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As Chhattisgarh government focuses on diversifying from core industries such as mineral and steel to strategically important areas like agro and food processing, IT and defence Chief Minister Bhupesh Baghel has invited American companies to invest across key sectors in the state.

Baghel, currently on a multi-city visit to the US, highlighted his state's investor-friendly and ease of doing business policies as he met representatives of various sectors and members of diaspora from the state inviting them to visit and invest in Chhattisgarh.

"We are a mineral rich state and have several mineral based-industries. We invite companies and investors from America to come and explore core sectors” as well those sectors and regions where there is untapped potential, Baghel told PTI in an interview.

Baghel, accompanied by a high-level official delegation, had over the weekend addressed students at the India Conference at Harvard. He addressed a business lunch Tuesday organized by the Consulate General of India in New York and the US India Strategic Partnership Forum (USISPF).

Baghel said over the next few years his government will focus on strengthening the purchasing power of people in his state.

The state government is also committed to poverty eradication and diversifying from core sectors such as minerals, steel, power to sectors of strategic importance such as agro and food processing, IT, bio ethanol, electronics, textile and apparel, engineering and defense, higher education, pharma and automobile and electric vehicles.

“My target is to see how to increase the purchasing power of the people. No matter how many industries we set up, if people do not have money to buy the products, then what is the benefit of the industries,” he said.

Baghel said that in order to maintain this balance, it is very important to increase the purchasing power, which will in turn benefit businesses and industries.

He underlined that the state government will work towards strengthening the purchasing power of the people, which will ensure demand and then the wheels of the industry will start turning and production will take off.

The state government is looking at making the citizens economically self-sufficient, create demand and let the industry move in to fulfill that demand.

He noted that Chattisgarh is rich in natural resources such as dense forest cover, water and mineral resources yet poverty is still prevalent in some areas. “Poverty eradication is most important. Sectors such as health, education and agro-based industries will help generate new job opportunities as well as increase people's income,” he said.

The state, which has a strong presence of several core sectors industries, is focussed on diversifying from the core areas to non-core areas.

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India has emerged as the fifth-largest world economy in 2019, overtaking the UK and France, as per a report by US-based think tank World Population Review.

"India's economy is the fifth-largest in the world with a gross domestic product (GDP) of $2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot," it said.

The size of the UK economy is $2.83 trillion and that of France is $2.71 trillion.

In purchasing power parity (PPP), India's GDP is $10.51 trillion, exceeding that of Japan and Germany. Due to India's high population, India's GDP per capita is $2,170 (for comparison, the US is $62,794), it said.

India's real GDP growth, however, it said is expected to weaken for the third straight year from 7.5 per cent to 5 per cent.

The think-tank in its review that India is developing into an open-market economy from its previous closed and inward "autarkic" policies.

The report observed that India's economic liberalisation began in the early 1990s and included industrial deregulation, reduced control on foreign trade and investment, and privatisation of state-owned enterprises.

"These measures have helped India accelerate economic growth," it said.

India's service sector is the fast-growing sector in the world accounting for 60 per cent of the economy and 28 per of employment, the report said, adding that manufacturing and agriculture are two other significant sectors of the economy.

The US-based World Population Review is an independent organisation without any political affiliations.

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EURUSD appears to have slowed slightly – with the development of an inverted hammer pattern – ahead of the April 2017 gap of 1.0820 – 1.0777 following a descent, which deflected off the 50-day simple moving average (SMA) around 1.1095.

The short-term oscillators, although still negative, are showing a marginal increase in positive momentum. The MACD is deep in the negative region and below its red trigger line, though smoothing slightly, while the RSI has made a minor improvement in the oversold territory. That said, the nearing bearish cross of the 100-day SMA by the 50-day one and the distancing of the downward sloping Tenkan-sen from the blue Kijun-sen line, all suggest, that maybe the downward move may endure a while longer.

To the downside, immediate support could come from the April 2017 gap from 1.0820 to 1.0777, which also encapsulates the 1.0793 level, this being the 123.6% Fibonacci extension of the up leg from 1.0878 to 1.1238. A successful dive beneath this barrier could encounter the 138.2% Fibo extension of 1.0741 and if the bears persist, the 161.8% Fibo extension at 1.0655 may be next to draw traders’ attention.

