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.

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.

Draft of cross-border insolvency norms

The Ministry of Corporate Affairs is planning to introduce a globally accepted and well-recognised cross-border insolvency framework. It will be fine-tuned to suit the needs of aspirational Indian economy. The Government has taken initiative for Cross-Border Insolvency within the Insolvency & Bankruptcy Code, 2016 (the Code) to provide a comprehensive legal framework.

Georgia’s PM Giorgi Kvirikashvili Resigns

Giorgi Kvirikashvili, prime minister of Georgia, has announced his resignation amid a disagreement with Bidzina Ivanishvili, the leader of the ruling party. Kvirikashvili, 50, has been the country’s prime minister since 2015. The prime minister’s resignation comes amid growing popular discontent over his government’s handling of the economy and after mass protests in recent months.

Fitch ups India Growth Forecast To 7.4%

Fitch Ratings raised India growth forecast for 2018-19 to 7.4% from 7.3% but cited higher financing costs and rising oil prices as risks to growth. For 2019-20, it estimated the country to grow at 7.5%. The economy grew at 6.7% in 2017-18 and 7.7% in January-March quarter.

Fed Reserve raises rates

15 : In raising its benchmark overnight lending rate a quarter of a percentage point to a range of 1.75% to 2%, the Fed Reserve of US marked a milestone in the U.S. central bank’s shift in monetary policy. After the rate-setting, Fed Chairman Jerome Powell said that the US economy is doing very well. The rate hike marks a shift in US policies used to battle the 2007-2009 financial crisis.

Pedro sworn in as Spain’s Prime Minister

Socialist leader Pedro Sanchez has been sworn in as Spain’s Prime Minister by King Felipe VI. Spain is the eurozone’s No. 4 economy and an influential member of the European Union (EU). Mr. Sanchez (46) is Spain’s seventh Prime Minister since the return to democracy following the death of dictator Gen. Francisco Franco in 1975.

Indian economy grew 7.7%

The Indian economy grew 7.7% in the January-March quarter of 2017-18 on account of robust performance in manufacturing, construction and service sectors as well as good farm output according to the Central Statistics Office. However, the economic growth slowed to 6.7% in 2017-18 compared to 7.1% in 2016-17. The previous high GDP growth of 8.1% was recorded in April-June quarter of 2016-17.

Moody’s cuts India GDP growth forecast

Moody’s Investors Service has cut India’s 2018 growth forecast to 7.3% from the previous estimate of 7.5%. Moody’s said that the economy is in cyclical recovery but higher oil prices & tighter financial conditions will weigh on the pace of acceleration. Moody’s, however, maintained its 2019 growth forecast at 7.5%. Moody’s said growth should benefit from an acceleration in rural consumption

India ranks 44th in terms of competitiveness

24 : India has moved one notch higher, to the 44th place in terms of competitiveness, in the annual rankings compiled by International Institute for Management Development. US is the most competitive economy globally followed by Hong Kong and Singapore in the second and third place. India is ranked the 12th most competitive economy out of the 14 Asian countries on the list.

India to achieve 9% growth rate by 2022

NITI Aayog vice-chairman Rajiv Kumar has said that Indian economy will achieve 9% growth rate on sustained basis by 2022. Reforms like GST, Demonetisation and the Insolvency and Bankruptcy Code will help in achieving this ambitious target of 9%. He said that the Indian economy grew by 6.6% in 2017-18 and expected to grow at 7.5% this fiscal.

Sustainable practices can create jobs

India could witness the creation of more than 3 million jobs if it adopts sustainable practices for a green economy, the International Labour Organization said in the “World Employment and Social Outlook”. All sectors, except the mining industry, will experience an increase in employment. The transition to a green economy in India will inevitably cause job losses in certain sectors.

India to be the fastest growing economy

International Monetary Fund has reaffirmed that India will be the fastest-growing major economy in 2018, with a growth rate of 7.4% that would further rise to 7.8% in 2019.IMF’s Asia & Pacific Regional Economic Outlook said that India was recovering from the effects of demonetisation and GST. After India, Bangladesh is projected to be the fastest-growing economy in South Asia.

