World economy Current Affairs, GK & News

United Nations releases World Economic Situation and Prospects Report, 2020

The United Nations recently released the World Economic Situation and Prospects Report, 2020. According to the report, the world economy is to shrink by 3.2% in 2020. The GDP growth in developed countries will decline to -0.5% in 2020. Highlights: India The report says that the growth rate of India in 2018 was 6.8% and ..




India ranked 68th on 2019 WEF Global Competitiveness Index

India has slipped sharply by 10 places to rank 68th on the 2019 WEF Global Competitiveness Index due to improvements witnessed by several other economies. The index is compiled by the Geneva-based World Economic Forum (WEF). In the overall competitiveness ranking, Singapore replaced the US to take the first position.


WTO is hosting first-ever World Cotton Day (WCD) in Geneva

The World Trade Organisation (WTO) is hosting the first-ever World Cotton Day (WCD) in Geneva on 7th October 2019. Union Textiles Minister Smriti Irani is representing India in the 5-day event of WCD. The WCD will celebrate the many advantages of cotton, from its qualities as a natural fibre, to the benefits people obtain from ..


India ranked 34th WEF’s World Travel and Tourism Competitiveness Index (TTCI) 2019

The World Travel and Tourism Competitiveness Index (TTCI) 2019 has been released by the World Economic Forum (WEF). In it, India has moved up six places to rank 34th because of its rich natural and cultural resources and strong price competitiveness.  Spain topped the index, followed by France, Germany, Japan and the United States. The ..


India finds problems OECD Services Trade Restrictiveness Index

India has found problems with the current method under which the OECD index –Services Trade Restrictiveness Index (STRI) – ranks countries based on their services trade policies. As per study commissioned by Indian Ministry of Commerce, the outcomes of index are biased and counter-intuitive. For example, the index seems to show the Indian services sector ..


Income Tax department alters method to tax MNCs and Digital Firms in India

The income tax department has changed the method to tax multinational companies and digital firms with permanent establishment in India by taking into account various factors like domestic sales, employee strength, assets and user base. In ‘Profit Attribution to Permanent Establishment in India’s report, the Central Board of Direct Taxes Committee stated that MNCs that ..