World Economic Situation and Prospects 2015 report released by UNESCAP

United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) on 19 January 2015 released World Economic Situation and Prospects (WESP) 2015 report. The report projects that the regional growth will pick up in 2015-16, as average GDP growth will accelerate from 5.0 percent in 2014 to 5.3 percent in 2015 and 5.7 percent in 2016.

The report has highlighted that the South Asia’s economic growth is set to reach a four-year high in 2015. The average gross domestic product (GDP) growth of South Asia accelerated from 3.7 percent in 2013 to 4.9 percent in 2014, and is projected to strengthen further to 5.4 percent in 2015 and 5.7 per cent in 2016.

It expects that the recovery will be led by a pick-up in growth in India, which accounts for about 70 percent of regional output.

The report in context of other Asian countries like Bangladesh and the Islamic Republic of Iran said that they will also see growth in the forecast period. 

It says that growth supported by the robust external demand is expected to be underpinned by a moderate strengthening of domestic consumption and investment.

Report in context of India 

WESP 2015 report said that India will see gradual growth acceleration in its GDP which is expected to reach 5.9 percent in 2015 and 6.3 percent in 2016. It says that it is expected that the recovery will be led by India. 

India’s economy expanded in 2014 estimated by 5.4 percent, which improved from growth of 5.0 percent recorded in 2013. 

The report said that the recovery is partly the result of improved market sentiment and plans to reform the bureaucracy, labour laws and public subsidies after the new administration took office in the second quarter of 2014.

About United Nations World Economic Situation and Prospects (WESP) report

WESP report is published annually at the beginning of the year by the UN Department of Economic and Social Affairs (UN/DESA), the UN Conference on Trade and Development (UNCTAD), the five UN regional commissions and the World Tourism Organization (UNWTO).

What are Funcations of RBI, IRDA and SEBI

RBI, SEBI and IRDA

Functions of RBI:- A. The Reserve Bank of India is the central bank of India, was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Reserve Bank of India was set up on the recommendations of the Hilton Young Commission. The commission submitted its report in the year 1926, though the bank was not set up for nine years.To regulate the issue of Bank Notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage.” Banker to the Government: performs merchant banking function for the central and the state governments; also acts as their banker.Banker to banks: maintains banking accounts of all scheduled banks


SEBI–SECURITIES AND EXCHANGE BOARD OF INDIA:- SEBI is a capital market regulator means all the capital transactions are goverened by sebi its major functions are, protecting the interest of investor in securities market, promoting development of securities market, regulating the securities market……


IRDA—INSURANCE REGULATORY DEVELOPMENT AUTHORITY:- IRDA is the regulatory authority of insurance business its functions are protectinginterest of policy holders,specifing proper training,qualification etc to insurance people, levying fees ,commision etc for conducting insurance business, specifing the manner in which insurance company maintain their books of accounts, specifing margin of solvency, specifing general and life insurance business which company can take.

Important Abbreviations for Upcoming Banking Exams

SAARC- South Asian Association for Regional Cooperation
SAC- Space Application Center
SAFTA -South Asian Free Trade Association
SAI -Sports Authority of India
SAIL- Steel Authority of India Limited
SAPTA- South Asian Preferential Trade Arrangements
SARS- Severe Acute Respiratory Syndrome
SC- Supreme Court / Security Council/schedule cast
SCI -Shipping Council of India
SCOPE- Standing Conference of Public Enterprises
SCRA -Special Class Railway Apprentice
SDR -Special Drawing Rights
SEBI- Security Exchange Board of India
SGPC -Siromani Gurudwara Prabandhak Committee
SHAR -Shri Haikota Range
SIDBI- Small Industries Development Bank of India
SIS -Secret Intelligence Service
SITA -Suppression of Immortal Traffic in Women and Girls Act
SLV -Satellite Launch Vehicle
SPCA -Society for Prevention of Cruelty of Animals
SPIC -MACAY Society for the Promotion of Indian Classical Music and Culture
STARS -Satellite Tracking and Ranging Station
STD -Subscribers Trunk Dialing
STPI- Software Technology Parks of India
SWAPO -South West African People’s Organization
TA- Traveling Allowances
TC- Transfer Certificate/ Ticket Checker
TELCO- Tata Engineering and Locomotive Company
TELEX- Teleprinter Exchange
TISCO- Tata Iron and Steel Company Limited
TNT -Tri-nitro-toluene
TOFEL- Test of English as a Foreign Language
TRAI -Telecom Regulatory Authority of India
TRIPS- Trade Related Intellectual Property Rights
TTE -Traveling Ticket Examiner
TTFI -Table Tennis Federation of India
TWA -Trans World Airlines