California’s economy is world’s 5th biggest

California’s economy has surpassed that of the United Kingdom to become the world’s fifth largest economy. California’s GDP of $2.7 trillion has overtaken the UK’s $2.6 trillion. California’s economic output is now surpassed only by the total GDP of the United States, China, Japan and Germany. All economic sectors except agriculture contributed to California’s higher GDP.

India to grow at 7.5% in 2018-19

According to a Deutsche Bank report, the Indian economy is likely to clock a GDP growth of 7.5% this financial year.The report noted that higher global oil prices, risk of an earlier than anticipated rate hike cycle from RBI are some of the factors that pose downside risk to its baseline GDP estimate. According to the report, a $10 increase in oil prices can shave off growth by about 10 bps

Budgam shortlisted for Modi’s excellence award

Jammu and Kashmir’s Budgam district has been shortlisted for PM Modi’s excellence award for promoting digital payments and cashless economy.Digital payments facility has been installed at 670 places across the district so far. In order to ensure successful implementation of the digital payments, the district administration has trained hundreds of local residents at Common Services Centers.

NITI Aayog VC: India to grow at 7.5%

Niti Aayog Vice Chairman Rajiv Kumar expects India’s economy to grow by at least 7.5 percent in 2018-19.Attributing this growth to improvement in investment cycle and capacity utilization, he has also prescribed for more action by govt. He has said that the government should now concentrate on consolidating the reform initiatives undertaken in the last 47 months.

District plan to accelerate growth by 3%

Govt has decided to set up a district plan to accelerate growth of districts by 3%.An addition of 3% growth at the district level will ensure that 5 trillion dollars target for the Indian economy becomes achievable. The initiative will begin with 6 districts, including Sindhudurg & Ratnagiri in Maharashtra, Varanasi in UP, Muzaffarpur in Bihar, Vishakapatnam in Andhra Pradesh & Solan in HP.

Government Raises NABARD’s Authorised Capital to ` 300 billion

As part of the drive to double the income of farmers by 2022, the government has raised the authorised capital of NABARD by six times from 50 billion to Rs 300 billion to help it increase its lending to the rural economy. The increase in authorised capital will enable Nabard to respond to commitments it has undertaken, particularly in respect of the Long Term Irrigation Fund and on-lending to cooperative banks. The government in the Budget had enhanced the corpus of the Rural Infrastructure Development Fund (RIFD) to Rs 280 billion with an overall objective of doubling farmers income by 2022. Nabard is the main agency for implementing RIFD scheme. Harsh Kumar Bhanwala is the Chairman of NABARD. It headquarters in Mumbai, Maharashtra.

India to be 3rd largest tourism economy

India is expected to establish itself as the third largest travel and tourism economy by 2028, a 2018 economic impact report by World Travel & Tourism Council (WTTC). WTTC also called India the seventh largest travel and tourism economy in the world. The WTTC report, released globally also said India will add nearly 10 million jobs in the tourism sector by 2028.

International Day of Forests – 21 March

The International Day of Forests was established on the 21st day of March, by resolution of the United Nations General Assembly on November 28, 2012. The theme of the International Day of Forests in 2018 is ‘Forests and Sustainable Cities’. The event marks the importance of sustaining and protecting woodlands and trees, which are vital to economies, livelihoods and environment.

World Bank sees India?s growth at 7.3%

According to the World Bank‘s ?India Development Update?, India‘s economic growth will accelerate to 7.3% in 2018-19, from 6.7% in 2017-2018. The World Bank said sustaining a growth rate higher than 7.5% will require contributions from all domestic sectors and support from the global economy. The report also highlights several challenges facing the Indian economy that need attention.

World Ocean Summit 2018 concluded in Mexico

World Ocean Summit was held recently in Mexico‘s Riviera Maya. The summit is for business, government and environmental leaders to talk about the problems faced by the world‘s seas and to come up with solutions to protect the planet‘s vast ocean resources. World Ocean Summit‘s vision is of an ocean with robust health and vital economy.

