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High Impact Economic News

Narendra Modi Russia visit: PM elaborates on India’s target to be $5 trillion economy
India is committed to becoming a $five trillion economy by 2024, Prime Minister Narendra Modi said at the Eastern Economic Forum summit hosted by Russian President Vladimir Putin. Addressing the plenary session of the 5th Eastern Economic Forum, Prime Minister Modi said his government with the ‘mantra’ of”sabka saath, sabka vikas aur sabka vishwas...

Heavy foreign investment in telecom sector; 25% of total FDI in India in Q1
Indian telecom sector received heavy inflow of foreign direct investment (FDI) in the first quarter of the current financial year. At Rs 29,352 crore, the FDI in telecommunications in just one quarter of FY20, surpassed the total FDI inflow into the sector in the entire previous financial year FY19, according to the data from Ministry of Commerce and Trade.

India, Russia agree to step up trade to $30 bn by 2025
India and Russia decided to step up industrial cooperation and create new technological and investment partnership, especially in advanced high-tech areas, with an aim to increase bilateral trade to $30 billion by 2025. Prime Minister Narendra Modi and President Vladimir Putin also agreed that the work on promoting mutual settlements of payments in national currencies will be continued.

India’s decision to extend $1 billion line of credit for Russia’s Far East to provide business opportunities
India’s decision to extend USD 1 billion line of credit for the development of Russia’s Far East will provide huge business opportunities in that region to domestic companies, Trade Promotion Council of India (TPCI) said. It will help domestic businesses to explore opportunities in CIS countries which include Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia...

Indian economy fundamentals are strong: Prakash Javadekar
The fundamentals of the Indian economy are strong and there is no "panic situation" in the country. Union Minister Prakash Javadekar said sometimes a slowdown is a cyclical process, and such a patch" will not hurt the country's progress rate. India last year received a record (FDI) more than China.

India, ASEAN agrees to review free trade pact in goods
India and 10-member bloc of South-East Asian nations have agreed to review their free trade agreement, signed in 2009, to make it more business-friendly and boost economic ties. The two sides also decided to constitute a joint committee for this purpose. This was agreed upon during the meeting between economic ministers of ASEAN ...

PM Modi, K P Oli jointly inaugurate Motihari-Amlekhganj petroleum product pipeline
Prime Minister Narendra Modi and his Nepal counterpart K P Sharma Oli jointly inaugurated the Motihari-Amlekhganj petroleum product pipeline via a video link. The over 60 km-long pipeline is the first-ever cross-border petroleum product pipeline in the South Asia region. As of now, tankers...

President to visit Iceland, Switzerland, Slovenia to boost economic ties
President Ram Nath Kovind will visit Iceland, Switzerland and Slovenia next week with a business delegation seeking cooperation in areas such as the blue economy, science and technology, tourism and climate, according to a senior government official. These days it is very important to bring the business component to the fore.

Kerala to set up country’s first global trade centre for women
In a major initiative to accelerate women entrepreneurship and secure gender parity, Kerala will set up the country’s first International Women’s Trade Centre (iWTC), in consonance with the United Nations Sustainable Development Goals (SDGs), in Kozhikode. The first phase of iWTC, being executed under the Gender Park’s “Vision 2020”, is scheduled to be completed by 2021.

Government may soon announce measures to boost exports
The government is expected to soon announce measures for certain sectors, including gems and jewellery, to boost the country’s subdued exports. Finance and commerce ministries have held several round of talks on these measures. As part of a proposal that is under consideration, the government may extend the deadline for removal of tax benefits to units in the special economic zones (SEZs).

India's domestic market for computer services to grow faster than exports
The domestic market for computer services in India is forecast to grow faster than their exports, fuelled by the government's Digital India programme and the country's burgeoning start-up environment, according to an UN report. The first-ever Digital Economy Report said the size of the global digital economy range from 4.5 to 15.5 per cent of world GDP.

India Post Payments Bank unveils Aadhaar-linked service
India Post Payments Bank (IPPB) has announced launch of the Aadhaar-enabled payment services for unbanked and under-banked people and said it has made 1 crore customers within one year of operations. Speaking at the first IPPB anniversary celebrations in New, Union IT and Communications Minister Ravi Shankar Prasad said the bank, which achieved the ...

calender September 10, 2019