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India overtakes France - becomes world's sixth-largest economy

India replaces France becomes the sixth-largest economy in the world according to the data released by the world bank on GDP of countries in the world in 2017.

Surprisingly India is now after the United Kingdom, India's GDP had a $2,597 trillion as France had $2,582 trillion, less than India's helped to gain the place.

The United Kingdom has recorded their GDP as $2,622 trillion in 2017, the US stands as No.1 at $19,390 trillion and China stands no.2 $12,237 trillion.

Unacceptable to China- $200 billion tariff by US,result of trade war

China has strongly reacted to the proposal by the US to an additional tariff on $200 billion dollars of Chinese goods. It is not acceptable as it will draw similar action by China.

China has stated that US imposing tariff on Chinese goods would not only hurt Americans' along with the Chinese, it will also hurt the interest of people all over the world.

34,000 crore loan Wavier - Karnataka government announces in its first budget.

Karnataka Chief Minister H.D. Kumaraswamy fulfilled the promise he made during the election campaign by waiver of crop loans worth Rs 34,000 crore,  loan up to Rs 2,00,000/-   to each person who has taken the farm/crop loan.

This does not come without adding burden to others as the state government will recover this amount by taxing petrol, diesel Electricity Liquor, and Motor Vehicles.

This budget has Rs9,307 crore more than the previous budget, which will meet the demands, to an extent.

Noose tightened on Vijay Mallya - UK court allows search on his property.

UK Court allows search on Vijay Mallya's properties, take control of goods found in them. This order enables the concerned authorised to enter " Bramble lodge" and buildings within the properties of Tewin in English country Hertfordshire.

The authorized " may use reasonable force to enter the property, if necessary"- says the order issued by Justice Bryan at the Queen's bench division commercial court in London.

The order issued against the case filed by the state of India and other banks who have cases against Vijay Mallya failed to repay the loans, pending recovery.

ICICI Bank aims for Rs 2 lakh crore of home loan portfolio.

The country’s largest private sector lender, ICICI bank is aiming to lend Rs 2 lakh crores as home loans portfolio by the end of the financial year 2020. Currently, the bank’s home loan portfolio is worth Rs 1.5 lakh crore.

Anup Bagchi,executive director, said “We have crossed the milestone of disbursing over Rs 1.5 trillion of mortgage loans, in a profitable manner with the lowest delinquency in the industry”He also said that the bank is expanding in tier 2/3 cities as well as micro markets so that major cities can grow its home loan portfolio.

Oil prices - big threat to Indian Economy

The steep increase in International oil prices is the biggest threat to the Indian economy says Moody's Investor's Service. The recent Dollar-rupee fall to a new low of the year did force India to go on the back foot.

Not only this, Investments after the Banks'balance statements too is another factor as many lead banks are fighting legal battles to recover huge loans given to Individuals who are absconding without making any payment.

Over Valued Indian Rupee by 5 to 7%- Says Rajiv Kumar.

Senior advisor to the government of India Rajiv Kumar of NITI Ayog has stated that Indian Rupee is overvalued by 5 to 7% as on date.

Over-all fall of Indian rupee to a record low of Rs 69.0950 against a dollar on Thursday, has been the lowest so far in the history.

The rate of inflation in India is much higher than the global rate, which is determinant in the exchange rate, the effective exchange rate today is at 69 or 68.97, still overvalued by 5 to 7% as per the statement by Rajiv Kumar.

Google ceased out the brand names AdWords and DoubleClick...

 The AdWords and DoubleClick brands of Google ceased out in order to a comprehensive effort to make them more efficient offerings. This restructuring is to reflect their current capabilities in a better way and where the company sees a way for growth. Through this, Google’s flagship advertising products are getting new names without changing the fee.

Zhou Qunfei-richest self made woman.

Zhou-Qunfei, an entrepreneur from China is the richest self-made woman worth 7.8 billion dollars.

She had to take up a job in a factory at the age of 16 when her mother died. She made glass covers for smartphones.

2018 has a list of record 255 women who are the self-made billionaire, forming 67% of the list of which 72 self-made women are really worth emulating.

Infamy Nirav Modi flees to United Kingdom

niravmodi

Infamy Nirav Modi flees to the United Kingdom, finding ways to seek political asylum based on Indian and British rules for an asylum.  British officials have not sent out any official disclosure about the arrival of Nirav Modi in London, the fraudster is on the run seeking help to avoid extradition to India. On cheating the Punjab National Bank over 2 billion.  

Air India- on Disinvestment's hit list.

