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Tag Wise Current Affairs
Tag: World Economy
US-Canada move to WTO against India for MSP under-reporting of five pulses
Tags: World Economy
Published on: 16 February 2019
US to withdraw preferential trade treatment to India
Tags: World Economy, External Sector
Published on: 06 March 2019
Guatemala files complaint over India’s sugar subsidies at WTO
Tags: World Economy, Agriculture
Published on: 26 March 2019
India highest recipient of remittances in 2018: World Bank
Tags: World Economy
Published on: 09 April 2019
India needs to bolster level of capitalisation of state-owned banks: IMF
Tags: World Economy
Published on: 12 April 2019
US, Singapore, Taiwan seek to join consultations in WTO dispute over India's tariffs on ICT goods
Tags: World Economy
Published on: 24 April 2019
India projected to grow at 7.1% in FY20: UN-WESP Report
Tags: World Economy
Published on: 22 May 2019
India-China IT and DT Industry Cooperation Forum held in China
Tags: World Economy
Published on: 29 May 2019
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'title' => 'US-Canada move to WTO against India for MSP under-reporting of five pulses',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">United States and Canada have jointly approached World Trade Organisation (WTO) against India for allegedly under-reporting market price support (MSP) for five varieties of pulses viz. chickpeas, black matpe, pigeon peas, mung beans and lentils. In this regard, they have submitted counter notification with their own steeper calculations for scrutiny of members in WTO Committee on Agriculture (COA).</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">US-Canada accusations against India</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">They have issues with regard India’s quantity of production used in MSP calculations, lack of information necessary to assess WTO compliance, problems with currency conversions and prices used in calculations.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Based on their calculations based on WTO Agreement on Agriculture (AoA) methodology, it was found that India has substantially underreported its market price support for these five pulses.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India's MSP for each of these pulses far exceeded its allowable levels of trade-distorting domestic support under WTO’s existing limits. </span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">WTO Committee on Agriculture (COA)</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It oversees implementation of WTO Agriculture Agreement (WTO). It provides members with opportunity to share information on implementation of their commitments.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also monitors implementation of number of decisions agreed at WTO's Ministerial Conferences especially in domain of export subsidies and agricultural trade, net-food importing developing countries, market access in agricultural trade and public stockholding for food security purposes.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In its meetings, members can ask each other questions about “notifications” shared by other members and may raise concerns about each other's agricultural policies.</span></span></span></li>
</ul>
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'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">United States President Donald Trump has announced to end preferential trade treatment to India under GSP (Generalised System of Preferences). He has accused India of not providing US “equitable and reasonable access” to its markets. The termination India’s GSP beneficiary designation will come into effect after 60 days of notification sent to US Congress followed by enactment of Presidential Proclamation.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Generalised System of Preferences (GSP)</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is preferential tariff system extended by developed countries to developing countries. It also known as preference receiving countries or beneficiary countries. It was introduced in 1976. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is preferential arrangement in sense <em>that it allows concessional low or zero tariff imports from developing countries.</em> </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Developed countries including US, EU, UK, Japan etc gives GSPs to imports from developing countries.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries both developing and developed countries.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Objective of US-GSP:</span></strong><span style="font-family:"Quicksand",serif"> (i) Give development support to poor countries by promoting exports from them into developed countries. (ii) Promote sustainable development in beneficiary countries by helping these countries to increase and diversify their trade with US.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Criteria for US:</span></strong><span style="font-family:"Quicksand",serif"> Providing US with equitable and reasonable market access, respecting arbitral awards in favour of US citizens or corporations, providing adequate and effective intellectual property protection, combating child labour and respecting internationally recognised worker rights, among others.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits:</span></strong><span style="font-family:"Quicksand",serif"> Under it, wide range of industrial and agricultural products originating from certain developing countries are given preferential access to US markets. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In India’s case, GSP enables duty-free entry of 3,500 goods in US markets, which benefits exporters of agriculture, textiles, engineering, gems and jewellery and chemical products. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Total US imports under GSP in 2017 was $21.2 billion, of which India was largest beneficiary with $5.6 billion, followed by Thailand ($4.2 billion) and Brazil ($2.5 billion). </span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Impact on India</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Bilateral trade between India and US stood at $74.5 billion in 2017-18. US has trade surplus of $27.3 billion. Terminating GSP status will put to end duty-free import of around 1900 goods from India into US. It will be strongest punitive action taken by President Donald Trump against as part of agenda of reducing US deficit with large economies.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to Government, this withdrawal will not have any major impact on overall Indian exports to US as concessions availed under this scheme were minimal. Total GSP benefits availed by India under GSP programme were to tune of $190 million on trade $5.6 billion. So, benefits both in absolute sense, and as percentage of trade involved, are very minimal and moderate.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Background</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Withdrawal of GSP beneficiary status to India comes after over year of back-and-forth between two countries over trade issues. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The high tariffs imposed by India US goods has been contentious issue between two countries in past few years especially after Donald Trump became President.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Trump administration is demanding for relaxation in norms for exports of its medical devices and dairy products which India has denied. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This has led Donald Trump, who has resolved to reduce trade deficit of US with other countries (including India), to announce withdrawal of GSP status from India.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">US goods and services trade deficit with India was $27.3 billion in 2017. The withdrawal of the status may reduce this gap.</span></span></span></li>
</ul>
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'metatitle' => 'US to withdraw preferential trade treatment to India',
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'metadescription' => 'US President Donald Trump has announced to end preferential trade treatment to India under GSP (Generalised System of Preferences). ',
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'tag' => 'World Economy',
'keyword' => 'world-economy',
'id' => (int) 437,
'title' => 'India ranks 11th in gold holding: WGC',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to latest report by World Gold Council (WGC), India is 11th largest gold reserve, with the current holding pegged at 607 tonnes. India is however, world’s largest consumer of gold.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Highlights of WGC report </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Top 10 Possessors of Gold reserves: </span></strong><span style="font-family:"Quicksand",serif">United States (8,133.5 tonnes), Germany (3369.7), International Monetary Fund (2814), Italy (2451.8), France (2436), Russia (2119.2), Mainland China (1864.3), Switzerland (1040), Japan (657), Netherlands (612.5), India (607.0), European Central Bank (504.8), Taiwan (423.6), Portugal (382.5) and Kazakhstan (353.3).</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Asian countries:</span></strong><span style="font-family:"Quicksand",serif"> Mainland China (not including Taiwan) and Japan hold largest reserves of Gold. Mainland China has reserves of 1,864.3 tonnes and Japan has 765.2 tonnes of gold reserves.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Gold Demand: </span></strong><span style="font-family:"Quicksand",serif">The appetite of central banks across the world for gold remains healthy following the multi-decade high in gold reserves growth in 2018<strong>.</strong></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The demand for gold was concentrated among emerging market central banks, with diversification key driver in face of ongoing geopolitical and economic uncertainty.<strong> </strong></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">World Gold Council (WGC)</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is market development organization for the gold industry. It is headquartered in London, United Kingdom (UK).</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is association whose members comprise world’s leading gold mining companies. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Functions:</span></strong><span style="font-family:"Quicksand",serif"> It works across all parts of industry, from gold mining to investment. It seeks to provide industry leadership and stimulate and sustain demand for gold.<strong> </strong></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also provides insights into international gold markets, help people to better understand wealth preservation qualities of gold and its role in meeting social and environmental needs of society.</span></span></span></li>
