The growing importance of emerging economies, along with the increasing integration of the global economy and financial markets, underscore the importance of broadening the scope of international economic and financial co-operation.
The establishment of G20, comprising around 90 per cent of the global GDP, 80 per cent of the world trade and more than two-third of the world’s population, recognized considerable changes in the international economic landscape.
The G20 plays a vital role in supporting globalization, development of domestic financial markets, regional economic integration, demographics and resource security. Independent business associations from G20 countries formed a coalition named as Business 20 (B20). The coalition acts a bridge between government and business communities of the G20 countries.
The November 2014 edition of the Multilateral Newsletter highlights the key deliberations made at the G20 and B20 Summits. In addition, it covers key points of major happenings from the recently held ASEAN Summit in Nay Pyi Taw, Myanmar.
Read the Newsletter for more information with reference
As two of the fastest growing emerging market economies, India and China together symbolize an economically vibrant Asia. Find out what China’s rapid economic growth implies for India, and more, in the December 2015 issue of the CII Global Watch.
The November issue of #PolicyWatch focuses on the overall state of #MSME development in the country, opportunities for MSMEs in some critical sectors, some of the latest MSME initiatives by the Government demonstrating its commitment towards the melioration of business environment for MSMEs and significant policy recommendations in various areas that will assist in putting Indian MSMEs on a high growth trajectory.
As two of the fastest growing emerging market economies, India and China together symbolize an economically vibrant Asia. Find out what China’s rapid economic growth implies for India, and more, in the December 2015 issue of the CII Global Watch.
The November issue of #PolicyWatch focuses on the overall state of #MSME development in the country, opportunities for MSMEs in some critical sectors, some of the latest MSME initiatives by the Government demonstrating its commitment towards the melioration of business environment for MSMEs and significant policy recommendations in various areas that will assist in putting Indian MSMEs on a high growth trajectory.
Rt as - the route to increased fdi for bangladeshM S Siddiqui
Will Bangladesh for FDI only on the basis of low- cost labour? The FDI will not come only on invitation but on the basis of mutual benefits and facilitation of business.
Bangladesh declined to join this RTA on the pretext that "it is a big RTA which goes beyond trade in goods and services and we are not going to do so now or in near future," as told by top bureaucrats to the Financial Express (FE). Observers do not consider this a wise decision as Bangladesh will be left alone as there is hardly any prospect to join existing FTA groups or any probable FTA group in future.
This edition of the Newsletter highlights the converging areas of interest in the BRICS grouping and its contribution in charting a new global landscape.
The Newsletter also covers key happenings from International Trade Centre (ITC), The World Bank (WB), Asian Development Bank (ADB) and United Nations Development Programme (UNDP).
New base energy news 13 july 2020 issue no. 1355 by senior editor khaled ...Khaled Al Awadi
NewBase Energy News 13 July 2020 - Issue No. 1355 by Senior Editor Khaled Alawadi.docxNewBase Energy News 13 July 2020 - Issue No. 1355 by Senior Editor Khaled Alawadi.docx
Abstract: Nigeria is one of the economies with great demand for goods and services and has attracted some foreign direct investment over the years. The amount of foreign direct investment inflow in to Nigeria has reached US $ 2.23 billion in 2003 and it rose to US $ 5.31 billion in 2004 (a 138 % increase), this figure rose again to US $ 9.92 billion (an 87% increase) in 2005. The figure however declined slightly to US $ 9.44 in 2006 while it has been on astronomical fall since 2006 till date. (CBN, 2011). The question that comes to mind is, do these for actually contribute to economic growth in Nigeria? If foreign direct investment actually contribute to growth, then, the sustainability of foreign direct investment is a worthwhile activity and a way of achieving this sustainability is by identifying the factors contributing to its growth with a view to ensuring its enhancement. The nose driving this research is to determine the short run impact of FDI on economic growth, OLS with ward test analysis was employed to determine the short run analysis of impact of FDI on economic growth. The result shows that all the explanatory variables such as Gross Fixed capital formation (GFCF), Total labour force (TLBF), Foreign Direct Investment (FDI) Lending rate and Average Manufacturing Capacity Utilization (AMCU) grossly affect economic growth in Nigeria. The result also implies that there exist a singleton (short run) impact of FDI on economic growth, recommendation was made that government must put in place all the pull factors such as good road, stable power supply and most essentially security of life and property of foreign investors in order to reduce the level of unemployment which serves as impediment to sustainable development in the Nation Nigeria.
A digital copy of the BH24 (30 November 2015 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
Rt as - the route to increased fdi for bangladeshM S Siddiqui
Will Bangladesh for FDI only on the basis of low- cost labour? The FDI will not come only on invitation but on the basis of mutual benefits and facilitation of business.
Bangladesh declined to join this RTA on the pretext that "it is a big RTA which goes beyond trade in goods and services and we are not going to do so now or in near future," as told by top bureaucrats to the Financial Express (FE). Observers do not consider this a wise decision as Bangladesh will be left alone as there is hardly any prospect to join existing FTA groups or any probable FTA group in future.
This edition of the Newsletter highlights the converging areas of interest in the BRICS grouping and its contribution in charting a new global landscape.
The Newsletter also covers key happenings from International Trade Centre (ITC), The World Bank (WB), Asian Development Bank (ADB) and United Nations Development Programme (UNDP).
