The Union Cabinet chaired by Prime Minister Narendra Modi gave its approval of USD 75 Billion for entering into a Bilateral Swap Arrangement (BSA), a currency swap agreement, between India and Japan thereby authorizing RBI to sign an agreement between Reserve Bank of India and Bank of Japan. The agreement is concluded between the premiers of both the countries at a summit level meeting at Yamanashi, Japan. It is essentially meant to exchange and re-exchange a maximum amount of USD 75 Billion for maintaining the appropriate levels of the balance of payments for meeting short-term deficiencies
More than half a million people of Indian origin live in Singapore. However, this is not the only reason that India and Singapore have come closer than together on multiple levels and spheres. India and Singapore relations go a long way and have widened and deepened consistently with time. When Singapore obtained its independence in 1965, China-backed communist threats loomed large, while Malaysian and Indonesian domination was also expected. Singapore found a close strategic relationship with India significant for its regional security, which also served as a counterbalance to Chinese in
The traditionally close and friendly India-United Arab Emirates relations have evolved into a significant partnership in the economic and commercial spheres, as recently, the relations between the two countries have witnessed unprecedented improvement, with leaders from both sides visiting each other’s country and signing crucial agreements in various sectors in a bid to improve relations and trade. The strategic decisions taken would go a long way to help each other grow enormously. Read More
According to annual Economic Freedom of the World report published by the Fraser Institute, Hong Kong has topped the list of the world’s most free economies this year. Next top four regions that have marked their positions in the rankings are Singapore, New Zealand, Switzerland, and Canada. America retained 16th position. Down by 0.5 points from last year, this year Hong Kong scored 89.6 out of 100 points in the overall economic freedom. Singapore scored 89.4 in the rankings. Around 186 countries received rankings that were based on 10 quantitative and qualitative factors such as levels of
Narendra Modi can be banked upon one thing for sure – changing India for the better! He is one Indian leader who has been working to change things domestically and internationally for India without any fear. He has been consistently bold and revolutionary in cleansing and purifying the system. He has definitely taken some drastic measures trying to improve things; and without doubt, India needs these drastic steps to further improve its current political and economic scenario. The latest step of demonetisation was daring, which definitely shook things up, but all for a positive cause. The n
State Bank of India (SBI) Managing Director B. Sriram will serve as the CEO of IDBI Bank for tenure of 3 months following a special order by the GOI. The appointment was passed on through an official order and is the first lateral shift of senior management in decades. The vacancy for the top position opened after its CEO Mahesh Kumar Jain was named Deputy Governor of the RBI by the Appointments Committee of the Cabinet, which decides appointments to several top posts under the Government of India and is composed of the Prime Minister of India, who serves as the Chairman of the committee. Ja
The 11th meeting of the G20 Group which accounts for the 85 percent of the world’s economy, 80 percent of global trade, and two-thirds of the world’s population was concluded in Hangzhou, China on 4–5 September, 2016. The Summit was aimed to bring profound measures for giving a new direction to the world economy and had the theme, “Building an Innovative, Invigorated, Interconnected and Inclusive World Economy”. The leaders discussed to bolster the steps which they have taken to address corruption, tax evasion and avoidance, and other challenges that undermine the integrity of the g
India and the United States have recently signed a significant logistics defence agreement that will empower militaries of both the countries to utilize each others’ assets and bases to repair and replenish the supplies for making joint operations more efficient. Indian Defense Minister Manohar Parrikar and the United States’ Defense Secretary Ashton Carter have signed the “Logistics Exchange Memorandum of Agreement” (LEMOA) and have assured that it will facilitate opportunities for “practical engagement and exchange”. The transparency was maintained about the fact that the recip
OYO rooms, more commonly known as OYO, have extended its presence in the Chinese economy. This expansion is the third overseas expansion after Malaysia and Nepal for the Gurugram-based startup. OYO is an Indian hospitality service and budget hotel network, founded by Ritesh Agarwal in 2013 and is exploring the two big markets of India and China, alongside other Eastern countries like Indonesia. It is also set to take its enterprise in United Arab Emirates. In September 2017, OYO had signed a 5 year MoU with the China Lodging Group to facilitate and strengthen collaboration in order to build a
Expanding the aerial reach of the continent, East African countries are all making headway in the airlines industry. While Uganda is all set to reintroduce its national airline, carriers in Tanzania and Rwanda are also amplifying their presence. Kenya is also expected to raise its capital in Kenya Airways, where the government has 29 per cent shares. The Airlines is also reestablishing itself for a better outcome. Yoweri Museveni, Uganda’s President said in a cabinet meeting that he wishes to revive the airline that went bankrupt earlier in the year 2001. He said that at the present time, U