India has approached the Dispute Settlement Mechanism of the WTO against the US government’s decision to make an abnormal hike in visa fees. According to the WTO officials, India has initiated a dispute settlement procedure at the WTO by inviting the US to make a consultation on the issue. As per the WTO’s Dispute Settlement Body’s procedure, consultation between the two countries is the first step in dispute settlement. WTO gives a 60 day time line for the members to settle their dispute through consultation. If it is not resolved, then only the next step of framing a panel on the dispute will be made. From here onwards, the WTO’s DSB will hear cas
Crude price in international markets continued to be doubtful about the new production limiting decision by Saudi Arabia and Russia. The two largest producers whose income considerably depends upon oil reached to limit production at January 2016 levels. Despite the vocal support for the deal from Iran, prices remained stagnant at $35 Dollar for the Brent variety after rising initially to the production limit news. Increased stockpile data from the US has caused downward pressure on Friday trading. Industry experts say that though the deal between Saudi and Russia- the two major producers within and outside OPEC; what matters is Iran’s stand. Iran which has reentered into t
Financial markets across the world are facing meltdown trend for the second consecutive day. Global opener Japan’s Nikkei index falling by more than 5% and Japan had a holiday yesterday. Other market later on the day is expected to join Nikkie’s downward scoop is the Chinese market where also yesterday a holiday was. What Japanese market is showing today is the felling of the global market yesterday. But overall, the present trend is shows financial markets were abandoned by investors amidst rising feeling that companies cannot get profit amidst declining demand and falling commodity prices. The turning point came when US Fed Reserve’s Chairperson Janet Yellen
US Federal Reserve’s usually silent Chairperson Janet Yellen descried that present global turbulence creates heavy risks for the US economy. Ms Yellen’s statement was in front of the US Congress and it indicates that the Fed is less likely to make the next interest rate hike. US macroeconomic data in recent months a shows worsening of growth and employment trends. According to the Chairperson, risks to the US economy from China are substantial. She has pointed out many other reasons to support her view that the economic environment is not going good for the US. Financial market conditions are less supportive and recent equity prices across the world are negative sent
In the China led AIIB, Germany will get key position of a vice president and Chief Operating Officer. Both functions will be done by the same person. As per the information published by South China Morning Post, there will be four other vice presidents besides the German nominee. The other vice presidents will be from India, South Korea, UK and Indonesia. India as the second largest share holder of the bank after China will have the Chief Financial Officer as well; as its vice president will be the CFO. Britain who shocked its evergreen ally US while joining the AIIB will get a vice president post and he will be in charge of communications. UK is the ninth largest share ho
RBI’s Raghuram Rajan has joined a WEF created task force of eight experts including Central Bankers to study about the future of global financial system. The Task Force was launched by the WEF as per the request of central bankers including Mark Carney, Governor, Bank of England who raised concerns about the future of global financial system in the context of technological advancements and financial stability risks. Many of the participants from the central banking folk have observed that disruptive technologies and increasing interconnectedness poses risk to the global economy. Mr Rajan’s inclusion in the Task Force certifies his expertise and skill in matters relat
India has got substantial attention at the Davos World Economic Forum as the fastest growing large economy at a time most of the heavy weights are slowing fast. Fiancé Minister Arun Jaitely declared that India can grow at 9% provided the right conditions. "Fastest is still not good enough for India," said Arun Jaitley at the Summit that usually attended by leaders and businessmen. This year’s WEF was remarkable as it happened in the context of a quickly slowing global economy. The emerging markets that stood steady are showing signs of weakness with leader China recording slow growth and financial sector turmoil. If there is an economy that seems steady, that
In a break through development, Google has agreed to pay 130 mn pound taxes demanded by the authorities in UK. The tax attracted global attention at a time when most digital companies were shifting profits to tax havens after reaping revenues in one jurisdiction. According to UK tax authorities, Google paid only £20.5 mn in tax in 2013 out of its UK revenues of $5.6 bn. As per the agreement, Google will start paying tax for its advertisement revenues from UK including a part of the profit. Google’s action will have wide implications as several other countries have initiated similar measures as UK. Similarly, the OECD has launched BEPS (Base Erosion and Profit Shifting
China has officially confirmed that its growth rate in 2015 was 6.9%, the lowest growth the country has registered during the last twenty five years. The official data about the economy’ performance came at a time when financial markets and policy makers fearing a backlash from the slowing Chinese economy. Data was revealed by National Bureau of Statistics- China’s national income accounting entity. Chinese official media- the global times has described the growth rate as ‘within the people’s expectations’. Premeier Li Kequiang has mentioned the increasing downward pressure on the economy that is complicated by poor global demand. The declining grow
Iran is reentering into the world market in full swing. After the West imposed sanctions are removed today, the OPEC member can engage the market with its traditional product-crude oil. The Persian Gulf country was the second largest producer of oil in the OPEC in 2011. Iran has made limited supplies during the sanction period; but was unable to make an impact as its production was quite low. Now, Tehran is expected to add around 2 million barrels of crude per day, and it will become the fourth largest producer after Russia, Saudi Arabia and the US. Production is expected to peak after six months from now and reports indicate that Iran is not wary of the present low price of crud
Dictionary on Indian Economy
- Logic of withdrawing Rs 1000 and Rs 500 notes
- Raghuram Rajan: The Gladiator returns to Chicago
- Why the GST reform is transformational?
- Good intention but poor thinking - what troubles demonetization?
- India Black Money Report: CBI underestimates black money at Rs 25 lakh crore
- High interest rate rather than inflation is the macroeconomic problem for India right now
- Japan’s first trade deficit in 30 years is part of the Global Shift
- Why we need an emergency monetization plan as well?
- Arvind Subramanian rocks with 'Chakravyuha' in Economic Survey
- NREGS: give respect to the tax payer’s money