New base energy news 13 july 2020 issue no. 1355 by senior editor khaled ...Khaled Al Awadi
NewBase Energy News 13 July 2020 - Issue No. 1355 by Senior Editor Khaled Alawadi.docxNewBase Energy News 13 July 2020 - Issue No. 1355 by Senior Editor Khaled Alawadi.docx
Abstract: Nigeria is one of the economies with great demand for goods and services and has attracted some foreign direct investment over the years. The amount of foreign direct investment inflow in to Nigeria has reached US $ 2.23 billion in 2003 and it rose to US $ 5.31 billion in 2004 (a 138 % increase), this figure rose again to US $ 9.92 billion (an 87% increase) in 2005. The figure however declined slightly to US $ 9.44 in 2006 while it has been on astronomical fall since 2006 till date. (CBN, 2011). The question that comes to mind is, do these for actually contribute to economic growth in Nigeria? If foreign direct investment actually contribute to growth, then, the sustainability of foreign direct investment is a worthwhile activity and a way of achieving this sustainability is by identifying the factors contributing to its growth with a view to ensuring its enhancement. The nose driving this research is to determine the short run impact of FDI on economic growth, OLS with ward test analysis was employed to determine the short run analysis of impact of FDI on economic growth. The result shows that all the explanatory variables such as Gross Fixed capital formation (GFCF), Total labour force (TLBF), Foreign Direct Investment (FDI) Lending rate and Average Manufacturing Capacity Utilization (AMCU) grossly affect economic growth in Nigeria. The result also implies that there exist a singleton (short run) impact of FDI on economic growth, recommendation was made that government must put in place all the pull factors such as good road, stable power supply and most essentially security of life and property of foreign investors in order to reduce the level of unemployment which serves as impediment to sustainable development in the Nation Nigeria.
A digital copy of the BH24 (30 November 2015 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
Harbingers of economic recovery and a series of bold reforms are giving industry leaders in India renewed confidence for the future. This study, which was undertaken by Towers Watson with the support of the Confederation of Indian Industry (CII), sets out to capture prevailing sentiments among business leaders in India.
CII’s flagship monthly publication Economy Watch has been now revamped and rechristened as ‘Economy Matters’. Apart from encompassing all the key features of the old version, the new issue also carries a new section on Corporate Profitability to keep readers abreast about the latest trends in corporate performance. The ‘Economy Matters’ brought out by CII Research seeks to provide an in-depth update on current trends in the domestic and international economy and helps in tracking policy developments and understanding industry dynamics.
At an event at its central London Headquarters, chaired by The Times’ Economics Editor Philip Aldrick, Resolution Foundation Chief Economist Matthew Whittaker presented new analysis on the impact of monetary policy during the downturn. Former MPC member Kate Barker and Chief Economics Commentator at the Financial Times Martin Wolf then debated the future role of monetary policy, before taking part in a wider Q&A.
The Indian economy has emerged as a beacon of hope in the current scenario characterized by a sluggish global economic performance. Owing to improved monetary and fiscal policies, the Indian economy has registered the highest growth amongst the G20 countries. With recent reforms by the Indian Government, especially in enhancing ease of doing business, opening the economy to foreign investors & international trade and increasing transparency in the financial system, India is well poised to become a key player in the global economy.
MSMEs are the very fuel that drive the growth of the Indian economy. Their small size, low capital requirement, use of indigenous technology & local resources and suitability for rural areas, makes it a strong case for the promotion of MSMEs. The need of the hour is to heed the crucial hurdles that are thwarting the growth of these enterprises and prepare them, through timely policy interventions and structural changes, towards enhancing their share in the global market.
This issue of the Policy Watch focuses especially on MSMEs, recent policy developments pertaining to the sector, opportunities and growth prospects for SMEs and significant policy recommendations in various areas that will assist in putting Indian MSMEs on a high growth trajectory.
India is the dream destination and growth market for the world in terms of expansion of commerce and Digital India initiatives is one among them which can play a significant role for urban & rural India to transform into digitally empowered knowledge economy as well as for the overseas firms.
The CII TELECOM Convergence Summit, which was held on 18 Sep 2015 at New Delhi, highlighted the significant areas in literary form and those are Internet of Things(IoT), Digital Commerce and Cyber Security and without considering the literary forms a Digital India dream is not thinkable. The Knowledge Partner was Deloitte. Digital Revolution: Forward Path for Telecom, a CII-Deloitte publication was released at the Summit. Download from here: http://goo.gl/0JeMC0
India’s engagement at multilateral forums has significantly increased over the last one decade. It has been playing a constructive role in forums like G-20 (B-20) which has been deliberating on critical issues of global economic and trade governance post the financial crisis. Besides this, India has also joined the grouping like IBSA and BRICS, which again are playing an important role in current global scenario.
CII complements the Government of India’s enhanced engagement with East and Southeast Asia, Africa and Latin America. In recent years, Indian industry too has started taking keen interest on these issues and is looking outward, slowly emerging as one of the significant sources of global investment. CII in association with its partner business associations has formed a Business 20 alliance to feed business inputs into the G-20 discussions on issues which are of direct interest to them.
Through this newsletter, CII hopes to provide an insight to all such multilateral and regional engagements of India and Indian industry.
The October edition of the Newsletter outlines the Indian priorities and the road ahead for the G20; provides brief information on the happenings at the World Bank, Asian Development Bank (ADB), International Finance Corporation (IFC), World Trade Organization (WTO), International Trade Centre (ITC) and highlights the key remarks made by the Minister of State for External Affairs at the 8th IBSA Trilateral Ministerial Commission Meeting.
This edition of the Multilateral Newsletter summarizes the key highlights of the OECD Week 2016. In addition, it also provides brief information on happenings at the B20 Coalition, International Trade Centre, World Bank and Asian Development Bank (ADB).
CII Multilateral Newsletter July edition outlines the highlights of the key discussions of G20 Summit and the testimonials made by B20 members as well as the developments in the Association of Southeast Asian Nations (ASEAN), World Bank, Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).
India @ G20 : A Primer on Priorities
Economic growth, industrialization, infrastructure and access to energy provide the foundations of development
for any growing economy.
‘Building Resilience’ is the prime objective of the G20 and with this in mind this grouping has set itself the
task of increasing the stability and resilience of economies, and thus of the global economy as a whole. Global
economic growth had taken quite a blow in recent times and therefore become much weaker overall than it
did after previous economic downturns. As a result, public and private debt across various regions, Central
banks’ interest rates got negatively impacted in many G20 countries. Structural reforms in G20 countries, with
focus on fiscal and monetary policies are the key to stability and long-term sustainability.
