Posts Tagged ‘Switzerland’

India Moved Up in World’s Most Competitive Economies Ranking :)

Indian Economy Moves Up

On the strength of its energetic financial markets and a sound banking sector, India moved up one mark to the 49th spot in the World Economic Forum’s annual ranking of the world’s most competitive economies.

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However, according to ‘‘The Global Competitiveness Report 2009-10’‘, Switzerland took the top slot to topple the U.S. to the second position while the next 3 ranks were accounted for by Singapore, Sweden and Denmark to make up the top five among the 133 countries.

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However, the BRIC nations like, India, China and Brazil improved upon their position in the competitiveness index while Russia experienced a sharp drop.

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On the other hand, while India moved up one slot to 49 from 50 last year, China also upped its rank to 29 from 30 earlier while Brazil also moved up 8 places to 56 in the last ranking.

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However, Russia, lost ground and declined to the 63rd position from 51 last year.

Moreover, it is said that India”s cut throat performance continues to showcase a rather upturned development pattern and it precedes many advanced economies in terms of business sophistication and innovation capacity.

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Additionally, India also boasts active financial markets and a sound banking sector, supported by well-functioning institutions.

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However, taking the various parameters separately, India is ranked 16th in terms of its bustling financial markets, 25th in terms of a sound banking sector and has the 54th position for its well-functioning institutions.

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But on the other hand,as well, the country under performs on some of the basic determinants of competitiveness, namely health and primary education (101st), macroeconomic stability (96th)—though improving—and infrastructure (76th), the Global Competitiveness Report said.

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Indian Govt to Negatiote with Swiss Banks over Secret Black Money Info !

black money

A day after Swiss banks said it will not allow India to ‘fish’ for details about illegal money stashed in their banks, Government Monday night said it was not interested in getting information on all secret accounts held by Indians but will pursue specific cases.

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Union Finance Minster Pranab Mukherjee on Monday said the Indian Government will look into the matter of Swiss banks rejection to hand over details of the Indian clients.

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“They (Swiss Bankers Association) have not refused (to divulge information). They have suggested they are not for fishing and we are also not interested in fishing their whole list (of bank accounts),” Mukherjee told reporters.

He also added, “We will also work on specific information and we will also like to follow the Organisation for Economic Cooperation and Development pattern.”

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Earlier India’s hope to acquire information on Indian black money stashed away in Swiss banks dealt a severe blow, with the latter refusing on Sunday to reveal any details, saying that “Swiss law and tax model convention don’t permit name-fishing expedition” by a third country.

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The blow to India came barely a week after Swiss banking giant UBS AG turned over details of 4,450 secret accounts to the United States, under an agreement agreed upon by the two.

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On the Other side, Government has come under attack from the opposition for not “properly” making efforts to unearth black money parked in Switzerland.

The BJP wanted the government to mount diplomatic pressure on Switzerland to get the details.

“When the US government can get the list of persons (who have illegally stashed money in Swiss banks), why can’t the Indian government…It is the responsibility of the government. How can there be double standards,” CPI(M) Politburo member Brinda Karat said.

JD(U) attacked UPA government accusing it of not “properly” pursuing the matter with Swiss authorites and “not actually wanting to do it”.

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The Congress defended the government saying it was doing all it can under its jurisdiction to get the black money out as it was an issue of public interest and concerned the common man.

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“They (Swiss Bankers Association) have not refused (to divulge information). They have suggested they are not for fishing and we are also not interested in fishing their whole list (of bank accounts),” Mukherjee told reporters.

Mukherjee said, “We will also work on specific information and we will also like to follow the Organisation for Economic Cooperation and Development pattern.”

Earlier India’s hope to acquire information on Indian black money stashed away in Swiss banks dealt a severe blow, with the latter refusing on Sunday to reveal any details, saying that “Swiss law and tax model convention don’t permit name-fishing expedition” by a third country.