28 Nov, 2017
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‘India moves up one notch to 126 in GDP per capita terms’
India has moved up one position to 126th in terms of GDP per capita of countries, still ranked lower than all its BRICS peers, while Qatar remains the world’s richest on this parameter, as per IMF data.
- The data, which forms part of the latest World Economic Outlook report of the International Monetary Fund, ranks over 200 countries in terms of per capita GDP based on purchasing power parity (PPP).
- PPP between two countries is the rate at which the currency of one country needs to be converted into that of a second country to ensure that a given amount of the first country’s currency will purchase the same volume of goods and services in the second country as it does in the first.
- India has seen its per capita GDP rise to USD 7,170 in 2017, from USD 6,690 last year, helping improve its rank by a position to 126th.
- Qatar remains top-ranked with per capita GDP of USD 1,24,930, followed by Macao at the second position with USD 1,14,430 and Luxembourg third with USD 1,09,190.
- Among BRICS countries, India has the lowest per capita GDP. Russia boasts of a GDP per capita of USD 27,900, while for China, it stood at USD 16,620, Brazil at USD 15,500 and South Africa at USD 13,400.
- Interestingly, as per a recent Credit Suisse report, India is home to 2.45 lakh millionaires with a total household wealth of USD 5 trillion.
- As per the IMF data, the richest 10 countries in the world in per capita GDP terms also include Singapore (4th, USD 90,530), Brunei (5th, USD 76,740), Ireland (6th, USD 72,630), Norway (7th, USD 70,590), Kuwait (8th, USD 69,670), United Arab Emirates (9th, USD 68,250) and Switzerland (10th, USD 61,360).
- The US has failed to make it to the top 10 and is ranked 13th with a GDP per capita of USD 59,500 while the UK is ranked even lower.
According to a Fortune magazine report based on the IMF data, several top-ranking countries such as Qatar and Brunei “have fuel and oil propelling their economies”, while investment and strong banking systems have helped propel economic growth in other countries like Iceland and Ireland.
Cabinet approves setting up of the 15th Finance Commission
The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the setting up of the 15thFinance Commission. Under Article 280 (1) of the Constitution,it is a Constitutional obligation. The Terms of Reference for the 15thFinance Commission will be notified in due course of time.
Article 280(1) of the Constitution lays down that a Finance Commission (FC) should be constituted “…within two years from the commencement of this Constitution and thereafter at the expiration of every fifth year or at such earlier time as the President considers necessary…”.In keeping with this requirement, the practice has generally been to set up next Finance Commission within five years of the date of setting up of the previous Finance Commission.
- Fourteen (14)Finance Commissions have been constituted in the past.
- The 14th Finance Commission was set up on 02.01.2013 to make recommendations covering the period of five years commencing on 1st April, 2015.
- The Commission submitted its Report on 15th December, 2014.
- The recommendations of the 14th Finance Commission are valid upto the financial year 2019-20.
- In terms of Constitutional provisions, setting up the 15th Finance Commission, the recommendations of which will cover the five years commencing on April 1, 2020, has now become due.
Milk output rises 19%; dairy farmers’ income up 24% in 2014-17
India’s milk production rose by 19 per cent in the last three years to touch 163.6 million tonnes, leading to a significant increase in dairy farmers’ income, Agriculture Minister Radha Mohan Singh said today.
Addressing a function on the National Milk Day, he said the government has launched many programmes in the last three years to raise dairy sector’s productivity.
The minister announced that a National Action Plan Vision-2022 would be unveiled that would focus on creation of infrastructure for handling of increased milk production and help achieve the target to double farmers’ income by 2022.
“Our milk production has increased to 163.6 million tonnes in 2016-17 from 137.7 million tonnes in 2013-14. This means that output has grown by 18.81 per cent during this period,” Singh said on the National Milk Day being celebrated on the birth anniversary of Dr Verghese Kurien, the father of white revolution.
- India is the largest milk producer in the world, he said, adding that the country’s milk production grew at an annual rate of 6 per cent during 2014-17 as against 4 per cent during the previous three years.
- The per capita milk availability has also increased to 351 gram in 2016-17 from 307 gram in 2013-14, he added.
- “Income of dairy farmers has increased by 23.77 per cent during 2014-17 compared to 2011-14,” Singh said.
- At present, only 20 per cent of the total milk production is converted into value-added products and the aim is to take this to 30 per cent. The value-added products help generate 20 per cent higher income.
- Singh said the animal husbandry department is preparing a National Action Plan Vision-2022 to create infrastructure for handling of increased milk production. The plan would not only focus on meeting the demand of milk and milk products but also help in achieving the objective of doubling the farmers income.
- A scheme ‘Dairy Processing & Infrastructure Development Fund (DIDF)’ with an outlay of Rs 10,881 crore has already been launched for dairy cooperative sector.
- The Government had launched ‘Rashtriya Gokul Mission’ in December 2014 to conserve and develop indigenous bovine breeds.
The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.
Know, who is Vijay Kelkar and what is PPP !
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Know about Sepp Blatter!
Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.
Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.