Growth

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.

Manufacturing sector records robust growth

RBI has revealed that India’s manufacturing sector recorded robust growth in sales and improvement in operating profit growth in the 4th quarter of the last fiscal. Companies posted sales of ` 9.25 lakh crore in the last quarter of 2017-18. Operating profit growth of the manufacturing sector improved despite increase in input costs, due to higher growth in value of production.

Tie-up to develop commodity derivatives market

Bombay Stock Exchange has entered into an agreement with Bombay Metal Exchange for growth & systematic development of commodity derivatives markets in non-ferrous metals complex. Through this MoU, BSE & BME will work jointly on initiatives to deepen the understanding of commodity market among stakeholders. BME will assist BSE in designing innovative deliverable products in commodities.

India’s 1st robotic telescope launched

The Indian Astronomical Observatory (IAO) at Hanle in Ladakh is Indian’s 1st robotic telescope & is the one of the world’s highest astronomical observatories at 4,500 m. It is a part of Global Relay of Observatories Watching Transients Happen (GROWTH) program along US, the UK, Japan, Germany, Taiwan and Israel. The telescope is designed to observe dynamic events in the universe.

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.

EU pledges 20 mn euros to ease Jordan

European Union announced 20 million euros (USD 23.5 million) in aid for Jordan following a wave of anti-austerity protests that led to the prime minister’s resignation. Cash-strapped Jordan is struggling to rein in its debt after securing a USD 723-million loan from the International Monetary Fund in 2016. The World Bank says Jordan has “weak growth prospects” in 2018.

Retail inflation jumped further in May

Retail inflation jumped further in May to a four-month high, primarily driven by a surge in energy prices, according to a Reuters. Economists, suggest more policy tightening from the central bank is coming. On June 6, RBI raised the repo rate for the first time since 2014, by 25 basis points to 6.25%, as recent data showed significant increases for both inflation and growth.

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.

Manufacturing PMI growth slows in May

Activity in India’s manufacturing sector grew at a weaker pace in May according to the Nikkei India Manufacturing Purchasing Managers’ Index (PMI). This index is based on the survey conducted among purchasing executives in over 400 companies. The report also mentioned that the latest upturn signalled a marginal improvement in the manufacturing sector.

GDP growth in Q4 of FY18 seen at 7.4%: Icra Rating agency

Icra expects GDP growth in January-March 2017-18 at 7.4% on account of good rabi crop harvest& improved corporate earnings. As per Icra, the growth of the Indian gross value added (GVA) at basic prices in year-on-year terms is likely to record a considerable recovery to 7.3% in Q4 FY2018 The rating agency further said it expects a mild pickup in growth in the services sector.

India to clock GDP growth of 7.7%

India’s GDP is expected to grow by 7.7% in January-March, up from 7.2% in the preceding quarter, says a Nomura report. According to the report, despite the moderation in March, industrial production growth averaged 6.2% in the January-March period. The report further noted that India is expected to witness cyclical recovery led by both investment and consumption.

Industrial output growth at 4.4%

13 : Industrial output grew by 4.4% in March, the slowest in five months, due to a fall in capital goods production and deceleration in mining activity. Industrial growth measured by the Index of Industrial Production in 2017-18 too decelerated to 4.3% from 4.6% in the previous fiscal. The IIP grew by 4.4% in March 2017, the same as in March 2018 according to Central Statistics Office.

India’s growth to accelerate

Credit rating agency Fitch has said that India’s economic growth will accelerate to 7.3% in the current financial year & 7.5% in the next fiscal. Fitch said the growth rate will accelerate as money supply has recovered to its pre-demonetisation level & disruptions related to rollout of GST have diminished. Fitch has kept India’s sovereign rating ‘BBB-‘ unchanged for the 12th year in a row.

NITI Aayog and Google sign SoI for AI

A Statement of Intent (SoI) was signed between Google and NITI Aayog.The move is aimed at fostering growth for India’s nascent AI and machine learning ecosystem. The NITI Aayog has been entrusted to set up a national programme to conduct research and development in frontier technologies such as AI. Under this program, Google will train, mentor and incubate Indian AI startups.

ADB projects India’s growth at 7.3% in 2018

Asian Development Bank President Takehiko Nakao has noted that India’s growth in 2018 would pick up to 7.3%. The Bank has also projected that India will remain the fastest growing Asian nation with 7.6% growth in 2019-20. The size of India’s economy is about USD 2.5 trillion currently, making it the sixth largest in the world.

