Indian Economy  

In line with the suggestions of Union Minister for Micro, Small and Medium Enterprises (MSME) Nitin Gadkari on December 17, 2019 while launching sale of ‘Khadi Rumal’ being stitched by militancy affected women of Jammu and Kashmir (at Nagrota near Jammu), Chairman KVIC, VK Saxena has approved the enhancement of wages.

No imports will be allowed without HSN (Harmonised System of Nomenclature) code into the country said the Union Minister of Commerce & Industry and Railways, Piyush Goyal in New Delhi. HSN is an internationally standardized system of names and numbers to classify traded products.

The Union Minister of Consumer Affairs, Food and Public Distribution Ram Vilas Paswan held a press conference on 7th January to brief media about the overall availability and prices of Onions across the nation along with the imported quantities so far. Paswan said that the Union Government has decided to offer Onions to State Governments at the landing price in Mumbai ranging from Rs. 49 to Rs. 58 per Kg.

Hello and welcome to this episode of The Handshake, my name is Amal Chowdhury and today we will be talking about the areas of foreign policy where India needs to focus on in 2020. The 2020s will see India become the world’s third-largest economy, after the US and China. Even at a slower nominal growth rate of 10% per annum, India will cross Germany in five years and Japan in seven, closing the decade at $7 trillion.

Commerce and Industry & Railways Minister Piyush Goyal today inaugurated the National Stock Exchange (NSE) Knowledge Hub in New Delhi, an Artificial Intelligence (AI) powered learning ecosystem that will assist the banking, financial services, and insurance (BFSI) sector. Speaking on this occasion Commerce & Industry Minister said that although India has developed as the second-largest fintech hub in the world, a lot of work still needs to be done in the BFSI sector.

PSBs has attached assets worth over Rs. 2.3 lakh crore over the last three financial years and to enable online auction by banks of attached assets transparently and cleanly for the improved realization of value, eBkray, a common e-auction platform was launched by the Finance Minister on 28th December. The platform is equipped with property search features and navigational links to all PSB e-auction sites, provides single-window access to information on properties up for e-auction as well as the facility for comparison of similar properties, and also contains photographs and videos of uploaded properties.

The Vice President of India, M Venkaiah Naidu expressed confidence that the Indian economy would rebound in the near future saying that the current slowdown was cyclical. Inaugurating the 102nd annual conference of the Indian Economic Association on December 27th, he said it was true that the Indian economy was facing some challenges due to the decline in growth this fiscal. However, he said the country had faced similar slumps in the past in the wake of the East Asian financial crisis and global slowdown but bounced back with a higher growth rate every time.

On December 28, India celebrates Arun Jaitley’s first birth anniversary after his death. Here are the major contributions of the late BJP leader to boost India's economy.

Narendra Modi said that the Indian economy can aim to achieve $5 trillion economy. He added that our country has strengthened itself in the last five years to achieve such goals.
 

Piyush Goyal, Minister for Commerce and Industry and Railways addressed the inaugural session at the Exports Summit 2019 organized by the Confederation of Indian Industry (CII) in New Delhi on 17th December. He emphasized that the Indian industry must be enabled and empowered to take advantage of global value chains. He further noted that it is important for Government and industry to work together to make the industry more competitive and more proactive. Government is working to bring more predictability to export finance, exports scheme, and productivity.

India’s remarkable jump in World Bank’s Ease of Doing Business Report 2020 India ranks 63rd among 190 countries improving by 14 ranks from its rank of 77 in 2019. India has improved its rank in 7 out of 10 indicators and has moved closer to international best practices. The 2020 edition of the Report acknowledges India as one of the top 10 improvers, third time in a row, with an improvement of 67 ranks in 3 years. It is also the highest jump by any large country since 2011.

Hello and welcome to this episode of The Handshake, my name is Amal Chowdhury and today we will be talking about Indian economic diplomacy’s new edge.

The price of onion in domestic markets is skyrocketing at the moment. In many states of Country, the price has reached Rs 80 to 100 per kg.  The government is making several efforts to control it. Watch The Video To Know What Is the Govt Doing.

The Organisation for Economic Co-operation and Development (OECD) on 21st November slightly cut India’s economic growth forecast for 2019 to 5.8% but said it would pick up to 6.2% in 2020 and further to 6.4% in 2021. Paris-based OECD said private investment would bounce back as capacity utilisation rises and the cost of borrowing for the corporate sector declines. According to OECD India has been a growth champion in recent years and has succeeded in taming inflation, the current account deficit, and non-performing loans. ​​​​​​​

Indian rupee fell two paise to  71.73 against the dollar in early trade. The rupee on Friday had closed at 71.71 against the US dollar.