This edition of the Newsletter highlights the key deliberations made at the 21st edition of the Partnership Summit 2015 held from 15-17 January 2015 in Jaipur, Rajasthan.
In addition, it covers key highlights from the address of the UN Secretary General, Ban Ki Moon and World Bank President, Jim Yong Kim at Vibrant Gujarat Summit held from 11-13 January 2015 in Ahmedabad, Gujarat.
The Newsletter covers key happenings from ASEAN, Asian Development Bank (ADB) and the World Bank as well.
Tulsi Tanti's Speech at The BRICS 2014 Summit - Full SpeechSuzlon Group
The Complete Speech Presented by Mr. Tulsi Tanti, Suzlon Group on 'Economic Integration-Challenges for Sustainable Growth' at BRICS Business Forum July 14, 2014
The March-April edition of the Multilateral Newsletter gives insights on the key happenings at the various multilateral institutions and highlights the key discussions and deliberations at the informal WTO Ministerial Meeting held in New Delhi.
WTO plays a vital role by bringing stability and predictability to the multilateral trading system. It is a collective responsibility of WTO members to address the challenges faced by the system and putting the economies back on steady and meaningful way forward.
Several proposals and initiatives on investment facilitation were tabled at the WTO in the run-up to the 11th Ministerial Conference. The proponents advocated discussions on Investment Facilitation within the WTO framework. However, there was no consensus on initiating negotiations, or even establishing a Work Programme, on Investment Facilitation. A clear need of more work to look at all aspects of a potential multilateral rules on Investment, particularly on its impact on domestic policy space was stated.
In order to deepen the understanding between the member it is important that an open, transparent and inclusive approach of decision making for the various interventions. The informal WTO Ministerial gathering in New Delhi saw convergence of around 53 members representing a broad spectrum of the WTO membership.
CII, as an Industry Institution is cognizant of the need for India to engage constructively in some of the new issues being discussed under the WTO framework.
This edition of the newsletter focuses on the areas under the taskforces formed by the B20 China which are
important to us considering India’s socio-economic development and priorities of the government.
Texte en anglais de la déclaration finale du G20, à Hambourg, le 8 juillet 2017, intégrant des passages sur le libre-échange, le protectionnisme et le réchauffement climatique
CII started 2014 with its annual international flagship event – The Partnership Summit – now in its 20th year since its start in 1995, which was CII’s centenary year. Over the years the Partnership Summit has become a unique platform to exchange ideas and evolve solutions to the most urgent challenges confronting the world today. The summit highlighted investment opportunities emerging from rapid poverty alleviation in India and developing countries offered ideas for how a new class of consumers can become a new dynamic for growth.
In this issue of the newsletter the focus story highlights the importance, role and opportunities for emerging Global Value Chains. In addition, the newsletter also provides an insight of some of key happenings in various multilateral institutions.
We are putting in our best efforts to make the Multilateral Newsletter more knowledgeable, informative and industry oriented. We welcome your suggestions and feedback on the newsletter and thank you for the valuable support and the time you take out while going through the newsletter.
The May edition of the Multilateral Newsletter highlights the key deliberations from the Forum and provides the key recommendations made by the OECD stakeholders. In addition, the edition covers major happenings at the World Bank, Asian Development Bank (ADB), B20 and International Labour Organisation (ILO).
Micro, Small and Medium Enterprises (MSMEs) sector is the backbone of the national economic structure and has acted as the bulwark for the Indian economy, providing it resilience to fend off global economic shocks and adversities. The development of the sector is extremely critical to meet the national imperatives of financial inclusion and generation of significant levels of employment across urban, rurban and rural areas and to catalyse socio-economic transformation.
Easy access to credit and finance remains one of the many challenges faced by the sector. Hence, in view of the sector's importance in the overall economic landscape, it is critical the MSME sector develops through the concerted efforts of various stakeholders, including banks and financial institutions, equity funds, industry majors and MNCs, regulators across various ministries at the Center and in the States, and trade associations, together, to create a forward-looking framework and ecosystem. The competitiveness of the MSME sector is critical for sustaining economic growth.
It’s a matter of concern that 600 million people in India face high to extreme water stress in the country. About three-fourths of the households in the country do not have drinking water at their premise. With nearly 70% of water being contaminated, India is placed at 120th amongst 122 countries in the water quality index. It’s a fact that water is a State subject and its optimal utilization and management lies predominantly within the domain of the States. This index is an attempt to budge States and UTs towards
efficient and optimal utilization of water and recycling thereof with a sense of urgency.
GST, the single taxation regime, was implemented a year back and though there were some initial implementation issues, as is the case with any system for the first time, it is safe to say that the GST has been the biggest tax reform of Independent India.
Cyberspace is rapidly transforming our lives – how we live, interact, govern and create value. With the JAM (Jan Dhan, Aadhaar and Mobile) trinity, India is at the forefront of global digital transformation. “Digital India” is being hailed as the world's largest technology led programme of its kind.
While internet, smartphones and modern information and
communication devices have been great force multipliers, endless connectivity and proliferation of IoT devices is giving rise to vulnerabilities, risks and concerns. Cyber security is today ranked among top threats by governments and corporates. Heightened concerns about data security and privacy have resulted in a spate of regulations in India and across the world. India is in the process of discussing and enacting its own comprehensive data security and privacy regulation, as well as vertical specific ones. Cyber security is an ecosystem where laws, organisations, skills, cooperation and
technical implementation would need to be in harmony to be
effective.
Overall, a robust regulatory framework based on global and
country-specific regulations, development of a holistic cyber
security eco-system (academia and industry as well as
entrepreneurial) and a coordinated global approach through
proactive cyber diplomacy would help to secure cyber space and promote confidence and trust of key stakeholders including
citizens, businesses, political and security leaders.
CII has been actively working in the cyber security space. The CII Task Force on Public Private Partnership for Security of the Cyber Space has been set up to bring about improvements in the legal framework to strengthen and maintain a safe cyberspace ecosystem by capacity building through education and training programmes. We would facilitate collaboration and cooperation between Government and Industry in the area of cyber security in general and protection of critical information infrastructure in particular, covering cyber threats, vulnerabilities, breaches, potential protective measures, and adoption of best practices.
