Tuesday, July 17News That Matters

Business & Corporate

India becomes sixth-biggest economy in World Bank Ranking

India becomes sixth-biggest economy in World Bank Ranking

Business & Corporate
Minister for Commerce and Industry Suresh Prabhu has said that India is on track to be economy of 5 trillion dollars in next few years and 10 trillion dollars in about 16 years under the leadership of Prime Minister Narendra Modi. Reacting to the d World Bank figures for 2017 which has said that India has become the world's sixth-biggest economy, Mr Prabhu said, its a result of many structural, sectoral, socio-economic reforms. He said, people will see more outcomes in the near future. India jumped to the sixth place edging past France in gross domestic product terms. India’s GDP touched 2.597 trillion dollars in 2017 while France’s GDP was at 2.582 trillion in the same period. The US is the world's top economy, followed by China, Japan, Germany and UK.
Reserve Bank makes it compulsory to incorporate purchaser’s name on the face of payment instrumentalities to prevent money laundering :

Reserve Bank makes it compulsory to incorporate purchaser’s name on the face of payment instrumentalities to prevent money laundering :

Business & Corporate
In order to address the concerns arising out of the anonymity and to prevent money laundering, the Reserve Bank has now made it compulsory to incorporate the purchaser’s name on the face of demand draft, pay order, banker’s cheques and other instruments. The RBI issued a notification in Mumbai yesterday to this effect to the banks. This directive will come into effect from 15th of September this year.
SBI refuses to disclose details of political parties which received donations through electoral bonds, claims RTI

SBI refuses to disclose details of political parties which received donations through electoral bonds, claims RTI

Business & Corporate
The State Bank of India (SBI) has refused to disclose details of buyers of electoral bonds, political parties which have redeemed these and the bank's reports sent to the government on their sales, calling it a personal information held by it in fiduciary capacity exempted from disclosure, an RTI response shows. The details provided by the bank shows that in March 2018, it sold bonds worth over Rs 222 crore while in April the number dipped to Rs 114.9 crore. Mumbai saw maximum enthusiasm among donors to purchase electoral bonds with Rs 122 crore of bonds being sold from the SBI main branch in the maximum city while in April it saw sales of Rs 53 crore, it said.  Activist Venkatesh Nayak, who filed the RTI application, contested the response of the SBI stating that denial of inform
India offers an amazing opportunity for US energy sector: US Energy Secretary

India offers an amazing opportunity for US energy sector: US Energy Secretary

Business & Corporate
US Energy Secretary, Rick Perry has said, India offers an amazing opportunity for US energy sector as it is a huge market for the American energy products including clean coal technology. Speaking to media on Monday, Perry said in Washington that in the last three years, the export of US crude oil to India has increased from 300,000 barrels to eight million barrels. Appreciating India's effort to partner with the US on nuclear power, he said the US needs to take steps to have the latest technology and efficient methods to produce nuclear power. Perry, who visited India in April this year as part of the Trump administration's move to enhance bilateral energy cooperation, said he had "very good conversations" with his Indian counterpart on clean coal and carbon capture utilisation. ...
India happy with OPEC decision to raise output

India happy with OPEC decision to raise output

Business & Corporate
India, the world's third-biggest oil consumer, today expressed happiness at OPEC decision to raise production by 1 million barrels per day, saying the oil cartel has taken cognizance of the market and the move is a positive sign for consuming countries like India. The Organization of Petroleum Exporting Countries (OPEC) last week agreed to boost oil production after consumers from the US to India and China expressed anxiety over rising prices. "We are happy because for the first time OPEC has taken cognizance of the market for a stability (in price)," Pradhan told reporters here. "How price will emerge is up to demand and supply fundamentals but as a consuming country, India is happy that they looked into our expectations." While OPEC agreed to raise production by 1 million ba...
Armaco Aimed to be present in the entire “value chain” of India’s energy sector

Armaco Aimed to be present in the entire “value chain” of India’s energy sector

Business & Corporate
Saudi Arabian state-owned oil company Saudi Aramco wants to be present in the entire “value chain” of India’s energy sector, its Chief Executive Officer Amin Nasser said on Monday in New Delhi. The company did not spell out specifics of the plan but indicated that fuel marketing is one of them. The company is looking at “all options” to enter fuel retailing through partnerships with Indian oil companies, Nasser said. Aramco and UAE’s Abu Dhabi National Oil Company, commonly known as ADNOC, signed a deal on Monday which allows ADNOC to partner in the 1.2 million barrels crude oil refinery proposed in Western India.