Economy

India to remain fastest growing economy

The International Monetary Fund has projected a growth rate of 7.3% in 2018 & 7.5% in 2019 for India as against 6.7% in 2017. The latest growth rate projection for India is slightly less 0.1% in 2018 and 0.3% in 2019 than its April projections. According to IMF, India will remain the fastest growing major economy in 2019.

India muscles past France in WB ranking

According to updated World Bank figures for 2017, India has become the world’s sixth-biggest economy, pushing France into seventh place. India’s gross domestic product (GDP) amounted to $2.597 trillion at the end of last year, against $2.582 trillion for France. According to the IMF, India is projected to generate growth of 7.4% this year and 7.8% in 2019.

Forex reserve fell to 10.8 months

RBI in its biannual report announced that import cover of foreign exchange (Forex) reserve had fallen to 10.8 months in December. The Forex reserve is India’s holdings of cash, bank deposits, bonds denominated in currencies other than, the Indian rupee and managed by the RBI. Import cover is an indicator for currency’s stability, typically a 10 months cover is seen as stable for the economy.

International Day of Cooperatives 2018

The International Day of Cooperatives is an annual celebration of the co-operative movement, observed on the first Saturday in July since 1923. Observed on 7 July 2018 and theme was the ‘Sustainable societies through cooperation’. Co-operatives are committed to the sustainable development of communities – environmentally, socially and economically.

Tata bagged Bharat Net’s project

Tata Projects has bagged an ` 3,057 crore project of optical fiber cable network of Bharat Net in Chhattisgarh. Important services such as 102, 108, and PDS would be effectively executed at the Gram Panchayat level and around 2.6 crore people would be benefited through the project. It will strengthen the state’s economy and enable local people to lead an easy life.

WB announces ‘one person, one car’ policy

In an attempt to cut the costs incurred by the state over travel expenses of ministers and bureaucrats, West Bengal Chief Minister Mamata Banerjee announced the ‘one person, one car’ policy. Further mandating economy class travel in low-cost airlines for all domestic air trips, she added that foreign travels will be sanctioned only by her.

Oil prices: Main risk to Indian economy

According to MOODY’s survey Oil prices, Pace of Banks’ balance sheet clean-up and investment are the main risks to the Indian economy. These issues were raised at MOODY’s 4th annual India credit conference held at Mumbai and Singapore in June 2018. Banks have not been able to raise capital from equity market as planned under government’s recapitalization mesurer.

Index of Eight Core Industries

The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). The combined Index of Eight Core Industries stands at 131.4 in May, 2018, which was 3.6 per cent higher as compared to the index of May 2017. Core industry can be defined as the main industry of the economy.

Fiscal deficit hits 55% due to higher capex

30 : The Centre’s fiscal deficit for the first two months of the fiscal year 2018-19 stood at Rs 3.45 trillion, this is a sign of growing economy. The fiscal deficit target for 2018-19 is Rs 6.24 trillion, or 3.3 percent of the gross domestic product. The difference between total revenue and total expenditure of the government is termed as fiscal deficit.

MSME Day to be celebrated on 27th June 2018

The Ministry of Micro Small & Medium Enterprises (MSME), will organize a National Conclave (UdyamSangam) on 27th June 2018 on the occasion of UN MSME Day. President Kovind will inaugurate the Conclave in Vigyan Bhawan. The MSME Ministry will disburse subsidy of Rs. 550 crores to artisans. The UN declared 27th June as MSME Day, recognizing the importance of MSME in the country’s economy.