OCTOBER 2018-ECONOMY NEWS |
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India ranked 58th most competitive economy in WEF index
World Economic Forum (WEF) released the Index on Most Competitive Economy for 2018, in which India ranked 58th out of 140 Countries.
India jumped 5 places from 2017.
India Scored 62.0 in the latest Global Competitiveness Index.
This is the largest gain among all G20 economies.
GPF interest rate hiked to 8% for october-december quarter
The government has increased the rate of interest for General Provident Fund (GPF) and other related schemes by 0.4% points to 8% for the October-December quarter.
The rate is in line with that for Public Provident Fund (PPF).
The interest rate on GPF was 7.6% for the July-September quarter of 2018-19.
IMF retains India FY19 growth outlook at 7.3%
The International Monetary Fund (IMF) has retained its India growth forecast for the current year but it will remain the fastest-growing major economy.
In its latest World Economic Outlook, the IMF said India will grow 7.3% in FY19 and 7.4% in FY20.
UNCTAD expects India’s GDP to rise 7% in 2018
The United Nations Conference on Trade and Development (UNCTAD) in its Trade and Development Report predicted the GDP growth of India for 2018 to be at 7%.
Previously in 2017, it was 6.2%.
India’s external debt declines 2.8 per cent $514.4 billion at end-June
India’s external debt declined 2.8 per cent to USD 514.4 billion at June-end over the previous quarter on account of a decrease in commercial borrowings, short-term debt and non-resident Indian (NRI) deposits.
At end-June 2018, the external debt was placed at USD 514.4 billion, recording a decrease of USD 14.9 billion over its level at end-March 2018.
Govt Cuts Gross Borrowing Estimate For Current Fiscal by Rs 70,000 crore
Economic Affairs Secretary SC Garg has announced a reduction in gross borrowing estimate for the current fiscal by 70,000 crore rupees and maintained that the government will contain fiscal deficit target at 3.3%.
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