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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 Iran will witness a sharp increase in its natural gas production and exports after easing of Western sanctions last year, Deputy Oil Minister of Iran, Amir Hossein Zamaninia said on Tuesday. The latest deals with global companies show that they believe the sanctions are not coming back, he added. Iran's gas output would increase to 1 billion cubic metres per day by this year end from the present 800 million cubic metres a day, said Zamaninia. The Minister further said the volumes currently available for exports with the country should rise to 365 million cubic metres per day by 2021, which is more than the exports of Qatar - the largest producer of liquefied natural gas in the world. Earlier this ...

The Dollar Business Bureau  India today signed the OECD multilateral convention that aims to check cross-border tax evasion by multinational companies. The Finance Minister, Arun Jaitley signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting in Paris.  More than 65 countries, including India, signed the convention. More countries are expected to sign in coming days, a finance a finance ministry statement said.  "The Convention will modify India's treaties to curb revenue loss through treaty abuse and base erosion and profit shifting strategies by ensuring that profits are taxed where substantive economic activities generating the profits are carried out and where value is created," the statement added.  The Multilateral Convention is an outcome of the OECD/G20 Project ...

The Dollar Business Bureau  On the fourth leg of his four-nation tour, Prime Minister Narendra Modi reached France today during which he will hold discussions with French President Emmanuel Macron on a number of major issues such as terrorism, climate change and India's membership bid for Nuclear Suppliers Group (NSG). “Reached France for a vital visit to enhance ties with one of our most important strategic partners,” Modi said in a tweet after landing in Paris. Modi arrived in France after concluding his Russia’s visit during which he had discussions with President Vladimir Putin and also attended the St Petersburg International Economic Forum. Modi started his four-nation tour with his visit to Germany, formsthen he visited Spain, and held talks with the leaders of the both the countries. During ...

The Dollar Business Bureau  After completing his engagements in Germany, Prime Minister Narendra Modi arrived in Madrid, the capital of Spain, on the second leg of his four-nation, 6-day tour focussed at enhancing bilateral economic cooperation with these four nations and to invite more investments into India.  “Landed in Spain, marking the start of a very important visit aimed at improving economic and cultural relations with Spain,” Modi tweeted just after landing in Spain.  Modi will be the first Indian Prime Minister to visit Spain in around 30 years. The last one was in 1988 by the then Prime Minister Rajiv Gandhi. “Hola Espana! Prime Minister Modi arrives in Madrid, first visit by an Indian Prime Minister in nearly three decades, is received by ...

Sheela Mamidenna  With the Central government announcing curbs on cattle slaughter on May 26, the leather exports industry seems to be bracing itself for a rapid downward spiral. Though there seems to be a lot of misinterpretation on the latest notification, till the Government comes up with a plausible explanation, the Indian leather industry and its buyers are left frazzled.  According to media reports, major international fashion houses have started enquiring from their suppliers whether they would be able to meet their commitments.  Meanwhile, the Commerce and Industries Ministry has suggested a proposal to the Finance Ministry asking for a Rs 4,000-crore package, which includes both tax and non-tax benefits similar to the one announced for the textiles sector last year. According to officials ...

The Dollar Business Bureau Wolfgang Schaeuble and Bruno Le Maire the finance ministers of Germany and France agreed on Monday to strengthen the euro zone, leasing a breath of fresh air to the stalled reforms of the currency union. This was the first meeting between the representatives of the two largest economies in Europe, after Emmanuel Macron’s election as the French President. Both the ministers have agreed to set up a joint working group that would come up with ideas by July on ‘deepening the euro zone integration’, as described by them during the joint press meet at Berlin. The French minister said that the aim of the joint working group would be to study the prospects of  a fiscal convergence, joint investment ...

The Dollar Business Bureau  After dropping to a 7-week low previously in the trading session, gold moved up marginally on Monday on bargain-hunting and the euro strengthened against the dollar after Emmanuel Macron won France’s presidential election. Spot gold increased 0.3% to $1,230.88 an ounce at 0401 GMT, after reaching $1,224.86 per ounce earlier in the trading session, the lowest since March 17. Gold futures at US exchanges also rose 0.3% at $1,230.60 per ounce. On Monday, the euro touched a high of six months against dollar after Macron, a pro-European Union candidate, won the presidential election in France, defeating the far-right nationalist, Marine Le Pen, who threatened to pull out the country from the EU. “Leading into the election, with many polls predicting Macron's ...