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Major Asian stock markets have opened the day on a positive note with the stock market in Japan and China are trading higher by 1.3% and 0.6% respectively. Stock Markets in Europe and the US ended their previous session in green with benchmark indices in US ending the day higher by 0.6%.
The rupee is trading at 66.44 per US$.
Indian stock markets have opened the day on a positive note. The BSE Sensex is trading higher by 162 points (up 0.6%) and NSE Nifty is trading higher by 50 points (up 0.6%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.6% each.
As per an article in Livemint, India's ranking in the Global Competitive Index jumped by 16 places. This index signifies India's competitiveness vis-a-vis other economies. India is now ranked 39 among 138 countries surveyed this year.
Encouraged by this, the government expects their rankings in the Ease of Doing Business to improve by at least 10 places this year. The government claims to have carried out 200 reforms in the preceding two years. Few of the important reforms among these are the Goods and Service Tax (GST), Bankruptcy Code, Real Estate Act.
However, it is imperative to note that while preparing the rankings the World Bank considers reforms carried out by countries only till 31 May 2016. Hence, the institution will not take into consideration important bills such as GST and Bankruptcy Code. Thus, there is a high probability that the ranking will improve significantly in the next year as well.
The improvement in the Ease of Doing Business will help attract foreign direct investments and will emerge an attractive destination for global businesses.
In another news update, The Organization of the Petroleum Countries (OPEC) has agreed to modest price cuts. Countries under OPEC would reduce output to a range of 32.5-33 million barrels per day (bpd) from the current output at 33.24 million bpd.
This deal to cut oil output is the first such deal since the year 2008. Iran too has decided to decrease the production by around 0.7 million bpd.
Post this decision, oil prices jumped by more than 5% to trade above US$ 48 per barrel. Despite the production cuts being modest, this move could possibly help recover the oil prices.
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