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The Dollar Business Bureau India looks set to overtake the economies of France and Britain in 2018 to become the fifth largest economy in the world in dollar terms, according to a report by one of the leading economics consultancies in the UK. The World Economic League Table 2018 by Centre for Economics and Business Research (Cebr) consultancy painted a positive view of the world’s economy, supported by cheap prices of energy and technology. India’s rise is a part of the trend that will witness economies in Asia increasingly dominate the 10 biggest economies in the coming 15 years. Douglas McWilliams, Deputy Chairman, Cebr said, “Despite temporary setbacks, India's economy has still caught up with that of France and the UK and in 2018 ...

The Dollar Business Bureau India and Tanzania on Tuesday agreed to enhance sectoral cooperation at the fourth session of the India-Tanzania Joint Trade Committee meeting held in New Delhi. It was decided that the cooperation would be based on the needs of therespective sides and comparative advantage for mutual benefit. Tanzania is a beneficiary of the Indian Duty Free Tariff Preference Scheme, which has considerably boosted the exports from Tanzania to India in past few years, said an official release from the Ministry of Commerce. At the meeting, Commerce and Industry Minister Nirmala Sitharaman led the Indian delegation and the Tanzanian delegation was led by Charles John Mwijage, Minister for Industry, Trade and Investment of Tanzania. In her address, Sitharaman said, “India and Tanzania enjoy close ...

The Dollar Business Bureau Indian-origin businessman Sanjeev Gupta is likely to bail out yet another ailing plant in Britain after he agreed to acquire the UK’s biggest producer of merchant bars that are used in shaping steel products. As per the deal, Gupta’s Liberty House Group will buy out 100% of the share capital of the Caparo Merchant Bar Plc (CMB) from its managers of Caparo Industries. The acquisition forms a part of Liberty House’s broader strategy for Britain’s steel industry, with taken over major parts of Tata Steel’s UK business and earlier acquiring a large part of Caparo’s engineering operations when the plants owned by Indian-born business magnate Lord Swraj Paul, went into management in 2015. “CMB remained solvent despite its parent, Caparo Industries Plc, ...

The Dollar Business Bureau  Based on the theme of ‘Future Energy’, India’s Pavilion at the ongoing international exhibition Expo 2017 in Astana, the capital city of Kazakhstan, is attracting a lot of visitors. The participation of India at the event has been organised by the nodal body of the government to promote country's external trade - India Trade Promotion Organisation (ITPO).  The pavilion was jointly inaugurated by L. C. Goyal, Commissioner, India Pavilion and CMD, ITPO and Harsh Kumar Jain, Ambassador of India to Kazakhstan. The Expo, which is being held from June 10- September 10, 2017, is witnessing participation from 100 nations and more than 10 international organisations. The participation of India at this year’s Expo has become quite significant ...

The Dollar Business Bureau Malaysia’s Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said that in the last decade, Malaysian firms have created a strong presence in Indonesia in major sectors such as banking, construction, plantation, energy, toll-road and telecommunications. He said while referring to a roundtable business meeting, co-chaired by himself and Eko Putro Sandjojo, a Minister in the government in charge of facilitating Malaysian investments in Indonesia, where Malaysian firms expressed their keenness to continue to play a major role in the socio-economic growth of Indonesia. The roundtable meeting was the first joint discussion between the two countries with maximum number of high-profile government and business delegates. “The huge participation from Malaysian companies at the event indicated their keen interest to keep doing ...

The Dollar Business Bureau Prime Minister Narendra Modi left for Kazakhstan on Thursday to attend the two-day summit of Shanghai Cooperation Organisation (SCO). During the summit to be held on June 8-9 in Astana, the capital city of Kazakhstan, India is set to become a member of the SCO. The Prime Minister will also attend the inauguration of the Astana Expo 2017 on Friday which is based on the theme of ‘Future Energy’ this year. “At this meeting, on completion of the process, India will become a full Member of the SCO upon which SCO will represent over 40% of humanity and nearly 20% of global GDP,” the PM wrote. “We launched the process of full membership in Tashkent meeting of the SCO last year. I look forward to deepening India’s ...

The Dollar Business Bureau  To catch up rapidly in development, India is “thinking big and moving big” as the country lags behind its neighbour China, by providing huge opportunities to a nation like the US, a University of Maryland Professor told the American lawmakers.  “India is moving quite quickly in a number of areas as well, again, on renewable energy, which is a kind of golden thread running through this hearing. India is thinking big and moving big,” said Robert Orr, Professor and Dean, University of Maryland, School of Public Policy, at a Congressional hearing.  Replying to a question, he said that India has big goals on wind and solar. The country is not only meeting them but also surpassing them. These areas ...

The Dollar Business Bureau It has been six months since the Modi-led government decided to invalidate more than 85% of cash in circulation. Curbing terror funding, boosting cashless economy and cracking down on counterfeit currency were among a host of reasons cited, the most critical one being elimination of black money from circulation. The UN recently released a study titled ‘Potential Impact of Demonetisation in India’, which stated that demonetisation alone will not be able to uproot the seeds of black money. To prevent future flow of black money, the study said, other complementary measures would be required. The Goods and Services Tax reform, voluntary disclosure of income scheme, the linking of taxation with unique identification numbers, were among the other supporting steps ...