Indian economy at 7.6% in 2018: Moody’s

Indian economy is starting to recover from the negative impact of demonetisation and disruption caused by the roll out of GST, Moody‘s Investors Service said. The international rating agency, however, kept the growth forecast for India in the calendar year 2018 unchanged at 7.6% and at 7.5% for 2019. According to the Economic Survey, the economy is likely to grow at 7-7.5% in 2018-19.

India’s GDP Growth Rises To 7.2% In December

The Indian economy grew at a five-quarter high of 7.2% in the October-December period. The economy is expected to grow at 6.6% in the current fiscal ending March 31, as per the second advanced estimates of the CSO. The earlier estimate was 6.5%. The growth for the second quarter (July-September) has been revised upwards to 6.5%, from 6.3% estimated earlier by the CSO.

India back as world’s fastest-growing economy

India‘s Gross Domestic Product (GDP) growth surged to 7.2% in the December quarter of 2017-18, restoring its status as the world‘s fastest-growing major economy. The economy grew at 6.7% in Gross Value Added (GVA) terms. The GDP growth rebounded from 6.5% in the previous quarter, reportedly indicating that the economy has moved past disruptions due to demonetisation and GST rollout.

Japan reappoints Kuroda as BOJ chief

Japan’s govt has reappointed Bank of Japan Governor Haruhiko Kuroda to serve another 5 yr term.It comes amid heightened anxiety in Japanese & global markets on speculation major central banks will soon wind down their crisis-era policies. It would make Kuroda the longest-serving BOJ head in half a century, a sign of Abe’s confidence in Kuroda ability to pull Japan’s economy out of stagnation

Japan posts longest growth since 1980

The Japanese economy posted its longest period of growth since the 1980s boom, government data showed on Wednesday.The world’s third-largest economy expanded at annualized rate of 0.5% in the fourth quarter of 2017, the eighth straight quarter of expansion. The growth was mainly due to increased consumer spending, which accounts for about two-thirds of the country’s GDP.

Govt saved ` 56k cr through Aadhaar-enabled DBT

Prime Minister Narendra Modi said that the Union government has saved ?56,000 crore through Aadhaar-enabled Direct Benefit Transfer (DBT) of about 400 government schemes.Speaking at the World Government Summit in Dubai, he further said that India is going through a revolution in digital payment space and moving towards a less cash economy at a fast pace. It was held in Dubai.

Spider with a tail found in 100m yr old amber

An international team of scientists has found an arachnid resembling a spider with a tail, which was fossilised in amber in Myanmar, about 100 million years ago. Althou Nepal’s ex-King visits India Nepal’s last monarch Gyanendra Shah has arrived in Odisha to attend the International Gau Sambardhana Mahotsav as Chief Guest.He will lay the foundation stone for a Gaumata Mandir.Dubbing the event as the ‘Wow Cow Mission’, the event’s organisers said that it aims to raise the status of India’s ‘desi’ cow to boost the economy, agriculture and nutrition.

Nicos again became President of Cyprus

Cyprus President Nicos Anastasiades has won re-election for a second term.The official final result after a second-round run-off put the conservative incumbent on 55.99% of the vote, ahead of Communist-backed Stavros Malas on 44%. Anastasiades has taken credit for steering the economy of Cyprus to recovery after it was plunged into crisis in 2013.

Credit for agriculture to be ` 11 lakh cr

Finance minister said the government will focus on strengthening rural, agriculture economy.It credit for agriculture is increased from 10 trillion rupees to 11 trillion rupees. Minimum support price of all crops will be increased to at least 1.5 times of production cost and export of agriculture commodities to be liberalised.

` 2,000 cr fund for agriculture market

Arun Jaitely said that this year’s Budget will focus on strengthening agriculture and the rural economy.The Finance Minister says that APMCs will be linked with ENAM. The government will develop 22,000 Gramin agricultural markets. Minimum Support Price shall be increased by 1.5 times. Operation Green will be launched for agriculture and the Minister allocates ` 500 crore for this.

