Economy

CM Raman Singh launches online pension system

Chhattisgarh CM Dr. Raman Singh launched an online portal and mobile app called ‘Aabhaar-Aapki Seva ka’ for the pensioners of the state. Through this app and the website, 80,000 pensioners of the state will get all the information related to pension and payment online. The beneficiaries will be provided updates via SMS regarding the status of their pension account.

EU, Japan sign worlds biggest free trade deal

EU, Japan sign worlds biggest free trade deal
The European Union and Japan signed a huge free trade deal that cuts or eliminates tariffs on nearly all goods. The agreement covers 600 million people and almost a third of the global economy. It will remove tariffs on European exports such as cheese and wine. Japanese automakers and electronics firms will face fewer barriers in the European Union.

Goldman Sachs names David Solomon as CEO

Goldman Sachs Group Inc named David Solomon as its next chief executive officer. Solomon to succeed CEO Lloyd Blankfein, who was the CEO since June 2006 and will be retiring on 1st October. The Goldman Sachs Group, Inc. is an American multinational investment bank and financial services company headquartered in New York City. Solomon previously worked for Irving Trust and Drexel Burnham.

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.