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'title' => 'Guatemala files complaint over India’s sugar subsidies at WTO',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Guatemala has initiated new dispute complaint against India over sugar subsidies provided to farmers at World Trade Organization (WTO), alleging that it is inconsistent with global trade rules. Brazil and Australia also have lodged their separate complaints at WTO on this matter. All these countries have alleged that continued sugar subsidies to farmers by India, world's second-largest sugar producer has led to "glut" and "depressed" global sugar prices. </span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Guatemala’s complaint</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Guatemala has sought consultations with India under rules and procedures governing settlement of disputes of WTO with respect to domestic support measures maintained by India in favour of producers of sugarcane and sugar, and export subsidies for sugarcane and sugar.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It claims that domestic support measures are inconsistent with India’s obligations under WTO’s Agreement on Agriculture (AoA). It also claims that export subsidies are inconsistent with India’s obligations under the AoA and Agreement on Subsidies and Countervailing Measures (SCM Agreement).</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">India’s response</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India has defended its position at WTO in informal discussions by explaining that most of its subsidies to sugar producers were in form of production subsidies that was permissible under the WTO. Besides, subsidies to exporters given for exports was for marketing and transportation purposes which, too are permitted by the WTO,</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Consultations Mechanism</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Seeking consultation is first step of dispute settlement process in WTO. If the two nations are not able to reach mutually agreed solution through consultation, either country may request for WTO dispute settlement panel to review the matter. </span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Under this dispute settlement mechanism, India now has to hold separate consultations with Australia, Brazil and Guatemala to listen to their concerns and explain its position. </span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">EU, Thailand and Costa Rica also have expressed their interest in participating in the consultations requested by Australia and Brazil with India as they were interested parties.</span></span></span></p>
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'tag' => 'World Economy',
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'title' => 'India's GDP to expand 7.5% in 2019-20: World Bank',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">According to World Bank latest report on South Asia, India's GDP growth is expected to accelerate moderately to 7.5% in fiscal year 2019-20. It will be driven by continued investment strengthening-particularly private, improved export performance and resilient consumption. The report came ahead of spring meeting of World Bank and International Monetary Fund (IMF).</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Report highlights</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">The real GDP growth was estimated at 7.2% in financial year 2018-19. Data for first three quarters suggest that growth was broad-based. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Industrial growth accelerated to 7.9%, making up for a deceleration in services. Besides, agriculture growth was robust at 4</span></span><span style="font-size:12.0pt">%</span><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">On the demand side, domestic consumption remained primary growth driver. Moreover, gross fixed capital formation and exports both also made growing contributions. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Over last quarter, growth is expected to remain balanced across sectors. Inflation dynamics also have been subdued over most of FY18/19<strong>.</strong></span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">India's GDP growth is expected to accelerate moderately to 7.5% in FY19/20/ With robust growth, and food prices poised to recover, inflation is expected to converge toward 4%. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Moreover, both the current account and the fiscal deficit are expected to narrow. On the external front, improvements in India's export performance and low oil prices will also bring about reduction in CAD to 1.9% of GDP.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">On the internal front, consolidated fiscal deficit is projected to decline, albeit slowly (to 6.2 and 6.0</span></span><span style="font-size:12.0pt">%</span><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif"> of GDP in FY19/20 and FY20/21 respectively). </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">As center's deficit is budgeted to remain unchanged at 3.4% of GDP in FY19/20, burden of adjustment will rest on states.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">There is steady decline in inflation due to sustained decline in food prices since July 2018, subsequently complemented by softening of oil prices and concomitant appreciation of the rupee.</span></span></span></span></li>
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'title' => 'India highest recipient of remittances in 2018: World Bank',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">According to recently published World Bank's Migration and Development brief, India retained its position as world's top recipient of remittances by receiving record $79 billion back home in 2018. India was followed by China ($67 billion), Mexico ($36 billion), Philippines ($34 billion), and Egypt ($29 billion).</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Key Highlights of WB Brief </span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Global remittances: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Including high-income countries has reached $689 billion in 2018, up from $633 billion in 2017. Remittances are on track to become largest source of external financing in developing countries.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Remittances to low-and middle-income countries: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">It has reached record high of $529 billion in 2018, an increase of 9.6% over the previous record high of $483 billion in 2017.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Remittance to India:</span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif"> Over the last three years, India has registered significant flow of remittances from $62.7 billion in 2016 to $65.3 billion 2017. Remittances grew by more than 14% in India. Flooding disaster in Kerala has likely boosted financial help that migrants sent to families.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Remittances to South Asia: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">It grew 12% to $131 billion in 2018, outpacing the 6</span></span><span style="font-size:12.0pt">%</span><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif"> growth in 2017. The upsurge was driven by stronger economic conditions in United States and pick-up in oil prices, which had positive impact on outward remittances from some Gulf Cooperation Council (GCC) countries.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Avg cost of sending remittance: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Global average cost of sending $200 remittance remained high, at around 7% in first quarter of 2019. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">The high costs of money transfers reduce benefits of migration. Reducing remittance costs to 3% by 2030 is global target under Sustainable Development Goal (SDG) 10.7.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">There is need for renegotiating exclusive partnerships and allowing players operate through national post offices, banks, and telecommunications companies to increase competition for opening new transferring and lowering remittance prices.</span></span></span></span></li>
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'title' => 'India needs to bolster level of capitalisation of state-owned banks: IMF',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">International Monetary Fund’s (IMF) Financial Sector Assessment Programme (FSAP) for India has recommended bolstering level of capitalisation of some banks, particularly government-owned banks. This is required considering high level of non-performing loans in India.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Highlights of FSAP for India</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">It also has recommended</span></span> r<span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">esolution and recognition of Non-performing loans as part of process of cleaning up the banking system of non-performing loans. It also acknowledged that some steps that were taken by authorities to boost capital buffers in banks and also to improve governance in state-owned banks that have had some positive impact.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Financial Sector Assessment Programme (FSAP)</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">It is comprehensive and in-depth analysis of country’s financial sector. Its assessments are joint responsibility of the IMF and World Bank in developing economies and emerging markets and of IMF alone in advanced economies. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">It includes two major components: (i) financial stability assessment, which is the responsibility of the IMF, and (ii) financial development assessment, which is responsibility of World Bank. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Two-fold goal of FSAP assessments: Gauge stability and soundness of financial sector and assess its potential contribution to growth and development.</span></span></span></span></li>
</ul>
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'title' => 'US, Singapore, Taiwan seek to join consultations in WTO dispute over India's tariffs on ICT goods',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">United States (US), Singapore and Chinese Taipei (Taiwan) have expressed their interest to join consultations sought by European Union (EU) under World Trade Organization's (WTO) dispute settlement mechanism against India's import duties on certain Information Communication and Technology (ICT) products, including mobile phones. As per the WTO rules, these three countries would have to seek approval from India and EU to join the consultation process.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Background</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In April 2019, EU dragged India into the WTO's dispute settlement mechanism over imposition of import duties on these products, alleging breach of global trade norms. EU has challenged introduction of import duties by India on wide range of ICT products, for instance, mobile phones and components, base stations, integrated circuits and optical instruments. EU has requested consultations with India under WTO rules governing the settlement of disputes with regard to the tariff treatment that the country accords to certain goods in the ICT sector.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Consultation seeking process</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Seeking consultation is the first step of dispute settlement process as per WTO rules. If consultations requested with both India and EU do not result in satisfactory solution, EU can request WTO to set up panel in the case to rule on the issue raised.</span></span></span></p>
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(int) 8 => object(Cake\ORM\Entity) {
'tag' => 'World Economy',
'keyword' => 'world-economy',
'id' => (int) 1144,