India will grow at 7.2-7.5%

Finance Minister Arun Jaitley said that India is expected to register a growth rate of 7.2-7.5% in the second half of the current fiscal.While unveiling the Budget 2018-19, he said, India has grown on an average of 7.5 percent in the first three years of the current government and has become a $2.5 trillion economy.India is expected to become 5th largest economy soon, he said.

Union Budget 2018-19 presented

Finance Minister Arun Jaitley’s delivered his fifth and last full Budget.Budget focused on agriculture sector.India is expected to become the fifth largest economy very soon.Exports are expected to grow 15% in 2018.As per the FM, India is a Rs 2.5 trillion economy.The government will set up a fund of Rs 2,000 crore for developing agricultural markets.

India’s GDP to reach 7.3% by 2020-22

The Indian economy is expected to witness an average GDP growth of 7.3 per cent over 2020-22, says a Morgan Stanley research report.The report said that the growth recovery and normalising food prices are expected to drive a pick-up in inflation.The Reserve Bank in its fifth bi-monthly review of this fiscal kept the repo rate unchanged at 6 per cent and reverse repo at 5.75 per cent

GDP growth may slow down to 6.5% in FY18

The Indian economy is forecast to grow at its slowest in four years in FY18 but is expected to pick up pace in the second half of the year.GDP is seen growing 6.5% in FY18, down from 7.1% last year, according to the first advance estimates released by the statistics office. Gross value added (GVA) growth is forecast at 6.1% against 6.6% last year.

‘World Economic League Table’ Report

Indian economy will surpass Britain and France in 2018 and will thus become the 5th largest economy.This is as per 2018 World Economic League Table released by Centre for Economics and Business Research.USA economy will be able to retain its No. 1 position for a year longer than what was anticipated in the last report.In 2032, China is likely to overtake the US as world’s No. 1 economy.

India’s GDP to grow at 7.5% in 2018

According to a Nomura Report, Indian economy is expected to witness sharp recovery in Jan-Mar quarter & GDP growth is likely to be around 7.5% for 2018.Growth consolidation is likely to increase in Q4, followed by sharp recovery in Q1 2018 due to ongoing remonetisation. Report noted that tightening of monetary policy is due to inflationary pressures & higher oil prices.

Indian Economy may reach 7% growth

According to the recently released ASSOCHAM Year-Ahead Outlook, Indian economy may reach a 7% growth in 2018.AYAO forecast pointed out that after disruptions like demonetisation & GST roll-out, the economic expansion may reach 7% mark by the end of September 2018 quarter. ASSOCHAM outlook said that the economy is also likely to tilt towards farm sector which has been witnessing some stress.

Trump signs Tax Overhaul Law

US President Donald Trump has signed a sweeping overhaul of the US tax code.Trump this week celebrated his first major legislative victory since taking office a year ago.This 1.5 trillion dollars overhaul is set to impact every corner of the economy through dramatic tax cuts.

UK Tops Forbes’ List of Best Countries

The United Kingdom has topped Forbes’ rankings of best countries in the world for business in 2018.The list ranks 153 countries on 15 factors including property rights, innovation, taxes and red tape.The UK is followed by New Zealand and the Netherlands, while India was ranked 62nd on the list. The UK’s $2.6 trillion economy is the fifth largest in the world.

