Monday, February 27, 2017

GLOBAL ECONOMIC MONITOR (February, 2017)

Budget is enhancing competitiveness of MSMEs



27.02.2017 15:53:16 - Ministry of Commerce, Government of India, India’s merchandize exports have continued with commendable growth rate registering growth figure of 4.32% in January 2017 to value at USD 22,115.03 million compared to USD 21,199.02 million during January 2016. 

(live-PR.com) - In the OECD area, Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend; CLI for Germany anticipates growth gaining momentum. In the United States, Canada, and France the CLIs confirm the signs of growth gaining momentum flagged in last month’s assessment, with similar signals now also emerging in Japan.

In the United Kingdom,
there are tentative signs of growth gaining momentum, but the CLI remains below trend and uncertainty persists about the nature of the agreement the UK will eventually conclude with the EU. Stable growth momentum is anticipated in the OECD area as a whole as well as the Euro area and in Italy. Amongst major emerging economies, the CLIs signal growth gaining momentum in China, Brazil and Russia, while signs of easing growth momentum are emerging in India.

According to the Office for National Statistics, the UK economy advanced 0.6 percent on quarter in the three months to December of 2016, the same pace as in the previous period and better than market expectations of a 0.5 percent expansion.

The Markit US manufacturing PMI for the United States registered at 55.0 in January rising from 54.3 in December. However, the Nikkei Japan Manufacturing PMI posted at 52.7 in January, up from 52.4 in December.

According to the National Bureau of Statistics of China, Consumer prices in China rose 2.5 percent year-on-year in January of 2017, compared to a 2.1 percent rise in December. However, according to the preliminary estimates by the Eurostat, Consumer prices in the Euro Area are expected to increase 1.8 percent year-on-year in January of 2017, following a 1.1 percent rise in December.

All key international indices exhibited positive trend during the period January-February, 2017. The most significant jump was registered by DJIA which grew by 4.02% to 20624.05. Other key indices such as SENSEX registered a jump of 3.95% to 28,468.75 followed by SHSZ which grew by 2.34% to 3421.44. The NIKKEI which witnessed a jump of 2.10% during the period registered an index value of 19234.62 and the DAX rose by 1.88% to 11,757.02 respectively.

According to General Administration of Customs, China reported a USD 51.35 billion trade surplus in January of 2017, lower than a USD 56.67 billion surplus a year earlier but above market consensus of a USD 47.90 billion surplus.

According to the U.S. Bureau of Labor Statistics, US unemployment rate rose to 4.8 percent in January 2017 from 4.7 percent in the previous month and above market expectations of 4.7 percent. According to Statistics Canada; the unemployment rate in Canada declined to 6.8 percent in January of 2017 from 6.9 percent in December.

Union budget 2017-18 is a balanced and growth-oriented budget which focuses on small taxpayers by offering tax benefits, enhancing competitiveness of MSMEs and providing infra status to affordable housing. The socio-economic focus across the segments including farmers, rural population, youth, poor and underprivileged will have a significant impact on the inclusive development of the country. The fiscal deficit target at 3.2% of GDP in 2017-18 is in line with the overall thought process of the government.

According to Ministry of Commerce, Government of India, India’s merchandize exports have continued with commendable growth rate registering growth figure of 4.32% in January 2017 to value at USD 22,115.03 million compared to USD 21,199.02 million during January 2016. On the other hand, India’s merchandize imports also witnessed slight expansion, growing by 10.7% to value at USD 31,955.94 million in January 2017 compared to USD 28,866.53 million during same period previous year.PHD Dr. S P Sharma,
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