Survey predicts GDP in range of 5.4 to 5.9 % in 2014-15
i. Indian
economy is likely to grow in the range of 5.4 to 5.9 per cent in 2014-15
overcoming the sub-5 per cent GDP growth of past two years, even as poor
monsoon and disturbed external environment remain a cause for concern, says the
Economic Survey.

ii. The Survey,
released a day ahead of the budget for 2014-15, expects that moderation in
inflation will ease the monetary policy stance and revive the confidence of
investors. “…with the global economy expected to recover moderately,
particularly on account of performance in some advanced economies, the economy
can look forward to better growth prospects in 2014-15 and beyond,” it
iii. After
recovering in 2009-10 and 2010-11, GDP growth slowed down to decade’s low of
4.5 per cent in 2012-13. 
GDP growth seen at 5.4-5.9 pc in 2014/15 
Growth rate of 7-8 pc can occur after 2015/16 
CAD to be contained at 2.1 pc of GDP in 2014-15 
Wholesale inflation expected to moderate by end-2014 
Need DTC as clean modern replacement for existing I-T laws 
RBI intervention in forex market behind accumulation of
reserves “generally”
Rupee has stabilised, reflecting an overall sense of
confidence in forex and capital markets
Capital controls under FEMA do not support rapidly
globalising economy. 
Shah is new BJP President
i. BJP leader Amit Shah and close aide of
Prime Minister Narendra Modi is the party’s new President.
ii. He replaces the incumbent Rajnath Singh
who became Home Minister after the party’s victory in the Lok Sabha polls.

iii. A
decision in this regard was taken at the party’s Parliamentary Board meeting in
New Delhi today. Announcing the decision, Mr. Singh said the board has
unanimously elected Shah as the party chief and expressed hope that the BJP
will touch a new high under his leadership. 
3.    Emma Watson appointed as UN Goodwill Ambassador
i. Emma
Watson, the British Actress was
appointed as the Goodwill Ambassador for UN Women.
ii. With this
appointment, the accomplished actress and humanitarian Watson will work for
empowerment of young women and also as an advocate for UN Women’s campaign in
promoting gender equality.   
iii. Watson
is the first Goodwill Ambassador
appointment under Phumzile Mlambo-Ngcuka’s leadership.
Phumzile Mlambo-Ngcuka is the Under-Secretary-General and Executive Director of
UN Women.
4.    Supreme Court appointed three judges
i. Justice Arun Mishra,
Justice Adarsh Kumar Goel and Justice Rohington F Nariman were appointed as
Supreme Court judges on 7 July 2014. The three judges were administered the
oath of office by Chief Justice of India, R M Lodha.
ii. Justice Mishra and
Justice Goel were the Chief Justice of the Calcutta High Court and the Orissa
High Court, respectively. Justice Nariman was a senior advocate at the Supreme
Court and has been elevated from the advocates bar. 
WC ’14: Germany crush hosts Brazil
7-1; Argentina Vs Netherlands in 2nd semis tonight
i. Germany handed hosts Brazil their
biggest ever defeat, 7-1 to seal a shot at the Football World Cup for the
fourth time. The first semi-final at Belo Horizonte witnessed Germany making a
mockery of the home team’s terrible defending to become the first team to score
seven goals at a World Cup semi-final, with five coming in the first 29 minutes.

ii. In the second semi-final,
Argentina will clash with the Netherlands at Sao Paulo late tonight. All India
Radio will broadcast live commentary on the match. It can be heard on FM
Rainbow, Rajdhani and national channel.
iii. The title clash will take place
on Sunday