Economy

India expected to be $10 trillion economy by 2030: Subhash Chandra Garg

Indian economy is on a stage of “take off” and is expected to be the world’s third largest by 2030 with GDP worth USD 10 trillion, Economic Affairs Secretary Subhash Chandra Garg said today. “Good days are ahead and lot of good work is happening in the economy. The economy is on a stage of take off where Indians can ...

As Trump Courts Putin, Russia Is Shrinking Away from U.S. Economy

President Trump’s bromance with Russia’s Vladimir Putin comes to a head on Monday, with the two scheduled for a sit-down in Helsinki after a stormy NATO summit. The closely-watched duo are expected to discuss Russia’s positions in Syria and Ukraine, nuclear arms control, and Russia’s election meddling in the U.S. — a subject that again came to the fore on Friday ...

Turkish economy recovered swiftly after the coup attempt

There was a big question mark on how the markets would react two days after the failed July 15 coup attempt. On July 18, the main index of Borsa Istanbul plunged at opening but economic activity and banking system operations continued uninterrupted the remainder of the week. The economy soon recovered without any serious harm as the government, institutions and private ...

Fed emphasizes ‘solid’ US economic growth, repeats gradual approach

The Federal Reserve continues to expect to raise interest rates gradually. The Fed has raised interest rates seven times since it began a tightening cycle back in December 2015 and last lifted its benchmark lending rate by a quarter percentage point in mid June. Chairman Jerome Powell also previously said that sustained high tariffs on products and services could hurt ...

Australian telecom giant Telstra is slashing 8,000 jobs

Australia’s biggest telecom operator is cutting 8,000 jobs in a dramatic bid to bring down costs. Telstra (TLSYY) said in a statement Wednesday that it will slash employee and contractor roles as part of plans to reduce costs by 2.5 billion Australian dollars ($1.8 billion) by 2022. It will also sell off assets to pare down debt. The company, which has 32,000 employees, said ...

Australia’s economy is going strong, but the fate of its currency is in question

The Australian economy has gone without a recession for 26 straight years and is still going strong, but the same can’t be said about the performance of its currency. Official data on Wednesday pointed to Australia starting 2018 on a strong note: Its gross domestic product expanded by 3.1 percent year-over-year in the first quarter, handily beating forecasts and avoiding a recession yet again. ...

China’s GCL signs pact for 5-GW PV factory in Egypt

May 10 (Renewables Now) – China’s Golden Concord Ltd (GCL) has entered into a memorandum of understanding (MOU) with Egypt’s ministry of military production that outlines a plan to build a 5-GW solar panel factory, state-run news agency MENA said. The pact envisages building the photovoltaic (PV) production facility at a total cost of up to USD 2 billion (EUR ...

India to Regain Title of Fastest Growing Economy

India has projected its economy will grow by 7 to 7.5 percent this year regaining the position of the world’s fastest growing major economy as it shrugs off the disruptive impact of a currency ban and tax reform. But the government has warned that rising international oil prices pose a risk to a country that depends heavily on energy imports. ...

EU approves 200 million Euros loan to Jordan

Jordan has announced that it will receive further Macro-Financial Assistance, MFA, from the European Union, EU, valued at 200 million Euros. Jordan News Agency quoted Imad Fakhoury, Minister of Planning and International Cooperation, as saying that the loan comes as part of commitments made by the EU during the “Supporting Syria and the Region conference” held in London in February ...

Is the government seeking fresh ideas on the economy?

In recent weeks, the National Democratic Alliance government headed by Narendra Modi has revived the Economic Advisory Council (EAC) to the Prime Minister (under economist Bibek Debroy), formed an expert panel on agriculture under federal policy think tank Niti Aayog, and extended the term of chief economic advisor Arvind Subramanian. The appointments come at a time economic growth has slowed ...

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