Daily Economy News – 28 November 2016

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28 Nov, 2016

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Daily Economy News

November 28, 2016

 

ND has initiated a new section of daily news, where our news desk compiles the latest news on the Indian economy, to keep our readers abreast and updated on daily economic state of affairs.

The economy news compilations bring business news reports that are relevant today and tomorrow, based on the new pattern of current affairs, and for English awareness. This gives vital inputs on the various sectors of the Indian Industry and trade.

 

  • Indian luxury market likely to touch US$18.5 billion in 2016, says NITI Aayog chief

The Indian luxury market is expected to grow at a compounded annual growth rate (CAGR) of 25 per cent to US$ 18.5 billion in 2016: Mr Amitabh Kant, Chief Executive Officer, NITI Aayog.

Times of India:  November 28, 2016

 

  • Government tells banks to open accounts for the unbanked by month-end

New Delhi: The Ministry of Finance has launched a campaign to open bank accounts for all the unbanked workers in the organised and unorganised sectors by November 30, 2016, in order to facilitate financial inclusion and timely payment of wages.

Livemint:  November 28, 2016

 

  • Government plans to bring common Portal to certify exporters

New Delhi: The Government of India plans to introduce a single online platform for issuance of certificate of origin to exporters, which will facilitate quick process and issuance of certificates, reduce costs, and thereby improve ease of doing business in the country.

Economic Times:  November 28, 2016

 

  • MoUs with 20 e-commerce companies to help weavers/artisans market their products directly

Mangaluru: The Ministry of Textiles has signed memorandum of understanding (MoU) with 20 e-commerce companies, aimed at providing a platform to artisans and weavers in different handloom and handicraft clusters across the country to help them sell their products directly to the consumer.

Times of India:  November 28, 2016

 

  • Vodafone cash infusion, 4G expansion fuel FDI in telecom to an all-time high

New Delhi: Foreign Direct Investment (FDI) in Indian telecom sector during April to October 2016 has been US$ 10 billion, as compared to US$ 1.3 billion in 2015-16, due to US$ 7 billion invested by Vodafone in October 2016.

Livemint:  November 28, 2016

 

  • Adani Enterprises announces plan for 1,000 MW solar projects in Australia

Ahmedabad: Adani Enterprises has announced plan to develop 1,000 megawatt (MW) of solar power projects in Australia over the next five years, thereby expanding its investments in Australia comprising of US$ 16.5 billion in Carmichael coal mine, apart from port and rail facilities.

Livemint:  November 28, 2016

The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.

Know, who is Vijay Kelkar and what is PPP !

Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.

Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !

Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.

Know about Sepp Blatter!

Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.

Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.

 


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