India’s economic outlook was promising for financial year 2017-18 and is expected to strengthen further in financial year 2018-19.
The Index of Industrial Production (IIP) grew by 7.5 per cent in January 2018, as compared with a growth of 3.5 per cent in January 2017.
The year 2017-18 saw the continuation of an outcome-oriented foreign policy, aimed at achieving the key goals of ensuring national security and upholding territorial integrity, attaining national economic transformation, and addressing regional and global issues. This approach was reflected in the revitalisation of India’s traditional ties, in energised strategic and commercial relations, along with continued engagement of the Indian diaspora.
At the sectoral level, agriculture, industry and services sectors grew at the rate of 3.0 per cent, 4.8 per cent and 8.3 per cent, respectively, in 2017-18.
India’s Finance Minister Shri Arun Jaitley presented the Union Budget for financial year 2018-19 in the Parliament on February 1st, 2018. The transformative budget is guided by a mission to strengthen the agriculture, rural, health, education, employment and infrastructure sectors, along with boosting micro, small and medium enterprises. The proposed structural reforms and projects have opened up exciting new opportunities for foreign entities.
India’s Finance Minister Shri Arun Jaitley presented the Union Budget for financial year 2018-19 in the Parliament on February 1st, 2018. The transformative budget is guided by a mission to strengthen the agriculture, rural development, health, education, employment and infrastructure sectors, along with boosting micro, small and medium enterprises. The Government is confident that a series of structural reforms will propel India among the fastest growing economies of the world. India’s economy is firmly on course to achieve over 8 per cent growth with manufacturing, services and exports back on good growth path.
In the last few years, under this government, the Economic Survey has become a must -read and the most read document on the Indian economy. – Arun Jaitley, Minister of Finance and Corporate Affairs
A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent in fiscal 2017-18 and will rise to 7.0 to 7.5 per cent in 2018-19, thereby re-instating India as the world’s fastest growing major economy. This was stated in the Economic Survey 2017-18 tabled in Parliament on January 29th 2018 by the Union Minister for Finance and Corporate Affairs, Arun Jaitley.
India’s Gross Domestic Product (GDP), currently estimated at around US$2.5 trillion, is estimated to grow by 6.5 per cent over the financial year 2017-18 ending March 31st.
India’s gross domestic product (GDP) at constant prices for the second quarter of fiscal 2017-18 is estimated at around US$499.2 billion, compared with US$469.3 billion a year earlier.
This Global Financial Development Report is a key component in the ongoing debate over the role of international banking in supporting economic development and promoting shared prosperity. This report, the fourth in its series, comes at a critical time when the global reform agenda is shaping financial globalization—in particular, banking.
India’s Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing and ratification of the Investment Cooperation and Facilitation Treaty (ICFT) between India and Brazil, according to an official announcement on November 30th. The treaty is designed to lead to an increase of investment flows between the two countries that are partners under the BRICS bloc of emerging economies. The ICFT will provide appropriate support to Brazilian investors in India as well as Indian investors in Brazil. The pact is likely to boost the confidence of investors by assuring a level playing field and non-discrimination in all investment facilitation matters. This would help project India as a preferred foreign direct investment (FDI) destination to all Brazilian investors.
Brazil is one of the most important trading partners of India in the entire LAC (Latin America and Caribbean) region. India-Brazil bilateral trade has increased substantially in the last two decades. Bilateral cooperation between the countries span across automobiles, energy, pharmaceuticals, mining, agriculture, defence and security, banking and finance as well as science and technology. India and Brazil also share a close relationship across plurilateral fora such as BRICS, BASIC, G-20, G-4, IBSA, International Solar Alliance and Biofuture Platform. The countries have been strategic partners on larger multilateral platforms such as the UN, WTO, UNESCO and WIPO. This partnership is based on a shared commitment to foster economic growth with focus on welfare of the people of both countries.
Total trade between India and Brazil was recorded at US$5.6 billion in 2016, which was 28.6% lower than a year earlier owing to the impact of a global drop in commodity prices and an economic recession in Brazil. Despite the challenges, India sustained its position among the top trade partners of Brazil. A plethora of sectors have seen investments between India and Brazil. Indian companies such as ONGC, Videocon, TCS, Wipro, Infosys, Cadilla, Mahindra, L&T, Renuka Sugars, United Phosphorus, Polaris have been present in Brazil. Meanwhile, Brazilian companies operating in India include Marco Polo (automobiles), Vale (biggest mining company), Stefanini (IT) and Gerdau (Steel).
Economic growth of around 7.5% makes India the fastest-growing G20 economy. The acceleration of structural reforms, the move towards a rule-based policy framework and low commodity prices have provided a strong growth impetus.
Doing Business 2018 is the 15th in a series of annual reports investigating the regulations that enhance business activity and those that constrain it. This economy profile presents the Doing Business indicators for India. Doing Business presents quantitative.
This paper draws on new individual-level survey data from India to study the costs of opening an account and the efficiency of the account application process. The data show a recent increase in account ownership, especially by women and poor adults.