India Bulletin Newsletter
Total Page:16
File Type:pdf, Size:1020Kb
Consulate General of India Perth INDIA BULLETIN NEWSLETTER JULY 2017 Indian Economy: Ram Nath Kovind takes over as President of India India Launches New Economic Era With Sales Tax Reform Ram Nath Kovind sworn in as the 14th President of India in the Central Hall of Parliament. The President thanked everyone for the enormous responsibility India introduced its biggest tax reform in the 70 years bestowed on him. Kovind said, “We have achieved a since independence from British colonial rule. The lot as a nation, but the effort to do more, to do better Goods and Services Tax (GST) replaces more than a and to do faster is relentless. The citizen of this dozen federal and state levies and unifying a $2 trillion country are the real source of strength to me. Confident economy and 1.3 billion people into one of the world's that people of India will continue to give me the biggest common markets. "With GST, the dream of 'One energy to serve the nation.” India, Great India' will come true," Modi said. Read More: Read More: http://indianexpress.com/article/india/ram-nath-kovind- https://www.voanews.com/a/india-launches-new- takes-over-as-president-of-india-full-text-of-his-first- economic-era-with-sales-tax-reform-/3924050.html speech-4766306/ NEWSLETTER – CONSULATE GENERAL OF INDIA, PERTH 1 GST to boost GDP; positive for rating: Moody's Indian CEOs optimistic about economic growth outlook: Report Implementation of the GST will be positive for India's rating as it will lead to higher GDP growth and increased tax revenues, Moody's Investors Service said. GST will contribute to productivity gains and Indian CEOs are confident about the growth prospects higher GDP growth by improving the ease of doing of the country over the next three years, compared to business, unifying the national market and enhancing that of global economy, according to a KPMG report. India's attractiveness as a foreign investment destination," Moody's VP (Sovereign Risk Group) Read More: William Foster said. http://www.hindustantimes.com/business-news/indian- ceos-optimistic-about-economic-growth-outlook- Read More: report/story-EZr0N7d7zLBZL7Vg50HyfN.html http://economictimes.indiatimes.com/news/economy/in dicators/gst-to-boost-gdp-positive-for-rating- moodys/articleshow/59410112.cms 'India's GDP could rise to about US$ 8 trillion over next 15 years" India to grow faster than China in 2017 and 2018: IMF India's GDP could rise to about USD 8 trillion over the next 15 years if the country registers an economic India will stay ahead of China in growth in 2017 as well growth of 8 per cent annually and come very close to as 2018, said the International Monetary Fund (IMF) eliminating abject poverty entirely, NITI Aayog Vice while retaining the country's GDP forecast at 7.2 cent for Chairman Arvind Panagariya has said. He said with that the current fiscal. According to IMF's World Economic level of economic growth, living standards and Outlook Update, India's growth is projected to accelerate amenities that are taken for granted in the west will to 7.7 per cent in 2018-19, from 7.2 per cent forecast for become accessible to a very large part of the population 2017-18. in India in the coming 15 years. Read More: Read More: http://www.deccanchronicle.com/business/economy/240 http://www.ptinews.com/news/8897803__-India-s-GDP- 717/india-to-grow-faster-than-chinain-2017-and-2018- could-rise-to-about--8-trillion-over-next-15-yrs-$storyes imf.html NEWSLETTER – CONSULATE GENERAL OF INDIA, PERTH 2 Gujarat most competitive state, finds NCAER study India to be base to economic pole of global growth: Harvard India will be the base to the economic pole of global growth over the coming decade with a 7.7 per cent growth rate annually, remaining ahead of China, according to a Harvard University research. India and Uganda top the list of the fastest growing economies to 2025, at 7.7 per cent annually. Read More: http://ptinews.com/news/8861128__India-to-be-base-to- economic-pole-of-global-growth--Harvard$storyes India gets good ranks on FSB's reform report card to G20 The Financial Stability Board (FSB), an international body for global financial system, today listed India among countries that are 'compliant or largely compliant' on implementation of priority area reforms. Read More: http://ptinews.com/news/8853319__India-gets-good- ranks-on-FSB-s-reform-report-card-to-G20$storyes Investments: FPIs invest over $25 billion in Indian markets in CY17 Gujarat, Delhi, Andhra Pradesh, Haryana, Telangana and Tamil Nadu are the top six states in India for business investment potential, finds a new study by the National Council for Applied Economic Research (NCAER). The study, which estimates state wise investment potential, ranks their competitiveness on six pillars, namely — land, labour, infrastructure, economic Foreign portfolio investors (FPIs) have