Economy

India has to work on the speed of economic growth and remove roadblocks to tap the huge potential such as talent and population, the former PepsiCo chairperson Indra Nooyi has said.

India has one of the fastest growing entertainment and media sector in the world, with a CAGR of 11.7% from 2017 to 2022, growing from US$30,363.72 million in 2017 to US$52,683.15 million in 2022, according to an industry report.

Commerce Secretary Dr Anup Wadhawan has expressed the hope that India, European Union and Oceania countries will be able to overcome trade issues and, in the near future, come to an understanding and reach some sort of formal agreement.

India and the United States have signed an Inter-Governmental Agreement for exchange of Country by Country (CbC) reports filed by Multinational Enterprises (MNEs) in each other’s jurisdictions for taxes.

Deemed as a transformational reform, the Insolvency and Bankruptcy Code (IBC), 2016, has passed the behavioural test with flying colours with majority of the cases settled.

Fitch Ratings has forecast India’s GDP growth at 6.9% for the current fiscal year ended Mar 2019, down from 7.2% previous projection, but sees the economy holding well in the years ahead.

India’s state-owned Canara Bank has launched a US$400 million (Rs.2,750 crore) bond issuance programme through its London branch on 21 Mar 2019.

The government has collected Rs.85,000 crore from disinvestment current fiscal year, Rs.5,000 crore above target and the second highest after more than Rs.1 lakh crore in fiscal year 2017-18.

Goldman Sachs Asset Management has agreed to acquire Benchmark Asset Management Company, an asset management company in India, and bring actively managed onshore funds to India.

The Indian market offers tremendous scope for technology-assisted solutions, and in recent years, it has been an active enabler for adopting analytics and AI-based solutions, according to a study by ResearchAndMarkets on 20 Mar 2019.