Otherwise, if buying interest picks up, initial resistance could come from the 1.0878 level from October 2019 ahead of a limiting region from 1.0925 to 1.0940. Overrunning this, the 1.0991 inside swing low could deter the pair from testing the area of the upcoming bearish cross of the 50- and 100-day SMAs currently around 1.1058. Clearing this too, the 1.1095 high and the 200-day SMA at the Ichimoku cloud, may prove difficult to surpass.

Overall, in the very short-term, the market is strongly bearish if the pair remains below the 1.0878 low, while a move back above this level could turn it back to neutral.

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The dollar was mixed against developed-market peers in early trading on Monday after hitting a new four-month high in overnight trading.

The greenback was also a touch weaker against the Chinese yuan after the People’s Bank of China added to its already extensive stimulus measures since the outbreak of the Covid-19 virus in cutting its medium-term financing rate to a new record low.

The measures reflated Chinese asset markets still further, leaving the benchmark stock index where it was before the New Year holiday, but have done little to lift the uncertainty over the path of the Chinese economy as it struggles with the virus outbreak.

By 3:40 AM ET (0840 GMT), the dollar index, which tracks the dollar against half a dozen developed-market currencies, was at 99.007, thanks largely to gains against the Japanese yen in the wake of data showing that the Japanese economy shrunk at an annual pace of 6.3% in the fourth quarter.

That number was far worse than the 3.7% drop expected and came after a hike in the country’s consumption tax in October.

"Annualization always exaggerates trends," said UBS Wealth Management chief economist Paul Donovan on a morning briefing, noting the one-off hits from a sales tax increase in October and a subsequent typhoon.

By 3:45 AM ET, USD/JPY was at 109.86, up 0.1%. The dollar was also a touch stronger against Sterling at $1.3029, while EUR/USD edged up from last week’s lows to $1.0838.

Trading is expected to be relatively quiet on Monday, not just because of the U.S. President’s Day holiday, but also because of key business sentiment surveys later in the week. ‘Flash’ purchasing managers indices from IHS Markit are due on Friday.

Nordea analyst Martin Enlund argued in a note at the weekend that the euro may be close to its near-term lows.

“Hard data looks terrible in Germany, but maybe we shouldn’t care too much about it?” Enlund wrote, adding that the usually-reliable Ifo survey “suggests that we are close to peak negativity around German hard data.”

However, he acknowledged a risk that the euro’s decline could prompt further U.S. tariffs from President Donald Trump, an action that could stop any euro turnaround in its tracks.

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The Euro Pound Sterling (EUR/GBP) exchange rate remained flat, leaving the pairing trading at around £0.8315.

The single currency was left under pressure at the start of the week as worries about weakening Eurozone growth weighed on the currency.

The new threat to the global economy, Covid-19 continued to weigh on markets, with Eurozone investors fearing the bloc will be dragged into a recession.

Added to this, the German economy stagnated in the final quarter of 2019, which saw renewed fears of a recession.Added to this, at the end of last week’s session, EUR hit a 33-month low against the US Dollar (USD). Since the start of January, EUR has slumped by around 2.3%.

Sterling (GBP) Flat as UK and EU Will ‘Rip Each Other Apart’

Last week, the Pound remained under pressure as traders fretted about the future trade relationship between the UK and European Union.

On Sunday, France warned the UK to expect a battle with the bloc in post-Brexit trade talks, dampening GBP sentiment.

The country’s Foreign Minister, Jean-Yves Le Drian said the two sides would ‘rip each other apart’.

He also added that the UK’s goal to achieve a free trade deal by the end of 2020 would be tough.

Euro Pound Outlook: Will Strong UK Labour Market Buoy GBP?

Looking ahead to Tuesday, the Pound (GBP) could rise against the Euro (EUR) following the release of UK labour market statistics.

If December’s unemployment remains at current lows, and wage growth rises higher than expected, GBP will jump.

Meanwhile, disappointing German data could send the single currency lower.

If Germany’s ZEW economic sentiment index falls further than expected in February, the Euro Pound (EUR/GBP) exchange rate will slump.

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The yen traded slightly lower on Monday in Asia after Japan reported a much deeper economic contraction than expected.

The USD/JPY pair inched up 0.1% 109.81 after the Cabinet Office reported today that Japan’s GDP in the December quarter fell an annualized 6.3%, faster than the expected 3.7% contraction.

The drop, which followed a revised 0.5% gain in July-September, was the biggest since a 7.4% decline marked in April-June 2014.

Meanwhile, the USD/CNY pair fell 0.2% to 6.9760

On Sunday, China reported 1,933 new confirmed cases of the coronavirus, down from 2,009 the previous day, and 100 new deaths, down one from 142 the previous day.

