ECONOMY
The 11th Indo -American Economic Summit held in New Delhi
The 11th Indo -American Economic Summit has been held in New Delhi on 14 September, 2015. In this summit, the Finance Minister Arun Jaitley has participated along with US Ambassador to India Richard Verma. The Indo -US bilateral trade will surge five times to 500 billion dollors in the next few years.
Chanda Kochhar of ICICI tops Fortune’s Asia Pacific most powerful women list
Indian bankers Chanda Kochhar and Arundhati Bhattacharya have been ranked as the top two in a list of most powerful women in Asia-Pacific prepared by the global magazine, Fortune. Chanda Kochhar, head of ICICI bank ranked first in the list from second position last year. Arundhati Bhattacharya, the Chairman of SBI ranked second. Her rank was fourth in the last year’s list. Hindustan Petroleum Corporation’s Chairperson and Managing Director Nishi Vasudeva is at fifth place in the list and Shikha Sharma, the Managing Director and Chief Executive of Axis Bank ranks 9th place. With 11 names, Chinese women lead the list.
India ranks 11th place in World Wealth Report-2015
India has become the 11th largest population of millionaires with 198,000 such high net worth individuals (HNWI). India got the 11 rank in the World Wealth Report- 2015 released by Capsgemini and RBC Wealth Management. In 2013, there were 1,56,000 HNWIs in India. The US topped the list with 43,51,000 millionaires followed by Japan with 24,52,000 millionaires, Germany with 11,41,000 millionaires and China with 8,90,000 millionaires in the second, third and fourth places respectively.
India signed Loan Agreement with Asian Development Bank
India on 28 September signed a 123.51 million US dollar loan agreement with Asian Development Bank (ADB) to upgrade tourism infrastructure and services in Punjab, Uttarakhand and Himachal Pradesh. The loan will be used for development and conservation of the places of tourist attractions. India emerged most-favoured destination for FDI. London based business daily Financial Times (FT) on 29 September released foreign Direct Investment (FDI) Data for the Six Months of 2015. India in the first half of 2015 surpassed China to emerge as the most favoured destination for FDI. In 2014, India ranked fifth in terms of capital investment. after china, the US, the UK and Mexico. FDI inflow into India grew 47% to 24 billion dollar in 2014. India attracked 30 billion dollars by the end of June 2015.