Today, we are sharing the next part of our Banking and Finance Awareness Series “Financial Awareness at a Glance “. Go through this now to get all the important insights which took place last week in Banking and Finance Sector in India and world. This will immensely help you in upcoming exams.
Financial Awareness at a Glance
1. India is world’s sixth largest economy: IMF
- India is now the world’s sixth largest economy with a GDP of 2.6 trillion in 2017.
- India displaced France to stand firm on this position.
- The data was released by the International Monetary Fund in its World Economic Outlook (WEO) for April 2018.
- The five economies ahead are United States, China, Japan, Germany and United Kingdom.
- India has jumped from 6.7 percent in 2017 to 7.8 percent in 2018.
- As per the report by the World Economic Outlook (WEO) over a passage of one year the Indian economy was supported by rising net exports and strong private consumption, respectively, while investment growth slowed.
- In recent past, India made progress on structural reforms through an implementation of Goods and Services Tax (GST), which reduce internal barriers to trade, increase efficiency and improve tax compliance.
2. World Bank projected India’s GDP to grow at 7.3% in 2018-19
- The World Bank in its South Asia Economic Focus report projected India’s GDP to grow at 7.3% in 2018-19.
- Also, World Bank forecast growth rate of 7.5% for India in 2019 and 2020.
- The growth is expected to accelerate from 6.7% in 2017 to 7.3% in 2018 and to subsequently stabilise supported by a sustained recovery in private investment and private consumption.
3. IMF forecast India’s GDP to grow at 7.4% in 2018-19
- The International Monetary Fund (IMF) in its latest World Economic Outlook (WEO) projected India’s GDP to grow at 7.4% in 2018-19.
- Also, IMF forecast growth rate of 7.8% for India in 2019 and 2020.
- It also held that India will again emerge as world’s fastest-growing major economy at least for the next two years (2019 and 2020).
4. Govt. launched FIEO GlobalLinker digital platform for MSME Exporters
- The government has launched the FIEO GlobalLinker, a digital platform for Micro Small and Medium Enterprises (MSME).
- The main objective of this digital platform is to digitise MSME businesses and join the global community of growing businesses.
- It was launched by the Ministry of Commerce and Industry.
- It has been developed by Federation of Indian Export Organisations (FIEO).
5. First International SME Convention 2018 held in New Delhi
- The first International SME (Small, Medium Enterprises) convention was held in New Delhi.
- It was organised by Ministry of Micro, Small & Medium Enterprises.
- The main aim of the convention is to provide a platform to allow Entrepreneur to Entrepreneur (E2E) exchange of ideas, free and fair business discussions, mutual sizing of opportunities and ways to address them.
- It has a specific focus on inclusion of MSMEs in Make in India program and empowering women entrepreneurs.
6. India, Finland settle Nokia tax dispute under MAP
- India and Finland have reached an agreement on the tax dispute with Nokia under Mutual Agreement Procedure (MAP) system.
- The resolution covers disputes pertaining to Nokia India as well as Nokia Corp.
- This involves payment of Rs 1,600 crore, a sum that was deposited with government by Nokia in March 2018.