Core sector growth slows to 4.1% in March

2 : The growth of eight core sectors slowed to a three-month low of 4.1% in March due to weak performance in six sectors including coal, crude oil and natural gas. The other sectors which showed slower growth rates were refinery products, steel and electricity. The Index of Eight Core Industries consists- coal, steel, cement, crude oil, natural gas, fertilizers, electricity & refinery products.

NITI Aayog’s agenda for ‘New India 2022’

NITI Aayog will soon come out with a development agenda for ‘New India 2022’, which will spell out strategy for expediting economic growth. It will start working on a 15-year vision document after finalising the development agenda document for ‘New India 2022’. It had planned to come out with three documents: 3 year action agenda, 7 year medium-term strategy and 15 year vision document.

Fitch retains India rating at ‘BBB-‘

Global credit rating agency Fitch has affirmed India’s sovereign rating at ‘BBB-’ with ‘stable’ outlook.‘BBB-’ rating indicates lowest investment grade. The rating was assigned to the country 11 years ago. Fitch had last upgraded the rating from ‘BB+’ to ‘BBB-’ with stable outlook on August 1, 2006. Fitch has projected India’s growth at 7.3 percent in current the fiscal.

IMF unveils new corruption policy

26 : The International Monetary Fund will systematically address corruption and its impact on economic growth with all its member countries under new guidelines.The new policy also tackles how rich countries contribute to corruption in the developing world by failing to prevent bribery and money laundering. The IMF will not investigate specific instances of corruption.

IISL launches Nifty 200 Quality 30 index

IISL has launched Nifty 200 Quality 30 index, which will track the performance of select firms based on profitability and earnings growth variability.Index includes top 30 companies from its parent Nifty 200 index, selected on the basis of their ‘quality’ scores. Weight of each stock in the index will be based on a combination of stock’s quality score & its free float market capitalization.

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.

World Bank forecasted 7.3% growth for India

The World Bank forecasted a growth rate of 7.3% for India in 2018 and 7.5% for 2019 and 2020.Growth is expected to accelerate from 6.7 in 2017 to 7.3% in 2018, the World Bank said in its twice-a-year South Asia Economic Focus. In its report the World Bank said, India should strive to accelerate investments and exports to take advantage of the recovery in global growth.

First Meeting of the NE NITI Forum

The first meeting of Newly constituted NITI Forum for North East will be held in Agartala, Tripura on 10 April 2018.The forum will be co-chaired by the Vice-Chairman of NITI Aayog and Ministry of Development of Northeastern Region (DoNER).The ‘NITI Forum for North East’ was constituted in February 2018 with an aim to ensure sustainable economic growth of the North Eastern Region of India.

RBI switches back to GDP model

The RBI switched back to the gross domestic product (GDP)-based measure to offer its growth estimates from the gross value added (GVA) methodology.The Government had started analysing growth estimates using GVA methodology from January 2015 and had also changed the base year to 2018 from January. The GDP model gives the picture from the consumers’ side or demand perspective.

Core sector growth up 5.3% in Feb

Eight infrastructure sectors grew by 5.3% in February, mainly helped by a robust performance of refinery products, fertiliser and cement segments.The eight infrastructure sectors, coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had grown by just 0.6% in February last year. The core sectors expanded by 6.1% in January.

India’s growth to touch 7.3% next fiscal

Fitch has projected India‘s economic growth to rise to 7.3 percent next fiscal and further to 7.5 per cent in 2019-20. It said the money supply recovered to its pre-demonetisation level in mid-2017 and disruptions related to rollout of the GST have gradually diminished. In its Global Economic Outlook report, Fitch has forecasted Indian economy to clock a growth rate of 6.5% this fiscal.

India, France signed strategic pact

India and France inked a strategic pact providing for the use of each other‘s military facilities including opening naval bases to warships. The agreement comes amid China‘s growing military expansionism in the Indo-Pacific region. The two countries also signed a pact on exchange and reciprocal protection of classified or protected information.

Fastest growing IT services brand in 2018

Tata Consultancy Services has been named as the fastest growing IT services brand in the world in an assessment done by leading brand valuation firm, Brand Finance. According to the report, TCS has a total brand value of USD 10.391 billion. Over past 2 years, TCS has strengthened its portfolio of global brand sponsorships by forging new partnerships in UK, Sweden, India, Japan & Australia.

