Women entrepreneurs must have access to finance: Ivanka
Anishaa Kumar Ivanka Trump, First Daughter and Advisor to the President of the United States, stressed on the importance of empowering women and societies through mentorship, government support in terms of removing regulations that acted as barriers, access to finance and a change in social perspectives. Congratulating Prime Minister Narendra Modi on bringing transformation in India, Ivanka reinstated US President Donald Trump’s focus on strengthening bonds with the Indian subcontinent. “This is the first time India has hosted the Global Entrepreneurship Summit (GES). It is a symbol of the strengthened friendship between our two peoples, and the growing economic and security partnership between our two nations,” she said at opening session of the GES 2017 on Tuesday. She added that US too has been ...
Moody's predicts this year's G20 economic growth at just over 3%
The Dollar Business Bureau The Moody’s Investors Service predicted the G20 economic growth at over 3% for this year and the next. It also warned of challenges like US protectionism, China’s deleveraging measures and geopolitical risks. The agency said strong data in the first half of the year prompted it to raise the 2017 growth forecasts of China to 6.8%, South Korea to 2.8%, Japan to 1.5%. It also expects the euro zone to increase in the rest of the year, as suggested by the robust indicators and therefore forecast positively for France, Italy and Germany. Its forecast for United States however was reduced to 2.2% for 2017, 2.3% for 2018, from its earlier prediction of 2.4 and 2.5% mentioning the superpower’s weaker-than-expected ...
India will need $4.5 trillion for infrastructure by 2040, Global Infrastructure Hub report
The Dollar Business Bureau The Global Infrastructure Hub, a G20 initiative, released a report titled, ‘Global Infrastructure Outlook’ in which it says, India will need investments of around $2.5 trillion by 2040 in order to develop the infrastructure needed to improve the country’s economic growth and wellbeing of the community. The infrastructure investment need of $4.5 trillion will make India the second largest infrastructure market after China. Detailing that rising income levels and economic prosperity is likely to drive significant demand for infrastructure investment in India for the next 25 years, the report said. If the sustainable development goals are to be accounted, the country is predicted to need an additional $888 billion by 2030 to provide basic infrastructural needs like electricity and water. ...
FSB scores India as 'compliant or largely compliant'
The Dollar Business Bureau An international body for financial system, The Financial Stability Board (FSB), has given a good status report, terming India to be ‘compliant or largely compliant’. The report was submitted ahead of the G20 Summit to be held in Germany. The FSB was established in 2009 as a successor to the Financial Stability Forum (FSF). It is a not for profit association functioning under the Swiss law with its seat in Basel, Switzerland. This comes as a good news to India as PM Modi is likely to attend the G20 Summit and the report listed India as a ‘compliant’ jurisdiction with regard to Basel III reforms in risk-based capital and also termed it as ‘largely compliant’ with regard to the ...
Jaitley to visit Paris on June 7, sign OECD convention on tax evasion
The Dollar Business Bureau Finance Minister Arun Jaitley will be travelling to Paris to sign the multilateral convention of Organisation for Economic Cooperation and Development (OECD), next week. The convention is aimed at checking cross-border evasion of taxes by multinational companies (MNCs). During the 3-day visit beginning June 7, the Finance Minister will also join the Ministerial Council Meeting, which will be attended by ministers from OECD countries and other partner countries to deliberate upon issues of global importance. Earlier this month, the Union Cabinet had given the approval for signing the OECD’s multilateral convention. The convention is a result of the base erosion and profit shifting (BEPS) project between OECD and G-20, to tackle what is used by MNCs via tax planning strategies by abusing ...
Protectionism in US, Europe a bit worrisome: ADB
PTI The Asian Development Bank (ADB) on Wednesday said the emerging orientation in the US and Europe for protectionism on trade is "worrisome" but not realistic enough to break the global economy. A day before finance ministers and central bank governors meet for the ADB's 50th annual meeting, the multilateral agency's Chief Economist Yasuyuki Sawada said it was "difficult" to say if protectionism was "good or bad" and he did not want to make any judgement. "I think ADB's position is, more open trade and more open investment climate will be beneficial for all the countries and economies. In that respect, I think we should support more open trade regime," he told a media briefing here. Citing the example of China ...
India, UK look for possibility of FTA after Brexit
The Dollar Business Bureau With Britain formally leaving the 27-nation trading bloc of European Union (EU), India and UK may look for a possibility of a free trade agreement (FTA). The FTA’s possibility came up during talks between Arun Jaitley, India’s Finance Minister and Philip Hammond, UK Chancellor of the Exchequer at the 9th UK-India Economic and Financial Dialogue wherein the UK pitched for enhanced trade ties with India. India said that a formal discussion on the possibility of a bilateral trade pact can only start after concluding of the Brexit, which is likely to take around two years. Last month, the UK Parliament cleared the Brexit Bill, which paved the way for Britain exiting the EU. Jaitley said India has stated in its communication ...
India to remain fastest growing economy among G-20 nations
The Dollar Business Bureau Despite the government’s currency demonetisation drive, India will continue to be the fastest growing economy among G-20 countries registering a 7.1% growth this year, Moody's Investors Service said on Thursday. The November 8 currency blackout decision pulled down the Indian economic growth in the fourth quarter this fiscal. The government withdrew as much as 86% of the Rs.500 and Rs.1000 notes from circulation. "India is forecast to have the fastest-growing economy among all G-20 countries with growth put at 7.1% for 2017, down from a previous expectation of 7.5% because of the effects of demonetisation," Moody's said. With respect to the global economic growth, Moody's noted that although the economic activity in G20 countries is picking up, with 3% projected ...
