1) The World Bank cut its global economic growth forecast for 2016 in its half-yearly Global Economic Prospects report. According to the World Bank, global growth should accelerate to 2.9% in 2016 from 2.4% in 2015, but that still represents a downgrade from its June forecast for 3.3% growth. World Bank also projected that the Indian economy will grow at 7.8% in 2016-17 and China’s GDP growth rate will be 6.7%.
2) Faced with two consecutive drought years, the Centre cleared a crop insurance scheme under which farmers’ premium has been kept at a maximum of 2 per cent for foodgrains and oilseeds and up to 5 per cent for horticulture/cotton crops.The much awaited scheme is known as— Pradhan Mantri Fasal Bima Yojana.
3) The Union Cabinet, chaired by the Prime Minister Narendra Modi, approved the “Stand Up India Scheme” to promote entrepreneurship among SC/ST and Women entrepreneurs. The Scheme is intended to facilitate at least two such projects per bank branch, on an average one for each category of entrepreneur. It provides for a refinance window through Small Industries Development Bank of India (SIDBI) with an initial amount of Rs. 10,000 crore.
4) India’s biggest e-commerce company Flipkart said its chief executive and co-founder Sachin Bansal will step down and be succeeded by its other co-founder, Binny Bansal.
5) The ICC and Money Gram International, a leading global provider of money transfer services, announced an eight-year deal which confirms Money Gram as an event partner for ICC events from 2016-2023.
6) The prestigious Yale School of Management will name its deanship in honour of PepsiCo’s India-born CEO Indra Nooyi as she gifted an undisclosed amount to her alma mater, becoming the school’s biggest alumni donor and the first woman to endow a deanship at a top B-School.