BUSINESS & ECONOMY
India Ratings decreases growth forecast to 7.2% from 7.4% for FY19
On August 16, 2018, according to India Ratings, growth forecast of India has been cut to 7.2% from 7.4% for FY19.
i. Reasons behind this are:
Increasing crude prices and the goverment’s decision to fix tfix the minimum support prices of all kharif crops at 1.5 times of the production cost.high level of bad loans
ii. The private final consumption expenditure to grow 7.6% in FY19 compared to 6.6% in FY18.
iii. The annual value of exports to touch USD345 billion in FY19.
iv. Average retail and wholesale inflation in FY19 to come in at 4.6% and 4.1%, respectively as against 4.3% and 3.4% forecasted earlier .
Other announcements in the report:
i. The fiscal deficit target of 3.3% would be met.
ii. Loss of revenue due to recent reduction in the Goods and Service tax rate in respect of 88 items.
iii. Government failed to meet disinvestment targets.
iv. Also orderly depreciation would be good for the Indian economy in the long-term.
♦ Headquarters: Mumbai.
PhonePe partners with IRCTC app Rail connect to facilitate convenient payments
On August 16, 2018, PhonePe announced partnership with IRCTC app ‘IRCTC Rail Connect’, to facilitate convenient, fast and secure payments.
i. This will enable PhonePe’s 100 million plus users to now pay directly from their bank accounts using UPI, credit and debit cards and also the PhonePe wallet.
ii. IRCTC app will have a trusted digital payment platform for the transactions.
♦ The company was also awarded as an outstanding merchant UPI player at the NPCI excellence awards 2018.
♦ Headquarters: Bengaluru.
♦ CEO: Sameer Nigam.
♦ Founded: 2015.
♦ Parent organization: Flipkart.