'title' => 'India projected to grow at 7.1% in FY20: UN-WESP Report',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">According to recently released World Economic Situation and Prospects (WESP) as of mid-2019, India's economy is projected to grow at 7.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> in the fiscal year 2020. This growth will be driven by strong domestic consumption and investment. With this, India remains fastest growing major economy in the world, ahead of China. However, it has revised India’s growth projections from 7.4</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">estimated in January 2019.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Key Highlights of WESP as of Mid-2019</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Global growth projections:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> Across both developed and developing countries, growth projections for 2019 have been downgraded. It is mainly due to unresolved trade tensions and elevated international policy uncertainty. Following an expansion of 3.0</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in 2018, world gross product growth is now projected to moderate to 2.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">% in 2019 and 2.9</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> in 2020.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Risks that could trigger prolonged global slowdown:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> Further escalation in trade disputes, sudden deterioration in financial conditions, and accelerating effects of climate change. The increase in frequency and intensity of natural disasters highlight rising threats from climate change, particularly for the most vulnerable economies.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Monetary Policy:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> The slowdown in global economic activity has triggered shift towards easier monetary policy stances across many developed and developing economies. This shift is taking place in environment of subdued global inflation, amid weakening demand and moderate outlook for global commodity prices.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">South Asia:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It remains on strong growth path, even as forecasts have been revised downward. Following an expansion of 5.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in 2018, GDP growth is estimated at 5.0</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in 2019 and 5.8</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in 2020. However, across region, output continues to be constrained by infrastructure bottlenecks. Indian economy accounts for two-thirds of regional output in South Asia.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">India’s growth projections:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> India's economy is projected to grow at 7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">% in the fiscal year 2019 and 7.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> in the fiscal year 2020 on the back of strong domestic consumption and investment. India's exports remain more robust, as around half of exports are destined for faster-growing Asian markets.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">About WESP report</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is joint product of United Nations Department of Economic and Social Affairs (UN/DESA), United Nations Conference on Trade and Development (UNCTAD) and five UN regional commissions.</span></span></span></span></p>
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'tag' => 'World Economy',
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'title' => 'India-China IT and DT Industry Cooperation Forum held in China',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">The 2019 Sino-India IT and DT Industry Cooperation Forum was held in Guiyang (Guizhou), China to encourage IT companies. It seeks to create new chapter in India-China cooperation in the new era of digital transition. It was held on sidelines of International Big Data Industry Expo 2019. </span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">International Big Data Industry Expo 2019</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It was four-day event is being attended by 448 enterprises from 59 countries. It featured high-end dialogues, forums, contests and exhibitions highlighting the technical innovations. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It was being attended by representatives of companies like Apple, Qualcomm, Huawei, Tencent, Alibaba and Foxconn. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It was initiated in 2015 and since then this expo has become important annual event for the big data industry. Last year, it had attracted over 40,000 participants from 30 countries. </span></span></span></span></li>
</ul>
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'tag' => 'World Economy',
'keyword' => 'world-economy',
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'title' => 'Trump accuses China of 'currency manipulation',
'description' => '<p><strong><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Context: </span></span></strong><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">On 5/08/2019, the <strong>US Treasury Department declared that China is a currency manipulator. </strong>The move came after <strong>the People’s Bank of China</strong> (PBOC), the central bank of China<strong>, allowed the yuan to suddenly depreciate </strong>(or lose value) relative to <strong>the dollar by 1.9 per cent </strong>(one of the biggest single-day falls</span></span><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">)</span></span><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">. As a result, the <strong>yuan breached the 7-to-a-dollar-mark for the first time since 2008.</strong></span></span><strong> </strong><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">In retaliation, the US announced that it would approach the IMF <strong>“to eliminate the unfair competitive advantage created by China’s latest actions.”</strong></span></span></p>
<p> </p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>What is a currency’s exchange rate?</strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An exchange rate is the <strong>value of a nation's currency in terms of the currency of another nation or economic zone.</strong></span></span></li>
</ul>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>How are exchange rates determined?</strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>In an ideal world</strong>, the exchange rate for any currency would be <strong>determined by the interplay of its demand and supply. </strong>If more Indians want to buy US goods, there would be a higher demand for the dollar relative to the rupee. </span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This, in turn, would mean the dollar would be “stronger” than the rupee — and gain in strength as the demand increases. If demand falls, the dollar would depreciate relative to the rupee (or the rupee would appreciate relative to the dollar).</span></span></li>
</ul>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>W</strong><strong>hat is currency manipulation?</strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>The real world is far from ideal. </strong>Most governments and central banks are bothered about generating more growth and employment at home<strong>. A weaker domestic currency comes in very handy when governments are trying to attract foreign demand and boost exports. </strong>China’s economic growth has been essentially fuelled by exporting to the world.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currency manipulation happens <strong>when governments try to artificially tweak the exchange rate to gain an “unfair” advantage in trade</strong>.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In other words, if <strong>China’s central bank buys dollars in the forex market, it can artificially weaken the yuan</strong><strong> </strong>and <strong>Chinese goods will then become more affordable (and competitive) in the international market.</strong></span></span></li>
</ul>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Can currency manipulation be justified?</strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Some amount of such “intervention” </strong>by central banks is <strong>allowed to reduce wild fluctuations </strong>in the exchange rate. But <strong>excessive and undisclosed interventions are not considered fair.</strong></span></span></li>
</ul>
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'tag' => 'World Economy',
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'id' => (int) 1891,
'title' => 'Artificial Currency weakening by china',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"> </p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">The United States has designated China as a “currency manipulator” after Chinese Central bank Yuan weakens past US dollars.</span></span></span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"> </p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"> </p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">The present devaluation of the currency has gained significance in light of the ongoing trade war between the U.S. and China. Both countries have slapped high tariffs on goods worth billions imported into their countries from the other side.</span></span></span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"> </p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">What is Artificial Currency Fixing?</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">Devaluing the currency is a common ploy employed by economies that face a slowdown in order to help boost demand for their goods. </span></span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">A currency is devalued (or weakened) using the central bank to increase the supply of the currency in the forex market. This allows more units of the currency to be purchased using fewer units of various other foreign currencies. </span></span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">This is a way of transferring more of the purchasing power to buy Chinese goods away from the hands of the local Chinese and into the hands of Americans. The Chinese believe this will help boost the value of China’s exports and also kick-start growth.</span></span></span></span></span></span></li>
</ul>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">How does it impact global economy?</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">Chinese economy has been witnessing a general slowdown, with growth dropping to a 27-year low of 6.2%. China has decided to depend more heavily on exports as a way to boost demand for its goods.</span></span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">If the U.S. weakens the dollar to retaliate against China’s Yuan devaluation, it will enter a currency war. </span></span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">This can cause terrible uncertainty for businesses. Combined with high tariffs, this will lead to a steep fall in international trade. </span></span></span></span></span></span></li>
<li><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">Currency devaluation may temporarily boost exports by transferring more purchasing power to the hands of foreign investors, but it will not boost domestic production. Eventually,such competitive devaluations can cause the size of global trade to shrink</span></span></span></span></li>
</ul>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">Impact on India</span></span></span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#111111">The </span></span></span></span><span style="font-size:10.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#111111">result of China’s decision to let the Yuan fall against the dollar, demand for dollars surged around the globe, including in India, investors buy dollars at the expense of the rupee. The Indian currency can plunge into low against the dollar.</span></span></span></span></span></span></li>
</ul>
