1.    In terms of GDP, India’s
economy is 10th biggest: World Bank
i. After
growing at an average annual rate of just over 6 per cent from 1980 to 2010,
India’s economy is now the 10th biggest in the world in terms of gross domestic
product, according to the World Bank.

ii. However, its growth has
slowed in recent years, with an expansion of 4.7 per cent in 2013-2014, up from
4.5 per cent the previous year, the slowest pace in the previous decade.
iii. India’s growth has been
largely driven by the services sector which comprises over half of the economy,
while the agricultural, manufacturing, and especially the industrial sectors
have slowed down significantly, according to the latest quarterly review by the
Indian Ministry of Finance.
iv. India remains the
poorest country among the G20
, with per capita income at $1,499 compared to China’s
v. China, the United States
and the United Arab Emirates are India’s main trading partners, with its most
valuable exports being refined petroleum, followed by jewelry, manufactured
drugs, and rice.
2.    Fiscal deficit target at 4.1% of
GDP for 2014-15
i. Finance
Minister Arun Jaitley on Thursday said the government will retain the fiscal
deficit target for 2014-15 at 4.1 per
cent of GDP
and reduce it further to 3 per cent by 2016-17.
ii. Presenting his maiden
Budget, the Minister said the prevailing economic situation presents a great
challenge and there was a need to introduce fiscal prudence that will lead to
fiscal consolidation and discipline.
iii. Outlining the roadmap for
fiscal consolidation, Mr. Jaitley said fiscal deficit would be brought down to
3.6 per cent in 2015-16 and 3 per cent by 2016-17.
iv. The fiscal deficit which
had touched a high of 5.7 per cent in 2011-12, was brought down to 4.8 per cent
in 2012-13 and further to 4.5 per cent in 2013-14.
v. The reduction in fiscal
deficit by the UPA government, he said, was mainly achieved by a reduction in
expenditure rather than by way of realisation of higher revenues.
3.    Tax exemption
limit raised to Rs 2.5 lakh 
i. Salaried class has got something to cheer with
Finance Minister Arun Jaitley on Thursday raising tax exemption limit to Rs 2.5
lakh from Rs 2 lakh, providing a relief of Rs 5,000.
ii. The proposal,
according to an estimate, is likely to be benefit about 2 crore tax payers. 

iii. Similarly,
he raised tax exemption limit from Rs
2.5 lakh to Rs 3 lakh
in the case of senior
iv. Thus,
tax on income from Rs 2.5 lakh to Rs 5
lakh is retained at 10 per cent
, up to Rs
10 lakh at 20 per cent and above 10 lakh at 30 per cent. 
FDI limit in the defence sector up to 49 per cent from 26
per cent
i. Government on Thursday allocated
Rs 2.29 lakh crore for the Defence Ministry in the Budget, marking an increase
of around 12.5 per cent from the last fiscal as it raised the FDI limit in
the defence sector up to 49 per cent from 26 per cent now.
ii. The Ministry was
allocated Rs 2,03,672 crore in 2013-14 and was provided Rs 2,24,000 crore in
the interim budget presented by the UPA government in February this year. 
iii. The
Ministry was allocated Rs 2,03,672 crore in 2013-14 and was provided Rs
2,24,000 crore in the interim budget presented by the UPA government in
February this year. 
Beti Bachao
Beti Padhao Yojana to create awareness on women’s issues
i. For
the safety and welfare of women, Rs 100 crores have been provided for Beti
Bachao Beti Padhao Yojana to generate awareness on the issues.
ii. An outlay of fifty crore
rupees has been made for pilot testing of a scheme on safety for women on
public road transport. Another 150 crore rupees have been allocated for a
scheme to increase the safety of women in large cities. Crisis management
centres will be set up in all districts of the capital, Delhi and private hospitals.
2014-’15 : Over Rs 2000cr Namami Ganga to clean up river
i. To clean up the Ganga, Rs 2037 crores has been provided for the Ganga
conservation mission – Namami Ganga in the General Budget.Another Rs 100 crores
has been provided for Ghat development and beautification at Kedarnath,
Haridwar, Kanpur, Varanasi, Allahabad, Patna and Delhi..
Govt allocates Rs 500 cr for Internet connectivity in
i. The government on Thursday said it will allocate Rs 500 crore for its
‘Digital India’ initiative to set up broadband network in villages and promote
local manufacturing of hardware and Indian software products. 
the Digital India initiative, National Rural Internet and Technology
Mission, the government will focus on setting up broadband in villages, promote
local manufacturing of hardware and Indian software products, Finance Minister
Arun Jaitley on Thursday said while presenting the Budget for 2014-15. 

iii. Also
in what could provide more opportunities for the technology firms, the Minister
proposed to set up 100 smart cities for which the government will provide Rs
7,060 crore.
India and UK to launch civil nuclear cooperation
i. India and United Kingdom decided to launch negotiations for civil
nuclear cooperation. The decision was taken during the visit of UK foreign
secretary of state William Hague to India.  He visited India on 7- 8 July
ii. The Union External Affairs Minister, Sushma Swaraj and UK
foreign secretary of state William Hague had discussions on variety of issues
related to bilateral, regional and global issues of mutual interest.
iii. At present, the Bilateral trade between the UK and India
stands at 15 billion US dollars.  
9.    Typhoon Neoguri makes landfall
on Japan’s southern main island
i. Typhoon Neoguri slammed into Japan’s southern main island
early today after lashing the Okinawa island chain, with three people killed as
powerful winds and torrential rains battered the country.
ii. The typhoon’s winds slowed
somewhat overnight, with the storm packing gusts of up to 126 kilometres (78
miles) per hour as it moved east at 25 kilometres per hour.
10.  Argentina beats Netherlands; to
meet Germany in World Cup final
i. Argentina
defeated the Netherlands 4-2 on penalties on Wednesday to set up a third World
Cup final against Germany.
ii. Romero parried the first
spot kick from Ron Vlaar and then from Wesley Sneijder as well to see the
Albiceleste through after 120 minutes of negative semi-final football from both
sides had ended 0-0.
iii. Lionel Messi, Ezquiel
Garay, Sergio Aguero and Maxi Rodriguez converted Argentina’s spot kicks while
Arjen Robben and Dirk Kuyt were on target for the Dutch.
iv. It was the first World Cup
semi-final ever to end 0-0 after 120 minutes, and the Dutch failed to score in
240 minutes overall as they had required penalties to beat Costa Rica in the
11.  FIFA suspended Nigeria’s team
from International football competitions
i. FIFA suspended Nigeria
from all international football competitions with immediate effect. Nigeria was
suspended on account of government interference in running Nigeria Football
Federation (NFF).
ii. The Statement released by
FIFA includes that during the period of suspension, the NFF may not be
represented in any regional, continental or international competitions,
including at club level, or in friendly matches.
iii. Nigeria reached the second round of the World Cup 2014 in Brazil and
this is the third time to reach second round of World Cup in their history
(earlier in 1994 and 1998).
Vijay’s Test 100 steadies India at 259 for 4 vs Eng
i. Murali Vijay’s fourth Test hundred and
an aggressive half-century by skipper MS Dhoni steadied India at 259 for 4 at
stumps on day one in the Nottingham test against England.
ii. The visitors lost Dhawan,
Pujara, Kohli and Rahane at crucial times. The day belonged to Murali Vijay,
whose fourth Test hundred helped the side finish on a strong note.
iii. He was later joined by
Dhoni, who slammed his second successive fifty. The challenge for England on
the second day would be to break this 81-run stand and attack the Indian lower
order. For England James Anderson was the pick of the bowlers as he took two