India, Korea to sign pact for seafarers to work on Korean ships: Gadkari
The Dollar Business Bureau Union Minister of Shipping, Road Transport & Highways and Water Resources, River Development & Ganga Rejuvenation Nitin Gadkari said on Sunday that India and South Korea are set to strengthen their relations in the field of shipping and ports and will sign an agreement that will facilitate Indian seafarers to work on Korean ships. “The undertaking with the Republic of Korea for mutual recognition of Certificate of Competency (CoC) will be beneficial to both the countries as Korea is a large ship owning nation while India is a large seafaring nation with around 1,54,349 Indian seafarers,” the Minister said before leaving for Seoul. Gadkari will be on a four-day official visit to South Korea from April 9, 2018. “This agreement ...
Indias economy is recovering; to grow at 7.3% in 2018-19: Fitch
The Dollar Business Bureau International credit rating agency Fitch on Thursday projected India’s economic growth rate at 7.3% in the next financial year of 2018-19 and at 7.5% in the 2019-20 fiscal, as the Indian economy is showing signs of recovery because the disruptions caused due to demonetisation and goods and services tax (GST) have gradually diminished. However, India’s economic growth rate is estimated at 6.5% in the current fiscal, a little lower than the official estimates of 6.6% by the Central Statistics Office (CSO),” according the Fitch’s Global Economic Outlook report. Indian economy grew at the rate of 7.1% in 2016-17. “The pick-up in growth is likely as the influence of one-off policy-related factor which was dragging growth has now waned,” the US-based ...
Moody's predicts this year's G20 economic growth at just over 3%
The Dollar Business Bureau The Moody’s Investors Service predicted the G20 economic growth at over 3% for this year and the next. It also warned of challenges like US protectionism, China’s deleveraging measures and geopolitical risks. The agency said strong data in the first half of the year prompted it to raise the 2017 growth forecasts of China to 6.8%, South Korea to 2.8%, Japan to 1.5%. It also expects the euro zone to increase in the rest of the year, as suggested by the robust indicators and therefore forecast positively for France, Italy and Germany. Its forecast for United States however was reduced to 2.2% for 2017, 2.3% for 2018, from its earlier prediction of 2.4 and 2.5% mentioning the superpower’s weaker-than-expected ...
India to announce a new bio fuel policy to cut imports of fossil fuels
The Dollar Business Bureau The Government plans to unveil a new policy for promoting the use of biofuels in the transport that will help in catalyzing about Rs.1 lakh crore of investment in the whole value chain, Oil and Petroleum Minister Dharmendra Pradhan said on Thursday. India has to import around 80% of crude oil to meet its requirements and use of biofuels produced from non-edible oils help the country in meeting its target of cutting down the imports by 10% by 2022, Pradhan said at an event organised to mark ‘World Biofuel Day’. The top three state-run oil companies of India Bharat Petroleum Corp Ltd (BPCL), Indian Oil Corp (IOC) and Hindustan Petroleum Corp Ltd (HPCL) have pledged $2 billion investment for carrying ...
GST will lead to considerable increase in GDP in next 6 months: Adi Godrej
The Dollar Business Bureau Noted industrialist and Chairman of the Godrej Group Adi Godrej said on Wednesday that the Goods and Services Tax (GST) will lead to significant growth in the gross domestic product (GDP) in the coming six months, while acknowledging that there are some specific teething issues under the new indirect tax regime. “This (GST) could add tremendously to our GDP growth. There are some teething problems here and there, I think they are being resolved. The government is taking a very refreshing approach to the GST introduction. I think it would be a great success and in the next six months or so, our GDP growth rate will rise quite considerably,” Godrej said at an event organised by the ...
ASEAN occupies central place in Asia-Pacifics security architecture: VK Singh
The Dollar Business Bureau Minister of State for External Affairs Gen VK Singh said on Sunday that ASEAN (Association of South East Asian Nations) occupies a central position in the Asia-Pacific region’s “security architecture” and has the distinctive ability to reflect the greater interests of world. From the Indian perspective, ASEAN occupied a central place in the security architecture of the Asia-Pacific region, Singh said while speaking at the 15th meeting of ASEAN-India Foreign Ministers in Manila. In the last five decades, the regional intergovernmental organisation had put behind it several post-decolonisation discussions of the region and steered away adeptly from the Cold War to enter in a new era of higher economic growth that act as an example to others, he said. “Surviving ...
US durable goods shipments increased in June suggesting increase in business spending
The Dollar Business Bureau Key US-made consumer durable goods shipments showed an increase in June for the 5th consecutive month indicating that business spending on equipment has increased boosting the economic growth in the second quarter. That the US economy is bettering gained weight as data gathered showed a sharp narrowing of the trade deficit in goods while there has been an increase in retail and wholesale inventories. Government reports on the second quarter GDP estimates on Friday prompted economists to raise growth forecasts to 3.5% annual rate. Voicing cautioned optimism, Chris Rupkey, the Chief economist at Mitsubishi UFJ Financial Group (MUFG), New York told reporters that, ‘the economy still has legs in this long expansion from the end of the recession. The ...
US Committee says Indian policies are discriminating against US exports and investments
The Dollar Business Bureau The influential House Appropriations Committee in its report accompanying the annual Appropriations Bill 2018, said that several policies adopted by the Indian government to boost its economic growth, protect domestic manufacturing, actually discriminated against US exports and investments. 'India, while striving to improve its economic growth, has been enacting a series of policies to increase domestic manufacturing and protect domestic industries and agricultural production that discriminate against US exports and investment,' the Committee said. The report was prepared in conjunction with the US Commerce, Justice, Science and Related Agencies Appropriations Subcommittee that has several agencies under its control that combat gangs, drug trafficking, violent crime, terrorism espionage, financial fraud; enforcing trade laws; exploring science, space; managing fisheries etc. The Appropriations ...
