IMF slashes India’s growth prediction to 7.3% for 2018
The International Monetary Fund on 16th July slashed India’s growth rate prediction to 7.3 percent for 2018 and 7.5 percent for 2019. In its latest World Economic Outlook (WEO), the IMF noted that the reduction in growth predictions was due to the negative impact of the recent hike in oil prices, coupled with a modification of the monetary policy due to soaring inflation rates.
June WPI soars to 5.77%; marks a high of 4.5-years
India’s wholesale inflation grew 5.77 percent in June, marking a four-and-half-year high. Driven by some food items and fuel prices, the latest price data released by the commerce and industry ministry shows the Wholesale Price Index (WPI) witnessing a growth of 4.43 percent in May and 0.90 percent in June 2017. The wholesale inflation rate, which is measured by Wholesale Price Index (WPI) shows that primary articles, which accounts for more than a fifth of the entire wholesale price index, grew 5.3 percent in June from 3.16 percent in May.
CBIC to observe Third Refund Fortnight clear pending refunds from July 16
Refunds of GST have been a concern for the Government and Trade for the past several months. In this regard, the CBIC has observed two special drives cum refund fortnights in the Month of March 2018 (15th to 31st March 2018) and June 2018 (31st May to 16th June 2018) respectively. These refund fortnights have provided a lot of relief to the trade. In the 1st refund fortnight, Rs. 4265 Crore IGST refunds and Rs. 1136 Crore ITC refunds were sanctioned by field formations of CBIC. Similarly, during the 2nd refund fortnight, Rs. 6087 Crore IGST refunds and Rs. 1548 Crore ITC refunds were sanctioned by CBIC. In case of IGST refunds for goods exported out of India, the percentage of an amount of refund claims disposed of by CBIC is already more than 90%.
LIC board gives the approval to acquire a 51% stake in debt-ridden IDBI Bank
Life Insurance Corporation of India (LIC) came to a step closer in acquiring a majority stake in the government-owned IDBI Bank as its board gave an approval to the deal on 16th July. LIC’s shareholding in IDBI Bank will stand at 51 percent after it takes a series of approvals from the Reserve Bank of India, the Securities and Exchange Board of India (Sebi), the government and the bank’s board, Department of Economic Affairs Secretary Subhash Chandra Garg said.
IFFCO launches iMandi App for rural digital revolution
Indian Farmers Fertiliser Cooperative Limited (IFFCO), a large-scale fertilizer cooperative federation has taken another step to serve and connect the farmers digitally by launching a social e-commerce app and web portal, “IFFCO iMandi“. This is in line with the vision for a “Digital India” by Prime Minister Narendra Modi. Going forward, all e-commerce and digital initiatives of IFFCO shall be available on the IFFCO iMandi platform.
BEML, L&T sign MoU to explore opportunities in defence products
State-owned BEML Ltd and Larsen & Toubro entered into a pact to jointly capitalize on emerging opportunities in domestic and export markets for defence products and systems. The cooperation between the two organizations is aimed to leverage on ‘Make in India’ initiative for increased value addition within the country in manufacturing and long-term support for defence and export business in identified areas, thus synergizing their combined strengths, the companies said in a statement.
Bharat Earth Movers Limited (BEML) Headquarters: Bengaluru
Gautam Kaul of India won the prestigious post in Federation’s Executive Committee elections
India has been elected new President of Asian Tug of War Federation. India’s Gautam Kaul won the prestigious post in the Federation’s Executive Committee elections held in Kathmandu on 15th July. The post of Secretary-General has also gone to India, while Nepal has got Treasurer’s post. Pakistan and Cambodia have won posts of Vice Presidents. The tenure of newly elected office bearers will be for 3 years. The Asian Tug of War Federation is having its headquarter in Bangkok.
The UK tops global ranking of nations’ soft power, with France placed 2nd on the list of 30 countries which does not feature India
The UK has topped an annual global ranking of nations’ soft power, with France placed second on the list of 30 countries which does not feature India. The 2018 ‘Soft Power 30’ index, published last week by UK-based strategic communications consultancy firm Portland and the University of Southern California Center on Public Diplomacy, ranked Germany as third followed by the US. India does not figure on the list, but this year’s report also features a chapter dedicated solely to Asia, listing 10 countries in the region, ranking India’s soft power as eighth.
4th BIMSTEC Summit to begin from Aug. 30
Nepal’s Minister for Foreign Affairs Pradeep Kumar Gyawali has confirmed that the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Summit will commence from August 30. In an interview with ANI, Foreign Minister Gyawali confirmed over the dates and apprised of the preparations.
Nepal: Ex-EC chief referred as envoy to India
The Nepal government on 16th July nominated former chief election commissioner of the Nepal Election Commission Nilkantha Upreti as the new ambassador to India. The cabinet of the KP Sharma Oli-led Left government held a meeting today in which Upreti’s name was referred as the ambassador to India. Nepal’s Foreign Minister Pradeep Kumar Gyawali made the announcement after the cabinet meeting.
Peru declares a 60-day state of emergency
Peru declared a 60-day state of emergency on its Colombian border to ensure security from the menace of drug trafficking in a region. As per a report published in the Voice of America, Peru President Martin Vizcarra said the decision was taken due to the “security problems” created by Colombian citizens crossing the border and it is was important to “reestablish the state’s presence.”
Learn Two a Day:
Bhagwan Mahaveer Sanctuary and Mollem National Park: Goa
ELSS: Equity Linked Saving Scheme