Business & Economy Current Affairs 2017

Latest Business & Indian Economy Current Affairs 2017 for UPSC Exams, Bank Exams, Civil Services, SSC and other Competitive Exams. Latest developments in Business and Finance Industry of India and world 2017 all important national updates in Banks and events for the year 2017.

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India ranks 92nd in 2017 Global Talent Index

India was ranked 92nd among 118 countries in the 2017 Global index of talent competitiveness (GTI) list. The index measures ability of countries to compete for talent i.e. how countries grow, attract and retain talent.

The index is produced by global business school INSEAD in partnership with Adecco Group and Human Capital Leadership Institute (HCLI) of Singapore.

Key Highlights of 2017 GTI
  • Top 10 Countries: Switzerland (1st), Singapore (2nd), United Kingdom (3rd), United States (4th), Sweden (5th), Australia (6th), Luxembourg (7th), Denmark (8th), Finland (9th) and Norway (10th).
  • BRICS Countries: India’s ranking is worst among the five BRICS countries. China (54th), Russia (56th), South Africa (67th) and Brazil (81st).
  • It noted that BRICS countries are not getting stronger and both China and India have slipped from their year-ago rankings.
  • India Related Facts: In this edition of the list, India slipped by 3 places compared to 89th rank in 2016 GTI.
  • India stood on a relatively solid in pool of global knowledge skills compared with other emerging markets. But in terms of retaining and attracting talent indices, India ranked lowly 104th and 114th, respectively.
  • Overall a major challenge for India is to attract talent from abroad, particularly in the context of large emigration rates of high-skilled people.
  • India has been able to create a stable pool of global knowledge skills, but still experiences a brain drain. India’s ranking will improve only if it improves in its regulatory (94th) and market (99th) landscapes.
  • GTI global ranking of cities: 2017 edition of GTI also released the first-ever global ranking of cities on the basis of their reputation and growing footprint in attracting, growing, and retaining global talent.
  • Top 10 global cities in terms of talent competitiveness: Zurich, Helsinki, San Francisco, Gothenburg, Madrid, Paris, Los Angeles, Eindhoven and Dublin. Mumbai was only Indian city to make into this list.

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India ranks 60th in Inclusive Development Index

India ranked 60th among the 79 developing countries in 2017 Inclusive Development Index (IDI) released in World Economic Forum’s (WEF) ‘Inclusive Growth and Development Report’.

The index is based on 12 performance indicators and countries are ranked on IDI scores based on a scale of 1-7. It has three pillars Growth and Development, Inclusion and Intergenerational Equity, and Sustainability in order to provide a more complete measure of economic development than GDP growth alone.

Key Highlights of 2017 IDI
  • Top 10 developing economies in 2017 IDI: Lithuania (1st), Azerbaijan (2nd), Hungary (3rd), Poland (4th), Romania (5th), Uruguay (6th), Latvia (7th), Panama (8th), Costa Rica (9th) and Chile (10th).
  • Top 10 advance economies in 2017 IDI: Norway (1st), Luxembourg (2nd), Switzerland (3th), Iceland (4th) and Denmark (5th), (6th), Netherlands (7th), Australia (8th), New Zealand (9th) and Austria (10th).
  • BRIC’s countries: Russia (13th), China (30th) and Brazil (30th).
  • India’s neighbours: India’s many of the neighbouring nations are ahead in the rankings. China (15th), Nepal (27th), Bangladesh (36th) and Pakistan (52nd).
  • India, with a score of only 3.38, ranks low among 79 developing economies, despite its growth in GDP per capita is among the top 10 and labour productivity growth has been strong.
  • India scores well in terms of access to finance for business development and real economy investment.
  • Reasons for India’s lower rank: India’s debt-to-GDP ratio is high, that raises some questions about the sustainability of government spending.
  • India’s labour force participation rate is low, informal economy is large and many workers are vulnerable to employment situations with little room for social mobility.
  • India needs more progressive tax system to raise capital for expenditures in infrastructure, health care, basic services and education,

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IMF cuts India’s FY17 growth rate to 6.6% from 7.6%  

The World Economic Outlook (WEO) update released by the International Monetary Fund (IMF) has cut India’s growth rate for the fiscal year 2016–17 to 6.6% from its previous estimate of 7.6%.

India’s growth rate was cut due to the temporary negative consumption shock of demonetisation. It has dampen India’s growth by 1% point in the FY2017 and 0.4% point in FY2018, compared with IMF’s earlier projections.

Key highlights of IMF’s Outlook
  • Global economic activity will pick up pace in FY17 and FY18, especially in emerging markets and developing economies. Global growth is forecast at 3.4% in FY17 against 3.1% in FY16.
  • There is marginal upward shift in prospects for the US and China until 2018 but India, Mexico and Brazil are among the large economies that have had their projections revised downwards.
  • For China, the growth forecast for FY 2017 was revised upwards, to 6.5%, 0.3% point above the October 2016 forecast. In 2018, China’s growth rate is projected to be 6% against India’s 7.7%.
  • The recent election of Donald Trump as US President could have a positive impact on US economy, but extent of it could not be gauged immediately.
  • The stimulus policies expected and already underway in US and China will hold world economy from further slowdown and result in rise of global growth.
  • India’s Demonetisation move led to shortage of currency causing a slump in demand and widespread job losses dampening growth.
  • Other Asian countries such as Thailand and Indonesia will also face headwinds in medium term.

IMF forecast

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