Current Affairs Economic issues

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Total articles found : 74 . Showing from 1 to 50.

India ranks 30th on WEF global manufacturing index

The World Economic Forum (WEF) released its Global Manufacturing Index putting India on the 30th position, five places below China, which is continuously striving to develop better avenues of manufacturing by boosting infrastructure. Meanwhile, Japan topped the rankings on the back of developing the best structure. . . . .

Nissan, NASA to collaborate on research into future autonomous vehicles

In a bid to create a roadmap for the technology and business evolution of the automotive industry, Nissan has announced a fresh agreement with NASA. NASA Ames Research Centre in California's Silicon Valley and Nissan will collaborate on research and technology development for. . . . .

Cabinet approves 100% FDI in single brand retail via automatic route

The Union government allowed overseas investors to make 100 percent FDI (foreign direct investment) in single-brand retail trading and construction development without any government approval.The decisions were taken at a Cabinet meeting, chaired by Prime Minister Narendra Modi in New Delhi. It also approved changes. . . . .

Direct tax collection rises 18.2% in Apr-Dec

The net Direct Tax collections represent 67% of the total Budget Estimates of Direct Taxes for Financial Year (F.Y.) 2017-18 (Rs. 9.8 lakh crore). from April to December 2017 Gross collections adjusting have increased by 12.6% to Rs. 7.68 lakh crore. Refunds amounting to Rs.1.12 lakh crore have been issued during April to. . . . .

GDP growth to touch 7.3 percent in 2018-19: World Bank

The World Bank is estimating India’s economy to grow by 6.7 percent during the current fiscal year, higher than the 6.5 percent estimate by the Indian government. The Gross Domestic Product (GDP) growth is expected to rise to 7.3 percent in 2018-19, making India again the world’s fastest growing economy,. . . . .

Indian Railways launches transparent and efficient "New Online Vendor Registration System" in its research arm RDSO

To make systems and procedures digital and transparent, Research Designs & Standards Organisation (RDSO), the research arm of Ministry of Railways, has launched New Online Vendor Registration System.  This system was evolved after "Minister of Railways & Coal, Shri Piyush. . . . .

RBI introduces new Rs 10 note with new design and colour

The Reserve Bank of India (RBI) presented the new Rs 10 banknote under the Mahatma Gandhi (New) series. The new Rs 10 note is chocolate brown in colour, and it will bear the signature of RBI Governor Urjit Patel. The back of the note features​​​​​​​ a motif of Sun Temple in Konark, 'depicting the country's. . . . .

Pakistan’s central bank allows yuan-based trade with China

Pakistan’s central bank has allowed the Chinese yuan to be used for bilateral trade and investment activities, a move which could replace the US dollar for transactions in strategic CPEC projects. The State Bank of Pakistan (SBP) said that all arrangements for using the Chinese currency for trade and investment were. . . . .

Credit rating agency Crisil launched index to measure FPI investments.

Rating agency launched an index to measure the performance of investments of foreign portfolio investors (FPI) in the fixed-income market. The Crisil FPI index would serve as the benchmark for the performance of FPI investments in government securities, and "AAA", as well as "AA", rated corporate bonds with the residual maturity. . . . .

MoU signed between Allahabad Bank and National E-Governance Services Ltd (NeSL)

State-run Allahabad Bank signed a MoU with the government-owned National E-Governance Services Ltd (NeSL) for the tie-up that could help in minimising the resolution period in NCLT (National Company Law Tribunal) referred cases. NeSL is the first Information Utility entity registered by Insolvency and Bankruptcy Board of India. . . . .

Paytm becomes the first payment app from India to cross 100 million downloads

India's largest mobile-first financial services platform, Paytm announced that its app has crossed the 100 million milestones on Google Play Store in the second week of December 2017. This makes Paytm the country's first payments app to cross the 100 million downloads mark. " We are overwhelmed with the 100 million. . . . .

India to become world’s fifth largest economy by 2018

India is set to overtake the United Kingdom and France to become the world’s fifth largest economy next year. Currently ranked seventh, India will move up to fifth place in 2018 and vault to the third spot by 2032, the Centre for Economics and Business Research (CEBR), a London-based consultancy, said in its annual rankings.