The economic impact of the epidemic is still unknown. Some analysts have estimated that China's annual growth could slow to between 4% and 5%, down from the 6% annual growth estimated by the government.

The AUD/USD pair gained 0.2% to 0.6727.

The GBP/USD pair was near flat at 1.3043. The U.K. will release a slew of data this week, including the December jobs report and the latest inflation figures.

Reports on retail sales, manufacturing and services PMI data for February are also due.

The EUR/USD pair traded 0.1% higher to 1.0838. The euro fell to its lowest level against the U.S. dollar since April 2017 last Friday after Germany, the eurozone’s largest economy, reported that GDP growth stagnated at the end of 2019. The European Central Bank is scheduled to publish the minutes of its January meeting on Thursday.

The U.S. dollar index inched up 0.1% to 99.037. Financial markets on stateside will be closed on Monday for Presidents Day.

The Federal Reserve is due to release the minutes of its January meeting on Wednesday. There are also several Fed policymakers scheduled to speak during the week, including Minneapolis Fed President Neel Kashkari, Dallas 

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The Japanese yen held gains against the dollar on Friday, as fresh doubts about the scale of the coronavirus outbreak supported demand for safe-haven currencies.

The Chinese yuan nursed losses as the flu-like virus, which emerged late last year in China's central Hubei province, cast a deeper shadow over the economic outlook.

The euro languished at multi-year lows versus the dollar and the Swiss franc as investors grow more pessimistic about the outlook in the common currency bloc before the release of gross domestic product data later on Friday.

In contrast, the pound rode a wave of optimism on hopes that a British cabinet reshuffle will lead to more expansionary fiscal policy to support growth.

Officials in Hubei rattled financial markets on Thursday by announcing a sharp increase in new infections and deaths from the coronavirus, reflecting the adoption of a new method to diagnose the illness. about the real extent of the epidemic is likely to discourage investors from taking on excessive risk until there is sufficient evidence that its spread has slowed.

"There is a return of risk aversion, so yen and other safe-haven assets have risen, but reaction so far has been temporary and limited," said Masafumi Yamamoto, chief currency strategist at Mizuho Securities in Tokyo.

"The change of reporting standards in China is a concern. There is a fear that China is still hiding something."

The yen JPY=EBS edged up to 109.80 per dollar in Asia on Friday, following a 0.25% gain the previous session.

In the onshore market, the yuan CNY=CFXS slipped 0.06% to 6.9818 per dollar, while its offshore counterpart CNH=D3 eased slightly to 6.9853, following a 0.2% decline on Thursday.

Hubei officials on Friday reported 4,823 new cases and 116 new deaths as of Feb. 13, but investors were still reeling after the province reported 14,840 new cases and a record daily increase in deaths on Thursday, using new diagnostic methods to reclassify a backlog of cases. economy will grow at its slowest rate since the financial crisis in the current quarter, according to a Reuters poll of economists who said the downturn will be short-lived if the outbreak is contained. coronavirus was first detected in Hubei's capital Wuhan and has so far claimed more than 1,300 lives in China and spread to 24 other countries.

The euro EUR=EBS fell 0.1% to $1.0834, the lowest since April 2017, as investors braced for the release of GDP data from Germany and the euro zone later on Friday.

The single currency EURCHF=EBS was quoted at 1.0619 Swiss francs, close to the lowest since August 2015. The euro EURGBP=D3 eased slightly to 83.07 pence, close to the weakest since December.

Sentiment for the euro worsened after data earlier this weak showing a plunge in euro zone manufacturing output reinforced expectations that monetary policy will remain accommodative. pound GBP=D3 was little changed at $1.3046 following a 0.64% gain on Thursday due to expectations that British Prime Minister Boris Johnson's appointment of a new finance minister will lead to more fiscal spending to help Britain weather its transition away from the European Union.

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 Euro weakest since April 2017 on growth concerns

* Dollar finds more buyers amid coronavirus worries

* Yen, Swiss franc well supported as investors stay nervous

The euro eased to another nearly three-year low on Friday as investors worried about slowing growth momentum in the euro zone ahead of an estimate of how its economy performed in the fourth quarter.

The European single currency has lost 1% so far this week and is on track for its worst two-week performance since mid-2018. Fourth-quarter gross domestic product data is due at 1000 GMT - economists polled by Reuters expect 0.1% quarter-on-quarter growth, the same as the previous 3-month period.