pumped in over climate, political stability and governance, $25.4 billion into the Indian equity and debt market and business perception. segments thus far in calendar year 2017 (CY17), data with the National Securities Depository Limited (NSDL) Read More: show. http://www.business-standard.com/article/economy- policy/gujarat-most-competitive-state-finds-ncaer-study- Read More: 117071900033_1.html http://www.business-standard.com/article/markets/fpis- invest-over-25-billion-in-indian-markets-in-cy17- 117072600315_1.html NEWSLETTER – CONSULATE GENERAL OF INDIA, PERTH 3 Temasek investments in India at $10 billion Infrastructure: The Singapore government-owned investment company How metro rail networks are spreading across India Temasek has touched the $10- billion investment mark in India, after 12 years of its operations. The investment The metro rail network in India is increasing with the company is now sitting on the highest liquidity of $27 mass rapid transit system emerging as one of the best billion over the last five years in its $197 billion books, as solutions for urban transportation. Even as eight metro it is finding the valuations stretched. “We had a record rail networks covering a length of 370 km are net global portfolio value of $197 billion at the end of operational in the country, over two dozen more projects March. Out of this about $10 billion is invested are lined up. Out of the two dozen projects, around 15 in India now,” said Promeet Ghosh, managing director are lined up with the urban development ministry. The for Indian operations at Temasek. cities that have lined up their plans include Pune, Nagpur, Ahmedabad, Chennai, Vijayawada, Kozhikode, Read More: Indore, Bhopal, Patna, Guwahati, Kanpur and Varanasi. http://www.business- standard.com/article/companies/temasek-investments- Read More: in-india-at-10-billion-117071500043_1.html http://www.livemint.com/Politics/ylEObaYWxcC7lGO2 E2e4wJ/The-rise-of-metro-rail-network-in-India.html IFC to invest up to US$ 6 billion on energy initiatives Commodity: in India "India to overtake Japan in steel production in 2 years" India would overtake the world's second largest steel producer Japan in the next couple of years and the country has targeted to produce 300 million ton of steel by 2025-30, a senior Tata Steel official said. India is currently producing 90 to 95 million ton of steel per annum against the world no.2 steel producer Japan, which produces around 103 million ton. Read More: http://www.bmindstoday.com/india-to-overtake-japan- in-steel-production-in-2-years/ Gems & Jewellery exports rise 11 pc during April-May International Finance Corporation (IFC), a member of the World Bank Group, said that it will invest up to $6 India's gems and jewellery exports rose by over 11 per billion in the next five years on various sustainable and cent to USD 6.78 billion during the first two months of renewable energy programmes in India, of which 20% the current fiscal, largely driven by demand in major will go in building eco-friendly or green homes in the markets like the US. In April-May last year, the sector's country, said a top company executive. exports aggregated to USD 6.1 billion, according to the data from Gems and Jewellery Export Promotion Read More: Council (GJEPC). http://www.livemint.com/Industry/ExNmVhK0mJyMQe PB8eDuWL/IFC-to-invest-up-to-6-billion-on-energy- Read More: initiatives-in-Indi.html https://www.ibef.org/news/gems-jewellery-exports-rise- 11-pc-during-aprimay NEWSLETTER – CONSULATE GENERAL OF INDIA, PERTH 4 Textile industry size to touch US$ 250 bn in 2 years: India tops growth rate among leading car markets Official India is the only country among the top seven car The size of India's textile market is expected to touch markets to grow at a double-digit rate in the first five USD 250 billion in the next two years from USD 150 months of 2017. The world’s fifth-largest market for billion now, a senior government official said. We see passenger vehicles (cars, vans and utility vehicles) tremendous growth potential for the textile industry and expanded by over 11 per cent over the year-ago period. it is expected to touch USD 250 billion in the next two This came when the top two markets China and the US years from the present USD 150 billion. The domestic saw a declining trend. market is (currently) estimated at USD 110 billion and exports at USD 40 billion," Textile Commissioner Kavita Read More: Gupta said. https://www.ibef.org/news/india-tops-growth-rate- among-leading-car-markets Read More: http://ptinews.com/news/8856001__Textile-industry- Retail: size-to-touch--250-bn-in-2-years--Official$storyes Walmart to invest Rs 900 crores to open 15 outlets in Automobile: Maharashtra Tencent in talks to invest $400 million in Ola: report American retail chain Walmart will invest Rs 900 crore to open 15 outlets catering to wholesalers in Maharashtra, the state government said.