Alibaba Group opened its first data centre in Mumbai

Jack Ma-led Alibaba Group has opened its first data center in the country in Mumbai. This will extend its cloud services to Indian enterprises. Interestingly, Alibaba is already helping many small and medium-sized businesses to generate more revenue. It also has made major investments in three different companies in India—digital. . . . .

RBI initiated PCA on Bank of India and United Bank of India

The Reserve Bank of India cracked the whip on two state-run banks initiating Prompt Corrective Action (PCA) on Bank of India (BoI) and United Bank of India (UBI).With this, the RBI has put at least 10 lenders under the scanner, imposing restrictions on lenders including issuing of fresh loans and dividend distribution. According. . . . .

Artificial Intelligence (AI) contributes $957 billions in Indian GDP by 2035

American tech major Accenture has said artificial intelligence (AI) alone will contribute a whopping USD 957 billion to the gross domestic product by 2035 when the domestic economy is slated to touch the USD 10 trillion-mark by many estimates.The report said the emerging technological area will add 1.3% to the economy per annum,. . . . .

India-Switzerland automatic sharing of tax information from 01 January 2018

In a move aimed at combating black money stashed abroad, India signed an agreement with Switzerland on December 21, that would allow automatic sharing of tax-related information from January 1 next year, the CBDT said.'With the completion of the parliamentary procedure in Switzerland and signing of the mutual agreement,. . . . .

Patanjali is the most trusted FMCG brand of India: Brand Trust Report India study 2017

Patanjali has been ranked as India's most trusted Fast Moving Consumer Goods (FMCG) Brand by the Brand Trust Report India Study 2017 and has been announced as the most attractive brand in India.Patanjali has been ranked as India's most trusted FMCG Brand in a study covering 11000 brands across 16 cities by The Brand Trust Report. . . . .

5000 crores spent on printing new 500 currency notes

The government has informed the Lok Sabha that about Rs 5,000 crore was spent on the printing of new Rs 500 currency notes post demonetisation. As many as 1,695.7 crore pieces of Rs 500 denomination note were printed till December 8. The minister also informed that the RBI printed 365.4 crore pieces of Rs 2,000 notes. The cost. . . . .

Indian annual economic growth can be 8% for next 20 years: UN experts

India can achieve an 8% growth rate for the next two decades by promoting investment and improving the living conditions of its people, a senior United Nations (UN) the economic official has said. The country needs to unleash the next set of reforms to achieve its potential. “It needs to think as to how to maintain and consolidate. . . . .

French government filed case against Amazon for violation of rules

The French finance ministry said it has brought a court case against Amazon for abuse of its dominant position in the marketplace, the retail giant's third-party vendor platform. The ministry said there is "a significant imbalance" in business relations between Amazon and vendors selling products on its platform, saying it was. . . . .

Chicago Mercantile Exchange launched it’s on bitcoin futures contract

CME (Chicago Mercantile Exchange), the world's largest futures exchange, launched its own bitcoin futures contract under the name 'BTC'. The launch of the CME bitcoin futures contract comes a week after the first bitcoin futures launched on an established exchange, the Cboe Futures Exchange. What is futures contract?

Government should trim it’s stake in PSBs to 33% in next 3 years: CII

In order to achieve the objectives of recapitalising public sector banks (PSBs) and meeting financing needs of the economy, industry body CII has made a host of recommendations including re-issue of recapitalisation bonds by PSBs to the general public, and government shedding stake in most of these banks to 33 percent over the. . . . .

UIDAI prohibited Bharti Airtel from conducting e-verification process.

Aadhaar body UIDAI prohibited Bharti Airtel and the Airtel Payments Bank from conducting e-verification (eKYC) for existing and new customers. This decision comes after allegations that the telecom major had secretly on-boarded customers to its bank while carrying out their Aadhaar verification. The move will mean that any new. . . . .

Walt Disney buys 21st Century Fox for $52.4 billion

The Walt Disney Company's $52.4 billion acquisition of 21st Century Fox's film and entertainment business is its biggest and most expensive deal so far. With this deal The Walt Disney Company will inarguably be the most formidable media conglomerate in the world. Disney will scoop up Fox's movie and television studios,. . . . .

Bail-in clause in FRDI bill should be removed: Assocham

Government's assurance that depositors' interest in case of a bank going down under would be fully protected should be clearly and unambiguously spelt out in the Financial Resolution and Deposit Insurance (FRDA) Bill and a clause that seeks to treat depositors as other creditors and shareholders for bail- in, must be removed,. . . . .

