1.   

Indian economy to record 5.9 percent growth in 2015: UN

While the global economy is expected to grow marginally by 3.1 percent next year, India’s is likely to grow by 5.9 percent, recording the second highest increase among the world’s larger economies, according to a UN report. For 2016, the report projects a growth of 6.3 percent for India’s gross domestic product (GDP) and of 3.3 percent for the world’s output. Although the UN forecasts for India were lower than those from international financial institutions and investment banks, they were exceeded only by China among the larger economies.

2.   

‘India-Asean trade to touch $100 bn by 2015’

Commerce and Industry Minister Nirmala Sitharaman has said that the Government hopes India’s trade with Asean will touch $100 billion by 2015 and double by 2022. Indo-Asean trade is at the $80 billion level at present. India signed a Free Trade Agreement (FTA) on goods with ASEAN in 2009. The FTA in Services and Investment will come into force with effect from 1st July, 2015.

3.   

Farm sector growth may remain at 2.5-3% in 2014-15

India’s farm sector growth, which slipped to 3.2% in the second quarter of the 2014-15 financial year as against 5% during the same period last year, is expected to remain in the 2.5-3.0% range for the full year due to a drop in kharif farm production. Agriculture growth in 2013-14 was 4.7%. Growth in the April-June quarter of 2014-15 was around 3.5%. “Full year agriculture growth is expected to be around 2.5-3.0% as against more than 4% in 2013-14 due to drop in kharif foodgrains on account of poor monsoon.

4.   

CCEA approves including North-East in setting up food processing units

The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the inclusion of the North-Eastern states for the establishment of food processing units within the sub-scheme of the Horticulture Mission for North-East and Himalayan States (HMNEH) of the Mission for Integrated Development of Horticulture (MIDH).