"The bearish trend on EUR/USD may continue today as growth data out of the euro zone are quite unlikely to improve the grim economic outlook for the area," ING analysts said in a note.

"At this stage, with worries around the negative impacts of coronavirus on the euro zone economy, even some better-than-expected data may not be enough to trigger an inversion in the bearish EUR trend."

The euro fell to $1.0827 EUR=EBS overnight before settling at $1.0841, down marginally on the day.

The single currency has been buffeted by signs of a slowdown in powerhouse Germany and ongoing demand for dollars. Against the Swiss franc, the euro weakened to another 4-1/2 year low of 1.060 francs EURCHF=EBS . about the extent of the coronavirus in China after officials in Hubei announced a sharp increase in new infections and deaths has kept both the safe-haven yen and the dollar well supported. dollar index .DXY ., which measures the currency against a basket of rivals, rose to its strongest since October. It has risen 0.4% this week - on top of gains of 1.3% last week.

As well as euro zone data, traders are also waiting for a batch of U.S. data later in the day including retail sales and industrial production numbers.

The yen JPY=EBS edged up to 109.77 per dollar on Friday, following a 0.25% gain the previous session.

In the onshore market, China's yuan CNY=CFXS slipped 0.06% to 6.9818 per dollar, while its offshore counterpart CNH=EBS clawed back earlier losses and was last at 6.985, following a 0.2% decline on Thursday.

Uncertainty about the real extent of the epidemic is likely to discourage investors from taking on excessive risk until there is sufficient evidence that its spread has slowed.

"There is a return of risk aversion, so yen and other safe-haven assets have risen, but reaction so far has been temporary and limited," said Masafumi Yamamoto, chief currency strategist at Mizuho Securities in Tokyo.

Sterling consolidated gains around the $1.3060 mark GBP=D3 after jumping on Thursday when the announcement of a new British finance minister, an ultra-loyalist to Prime Minister Boris Johnson, raised expectations that the upcoming budget would increase public spending to boost the economy following Britain's Jan. 31 withdrawal from the European Union.

Against the euro, the pound rose 0.1% to 82.995 pence EURGBP=D3 , close to a 2-month high.

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Vietnam is seeking to boost its farm produce exports to India to alleviate the impact of the coronavirus on the Southeast Asian country's trade with China, its largest trading partner.

Vietnam has asked India to reduce trade barriers on its exports, such as black pepper and cashew nuts, the Ministry of Industry and Trade said on Friday.

"Vietnam and India have room to significantly increase bilateral trade," the ministry said in a statement, adding that the two countries target to raise trade to $15 billion from $11.3 billion last year.

The statement comes amid a visit by Vietnam deputy trade minister Cao Quoc Hung to India "to boost bilateral trade and discuss measures to tackle difficulties faced by Vietnam's farm produce exports due to the disease outbreak in China."

The ministry said Vietnam also wants to boost sales of other products, including fresh fruits and farmed fish, to India. China has been its largest market for these products.

Trade between Vietnam and China, where more than 1,400 people have died from the virus, is expected to be severely hit by travel curbs and closure of borders over virus concerns.

Vietnam moved to quarantine a community of 10,000 people near the capital on Thursday as the number of coronavirus cases rose to 16.

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The euro fell to a four-and-a-half-year low against the Swiss franc on Thursday and the yen gained as investors sought safe havens after China's Hubei province, the epicentre of the coronavirus outbreak, reported a sharp increase in the number of new cases.

Using a new method of diagnosis, the province reported on Thursday 14,840 new cases of the virus as of Feb. 12, up from 1,638 new cases on Tuesday. The number of deaths in the province rose by 242, a daily record, to 1,310.

"Taken together, it suggests fading the overnight reaction," said Elsa Lignos, global head of FX strategy at RBC Capital Markets.

The initial move was to dump risky assets, however. After weakening to a three-and-a-half-week low the day before, the yen gained 0.3% against the dollar on Thursday to 109.770 yen.

The euro dipped to 1.0622 francs, below its 2016 trough of 1.0623 and its lowest level since August 2015. It last stood around 1.06235 (EURCHF=).

"When you see numbers like this, you can't help but move to risk-off trades, which means buy the yen and sell stocks," said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank in Tokyo.

In the onshore market, the yuan slipped 0.13% to 6.9809 per dollar. The offshore yuan dropped 0.14% to 6.9830.

The Australian dollar , widely used as a proxy for risk on Chinese assets, fell 0.22% to $0.6724. The New Zealand dollar slipped 0.2% to $0.6453.

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