Current Affairs - September, 2018

Latest Current Affairs September, 2018 with Current Affairs, news summary on current events of National and International importance of September, 2018 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Eight core industries output record 6.6% growth in July 2018

According to Index of Eight Core Industries released by Ministry of Commerce and Industry, eight core sectors have grown by 6.6% in July 2018 pushed by healthy output in coal, refinery products, cement and fertilizer sectors. It had registered growth of 2.9% in July 2017.

Performance of Eight Core Industries in July 2018

The output of coal, refinery products, fertiliser and cement grew by 9.7%, 12.3%, 1.3% and 10.8% respectively in July 2018. However, growth rate in production of crude oil and natural gas recorded negative growth in July, 2018. On the other hand, steel sector expansion came down to 6%, as against 9.4% in July 2017. During April-July 2018 period of current fiscal, these eight sectors had grown by 5.8% as against 2.6% in the year-ago period. In June 2018, these core sectors had showed growth of 7.6%, highest core sector growth since March 2017.

Eight Core Industries

Index of Eight Core Industries is monthly production index, which is also considered as lead indicator of the monthly industrial performance. It contains index, production and growth of Eight Core Industries viz. electricity, steel, refinery products, crude oil, coal, cement, natural gas and fertilizers. It is compiled based on monthly production information received from source agencies. These core industries are main or key industries of the economy and serve as backbone of all other industries. These eight core sectors constitute 40.27% of total index of industrial production (IIP).

Weightage: Petroleum Refinery production (weight: 28.04%), Electricity generation (19.85%), Steel production (17.92%), Coal production (10.33%), Crude Oil production (8.98%), Natural Gas production (6.88%), Cement production (5.37%), Fertilizers production (2.63%).

Month: Categories: Business, Economy & Banking

Sunil Mehta elected as new Chairman of Indian Bank’s Association for 2018-19

Punjab National Bank (PNB’s) managing director and chief executive, Sunil Mehta was elected as new chairman of Indian Banks Association (IBA) for year 2018-19. Bank of India’s managing director and chief executive Dina Bandhu Mohapatra was elected as the deputy chairman. Madhav Nair, country head and chief executive, Mashreqbank PSC, was elected as Honorary Secretary of IBA for 2018-19, State Bank of India’s chairman, Rajnish Kumar, and Federal Bank’s managing director, Shyam Srinivasan, will continue as deputy chairmen of IBA.

Indian Bank’s Association (IBA)

It is an association of Indian banks and financial institutions. It was established on September 26, 1946. It is headquartered in Mumbai. Its objective is to strengthen, develop and foster coordination among Indian banking stakeholders. It also facilitates various member banks. Managing Committee of IBA consists of chairman, three deputy chairmen, one honorary secretary as well as 26 members. The members of IBA comprise of public sector banks, private sector banks, foreign banks having offices in India, co-operative banks, regional rural banks and all India financial institution. Currently it has 237 members from banking sector operating in India.

Month: Categories: Business, Economy & Banking