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Economy Current Affairs
Economy Current Affairs October 2nd Week 2016
Author : priya
Category : Economy Current Affairs
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Economy Current Affairs October 2nd Week 2016

1) IMF India GDP forecast at 7.6%.

  • International Monetary Fund (IMF) retained its forecast of 7.6 per cent growth in 2016-17 and 2017-18 for India.
  • The economic recovery will continue to benefit from the improvement in trade, more effective policy actions and stronger external buffers.
  • The report has projected consumer price index based inflation at 5.5 per cent in the current fiscal year and 5.2 per cent in 2017-18.
  • Global growth projection of 3.1 per cent for 2016, for 2017, it has pegged the global growth rate at 3.4 per cent with a gradual increase to 3.8 per cent.
2) Ratan Tata invests in start-up GOQii.
  • Ratan Tata has invested in virtual fitness coaching platform GOQii.
  • The company, which is a leading player in the Indian wearables market, is backed by angel investors such as Shriram Nene and his wife and Bollywood actress Madhuri Dixit Nene and Neeraj Arora.
3) Startups Allowed Raising $3 million via ECBs.
  • Reserve Bank has decided to allow start-ups to raise external commercial borrowings (ECBs) of up to 3 million in a financial year. 
  • Startups will be permitted raise the overseas funds in rupees as well as in foreign currency. RBI will issue guidelines in this regard by month-end.

4) Intas Pharma to buy Teva’s UK, Ireland generics businesses.

  • Intas Pharmaceuticals Ltd, through its wholly owned subsidiary Accord Healthcare, has agreed to acquire Actavis UK and Actavis Ireland from Teva Pharmaceutical Industries Ltd for £603 million.
  • Actavis UK and Ireland are among the leading suppliers of generic pharmaceuticals in both the UK and Irish markets.
5) SEBI to audit its own governance standards.
  • The Securities and Exchange Board of India (SEBI) has decided to practice what it preaches in the area of corporate governance and board structure.
  • Board members will conduct a performance audit of the regulatory body.
  • SEBI has also asked the finance ministry to appoint a woman member to the board of the regulatory body.
6) MasterCard launches `selfie pay` app in Europe.
  • MasterCard has rolled out `Identity Check`, an app that uses facial biometrics for payment authentication, in Europe. 
  • The app will be made available to MasterCard users globally in early 2017.
  • The app supports both selfies and fingerprint biometrics, offering users a choice of authenticating a mobile payment at the point of purchase.

7) Adani to buy R-Infra transmission assets.

  • Reliance Infrastructure (R-Infra) has agreed to sell its transmission assets in the states of Maharashtra, Gujarat, Madhya Pradesh and Karnataka and its 74 per cent stake in transmission lines in the state of Himachal Pradesh and Punjab to Gautam Adani-led Adani Transmission Limited (ATL).
8) Railways to raise around INR 2,000 crore via masala bonds.
  • Indian Railway Finance Corporation is planning to raise 1,000 - 2,000 crore through an issue of rupee-denominated offshore or masala bonds.
  • The instruments will have a tenure of three-five years.
9) FICO, Lenddo partner to develop credit risk scores for consumers in India.
  • FICO, a global leader in credit scoring, has announced a new partnership with Lenddo, a specialist in credit and verification technologies.
  • Together, the companies plan to develop a credit risk score for consumers in India who have limited or no formal credit history.



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