Yes Bank partners Pantomath Advisory

Yes Bank has partnered advisory services firm Pantomath Advisory to develop a MSME ecosystem focused for Maharashtra and Gujarat.The partnership is a part of Yes Banks Alliance, Relationships & Technology that aims to help MSME sector with support at various stages including access to capital, knowledge & skills.It aims to help MSMEs to scale for a multiplier effect for the overall economy

Indian economy to grow at 7.2% in 2018

Indian economy will grow at 7.2% in 2018 & accelerate to 7.4% in the following year as a result of robust private consumption, public investment & structural reforms, a UN report said. Despite slowdown in early 2017 & lingering effects from demonetisation policy, the outlook for India remains largely positive. The report also forecast that inflation in India will be 4.5% in 2018 & 4.8% in 2019

Pakistan to depreciate currency

Pakistan has agreed to allow the depreciation of rupee post talks with International Monetary Fund on nation’s economy.Authorities believe the currency adjustment would help shift foreign currency holdings from commercial banks back to official reserves.State Bank of Pakistan would now let the currency exchange rate to adjust to market conditions after many years of resisting expectations.

World’s largest free trade agreement

EU & Japan have announced that they have finalised terms for a giant free trade deal, presenting it as a challenge to protectionism championed by Donald Trump. Once completed it will forge an economic zone of 600 million people with 30% of global GDP.EU is seeking access to one of the world’s richest markets, while Japan hopes to jump-start an economy that has struggled for more than a decade

India’s GDP growth to rise to 7.5%

Indian economy is expected to witness cyclical growth recovery, with real GDP growth likely to accelerate from 6.4% to 7.5% in 2018 & to 7.7% in 2019, says a Morgan Stanley report.Firm is confident about prospects for a recovery in private capital spending as demand conditions are improving post demonetisation & GST. Pickup in Consumption & Exports is expected to improve corporate revenues.

Venezuela to launch ‘Petro’

Venezuelan President Nicolas Maduro announced the launch of the “petro” backed by oil reserves to shore up a collapsed economy.“Venezuela will create a cryptocurrency,” backed by oil, gas, gold and diamond reserves, Maduro said.He also said that it would help Venezuela “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.”

DBS Bank lowers India’s FY18 GDP growth

Singapore’s DBS Bank has lowered India’s Gross Domestic Product (GDP) growth forecast for current fiscal (FY 2017-18) to 6.6 percent from the previous 6.8 percent. Growth forecast has been lowered as DBS Bank believes that Indian businesses are still adjusting to the new Goods and Services Tax (GST) regime. For FY 2018-19, DBS expects Indian economy to grow at 7.2 percent.

FSDC panel reviews financial events

The Sub-Committee of the Financial Stability and Development Council reviewed the major global and domestic developments which could impinge on the country’s financial stability. The sub-committee meeting was headed by RBI Governor Urjit Patel. FSDC is a super-regulatory body for regulating financial sector which is vital for bringing healthy and efficient financial system in the economy.

India to be 3rd largest economy by 2028

India is likely to overtake Japan as world’s third-largest economy, by 2028 in terms of nominal gross domestic product (GDP). This is according to a recent report by Bank of America Merrill Lynch (BofA-ML). This projection is based on the assumption that Indian economy will grow at 10% rate in US dollar terms over the next 10 years, ahead of Japan’s 1.6% growth rate.

HDFC makes RTGS, NEFT transactions free

HDFC Bank Ltd has made online transactions through RTGS and NEFT free of cost from 1st November 2017, with an aim to promote a digital economy. According to the revised fees and charges for savings and salary accounts, customers will not have to pay any charge for doing online transactions through RTGS and NEFT from 1st November 2017. Also, a customer can avail one chequebook of 25 leaves free.

India Slips 21 Slots on WEF Gender Index

India slipped 21 places on the World Economic Forum’s Global Gender Gap index to 108, behind neighbours China and Bangladesh. It is primarily due to less participation of women in the economy and low wages, according to the WEF Global Gender Gap Report 2017. India’s latest ranking is 10 notches lower than its reading in 2006 when the WEF started measuring the gender gap.

Modi Inaugurated World Food India 2017

3 : Prime Minister Narendra Modi inaugurated the most anticipated International Mega Food event-World Food India 2017. It is the biggest congregation of global investors and business leaders of major food companies. The event is organised by the Food Processing Industries Ministry in Delhi. The three-day event aims to transform food economy and realise the vision of doubling of farmers’ income.

