economic

BIMSTEC summit to be held in Nepal

BIMSTEC summit to be held in Nepal
The 4th BIMSTEC Summit will be held in Kathmandu from 30-31 August 2018, the Nepal government said. Sub-regional connectivity and poverty alleviation will be top of the agenda during the two-day BIMSTEC (Bay of Bengal Initiative for Multilateral Technical and Economic Cooperation) Summit. The group formed in 1997 consists of Bangladesh, Bhutan, India, Nepal, Sri Lanka, Myanmar and Thailand.

Fugitive offenders Bill passed

Fugitive offenders Bill passed
The Lok Sabha passed the Fugitive Economic Offenders Bill that replaces the Ordinance by the same name promulgated by the President in April. The Bill empowers courts to direct the govt to confiscate all the assets belonging to a fugitive economic offender. A Fugitive Offender is a person against whom an arrest warrant has been issued & who has left India so as to avoid criminal prosecution.

India fastest growing economy in Asia:ADB

India fastest growing economy in Asia:ADB
Led by India, South Asia will continue to be the fastest growing economic area despite new trade tensions in Asia and Pacific region, Asian Development Bank (ADB) said in a new report. The report titled “Asian Development Outlook” is published by ADB. The ADO published in April had said that India’s economic growth will rise to 7.3% this fiscal and further to 7.6% in the next financial year

The CEO of Amazon is Jeff Bezos.

The CEO of Amazon is Jeff Bezos.
Continuation of scholarships for minorities The Cabinet Committee on Economic Affairs has approved the proposal for Continuation of Pre-Matric, Post Matric and Merit-cum-Means based Scholarship Schemes for the students belonging to the six notified Minority Communities. The 6 notified minority communities are Muslim, Christian, Sikh, Buddhist, Jain and Parsi. These Schemes shall be implemented through the National Scholarship Portal.

Amazon hits $900 billion valuation

Amazon hits $900 billion valuation
Amazon.com’s stock market value reached $900 billion for the first time in its 20 year history. It has now become only the second company after Apple to achieve this milestone. The Current market cap of Amazon.com stands at $902 billion as of 18th July 2018. Apple is currently the world’s most valuable company with a market cap of $935 billion.

LIC to acquire 51% stake in IDBI Bank

The Life Insurance Corporation (LIC) gave approval to the acquisition of up to 51% stake in debt-ridden IDBI Bank. This was informed by Economic Affairs secretary S C Garg. Now, the state-owned LIC will approach market regulator SEBI on the matter. The LIC stake buy will help the IDBI get a capital support of 10,000 to 13,000 crore rupees.

1st land-based comm. link between Pak and PRC

An optical fiber cable project that would be the first land-based communication link between China (PRC) and Pakistan has been launched. It will help develop the telecom sector in the Gilgit-Baltistan region and enhance the security of the China-Pakistan Economic Corridor. The project includes an 820-km-long underground optical fiber cable from Rawalpindi to Khunjerab.

Australia releases India economic strategy

The Australian govt has released an India Economic strategy report recommending to lift India into its top three export markets. The strategy prioritizes economic and trade opportunities in India covering 10 sectors such as health, energy, infrastructure etc. This would also boost Australia’s investment in India to $100 billion. The Author of this report is Australia’s PM Malcolm Turnbull

Seema Darshan project

Gujarat CM Vijay Rupani has approved the ` 39 Cr Seema Darshan project for developing more infrastructure facilities at Nadabet near Suigam in Banaskantha district. The project is being developed on Wagah Border pattern & entails a parade ground with an amphitheatre. The project will encourage local economic activity in the Rann region & tourists can have a good view of the coastline.

China pledges 20 bn in loans for Arab states

China will provide Arab states with $20 billion in loans for economic development, as China seeks to build its influence in Middle East. The money will be earmarked for projects that will produce employment opportunities & positive social impact in Arab States. China is also prepared to provide another 1 billion yuan to countries in the region to build capacity for stability maintenance.