Chinas manufacturing growth unexpectedly accelerated in Aug
The Dollar Business Bureau China’s manufacturing industry growth is unexpectedly quickened in the month of August, indicating that the second largest economy of the world is still growing at a healthy rate in spite of cooling housing market and increasing financing cost. China’s official factory analyses showed that the Asia’s largest economy continue to be on a solid footing, despite apprehensions that the country’s growth may start fading in the coming months. The official Purchasing Managers’ Index (PMI), which is released on Thursday, increased to 51.7 in the month of August from 51.4 in July, beating expectations for a slight decline. According to a separate industry survey, the activity in steel sector accelerated at the fastest rate since April 2016 on the back of ...
Indias services PMI drops to 4-year low due to GST
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 ...
India proactively boosting trade ties with Africa, Sitharaman
The Dollar Business Bureau Various steps have been taken by Government to enhance trade and commercial relations with African countries, the minister for Commerce and Industries told the Upper House. Replying to a question in the Upper House, Nirmala Sitharaman said bilateral trade between India and African countries are reviewed regularly, including through bilateral mechanisms like of Joint Trade Committee Meetings and Joint Commission Meetings. The 4th India-Africa Trade Ministers’ Meeting was organized in New Delhi on October 23, 2015. Negotiations to enter into Free Trade Agreement with the Common Market for Eastern and Southern Africa (COMESA), a Regional Economic Community in Africa, Preferential Trade Agreement with the South African Customs Union (SACU) and a Comprehensive Economic Co-operation Partnership Agreement (CECPA) with Mauritius ...
AP to generate 2 lakh jobs in electronics and IT in 2 yrs
The Dollar Business Bureau Andhra Pradesh will create about two lakh jobs in the field of electronics manufacturing and information technology (IT) sector in the coming two years, said the state’s IT minister Nara Lokesh. “In order to fulfil the target, the focus will be on manufacturing medical devices, in addition to the manufacturing of consumer durables and mobile phones” Lokesh, who is the son of Chief Minister N Chandrababu Naidu and holds the portfolio of Panchayati Raj said. He met Ravi Shankar Prasad, Union Minister for Information Technology on Wednesday and asked for his assistance in a variety of IT-related projects which are in the pipeline and have the possibility to create jobs. “The Union minister assured us help as Andhra Pradesh is growing fast in both the ...
Commerce Department pushes for more sops for small exporters
The Dollar Business Bureau Striving to make the life of small exporters easier, the Department of Commerce is likely to push for greater interest subsidy and broader export credit insurance. As part of the review of Foreign Trade Policy (FTP) – 2015-2020, the Commerce Department is seeking to broaden the basket of services and to make it more attractive for foreign nationals to study and get medical treatment in the country. Nirmala Sitharaman, Commerce and Industry Minister, has marked two sections small exporters and services to be added in the review of the FTP, which is expected to be released in June, in time for the roll out of the Goods and Services Tax (GST). According to sources, Rs.1,000 crore has been ...
India will need 70 lakh project managers in next 10 yrs: Report
The Dollar Business Bureau India would be the world’s fastest growing country for project management related employment and this profession is expected to outperform overall global job growth in the coming decade, generating millions of new jobs in India, with highly-competitive pay, a report revealed. “India will require 70 lakh new project managers in next 10 years. It will emerge as the fastest growing country in the world for project management-oriented employment,” a report on Project Management Job Growth and Talent Gap 2017-2027 by Project Management Institute (PMI) said. The expansion in major sectors such as manufacturing, construction, publishing, technology, information services, and finance and insurance, will drive the growth in project management-oriented professions, it added. The report is the third such assessment on project management profession and industry ...
Automation, H1-B, ebbing growth: Culprits of layoffs in Indian IT
The Dollar Business Bureau As growth slows for India’s $150 billion IT industry, many IT majors have begun to lay-off mid and senior level employees to account for tapering revenue growth. The probable tightening of H1-B visas under Trump’s reign is also a strong motivator for companies to hire locally for projects based outside India. The global and domestic factors have together concocted a nightmare for IT professionals in India. As a result of automation and increasing use of bots, fruits of cutting edge research in machine learning and artificial intelligence, the IT industry is well poised to replace a huge chunk of its human capital with machines. The threat, which commentators have been worrying about for more than a decade, is ...
Oracle inks MoU with Jharkhand to drive digital transformation
The Dollar Business Bureau To drive digital transformation in Jharkhand, the US-based technology major Oracle Corporation signed a pact on Monday with the state government and said that the company has not set any targets for investments in technology. Safra A Catz, CEO of Oracle Corporation, who is on a 3-day visit to India said Oracle technologies are bound to drive digitization in the country, the second largest base of the company after the US. Catz hoped the recent pact with the Jharkhand government, and a similar agreement with the government of Maharashtra in 2016, would set a course for partnerships with other states. “The investment is unbounded. We have not bound the investments in any way...we have not put a cap on it,” ...