India's National Airliner- Air India's disinvestment process has been on the radar for some time as the debt-laden has no bidders to put their neck into the infamous national carrier. Mr.Suresh Prabhu, Civil Aviation Minister said that the future of Air India will be decided by the group of Ministers, other options would be discussed by the AISAM- Air India Specific Alternative Mechanism headed by Union Finance Minister Arun Jaitley.

Phonepe Digital Payment crosses 100-million users.

Flipkart owned digital payments start-up had overtaken paytm to become the largest consumer payments company in the country in terms of total payment volume(TPV). The Bangaluru based firm had hit $20 billion in TPV annual run rate, making it the largest player in terms of transaction value. Phonepe had also crossed  100-million user mark.

 “That is what we believe based on the understanding we have... we are the largest consumer payments [company] in the country today,” said Rahul Chari, co-founder and chief technology officer of PhonePe.

Oil Price Rising: IndiGo reintroduces fuel surcharge.

IndiGo brings back the fuel surcharge due to the rising of oil prices and aviation turbine fuel (ATF). The surcharge will be applicable on domestic trips and it will be effective from the midnight of May 29, 2018. Passengers will be levied Rupees 200 on routes less than 1,000 km and  Rupees 400 for routes longer than 1,000 km. Aviation experts say that it is possible that other airlines may follow the decision. 

IndiGo.

Mega free trade deal; Chinese officials will visit India Soon.

The issues of the proposed mega free trade deal will be discussed soon by the Chinese officials in a visit to India. The discussions started in Cambodian Capital Phnom Penh in 2012. Mega-regional trade deals are a fragile global economy. These trade deals are seen as a means to insulate economies from market uncertainties in an environment of falling aggregate demand. The mega-deal aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights. 

U.S- China Trade War was on “hold”.

The looming trade war between U.S.A and China has been put on hold. Markets rose after the US said it reached an agreement with China to ease trade imbalances between the world’s two largest economies.

The Treasury secretary, Steven Mnuchin, said on Sunday that “We’re putting the trade war on hold, right now, we have agreed to put the tariffs on hold while we try to execute the framework, We have made very meaningful progress and we agreed on a framework”.

500 Rupees notes worth 3,000 Crore Rupees Printed daily: Subhash Chandra Garg.

The printing of 500 rupees notes has been ramped- up to about 3,000 crores every day to take care of the extra demand, Economic Affairs secretary Subhash Chandra Garg said. He said the cash situation in the country was "quite comfortable" and the extra demand was being fully met.

     -courtesy by "The Hindu"

ONGC to increase production of oil,gas from KG Basin

Oil and Natural Gas Corporation Limited is going to increase the oil production by 17% and gas output by 24% from 2019 as it starts to commercially produce petroleum from deepwater block in the Krishna Godavari(KG) Basin.

Sashi Shankar, ONGC chairman said”We have seen around 7% growth in gas production in 2017-18 over the previous year.We will increase oil production by 17% and gas production by 24% from 2019 onward, in a phased manner.”This development happened when oil production hit a 7 year low while gas production increased after 6 years.

SEBI should review underwriting rule: SAT

The Securities Appellate Tribunal(SAT) has asked The Securities and Exchange Board of India(SEBI) to review the regulations for underwriting of a public issue.This model agreement was framed in 1993 and has in operation since then.

In underwriting,the merchant banker gives an undertaking when an initial public offer(IPO) remains undersubscribed and the banker can subscribe to unsold shares.The underwriting clause which is mandatory in all SME IPOs, ensures the issue will not fall down because of the low demand from the investors.

Google to monitor start-ups dealing with local problems

Google now informed that they will monitor startups that deals with the local problems of India.The “solve for India” programme is now enacted to deal with problems in fields like agriculture,healthcare,retail and education by utilising artificial intelligence(AI) and machine learning(ML).

This programme was introduced last year to bring out the best of Google expertise across product and user experience design and interface by accessing technologies like AI and ML.

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US impose taxes on Indian steel and Aluminium- India to seek legal remedy at WTO.

The US has imposed an additional tax on Indian steel and aluminum, India would file a trade-dispute with WTO against the U.S if it fails to grant exemption on the metals.

"India has no other choice to seek exemption citing discrimination by the U.S if they refuse to grant the exemptions", stated by the Indian representatives at New Delhi. The Indian government has submitted a proposal to the U.S government which is pending in the court.

Investment Friendly India- 'Uber' makes long term investment plans.

"India is absolutely core market, now, in near future and next decade, Uber's success is hardcoded to India's success. We are doubling down on our investments in India like never before", Barney Harford, Chief Operating Officer 'Uber', who is on a visit to India.

'Uber' services have established their network in most of the Indian Cities, India is one of the top three markets for Uber in the world. 

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