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'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">U.S. President Donald Trump on Friday lashed back at a new round of Chinese tariffs by heaping an additional 5% duty on some $550 billion in targeted Chinese goods. This is a part of trade war between world’s two largest economies</span></span></span><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">.</span></span></span></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Mr. Trump has accused China of unfair trade practices and pushed for a deal that would rebalance the relationship in favour of U.S. manufacturers and workers</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">China unveiled its retaliatory tariffs on $75 billion worth of U.S. goods, prompting the President earlier in the day to demand U.S. companies move their operations out of China.</span></span></span></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">United States has said it would raise its existing tariffs on $250 billion worth of Chinese imports to 30% from the current 25% beginning October 1.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Tariffs on the remaining $300 billion worth of Chinese goods to 15% from 10%. The United States will begin imposing those tariffs on some products starting September, but tariffs on about half of those goods have been delayed</span></span></span><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">.</span></span></span></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Effect on India and world</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">China will search for other markets where it can dump the products it exported to the US. India will provide a ready-made market for these Chinese products. The trade war will result in an increase in Chinese exports to India.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The trade war will adversely affect global trade and financial markets. IMF has predicted that a full-blown trade war would cause the global economy to slow down by more than 0.8% in 2020. This will lead to shrinking of Indian exports in the coming months, not only to the US and China but also to other countries. </span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">This will negatively affect income and employment generation in export-driven sectors and downstream industries. Given the inelastic nature of Indian imports like dependence on oil, a slowdown in exports will result in a higher trade deficit. </span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">This will lead to a further fall in the Indian rupee’s value, exerting pressure on other macroeconomic indicators and depreciates currency. </span></span></span></span></span><br />
</p>
</li>
</ul>
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<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">The Indian rupee fell sharply by 40 paise against dollar to hit 72.05. The global recession and trade war between Us and China are said to have influenced this phenomenon. </span></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Normally, the rupee moves in line with the movement of the stock market, as a positive development assures rupee to gain its value in the market.</span></span></span></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The rupee has reeled under global pressure as markets remained concerned over an escalation of the trade tariff war between the United States and China.</span></span></span></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Recently the Renminbi fell to a new 11-year low of 7.15 against the dollar due to rising concerns over the tariff war. Most emerging market currencies, including the Malaysian Ringgit, the Indonesian Rupiah, and the South African Rand, came under pressure. So did the rupee, which fell sharply.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Trade war fears between US and China and a sharp fall in Chinese Yuan (breaching 7 to a dollar) hit the global market sentiments and decline in currencies of most countries including India.</span></span></span></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Link between rupee and Renminbi</span></span></span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">A weakness in the renminbi (yuan) increases the competitiveness of Chinese exports, as every dollar can import larger quantities of Chinese goods. </span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">At the same time, it puts competing countries under pressure, as their goods become relatively more expensive. As the exports become expensive rupee losses its value and depreciates.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">US and overall slowdown in global growth has fuelled the concerns that China may be devaluing its currency to boost its exports and push growth.</span></span></span></span></span></p>
</li>
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<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Tariffs imposed or threatened by the United States and China could reduce 0.8% off global economic output in 2020 and trigger more losses in future according to the International Monetary Fund.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The world's two largest economies, USA and China are preparing for new rounds of talks aimed at curbing a more-than-year-long trade war that has hurt global economic growth and rattled financial markets.</span></span><br />
</p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The IMF lowered its 2019 global growth forecast from 3.3 per cent to 3.2 per cent, citing international tensions and the US-China trade war in particular.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">World economic activity remained subdued, with trade and geopolitical tensions causing uncertainty and eroding business confidence, investment and trade.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Implications</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The result is a large pullback in investment and along with that , price increases and ruffled consumers. This causes U.S. and global GDP to contract sharply.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The U.S. dollar appreciates as capital flight intensifies and emerging market currencies depreciate sharply. Investments in US may take a hit, which may lead to depreciation of US dollars.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Moody's forecasts that non-farm employment would be 793,900 lower by the end of 2021.</span></span></p>
</li>
</ul>
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<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The world's two largest economies, USA and China are preparing for new rounds of talks aimed at curbing a more-than-year-long trade war that has hurt global economic growth and rattled financial markets.</span></span><br />
</p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The IMF lowered its 2019 global growth forecast from 3.3 per cent to 3.2 per cent, citing international tensions and the US-China trade war in particular.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">World economic activity remained subdued, with trade and geopolitical tensions causing uncertainty and eroding business confidence, investment and trade.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Implications</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The result is a large pullback in investment and along with that , price increases and ruffled consumers. This causes U.S. and global GDP to contract sharply.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The U.S. dollar appreciates as capital flight intensifies and emerging market currencies depreciate sharply. Investments in US may take a hit, which may lead to depreciation of US dollars.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Moody's forecasts that non-farm employment would be 793,900 lower by the end of 2021.</span></span></p>
</li>
</ul>
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In this regard, they have submitted counter notification with their own steeper calculations for scrutiny of members in WTO Committee on Agriculture (COA).</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">US-Canada accusations against India</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">They have issues with regard India’s quantity of production used in MSP calculations, lack of information necessary to assess WTO compliance, problems with currency conversions and prices used in calculations.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Based on their calculations based on WTO Agreement on Agriculture (AoA) methodology, it was found that India has substantially underreported its market price support for these five pulses.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India's MSP for each of these pulses far exceeded its allowable levels of trade-distorting domestic support under WTO’s existing limits. </span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">WTO Committee on Agriculture (COA)</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It oversees implementation of WTO Agriculture Agreement (WTO). 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He has accused India of not providing US “equitable and reasonable access” to its markets. The termination India’s GSP beneficiary designation will come into effect after 60 days of notification sent to US Congress followed by enactment of Presidential Proclamation.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Generalised System of Preferences (GSP)</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is preferential tariff system extended by developed countries to developing countries. It also known as preference receiving countries or beneficiary countries. It was introduced in 1976. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is preferential arrangement in sense <em>that it allows concessional low or zero tariff imports from developing countries.</em> </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Developed countries including US, EU, UK, Japan etc gives GSPs to imports from developing countries.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries both developing and developed countries.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Objective of US-GSP:</span></strong><span style="font-family:"Quicksand",serif"> (i) Give development support to poor countries by promoting exports from them into developed countries. (ii) Promote sustainable development in beneficiary countries by helping these countries to increase and diversify their trade with US.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Criteria for US:</span></strong><span style="font-family:"Quicksand",serif"> Providing US with equitable and reasonable market access, respecting arbitral awards in favour of US citizens or corporations, providing adequate and effective intellectual property protection, combating child labour and respecting internationally recognised worker rights, among others.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits:</span></strong><span style="font-family:"Quicksand",serif"> Under it, wide range of industrial and agricultural products originating from certain developing countries are given preferential access to US markets. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In India’s case, GSP enables duty-free entry of 3,500 goods in US markets, which benefits exporters of agriculture, textiles, engineering, gems and jewellery and chemical products. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Total US imports under GSP in 2017 was $21.2 billion, of which India was largest beneficiary with $5.6 billion, followed by Thailand ($4.2 billion) and Brazil ($2.5 billion). </span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Impact on India</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Bilateral trade between India and US stood at $74.5 billion in 2017-18. US has trade surplus of $27.3 billion. Terminating GSP status will put to end duty-free import of around 1900 goods from India into US. It will be strongest punitive action taken by President Donald Trump against as part of agenda of reducing US deficit with large economies.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to Government, this withdrawal will not have any major impact on overall Indian exports to US as concessions availed under this scheme were minimal. Total GSP benefits availed by India under GSP programme were to tune of $190 million on trade $5.6 billion. So, benefits both in absolute sense, and as percentage of trade involved, are very minimal and moderate.