According to the recent data released on Sunday, Dubai’s GDP grew by 3.3 per cent between January and September 2023. The information was made public by the state's new agency, WAM. During this period, accommodation and food service saw a hike of 11.1%, transportation and storage by 10.9%and information and communication by 4.4%. D33, a ten-year economic strategy that aimed to double Dubai's economy and position it among the top four global financial centres, was unveiled in January of last year. The initiative also encompassed one hundred transformation projects, such as expanding Du
India's Minister of Information Technology, Ashwini Vaishnaw, made a significant announcement about India’s aim to attract $100 billion in annual Foreign Direct Investment (FDI) in the next few years. In an interview at the ongoing World Economic Forum in Davos, Switzerland, he presented a comprehensive growth strategy with a vision of a consistent growth rate of 6–8% for the next ten years. This strategy will primarily focus on increasing manufacturing, uplifting the bottom of pyramids, investing in digital and physical infrastructure, and enhancing trouble-free business processes.
On Wednesday, PM Narendra Modi inaugurated three major infrastructure projects worth more than Rs 4,000 crore in Kochi, Kerala. These projects include Cochin Shipyard Limited (CSL), the New Dry Dock (NDD), the International Ship Repair Facility (ISRF), and the LPG Import Terminal of Indian Oil Corporation Limited. The NDD facility was built at the nation's largest dry dock, the Cochin Shipyard. The total cost of constructing the dock facility was Rs 1799 crore, and it can accommodate large ships, oil rigs, and LNG. The 600-tonne gantry crane-equipped dual-purpose dry dock can be used for b
On Tuesday, the United Kingdom will establish a ‘Critical Imports and Supply Chains Strategy’ to strengthen the security of supply chains for essential items like medicines and minerals. Amidst the ongoing hindrance in the logistic supply by Houthi on ships in the Red Sea, the British government will establish a group to assess risks on critical imports. The Houthi organisation in Yemen is backed by Iran and has been targeting international maritime channels for a while. Furthermore, the ongoing tensions in the Middle East, the COVID-19 pandemic, and the Russia-Ukraine conflict have gr
On Monday, India’s state-owned firm, Khanij Bidesh India Ltd. (KABIL), signed a joint venture of $24 million with Argentina’s government-owned mining corporation, Catamarca Minera y Energética Sociedad del Estado (CAMYEN), for a lithium exploration pact for five blocks in Argentina. The Federation of Mines confirmed that under the agreement, KABIL is granted exploration and development rights for commercial production of five lithium mines with a state-run firm in Argentina. The Indian firm KABIL will begin the exploration and development of five lithium brine blocks: 1. Cortadera-
According to PwC's most recent poll, India was ranked fifth as a preferred destination for investments. Following the US, China, Germany, and the UK, India has climbed four spots from the previous year. As of 2020, the nation was the fourth-most popular investment destination. However, in 2021, it suffered a drop to the sixth rank, eighth in 2022, and ninth in 2023. As per PwC’s 27th Annual Global CEO Serve, the business leader supports India’s appeal as a favourable investment destination. The nation’s commercial landscape seems promising for 2024. Global CEOs are taking notice
The BJP’s flagship health insurance scheme, Ayushman Bharat, has surpassed 30 crore beneficiary cards. The National Health Authority launched the AB-PMJAY (Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana), which offers secondary and tertiary care hospitalisation coverage worth Rs. 5 lakh per household annually. According to government data, Uttar Pradesh tops the list with the highest number of AB beneficiary cards, with 4.8 crore holders. Madhya Pradesh and Maharashtra are next on the list, with 3.78 crore and 2.39 crore AB beneficiary card users, respectively. It has confirmed more th
As the year 2024 unfolds, the United Kingdom's housing market is showing signs of significant momentum, indicating a robust start to the year. This surge in the housing sector is a positive development following a period of uncertainty and fluctuating market conditions in previous years. The renewed vigor in the UK housing market is characterized by an increase in both property prices and the number of transactions. Analysts attribute this uptick to a combination of factors, including improved consumer confidence, favorable mortgage rates, and a stabilizing economic environment. The market
In a significant move to enhance bilateral relations, India and the United States have embarked on a journey to bolster their trade ties, with a special focus on cooperation in the sector of critical minerals. This strategic partnership aims to not only deepen economic links between the two nations but also to secure a more resilient supply chain for essential minerals vital for various industries, including technology and defense. The collaboration comes at a time when global economies are increasingly aware of the importance of diversifying sources of critical minerals such as lithium, c
In a bid to propel India towards economic prosperity, Prime Minister Narendra Modi recently played host to the Vibrant Gujarat Business Summit, an event that stands as a testament to India's commitment to fostering global investment and sustainable growth. The summit, held annually in the state of Gujarat, has become a crucial platform for international investors, industry leaders, and policymakers to engage in meaningful discussions, explore business opportunities, and chart the course for India's economic future. Prime Minister Modi, known for his charismatic leadership, delivered a comp