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.