Delhi, the capital of India, has emerged as a major commercial capital and industrial hub of India. It is home to a wide range of industries including textiles, electrical and electronics, IT &ITeS services, hotel and tourism, which have contributed immensely to the economic and industrial growth of the country. Nearly 88% of the SMEs in Delhi revealed that this cluster is as an attractive destination for conducting business. Delhi has become an attractive business and tourist destination. This is driven by its improved infrastructure, good connectivity with other Asian and western regions, ease of access to market and availability of skilled labor among others. Consequently, it has emerged as
one of the most preferred investment and business destinations.
The state government of Maharashtra has been at the forefront in creating a conducive business environment that fosters globally competitive firms. Business reforms introduced both by the Central as well as the state government have played a critical role in India’s 30 spots improvement in the Doing Business ranking for 2018.
The State, under the Business Reforms Action Plan (BRAP) 2016, has implemented over 90 per cent reforms in 7 out of 10 parameters, including labour registration, utility connections, single window system, environment registration, among others. These policy reforms have significantly helped in the reduction in time and cost of doing business for the industry, thereby
establishing Maharashtra as one of the top investment destinations in the country.
This report provides the key highlights of the select initiatives on ease of doing reforms in Maharashtra. With a view to provide on-ground impact of these initiatives, the Report also captures industry views on various aspects of business reforms.
Businesses are gradually recognizing that ethics means good business. It is believed that well-run and trustworthy
companies are more likely to attract greater investment opportunities, which enables them to innovate and expand, and
generate wealth and jobs. Good corporate governance practices are regarded as providing an 'extra' edge to companies
to enhance their image and stay ahead in an intensely competitive business environment. This would help them imbibe
universally accepted values of ethics and good governance—accountability, transparency, responsibility and
responsiveness to stake holders. Besides, it would also mean looking beyond achieving mere economic sustainability to
include social and environmental sustainability as well. Many corporates are adhering to sustainable business practices
and many more are likely to follow suit in the time to come.
On the domestic front, CII expects economic growth to bounce back to 7.3-7.7 per cent in FY19 from the estimated 6.6
per cent in FY18. The prognosis of improved rural consumption and a recovery in private investment will support
growth, even as the debilitating effects of demonetisation and GSTimplementation will fade away
The Commuique May 2018 edition discusses the cover story
on 'Resolving Insolvency in India'
The Insolvency and Bankruptcy Code (IBC) 2016, is one of
the biggest regulatory reforms corporate India has witnessed
in recent times.
It also features 'UK-India CEO Forum Meeting ', 'CII CEOs Delegation to 11th Commonwealth Business Forum 2018', 'Four Transformations of the Global Energy Market', Economy pieces on 'The Innovation Paradox' & 'Can the Lion Conquer the Forest?' along with a piece on 'India-Africa Economic Partnership'.
The government of India has, in the past few years, accorded an utmost priority to the Ease of Doing Business (EoDB). The accent is on simplification of regulations and use of technology to make the compliance more efficient for businesses. Apart from the Centre, the States are also being encouraged to implement business reforms in the spirit of competitive federalism, to foster reforms at the sub-national level. The measures are aimed at creating a conducive business environment, which is a key to facilitating growth and creating jobs. Thanks to these measures, India’s EoDB ranking, captured by the World Bank, has improved by 42 spots since 2014 to touch the 100th position now. The Prime Minister envisions India among the top 50 nations in the next couple of years.
While business reforms are being undertaken at a rapid pace and large scale, cutting across Central as well as state levels, it is imperative that awareness about these developments is created among stakeholders and regular feedback is generated to address the gaps in the implementation of reforms. Identification of pending issues and suggesting possible solutions are equally vital. It is also important to identify the best practices within and outside the country, which are considered for implementation by the needy states.
The report reflects on the role of broadband connectivity and the multiplier effect it has on the larger ecosystem. India is ripe for a Digital rethink, with both government and industry aligning their efforts toward a broadband powered Digital India. Broadband has the power to enable the gigabit society that is always connected. Broadband connectivity has changed the way people
communicate, socialise, create, sell, shop and work. India’s digital consumption patterns highlights the evolution. On an average Indians spend 200 minutes on mobile every day, with the second highest app downloads globally. Almost 79% of the web traffic in India is on mobile.
To realise the Digital India dream, there is a need to strengthen the broadband backbone, which forms a key pillar of this transformation. This report highlights the need for future ready and robust broadband infrastructure and the requisite efforts for expediting its reach.
South Africa and India share a rich past and bright future. India has transitioned from being South Africa’s political ally to being a vibrant economic partner. Despite challenges, the opportunity for increasing the value of bilateral trade between the two countries is growing exponentially each year.
South Africa and India have nurtured a bilateral relationship since the 1860s, when the first Indians arrived in South Africa. India was one of the first countries that rallied at the United Nations in support of the anti apartheid movement in South Africa. The strong bond established between the two countries during the struggle for democracy in South Africa became further entrenched in post-apartheid South Africa.
Most global businesses recognise South Africa as the most favourable destination in Africa for making long-term investments. The country offers a stable political and economic environment with established institutions. Policies and procedures are well articulated and consistent, and it offers a free and competitive environment with open-minded consumers. South Africa provides the most stable and technologically viable environment for Indian companies wishing to establish a base from which to expand across the continent. As a gateway to Africa, it is renowned for its infrastructure, skills pool and expertise.
Our world is changing at an unprecedented pace, driven by a new digital economy. Companies across sectors are keen to become more efficient, disruptive, and differentiated, by using new technologies and supported by an ecosystem of customers, partners, and technology leaders. New-age technologies such as Artificial Intelligence (AI), Augmented Reality (AR), Blockchain, Machine Learning, 3D printing, and IoT are gaining more and more importance and acceptance.
