GK Update: February 27th & February 29th, 2016.

IMF chief Lagarde urges govts. to act on job-creating reforms.

Officials at a global finance meeting urged governments to speed up promised job-creating reforms instead of relying on stimulus to perk up slackening growth.

New BRICS bank set to fund green energy projects.

The New Development Bank (NDB) a multilateral lender with a focus on the Global South of the of the Brazil-Russia-India-China-South Africa(BRICS) grouping  is all set to fund more than a dozen projects this year, which will focus on renewable energy.

India has 3rd largest base of start-up firms.

Within a year, the number of technology start ups in the country has grown by 40 per cent to over 4,200, making India the third largest base of technology start-ups in the world, according to the Economic Survey 2015-16.

RBI must redeploy its capital in state-owned banks.

With the government under pressure to meet its fiscal deficit target over the medium term, the economic survey, released by the finance ministry said the Reserve Bank of India (RBI) should deploy some of its capital in the public sector banks (PSBs).

Only 5.5% who earn are tax payers: Economic Survey.

India is far from being a full tax-paying democracy with about 5.5 per cent of the people who earn paying tax and only 15.5 per cent of the net national income being reported to the tax authorities, according to the Economic Survey tabled in the Parliament.

Government regulatory panel caught in red tape.

Reflecting how difficult it remains to do business in India, a high-level government panel to suggest ways for rationalising and easing the multiple regulatory clearances investors need to secure, has been unable to compile a complete inventory of the myriad permissions needed from central and state governments.

Reserve Bank of India firm on single subsidiary for foreign banks.

The Reserve Bank of India is sticking by its proposal that foreign banks run their operations in India as a single wholly owned subsidiary (WoS), spurning a suggestion by overseas lenders that they be granted dual licenses.

Scrutinise FDI from Singapore, Mauritius.

A close scrutiny of foreign direct investments from Singapore and Mauritius is needed as both the nations accounted for about 60 per cent of the $30 billion worth of FDI in India during the first three quarters of the current fiscal year, a government statement tabled in the Parliament said.

Jaitley may announce cut in corporate tax rate.

Union Finance Minister Arun Jaitley is likely to propose in his budget the lowering of the corporate tax from 30 per cent to 29 per cent, the first cut in the series planned to bring it down over the next four years to 25 per cent. The roadmap for these cuts, along with the corresponding withdrawals of tax exemptions each year, will also be announced.

Vinod Rai appointed Chairman of Banks Board Bureau.

Former CAG Vinod Rai was appointed first Chairman of the Banks Board Bureau, which will advise the government on top-level appointments at public sector lenders and ways to address the bad loans problem among other issues.

After G20 stalemate, focus turns to signs of growth.

Investors worried about the risk of a new global recession are hoping that data over the coming week will show that some momentum remains in the world economy, eight years into its slow recovery from the financial crisis.

Govt raises rent deduction limit for taxpayers.

In a relief to individual tax payers, Finance Minister Arun Jaitley increased the tax deduction limit to Rs. 60,000 per annum from the current Rs. 24,000 on the housing rent.