Banking Awareness 17th January 2017 | Financial Affairs 17th January 2017

India slipped a place in most promising markets to invest

• India features among top six for global executives when it comes to overall growth prospects over the next 12 months, but enthusiasm for investing in the country has dropped from three years ago.
• US, China leads the list.

SBI in Pact with Oman’s SGRF

• State General Reserve Fund of Oman (SGRF), a Sovereign Wealth Fund & the SBI will infuse $150 million & $50 million respectively in Oman India Joint Investment Fund (OIJIF).
• The bank is backing the private equity fund for its second offering (Fund II).
• This decision is driven by the performance in the first fund.
• The first fund of $100 million, has been fully invested across 7 companies.

Trade Deficit Narrows in December

• India’s trade deficit narrowed to $10.36 bln in Dec 2016 — the lowest in the last 3 months.
• Exports grew 5.72% to $23.88 bln, up from 2.26% in Nov.
• Imports rose by just 0.46 % to $34.25 bln.Petroleum & crude imports rose 14.61 % to $7.6 bln while electrical & non-electrical machinery jumped 7.55 % to 2.62 bln.
• Goods trade deficit was $12.7 billion in Nov 2016.

Global Unemployment to Rise by 3.4 m

• According to the International Labour Organization  report ‘World Employment Social Outlook: Trends 2017‘, Global unemployment is expected to rise by 3.4 million in 2017.
• Economic growth is expected to at 3.4% this year and 3.6% in 2018.
• The number of unemployed persons globally in 2017 is forecast to stand at just over 201 million with an additional rise of 2.7 million expected in 2018.

US Lifts Economic Embargo on Sudan

• The United States has announced the end of a 20-year economic embargo on Sudan.
• It had lifted trade and financial sanctions in an effort to foster ties with the Sudanese government.
• Sudan will be able to receive imported goods and services from the US.
• The lift will also release frozen Sudanese property and assets held in the US and permits the trade with the oil and gas industry in Sudan.

India Fuel Consumption to Hit 200 milllion Tonnes

• India`s fuel consumption is likely to hit 200 million tonnes in 2016/17.
• It would be the highest such level in at least 16 years.
• India`s fuel consumption surged 10.9 percent to 183.5 million tonnes in 2015/16.
• A level of 200 million tones would compare to almost 1 billion tonnes in U.S. fuel consumption and to around 575 million tonnes of demand in China.

WPI inflation Rises to 3.39% in December

• India’s wholesale inflation firmed up in December led by higher inflation in non-food products.
• Data released by commerce and industry ministry showed WPI inflation at 3.39% in December compared with 3.15% in November.
• WPI inflation in manufactured products, increased to 3.6% from 3.2% in the previous month.
• Food inflation turned negative as food prices fell 0.7% in December 2016.

Richest 1% Own 58% of Total Wealth

• India’s richest 1% now hold a huge 58% of the country’s total wealth — higher than the global figure of about 50 per cent.
• The study was released by rights group Oxfam.
• The study said there are 84 billionaires in India, with a collective wealth of $ 248 billion,
• Globally, just 8 billionaires have the same amount of wealth as the poorest 50 per cent of the world population.

 

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