Chukkapalli Appointed as CG of Korea

Suresh Chukkapalli, Chairman of Phoenix Group of Hyderabad, has been appointed as Honorary Consul General in Hyderabad by the Republic of Korea. Suresh Chukkapalli was given charge/invested formally at a ceremony in New Delhi. South Korea is the fourth largest economy in Asia and the 11th largest in the world known for its global corporations.

MP tops in digital initiatives

As per a report by Coeus Age Consulting, Madhya Pradesh has emerged as the top state in terms of digital initiatives undertaken by State Government. Coeus Age Consulting is an organisation which provides consultancy services on various aspects of digital economy. A comparative assessment of digital initiatives by 36 states and Union Territories was undertaken by Coeus Age Consulting.

Robert removed as goodwill ambassador

Zimbabwean President Robert Mugabe has been removed from goodwill ambassador, to World Health Organization (WHO). Mugabe, 93, is blamed in the West for destroying Zimbabwe’s economy and numerous human rights abuses during his 37 years leading the country as either president or prime minister.

Consumer Conference 2017

Petroleum and Natural Gas minister, Shri Dharmendra Pradhan, led a delegation to Tokyo participate in LNG Producer- Consumer Conference. The conference is organized by the Ministry of Economy, Trade and Industry of Japan and the Asia Pacific Energy Research Centre. It is a global annual dialogue which provides participants a forum for sharing the latest trends in the global LNG market.

G-20 FMCBG meeting held in Washington

On 13th October 2017, the G-20 Finance Ministers and Central Bank Governors meeting was held in Washington D.C., US. Finance Minister Arun Jaitley participated in the meeting. The discussion focused on the agenda items like Global Economy and Framework for Growth. Angela Merkel is the chaiperson of G-20.

GDP to hit $6 trillion by 2027

India is likely to be the world’s fastest-growing large economy in the next 10 years, driven by digitisation, favourable demographics, globalisation & reforms, predicts a Morgan Stanley report. Morgan Stanley forecast that India will grow to a 6-trillion-dollar economy and achieve upper-middle income status by 2026-27. The report said that India’s real GDP growth to compound annually at 7.1%

Revamped ‘Khelo India’ programme

Union cabinet has approved a revamped Khelo India scheme under which 1,000 selected athletes will receive an annual scholarship of Rs 500,000 each for 8 years. The programme would impact sports ecosystem, including infrastructure, community sports, talent identification & sports economy. The new scheme will focus on nurturing talent and connecting rural India to global games

India, China unlikely to grow

According to UNCTAD’s recently released Trade and Development Report 2017, India and China at their current levels of growth will not serve as “growth poles” in near future. TDR is flagship report of the United Nations Conference on Trade and Development and is treated as a barometer for assessing the global economy. World economy is expected to reach 2.6%.

France to ban oil and gas production

France’s govt is unveiling a law to ban all production & exploration of oil & natural gas by 2040 on its mainland & overseas territories. Ban is part of a larger plan to wean country’s economy from fossil fuels, to encourage clean energy & fulfill France’s commitment under the Paris Climate Agreement. France’s oil & gas production represents just 1% of national consumption the rest is imported

Link Home Loans To Repo Rates

A Reserve Bank of India appointed committee on Household Finance has suggested that banks link their home loan rates to the RBI’s repo rate. This will allow for better and more transparent transmission of interest rates in the economy to individuals. The current system impedes monetary transmission mechanism and does not allow borrowers to immediately benefit from interest rate drops.

SBI planning IPOs of two RRBs

SBI is planning initial public offerings of 2 regional rural banks in next one year, the first such move by a public sector bank. SBI is preparing the ground to list Andhra Pradesh Grameena Vikas Bank & Saurashtra Gramin Bank to create value & increase efficiency. RRBs were set up in 1975 with a view to develop rural economy & create a supplementary channel to cooperative credit structure.