Direct tax mop up rises 19.5% in Apr-Feb

Direct tax collections have risen 19.5% to Rs. 7.44 lakh crore in the April-February period of the current fiscal. The net direct tax collection represents 74.3% of the Rs. 10.05 lakh crore target as per the revised estimates given in Union Budget 2018-19. The growth rate for net corporate tax collections stood at 19.7% while for personal income tax is 18.6%.

China sets 2018 GDP target at around 6.5%

China has set its GDP growth target at around 6.5% for 2018, unchanged from that for 2017. The projected growth rate reflects China‘s position of not over-emphasizing speed but stressing improvements in the quality and effect of development. Chinese economy outperformed its annual growth target by expanding 6.9 percent last year, picking up for the first time in seven year.

Committee to Redress FinTech Grievances

Centre has announced the formation of a steering committee to examine issues faced by the FinTech industry in India. Committee will be chaired by Subhash Chandra Garg, Secretary, Department of Economic Affairs. Decision follows an announcement made by Arun Jaitley on setting up of a group under Finance Ministry that will help devise institutional measures to spur growth of FinTech firms.

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.

Govt Sets Up The “NITI Forum For Northeast”

The Union Government has issued order setting up the ‘Niti Forum for North-East’.The forum will be co-chaired by the Vice-Chairman of NITI Aayog and Minister of State (I/C), Ministry of Development of Northeastern Region (DoNER). The Forum is tasked to identify various constraints on the way of accelerated, inclusive and sustainable economic growth in the North East Region of the country.

India’s medium-term potential growth above 7%

According to a UBS report, India’s medium-term growth is likely to be above 7% backed by policy reforms & stable global growth environment.India ranks higher in medium-term growth potential compared to other markets like Russia & China. The report said, India needs to adopt reforms like stepping up infra investment, education & health reforms & others to improve it’s potential growth outlook

Saudi Arabia to host first Arab Fashion Week

Saudi Arabia is set to host its first Arab Fashion Week next month as part of a push to support aspiring Saudi designers and drive growth in the sector.The move is another example of the opening up of the country under Crown Prince Mohammed Bin Salman’s ambitious transformation programme. In the past, Arab Fashion Week has been hosted so far exclusively by Dubai.

Paytm appoints Pallavi Shroff as board member

Paytm has appointed Pallavi Shroff, managing partner of Shardul Amarchand Mangaldas law firm to its board of directors.Her appointment will drive the growth of financial services business such as lending, insurance & wealth management. She joins as an independent director & is the 7th appointee to Paytm’s board. Shroff is presently on the board of firms like Maruti Suzuki & Apollo Tyres.

HomeShop18, Shop CJ Network merge businesses

E-commerce company Homeshop18 and home shopping network Shop CJ Network have combined their businesses.This combination makes HomeShop18 the largest TV home-shopping network in India. The resultant benefits of scale shall better the growth prospects for the combined entity, allowing it to improve its standing in the TV home-shopping landscape.

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.

Industrial activity posts robust growth

Industrial activity saw robust growth for the second consecutive month in December, with the Index of Industrial Production growing 7.07%.The rise follows strong growth in the manufacturing, capital goods, and consumer non-durables sectors, according to official data released. The Consumer Price Index quickened by 5.07% in that month.

Direct Tax Collection Rise 19.3% In April-Jan

Direct tax collections grew by nearly 20% between April and January this year with strong growth in both corporate and personal income tax receipts.According to official data released, net direct tax collections grew by 19.3% up to January 2018 to Rs 6.95-lakh crore. While net corporate income tax grew by 19.2%, personal income tax receipts rose by 18.6 per cent in January this year.

Mumbai 12th richest city globally

India’s financial capital Mumbai, with a total wealth of $950 billion, has been named among the top 15 wealthiest cities globally, while New York topped the list.Mumbai which also features among the top 10 cities in terms of billionaire population is the home to 28 billionaires. Going forward, Mumbai is expected to be the fastest growing city in terms of wealth growth over the next 10 years

Balance b/w fiscal prudence & growth: Moody

6 : India’s budget for the fiscal year ending March 2019 strikes a balance between fiscal prudence and growth, says Moody’s Investors Service.Slight slippage in the budget deficit target has no material impact on the country’s overall fiscal strength.It is in line with the global credit rating agency’s expectations, said Moody.

