1. ADB lowered India’s Growth Forecast for 2016 from 7.8% to 7.4%
Asian Development Bank (ADB) on 22 September 2015 lowered India’s gross domestic (GDP) growth projections for the fiscal year (FY) 2016 to 7.4 percent from 7.8 percent projected in its March 2015 Outlook.
For FY2015, Indian economy growth is forecasted at 7.8 percent which is lower than the earlier forecast of 8.2 percent.
The causes for the lowering of growth projections has been the economic slowdown in industrial countries, weak monsoon, and stalled action of some key structural reform
2. Indra Nooyi, Shobhana Bhartia awarded 2015 Global Leadership Award
Hindustan Times Group chairperson Shobhana Bharatia and PepsiCo Chairman Indra Nooyi have been awarded 2015 Global Leadership Award of the US-India Business Council (USIBC). They were honoured with this award for their roles as top women leaders in the Business world and their commitment to driving a more inclusive global economy. Apart from them, renowned Indian-American artist Natvar Bhavsar was awarded the Artistic Achievement Award. He is well-known for his abstract expressionism and colour-field painting. All of them were presented the awards during the annual gala of the USIBC. US Vice President Joe Biden, US Secretary of State John Kerry were among the dignitaris who had addressed USIBC gala on the occasion. It should be noted that USIBC is the top advocacy group for India and American companies in the US. It aims to deepen trade and strengthen commercial ties between both countries.
3. Telangana-Chhattisgarh inked Power Supply pact to buy 1000 MW power
Telangana Government on 22 September 2015 entered into a power purchase agreement (PPA) with Chhattisgarh for purchasing 1000 mw of power. The PPA would be in force for the next 12 years.
The supply pact aims at bridging the demand-supply gap in Telangana, particularly when the demand spikes up during the Rabi crop season and the summer months.
According to a press release issued by the Telangana Government, this is in addition to the PPA both the states had earlier signed in November 2014 for 1000 mw.
4. Researchers developed SafePay prototype system to prevent mass credit card fraud
A team of researchers have developed an inexpensive, secure method named SafePay prototype system to prevent mass credit card fraud using existing magnetic card readers. The research was led by Yinzhi Cao, assistant professor of computer science and engineering at Lehigh University.
The findings of the research were published on the official website of Lehigh University on 21 September 2015.
This novel technique works by transforming disposable credit card information to electrical current and driving a magnetic card chip to simulate the behavior of a physical magnetic card.
5. World Rhino Day observed across the world
The World Rhino Day was observed on 22 September 2015. The day is observed to celebrate all five species of rhino and they are Black, White, Greater one-horned, Sumatran and Javan rhinos.
The World Rhino Day was first announced by WWF-South Africa in 2010. The following year, World Rhino Day grew into an international success, encompassing both African and Asian rhino species, thanks to the efforts of two determined women.
6. GE’s exit unlikely to affect our business: SBI Card CEO
SBI Card, the credit card issuing joint venture, is unlikely to be affected post GE Capital’s exit from the venture
The country’s largest lender State Bank of India (SBI) partnered
GE Capital in 1998 for its credit card business.
The partnership works through two joint ventures, SBI Cards & Payment Services and GE Capital Business Process Management Services Ltd. GE Capital owns 40 per cent in the SBI Cards & Payment Services and 60 per cent in GE Capital Business Process Management Services Ltd.
While the former is the front end of the business focused on marketing and distribution of SBI credit cards; the latter takes care of technology and processing as a captive BPO unit.
7. FSSAI CEO transferred to Niti Aayog
Yudhvir Singh Malik, CEO of Food Safety and Standards Authority of India, has been transferred in less than a year, to Niti Aayog as Additional Secretary. FSSAI hit the headlines for the first time in the country under Malik’s tenure after he decided to recall Maggi in June.
Citing serious health concerns for consumers, he also later widened the probe to other noodles, Pasta and Macaroni brands.
Since then the food safety regulator has been facing criticism from both the government as well as industry circles on the way the issue was handled, testing methodologies as well as the interpretation of the law.
International food processing companies also said that the food regulator's attitude has been detrimental to ease of doing business and Make in India initiatives.
The Government had also recently appointed Ashish Bahuguna as the Chairman of FSSAI.