SEPTEMBER 2018-ECONOMY NEWS |
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India`s forex reserves up $1.3 bn
India`s forex reserves up $1.3 bn The country’s foreign exchange reserves increased by $1.3 billion to $401.790 billion, helped by a rise in foreign currency assets.
In the reporting week, foreign currency assets, a major component of the overall reserves, increased by $1.257 billion to $377.412 billion.
India ranks 96th; HK, Singapore retain top spot: Economic Freedom Index
India ranks 96th; HK, Singapore retain top spot: Economic Freedom Index According to a study named Economic Freedom in the World by Centre for Civil Society (CCS) along with Canada’s Fraser Institute, India stands at 96th rank out of 162 countries in economic freedom.
Among the BRICS nations, Russia and South Africa are ahead of India at 87th and 94th place and China and Brazil are behind it at 108th and 144th positions.
India’s economy forecast remains unchanged at 7.3% for 2018: ADB
India’s economy forecast remains unchanged at 7.3% for 2018: ADB According to the Asia Development Bank’s (ADB) annual economic publication, the Asian Development Outlook (ADO) 2018, India’s economy is in an upward trajectory.
The GDP forecast remains unchanged at 7.3 per cent for 2018, and 7.6 per cent for 2019.
Indian economy to grow at 8%: Jaitley
Indian economy to grow at 8%: Jaitley Finance Minister Arun Jaitley said the new insolvency law, indirect tax regime and demonetization will help drive India’s growth rate and sustain it at 8 per cent.
He said the Insolvency and Bankruptcy Code (IBC), Goods and Services Tax (GST), demonetization and digital payments had enabled better assessment of financial capacity and risks.
Fitch raises India’s FY19 GDP growth forecast to 7.8%
Fitch raises India’s FY19 GDP growth forecast to 7.8% Fitch Ratings upped India’s growth forecast for the current fiscal to 7.8% from 7.4% earlier, but flagged rising oil bill and higher interest rates as key concerns.
Fitch, in its Global Economic Outlook, said it expects inflation to rise to the upper end of the central bank’s target band on relatively high demand-pull pressures and rupee depreciation.
India committed to become $5 tn economy by 2025
India committed to become $5 tn economy by 2025 Vice President M. Venkaiah Naidu said that India is committed to be a five trillion dollar economy by 2025 while addressing at the India-Malta Business Forum in Floriana, Malta.
No withholding tax on interest payment of Masala Bonds
No withholding tax on interest payment of Masala Bonds The Central Board of Direct Taxes (CBDT) announced that no withholding tax will apply on interest payments made by an Indian company or a business trust to a non-resident in respect of offshore rupee-denominated bonds.
Govt announces measures to check rising Current Account Deficit
Govt announces measures to check rising Current Account Deficit The government has announced an array of steps to check the rising Current Account Deficit (CAD), and the fall in rupee.
The steps include removal of withholding tax on rupee-denominated bonds known as Masala bonds issued till March 2019, relaxation for Foreign Portfolio Investment (FPI), and curbs on non-essential imports.
RBI released India’s Foreign Trade: August 2018
RBI released India’s Foreign Trade: August 2018 India’s overall exports (Merchandise and Services combined) in April-August 2018-19 (as per the RBI Press Release) are estimated to be USD 221.83 Billion, exhibiting a positive growth of 20.70% over the same period last year.
Overall imports in April-August 2018-19 are estimated to be USD 269.54 Billion, exhibiting a positive growth of 21.01% over the same period last year.
Wholesale inflation drops to four-month low of 4.53% in August
Wholesale inflation drops to four-month low of 4.53% in August Inflation based on wholesale prices eased to a four-month low of 4.53% in August on softening of prices of food articles, especially vegetables.
The Wholesale Price Index-based inflation stood at 5.09% in July and 3.24% in August last year.
Current account deficit widens to 2.4% of GDP
Current account deficit widens to 2.4% of GDP India’s current account deficit (CAD) widened to a four-quarter-high at 2.4% of gross domestic product (GDP) in April-June period on the back of rising crude oil prices, from 1.9% of GDP in the January-March quarter of 2017-18, according to data released by the Reserve Bank of India (RBI).
Mauritius remains top source of FDI into India in 2017-18
Mauritius remains top source of FDI into India in 2017-18 According to Reserve Bank of India (RBI) data, Mauritius was top source of foreign direct investment (FDI) into India in 2017-18 followed by Singapore.
The total FDI in FY 18 stood at $37.36 billion in financial year which was marginal rise over $36.31 billion recorded in the previous fiscal 2016-17.
India’s 102-year-old female athlete wins gold medal at World Masters
8.2 percent Growth of GDP in real terms in Q1 of 2018-19 The Central Statistics Office has released the estimates of GDP for the first quarter (Q1) of 2018-19.
In line with momentum built in the economy, the growth of GDP in real terms in Q1 of 2018-19 is 8.2 percent, reinforcing the high growth of 7.7 per cent recorded in last quarter of 2017-18.
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