Business & Economy Current Affairs 2017

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India likely to improve economic growth to 6.3% in 2016: UN WESP Report

As per recently released UN World Economic Situation and Prospects 2015 (WESP) report, India’s economic growth is expected to improve to 6.3% in 2016.

Facts related to India from Report

India is likely to make progress in implementing economic policy reforms and thus help to provide support to business and consumer confidence.

India, will see GDP growth improving to 5.9% next year and 6.3% in 2016, which is estimated to record a 5.4% economic growth in 2014.

India’s projected 6% growth in 2016 will be the highest since the 2008-2011 period when it had grown at about 7.3%.

Key facts from report

  • Global economy: It is expected to grow 3.1% in 2015 and 3.3% in 2016, compared with an estimated growth of 2.6% for 2014.
  • South Asia:  Economic growth in this region will gradually pick up from an estimated 4.9% in 2014 to 5.4% in 2015 and 5.7% in 2016. Regional average inflation for South Asia is projected to decrease gradually from 14.7 per cent in 2013 to 7.2 per cent in 2016.
  • East Asia: During 2014, East Asian countries including China have managed to register robust growth. Inflation for East Asia will stay around the recent levels of 2-3 per cent over the outlook period.
  • Developing countries: They are expected to grow at 4.8% in 2015 and 5.1% in 2016, up from the 4.3% estimated for 2014. Average inflation for developing economies will fall slowly over the outlook period.
  • Western Europe: Growth in this region is expected from 1.7 per cent in 2015 to two per cent in 2016.

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BHEL commissions Hydro Power Plant in Rwanda, East Africa

Public sector power equipment maker Bharat Heavy Electricals Limited (BHEL) has achieved one more milestone by constructing and successfully commissioning 28 MW (2×14 MW) Nyaborongo Hydro Electric Project in Republic of Rwanda.

BHEL has synchronized both the generating units of this power project with the grid and helped in increasing Rwanda’s generating capacity by 24% from 119 MW to 147 MW.

Nyaborongo Hydro Electric project is owned by the Government of Rwanda and has been financed under the Government of India’s Line of Credit.

It was BHEL’s first order from this East-African country.  Prior to this, the company had already established its presence in a number of African nations like Sudan, Libya, Ethiopia, Egypt, Zambia, Tanzania, Uganda, Nigeria, etc.

BHEL has a vast experience in hydro-electric plants having contracted over 28,000 MW of projects across the globe.  Globally, BHEL has presence in countries like Azerbaijan, Bhutan, Malaysia, Nepal, New Zealand, Taiwan, Tajikistan, Thailand and Vietnam. It is also currently executing Hydro power projects in Afghanistan, DR Congo and Bhutan.

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India ranked 85th in Corruption Perception List (CPI)

Transparency International has ranked India at 85th place in its Corruption Perception Index 2014 (CPI) which enlisted 178 countries. India scored 38 on a scale from 0 (most corrupt) to 100 (least corrupt). The CPI score of India has increased by 2 points in 2014 from its 2013 score of 36, thus helping India’s rank move up to 85 in 2014 from 94 in 2013.

Top 3: Denmark (Score -92), New Zealand (Score -91) and Finland (Score -89)

Bottom 4:  Afghanistan (Score -12), Sudan (Score -11), North Korea (Score -8) and Somalia (Score – 8).

India’s neighbours in Corruption Perception Index 2014

  • Bhutan was placed at 30th
  • Sri Lanka was placed at 85th rank along with India.
  • China was placed at 100th
  • Pakistan and Nepal were placed at 126th
  • Bangladesh was placed at 145th
  • Afghanistan was placed at 172th rank.

From 2012, the CPI methodology has been updated to provide for year-over-year comparisons.

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