India has all the ingredients in place to leverage this innovation and technological advantage in the long run, including university graduates, public institutes and corporates. However, India’s gross expenditure on R&D as a proportion of GDP (GERD) is less than 0.7% as of 2014-15 and within this, the share of industry is just 30%. Further, the vast SME sector needs to scale up technology infusion for higher productivity.
This is the fifth edition of the Grant Thornton India meets Britain Tracker, developed in collaboration with the Confederation of Indian Industry. The India Tracker identifies the fastest-growing Indian companies in the UK, as well as the top Indian employers. It provides insight into the evolving scale, business activities, locations and performance of the Indian-owned companies who are making the biggest impact in the UK.
This year, our research identified approximately 800 Indian companies operating in the UK, with combined revenues of £46.4 billion (£47.5 billion in 2017). Together, they paid £360 million in corporation tax (£275.7 million in 2017) and employed 104,932 people (105,268 in 2017). This shows the continued importance of the contribution that Indian companies make to the UK economy.
The Make in India initiative of the government which lays emphasis on domestic manufacturing, indigenization and import substitution, is expected to pave the way for making the Indian defence sector self-sufficient.Encouragingly, the Indian industry is now actively engagedand is partnering with the government in building a modern and best-in-class defence systems, equipment and components which should strengthen our forces and make the country more self-reliant. The formation of the Society of Indian Defence Manufacturers (SIDM) as an apex body of the Indian defence industry is critical in this regard. SIDM is expected to play a proactive role as an advocate, catalyst and facilitator for building the growth and capability of the defence industry in India. Given the rising importance of buttressing the Make in India programme for expanding the capacity of the Indian defence sector, in this issue of Economy Matters, a few SIDM office bearers and defence experts present their insights into this crucial topic.
As India integrates deeper into the global economy, it is becoming increasingly clear that the country needs to focus both on meeting international competition and its own developmental challenges.
The Government launched several initiatives last year, such as Make in India, Skill India, and Digital India, among others, towards make the vision of integrated inclusive development a reality.
For industry, grappling with the challenges of disruptive technologies, restrictive trade laws, environmental responsibilities and more demanding and discerning customers, the imperative is for sharper focus on producing excellent goods and services, along with building skills, generating jobs, and mainstreaming the marginalized.
Personal and freight mobility are important aspects of economic development and therefore create a significant footprint on the natural environment, especially on the ambient air quality. Vehicular emissions have been identified as one of the sources of air pollutants, specially PM 2.5, as per source apportionment study of IIT-Kanpur commissioned by Government of NCT of Delhi in the year 2015 (Sharma and Dikshit, 2016). Although there are other contributors to air pollution but the vehicular pollution remains a major non-point source. Efforts are needed for reducing the overall impact of the same. Another distinguishing feature of Delhi’s transportation system is the medium and heavy commercial vehicles (MHCVs) which are 2.5% of the total vehicular population but are responsible for over 65% of the total vehicular pollution as well as fuel consumption.
Under CII-NITI Aayog 'Cleaner Air Better Life Initiative', the task force on clean transportation has undertaken a consultative process to identify seven areas of action towards mitigation of air pollution in Delhi and National Capital Region (NCR). To begin with, it proposes mobility reforms to induce a more fundamental change from private vehicle towards sustainable means of transportation such as public and shared transportation. Further, limiting high-mileage polluting vehicles, strengthening Pollution-Under-Control (PUC) regime, allowing retailing of bio-fuels, promoting electric-mobility, decongesting traffic hotspots and retrofitting solutions are recommended by the task force, as elaborated.
Confederation of Indian Industry (CII) takes immense pleasure in presenting the third edition of Annual CSR Tracker 2017. Similar to the last two editions, this is the most comprehensive analysis of CSR disclosures of Bombay Stock Exchange (BSE-listed) companies obligated to practice CSR as per the Companies Act, 2013.
The Annual CSR Tracker 2017 is based on disclosures of 1,522 companies as compared to 1,270 companies in 2016 and 1,181 in 2015. Disclosures are broken into approximately, 41 indicators spread across six aspects of CSR legislation: governance, policy, financials, spends as per Schedule VII, spend channels, and spend locations. Also included is beneficiary data that companies voluntarily disclose in their annual reports.
At CII Indian Women Network, we are driven by the imperative that Indian women become a core critical mass of the workforce to bring about the transformational change in attitude and behavior. We have also recognized the importance of some amazing women role models who can inspire the future generation into believing that there are no limits to what a woman can achieve. One critical aspect is our own self-belief and innermost conviction that will ultimately help us triumph in our relentless struggle for gender equality. It is a pleasure to share this comprehensive report with you that captures the universe of several variables that will impact our future progress.
To strengthen the major growth drivers and would go a long way towards facilitating the path of a GDP growth rate of more than 8%. Many of the measures announced in this Budget such as market linkages for the rural economy, incentives for new jobs, fixed term employment, enhancing the quality of education, including teachers training, and addressing healthcare access are in line with CII recommendations.
To enable India to leapfrog into the digital age, CII has been advocating on four broad pillars i.e. building robust infrastructure,
reducing cost of inputs, workforce development and promoting innovation and R&D. In this regard, the Budget’s proposal for
encouraging high-end technologies is a forward-looking initiative. The Government's move to double the allocation on the Digital India programme will help research and skilling in Robotics, Artificial Intelligence (AI) and Internet of Things (IoT), among others.
The initiatives on National Programme on Artificial Intelligence to be set up by NITI Aayog, the 5G test-bed in IIT, Madras and the mission to encourage Big Data, Cybersecurity and Robotics announced in the Budget will help promote Industry 4.0. All these would lay the foundation for the proliferation of advanced manufacturing in India while creating new skills and jobs in the country.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
1. 1
Multilateral Newsletter
this Issue
Inside
Focus Story
Brisbane G-20 Summit 2014.................................................2
AEAN
Key Highlights: ASEAN Summit..............................................5
ASEAN, UNCTAD Launch ASEAN Investment Report
2013-2014...........................................................................7
ASEAN Welcomes Principles for Public-Private Partnership Framework............................................................................7
November 2014, Volume 2, Issue 11
Message from Mr Chandrajit Banerjee, Director General, CII
India along with other emerging economies is concerned about the volatile capital flows resulting from quantitative easing by some of the advanced economies. The recent meeting of the G20 Summit held in Brisbane, discussed in great details the global economy, which is witnessing uneven growth and also discussed other key points which included development of financial markets, regional economic integration, demographics, and resource security.
