Egypt has officially signed a financial closure agreement for the Obelisk project, a 1 gigawatt solar power facility with 200 megawatts of battery storage. The agreement is part of Egypt's NWFE (Nexus of Water, Food, and Energy) strategy, which aims to integrate sustainable solutions across key sectors. Scatec, a Norwegian renewable energy producer, inked the deal in Cairo, in collaboration with the National Bank of Egypt (NBE), the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and British International Investment. Egypt's Prime Mi
The Indian government has announced an ambitious plan to build 1,000 merchant navy ships domestically by 2034. The move aims to increase India's maritime logistics self-sufficiency and reduce reliance on foreign shipping. Currently, India's merchant fleet comprises around 1,500 vessels, with fewer than 60 classified as large ships. The Union Budget 2025-26 included reforms to increase shipbuilding capacity. India currently accounts for 1.2% of global ship tonnage. Shipyards face limited automation, longer delivery cycles, and higher production costs than global leaders such as China, Japan
India's grain reserves have reached unprecedented levels, with rice stocks in government warehouses reaching a record high in early June and wheat inventories reaching their highest level in four years, according to official figures. Rice reserves, including unmilled paddy, increased 18% year on year to 59.5 million metric tons as of June 1. This volume substantially exceeds the government's July 1 objective of 13.5 million tons. Wheat reserves also increased dramatically, reaching 36.9 million tons, much exceeding the benchmark aim of 27.6 million tons. The record rice production is li
Thai Deputy Prime Minister and Finance Minister Pichai Chunhavajira launched an economic policy blueprint, aiming to rebalance Thailand's development drivers and encourage high-quality investments in important industries. Addressing the annual meeting of ambassadors and consuls-general, Pichai emphasised Thailand's two primary economic pillars: exports and private consumption. He emphasised the critical need to diversify the structure through targeted changes and strategic investment initiatives. The government is committed to increasing infrastructure development, which includes upgrades
According to provisional estimates, India received $81.04 billion in FDI inflows during the fiscal year 2024-25, a 14% increase over the $71.28 billion registered in 2023-24. The services sector led the jump, contributing 19% of total stock inflows ($9.35 billion), up from $6.64 billion the previous fiscal year. Computer software and hardware accounted for 16% of the inflows, with the trading industry accounting for 8%. Manufacturing inflows also increased, reaching $19.04 billion, up from $16.12 billion in fiscal year 2023-24. Maharashtra was the largest beneficiary of FDI, accounting
Ethiopia's government expects economic growth to accelerate in fiscal year 2025, starting July 8. Finance Minister Ahmed Shide informed parliament that the predicted expansion rate of 8.9 percent is higher than the current year's estimated 8.4 percent increase. This positive outlook is supported by a broad reform program, which is being undertaken in collaboration with the International Monetary Fund. Shide also stated that the national budget deficit is expected to increase marginally, hitting 2.2% of GDP. This represents a minor increase from the current year's 2.1%. Ethiopian governm
Elon Musk's satellite internet service, Starlink, is expected to begin operating in India within the next two months after its licence was recently approved, according to industry sources. The company has completed its pricing plan for Indian consumers, establishing the cost of the essential satellite dish equipment at approximately ₹33,000. Monthly unlimited data plans are estimated to be priced around ₹3,000. To attract clients, Starlink will offer a one-month complimentary trial with every gadget purchase, allowing users to test the service before committing to monthly payments. The
Prime Minister Narendra Modi marked the completion of 11-years of his government, highlighting India’s rapid growth across diverse sectors. He stated that India has emerged as the world's fastest-growing major economy, with a significant global voice on crucial issues such as climate action and digital innovation. PM Modi emphasised the importance of effective governance and transformative policies in driving this growth. On the first anniversary of his government's third term, he shared a link stating that 60% of current Union ministers come from Scheduled Castes, Scheduled Tribes, and
Saudi Arabia, Russia, Iraq, and the UAE, major OPEC+ members, have increased oil exports to India, the world's third-largest crude consumer. According to statistics, these four nations raised their combined crude shipments to India by 375,000 barrels per day (bpd) in May compared to April, earning a market share of almost 78%. The OPEC+ commitment to raise output by 359,000 bpd under the alliance’s production plan saw these four countries exceeding their pledged production increase. Russia remains India's leading supplier, benefiting from discounted barrels. Saudi Arabia increased oil
According to a recent World Bank report, India has made significant progress in reducing severe poverty over the last decade. The percentage of Indians living in extreme poverty has decreased from 27.1% in 2011-12 to 5.3% in 2022-23, highlighting the country's tremendous achievement in poverty reduction initiatives. This considerable improvement aligns with the PM Modi government's emphasis on inclusive growth and social welfare measures. The World Bank revised its poverty line to $3 per day, incorporating inflation increases between 2017 and 2021. According to this new criterion, India