Business, Economy & Banking Current Affairs - 2019
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The Ministry of Commerce and Industry has released the data related to the Foreign Direct Investment (FDI) inflows during April-September 2018-19. The important aspects from this data:
- The Foreign direct investment (FDI) into India was declined by 11 per cent to USD 22.66 billion during April-September period of 2018-19.
- The FDI inflows during April-September 2017-18 stood at USD 25.35 billion.
- The FDI which attracted large FDI are services (USD 4.91 billion), computer software and hardware (USD 2.54 billion), telecommunications (USD 2.17 billion), trading (USD 2.14 billion), chemicals (USD 1.6 billion), and automobile industry (USD 1.59 billion).
- Singapore with the FDI of USD 8.62 billion inflow was the largest source of FDI during April-September 2018-19.
- Singapore was followed by Mauritius (USD 3.88 billion), the Netherlands (USD 2.31 billion), Japan (USD 1.88 billion), the US (USD 970 million), and UK (USD 845 million).
The Foreign Direct Investment growth witnessed a five-year low growth of 3 per cent at $ 44.85 billion in 2017-18. The decline in the growth rate of FDI could adversely affect the country’s balance of payments and may also impact the value of the rupee.
Tags: Automobile Industry • chemicals • computer software and hardware • FDI • Foreign Direct Investment • Japan • Mauritius • Ministry of Commerce and Industry • Netherlands • Services • Singapore • Telecommunications • Trading • UK • US
Union Minister for Tourism K J Alphons delivering the inaugural speech at the 2nd ASEAN-India Youth Summit highlighted the contribution of the of the tourism sector to the GDP as below:
- India’s tourism sector generated USD 234 billion revenue in 2018 and the sector registered a growth of over 19 per cent.
- India was ranked third in the tourism sector, according to the 2018 report of the World Travel and Tourism Council (WTTC).
- The global revenue growth from tourism sector was five per cent and Indian tourism sector grew by 19.4 per cent.
- 87 per cent of revenue was contributed by domestic tourists and 13 per cent foreign tourists.
- The earnings from foreign tourists were about USD 27 billion.
- The revenue from the foreign tourists grew by about 14 per cent in India compared to global growth of 7 per cent.
- Spiritual tourism contributed around 60-70 per cent of the total domestic tourists.
ASEAN-India Youth Summit
The ASEAN-India Youth Summit aims to provide a platform for youth leaders of both India and ASEAN to engage with each other to develop a resilient and symbiotic relationship between countries.
The ASEAN-India Youth Summit is organised by India Foundation, in collaboration with ASEAN Secretariat and Ministry of External Affairs, Government of India (MEA).
The first India-ASEAN Youth Summit was held in 2017 and the theme was Shared Values, Common Destiny. The second India-ASEAN Youth Summit was held in Guwahati with the theme Connectivity: Pathway to Shared Prosperity.