FY16 GDP Growth Revised Up To 8.2%

Central Statistics Office revised the GDP growth rate for 2015-16 to 8.2% from the earlier estimates of 8% and kept the 2016-17 growth unchanged at 7.1%.The real GDP for years 2016-17 and 2015-16 stand at Rs 121.96 trillion and Rs 113.86 trillion respectively.Under the third revision the GDP growth in 2014-15 is at 7.4% from earlier estimates of 7.5%.

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.

GDP growth pegged at 7-7.75%

The Economic Survey 2017-18, tabled by the Union Finance Minister Arun Jaitley projected a GDP growth of 7 to 7.5% in the financial year 2018-19.“A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal and will rise to 7.0 to 7.5 percent in 2018-19,” said the Economic Survey 2017-18.

Unilever arm invests Rs 65 cr in IDG

Unilever Ventures, an investment arm of Unilever Plc, has put Rs 65 crore ($10 million) into the IDG Ventures India Fund during the year.The company helps early and growth-stage startups receive equity investment and operational support from Unilever. These investments in IDG will create the necessary infrastructure for Unilever Ventures.

5th Attractive Market for Invest: India

India has emerged as the fifth most attractive market for investments, as per the survey of CEOs by global consultancy PwC.The US remains the top spot for global investment. Around 46% of global CEOs consider the US as one of the three most important countries for growth. India (9%) bumps Japan (8%) as the fifth most attractive market in 2018.

India to Grow at 7.4% in 2018: IMF

According to the IMF, India is projected to grow at 7.4% in 2018, making it the fastest growing country among the emerging economies.India’s economy slowed down a little bit to 6.7% in 2016. In its latest World Economic Outlook update released in Davos, Switzerland on the sidelines of the World Economic Forum, the IMF has projected a 7.8% growth rate for India in 2019.

First Indian bank to cross Rs5 trillion

India’s most-valued bank HDFC Bank has crossed Rs5 trillion market capitalisation for the first time, making it the 1st Indian bank to achieve this milestone.TCS & RIL are the other two companies which have crossed market capitalisation of Rs5 trillion. HDFC Bank’s steady 20% profit growth quarter-after-quarter, as well as its immunity to bad loans crises, has helped it achieve this feat.

India Ratings projects growth at 7.1%

18 : India Ratings & Research has projected country’s economic growth to be at 7.1% next fiscal from 6.5% this year, buoyed by robust consumption demand & low commodity prices.Ind-Ra expects GDP to grow 7.1% year-on-year in 2018-19 which is a tad lower than 7.4% growth estimated by ADB & IMF. Agency said there will be a gradual pick up in growth momentum owing to reforms like GST & IBC in place.

India Tops Domestic Air Traffic Demand

12 : India’s domestic air passenger traffic grew by 16.4 percent in November 2017, topping the growth chart worldwide, according to the global aviation body, the International Air Transport Association (IATA).Globally, the total revenue passenger kilometers (RPK) increased 8 percent compared to November 2016. The available seat kilometers (ASKs) or capacity grew by 6.3 percent.

WB projects India’s growth rate at 7.3%

World Bank has projected India’s growth rate at 7.3 percent in 2018 and 7.5 for the next two years.According to the 2018 Global Economics Prospect release, despite initial setbacks because of demonetisation and Goods and Services Tax (GST), India’s economy is estimated to have grown at 6.7 percent in 2017. India’s growth potential will be around 7% for the next 10 years.

Direct Tax for 2017 shows 18.2% growth

The provisional figures of Direct Tax collections up to December 2017 show that net collections are at Rs. 6.56 lakh crore which is 18.2% higher than the net collections for the corresponding period of last year.The net Direct Tax collections represent 67% of the total Budget Estimates of Direct Taxes. An amount of Rs. 3.18 lakh crore has been received as Advance Tax up to December 2017.

Gujarat Tops Logistics Performance Index

Gujarat has topped the logistics index chart, according to a Report released by Union Minister for Commerce & Industry Suresh Prabhu in Delhi.The chart is an indicator of the efficiency of logistical services necessary for promoting exports in particular and economic growth in general. Among 22 states, Gujarat is followed by Punjab, Andhra Pradesh, Karnataka and Maharashtra on the index.

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.

India’s GDP Growth at 6.5% in FY18

According to HSBC Report, India’s growth rate is expected to accelerate over the coming year and is likely to improve further to 7.6 percent by 2019-20.The key sectors would revive from disruptions related to the implementation of GST and demonetization.According to the global financial services major, GDP growth in India is expected to accelerate to 7.0 percent in 2018-19 from 6.5%.

