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India improves its ranking in Ease of Doing Business

 

 

Indian Economic Update

 

  • India jumped 23 places to rank at 77 in World Bank’s Ease of Doing Business rankings.
  • India’s eight-core industries growth came in at 4.3% YoY in September vs 4.7% YoY in the prior month.
  • The 19th Financial Stability and Development Council's (FSDC) meeting discussed the liquidity crunch in the financial sector. Attended by Finance Minister Mr Arun Jaitley among others, the meeting saw concerns being raised by the government over liquidity crunch in the Non-Banking Finance Companies (NBFCs) sector.
  • India and Japan agreed to conclude a Bilateral Currency Swap Agreement for USD 75 billion, an enhancement over the previous USD 50 billion currency swap agreement between the two countries. The pact is aimed at "bringing greater stability to foreign exchange and capital markets in India" and tapping foreign capital for country's developmental needs.

 

Global Update

 

  • The Bank of Japan decided to keep its monetary stimulus unchanged amid stubbornly low inflation and risks to the global economy including heightened trade tensions.
  • The US economy grew by 3.5% (QoQ Seasonally Adjusted Annual Rate (SAAR)) in Q3 2018 (advance estimate) against the previous reading of 4.2%.
  • US private payrolls rose by a sturdy 227K in October, far outstripping expectations of 187K, and prior estimate of 218K.
  • In the Eurozone, headline Consumer Price Inflation (CPI) came in at 2.2% YoY, while core CPI printed at 1.1% YoY, picking up from last month’s print. Unemployment rate stayed steady at 8.1% in October.
  • Turkey’s central bank held its main interest rate at 24%, but pledged further tightening if the recent interest-rate hike fail to curb inflation.