MARCH 2018-ECONOMY NEWS |
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Venezuela to eliminate three zeros off currency
Nicolas Maduro, the Venezuelan President, has decided to remove three zeros off the Venezuelan currency Bolivar in the midst of a hyperinflation and crippling economic crisis.
This is considered as an economic measure to guarantee commercial activities and it will come into effect from June 4, 2018.
The President has therefore decided to take out of circulation the current bills and put into circulation new bills.
Brazil bans buying Cryptocurrencies
Fitch, the US-based agency, projected India’s economic growth to rise to 7.3 per cent in 2018-19 and further to 7.5 per cent in 2019-20.
Also, it forecast Indian economy to clock a growth rate of 6.5 per cent this fiscal (2017-18), in line with official estimates by the Central Statistics Office (CSO) of 6.5 per cent.
India’s exports in February up 4.5% to $25.8 Billion
India’s exports grew by 4.5% in February-2018 to 25.8 billion dollars.
It was 24.7 billion dollar during the same period in February-2017.
This announcement was made by the Commerce Secretary Rita Teaotia.
Indian economy to grow at 7.3% in FY19: World Bank
The World Bank projected India’s GDP growth at 7.3% for the next financial year and accelerate further to seven point five per cent in 2019-20.
India’s Growth Story, expects the economy to grow at a rate of 6.7 per cent in the current financial year ending March 31, 2018.
India attracts $209 billion FDI in 2014-2017
India attracted $208.99 billion foreign direct investment (FDI) during April 2014 to December 2017 period.
The main sectors that received maximum FDI include services, computer software and hardware, telecommunications, construction, trading and automobile.
India announces USD 100 Ml LoC for Mauritius
India has announced a new Line of Credit of USD 100 million for defense procurement by Mauritius as the two sides signed many agreements on the second day of President Ram Nath Kovind’s visit.
The agreements were signed after President Kovind held delegation-level talks with Mauritius Prime Minister Pravind Jugnauth and members of his Cabinet.
Govt makes Passport mandatory for Bank Loans of Rs. 50 crore & above
The government has made providing passport details mandatory for taking loans of 50 crore rupees and above to ensure a SWIFT action in case of fraud and prevent fraudsters from fleeing the country.
According to Financial Services Secretary, all existing loans of over 50 crore rupees, banks have been asked to collect passport details of borrowers within 45 days.
India-China trade hits record $84.4 billion in 2017
According to data of Chinese General Administration of Customs, India-China bilateral trade has reached $84.44 billion last year, a historic high with 18.63% year-on-year growth rate.
This is regarded as historic landmark in bilateral relations of both countries, as volume of bilateral trade for first time has touched $80 billion, well above the $71.18 billion registered in 2016.
India 12th largest holder of US securities
India’s exposure to US government securities rose sharply to a high of $144.7 billion at the end of 2017.
In 2017, China was the largest holder of US government securities with holdings to the tune of $1.18 trillion, followed by Japan at $1.06 trillion.
Among the BRIC countries, India had the third largest exposure while that of Russia was lower at $102.2 billion.
Marshall Islands to launch world-first digital legal tender
Marshall Islands in Pacific Ocean is set to become first country in world to recognize cryptocurrency as its legal tender and adopt transparent crypto monetary system.
The parliament of island has passed law to create the digital currency called “Sovereign” with symbol SOV to raise some hard cash to pay bills and boost economy.
India’s GDP growth rises to 7.2% in December quarter
The Indian economy grew at a five-quarter high of 7.2% in the October-December period reflecting overall recovery due to good show by agriculture, manufacturing, construction and certain services.
The economy is expected to grow at 6.6% in the current fiscal ending March 31, as per the second advanced estimates of the Central Statistics Office (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.
The previous high was recorded at 7.5% in the July-September quarter of 2016-17.
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