India leads in global milk production

Union Agriculture Minister Radha Mohan Singh said during the past 3 years, India has outpaced the global milk production with an annual growth rate of 5.53% compared with the 2.09% achieved globally.India has been the largest producer of milk in the world for the past 15 years.Milk production, which was around 17-22 million tonnes in the 1960s, has increased to 163.7 m tonnes in 2016-17

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.

‘Champion State’ for exports

Centre has recognised Odisha as a ‘Champion State’ for recording the highest growth in exports during 2016-17.Exports from the state have increased from Rs 19,082 crore in 2015-16 to Rs 40,872 crore in 2016-17.The major sectors of exports in Odisha are aluminum, products of aluminum, iron ore, processed minerals, iron, steel, marine products, residual chemical and allied products.

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.

Australia, Japan & India Trilateral meet

India, Japan and Australia held the fourth edition of their trilateral meet at the foreign secretary-level in New Delhi.The 3 countries stressed their commitments to peace, democracy, economic growth and a rules-based order in the Indo-Pacific region.The 3 countries also underlined their support for ASEAN centrality in the political & security architecture of the Indo-Pacific region.

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.

Fitch cuts full-year growth forecast

Fitch Ratings has reduced the GDP growth forecast of India for the fiscal year ended March 31, 2018, to 6.7% from 6.9%.According to Fitch, growth has repeatedly been disappointing in recent quarters, although this has partly reflected one-off factors, including the demonetization and disruptions related to the implementation of GST.Fitch expects GDP growth to pick up in the next two years.

TRAI wants ‘neutral’ Net

The Telecom Regulatory Authority of India upheld the basic principles of Net neutrality, disallowing telecom operators from prioritising, throttling or blocking content on their networks. The regulator said the internet serves as the basic infrastructure for the development of other markets, and restrictions on access could hinder growth and innovation. IoT is however not exempted

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.

Bar Leadership Summit held

The Indian National Bar Association organized the ‘Bar Leadership Summit on Reforms in the Indian Legal Sector’ in New Delhi. The Summit explored issues and concerns surrounding the liberalization of the Indian legal services sector. It discusses the need for addressing various reforms hastened by the process of globalization and the growing trans-nationalization of the legal profession.

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.

The top tourist destinations in 2017

Hong Kong remains the world’s most visited city by international travellers in spite of strained relations with neighbouring China. In a report on the top 100 city destinations that highlights the growth in Asian tourism, market research firm Euromonitor International said 25.7 million arrivals are expected in Hong Kong in 2017. Other countries followed by Hong Kong are Bangkok and London.

Govt to build 100 airports in 15 years

Govt is planning to expand connectivity & meet potential demand by establishing about 100 airports in 15 years. Of these, 70 will be locations that don’t have such a facility, while rest will be 2nd airports or expansion of existing airfields to handle commercial flights. India has 100 operational airports & is the fastest-growing aviation market in terms of domestic passenger growth.

India tops in domestic air traffic

According to global airlines’ grouping IATA, India’s domestic aviation sector grew the fastest and India topped the domestic growth chart again in September. India registered double-digit growth for 37 consecutive months. In September, India recorded a growth of 15.5% while the global demand stood at 5.7%.

Five states celebrate foundation day

Five states — Haryana, Madhya Pradesh, Kerala, Chhattisgarh, and Karnataka — are celebrating their foundation day today, Wednesday, November 1. Prime Minister Narendra Modi tweeted greetings to the states and wished each of them growth and empowerment. Foundation Day is a designated date on which celebrations mark the founding of a nation, state or a creation of a military unit.

Shipping ministry offers grant to JNPT

Shipping Ministry announced that it has sanctioned Rs. 25 cr to the Jawaharlal Nehru Port Trust and another Rs. 50 cr to the Karwar port in Karnataka. Funds are given for development of coastal berth under the flagship Sagarmala project. Sagarmala project was launched by Union Shipping Ministry in 2015, with an aim to modernize India’s Ports which will contribute in country’s economic growth.

GDP may grow at 7% in FY’18: NITI Aayog

NITI Aayog Vice-Chairman Rajiv Kumar has said the economic slowdown that began in 2013-14 has bottomed out and the GDP is likely to grow. It is estimated at 6.9-7 % this fiscal and 7.5% in 2018-19. The economic growth slowed to 7.1% in 2016-17, the year in which 87% of the currency was demonetised, despite a very good show by the agricultural sector.