Amazon inks pact with Telangana

Amazon India has said it signed a Memorandum of Understanding with the Telangana Department of Handloom and Textiles. It aims to educate, train and enable weavers and artisans to directly sell their products to Amazon customers across the country. The partnership also intends to empower and generate livelihood opportunities and income for the artisans and boost their economy.

Panama opens embassy in China

Panama has opened an embassy in China as it seeks to deepen its links after its diplomatic break with Taiwan. Announcement was made as a delegation of Chinese business chiefs was on a visit to Panama to explore investment opportunities. Previously, Panama maintained trade relations with China but with upgrade in ties it now hopes to become a key point for China’s interests in Central America

IMF lowered forecasts for US, UK

25 : The International Monetary Fund has lowered its forecasts for US and UK economic growth this year, following weaker than expected activity in the first three months. The IMF expects the UK to grow by 1.7% this year while US will grow 2.1%, as against the 2.3% it was predicting in April. IMF kept its growth forecasts for the world economy unchanged for this year and next year.

Somalia back online after three weeks

Internet has returned to Somalia after an outage of more than 3 weeks that reportedly cost Somalia’s economy $10 million a day. Internet was restored after repairing a severed undersea cable that was accidentally hit by a ship. Major companies reported millions of dollars in revenue losses, university studies were also disrupted. It also complicated efforts to combat a nationwide drought.

No non-veg food on domestic flights

The national carrier Air India has stopped serving non-vegetarian meals to economy-class passengers on all domestic flights from mid-June this year. However, non-vegetarian meals would continue to be served in business and executive class on domestic as well as international flights. The decision was taken to cut wastage and cost, and to avoid mix-up of vegetarian with non-vegetarian meals.

India likely to clock GDP growth of 6.9%

Indian economy is expected to recover in the coming quarters and is expected to clock a real GDP growth of 6.9 % in this financial year. A report by BMI Research has said that India’s growth is expected to pick up following the negative ramifications from the demonetisation drive in November 2016. Real GDP growth slowed substantially to 6.1 % year-on-year in the fourth quarter of 2016—17.

APY can now be subscribed digitally

Pension Fund Regulatory and Development Authority has introduced APY@eNPS which involves complete digital enrolment process. It has been done to give additional push to cover the unreached population at greater ease. Under APY, subscribers would receive a minimum guaranteed pension at the age of 60 years, depending on their contributions. APY subscribers’ base is more than 54 Lakhs.

$500 million approved for Afghanistan

The World Bank approved financing worth more than $500 million for Afghanistan to support a string of programs to boost the economy and help improve services in five provincial capitals. The largest chunk of the package, some $205.4 million, will go toward supporting communities affected by refugees returning from Pakistan. The rest will go to building hospitals, schools etc.

India Tops Remittance Destinations

India has become the biggest remittance economy in the world, surpassing China. A new United Nations report says that Indians working across the globe have sent $62.7 billion in 2016 to make India the top remittance destination in the world. The study was conducted by the UN Inter-national Fund for Agricultural Development titled “One Family at a Time”.

Forbes list of highest paid celebrities

Forbes released its list of the world’s 100 highest-paid entertainers of the past 12 months, and author J.K. Rowling was third, earning $95 million last year. First on the list is musician Diddy, who really is all about the Benjamins, as his 1997 single proclaimed. Diddy earned $130 million. Singer Beyonce is No. 2 with $105 million. Shah Rukh Khan is ranked 65th with $38 million.

Apple unveils new operating system

Apple has unveiled iOS 11, a new and advanced operating system for its devices. It features a “Do Not Disturb while Driving” mode that turns iPhone screens black and stops users from replying to messages. It includes a more helpful Siri, phone-to-phone payments within iMessage and a control centre that collates all functions in one place. It will be available in Autumn.

ICICI commissionsed solar-powered ATMs

ICICI Bank commissioned over 200 solar powered ATM sites last year as part of its efforts to reduce carbon footprint and use more clean energy. Bank has reduced its energy consumption from 198 million units in 2013-14 to 164 million units in 2016-17. Bank has saved 34.2 million units in last 3 years. This is equivalent to amount of energy that can power 42,000 rural households for an year.

