By Elton Gomes
Here’s everything about the business world you may have missed last week.
Trump’s tariffs a threat to the global economy, says IMF
The International Monetary Fund (IMF) has warned the United States after the Trump administration imposed new tariffs on Chinese goods worth $50 billion. The IMF has said the new tariffs could threaten the global economy and could eventually damage the US economy. The IMF’s managing director, Christine Lagarde, stated that if the US’ allies plan to retaliate, Trump’s tariffs could result in a macroeconomic impact. Trump’s recent trade policies have angered important US allies like Canada, Mexico, and Europe. The IMF mentioned in its report: These measures…are likely to move the globe further away from an open, fair and rules-based trade system, with adverse effects for both the U.S. economy and for trading partners.”
Maharashtra signs MoU to develop AI clusters in state
Maharashtra’s Information and Technology department has partnered with Canadian province Quebec to develop Artifical Intelligence (AI) clusters in the state. On Tuesday, Maharashtra Chief Minister Devendra Fadnavis met Vice-Premier of Quebec, Dominique Anglade, to promote AI.
Fadnavis claimed that AI clusters have the potential to generate 230 million jobs in India by 2025. The MoU was signed with the Institute for Data Valorisation (IVADO) for building an AI accelerator in Maharashtra. The IVADO is a Montreal-based initiative that helps in establishing AI clusters across countries. According to the chief ministers office (CMO), as part of the MoU, an international research group will be established to enhance the use of AI in agricultural technology, soil management, and pest control.
Centre approves leasing out Pragati Maidan
On Wednesday, the Union Cabinet approved leasing of 3.7 acres of land at Delhi’s Pragati Maidan for construction. Owned by India Trade Promotion Organisation (ITPO), the land will be monetised on long-term leasehold basis for 99 years through a transparent competitive bidding process. An official statement said, “This measure is part of the Phase-I of redevelopment project of Pragati Maidan i.e. Integrated Exhibition-cum-Convention Centre (IECC) project.” Pragati Maidan’s redevelopment has been planned in two phases. Phase 1 is expected to be completed by May 2019 and will include the building of a convention centre with a seating capacity of 7,000 persons.
Elton Gomes is a staff writer at Qrius