India's federal government has announced it will maintain its record infrastructure spending at ₹11.11 trillion ($132.85 billion) for the fiscal year ending March 2025. According to Finance Minister Nirmala Sitharaman, this decision, which is in line with the interim budget that was provided before the national elections, equals 3.4% of the nation's GDP. Over the last three years, the government has increased its commitment to infrastructure spending by twofold, with long-term capital expenditure growing from 1.7% of GDP in 2019-20 to 3.4% this year. ₹1.5 trillion has been set up for l
According to the Boston Consulting Group's global wealth report, India is ready to create tremendous wealth growth. In 2023, India generated roughly $590 billion in new financial wealth, its highest growth yet. By 2028, India is estimated to contribute over $730 billion to the region's growth. China and India generated $588 billion in financial wealth in 2023. Despite China's slowdown, financial wealth in the Asia-Pacific area increased by 5.1%. The analysis predicts that by 2028, the region will account for approximately 30% of new financial wealth. Global net wealth increased by 4.3% in
The UAE and Ethiopia have inked a currency swap arrangement worth up to $817 million. Both central banks also agreed to develop rules for cross-border transactions involving local currencies and integrate their payment and messaging systems. The Central Bank of the UAE (CBUAE) and the National Bank of Ethiopia (NBE) can exchange local currencies for up to AED 3 billion and ETB 46 billion, respectively. This move aims to strengthen the two countries' financial and commercial ties by providing liquidity in local currencies and facilitating the efficient settlement of cross-border transaction
Thailand's cabinet approved a soft loan package worth 100 billion baht ($2.8 billion) to assist small firms in obtaining loans. Deputy Finance Minister Paopoom Rojanasakul stated that the Government Savings Bank will lend to commercial banks at 0.01% interest, allowing them to give loans to small enterprises at no more than 3.5% per year. Retail loan rates in Thailand are currently above 7%. The two-year programme allows small businesses to apply for loans until 2025. Paopoom explained that the cash comes from the state bank's resources, not the budget, and is intended to inject capital in
On Tuesday, the International Monetary Fund (IMF) increased its predictions for India's economic development, forecasting a 7% growth rate in 2024–25, up from 6.8% in April. Stronger-than-anticipated growth in 2023 and better private consumption prospects, particularly in rural areas, serve as the foundation for this upward revision. According to the IMF's most recent World Economic Prognosis Update, India's growth reflects the carryover of positive revisions made for 2023, as well as a favourable prognosis for rural consumption.However, the global economic situation remains tough. The I
Argentina has dramatically increased its lithium carbonate equivalent (LCE) production capacity, tripling it in the last two years. According to the Chamber of Mining Entrepreneurs (CAEM), this impressive expansion has raised the country's installed capacity to 136,500 tonnes as a result of various new projects. Argentina, the world's fourth-largest lithium producer, currently has four significant projects in production. Among these is the recently inaugurated Centenario Ratones plant in Salta, Argentina's northern province. This project, a joint venture between France's Eramet and Chinese
The renewables sector in Britain is calling on the newly elected Labour administration to substantially raise the funding allocated for renewable auctions to achieve its offshore wind energy and decarbonisation goals. The Labour Party, victorious in the recent election, intends to increase the offshore wind capacity from 15 GW to 55 GW by the year 2030. Tom Glover, the UK Country Chair of RWE, emphasised the necessity of increasing the auction budget to achieve these objectives. At present, developers can compete for government-supported price assurances through Contracts for Difference (C
On Thursday, major Gulf stock markets surged in response to weak US labour market data, which has boosted investor expectations of an interest rate reduction later this year. The number of unemployment claims went up to 238,000 on Wednesday, which is a sign that the US job market is getting weaker. This means that the Federal Reserve may start lowering interest rates in September. Before the data, there was a 65% likelihood of a September rate decrease; now, the markets are pricing in a 47 basis point rate cut this year. The Fed usually sets monetary policy for GCC because the majority of
Kazakhstan is eager to draw $150 billion in investments by 2029 through a variety of strategies, including governmental preferences, anti-corruption efforts, and reduced bureaucracy. These days, everyone is vying for investors. Developed and neighbouring nations are attempting to attract them. Thus, in this cutthroat market, we have to maintain our advantage," Ospankulov stated. With the help of 68 embassies, the Kazakh government is implementing a "package solutions" strategy by providing investment programmes tailored to the needs of the nation. A fibre cement production plant was sugges
The Vietnamese government is in the final stages of finalising plans to create a fund with the goals of luring international investment and ensuring the country's continued competitiveness. On or before Friday, June 29, the draft will be sent to the federal government. A significant portion of Vietnam's export revenue comes from businesses that have received foreign investment; these businesses are vital to the production processes of multinational corporations like Intel, Foxconn, and Samsung. Following last year's approval of a 15% worldwide minimum corporate tax rate by Vietnam's parlia