Newsletter: 30th October- 5th November, 2017

INDIAN ECONOMY

India to be high middle income economy by 2047: World Bank CEO  

Days after it gave India a 30 place jump in its ease of doing business ranking  the Goods and Services Tax (GST) reforms push by the government will catapult the country to high middle income economy in 30 years. It credited India’s “extraordinary” achievement of quadrupling of per capita income to reforms taken in last three decades.

October services PMI at four-month high 

India’s services activity rose to a four-month high in October on the back of stronger demand, a private survey showed. The Nikkei India Services Purchasing Managers’ Index (PMI) rose to 51.7 in October, the highest since June, from 50.7 in September

 

India to become largest milk producer in 2026: Report

The OECD-FAO Agricultural Outlook 2017-2026 said the world’s population will increase from 7.3 to 8.2 billion over the course of the next decade with India and Sub-Saharan Africa accounting for 56 per cent of total population growth. The report said that given their strong population growth, India and Sub-Saharan Africa will also drive a large share of global demand.

 

Retail inflation for industrial workers hits 2.89% in September 

Retail inflation for industrial workers slid to 2.89 per cent in September, from 4.14 per cent in the same month last year, on account of cheaper food items. “Year-on-year inflation measured by monthly CPI-IW (Consumer Price Index-Industrial Workers) stood at 2.89 per cent for September 2017 compared to 2.52 per cent for the previous month (August) and 4.14 per cent during the corresponding month of the previous year.
Manufacturing slows in October as GST rollout hits flow of new orders 

Manufacturing activity slowed in October following a drop in new orders, a private survey said, but firms hired workers at a high pace to service greater volumes of outstanding business. The survey attributed the dampened demand to the negative effects of the roll out of goods and services tax (GST).
Huge biz opportunities for textile, apparel in UAE: FIEO 

Exporters body FIEO today said huge business opportunities exist in the UAE for domestic textile and apparel sector. It said in a 112-member business delegation from the sector is participating in the ‘International Apparel & Textile Fair’ (November 1-3) in Dubai. India is UAE’s largest trading partner and export to the Emirates in 2016 touched $32 billion

 

Made in China swamps PM Modi’s plans as backlash spreads to streets 

Two-way trade statistics tell the tale. India’s deficit with China has ballooned nine-fold over a decade to $49 billion in 2016 as China’s manufacturing edge stacks the odds against Prime Minister Narendra Modi’s three-year-old ‘Make-in-India’ program.

French companies take up business challenges with government officials

A French delegation comprising representatives from sectors such as defence and aerospace, renewable energy, food processing and retail held discussions with Indian officials on challenges faced by French companies in the country.
PAN not needed for cash sale of agri produce up to Rs 2 lakh/day 

The revenue department today said farmers do not need to quote PAN for cash sale of their produce up to Rs 2 lakh a day. The Central Board of Direct Taxes (CBDT) said in response to representations from stakeholders regarding the applicability of provisions of Income-tax Act, 1961 to cash sale of agricultural produce by the cultivators/ agriculturists. .
India is the world’s leading ‘banana’ republic

The advent of steam engine made possible the transfer of this perishable fruit to the American market. The commercial popularity of banana resulted in the formation of United Fruit Company in 1899. With the support of the American government, the company went on to create several politically unstable countries — the ‘banana republics’ of Honduras and Guatemala, etc. Today, India is the biggest producer of bananas, not these small, tropical countries

BUSINESS

Reliance Communications to shut voice calls from next month
Loss-making telecom operator Reliance Communications will shut down voice call service from December 1 and its customers can move to other networks by the end of the year, as per direction issued by telecom regulator Trai
Dividend-paying banks most likely to receive recap funds 

The government is planning its recapitalisation programme of public sector banks (PSBs) in such a manner that funds will be allocated largely to those lenders that will pay large dividends. The objective is to ensure that the capital infusion will be neutral on the fiscal deficit.
Rs 47-crore LPG subsidy deposited in Airtel bank accounts ‘opened without consent’ 

More than 23 lakh customers have received cooking gas subsidy of Rs 47 crore in their respective AirtelBSE -0.32 % Bank accounts they don’t seem to have opened, prompting the government to intervene even as the top mobile operator denied any wrongdoing.
India Posts bank to have nationwide operations by April 

India Posts Payments Bank services are expected to be available across the country by April, Payments Bank branches will be opened across 650 districts by around April. All these branches will be linked to rural post offices. This will be largest banking network in the country
ONGC to explore all ways to raise output: Chairman 

Timely project completion, attrition at senior level and low gas prices will be the key challenges for ONGCBSE 1.78 %, which is seeking to raise its oil production by a quarter and double gas output in five years with Rs 92,000 crore worth of projects underway
Brigade Group plans Rs 3,000 crore investments in 3 years 

Brigade Group is planning to invest Rs 3,000 crore over the next three years to expand its commercial property portfolio by 8 million sq ft. The Bengaluru-based property developer has office projects spread over 12 million sq ft at present. A top executive said the group will be building the assets mainly in southern India.
Torrent Pharma walks away with Unichem’s domestic business for Rs 3,600 crore 

Torrent Pharma is acquiring the domestic business of Unichem Laboratories for Rs 3,600 crore in a deal that will make the Ahmedabad-based company among the country’s top five drug makers. The deal will also give Torrent access to 120 brands of Unichem in India and Nepal besides a manufacturing unit in Sikkim.
Hero MotoCorp October sales dip 5% at 6,31,105 units 

Country’s largest two-wheeler maker Hero MotoCorp’s -1.13 % today reported sales of 6, 31,105 units in October, down 4.83 per cent, over the same month previous year. The company had sold 6, 63,153 units in October last year
WORLD

Lebanese prime minister resigns, saying his life in danger 

Lebanese Prime Minister Saad al-Hariri resigned on Saturday, saying in a televised broadcast he sensed a plot to target his life and criticising Iran and its Lebanese ally Hezbollah.
US official: Rohingya should be returned safely to Myanmar 

Rohingya Muslims should be returned safely to their homes in Myanmar after they were forced to flee the country amid a brutal crackdown by Myanmar security forces, the US would continue to support Rohingya who have fled to Bangladesh because of persecution in Myanmar’s Rakhine state.
Ousted Catalan leader calls for united front for independence 

Ousted Catalan leader Carles Puigdemont called on Saturday for a united political front in the Dec. 21 election to continue the drive for independence from Spain and to protest the imprisonment of former members of the regional government

APEC summit: Recognition of Vietnam’s economic achievements and challenges ahead 

All eyes are on the APEC Summit on Nov 11-12 in Vietnam — one of the fastest growing economies – amid the global economic slowdown. Vietnam as the host country, has attempted to harmonise interests, seek common ground to bridge differences, and promote co-operation among APEC members.
Territorial losses suffered by Islamic State in Syria, Iraq 

With new losses, the Islamic State group has been driven from more than 96 percent of the large parts of Iraq and Syria it once held, crushing its goal of establishing a “caliphate” in the region. Syrian President Bashar Assad’s military on Friday announced the capture of the eastern Syrian city of Deir el-Zour, while Iraqi Prime Minister Haider al-Abadi proclaimed victory in retaking the town of Qaim on the border, the militants’ last significant urban area in Iraq.

 

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