The summit will suggest BRICS, or the New Development Bank (NDB) board, to consider expansion of membership. Entrants to the Bank could be from Asia, Africa, Eurasia and Latin America. The expansion issue of the Shanghai-headquartered Bank has been on the agenda of BRICS members in the run-up to the summit, officials told ET.
The budget had proposed a partial credit guarantee scheme worth Rs 1 lakh crore under which public sector banks would buy high-rated pooled assets of financially sound NBFCs, amounting to Rs 1 lakh crore this year under which govt will provide a one-time six months partial credit guarantee to public sector banks for first loss of up to 10%.
Narendra Modi's subsequent two visits to the UAE in February 2018 and August 2019 and, visits of Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan to India in February 2016 and January 2017 as the chief guest on the Republic Day celebration had made the bilateral relations more cordial, added UAE Ambassador to India Ahmed Albanna.
In a report titled 'Untapped Potential: Supercharging Green Finance in India', City of London Corporation alongside the Federation of Indian Chambers of Commerce and Industry (FICCI) explores the opportunities and challenges for sustainable finance in India.
India should be more transparent on fiscal numbers as it is a laggard among G20 peers on this front, said IMF.
RBI will cut key rates by a further 0.15% in February review, over the 0.25% expected after the December meeting, BofA ML said. Economic growth has slipped to a six-year low of 5% for the June quarter and is expected to turn in lower than that in the September quarter. Lack of consumption is seen as one of the key factors pulling down growth.
India has a significant potential, but there is need of a significant reform, she said, adding that these reforms need to be implemented to set the trajectory. “If you lose time by delaying reforms, it will take more time to catch up to where you are. And the time window is not very big,” Anne-Marie Gulde-Wolf, Deputy Director, Asia and Pacific Department, IMF said.
Modi also emphasised that India and Thailand have strong cultural linkages and said that commerce and culture have inherent powers to unite. He also laid out his vision of making India a USD five trillion economy.
The two discussed "global and domestic macro-economic scenario in both countries and regulatory developments", according to an official statement from the central bank. Mnuchin, who is reportedly on a tour to build support against Iran over the country's nuclear programme, was accompanied by US Ambassador to India and Consul General in Mumbai David J Ranz, it said.
India’s GDP could grow 6.6% in 2020-24, lower than its 2013-17 average of 7.4%, OECD said on Saturday.
Addressing media after the 7th India-US Economic and Financial Partnership meeting here, US Treasury Secretary Steven Mnuchin said both the countries are working together to promote growth and improve economic security. Mnuchin said that the US welcomes the growing bilateral foreign direct investment flows between countries.
According to the budget documents, the government's total expenditure is anticipated to grow at the rate 13.4 per cent, whereas the total non-debt receipts are projected to grow by 14.3 per cent. The government intends to gradually bring down fiscal deficit towards the target of 3 per cent of the GDP by March 31, 2021.
Despite improved festive demand, GST collection remained below Rs 1 lakh crore in October. GST collection rose to Rs 95,380 crore in October against Rs 91,916 crore in September, but it was still 5.29 per cent less in comparison to Rs 1 lakh crore collected in the same month last year. This is yet another month in a row when GST mop-up has slipped below Rs 1 lakh crore. Hit by consumption slowdown, the tax collections have been subdued in the last few months.
This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark.
Security researchers at Singapore-based Group-IB had found that card details were being sold at a price of $100 per card, ZDNet had reported. The value of the leaked database has been estimated by the group at $130 million. There were about 51.7 million credit cards and 851.5 million debit cards in circulation as of August, RBI data shows.
“Several key indicators are not just slowing, but in absolute decline, including non-oil imports (-6.6% in current dollars), non-oil exports (-1.6% in current dollars), and the index of production of capital and infrastructure goods,” CGD scholars said. Other indicators show positive growth, but far below the 6% benchmark that the World Bank and IMF project for the economy as a whole.
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