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Background</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Withdrawal of GSP beneficiary status to India comes after over year of back-and-forth between two countries over trade issues. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The high tariffs imposed by India US goods has been contentious issue between two countries in past few years especially after Donald Trump became President.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Trump administration is demanding for relaxation in norms for exports of its medical devices and dairy products which India has denied. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This has led Donald Trump, who has resolved to reduce trade deficit of US with other countries (including India), to announce withdrawal of GSP status from India.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">US goods and services trade deficit with India was $27.3 billion in 2017. The withdrawal of the status may reduce this gap.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'generalised-system-of-preferences', 'image' => 'https://www.mediafire.com/convkey/7e55/1mf8221c3ld29zs6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/7e55/1mf8221c3ld29zs6g.jpg', 'metatitle' => 'US to withdraw preferential trade treatment to India', 'metakeyword' => 'In Economy Current Affairs, US, Donald Trump, withdrawal, Generalised System of Preferences, India, Turkey, GSP Explained, Preferential Trade Treatment', 'metadescription' => 'US President Donald Trump has announced to end preferential trade treatment to India under GSP (Generalised System of Preferences). ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/aaxb1j3x7nx5g13/6MAR_US_to_withdraw_preferential.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 2 => object(Cake\ORM\Entity) { 'tag' => 'World Economy', 'keyword' => 'world-economy', 'id' => (int) 437, 'title' => 'India ranks 11th in gold holding: WGC', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to latest report by World Gold Council (WGC), India is 11th largest gold reserve, with the current holding pegged at 607 tonnes. India is however, world’s largest consumer of gold.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Highlights of WGC report </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Top 10 Possessors of Gold reserves: </span></strong><span style="font-family:"Quicksand",serif">United States (8,133.5 tonnes), Germany (3369.7), International Monetary Fund (2814), Italy (2451.8), France (2436), Russia (2119.2), Mainland China (1864.3), Switzerland (1040), Japan (657), Netherlands (612.5), India (607.0), European Central Bank (504.8), Taiwan (423.6), Portugal (382.5) and Kazakhstan (353.3).</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Asian countries:</span></strong><span style="font-family:"Quicksand",serif"> Mainland China (not including Taiwan) and Japan hold largest reserves of Gold. Mainland China has reserves of 1,864.3 tonnes and Japan has 765.2 tonnes of gold reserves.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Gold Demand: </span></strong><span style="font-family:"Quicksand",serif">The appetite of central banks across the world for gold remains healthy following the multi-decade high in gold reserves growth in 2018<strong>.</strong></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The demand for gold was concentrated among emerging market central banks, with diversification key driver in face of ongoing geopolitical and economic uncertainty.<strong> </strong></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">World Gold Council (WGC)</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is market development organization for the gold industry. It is headquartered in London, United Kingdom (UK).</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is association whose members comprise world’s leading gold mining companies. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Functions:</span></strong><span style="font-family:"Quicksand",serif"> It works across all parts of industry, from gold mining to investment. It seeks to provide industry leadership and stimulate and sustain demand for gold.<strong> </strong></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also provides insights into international gold markets, help people to better understand wealth preservation qualities of gold and its role in meeting social and environmental needs of society.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-ranks-11th-gold-holdings', 'image' => 'https://www.mediafire.com/convkey/ea9e/8ckgmcj7omtd0l46g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/ea9e/8ckgmcj7omtd0l46g.jpg', 'metatitle' => 'India ranks 11th in gold holding: WGC', 'metakeyword' => 'In Business and Economy Current Affairs, India ranks 11th in gold holding, World Council of Gold', 'metadescription' => 'India ranks 11th in gold holding: WCG, According to latest report by World Gold Council (WGC), India is 11th largest gold reserve, with the current holding pegged at 607 tonnes.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/s65ybq5s1qv3arv/12Mar_India_ranks_11th_in_gold_holding.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 3 => object(Cake\ORM\Entity) { 'tag' => 'World Economy', 'keyword' => 'world-economy', 'id' => (int) 552, 'title' => 'Guatemala files complaint over India’s sugar subsidies at WTO', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Guatemala has initiated new dispute complaint against India over sugar subsidies provided to farmers at World Trade Organization (WTO), alleging that it is inconsistent with global trade rules. Brazil and Australia also have lodged their separate complaints at WTO on this matter. All these countries have alleged that continued sugar subsidies to farmers by India, world's second-largest sugar producer has led to "glut" and "depressed" global sugar prices. </span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Guatemala’s complaint</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Guatemala has sought consultations with India under rules and procedures governing settlement of disputes of WTO with respect to domestic support measures maintained by India in favour of producers of sugarcane and sugar, and export subsidies for sugarcane and sugar.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It claims that domestic support measures are inconsistent with India’s obligations under WTO’s Agreement on Agriculture (AoA). It also claims that export subsidies are inconsistent with India’s obligations under the AoA and Agreement on Subsidies and Countervailing Measures (SCM Agreement).</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">India’s response</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India has defended its position at WTO in informal discussions by explaining that most of its subsidies to sugar producers were in form of production subsidies that was permissible under the WTO. Besides, subsidies to exporters given for exports was for marketing and transportation purposes which, too are permitted by the WTO,</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Consultations Mechanism</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Seeking consultation is first step of dispute settlement process in WTO. If the two nations are not able to reach mutually agreed solution through consultation, either country may request for WTO dispute settlement panel to review the matter. </span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Under this dispute settlement mechanism, India now has to hold separate consultations with Australia, Brazil and Guatemala to listen to their concerns and explain its position. </span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">EU, Thailand and Costa Rica also have expressed their interest in participating in the consultations requested by Australia and Brazil with India as they were interested parties.</span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'guatemala-files-complaint-over-indias-sugar-subsidies-wto', 'image' => 'https://www.mediafire.com/convkey/bc46/l3iw1yogda5flng6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/bc46/l3iw1yogda5flng6g.jpg', 'metatitle' => 'Guatemala files complaint over India’s sugar subsidies at WTO', 'metakeyword' => 'In Economy Current Affairs, Guatemala, new dispute complaint, against India, sugar subsidies, provided to farmers, World Trade Organization, WTO, global trade rules', 'metadescription' => 'Guatemala has initiated new dispute complaint against India over sugar subsidies to provided to farmers at World Trade Organization (WTO), alleging that it is inconsistent with global trade rules', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/oox58n9ndxq1aud/Guatemala_files_complaint.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 4 => object(Cake\ORM\Entity) { 'tag' => 'World Economy', 'keyword' => 'world-economy', 'id' => (int) 720, 'title' => 'India's GDP to expand 7.5% in 2019-20: World Bank', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">According to World Bank latest report on South Asia, India's GDP growth is expected to accelerate moderately to 7.5% in fiscal year 2019-20. It will be driven by continued investment strengthening-particularly private, improved export performance and resilient consumption. The report came ahead of spring meeting of World Bank and International Monetary Fund (IMF).</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Report highlights</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">The real GDP growth was estimated at 7.2% in financial year 2018-19. Data for first three quarters suggest that growth was broad-based. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Industrial growth accelerated to 7.9%, making up for a deceleration in services. Besides, agriculture growth was robust at 4</span></span><span style="font-size:12.0pt">%</span><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">On the demand side, domestic consumption remained primary growth driver. Moreover, gross fixed capital formation and exports both also made growing contributions. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Over last quarter, growth is expected to remain balanced across sectors. Inflation dynamics also have been subdued over most of FY18/19<strong>.</strong></span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">India's GDP growth is expected to accelerate moderately to 7.5% in FY19/20/ With robust growth, and food prices poised to recover, inflation is expected to converge toward 4%. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Moreover, both the current account and the fiscal deficit are expected to narrow. On the external front, improvements in India's export performance and low oil prices will also bring about reduction in CAD to 1.9% of GDP.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">On the internal front, consolidated fiscal deficit is projected to decline, albeit slowly (to 6.2 and 6.0</span></span><span style="font-size:12.0pt">%</span><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif"> of GDP in FY19/20 and FY20/21 respectively). </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">As center's deficit is budgeted to remain unchanged at 3.4% of GDP in FY19/20, burden of adjustment will rest on states.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">There is steady decline in inflation due to sustained decline in food prices since July 2018, subsequently complemented by softening of oil prices and concomitant appreciation of the rupee.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-gdp-to-expand-2019-20-world-bank', 'image' => 'https://www.mediafire.com/convkey/5aee/y6aaac84eovsfu86g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/5aee/y6aaac84eovsfu86g.jpg', 'metatitle' => 'India GDP to expand 7.5% in 2019-20: World Bank', 'metakeyword' => 'In Business and Economy Current Affairs, India GDP to expand 7.5% in 2019-20: World Bank', 'metadescription' => 'India GDP to expand 7.5% in 2019-20: World Bank, According to World Bank latest report on South Asia, India's GDP growth is expected to accelerate moderately to 7.5% in fiscal year 2019-20. ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/kknbtjtft94spee/India%27s_GDP_to_expand.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 5 => object(Cake\ORM\Entity) { 'tag' => 'World Economy', 'keyword' => 'world-economy', 'id' => (int) 715, 'title' => 'India highest recipient of remittances in 2018: World Bank', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">According to recently published World Bank's Migration and Development brief, India retained its position as world's top recipient of remittances by receiving record $79 billion back home in 2018. India was followed by China ($67 billion), Mexico ($36 billion), Philippines ($34 billion), and Egypt ($29 billion).</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Key Highlights of WB Brief </span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Global remittances: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Including high-income countries has reached $689 billion in 2018, up from $633 billion in 2017. Remittances are on track to become largest source of external financing in developing countries.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Remittances to low-and middle-income countries: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">It has reached record high of $529 billion in 2018, an increase of 9.6% over the previous record high of $483 billion in 2017.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Remittance to India:</span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif"> Over the last three years, India has registered significant flow of remittances from $62.7 billion in 2016 to $65.3 billion 2017. Remittances grew by more than 14% in India. Flooding disaster in Kerala has likely boosted financial help that migrants sent to families.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Remittances to South Asia: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">It grew 12% to $131 billion in 2018, outpacing the 6</span></span><span style="font-size:12.0pt">%</span><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif"> growth in 2017. The upsurge was driven by stronger economic conditions in United States and pick-up in oil prices, which had positive impact on outward remittances from some Gulf Cooperation Council (GCC) countries.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Avg cost of sending remittance: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Global average cost of sending $200 remittance remained high, at around 7% in first quarter of 2019. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">The high costs of money transfers reduce benefits of migration. Reducing remittance costs to 3% by 2030 is global target under Sustainable Development Goal (SDG) 10.7.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">There is need for renegotiating exclusive partnerships and allowing players operate through national post offices, banks, and telecommunications companies to increase competition for opening new transferring and lowering remittance prices.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-highest-recipient-remittances-2018-world-bank', 'image' => 'https://www.mediafire.com/convkey/cd4b/1b27ifg6kjsn81o6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/cd4b/1b27ifg6kjsn81o6g.jpg', 'metatitle' => 'India highest recipient of remittances in 2018: World Bank', 'metakeyword' => 'In Business and Economy Current Affairs, India highest recipient of remittances in 2018: World Bank', 'metadescription' => 'India highest recipient of remittances in 2018: World Bank, According to recently published World Bank's Migration and Development brief,', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/sgsb4ls7f9avs1r/India_highest_recipient.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 6 => object(Cake\ORM\Entity) { 'tag' => 'World Economy', 'keyword' => 'world-economy', 'id' => (int) 742, 'title' => 'India needs to bolster level of capitalisation of state-owned banks: IMF', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">International Monetary Fund’s (IMF) Financial Sector Assessment Programme (FSAP) for India has recommended bolstering level of capitalisation of some banks, particularly government-owned banks. This is required considering high level of non-performing loans in India.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Highlights of FSAP for India</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">It also has recommended</span></span> r<span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">esolution and recognition of Non-performing loans as part of process of cleaning up the banking system of non-performing loans. It also acknowledged that some steps that were taken by authorities to boost capital buffers in banks and also to improve governance in state-owned banks that have had some positive impact.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Financial Sector Assessment Programme (FSAP)</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">It is comprehensive and in-depth analysis of country’s financial sector. Its assessments are joint responsibility of the IMF and World Bank in developing economies and emerging markets and of IMF alone in advanced economies. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">It includes two major components: (i) financial stability assessment, which is the responsibility of the IMF, and (ii) financial development assessment, which is responsibility of World Bank. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Two-fold goal of FSAP assessments: Gauge stability and soundness of financial sector and assess its potential contribution to growth and development.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-bolster-level-capitalisation-state-owned-banks-imf', 'image' => 'https://www.mediafire.com/convkey/b7f1/eksl2yq809av82o6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/b7f1/eksl2yq809av82o6g.jpg', 'metatitle' => 'India need to bolster level of capitalisation of state-owned bank', 'metakeyword' => 'India needs to bolster level of capitalisation of state-owned banks: IMF ', 'metadescription' => 'International Monetary Fund, IMF, Financial Sector Assessment Programme, FSAP, bolstering level of capitalisation, some banks, particularly government-owned banks', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/ai8ar6vjwg6xdm6/India_needs_to_bolster_level.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 7 => object(Cake\ORM\Entity) { 'tag' => 'World Economy', 'keyword' => 'world-economy', 'id' => (int) 827, 'title' => 'US, Singapore, Taiwan seek to join consultations in WTO dispute over India's tariffs on ICT goods', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">United States (US), Singapore and Chinese Taipei (Taiwan) have expressed their interest to join consultations sought by European Union (EU) under World Trade Organization's (WTO) dispute settlement mechanism against India's import duties on certain Information Communication and Technology (ICT) products, including mobile phones. As per the WTO rules, these three countries would have to seek approval from India and EU to join the consultation process.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Background</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In April 2019, EU dragged India into the WTO's dispute settlement mechanism over imposition of import duties on these products, alleging breach of global trade norms. EU has challenged introduction of import duties by India on wide range of ICT products, for instance, mobile phones and components, base stations, integrated circuits and optical instruments. EU has requested consultations with India under WTO rules governing the settlement of disputes with regard to the tariff treatment that the country accords to certain goods in the ICT sector.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Consultation seeking process</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Seeking consultation is the first step of dispute settlement process as per WTO rules. If consultations requested with both India and EU do not result in satisfactory solution, EU can request WTO to set up panel in the case to rule on the issue raised.</span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'wto-consultations-dispute-over-tariffs-ict-goods', 'image' => 'https://www.mediafire.com/convkey/14a7/xfxp38wme1a7gzv6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/14a7/xfxp38wme1a7gzv6g.jpg', 'metatitle' => 'US, Singapore, Taiwan seek to join consultations in WTO', 'metakeyword' => 'In International Current Affairs, US, Singapore, Taiwan seek to join consultations in WTO dispute over India's tariffs on ICT goods', 'metadescription' => 'US, Singapore, Taiwan seek to join consultations in WTO dispute over India's tariffs on ICT goods', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/e3c53r3c13ie7mv/US%2C_Singapore%2C_Taiwan.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 8 => object(Cake\ORM\Entity) { 'tag' => 'World Economy', 'keyword' => 'world-economy', 'id' => (int) 1144, 'title' => 'India projected to grow at 7.1% in FY20: UN-WESP Report', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">According to recently released World Economic Situation and Prospects (WESP) as of mid-2019, India's economy is projected to grow at 7.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> in the fiscal year 2020. This growth will be driven by strong domestic consumption and investment. With this, India remains fastest growing major economy in the world, ahead of China. However, it has revised India’s growth projections from 7.4</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">estimated in January 2019.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Key Highlights of WESP as of Mid-2019</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Global growth projections:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> Across both developed and developing countries, growth projections for 2019 have been downgraded. It is mainly due to unresolved trade tensions and elevated international policy uncertainty. Following an expansion of 3.0</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in 2018, world gross product growth is now projected to moderate to 2.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">% in 2019 and 2.9</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> in 2020.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Risks that could trigger prolonged global slowdown:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> Further escalation in trade disputes, sudden deterioration in financial conditions, and accelerating effects of climate change. The increase in frequency and intensity of natural disasters highlight rising threats from climate change, particularly for the most vulnerable economies.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Monetary Policy:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> The slowdown in global economic activity has triggered shift towards easier monetary policy stances across many developed and developing economies. This shift is taking place in environment of subdued global inflation, amid weakening demand and moderate outlook for global commodity prices.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">South Asia:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It remains on strong growth path, even as forecasts have been revised downward. Following an expansion of 5.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in 2018, GDP growth is estimated at 5.0</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in 2019 and 5.8</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in 2020. However, across region, output continues to be constrained by infrastructure bottlenecks. Indian economy accounts for two-thirds of regional output in South Asia.