Finance Minister Piyush Goyal announced a cash back of __________ for digital transactions.

India and Singapore have signed the Second Protocol amending the Comprehensive Economic Cooperation Agreement in New Delhi which will boost bilateral trade between the two countries. The Protocol was signed in New Delhi by Rajneesh, Joint Secretary, Ministry of Commerce and Industry and Francis Chong, Senior Director, Ministry of Trade and Industry, Government of Singapore.

The Reserve Bank of India, in consultation with the government, has decided to have a rule-based dynamic limit for outstanding stock of External Commercial Borrowings (ECB) at 6.5% of GDP at current market prices. As per the statement based on the GDP figures, the soft limit works out to $160 billion for the current financial year. The outstanding stock of ECBs as on September 30, 2018, stands at $126.29 billion.

According to Reserve Bank of India data, the bank credit grew by 13.24 percent in financial year 2019 (FY19) to Rs 97.67 lakh crore as compared to 10.3 percent in FY18 and the deposits up by 10.03 percent in FY19 to Rs 125.72 lakh crore as compare to 6.7 percent in FY18. Additional Information According to the data available till February 2019, the credit growth in service sector was 23.7 percent and in retail sector it was 16.7 percent. Overall credit growth in the industry sector was 5.6%.

National Digital Communications Policy (NDCP) 2018 aims to attract USD 100 billion investment and create 4 million jobs in the sector by 2022. According to the draft of the policy, NDCP is focused on increasing high-speed broadband penetration, with use of modern technologies like 5G and optical fibres across the country at affordable rates.

Finance Minister Arun Jaitley raised the annual turnover for availing composition scheme to Rs 1.5 crore from Rs 1 crore effective from April 1, 2019, to provide relief to small businesses under Goods and Services (GST) regime. The Goods and Services Tax (GST) exemption limit has been doubled to Rs. 40 lakh annual turnover and Rs 20 lakh for northeastern states.

The International Monetary Fund (IMF) cut its economic growth forecasts for India by 20 basis points (bps) each from its January predictions to 7.3% for FY20 and 7.5% for the next fiscal. Citing persistent risks from the trade war, it lowered 2019 global growth forecast by 20 basis points to 3.3%, the weakest since 2009 when the subprime crisis had flared up.

The Asia-Pacific region s expected to grow at 5.7% in 2019. According to the bank's Asian Development Outlook 2019 report released in April, developing Asia which comprises 45 nations ranging from China to Tuvalu is projected to grow by 5.7% in 2019. However, the growth outlook for developing Asia is expected to moderate to 5.6 % in 2020.

According to a new index by Nomura, seven countries are at risk of exchange rate crises as investors re-assess their risks. The name of the new index is 'Damocles', that assessed the risk of exchange rate crises for 30 emerging market economies. The seven countries that are at risk of exchange rate crises are Sri Lanka, South Africa, Argentina, Pakistan, Egypt, Turkey and Ukraine.

The 32nd Meeting of GST Council was concluded in New Delhi. The Limit of annual turnover for composition scheme increased to 1.5 crore rupees effective from April 1, 2019. The Council has decided to increase the GST registration threshold limit to 40 lakh rupees from 20 lakh. The Taxpayers who are giving Services of up to Rs 50 lacs per annum will be taxed under 6% under Composition Scheme. The council has decided to simplify the compliance under the composition scheme.

Bombay Stock Exchange (BSE), Asia's oldest bourse, is to snap ties with S&P Dow Jones. BSE plans to develop indices through its in-house development team. S&P Dow Jones manages and operates the benchmark Sensex. The two entities had announced a joint venture (JV) named Asia Index in 2013. The JV is to provide an array of indices enabling global and domestic investors to participate in South Asia's vibrant economies.