Current Affairs – July, 2018

Latest Current Affairs July, 2018 with Current Affairs, news summary on current events of National and International importance of July, 2018 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Invest India and Business France sign MoU to promote investment

Invest India and Business France have signed Memorandum of Understanding (MoU) to promote investment facilitation and cooperation between startups of India and France. The MoU will facilitate direct foreign investment by providing practical investment information to enterprises. It will also support companies pursuing those opportunities which contribute positively to economic growth of two countries.

Key Facts

Under this MoU, Invest India and Business France will collaborate to promote business and startup ecosystem cooperation through joint activities. They will also exchange experiences to strengthen institutional knowledge and identify opportunities between businesses in French and Indian private sector, creating dedicated support structure to facilitate inbound companies and startups. The partnership will strengthen existing business relations between India and France and provide seamless facilitation channel for new businesses and innovations from both countries to grow in each other’s markets.

Invest India

It is official Investment Promotion and Facilitation Agency of Central Government. It is mandated to facilitate investments in the country. It is first stop for potential global investors in country. It is non-profit venture under Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industries,

Business France

It is executive agency of French government under supervision of Minister for Economic Affairs and Finance and Minister of Foreign Affairs and International Development. It promotes international business development for French companies and professionals through worldwide network of 80 trade commissions, which have worked with over 7,500 SMEs. It mobilizes expertise of 1,400 persons in France and in 70 other countries.

India ranks 6th Global Optimism Index

India was ranked 6th in the global optimism index with business optimism tepid in second quarter (Q2) of 2018. The index was released as part of Grant Thornton’s International Business Report (IBR), a quarterly global business survey. The report was based on results of quarterly global business survey of 2,500 businesses in 32 economies.

Key Highlights of report

The global optimism index for Q2 of 2018 was topped by Indonesia followed by Netherlands, Austria, Philippines and China. Globally business optimism has dropped from record high net 61% in Q1 2018 to net 54% in Q2 in 2018 and businesses are optimistic about increase in revenue.

India was recently declared as 6th largest economy by World Bank, surpassing France. However, higher twin deficits resulting in falling rupee and rising crude oil prices and inflation continue to be reasons for sluggish business optimism in India. Confidence of Indian businesses has been low since Q3 2017.

In India also businesses are optimistic about an increase in revenue but availability of skilled workforce remains a key constraint for growth and employment expectations are low. Red tape and information, communications technology (ICT) infrastructure are main concern for growth in India.