India will turn out to be a role model for the world economies, Cisco Chairman
The Dollar Business Bureau John Chambers, the Executive Chairman of Cisco Systems Inc was in India during the creation of the US-India Strategic Partnership Forum (USISPF). An ardent admirer of India, its culture and its government’s strategy and vision, John Chambers is confident that India will figure among the top three economic powers in the next 10 to 15 years. He believes that the country’s strength lies in the democracy and the partnerships it has with other countries. Chambers who is now the Chairman of USISPF declared that, ‘if he were to bet on one nation for future outside the US, it would be India.’ He predicted that India would turn out to be a role model for the world economies. "You will ...
WTO's trade facilitation agreement comes into effect
PTI The WTO's trade facilitation agreement, which seeks to ease customs norms, has come into effect from Wednesday with its two-thirds members ratifying the pact. The TFA, which has been ratified by India, will give a boost to the global trade, which has been impacted due to slowdown in the world economy.According to experts, the agreement comes at a time when India's efforts to improve exports are gaining momentum."As the pact has come into force, the member countries who have ratified would now be required to ease customs barriers.It would help countries like India which are trying to push exports," said Biswajit Dhar, professor at the Jawaharlal Nehru University.The 164-member World Trade Organisation (WTO) in a statement said that a major milestone ...
More risks from Brexit than perceived: ASSOCHAM
The Dollar Business Bureau The Indian government should intensify its observation on the current political-economic situation in Europe, Associated Chambers of Commerce and Industry of India (ASSOCHAM) said, as the risks from Brexit are going to be more severe than perceived in the beginning. The industry body urges the government to set up a monitoring group to study the risks to the world economy as well as to India from Brexit. India’s exports have come down continuously for over 18 months, and any escalation from here would be mainly due to the impact of a lower base. ASSOCHAM Secretary General D S Rawat said that India must keep an eagle eye on countries like China as they may tweak the value of their currencies ...
India on an upward trajectory, to grow at 7.3%: UN report
The Dollar Business India is on an upward trajectory and will be the world’s fastest growing economy by 2017. This was the forecast report, released by the United Nations. With the momentum gained by the Indian economy, the country is expected to grow at 7.3% in 2016 and further grow at 7.5% in 2017. The forecasts are slightly up from the estimated growth of 7.2% in 2015. While stating that South Asia will be the fastest growing region in the world by 2017, the World Economic Situation and Prospects of 2016-2017 report added that India will retain its number as the fastest growing economy for some time. The signs are all there. The macro-economic activities in India, backed by declining prices of food, metals ...
IMF suggests policies to spur global growth
The Dollar Business Bureau Underscoring that the world economy is expanding at an increasingly slow pace, thereby leaving the economic growth open to negative risks, International Monetary Fund (IMF) called on the countries to undertake growth-friendly fiscal policy stance and make contingency plans to materialise downside risks. The IMF said the global economic growth has been too slow for too long; and although the current economic outlook looks less bright, there is a possibility of a better growth in the coming years, provided the countries strengthen their baseline outcome by taking growth-oriented initiatives. The global lender in its press release said structural reforms in a good sequence complimented with an equally good fiscal support can only bring about a positive global output. “Finally, further ...
Economy can withstand China ripple effects, says RBI official
Source: PTI A day after the biggest-ever plunge in markets, RBI Deputy Governor S S Mundra sought to allay fears saying the problems are transient, driven by interconnectedness of the world economies and that India is capable of dealing with any kind of external shocks. “From the view point of where we were two years ago and where we are today, whether it is the level of our foreign exchange reserves or the current account deficit position, and going forward how commodities pricing situation is looking at, I would believe that in medium to long-term, we are on the right path," Mundra told reporters on the sidelines of the national bankers meet FIBAC in Mumbai. The reform agenda taken by the government ...
India slips down the Global Competitiveness rankings for the sixth consecutive year
The Dollar Business Bureau | @TheDollarBiz The World Bank estimates that it takes 12 procedures and almost a month to register a business in India. Taxes amount to 63% of a company's profits, and the labour market is inefficient and rigid, it says. India has slipped several notches down in the World Economic Forum’s (WEF) Global Competitiveness Index (GCI) 2014-15 to the 71st rank, down from the 60th rank India stood at in the GCI 2013-14 rankings. While Switzerland retains its top spot for the sixth consecutive year, Singapore continues to be at No.2. All other BRICS countries are above India in the rankings and several ASEAN nations have improved their rankings this year: Malaysia (20, up from 24 in ...
