ECONOMY - 2018 NOVEMBER

November 1

NIIF Acquires IDFC Infrastructure Finance:
The National Investment and Infrastructure Fund (NIIF) has acquired IDFC Infrastructure Finance (IDFC-IFL), an infrastructure debt fund.
 This acquisition is the first investment from NIIF’s strategic fund. The acquisition is subject to approval from RBI.
National Investment and Infrastructure Fund (NIIF) is India’s first sovereign wealth fund that was set up by the Government of India in February 2015.
The objective behind creating this fund was to maximize economic impact mainly through infrastructure investment in commercially viable projects, both Greenfield and Brownfield.
IDFC incorporated IDFC Infrastructure Finance Limited (IDFC IFL) on March 7, 2014 as a new infrastructure financing entity to carry on the business of the IDF under the NBFC format as per the RBI guidelines.

November 2

Tourism Minister KJ Alphons Attends Program And Budget Committee Meeting of UNWTO.
The 109th session of United Nations World Tourism Organization (UNWTO) Executive Council was held at Manama, Bahrain.
During the opening day of the Executive Council meeting, Alphons chaired the ‘Programme and Budget Committee’ meeting of UNWTO. For the first time, UNWTO had a surplus budget and most of the arrears due have been paid and  India will be the chair of Programme and Budget Committee of Executive Council till 2021. 

November 4

RBI initiates process to set up digital Public Credit Registry
The Reserve Bank of India has initiated the process to set up a digital Public Credit Registry to capture all the details of borrowers, including wilful defaulters and also the pending legal suits in order to check financial delinquencies. 
About PCR:
The Public Credit Registry or PCR is a digital registry of authenticated granular credit information. It will work as a financial information infrastructure providing access to various stakeholders and enrich the existing credit information ecosystem.

USITC rules against anti-dumping duty on import of a synthetic fluoropolymer PTFE resin from India, China.
The fluoropolymer is a key ingredient in the non-stick coating for pans and other cookware.
The US International Trade Commission (USITC) noted in its ruling that polytetrafluoroethylene (PTFE) resin from India and China were sold in the US at less than fair value.
About Polytetrafluoroethylene:
Polytetrafluoroethylene (PTFE) is a synthetic fluoropolymer of tetrafluoroethylene that has numerous end-use applications.
PTFE is used as a non-stick coating for pans and other cookware.
It is nonreactive, partly because of the strength of carbon-fluorine bonds and so it is often used in containers and pipework for reactive and corrosive chemicals.

November 6

 India and Sharjah decided to boost economic ties at The ‘Sharjah-India Business Roundtable’, that was held in Sharjah, UAE.
It was organized by Sharjah FDI Office, Invest in Sharjah. It was held on the sidelines of the Indian-UAE Partnership Summit that was held in October 2018 in Dubai.
The conference focused on addressing the investment opportunities spanning across emerging sectors such as technology, artificial intelligence (AI) and renewable energy, in a bid to expand the number of businesses in Sharjah.
About United Arab Emirates (UAE):
Capital: Abu Dhabi.  
Currency: UAE dirham.
No anti-dumping duty on PTFE resin from India, China: USITC.
The US International Trade Commission (USITC) ruled against anti-dumping duty on the imports of a synthetic fluoropolymer, a key ingredient in non-stick coating for pans and other cookware, from India and China.
About PTFE:
Polytetrafluoroethylene (PTFE) is a synthetic fluoropolymer of tetrafluoroethylene that has numerous applications.
PTFE imports from India would have been subject to an anti-dumping duty of 22.78 per cent if not for this ruling.
About US International Trade Commission (USITC):
Headquarters: Washington D.C.

NMCG signs MoU with HCL Foundation to work on Ganga tributaries to scale up afforestation
The NMCG is committed towards afforestation and conservation of the Ganga Basin's ecosystem and its indigenous flora and fauna, it said.
The mission takes place in parts of Uttar Pradesh and Uttarakhand in order to scale up the afforestation drive.
The two organisations will work for sensitisation and awareness programs on forest and environment conservation, urban and peri-urban afforestation.

November 9

India's economic growth to slow to 7.3% in 2019: Moody's
Moody’s Investor Service in its report titled ‘Global Macro Outlook 2019-20′ stated that Indian economy will slow down to 7.3% in 2019.
Indian economy will expand 7.4 per cent in 2018, but the growth will slow down to 7.3 per cent in the next fiscal.The economy grew 7.9 per cent in the first half (January - June) of 2018, reflecting post demonetisation base effect.
The downfall has been cited cause of the effect of domestic demand on higher borrowing cost due to rising interest rates.
The benchmark rate would be raised through 2019, which will further dampen domestic demand which will in turn lead to low economic growth.
This is why with real GDP will grow by 7.3 per cent in 2019 and 2020.

WFP, Alibaba join forces to fight hunger
The UN World Food Programme and Chinese e-commerce giant Alibaba Group have formed a strategic partnership to support efforts eliminate hunger globally by 2030.
WFP Executive Director David Beasley and Alibaba Partner and Chairman of the Alibaba Foundation Sun Lijun signed an agreement at Alibaba's headquarters in Hangzhou, China.
Alibaba will lend its cutting-edge technology and resources to support the digital transformation of WFP's operations. In particular, Alibaba Cloud, the cloud computing arm of Alibaba, will work with WFP to develop a digital "World Hunger Map".
US exempts India from certain sanctions over Iran's Chabahar Port
The United States has exempted India from the imposition of certain sanctions for the development of the strategically-located Chabahar Port in Iran, along with the construction of the railway line connecting it with Afghanistan.
The decision by the Trump administration, which a day earlier imposed the toughest ever sanctions on Iran and is very restrictive in giving exemptions, is seen as a recognition by Washington of India's major role in the development of the port on the Gulf of Oman, which is of immense strategic importance for the reconstruction of war-torn Afghanistan.

November 11

India pips US to become second-largest smartphone market
India has pipped the US to become the world's second-largest smartphone market at the end of the third quarter, according to two research firms. China’s Xiaomi is expected to end Korean major Samsung’s four and-a-half year reign at the top soon.
Singapore-based Canalys the Indian smartphone market grew by 23% year-on-year in the July-September quarter to top 40 million units, fuelled mainly by Xiaomi, which logged an over 290% increase in shipments from a year ago to 9.2 million units.
Xiaomi further narrowed its market share gap with leader Samsung, which shipped 9.4 million units in the period, about 30% more than a year ago.

Nokia, Infosys collaborate to drive enterprise digital transformation
Finnish mobile telecom network maker Nokia and Indian IT services firm Infosys joined hands to work in AI and machine learning driven solutions.
The partnership will help drive digital transformation in various sectors, such as: Industries, transportation, energy and manufacturing, media and entertainment, and education.
It will couple technology, products and services from Nokia with platform solutions, engineering and operations management expertise from Infosys.


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