Oil cartel Organisation of Petroleum Exporting Countries will consider views of world leaders such as Prime Minister Narendra Modi, who represent the voice of major consuming nations, with seriousness before taking a decision on cutting output to support falling prices, Saudi oil minister Khalid Al Falih said on Thursday.

 

India is the world's third largest oil consuming nation, which is more than 80 per cent dependent on imports to meet its energy needs.

 

Led by Modi, it has been very strongly making a case for oil producers' cartel OPEC to price crude at reasonable and responsible rates.

 

Speaking to reporters at the meeting of the OPEC, he said: "We take the views of Prime Minister Narendra Modi seriously who (like US President Donald Trump) is equally vocal about the issue.

 

"We just met him in Buenos Aires (during G20 summit) and privately he made those points very very strongly that he does care for Indian consumers and is very serious about it. I have also seen him at three times at various energy events in India where he was very vocal."

 

He was replying to a question on US President's expectations from OPEC meeting.

 

OPEC on Thursday delayed a decision on production until it meets with other producers on Friday.

 

Following this, crude oil prices traded sharply lower.

 

Growing concerns that oil producers won't reach an agreement to aggressively reduce production has also weighed on prices.

 

West Texas Intermediate crude for January delivery lost $2.30, or 4.4 per cent, to $50.59 a barrel on the New York Mercantile Exchange.

 

Members of OPEC concluded their meeting in Vienna, without deciding on output-cut figures. It plans to debate output figures with non-OPEC producers during their meeting Friday.  -- PTI

Annual Startup India Venture Capital Summit 2018 to be held in Goa

The Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry and the Government of Goa, is hosting the annual Startup India Venture Capital Summit in Goa on December 07, 2018. The theme of the Summit is ‘Mobilizing Global Capital for Innovation in India.’ The event will showcase the Indian startup opportunity for funds from around the world. The summit aims to attract more global capital into the country. The event will enable a dialogue between Government and experienced Venture Capital fund managers on ways to further promote the startup ecosystem in India. The focus of the Summit is on the huge return-generating potential of India’s vast and diverse market monetized through cutting-edge technologies and supported by investor-friendly regulations. The key objectives of the Summit will be to showcase the India opportunity, increase capital flow for Indian startups and further promote ease of doing business. With over 150 participants expected to attend, it will bring together government officials, domestic and international startups, global fund managers and India’s vibrant entrepreneurial community on one platform.  Participation is expected from around 100 funds from countries like United States of America, China,Japan, Hong Kong and Singapore. India has the world’s third largest startup base with more than 14,000 recognized Startups. More than 8,200 startups were recognized by DIPP in 2018 alone, leading to the creation of more than 89,000 new jobs this year, taking the total job creation contribution of recognized Startups to 1,41,775. Government of Goa is focused on building a vibrant startup ecosystem in the state. It aims to make the state, one of the most preferred start-up destinations in India, and ensure that Goa features in the top 25 start-up destinations in Asia by 2025.

Growth of global merchandise exports could reach 10.4% in 2018: UNCTAD

Global merchandise exports could grow by 10.4% this year, hitting almost USD 19.6 trillion, according to the UNCTAD Handbook of Statistics 2018. The figures are the result of “nowcasts” based on the most recent information provided by a large number of economic indicators. This follows substantial growth in 2017 when global trade in goods increased by 10% (after two years of decline). The “nowcast” for global trade in services indicates a growth of 9.5% in 2018. The 2018 “nowcasts” are the first in the Handbook’s 50-year history and thought to be unique among available trade statistics. The 2018 Handbook underlines that factors contributing to the surge in the value of world trade in 2017 are linked to an upswing of global GDP growth (3.1%), combined with increasing commodity prices (+17.7%), especially for fuels (+26.1%) and minerals, ores and metals (+12.2%), as shown by UNCTAD’s constantly-updated free market commodity price index. The Handbook highlights the decreasing trade imbalances between developed and developing economies in recent years. The surge in the value of world trade in 2017 and 2018 was also evident in the steady growth of maritime transport indicators (also compiled by UNCTAD): world seaborne trade (the volumes of goods loaded and unloaded at the world’s seaports) grew by 4% in 2017, and container port throughput (the volume of containers handled on ports) climbed by 6% in the same year. A detailed analysis of recent trends in the “nowcast” models shows that there were significant indications of a slowdown in the second half of 2018, despite thriving trade in goods and services during the first half of the year. UNCTAD has nowcasted three separate variables or indicators: total merchandise trade, total services trade, and total global GDP. The approach responds to an increased demand for up-to-date information on global international trade, its impact on economic or political developments, and for guidance on policy responses.

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