On the margins of G20 Summit, a 26 member delegation of B20 business leaders and numerous international & national business associations, representing the G20 countries also met with the G20 leaders and officials to discuss the strategy to take forward the business agenda, in sync with priorities of G20 as well the recommendations and press the need for action on creating the right environment for businesses to invest and create jobs.
The November edition of the Multilateral Newsletter highlights the key outcomes of the B20 Summit and its interactions with G20 leaders. In addition, the Newsletter also covers the key deliberations at the ASEAN Summit held in November in Nay Pyi Taw, Myanmar as also the 12th India-ASEAN Summit, 9th East Asia Summit, 11th ASEAN Business and Investment Summit, which were held alongside the event and a brief on some of the reports which were thereby launched.
Chandrajit Banerjee
Multilateral
WORLD BANK
India Needs to Improve Manufacturing Sector Performance
to Return to High-growth Path: World Bank Report....................8
Government of India and World Bank Sign $200 Million Agreement to Enhance Productivity, Improve Skills of
Micro, Small and Medium Scale Enterprises............................9
NEWSLETTER
2. 2
Multilateral Newsletter
In September 1999, the finance ministers and central bank governors of the Group of Seven countries (G7) announced their intention to “broaden the dialogue on key economic and financial policy issues among systematically significant economies and promote co-operation to achieve stable and sustainable world economic growth that benefits all”. This announcement marked the official birth of what subsequently became known as the Group of Twenty countries (the G20). The G20 comprises around 90 per cent of the global GDP. 80 per cent of the world trade and more than two-third of the world’s population.
The establishment of the G-20 recognized the considerable changes in the international economic landscape over the previous decades. The growing importance of emerging economies, along with the increasing integration of the global economy and financial markets, underscored the importance of broadening the scope of international economic and financial co-operation.
It was soon realized that without the participation of private enterprises in policy recommendations, the objective of G20 nations to achieve strong, sustainable and balanced growth would remain incomplete. As a result, independent business associations from G20 countries formed a coalition named as Business 20 (B20). This coalition bridges governmental agenda with the interests of business communities of G20 nations. It is a representative group of approximately 6.5 million businesses across the world. India is one of the founding members of the B20 coalition. The B20 represents today’s job creators and it is important that the key priorities identified by it be tackled with strong intent by G20 leaders.
On the margins of Brisbane G-20 Summit, business leaders from 18 G-20 countries met to discuss the strategy to take forward the business agenda forward, in sync with priorities of G-20 leaders. A delegation of 26 members of the B20 community representing 18 countries, as well as numerous international and national business associations, met with G20 leaders and officials to discuss recommendations and press the need for action on creating the right environment for businesses to invest and create jobs.
Good business engagement with G20 Leaders
The B20 leaders met with some of the G20 Leaders on 14 November evening.
On Saturday 15 November afternoon, in the first, of the formal closed sessions for G20 Leaders, Mr Alejandro Ramirez of Mexico and Mr Richard Goyder directly addressed the Leaders on the imperative of growth and the need to reestablish confidence to encourage greater investment, trade and job creation.
In addition to meetings with Leaders, the B20 had a briefing session by the Turkish B20 Sherpa Mr Rifat Bey and the Turkish B20 Executive Committee on their plans and agenda for 2015, when Turkey takes over the Chair of the G20.
B20 recommendations
The B20 in July 2014 finalised its recommendations on five core issues and presented them to B20 Chair HE Tony Abbott, Prime Minister of Australia.
Focus Story
Brisbane G-20 Summit 2014: Outcomes of B-20 Summit and its Interactions with G-20 Leaders
3. 3
Multilateral Newsletter
The recommendations have concentrated on identifying the impediments to a more conducive environment for investment and growth through five task forces focused on the core economic drivers of trade, infrastructure, human capital, finance and transparency and anti-corruption.
Trade
International trade is the world’s growth engine. It is essential to securing global job creation and higher living standards. A targeted set of four high impact B20 recommendations, if implemented, could generate up to $3.4 trillion in GDP growth and support more than 50 million jobs across the G20 economies. This would be akin to adding another Germany to the global economy. Business therefore encourages each G20 economy to incorporate an ambitious domestic reform agenda, which explicitly targets trade-enhancing measures, into their Country Growth Strategies. This will encourage countries and businesses to allocate their scarce resources to the industries and activities where they are most competitive, acknowledging that ‘Made in the World’ is the reality of modern global trade.
Infrastructure & Investment
High quality economic infrastructure underpins economic activity within and across national borders. It promotes development in emerging economies, growth and employment in developed economies and trade between all. However, it is estimated that by 2030 there will be a gap of ~$15-20 trillion in infrastructure capacity. Over the long run, closing this gap could create up to 100 million additional jobs and generate $6 trillion in economic activity every year. A big part of the solution is greater private sector investment in productive infrastructure, partnering with governments to build and manage public investments more effectively, and communicating infrastructure benefits to the public.
Human Capital
Economic growth must be accompanied by growth in jobs. There is evidence of a modest recovery in some advanced economies, but the increase in global employment is below pre-crisis trends and is inadequate to absorb the expanding global labour force, with young people and the long term unemployed remaining particularly affected. Without continued investment in people, countries will be unable to fully realise the potential of trade and infrastructure investments or increase the quantity and quality of the labour force and employment opportunities, which in turn drive continued productivity and sustainable economic growth.
