National Current Affairs

India ranks second in global business optimism index: Report

As per recently released report, India was ranked second in the global business optimism index during the third quarter (July-September 2016).

It was revealed by the Grant Thornton International Business Report. India has improved its ranking by one spot in the index.

The report was prepared on the basis of a quarterly conducted global business survey of 2,500 businesses across 36 economies. Earlier in second quarter (April-June 2016) India was ranked third after being on top for two consecutive quarters.

 Key Facts

  • In the report Indonesia took the top spot and Philippines was placed third after India.
  • India was able to improve its rank because of policy reforms and adaptation of Goods and Services tax (GST).
  • The improvement clearly reflects that the reform agenda of the government and its efforts on improving the climate for doing business are having an impact.
  • Globally, business optimism stands at net 33%, rising 1 percentage point from the previous quarter but has failed by 11 percentage points over the year.


RBI appoints M Rajeshwar Rao as new Executive Director

The Reserve Bank of India (RBI) has appointed M Rajeshwar Rao as Executive Director (ED) following voluntary retirement of G Mahalingam.

In his new role, Mr. Rao will look after Department of Statistics and Information Management, Financial markets Operations Department and International Department of the RBI.

About M Rajeshwar Rao

  • Rao has a Bachelor of Arts in Economics and a Master of Business Administration (MBA) from University of Cochin. He is also a Certificated Associate of Indian Institute of Bankers.
  • He had joined RBI in 1984 and as career central banker has exposure in various aspects of central bank functioning.
  • Prior to his appointment as ED, he was the Chief General Manager (CGM), Financial Markets Operations Department of the RBI.
  • Previously, he had held charge of the Risk Monitoring Department of RBI and also had worked as the Banking Ombudsman, New Delhi.