Talks on free trade between India and EU

India and EU are set to begin talks soon on re-starting stalled negotiations for a free trade pact. India is not in favour of pre-conditions, such as prioritising an investment agreement that the 29-member bloc had earlier insisted upon. The EU is India’s number one trading partner with exports growing from €24.2 billion in 2006 to €37.8 billion in 2016.

India on solid growth track: Christine

15 : The combination of fiscal consolidation, lower inflation and structural reforms will deliver more employment and jobs to the Indian workforce, said Christine Lagarde, Managing Director, IMF. She told reporters during the meeting of the IMFC. She said, though the IMF has scaled down India’s GDP forecast to 6.7% for 2017, India is on a much more “solid growth track”.

GIC re launches India’s 3rd largest IPO

India’s biggest reinsurer, General Insurance Corp of India’s Rs. 11,370 crore Initial Public Offer opened for subscription. GIC Re’s IPO is Indian primary market’s third largest IPO after Coal India (Rs. 15,200 crore in 2010) and Reliance Power (Rs. 11,600 crore in 2008). Funds raised through this IPO will be used by GIC Re for augmenting the capital base and support business growth.

IMF trims India’s growth to 6.7%

The International Monetary Fund has trimmed India’s growth forecast for Financial Year 2017-18. In its latest World Economic Outlook released, the IMF lowered India’s growth forecast for 2017 to 6.7% from its earlier estimate of 7.2%. As per IMF, India is expected to regain the fastest growing major economy tag next year when it is forecast to grow 7.4%.

India Water Week 2017

President Shri Ram Nath Kovind inaugurated India Water Week 2017 on October 10, 2017 in New Delhi. About 1500 delegates from India and 13 other countries will attend the five day international event. The theme of India Water Week – 2017 is “Water and Energy for Inclusive Growth”.

Adobe invests in Aadhaar’s ‘e-sign’

Adobe announced investment on integration of Aadhaar-based authentication in its e-signature solution “Adobe Sign” on 4thOct.2017. The market for e-signatures in India is growing at a Compound Annual Growth Rate (CAGR) of 57%. “Adobe Sign” is aimed at helping organizations to eliminate their dependency on wet signatures and allow digital validation of users’ legal identity.

India, EU hold 14th summit talks

The 14th India-EU Summit 2017 was held in New Delhi. Prime Minister Narendra Modi and the top leadership of the European Union deliberated on a range of key issues to boost overall ties between India and the 28-nation bloc. It aims to deepen the India-EU strategic partnership and advance collaboration for India’s growth and development. 13th summit was held in Brussels in March 30 last year.

Country’s First ITI for Divyangans

Assam Chief Minister Sarbananda Sonowal laid the foundation stone of the first ITI exclusively for the differently abled at Dibrugarh. ITI will pave the way to bring differently abled to mainstream society. It will help in facilitating the growth of differently abled citizens and making them equal partners in nation building to ensure a totally inclusive society.

Fitch lowers India’s growth forecast

Fitch Ratings has lowered India’s economic growth forecast for the current fiscal to 6.9% from 7.4% after GDP growth “unexpectedly faltered” in the April-June quarter. Fitch however expects economic activity to accelerate in the 2nd half of the fiscal year with the waning impact of one-off events. The primary sector also dampened growth, while construction & tertiary activity bounced back.

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%

Fastest growing oil market

3 : According to Moody’s Investors Service, India will surpass China as fastest-growing petroleum product market in Asia with fuel consumption rising 6% in 2018. As economic activity in China dials back, Moody expects its refined product demand growth will moderate to 2.5 -3 % in 2017-18. For Asia, Moody’s estimates that Asia’s incremental growth in demand for fuel of around 0.7 mn barrels per day

Indian entrepreneur wins business award

A Ghana-based Indian entrepreneur has won a prestigious business award in UK for his efforts to bring innovative IT solutions to Africa. Birendra Sasmal, CEO of Subah, bagged International Business Person of the Year at Asian Achievers Awards in London. Under Sasmal’s leadership, Subah Group’s revenues increased by 3000% & has been named among one of Africa’s fastest growing tech companies.

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%.

GDP growth to slow to 6 per cent

Demonetisation has stymied India’s GDP growth and the Oct-Dec quarter show is likely to be around 6%, while for Jan-March it could climb down to 5.7%, forecasts a Nomura report. According to Nomura major,the consumption and services, which were the fastest growing segments predemonetisation, were the worst-hit. However a V shaped recovery is expected from the second half of 2017, it said.