JANUARY

ECONOMY

Ø  RIL becomes India’s 1st firm to Cross Rs6-lakh crore Market Capitalization

Ø  Reliance Industries (RIL) become the first Indian company to cross the Rs6-lakh crore mark in market capitalisation as its shares touched a 52-week high of Rs974.5. RIL is owned 40% by its chairman Mukesh Ambani, making him the richest Indian with the personal wealth of $40.7 billion and the 20th richest globally, according to Bloomberg’s billionaire index.

Ø  India to grow at 7.4% in 2018: IMF

Ø  According to the International Monetary Fund (IMF), India is projected to grow at 7.4% in 2018 as against China’s 6.8%, making it the fastest growing country among the emerging economies. Due to demonetization and implementation of the Goods and Services Tax (GST), India’s economy slowed down a little bit to 6.7% in 2016. In 2017, India’s growth rate dropped to 6.7%. In its latest World Economic Outlook update released in Davos, Switzerland on the sidelines of the World Economic Forum, the IMF projected a 7.8% growth rate for India in 2019.

Ø  India’s richest 1% have 73% of wealth

Ø  The richest 1% in India cornered 73% of the wealth generated in the country last year, a new survey showed. Besides, 67 crore Indians comprising the population’s poorest half saw their wealth rise by just 1%. It is according to the international rights group Oxfam. The annual Oxfam survey is keenly watched and is discussed in detail at the World Economic Forum Annual Meeting.

Ø  Brazil bans buying cryptocurrencies

Ø  Brazil’s securities regulator prohibited local investment funds from buying cryptocurrencies. Brazil regulator bans funds from buying cryptocurrencies. The prohibition has been imposed, citing the reason that Cryptocurrencies cannot be considered financial assets. Owing to this decision, Brazilian funds cannot directly invest in cryptocurrencies such as Bitcoin.

Ø  India contributes $50,000 to UN Youth Envoys office

Ø  India contributed $50,000 to United Nations (UN) Secretary-General Antonio Guterres’s Office of Envoy on Youth to help with its mission of involving young people in the world body’s goals. The contribution was handed over by Paulomi Tripathi, a First Secretary in India’s UN Mission to the Youth Envoy Jayathma Wickramanayake. India contributes $50,000 to UN Youth Envoy’s office January 15, 2018.

Ø  India a top borrower from China-sponsored AIIB in 2017

Ø  India has emerged as a top borrower from the China-sponsored Asian Infrastructure Investment Bank (AIIB) with USD 1.5 billion worth of loans last year and USD three billion more in the pipeline. India is the second largest shared holder in the bank which has an authorised capital of USD 100 billion. China is the largest shareholder with 26.06 per cent voting shares in the bank. India is the second largest shareholder with 7.5 per cent followed by Russia 5.93 per cent and Germany with 4.5 per cent.

Ø  World Bank Report projects 7.3% growth for India in 2018

Ø  The 2018 Global Economics Prospect (GEP) released by the World Bank has projected India’s growth rate to 7.3% in 2018 and 7.5 for the next two years i.e. 2019 and 2020. According to report, India, despite initial setbacks from demonetisation and Goods and Services Tax (GST), is estimated to have grown at 6.7% in 2017, higher than 6.5% estimated by Government.

Ø  Karnataka tops States with Investment Intentions of Rs. 1.49 lakh crore

Ø  Karnataka topped all states with investment intentions of Rs. 1.49 lakh crore till October 2017, according to R V Deshpande, Karnataka Minister for Large, Medium Industries and Infrastructure Development. The investment was 43 percent of the country’s total investment intentions. Karnataka topped in FDI inflows and has performed well in exports, contributing about 40 percent in electronics and software services.

Ø  India GDP growth likely at 6.5% in 2017-18: CSO

Ø  The Indian economy will expand by 6.5% in 2017-18, according to the new data of the government’s Central Statistics Office (CSO). It had released its first advance estimate for India’s GDP growth rate in the current financial year. The economy had grown by 6.3% in the September quarter, after slumping to a three-year low of 5.7% GDP growth in the June quarter as the implementation of goods and services tax (GST) and demonetisation took their toll. The Indian economy grew at 7.1% in 2016-17.

Ø  Pakistan State Bank allows use of Chinese Yuan for Bilateral Trade & Investment activities

Ø  Pakistan has allowed Chinese currency Yuan for exports and financing transactions. According to Pakistan, external affairs ministry, both public and private sector enterprises of Pakistan and China are free to choose Yuan for bilateral trade and investment activities. As per current foreign exchange regulations, Chinese Yuan is an approved foreign currency for denominating foreign currency transactions in Pakistan.

Ø  Saudi Arabia, UAE introduce VAT for first time

Saudi Arabia and United Arab Emirates (UAE) became first countries of Gulf Cooperation Council (GCC) to introduce Value Added Tax (VAT) for the first time to increase their revenue away from oil reserves. The other members of 6 member GCC– Bahrain, Kuwait, Oman and Qatar – have also committed to introduce VAT, though some have delayed plans until at least 2019.