Rajesh Subramaniam- New CEO of FedEx Express
The US multinational courier delivery company has named Rajesh Subramaniam, an Indian-American, as the President and Chief Executive Officer of the firm. He will assume his new role on January 1, 2019.
India gets more Foreign Inflows than China in 2018
For the first time in two decades, India got more Foreign Direct Investment (FDI) than China. In 2018, India saw more than $38 billion of inbound deals compared with China’s $32 billion. China has historically been the favourite for emerging market bets but is facing a slowdown due to the trade standoff with the United States.
The Sale of Electoral Bonds Kicks off on January 1, 2019
According to a statement made by the Finance Ministry, the sale of the seventh tranche of electoral bonds will take place between 1 to 10 January, 2019. The statement was issued on December 27, 2018. Electoral bonds were introduced in 2018 to bring transparency in political funding. These are alternatives to cash donations made to political parties and are valid for 15 calendar days, where the holders do not earn any interest (coupon rate).
India, Seventh Largest Stock Market
For the first time in seven years, the Indian stock market has overtaken the equity market of Europe's largest economy, Germany to become the seventh-largest in the world. India has a market capitalisation of $2.08 trillion. US is still the world's biggest stock market at $27.07 trillion, followed by China at $5.46 trillion and Japan at $5.41 trillion.
GST Reduced on 17 Items, 6 Services and More
The GST Council not only cut rates on 17 items and 6 services but also rationalised the 28% slab on December 22, 2018. Cinema tickets above Rs. 100 now come under the 18% slab instead of 28%. Tickets up to Rs. 100 fall in the 12% slab instead of 18%. Certain vehicle parts used in agriculture, monitors and TVs up to 32 inches, digital cameras, video game consoles etc. were some of the items that were taken out of the 28% slab. Only 28 items now remain in 28% slab.