Banking, Financial and Economic Awareness

1. 15^th Finance Commission’s term of reference likely to be extended

• The Fifteenth Finance Commission is awaiting the response from the Indian President for the inclusion of newly formed UT J & K in its terms of reference, as mentioned in the Jammu & Kashmir Reorganization Act, 2019.
• Finance Commission:
  • Article 280 of the Indian Constitution mentions about the Finance Commission.
  • It is a quasi-judicial body that is constituted by the President every fifth year.
  • It consists of a chairman and four other members that are appointed by the President.
  • The fifteenth Finance Commission was constituted in November 2017 and is chaired by N K Singh.
  • Its duty is to recommend on the distribution of net proceeds of tax between the centre and state and the principles governing grants in aid of revenues out of the Consolidated Fund of India. It should also make recommendations on any other matter referred to it by the President.

2. Bill Gates ousts Jeff Bezos to become world’s richest man

• According to the Bloomberg Billionaire Index, Bill Gates (former Microsoft CEO) is now the world’s richest man, followed by Jeff Bezos, founder of Amazon.
• The fortunes of Bill Gates stand at $ 110 billion while that of Jeff Bezos at $ 109 billion as of 18 November 2019.
• Bill Gates became the world’s richest person for the first time in 1995 with a fortune of $ 12.9 billion.
• Bloomberg Billionaire Index:
  • It is an index that ranks 500 wealthiest people in the world and is published by Bloomberg News since 2012.

3. World Bank to provide $300 million for the infrastructure development in West Bengal

• The World Bank is likely to invest $300 million in the multi-modal logistics infrastructure projects to be developed in and around the Kolkata metropolitan area. 
• World Bank:
  • It is one of the world’s largest finance provider that aims to end extreme poverty and promote shared growth.
  • International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) together make up the World Bank.
  • Headquarters: Washington, D.C.
  • Members: 189 countries
  • President: David Malpass

4. Govt. gave ‘in-principle’ approval for strategic disinvestment of CPSEs

• The government has approved strategic disinvestment of 28 Central Public Sector Enterprises (CPSEs), including subsidiaries, Units and Joint Ventures. The govt. would sell the majority of its stake and also transfer the management control.
• Cabinet Committee on Economic Affairs (CCEA) approves the strategic disinvestment of CPSEs and it is yet to approve the disinvestment of Bharat Petroleum Corporation Limited (BPCL), Container Corporation and Shipping Corporation of India.
• CCEA is chaired by the Prime Minister of India.

5. ISA-Steel Conclave 2019 to be held in New Delhi

• The second edition of the ISA- Steel Conclave 2019 will be organized by the Indian Steel Association with support from the Ministry of Steel.
• The conclave will be held on 21^st -22^nd November 2019 in New Delhi.
• There will be discussions on the Innovations and Technology, Role of Steel in Construction and Design, Steel Exports, etc.
• Besides the release of a report on the “Status of Indian Steel Industry”, ISA Steel Awards will be given under various categories on the occasion.
• India is the world’s second-largest producer of crude steel (in 2018) and is the 4^th largest producer of iron ore in the world.