Financial Affairs 17 October 2016 | Banking Awareness for SBI IBPS UPSC SSC Exams


India one of world’s most open economies: PM Modi

Prime Minister of India Narendra Modi waves following a joint statement to the press with Mexican President Enrique Pena Nieto, in Los Pinos presidential residence in Mexico City, Wednesday, June 8, 2016. Modi met with the Mexican President Wednesday evening during a short working visit to the country.(AP Photo/Rebecca Blackwell)

  • India has transformed into “one of the most open economies” in the world with a strong growth rate.
  • They have undertaken substantial reforms in the past two years to streamline and simplify governance.
  • Growth is strong and we are taking steps to keep the momentum going.

India, Russia to explore building $25bn gas pipeline

A pressure gauge is seen at an underground gas storage facility in the village of Mryn, 120 km (75 miles) north of Kiev May 21, 2013. Ukraine's government asked parliament in April to lift a ban on the privatization of gas pipelines that pump Russian gas to Europe, which could allow Kiev to sell or lease them to Moscow in return for cheaper gas supplies. REUTERS/Gleb Garanich (UKRAINE - Tags: POLITICS ENERGY BUSINESS) - RTXZVH2

  • The pipeline is to connect Russian gas grid to India through a 4,500 km to 6,000 km pipeline.
  • The shortest route will entail bringing the pipeline through Himalayas into Northern India.
  • the pipeline can come via Central Asian nations, Iran and Pakistan into Western India.

‘India to be among top 4 markets for Cisco by 2020’


  • Cisco in the next few years will have a strong growth in government and enterprise business.
  • The USD 49-billion firm, which has some 11,000 employees in India.
  • Their business is over a USD 1 billion in India & Last year, it grew over 20 per cent.

Music industry to grow 90% to ₹2,060cr by 2020


  • Digital music companies are looking to create original content as they drive usage of their apps.
  • The number of downloads with an increase in time on music streaming apps has led them to grow their business.
  • The size of music industry which stood at Rs 1,080 crore in 2015 is expected to grow to Rs 2,060 crore by 2020.

Essar bought for $13bn, largest foreign acquisition in India

Employees walk past an Essar Group logo outside their headquarters in Mumbai May 20, 2013. India's Economic Times newspaper said the Essar Group conglomerate would sign a financial agreement with China's China Development Bank and China's largest oil and gas producer PetroChina Company during Chinese Premier Li Keqiang's trip to India. REUTERS/Vivek Prakash (INDIA - Tags: BUSINESS LOGO ENERGY POLITICS) - RTXZTPP

  • India’s Essar Group confirmed that it has agreed to sell a 98 percent interest in its Essar Oil unit to a consortium led by Russia’s Rosneft.
  • Russia’s Rosneft giving the energy giant a gateway into the world’s fastest growing fuel market.
  • The deal was carefully structured to avoid falling foul of western sanctions against Russia over its role in the Ukraine crisis.

Around 15 Swiss banks in money laundering ‘red zone’


  • Swiss federal have opened criminal proceedings against Zurich-based Falcon Private Bank for alleged failure to prevent suspected money laundering.
  • Falcon is the second Swiss bank, after BSI, to face a criminal investigation by Switzerland’s Office.
  • The move is partly based on an investigation by FINMA, which has also opened proceedings against several other lenders.

Fixing multiple GST rates could be time-consuming


  • India could levy Goods & Services Tax (GST) at multiple rates came from Arun Jaitley when he said that pollutants and environment unfriendly items could attract GST at rates higher than the standard rate.
  • Mr. Jaitley said in Panaji, ahead of the third round of deliberations of the GST Council scheduled to start on 18 October 16.

India revenue crosses $1 billion for Cisco: CEO


  • India is poised to become one of the top four markets for technology giant Cisco in the next few year, it crosses $1 billion in revenue already.
  • The $49-billion firm, which has some 11,000 employees in India, counts the South Asian nation as its second headquarters after the U.S.


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