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India received highest-ever FDI worth $64.37 b
India received the highest-ever FDI inflow of $64.37 billion during the fiscal ended March 2019, said a government report. In the current financial year (2018-19), the country registered highest ever FDI inflow of USD 64.37 billion. Highlighting the importance of FDI, it said the foreign inflows bring in resources, the latest technology and best practices to push economic growth on to a higher trajectory.

GST collection beats estimates, reaches ₹1.02 lakh crore in July
Beating all expectations, collections from the Goods & Services Tax reached over ₹1.02 lakh crore in July. So far, in three out of four months during the current fiscal year, the collection has been more than ₹1 lakh crore. According to a Finance Ministry statement, the July collection is nearly 6 per cent more than in the corresponding month last fiscal.

India's services sector activity returns to growth on surging orders
The country's services sector activity in July returned to growth territory driven by new business orders that rose at fastest pace since October 2016, following which job creation picked up, a monthly survey showed. The IHS Markit India Services Business Activity Index rose to 53.8 in July from 49.6 in June, pointed to the quickest increase in output in one year.

India only Asian economy that's growing its export share amid trade war
The only major Asian economy that’s grown its export share since the start of the tariff wars in 2018 is the one with the fewest trade links to China. India’s share of world exports rose to 1.71 per cent in the first quarter of 2019 from 1.58 per cent in the fourth quarter of 2017. The share of every other economy among Asia’s 10 biggest exporting nations fell in the same period.

Indian telecom sector will create 3,00,000 jobs in next 18 months
India’s telecom sector will create up to 3,00,000 jobs in the next 18 months and a majority of these positions will come up in rural areas of the country, Telecom Secretary and Telecom Commission chairman Aruna Sundararajan said. The sector has already created over 1,00,000 jobs since the introduction of the National Digital Communications Policy-2018 (NDCP), she said.

India to continue engaging bilaterally with RCEP members for favourable deal
India will continue to hold bilateral discussions with the 15 countries it is negotiating the mega Regional Comprehensive Economic Partnership (RCEP) agreement with, including China and the 10-country ASEAN, to try and ensure that the pact, if implemented, would result in substantial market access for its goods and services.

AustralianSuper, Ontario Teachers to invest $1 bn each in India's NIIF fund
AustralianSuper, Australia's largest superannuation fund, and Ontario Teachers' Pension Plan, Canada's largest single-profession pension plan, have signed agreements to invest up to $1 billion each in the NIIF Master Fund, said the National Investment and Infrastructure Fund (NIIF).

India, Israel explore new areas of cooperation to boost financial ties
Israel and India are exploring to open new vistas of partnership in the world of finance, including collaboration between market regulators and allowing Israeli investment in corporate bonds, taking advantage of a favourable climate in both countries. Israel’s ambassador to India...

Indian State of Goa, Russia to ink tourism, trade MoU
As part of the strategic ties between India and Russia, Goa and the Kamchatka Kray region of Russia are set to ink a memorandum of understanding (MoU) in the fields of trade, economic investment, scientific and technical cooperation, and tourism. “The parties intend to deepen mutual beneficial cooperation,” says the draft copy of the MoU...

Parliament approves wage code bill providing minimum wages for workers
Parliament approved a bill to enable introduction of minimum wage for every worker besides addressing issues like delay in payment to employees, with Labour Minister Santosh Kumar Gangwar asserting it will benefit about 50 crore workers in the country. It was passed in the Lok Sabha on July 30.

calender August 6, 2019