Category: Economy

The Asia Foundation’s Go Digital ASEAN initiative has successfully completed its second phase, equipping 215,892 micro, small, and medium-sized companies (MSMEs) throughout Southeast Asia with critical digital skills. In Thailand, approximately 44,000 individuals and small businesses received free training, with 69% reporting increased revenue.

The ASEAN Coordinating Committee on MSMEs has endorsed the program, which is being executed by The Asia Foundation with support from Google.org, Google’s philanthropic arm. Thailand’s digital economy was valued at USD 21 billion in 2020 and is anticipated to reach USD 53 billion by 2025. With 90% internet penetration, the country’s thriving digital ecosystem drives growth in areas such as e-commerce, entertainment, and food & beverage.

The initiative offers focused digital training to underserved small business owners. “Go Digital ASEAN provides entrepreneurs with the resources they require to compete in today’s economy. “We hope to achieve long-term impact by collaborating with local governments and organisations,” said Hannah Najar, regional program manager.

Participants such as Nookorn Soonthornproh and Pannee Rahan used digital tools to grow their enterprises, increase sales, and create new job prospects.

On Wednesday, Prime Minister Narendra Modi met with Bill Gates, co-founder of Microsoft and philanthropist, to discuss a variety of themes, including technology, innovation, and sustainability. The discussion focused on India’s vision for the future, accomplishments in critical industries, and the country’s commitment to advancing progress.

Following the meeting, Prime Minister Modi took to social media platform X to express his opinions, calling the discussion “excellent.” He emphasised the significance of teamwork in ensuring a better future for upcoming generations. “As always, an excellent meeting with Bill Gates. We spoke about diverse issues, including tech, innovation, and sustainability, towards creating a better future for the coming generations,” he wrote.

The talk focused on India’s development trajectory and goal for Viksit Bharat 2047. Artificial intelligence, healthcare, and agriculture were all extensively discussed, emphasising their importance in creating India’s future.

Bill Gates also gave his thoughts following the meeting. He complimented India’s progress and its worldwide influence. “I had a great discussion with @narendramodi about India’s development, the path to Viksit Bharat @ 2047, and exciting advancements in health, agriculture, AI, and other sectors,” according to his tweet.

London has presented the ‘Growth Plan,’ an ambitious economic effort to raise £27 billion in additional tax revenue and revive productivity growth. The strategy, launched by Mayor Sadiq Khan and London & Partners, names India as the city’s top FDI source.

The strategy anticipates a 2% yearly productivity increase over the next decade, which could boost London’s GDP by £107 billion by 2035. Since 2022-23, India has surpassed US as London’s largest FDI provider, and this trend is expected to continue in 2023-24.

Laura Citron, CEO of London & Partners, emphasised India’s growing influence. “Indian tech firms are setting up in London, and post-Brexit, India has become the second-largest source of international students,” according to her. More than 20% of international students in London institutions were Indian in 2023-24, up from 5% a decade earlier.

Ashish Devalekar of Mphasis emphasised London’s appeal as a worldwide innovation hub. “We plan to double our workforce through our London Innovation Hub,” stated the CEO.

The Growth Plan intends to create 150,000 jobs, improve infrastructure, and raise low-income people’s wages. Sadiq Khan described it as a “golden opportunity” to boost London’s economic potential and promote UK-India connections.

According to Union Minister Dr. Jitendra Singh, India’s space economy is expected to grow by over five times to reach USD 44 billion in future. Speaking at the ‘Space-Tech for Good Governance’ Conclave, organised by the Indian Institute of Democratic Leadership, he emphasised the country’s remarkable progress in space technology.

According to the Ministry of Science and Technology, organisations such as NSIL and In-SPACe have encouraged collaboration between the government and the business sector, propelling India’s space economy to its present USD 8 billion valuation.

Dr. Singh emphasised India’s emerging leadership in space exploration, adding that the country is no longer following global trends but rather creating them. India’s space budget has more than doubled over the previous decade, rising from INR 5,615 crores in 2013-14 to INR 13,416 crores, a staggering 138.93% growth.

ISRO has marked a significant milestone by launching its 100th satellite under the NAVIC program. Additionally, India has launched 433 foreign satellites, 396 of which have been deployed since 2014, bringing in a sizable sum of money.

India aims to include trials for the Gaganyaan trip in 2025, the building of the Bharat Antariksh Station in 2035, and India’s first crewed Moon trip in 2040.

India is strengthening its economic and diplomatic ties with the United Kingdom, with fresh initiatives aimed at expanding their £41 billion trading agreement. External Affairs Minister S. Jaishankar is in the UK to advance negotiations on trade, investment, and strategic relations. His visit is anticipated to speed up ongoing negotiations and create new prospects for collaboration.

As part of this increasing connection, India will establish two new consulates in Belfast and Manchester. This action is intended to boost regional economic involvement, increase investment relations, and provide extra assistance to the Indian diaspora in these regions. The British High Commission highlighted that Indian FDI in the UK increased by 28% by the end of 2023, keeping India as the second-largest investor in FDI projects for the fifth year in a row.

Jaishankar and UK Foreign Secretary David Lammy met at Chevening House to discuss ways to deepen the UK-India Comprehensive Strategic Partnership. They concentrated on trade, climate change, and global security concerns, such as the Russia-Ukraine crisis and Middle East developments.

The UK also applauded India’s move to raise the FDI threshold in the insurance sector from 74% to 100%, allowing British companies to expand in India.

