Search Result for : Economy

The Dollar Business Bureau Citing the importance of efficient logistics for facilitating trade, Minister of Commerce and Industry and Civil Aviation Suresh Prabhu on Thursday said that 56 new airports in India would be functional in the coming few years. “Efficient logistics is critical for countries like India to harness trade and facilitate greater and faster integration with both the domestic as well as the world economy,” the Minister said while speaking at the two-day Global Logistics Summit, jointly organised by Ministry of Commerce, FICCI and World Bank Group. Keeping this in mind, 56 new airports will become functional in the next few years which will enhance connectivity in the country,” he added. While urging all the stakeholders to churn new ideas for enhancing India’s logistics efficiency, Prabhu said, “There ...

The Dollar Business Bureau Finance Minister Arun Jaitley said on Thursday that the positive effect of the economic measures that has been taken by the current government would be visible in the medium to long-term. Jaitley said that in spite of slowdown globally and the previous government leaving the country among the ‘Fragile Five’ nations of the world in 2014, the current government, under Prime Minister Narendra Modi, not only undertook huge structural reforms but it also made the country a fastest-growing economy, consecutively for three years.  “Some of the structural reforms undertaken by the government were attempted by the previous dispensation too, but it failed to do so because of several reasons,” the Minister said in the Rajya Sabha while replying to ...

The Dollar Business Bureau The German Chancellor Angela Merkel warmed to the idea of creating a combined European finance and the forming of a European Monetary Fund. This signalled a willingness on the part of the Chancellor to deepen the euro zone integration. On the idea floated by her finance minister Wolfgang Schaeuble, Merkel said she supported “the very good idea” to turn the euro zone’s rescue fund, the European Stability Mechanism (ESM), into a European Monetary Fund. In May 2010, the European Financial Stability Facility was formed which was later called the ESM. The ESM works alongside the IMF in assisting Europe’s financial programmes. The creation of ESM was a powerful step offering a powerful means to backstop sovereign debt markets and ...

The Dollar Business Bureau Mergers and acquisitions (M&As) by Chinese firms in nations which are part of the Belt and Road Initiative (BRI) are rising, even as the Government cracks down on acquisitive conglomerates of China to limit capital outflows. The acquisitions by Chinese firms in 68 countries that are officially linked to the foreign policy of President Xi Jinping totaled around $33 billion till August 14, exceeding the $31 billion total count for the entire 2016, as per the data by Reuters. The BRI project, unveiled in 2013, is aimed at creating a modern-day ‘Silk Road’, which connect China by sea and land to Pakistan, Southeast Asia and Central Asia, and further to the Europe, Africa and Middle East. President Xi has ...

The Dollar Business Bureau  India’s services sector activities declined in July to a four-year low due to the disruptions caused by the implementation of Goods and Services Tax (GST), according to a private survey. However, the sector is confident of a speedy revival as the new indirect tax regime settle down.   The Nikkei India Services PMI Business Activity Index dropped from the eight-month high of 53.1 in June to 45.9 in July, the lowest since September 2013.  A reading over the level of 50 on the index indicates expansion whereas a reading below the halfway level shows contraction.   “PMI data for July highlight a reversal in fortunes across India, with the economy going into reverse mode after seeing a pickup in ...

The Dollar Business Bureau  The growth of China’s services sector was marginally low in the month of July as the expansion of new businesses eased, said a private business survey on Thursday.  The latest findings were in sync with an official estimate of non-manufacturing sector released on Monday that showed cooling down of growth in services sector, adding to the speculations that the world’s second largest economy could grow slightly slower in upcoming months.  The Caixin/Markit services purchasing managers' index (PMI) declined a little to 51.5 in July compared to 51.6 in the previous month.  Though the decline was marginal, the figures matched with the level of reading in April this year that was lowest since May last year.  New businesses continued to grow at ...

The Dollar Business Bureau Brazil and the European Union (EU) have jointly proposed a cut in the incentives provided by developing economies to the farmers, a step that could adversely impact India, along with other emerging countries.  In a paper to the World Trade Organisation (WTO), jointly prepared by the two, it proposed a reduction in the limits on subsidies given to farmers by developing economies.  If the given proposal is approved, India would not be able to provide any subsidy apart from the minimum support price (MSP) and may have to curb the incentives for disease and pest control, infrastructure, marketing services, etc.  In addition, the proposal asks to ban exports of food stocks that are meant for public distribution in ...

The Dollar Business Bureau Estimating a positive economic prospect for the US, Janet L Yellen, Chairwoman, Federal Reserve System Board has told the American lawmakers that the world growth is likely to boost the US exports. “I expect that, with further gradual adjustments in the stance of monetary policy, the economy will continue to expand at a moderate pace over the next couple of years, with the job market strengthening somewhat further and inflation rising to 2%,” she told House Finance Services Committee members during a Congressional hearing. “This judgement shows our view that the monetary policy continue to be accommodative. The present job gains would continue supporting the growth in incomes, thereby consumer spending. The world economic growth should further support US ...