India has allocated $1.02 billion in incentives to boost local manufacturing. This comes after private firms invested over $13 billion under a scheme introduced in 2020. Known as the Production-Linked Incentive Scheme (PLI), it covers 14 industries, including electronics and drones. It has a total value of 1.97 trillion rupees ($24 billion). It's a linchpin of Prime Minister Narendra Modi's strategy to position India as a global manufacturing powerhouse, attracting participation from major global and Indian players like Apple, Foxconn, Samsung Electronics, Hindustan Unilever Ltd., and Reli
The World Bank's approval of a $750 million loan to Colombia underscores a significant commitment to supporting the country's efforts to combat climate change and transition to a more sustainable economy. This loan is aimed at enhancing Colombia's resilience to climate change impacts while promoting renewable energy initiatives and reducing carbon emissions. Key highlights of the loan include a focus on boosting the development of solar and offshore wind energy, as well as green hydrogen technologies. Additionally, the loan aims to strengthen Colombia's electric urban transport infrastruct
According to the RBI data released on Friday, India's forex reserves surged to a record high of $642.63 billion as of March 22. It marks a fifth consecutive weekly increase. The increase amounted to $139 million during the reporting period. Fluctuations in foreign currency assets, reflecting currency valuation changes, contributed to this rise. The Reserve Bank of India (RBI) actively intervenes in the forex market to stabilise the rupee against excess volatility, with the currency closing at 83.40 against the dollar on Thursday. Notably, India's financial markets were closed on Friday due
On Tuesday, Chile's government announced the opening of over two dozen lithium salt flats to private investment while retaining control over the significant Atacama and Maricunga deposits for state extraction. President Gabriel Boric's administration aims to increase state influence in Chile's lithium industry. Finance Minister Mario Marcel anticipates a potential doubling of Chile's lithium production within a decade with these new projects. The tender process for 26 salt flats will start in April and end in July, although not all may attract interest. Five salt flats are already in dev
The New Development Bank (NDB), established by the BRICS group of emerging economies, is projected to allocate approximately $5 billion in loans this year. The company's vice president, Zhou Qiangwu, made this claim in his remarks on Tuesday. Qiangwu highlighted that, despite some setbacks during the pandemic, the bank's operations are now returning to normalcy, signalling a positive future for its activities. However, he refrained from providing specific details on the nature of the setbacks. Still, he mentioned that China and India have received slightly more investment from the bank
Two small solar manufacturers, Heliene in Canada, which operates in Minnesota, and Suniva in Georgia, are working together to create panels that qualify for a new federal incentive for clean energy equipment built in the United States. The Biden administration has praised this alliance as evidence of the Inflation Reduction Act's (IRA) achievement in creating a local solar manufacturing sector that can compete with China. Janet Yellen, the Treasury Secretary, applauded the initiative and brought up the difficulties that American solar entrepreneurs had in the past. Suniva has signed a $400
Sri Lanka's central bank unexpectedly reduced interest rates by 50 basis points to spur growth amid its worst financial crisis in decades. The Standing Deposit Facility Rate now stands at 8.50%, and the Standing Lending Facility Rate at 9.50%. This move surprised markets, with most economists anticipating no change. The total interest rate cuts since last year amount to 700 basis points, aiming to steer the economy out of its crisis. The bank stated that, despite potential near-term inflation risks, the medium-term inflation outlook remains stable due to subdued economic activity. Lowering
On Monday, Britain's International Investment (BII) pledged $100 million in trade finance to the Eastern and Southern African Trade and Development Bank (TDB) to boost agriculture and food security. The funding aims to assist trade, which is crucial given the economic difficulties that African countries face, which are made worse by climate change. Research from the African Development Bank (AFDB) highlights the urgent need for more trade financing since there is a $120 billion yearly shortfall as a result of dwindling support from foreign lenders. By giving local businesses access to e
In February, UK inflation eased to 3.4%, proving a little relief for Prime Minister Rishi Sunak ahead of the election. This development aligns with forecasts, positioning the Bank of England (BoE) to consider rate cuts later in 2024. Despite rising motor fuel prices, food and restaurant prices declined subsequently. As a result, core inflation dropped to 4.5%, with service inflation dropping to 6.1%. Despite this moderation, the UK still maintains the highest inflation rate among the G7 nations. Finance Minister Jeremy Hunt sees scope for abolishing social security taxes as inflation ap
South Korea plans to invest $313 billion in green financing to support carbon offset projects, aiming to slash greenhouse gas emissions by 40% from 2018 levels by 2030. The Financial Services Commission (FSC) announced this decision, involving a future energy fund worth $8 billion initiated by the banking sector. By 2030, state-run financial institutions will invest $313 billion in low-carbon facilities, eco-friendly products, and technology support, marking a 67% increase from the last five years. These measures are expected to reduce 85.97 million metric tonnes of greenhouse gases by