Financing Growth
Overall, the challenge of stimulating growth will be facilitated by finalising core reforms to the financial system and implementing them according to agreed timelines. This would address the uncertainty that may have constrained the provision of credit in some markets and enable the financial regulatory agenda to transition from the crisis response phase. As part of this transition, it is timely to review financial regulatory processes at the Financial Stability Board and the other standard setting bodies. B20 also supports complementing the financial regulation agenda with reforms that deepen the range of sources of financing for investment in order to strengthen sustainable medium-term growth.
Anti-corruption
If corruption were an industry, it would be the world’s third largest, worth more than $3trillion and five per cent of global GDP. Corruption is a major obstacle to sustainable economic, political and social development as it increases the cost of doing business, decreases cross border investment and trade facilitation, and generates
Focus Story
4. 4 Multilateral Newsletter
waste and inefficiency in the use of public resources. Incentivising business to act responsibly is important to reduce the supply of corruption. At the same time, business wants to see a concerted effort to enforce existing laws that reduce the demand for corruption, building capacity for integrity and penalising corruption in public
Business Recommendations Reflected Strongly in G20 Communiqué
The G20 Leaders’ communiqué released at the conclusion of the meeting on Sunday 16 November contains commitments to deliver on four distinct aims: individual country growth strategy commitments to meet the 2 per cent additional growth target (outlined in the Brisbane Action Plan); acting together to lift growth and create jobs; building a stronger, more resilient global economy; and strengthening global institutions.
Around half the commitments in the communiqué reflect recommendations that were made by the B20 Australia in July and almost all of the B20’s recommendations (14 out of 20) are reflected in the communiqué; touching each of the 5 taskforce and working group issues. This is a comprehensive endorsement of the relevance of the B20's input this year and the significance of that input was specifically acknowledged by Prime Minister Abbott in his closing press conference.
Among specific commitments in the communiqué, the G20 Leaders have:
• Financial regulation – committed to finalise the remaining elements of the global financial regulation framework and welcomed the Financial Stability Board’s proposal to report on the implementation and effects of these reforms.
• Infrastructure – committed to establish a Global Infrastructure Hub as the delivery mechanism for the Global Infrastructure Initiative announced at the meeting of G20 Finance Ministers and Central Bank Governors in Cairns in September and endorsed in the communiqué.
• Trade – welcomed the agreement on food security which clears the way for the Bali Trade Facilitation Agreement to be ratified and implemented on a multilateral basis, and the commitment to maintaining the standstill on protectionism.
• Human Capital – committed to the goal of reducing the gap in participation rates between men and women by 25 per cent by 2025 to bring more than 100 million women into the labour force and significantly increase global growth and reduce poverty and inequality.
• Anti-corruption – agreed to implement the G20 High-Level Principles on Beneficial Ownership Transparency as part of the 2015-16 G20 Anti-Corruption Action Plan.
B20 Turkey Priorities
From 1stDecember 2014, the B20 Turkey assumes responsibility for managing the B20 agenda. B20 leaders met over breakfast and discussed the plan and priorities of B20 Turkey. B20 Turkey will build on the work of B20 Australia and previous B20s in facilitating dialogue between the business world and G20 leaders. In previous years, B20 formed core Task Forces that covered a large and diverse range of agenda items. B20 Turkey will follow up on previous B20 recommendations, and further build on these to form the basis of discussions for this year’s taskforces. Based on the survey conducted amongst 200 members of B20 network, the overwhelming majority favoured launching a new taskforce on SMEs and Entrepreneurship as part of B20 Turkey agenda.
Click here to read the op-ed piece by Mr. Chandrajit Banerjee, Director General, CII on G20
Focus Story
5. Multilateral Newsletter 5
ASEAN
India and ASEAN have the capacity for dynamic growth and are playing a major role in the global economy. ASEAN sees India as an emerging power in Asia and is keen to develop relations with it that would be beneficial to member nations and to the region as a whole. Currently, India is collaborating closely with many Southeast Asian countries in various areas such as trade, science and technology, human resource development, healthcare, space science, agriculture, new and renewable energy among others.
India perceives economic engagement with ASEAN as a way to develop its northeastern states, while ASEAN views India’s economic linkages with Cambodia, Laos, Myanmar, Vietnam (CLMV) as an opportunity to help these new, less developed members of the organization to catch up with the others and further strengthen intra- ASEAN trade and unity.
Key highlights of the Statement by Prime Minister at the 12th India-ASEAN Summit, Nay Pyi Taw, Myanmar
ASEAN has established its own identity and voice in global political and economic affairs.•
ASEAN and India have the vigour and enthusiasm of its youth and wisdom and understanding of its ancient • civilizations.
Today, the entire Asia-Pacific region desires integration and cooperation. •
The ASEAN community is India's neighbour. Ancient relations of trade, religion, culture, art and traditions • exist and are being enriched through our interaction.
Rapidly developing India and ASEAN can be great partners for each other. We are both keen to enhance • our cooperation in advancing balance, peace and stability in the region.
A new era of economic development, industrialization and trade has begun in India. Externally, India's 'Look • East Policy' has become 'Act East Policy'.
There are many similarities and convergences between us. India and ASEAN are second and third in terms • of population. We are among the largest economies and among the three fastest growing economies in this century. Majority of us here belong to the developing world.
We have the strength and the potential of a young population. In India, 800 million people below the age • of 35 years constitute a huge opportunity.
The Regional Comprehensive Economic Partnership Agreement can be a springboard for economic integration • and prosperity in the region. However, we should aim for a balanced Agreement, which is beneficial to all; and, is truly comprehensive in nature, by equally ambitious agenda with similar timelines for goods and services.
Key highlights of remarks by Prime Minister at the 9th East Asia Summit, Nay Pyi Taw, Myanmar
The East Asia Summit is an important pillar of this policy. No other forum brings together such a large • collective weight of global population, youth, economy and military strength. Nor is any other forum is so critical for peace, stability and prosperity in Asia-Pacific and the world.
Over the last eight Summits, significant progress has been made in a number of areas and work has been • done on number of important issues.
Key Highlights: ASEAN Summit
6. 6 Multilateral Newsletter
Our region has a number of complex and unresolved questions in the area of security. There is a need • for a serious and sustained dialogue to strengthen the climate of understanding and confidence among all stakeholders in the region.
