Business & Economy Current Affairs 2018

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.

IMF cuts India growth forecast for 2018 to 7.3%

The International Monetary Fund (IMF) in its latest World Economic Outlook (WEO) update has projected growth rate of 7.3% in 2018 and 7.5% in 2019 for India as against 6.7% in 2017. This makes India, fastest growing country among major economies in 2018-19 and 2019-20.

Key Facts

India will grow by 7.3% in 2018-19 against earlier estimate of 7.4%, slightly less — 0.1 percentage point in 2018. In 2019-20, it will grow by 7.5% against earlier estimate of 7.8%. This reflects negative effects of higher oil prices on domestic demand and faster than-anticipated monetary policy tightening due to higher expected inflation.

Despite India’s slight downgrade in the projections, it continues to outperform China. Growth in China is projected to moderate from 6.9% in 2017 to 6.6% in 2018 and 6.4% in 2019. This is mainly because of regulatory tightening of financial sector takes hold and external demand softens.

The global growth is projected to reach 3.9% in 2018 and 2019, in line with forecast of April 2018 WEO. Growth prospects in emerging market and developing economies is becoming more uneven, amid rising oil prices, higher yields in United States Treasury bonds, escalating trade tensions and market pressures on currencies of some economies with weaker fundamentals.

World Economic Outlook (WEO)

WEO is survey conducted and published by IMF. It is published biannually and partly updated two times a year. It portrays the world economy in the near and medium context, with growth projections for up to four years into the future. WEO forecasts include key macroeconomic indicators, such as GDP, inflation, fiscal balance and current account of more than 180 countries around the globe. It also deals with major economic policy issues.

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IFFCO iMandi: IFFCO rolls out e-commerce platform for farmers

Fertiliser major IFFCO has launched e-commerce platform IFFCO iMandi (an mobile application and web portal) to address all needs of the farming community associated with it. For this initiative, IFFCO has partnered with Singapore-based technology firm iMandi. Through this e-commerce platform, IFFCO is targeting to reach GMV (gross merchandise value) of $5 billion in the next two years by catering needs of 5.5 crore farmers already associated with it.

IFFCO iMandi

The e-commerce platform is one stop shop for agri inputs and produce, FMCG, electronics, loans, insurance etc. It has features like buy-sell, communication (chat and calling), entertainment and information/advisory content to keep farmers engaged. Using it, farmers buy all agri inputs of IFFCO, including fertilisers, agro chemicals and seeds at discounted price and get free delivery at their doorstep. It will cater needs of 5.5 crore farmers already associated with IFFCO. In this platform, IFFCO’s subsidiary IFFCO eBazar Ltd has taken 26% stake in and remaining 74% is with I-tech Holdings and some other investors.

Indian Farmers Fertiliser Cooperative Limited (IFFCO)

IFFCO is large scale fertiliser cooperative federation in India which is registered as Multistate Cooperative Society. It is one of India’s biggest cooperative society which is wholly owned by Indian Cooperatives. It was founded in 1967 with just 57 cooperatives and at present it has amalgamation of over 36,000 Indian Cooperatives with diversified business interests ranging from General Insurance to Rural Telecom apart from its core business of manufacturing and selling fertilisers. It is headquartered in New Delhi. It had posted turnover of Rs 20,787 crore in 2017-18 fiscal. It produced nearly 8 million tonnes and sold 10.3 million tonnes of fertilisers in 2017-18.

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