SBI Ecowrap report on FRDI bill

The economic research department of State Bank of India, SBI Ecowrap, cleared the confusion on the proposed Financial Resolution and Deposit Insurance (FRDI) Bill. According to the SBI Ecowrap report, the proposed Financial Resolution and Deposit Insurance (FRDI) Bill seeks to establish a ‘Resolution Corporation’ to monitor. . . . .

Bitcoin entered into future market of Chicago Exchange

The Chicago Board Options Exchange (CBOE) launched bitcoin futures on its exchange for trading. The bitcoin futures are cash-settled contracts that settle to a single, tradable auction price. Bitcoin futures listed on CBOE are based on the cryptocurrency’s prices listed on the Gemini bitcoin exchange. These futures on this. . . . .

Only 20% of Business schools students getting job: Assocham report

Business schools are struggling hard for placements with only 20 percent students landing job offers, making this placement year the most challenging in recent times, according to Assocham. The chamber observed that job opportunities for business school (b-school) students are drying on account of factors like demonetisation.. . . . .

India announced US $10 billion concessional loans to African countries since 2015

Union Agriculture and Farmers Welfare Minister, Shri Radha Mohan Singh said that India has noted with great interest the new initiatives of the Federal Government of Nigeria, particularly the Green Alternative initiative – a roadmap to make Nigeria self- sufficient in agriculture and a major exporter of agricultural products.. . . . .

India’s GDP will be 7.2% in 2018: UN report

According to U.N report, the Indian economy will grow at 7.2% in 2018 and accelerate to 7.4% in the following year as a result of robust private consumption, public investment and structural reforms, but it still faces the risk of sudden capital withdrawal on account of monetary policy normalization in developed countries. At. . . . .

RBI to open office in Arunachal Pradesh

The Reserve Bank of India (RBI) will open an office in the north-eastern state of Arunachal Pradesh.  Surekha Marandi, Executive Director (ED) of Reserve Bank of India, on called on 09/12/2017 Chief Minister Pema Khandu at Itanagar. Marandi heads the consumer education and protection department, financial inclusion. . . . .

India GDP growth for 2018 is 7.5% : Morgan Stanley

Global financial services firm Morgan Stanley has forecast a 7.5 percent real GDP growth for the Indian economy for 2018.The recent plan to recapitalise Indian public- sector banks combined with the returning health of balance sheet fundamentals are set to be the primary drivers of the growth spurt. Fact sheet: Founded:. . . . .

United Arab Emirates (UAE) to open three new consular centres in India

The United Arab Emirates (UAE) will open three new consular centres and invest $75 billion of its sovereign wealth fund in India in the next 10 years, the country’s envoy said on Dec. 5 in New Delhi. The decision comes ahead of Indian Prime Minister Narendra Modi’s visit to the Gulf nation in February 2018 for a summit.. . . . .

Highlights of RBI’s fifth bi-monthly monetary policy statement

Following are the highlights of fifth bi-monthly monetary policy statement, 2017-18 released by the Reserve Bank of India: * Key interest rate (repo) kept unchanged at 6 percent. * Reverse repo rate remains at 5.75 percent. * Marginal standing facility rate and Bank Rate 6.25 percent. * Rate was. . . . .

Revised Merchant Discount Rates (MDR)

The Reserve Bank of India (RBI) on Wednesday revised merchant discount rate (MDR) charges, or the commission paid by a merchant to a bank for facilitating digital transactions, to encourage small businesses to start accepting card payments. MDR rates: 1. The fee for merchants with turnover up to Rs 20 lakh in the. . . . .

Fitch Ratings lowers India GDP forecast from 6.9% to 6.7%

Global rating firm Fitch Ratings has cut India’s gross domestic product (GDP) growth forecast for the fiscal year ending March 2018 (FY18) to 6.7 percent from its earlier projection of 6.9 per cent in September, saying that the rebound in the economy was “weaker than expected”. The cut in GDP growth estimate by Fitch. . . . .

First post-GST union budget going to be introduced on February 1

Finance Minister Arun Jaitley is likely to present India’s first post-GST and the current government's last full Budget on 1 February 2018.This will be Jaitley's 5th Budget in a row The Budget session of Parliament may begin on 30 January with President Ram Nath Kovind addressing the Joint Session of both the Houses. . . . .