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">India’s growth projections:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> India's economy is projected to grow at 7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">% in the fiscal year 2019 and 7.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> in the fiscal year 2020 on the back of strong domestic consumption and investment. India's exports remain more robust, as around half of exports are destined for faster-growing Asian markets.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">About WESP report</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is joint product of United Nations Department of Economic and Social Affairs (UN/DESA), United Nations Conference on Trade and Development (UNCTAD) and five UN regional commissions.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-projected-grow-wesp-report', 'image' => 'https://www.mediafire.com/convkey/d654/w4z6iqknobehh6n6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/d654/w4z6iqknobehh6n6g.jpg', 'metatitle' => 'India projected to grow at 7.1% in FY20: UN-WESP Report', 'metakeyword' => 'World Economic Situation and Prospects (WESP) as of mid-2019, India's economy is projected to grow at 7.1% in the fiscal year 2020.', 'metadescription' => 'According to recently released World Economic Situation and Prospects (WESP) as of mid-2019, India's economy is projected to grow at 7.1% in the fiscal year 2020.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/nwt261wd2jnrx7r/India_projected.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 9 => object(Cake\ORM\Entity) { 'tag' => 'World Economy', 'keyword' => 'world-economy', 'id' => (int) 1236, 'title' => 'India-China IT and DT Industry Cooperation Forum held in China', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">The 2019 Sino-India IT and DT Industry Cooperation Forum was held in Guiyang (Guizhou), China to encourage IT companies. It seeks to create new chapter in India-China cooperation in the new era of digital transition. It was held on sidelines of International Big Data Industry Expo 2019. </span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">International Big Data Industry Expo 2019</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It was four-day event is being attended by 448 enterprises from 59 countries. It featured high-end dialogues, forums, contests and exhibitions highlighting the technical innovations. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It was being attended by representatives of companies like Apple, Qualcomm, Huawei, Tencent, Alibaba and Foxconn. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It was initiated in 2015 and since then this expo has become important annual event for the big data industry. Last year, it had attracted over 40,000 participants from 30 countries. </span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-china-it-dt-industry-cooperation-forum', 'image' => 'https://www.mediafire.com/convkey/4439/uq6qkbk3jbcqv7e6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/4439/uq6qkbk3jbcqv7e6g.jpg', 'metatitle' => 'India-China IT and DT Industry Cooperation Forum held in China', 'metakeyword' => 'India-China IT and DT Industry Cooperation Forum held in China', 'metadescription' => 'India-China IT and DT Industry Cooperation Forum held in China, The 2019 Sino-India IT and DT Industry Cooperation Forum was held in Guiyang (Guizhou),', 'author' => 'Nikhil Paigude', 'downlaodpdf' => '', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 10 => object(Cake\ORM\Entity) { 'tag' => 'World Economy', 'keyword' => 'world-economy', 'id' => (int) 1845, 'title' => 'Trump accuses China of 'currency manipulation', 'description' => '<p><strong><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Context: </span></span></strong><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">On 5/08/2019, the <strong>US Treasury Department declared that China is a currency manipulator. </strong>The move came after <strong>the People’s Bank of China</strong> (PBOC), the central bank of China<strong>, allowed the yuan to suddenly depreciate </strong>(or lose value) relative to <strong>the dollar by 1.9 per cent </strong>(one of the biggest single-day falls</span></span><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">)</span></span><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">. As a result, the <strong>yuan breached the 7-to-a-dollar-mark for the first time since 2008.</strong></span></span><strong> </strong><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">In retaliation, the US announced that it would approach the IMF <strong>“to eliminate the unfair competitive advantage created by China’s latest actions.”</strong></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>What is a currency’s exchange rate?</strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An exchange rate is the <strong>value of a nation's currency in terms of the currency of another nation or economic zone.</strong></span></span></li> </ul> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>How are exchange rates determined?</strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>In an ideal world</strong>, the exchange rate for any currency would be <strong>determined by the interplay of its demand and supply. </strong>If more Indians want to buy US goods, there would be a higher demand for the dollar relative to the rupee. </span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This, in turn, would mean the dollar would be “stronger” than the rupee — and gain in strength as the demand increases. If demand falls, the dollar would depreciate relative to the rupee (or the rupee would appreciate relative to the dollar).</span></span></li> </ul> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>W</strong><strong>hat is currency manipulation?</strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>The real world is far from ideal. </strong>Most governments and central banks are bothered about generating more growth and employment at home<strong>. A weaker domestic currency comes in very handy when governments are trying to attract foreign demand and boost exports. </strong>China’s economic growth has been essentially fuelled by exporting to the world.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currency manipulation happens <strong>when governments try to artificially tweak the exchange rate to gain an “unfair” advantage in trade</strong>.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In other words, if <strong>China’s central bank buys dollars in the forex market, it can artificially weaken the yuan</strong><strong> </strong>and <strong>Chinese goods will then become more affordable (and competitive) in the international market.</strong></span></span></li> </ul> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Can currency manipulation be justified?</strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Some amount of such “intervention” </strong>by central banks is <strong>allowed to reduce wild fluctuations </strong>in the exchange rate. But <strong>excessive and undisclosed interventions are not considered fair.</strong></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'trump-accuses-china-of-currency-manipulation', 'image' => 'https://www.mediafire.com/convkey/f872/uvi9rhy4c7ss6ln6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/f872/uvi9rhy4c7ss6ln6g.jpg', 'metatitle' => 'Trump accuses China of 'currency manipulation', 'metakeyword' => 'Trump accuses China of 'currency manipulation', 'metadescription' => 'the US Treasury Department declared that China is a currency manipulator. The move came after the People’s Bank of China (PBOC)', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/gklkcp9a8ul9bky/Trump_accuses_China_of_%27currency_manipulation.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 11 => object(Cake\ORM\Entity) { 'tag' => 'World Economy', 'keyword' => 'world-economy', 'id' => (int) 1891, 'title' => 'Artificial Currency weakening by china', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"> </p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">The United States has designated China as a “currency manipulator” after Chinese Central bank Yuan weakens past US dollars.</span></span></span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"> </p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"> </p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">The present devaluation of the currency has gained significance in light of the ongoing trade war between the U.S. and China. Both countries have slapped high tariffs on goods worth billions imported into their countries from the other side.</span></span></span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"> </p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">What is Artificial Currency Fixing?</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">Devaluing the currency is a common ploy employed by economies that face a slowdown in order to help boost demand for their goods. </span></span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">A currency is devalued (or weakened) using the central bank to increase the supply of the currency in the forex market. This allows more units of the currency to be purchased using fewer units of various other foreign currencies. </span></span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">This is a way of transferring more of the purchasing power to buy Chinese goods away from the hands of the local Chinese and into the hands of Americans. The Chinese believe this will help boost the value of China’s exports and also kick-start growth.</span></span></span></span></span></span></li> </ul> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">How does it impact global economy?</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">Chinese economy has been witnessing a general slowdown, with growth dropping to a 27-year low of 6.2%. China has decided to depend more heavily on exports as a way to boost demand for its goods.</span></span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">If the U.S. weakens the dollar to retaliate against China’s Yuan devaluation, it will enter a currency war. </span></span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">This can cause terrible uncertainty for businesses. Combined with high tariffs, this will lead to a steep fall in international trade. </span></span></span></span></span></span></li> <li><span style="font-size:10.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">Currency devaluation may temporarily boost exports by transferring more purchasing power to the hands of foreign investors, but it will not boost domestic production. Eventually,such competitive devaluations can cause the size of global trade to shrink</span></span></span></span></li> </ul> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">Impact on India</span></span></span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#111111">The </span></span></span></span><span style="font-size:10.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#111111">result of China’s decision to let the Yuan fall against the dollar, demand for dollars surged around the globe, including in India, investors buy dollars at the expense of the rupee. The Indian currency can plunge into low against the dollar.</span></span></span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'artificial-currency-weakening-by-china', 'image' => 'https://www.mediafire.com/convkey/b771/x2u058l6abmu50t6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/b771/x2u058l6abmu50t6g.jpg', 'metatitle' => 'Artificial Currency weakening by china', 'metakeyword' => 'Artificial Currency weakening by china', 'metadescription' => 'The United States has designated China as a “currency manipulator†after Chinese Central bank Yuan weakens past US dollars.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/170wpp8rav112qr/Artificial_Currency_weakening_by_china.