India tops Global Retail Development

India has surpassed China to secure the top position among 30 developing countries on ease of doing business in retail sector. This is the 16th edition of the Global Retail Development Index, The GRDI, titled ‘The Age of Focus’, ranks China in second place. India’s retail sector has been growing at an annual rate of 20 per cent and the sector is expected to double in size by 2020.

Denmark scraps blasphemy law

Danish lawmakers have repealed a 334-year-old blasphemy law. The law which forbids public insults of a religion, such as the burning of holy books has been scraped. But remarks and acts that threaten or demean certain groups of people because of their religious beliefs will still be punishable. Denmark was the only Scandinavian country with a blasphemy law.

Committee on corporate governance

To improve standards of corporate governance of listed companies, Sebi has setup a Committee on corporate governance. The committee will be headed by Uday Kotak. The panel would suggest measures for addressing issues faced by investors on voting and ways for improving effectiveness of board evaluation practices. It will also suggest Sebi on issues pertaining to disclosure and transparency.

India and Fiji Sign MoU

India and Fiji has signed an MoU on defence cooperation. The MoU envisaged cooperation on defence industry, military training, humanitarian assistance & disaster management. The two defence Ministers discussed expanded defence partnership in maritime security between both the countries. Naval cooperation was identified as an area of promise.

Swiggy raises ` 517 crore funding.

Food delivery startup Swiggy has raised $80 million in Series E funding led by Naspers. As a result of Naspers’ investments, its head of Indian investments will take a seat on the Swiggy board of directors. Swiggy has over 12,000 restaurants on its delivery platform and delivers meals within 37 minutes of an order. Earlier this month, Naspers had invested $425 million to Delivery Hero.

Average pay hike in India falls

According to a survey conducted by Aon Hewitt, India Inc’s average pay hike has registered a steep drop from 15.1% in 2007 to 10.2% in 2016. The figure is expected to drop further to 9.5% in 2017. The report added that for high-earning people, the 9.5% hike might result in negative real pay increase.

Judy Malware infects Android users

A new malware named ‘Judy’ has found in over 41 apps on the Google Play Store, and it has infected between 8.5 million to 36.5 million users. This is according to a report from security research firm Check Point, which discovered the malware and alerted Google. The search giant has started removing these infected apps from the Play Store.

Rev. dept sets up twitter handle for GST

The revenue department on Sunday started a new twitter handle to answer industry queries related to the new indirect tax regime. Traders and industry can ask questions on the twitter handle ‘@askGST_GoI’ and officials from Central Board of Excise and Customs will answer them. The GST will start from July 1.

BoB to raise ` 9000 cr

Bank of Baroda plans to raise ` 9000 crore through various instruments, including follow-on public offer, to fund growth during this fiscal. The board approved raising of additional capital funds up to Rs 9000 crore up to March 31, 2018, comprising of ` 6000 crore by way of equity capital and ` 3000 crore by way of additional tier I capital instruments. Bonds will be issued in tranche

Highest gain high-power laser amplifier

The worlds highest gain high-power laser amplifier has been developed in UK. The laser has been developed at the University of Strathclyde. It can amplify sounds from rustling of leaves to that of a jumbo jet. It works on a relatively long, high-energy laser pulse that is made to collide in plasma with a short, very low energy pulse.

Kerr gets married to Snapchat CEO

Supermodel Miranda Kerr has tied the knot with Snapchat CEO Evan Spiegel. This is Kerr’s second marriage, she was previously married to Orlando Bloom. Kerr is an Australian model and was the first Australian Victoria’s Secret model.

Krishnamurthy takes up additional charge

Flipkart CEO Kalyan Krishnamurthy has taken additional charge of the Human Resources amid merger talks with Snapdeal. He took over the HR function from chief operating officer Nitin Seth. He will also directly oversee the finance function and CFO Sriram Venkataraman will report to him. Flipkart faced serious HR challenges last year when a flurry of senior executives quit the firm.