Big News

Indian Economy to Overtake the US by 2030.  A research report by Standard Chartered mentions that India is likely to become a larger economy than the US by the year 2030.  The top five countries are predicted to be China, India, US, Indonesia and Turkey (in descending order by size of economy).

World Bank Pegs India’s Fiscal 2019 Growth at 7.3%.  The World Bank have said India will grow at 7.3% for 2018-19 and 7.5% in 2019-20, driven by an upswing in consumption, and investments amid harmonization of the goods and services tax rates.

President Trump Promises US Citizenship for H-1B Visa Workers.  US President Donald Trump has announced changes to the US visa system including a path to citizenship for H-1B visa holders, many of which are highly skilled migrants from India

India Becomes World’s Second Largest Steel Producer.  India has replaced Japan as world’s second largest steel producing country after China, with crude steel production in 2018 up by 4.9% to 106.5MT, equating to a global market share of 5.9%

India Navy Set to Open Third Base in Strategic Islands to Counter China.  India has grown concerned over the presence of China’s navy in their neighbourhood and the navy will open a third base to beef up surveillance of Chinese ships and submarines entering the Indian Ocean through the nearby Malacca Straits.

U.S. Oil Sanctions on Venezuela a Potential Energy Windfall for India.  Sanctions imposed by the Trump administration on Venezuela, will result in an over-supply of crude that would become available to China and India, the largest and fourth largest importers respectively, at heavily discounted prices.