In 2024, non-oil trade between the United Arab Emirates (UAE) and India reached over US$65 billion, a 20.5% rise from US$54 billion in 2023. This increase is due to the ongoing success of the Comprehensive Economic Partnership Agreement (CEPA), which is now in its third year.

India remained the UAE’s leading destination for non-oil exports, accounting for 13.5% of total exports. The volume of these exports increased by a startling 75.2% compared to 2023, demonstrating the two countries’ growing economic relations. Experts credit CEPA with eliminating trade barriers and lowering tariffs, resulting in fresh opportunities for business.

The bilateral trade connection has grown dramatically, with total merchandise trade between the two countries expected to reach $83.7 billion by 2023-24. Non-oil commerce alone provided US$57.8 billion, meeting the ambitious objective of reaching US$100 billion in bilateral non-oil trade by 2030.

Electrical machinery, equipment, chemicals, and high-tech items are among the key areas driving growth. A new Bilateral Investment Treaty (BIT) signed in 2024 aims to strengthen mutual investments and economic cooperation even further.

The UAE-based Aqua Bridge Group would spend ₹4,000 crore in Uttar Pradesh’s fisheries sector, transforming the industry significantly. This is one of the largest foreign investments in India’s aquaculture industry. The initiative’s goal is to build an advanced fish farming ecosystem through cutting-edge technology, research, and structured market networks.

The UP Industrial Development Authority (UPIDA) will oversee the project, which will be centred in Unnao’s Saraiya village and span six districts: Sitapur, Hardoi, Unnao, Ayodhya, Barabanki, and Rae Bareli. Unnao’s fish farming cluster will serve as the core hub, with AI-driven fisheries management and export-oriented production.

Jai Prakash Singh, coordinator of the UP Diversified Agriculture Support Project (UPDASP), indicated that the Intensive Aquaculture Farm & Aquatic Research Centre will concentrate on contemporary fish feed production, post-harvest processing, and farmer training. A memorandum of understanding between the UAE enterprise and the state government is due shortly.

Unlike traditional investments, this concept combines AI-powered aquaculture with research-based farming. It is expected to quadruple fish production and create jobs for 1 lakh people, including 34,000 fish-farming households. Additionally, one lakh farmers would be trained in advanced aquaculture technologies.

On February 18, Singapore’s Minister for Development, Desmond Lee, officially opened the Gemilang Kampong Gelam Festival and Ramadan Bazaar. The occasion demonstrates the government’s dedication to both tourism and cultural preservation.

The government has taken steps to aid these efforts, such as creating an inter-agency task force and a limited liability business with a guarantee. These actions are intended to preserve Kampong Gelam’s cultural heritage while increasing its economy.

Kampong Gelam is one of Singapore’s oldest districts and has a rich cultural past. It continues to be a centre for historic companies and customs that add to its lively ambience. To strike a balance between historical preservation and corporate expansion, the Kampong Gelam Alliance has worked with consultants, ministries, and the Urban Redevelopment Authority (URA) during the last three years.

Little India and Chinatown are two more historic districts that are essential to maintaining Singapore’s cultural character. Businesses in these sectors face difficulties, however, due to shifting consumer tastes and growing expenses.

The new task force will address this by concentrating on two main areas: improving infrastructure and placemaking strategies and assisting heritage enterprises through workforce development, skills transfer, and modernisation.

Asia’s FinTech business is expanding at an unprecedented rate, with total transaction volumes expected to reach $18.9 trillion by the end of 2025. According to UnaFinancial’s most recent data, there has been a 12.6% increase year-on-year, strengthening Asia’s supremacy in the global FinTech market.

In 2024, the region had FinTech transactions of $16.8 trillion, up $2.1 trillion from the previous year. Asia accounted for 48.2% of the worldwide FinTech sector, worth $34.8 trillion. Digital payments and transfers continued to drive the expansion, accounting for $834 billion of total growth. Digital banking followed closely behind, adding $684 billion, while digital commerce grew by $435 billion. The other financial technology sectors expanded by $124 billion.

The increasing use of mobile banking, smart apps, and cashless transactions is fuelling Asia’s FinTech industry. Emerging economies in the region are seeing increasing FinTech adoption, owing to increased smartphone usage and limited access to traditional financial services. 

Asia is predicted to account for 47.1% of the worldwide FinTech market by 2025, with a value of $40.1 trillion. With ongoing innovation in digital finance, the area is strengthening its place as the world’s FinTech leader.

Thailand’s tourism potential is being actively promoted by the Tourism Authority of Thailand (TAT) at the South Asia Travel and Tourism Exchange (SATTE) 2025. The Yashobhoomi-India International Convention and Expo Centre will host the event from February 19–21. It is an important opportunity for Thailand to interact with Indian tourists. TAT celebrates its 16th year of involvement, taking advantage of the chance to highlight Thailand’s diverse travel options and rich cultural legacy.

Over 35,000 people are anticipated to attend SATTE 2025, India’s largest travel and tourism show, including 1,400 exhibitors. A visitor information area, a business networking area, and a cultural demonstration part showcasing traditional Thai art forms are the three designated zones of the 300-square-metre Thailand Stand. The stand, which is represented by 50 Thai travel agencies, encourages business-to-business (B2B) partnerships and increases interaction amongst industry participants.

‘Living it Up in Thailand’ and ‘Celebrations with Care and Inner Shine’ are two of TAT’s programs aimed at attracting different travel categories, such as weddings, family vacations, and luxury leisure, with 2.3 million Indian arrivals anticipated by 2025.