding the

repeal of the Armed Forces (Special Powers) Act, has been conferred with the Sthree Shakti award. The award is in recognition of her extraordinary courage and determination.

3.SBI debit card to double up as metro smart card in Mumbai
i.State Bank of India account holders can now use their debit cards to get through the Mumbai Metro turnstiles with bank launching a combo card comprising of the Mumbai Metro smart card and the bank's debit card. 
ii.The card acts as a payment-cum-access card at Mumbai Metro stations and also as a standard shopping-cum-ATM Debit Card. Customers can get immediate access to the entry gate for travel on Mumbai Metro by just tapping the combo card at the AFC gates. 

4.Dena Bank organizes SME meet
Chairman & Managing Director- Shri Ashwani Kumar    H.Q.- Mumbai
i.Dena Bank, India's trusted family bank, organized an SME meet for Start-Ups & Entrepreneurs to promote the Prime Minister initiated 'Make in India' Campaign.
ii. Dena Bank supported the spirit of business and enterprise in India as it welcomed young and bright entrepreneurs to come forward with their bankable and innovative Business Propositions at an event held in Bengaluru.
iii.It is the first public sector bank to introduce Tele-Banking facilities for its customers at selected metropolitan centers.

5.Kshatrapati Shivaji takes over as new CMD of SIDBI
i.Kshatrapati Shivaji, a 1986 batch IAS officer, has taken over as the Chairman and Managing Director of Small Industries Development Bank of India (SIDBI).
ii.Shivaji is currently Principal Secretary (Expenditure), Finance Department in Maharashtra government and has been appointed on deputation basis for a period of three years from the date of his taking over the charge.

6.Forex reserves continue to jump, hit new high at $334.2 billion 
i.The foreign exchange reserves have touched a new life-time high at $334.193 billion, up $1.023 billion, in the week to February 20, on account of higher foreign currency assets.
ii.The foreign currency assets, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and yen, held in the reserves.
iii.The special drawing rights decreased by $12 million to $4.077 billion, and the nation's reserve position with the International Monetary Fund also dipped by $ 4.8 million to $ 1.634 billion.

7.AB De Villiers' fastest 150 against West Indies 
i.Skipper AB de Villiers hammered the fastest 150 in ODI history as he led South Africa to a record-equalling 257-run win over the West Indies in a Pool B cricket World Cup match.
ii.a sensational 66-ball 162 from de Villiers, South Africa posted World Cup's second-highest total of 408 for five and then inflicted further humiliation on the Caribbean side by skittling them out for a measly 151 in 33.1 overs. 

8.Economic survey 2015 presented 
The survey prepared by the finance ministry's chief economic adviser Arvind Subramanian and tabled by finance minister Arun Jately.

Following are the highlights of the survey: 
Fiscal Deficit
* India must meet its medium-term fiscal deficit target of 3 percent of GDP
* Government will adhere to fiscal deficit target of 4.1 percent of GDP in 2014/15
* Government should ensure expenditure control to reduce fiscal deficit
* Expenditure control and expenditure switching to investment key 
* 2015/16 GDP growth seen at over 8 pct y/y
* Double digit economic growth trajectory now a possibility
* Economic growth at market prices seen between 8.1 - 8.5 percent in 2015/16 on new GDP calculation formula
* Total stalled projects seen at about 7 percent of GDP, mostly in private sector 
* There is scope for big bang reforms now
* India can increase public investments and still hit its borrowing targets 
* Inflation shows declining trend in 2014/15
* Inflation likely to be below central bank target by 0.5 - 1 percentage point
* Lower inflation opens up space for more monetary policy easing
* Government and central bank need to conclude monetary framework pact to consolidate gains in inflation control
* Consumer inflation in 2015/16 likely to range between 5-5.5 percent 
Fiscal Consolidation
* Govt remains committed to fiscal consolidation
* India can balance short-term imperative of boosting public investment to revitalize growth with fiscal discipline
* Outlook for external financing is correspondingly favourable 
Current Account Deficit
* Estimated at about 1.3 percent of GDP in 2014/15 and less than 1.0 percent of GDP in 2015/16
* Overhauling of subsidy regime would pave the way for expenditure rationalisation
* Liquidity conditions expected to remain comfortable in 2015/16

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