Purnartha - 25-Aug-2014 - Important news (India & Global) (To receive these updates in your mailbox every morning - just call our toll free number: 1800 - 266 - 0161 or send an e-mail to support@purnartha with your name and phone number) INDIA 1) The government in India has decided to put its weight behind a handful of key programmes and focus on their implementation as it believes that delivering on these high-profile projects will validate its mantra of effective governance. The top priorities being monitored closely by Prime Minister Narendra Modi are financial inclusion, the Digital India campaign, rural sanitation, implementation of the goods & services tax (GST) and the Make in India manufacturing-for-export. The new governments focus is on execution. The next three months will be a phase for consolidation and ensuring that plans are rolled out effectively, said a senior government official, adding that the bureaucracy had been galvanized into action. GLOBAL 1)Wall Street and other stock markets paused on Friday, halting the weeks strong gains, as worsening Ukraine tensions dogged trading, while the dollar rose after Federal Reserve Chair Janet Yellen said policymakers eyeing interest rate hikes need to move cautiously. Pressure is building within the Federal Reserve for officials to move as early as next month to more clearly acknowledge improvements in the U.S. economy and lay the groundwork for the central bank’s first interest rate hike in nearly a decade. It is uncertain whether officials will use their upcoming meeting on Sept. 16 and 17 to scrap key parts of the language they have been using to keep rate-hike expectations at bay, but if they do not, October looks like a good bet. 2) In a bid the boost the sluggish European economy, European Central Bank (ECB) President Mario Draghi has indicated his acceptance towards easing rules on government deficits. Draghi said it could boost economic growth by carrying more investments and reducing taxes. However, he stressed that massive bond purchase program, like the one in the US, would not be a good idea for the Eurozone. Low rate of inflation and increasing pace of unemployment are big concerns for the European economy, said Draghi while addressing the annual conference of Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming.
Posted on: Mon, 25 Aug 2014 06:24:20 +0000
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