Government planning to go for ‘’Strategic sale’’ of more PSU’s

The government plans to float more expressions of interest (EoIs) for a strategic sale of public-sector enterprises, where full ownership and management could be handed over to private players. Who will supervise disinvestment process of government? Department of investment and public asset management (DIPAM).

Economic loss of India to air pollution: ‘’Towards a pollution free planet’’ report

India had the highest share of welfare costs (or a loss of income from labour), of about $220 billion (about ₹1.4 trillion), in South and South-East Asia — of a combined total of $380 billion from mortality due to air pollution, according to a report by the United Nations Environment Programme (UNEP). The. . . . .

No plans to introduce Islamic banking in India

India has a wide network of different banks to meet the financial needs of people and hence the government has no intention to consider introducing Islamic banking, Union minister Mukhtar Abbas Naqvi today said. #####What is Islamic banking##### Islamic or Sharia banking is a system of finance in which interest. . . . .

Billionaires growth will be 50% by 2022: Credit Suisse report

The country will see rapid growth in wealth, adding USD 2.1 trillion by 2022, an increase of 42 percent over the present level of USD close to USD 5 trillion. Total wealth here has risen fourfold between 2000 and 2017, reaching USD 5 trillion in mid-2017. Despite this and having four times the population of the US, India's. . . . .

100 Indian companies created 1.13 lakh jobs in USA: CII study report

The study “Indian Roots, American Soil,” found that 100 Indian companies have created 1,13,423 jobs in the U.S with an investment of $17.9 billion, across all   The States of USA. New Jersey, Texas, California, New York and Georgia are home to the most number of workers in America directly employed by Indian. . . . .

Proposals for second round of UDAN scheme

The government has received 141 initial proposals covering 502 routes under the second round of regional air connectivity scheme UDAN.The government’s UDAN scheme aims to boost air connectivity to and from unserved and under-served airports. The 502 routes seek to connect about 116 airports and helipads, including 49 unserved. . . . .

BHARAT-22 Exchange Traded Fund (ETF) launched.

The Government of India launched the BHARAT-22 Exchange Traded Fund (ETF) managed by ICICI Prudential Mutual Fund targeting an initial amount of about Rs.8,000 crore. This Index is a unique blend of shares of key CPSEs, Public Sector Banks (PSBs) and also the Government-owned shares in blue-chip private companies like. . . . .

Wholesale inflation for October recorded as 3.59%

The wholesale price index (WPI) went up in October to 3.59 per cent from 2.60 per cent in September.According to data from the Ministry of Commerce and Industry, the wholesale price index (WPI), with the revised base year of 2011-12, went up in October to 3.59 per cent from 2.60 per cent in September. Factsheet: Base year for WPI is 2011-12

India International Trade Fair inaugurated

The President of India, Shri Ram NathKovind, inaugurated the 37th India International Trade Fair (IITF) -2017 in New Delhi. Point to be noted: It Commences every year on November 14. 222 companies from abroad, are participating at IITF 2017. Thirty-two of India’s states and Union territories are represented.

India to be third largest economy by 2028

India is likely to achieve strong growth over the next decade and will overtake Japan in nominal GDP by 2028, to emerge as the world's third-largest economy, according to report by Bank of America Merrill Lynch report. India has already overtaken Brazil and Russia to emerge as the second largest BRIC economy after China.

CPI inflation is 3.58% in October

Retail inflation accelerated to 3.58% in October on the back of rising food and fuel prices, according to official data released by the Ministry of Statistics and Programme Implementation on Monday. Inflation, as measured by the Consumer Price Index (CPI), was 3.28% in September.Core inflation, which excludes food and. . . . .

Manmohan Singh on demonetization

“broke the back of businesses” * “organized loot and legalized plunder.”  * mere bluster to reap political dividends while the real offenders have escaped  * nowhere in the world has any democracy undertaken such a coercive move, withdrawing 86% of legal tender in one. . . . .

Digital rath has been flagged off

Union minister Smriti Irani flagged off a ‘digital rath’ as part of an initiative to accelerate adoption of cashless payments among merchants in various cities. The Digital Rath is aimed at driving behavioural change and spreading awareness on the importance of digital payments. The initiative would also extend to. . . . .



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