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Current Affairs PDF June 2012 Page 40WORLD BANK PROJECTED INDIAN ECONOMY TO GROW BY 6.9 % IN 2012-13The World Bank in its report named GLOBAL ECONOMIC PROSPECTS released on 12 June 2012, projectedIndian economy to grow by 6.9% in the financial year 2012-13. The World Bank report predicted India’sgrowth increasing to 6.9 per cent, 7.2 per cent and 7.4 per cent in fiscal years 2012-13, 2013-14 and 2014-15,respectively.Blaming fragile monetary policy, long paused reforms, persistent inflation and widening fiscal deficit for thecountry’s poor growth in 2011, the multi-lateral agency advised India to take some corrective measures toimprove the sinking growth. Indian economy grew by 6.5 per cent in 2011-12, the lowest in the past nineyears. The economy had registered an impressive 8.4 per cent growth in the previous two years.The Indian government had projected the economy to grow at 7.6 per cent in the fiscal year 2012-13, butgiven the prevailing economic and political situations in the country, the projected growth rate could be hardto achieve. The World Bank report estimated the global economy to expand 2.5% in the fiscal year 2012-13.The multi-lateral agency also cautioned the developing nations of the bumpy ride ahead.UNION COMMERCE MINISTRY UNVEILED NEW TRADE POLICY TO BOOSTINDIA'S EXPORTThe Union Government of India on 5 June 2012 announced a NEW TRADE POLICY aimed atachieving 20 per cent increase in exports to 360 billion dollar in the fiscal year 2012-13. India'sexports grew by 21 per cent and touched 303.7 billion dollar in 2011-12, while the trade deficitduring the same period expanded to 185 billion dollar.The government also announced to come out with new guidelines to restore Special EconomicZones (SEZ) and Export Oriented Unit (EOU) schemes to further boost the shipments. As thepart of the new trade policy, the Union Commerce Ministry had added seven new markets tothe focus market scheme (FMS) and an equal number of new markets to the special FMS.Countries like Algeria, Aruba, Austria, Cambodia, Myanmar, the Netherland Antilles and Ukrainewww.jagranjosh.comPage40Current Affairs PDF June 2012