In a world of inter-dependence and globalization, there is no option but to follow international laws and • norms. This also applies to maritime security. For this reason, following international law and norms is important for peace and stability in South China Sea as well. This also includes the 1982 UN Convention on Law of the Sea, which should be the basis for resolving disputes peacefully. We also hope that the efforts to conclude a Code of Conduct on South China Sea by a process of consensus would be successful soon.
Key highlights of the 11th ASEAN Business and Investment Summit
The ASEAN business community held its own parallel event at the sidelines of the 25h ASEAN Summit. The 11th ASEAN Business and Investment Summit (ASEAN-BIS) was held in Nay Pyi Taw from 11-13 November 2014 with the theme “Inclusive Connectivity: New Growth Paradigm.”
ASEAN-BIS sessions focused on the need for inclusive connectivity in growth, noting that ASEAN needs to • better leverage on its cultural bonds, historical ties and infrastructure growth to further advance the region’s potential.
ASEAN-BIS also deliberated on the region’s economic opportunities and implementation strategies that could • enhance ASEAN regional integration. Another important focus of the 11th ASEAN-BIS was on MSMEs, with participants seeking to gain a better understanding of the developments within ASEAN and the role of MSMEs towards the realisation of the economic community. Other issues considered were the potential of the ASEAN consumers, the need to narrow the development gap, financial inclusion and the digital landscape.
An important event that accompanied ASEAN-BIS was the ASEAN Business Awards. A total of 21 ASEAN companies were honoured for their excellence in Innovation, outstanding MSMEs, Young Entrepreneurs, Women Leaders, Corporate Excellence and ASEAN Centricity.
Click here for more information
ASEAN
7. Multilateral Newsletter 7
ASEAN
On the occasion of the 4th ASEAN Investment Forum (AIF), ASEAN and UNCTAD jointly launched the ASEAN Investment Report 2013-2014. This Report was prepared under a technical cooperation arrangement between the ASEAN Secretariat and the UNCTAD Division on Investment and Enterprise (DIAE) with financial support from the Australian Government through the ASEAN-Australia Development Cooperation Program Phase II (AADCP II).
This latest ASEAN Investment Report is entitled “FDI Development and Regional Value Chains”. It highlights the continuing rise of foreign direct investment (FDI) flows into ASEAN, which performed well among the developing regions. The Report shows that ASEAN had attracted FDI inflows exceeding $122 billion in 2013 – about on par with those to China – up from $114 billion in 2012. Growing corporate income and cash reserves of ASEAN companies further supported strong intraregional investment.
The Report also provides analysis on the increasing regional value chains (RVCs) contributed by rising FDI. RVCs in ASEAN now involve more companies, more ASEAN countries, and a wider range of products and industries in the region. The Report further illustrates how RVCs strengthen regional connectivity through production, investment, trade and business linkages, complementing the three pillars of ASEAN Connectivity of physical, people and institutional connections.
Click here for more information
ASEAN Leaders highlighted the importance of infrastructure development and connectivity in ASEAN when they welcomed a set of ASEAN Principles for Public-Private Partnership (PPP) Frameworks
PPPs are seen to be beneficial in meeting ASEAN infrastructure needs, estimated by the Asian Development Bank at USD 60 billion per annum. Private participation in infrastructure provision can enhance existing public capacity in providing economic (e.g. transport, telecommunication, power, water and sanitation) and social (e.g. health and education) infrastructures. At the same time, effective infrastructure reduces transport costs, fosters competitiveness with positive impact on investment and trade flows, and the integration in global and regional value chains.
The Principles cover four main areas: policy and organisational framework for private participation; project selection, development and implementation; affordability and budget transparency; and transnational infrastructure connectivity. The Principles are relevant to a range of models of private participation in infrastructure ranging from relatively limited services and management contracts, traditional public-private partnerships and concession agreements, to full or partial public divestiture of existing assets.
These Principles were developed with the assistance of the Organisation for Economic Cooperation and Development.
Click here for more information
ASEAN, UNCTAD Launch ASEAN Investment Report 2013-2014
ASEAN Welcomes Principles for Public-Private Partnership Framework
8. 8 Multilateral Newsletter
India Needs to Improve Manufacturing Sector Performance to Return to High-growth Path: World Bank Report
As economic reforms gain momentum, India’s growth is likely to accelerate towards its high long-run potential. Measures such as a national Goods and Services Tax (GST), accompanied by a dismantling of inter-state check posts, can be transformational and significantly improve the domestic and international competitiveness of Indian manufacturing firms, said the latest India Development Update of the World Bank.
According to its estimates, simply halving the delays due to road blocks, tolls and other stoppages could cut freight times by some 20-30 percent and logistics costs by an even higher 30-40 percent. This alone can go a long way in boosting the competitiveness of India’s key manufacturing sectors by 3 to 4 percent of net sales, thereby helping India return to a high growth path and enabling large scale job creation.
According to the Update, a twice yearly report on the Indian economy and its prospects, India’s economic growth is expected to rise to 5.6 percent in FY15, followed by further acceleration to 6.4 percent and 7.0 percent in FY 2016 and FY 2017.
Highlighting some of the significant trends in the Indian economy, the Update said growth has rebounded significantly due to a strong industrial recovery. Capital flows are back, signaling growing investor confidence as inflation has moderated from double digits, exchange rate has stabilized, and financial sector stress has plateaued.
India’s longer term growth potential remains high due to favorable demographics, relatively high savings, recent policies and efforts to improve skills and education, and domestic market integration. Improved growth prospects in the US will support India’s merchandise and services exports, while stronger remittance inflows and declining oil prices are expected to support domestic demand, the Update added.
The projections could, however, face risks from external shocks, including financial market disruptions arising out of changes in monetary policy in high income countries, slower global growth, higher oil prices, and adverse investor sentiment arising out of geo-political tensions in the Middle East and Eastern Europe.
Click here for more information
WORLD BANK