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 12 => object(Cake\ORM\Entity) { 'tag' => 'World Economy', 'keyword' => 'world-economy', 'id' => (int) 1989, 'title' => 'US announces tariff hikes on Chinese goods', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">U.S. President Donald Trump on Friday lashed back at a new round of Chinese tariffs by heaping an additional 5% duty on some $550 billion in targeted Chinese goods. This is a part of trade war between world’s two largest economies</span></span></span><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">.</span></span></span></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Mr. Trump has accused China of unfair trade practices and pushed for a deal that would rebalance the relationship in favour of U.S. manufacturers and workers</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">China unveiled its retaliatory tariffs on $75 billion worth of U.S. goods, prompting the President earlier in the day to demand U.S. companies move their operations out of China.</span></span></span></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">United States has said it would raise its existing tariffs on $250 billion worth of Chinese imports to 30% from the current 25% beginning October 1.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Tariffs on the remaining $300 billion worth of Chinese goods to 15% from 10%. The United States will begin imposing those tariffs on some products starting September, but tariffs on about half of those goods have been delayed</span></span></span><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman","serif""><span style="color:#282828">.</span></span></span></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Effect on India and world</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">China will search for other markets where it can dump the products it exported to the US. India will provide a ready-made market for these Chinese products. The trade war will result in an increase in Chinese exports to India.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The trade war will adversely affect global trade and financial markets. IMF has predicted that a full-blown trade war would cause the global economy to slow down by more than 0.8% in 2020. This will lead to shrinking of Indian exports in the coming months, not only to the US and China but also to other countries. </span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">This will negatively affect income and employment generation in export-driven sectors and downstream industries. Given the inelastic nature of Indian imports like dependence on oil, a slowdown in exports will result in a higher trade deficit. </span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">This will lead to a further fall in the Indian rupee’s value, exerting pressure on other macroeconomic indicators and depreciates currency. </span></span></span></span></span><br /> </p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'us-announces-tariff-hikes', 'image' => 'https://www.mediafire.com/convkey/0538/g9ocdknj0e5n7566g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/0538/g9ocdknj0e5n7566g.jpg', 'metatitle' => 'US announces tariff hikes on Chinese goods', 'metakeyword' => 'US announces tariff hikes on Chinese goods', 'metadescription' => 'U.S. President Donald Trump on Friday lashed back at a new round of Chinese tariffs by heaping an additional 5% duty on some $550 billion ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/iuydfdai0mas4wc/US_announces_tariff_hikes.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 13 => object(Cake\ORM\Entity) { 'tag' => 'World Economy', 'keyword' => 'world-economy', 'id' => (int) 2019, 'title' => 'Chinese influence on falling rupee', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">The Indian rupee fell sharply by 40 paise against dollar to hit 72.05. The global recession and trade war between Us and China are said to have influenced this phenomenon. </span></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Normally, the rupee moves in line with the movement of the stock market, as a positive development assures rupee to gain its value in the market.</span></span></span></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The rupee has reeled under global pressure as markets remained concerned over an escalation of the trade tariff war between the United States and China.</span></span></span></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Recently the Renminbi fell to a new 11-year low of 7.15 against the dollar due to rising concerns over the tariff war. Most emerging market currencies, including the Malaysian Ringgit, the Indonesian Rupiah, and the South African Rand, came under pressure. So did the rupee, which fell sharply.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Trade war fears between US and China and a sharp fall in Chinese Yuan (breaching 7 to a dollar) hit the global market sentiments and decline in currencies of most countries including India.</span></span></span></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Link between rupee and Renminbi</span></span></span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">A weakness in the renminbi (yuan) increases the competitiveness of Chinese exports, as every dollar can import larger quantities of Chinese goods. </span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">At the same time, it puts competing countries under pressure, as their goods become relatively more expensive. As the exports become expensive rupee losses its value and depreciates.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">US and overall slowdown in global growth has fuelled the concerns that China may be devaluing its currency to boost its exports and push growth.</span></span></span></span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'chinese-influence-on-falling-rupee', 'image' => 'https://www.mediafire.com/convkey/701c/s5hfciv0nkzfr226g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/701c/s5hfciv0nkzfr226g.jpg', 'metatitle' => 'Chinese influence on falling rupee', 'metakeyword' => 'Chinese influence on falling rupee', 'metadescription' => 'The Indian rupee fell sharply by 40 paise against dollar to hit 72.05. The global recession and trade war between Us and China are said to have influenced this phenomenon.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/17dxuyxlhxozdp7/Chinese_influence_on_falling_rupee.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 14 => object(Cake\ORM\Entity) { 'tag' => 'World Economy', 'keyword' => 'world-economy', 'id' => (int) 2202, 'title' => 'US-China war can reduce global GDP', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Tariffs imposed or threatened by the United States and China could reduce 0.8% off global economic output in 2020 and trigger more losses in future according to the International Monetary Fund.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The world's two largest economies, USA and China are preparing for new rounds of talks aimed at curbing a more-than-year-long trade war that has hurt global economic growth and rattled financial markets.</span></span><br /> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The IMF lowered its 2019 global growth forecast from 3.3 per cent to 3.2 per cent, citing international tensions and the US-China trade war in particular.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">World economic activity remained subdued, with trade and geopolitical tensions causing uncertainty and eroding business confidence, investment and trade.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Implications</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The result is a large pullback in investment and along with that , price increases and ruffled consumers. This causes U.S. and global GDP to contract sharply.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The U.S. dollar appreciates as capital flight intensifies and emerging market currencies depreciate sharply. Investments in US may take a hit, which may lead to depreciation of US dollars.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Moody's forecasts that non-farm employment would be 793,900 lower by the end of 2021.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'us-china-war-can-reduce-global-gdp', 'image' => 'https://www.mediafire.com/convkey/16c5/lhtkkfgpuu9zwy06g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/16c5/lhtkkfgpuu9zwy06g.jpg', 'metatitle' => 'US-China war can reduce global GDP', 'metakeyword' => 'Tariffs imposed or threatened by the United States', 'metadescription' => 'Tariffs imposed or threatened by the United States and China could reduce 0.8% off global economic output in 2020 and trigger more losses in future according ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/m9voaubxtiqbbek/US-China_war_can_reduce_global_GDP.pdf/file', 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GDP', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Tariffs imposed or threatened by the United States and China could reduce 0.8% off global economic output in 2020 and trigger more losses in future according to the International Monetary Fund.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The world's two largest economies, USA and China are preparing for new rounds of talks aimed at curbing a more-than-year-long trade war that has hurt global economic growth and rattled financial markets.</span></span><br /> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The IMF lowered its 2019 global growth forecast from 3.3 per cent to 3.2 per cent, citing international tensions and the US-China trade war in particular.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">World economic activity remained subdued, with trade and geopolitical tensions causing uncertainty and eroding business confidence, investment and trade.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Implications</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The result is a large pullback in investment and along with that , price increases and ruffled consumers. This causes U.S. and global GDP to contract sharply.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The U.S. dollar appreciates as capital flight intensifies and emerging market currencies depreciate sharply. Investments in US may take a hit, which may lead to depreciation of US dollars.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Moody's forecasts that non-farm employment would be 793,900 lower by the end of 2021.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'us-china-war-can-reduce-global-gdp', 'image' => 'https://www.mediafire.com/convkey/16c5/lhtkkfgpuu9zwy06g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/16c5/lhtkkfgpuu9zwy06g.jpg', 'metatitle' => 'US-China war can reduce global GDP', 'metakeyword' => 'Tariffs imposed or threatened by the United States', 'metadescription' => 'Tariffs imposed or threatened by the United States and China could reduce 0.8% off global economic output in 2020 and trigger more losses in future according ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/m9voaubxtiqbbek/US-China_war_can_reduce_global_GDP.pdf/file', '[new]' => false, '[accessible]' => [ '*' => true ], '[dirty]' => [], '[original]' => [], '[virtual]' => [], '[errors]' => [], '[invalid]' => [], '[repository]' => 'currentaffairs' } $tags = '<a href="https://currentaffairs.studyiq.com/tags/world-economy">World Economy</a>'include - ROOT/plugins/Studyiq/src/Template/Pages/tags.ctp, line 65 Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1196 Cake\View\View::_render() - CORE/src/View/View.php, line 1157 Cake\View\View::render() - CORE/src/View/View.php, line 765 Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 623 Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 125 Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 93 Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 108 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 104 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 98 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51 Cake\Http\Server::run() - CORE/src/Http/Server.php, line 81