Search Result for : Economic Affairs

The Dollar Business Bureau  Germany’s industrial output had unexpectedly declined in June - for the first time this year, a data by German Ministry of Economic Affairs revealed on Monday. However, the industrial production increased overall in the second quarter of this year. The production fell by 1.1% in June after increasing 1.2% in May, the data showed. But production in factories and construction companies in Germany was 1.8% higher in the period April-June compared to the previous quarter. The Ministry said the upward trend would continue as indicated from the order levels and favourable business climate. “As unexpected as today's drop in industrial production has been, the German economy is still on track to post another strong quarter,” Carsten Brzeski, an economist with ING ...

The Dollar Business Bureau Commerce and Industry Minister Nirmala Sitharaman reached Shanghai on Monday for attending the two-day meeting of trade ministers of BRICS (Brazil, Russia, India, China, South Africa), starting on Tuesday. During the meeting, it is expected that Sitharaman would raise concerns over the increasing trade deficit of India with its neighbour China. The seventh meeting of five-nation bloc – BRICS, will discuss on expanding cooperation in e-commerce in the forthcoming annual meeting, the Ministry of Commerce (MOC) of China said. Cooperation in e-commerce such as in the fields of payments and logistics, is fast emerging among the BRICS members, with several products of the member-nations gaining traction in China, said Zhang Shaogang, Director at Department of International Trade and Economic Affairs with China’s MOC. “Economic and technological ...

The Dollar Business Bureau Subhash Chandra Garg, a senior bureaucrat on Wednesday took charge as the new Secretary of Department of Economic Affairs (DEA), Ministry of Finance. Garg succeeds Shaktikanta Das, who had retired on May 31 after an extended term. Tapan Ray, Corporate Affairs Secretary, was handling the additional charge of Economic Affairs Secretary after the exit of Das. “Subhash Chandra Garg assumed charge as full-time Secretary, Department of Economic Affairs, said an official statement on Wednesday. In his immediate preceding posting, Garg has served as the Executive Director, World Bank for India, Bhutan, Bangladesh and Sri Lanka. He is a 1983 batch IAS officer, from Rajasthan cadre and has worked in various capacities with the central government. “Garg has widespread administrative experience ...

The Dollar Business Bureau With an 11% hike in the fair and remunerative price (FRP) of sugarcane, there could be a rise in the retail prices of sugar, industry body National Federation of Cooperative Sugar Factories (NFCSF) said. As per official data presently sugar’s retail prices are at Rs 40-45 per kg. In its public release on Wednesday the government stated that “The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for fixing the Fair and Remunerative Price (FRP) of sugarcane at Rs. 255/- per quintal (qt) for sugar season 2017-18 linked to a basic recovery rate of 9.5% subject to a premium of Rs. 2.68 per quintal for every 0.1% point increase ...

PTI Upset over not getting a rating upgrade, India has lashed out at global rating agencies saying they are far detached from ground realities and must introspect as the reforms initiated certainly warranted an upgrade. Economic Affairs Secretary Shaktikanta Das said India was being denied an upgrade even as growth and fundamentals improve. In past too, India has questioned the methodology used by global rating agencies saying the nation compares favourably with other emerging countries on metrics such as default risk. In particular, it points to S&P Global Ratings keeping China at AA- despite rising debt and slowing growth while India has been kept at one step above junk. Moody's and Fitch too give similar rating citing ...

The Dollar Business Bureau On Wednesday, the Cabinet Committee on Economic Affairs approved a foreign investment proposal of Rs 9000 crore, put forward by Twin Star Technologies. The FDI proposal is expected to generate employment opportunities for 30,000 people in India.  According to the proposal, the Mauritius based company will invest the said amount in India on or before March 2025. The investment route will comprise a mix of equity, compulsorily convertible preference shares, compulsorily convertible debentures, and other FDI compliant instruments.  The proceeds of the investment will flow towards operations of Twin Star Technologies in India – a venture led by business magnate Anil Agarwal who is also the founder and Chairman of Vedanta Resources Plc. Vedanta’s business interests in India include ...

The Dollar Business Bureau Economic Affairs Secretary Shaktikanta Das said on Tuesday that India is ready for a ‘big leap’ in growth which could reach 8 percent in this financial year on account of normal monsoon.  “India today is poised for a big leap in terms of growth. Last year, we recorded a growth of 7.6 percent. This year with the monsoon, which I hope will be normal, I think we are looking at touching 8 percent,” he said at an event in New Delhi, organised by CNBC-TV18.  In the last fiscal of 2015-16, the economy grew at 7.6 per cent. The Economic Survey by Ministry of Finance had estimated 7-7.75 percent growth rate for 2016-17 whereas Reserve Bank of India has ...

The Dollar Business Bureau Based on the suggestions made by the Foreign Investment Promotion Board (FIPB), the Government on Friday approved 10 FDI (Foreign Direct Investment) proposals amounting to Rs.505 crore. This includes the proposal of Helix Investment Pte, a group based in Singapore. On the FIPB’s agenda, there were 18 proposals. Out of which, 10 were cleared in an inter-minister panel, chaired by Shaktikanta Das, Secretary - Economic Affairs. Out of total 18, the board rejected two proposals and deferred four, which also includes the proposal of Sharekhan.According to an official from the finance ministry, the FDI proposal worth Rs.475 crore of Helix Investment was cleared by the board. In India, FDI is allowed through automatic route in many sectors. However, for ...