The people in one of the wealthiest nations in the world, Luxembourg are crossing borders to live in neighbouring countries such as Germany, Belgium or France to seek affordable rent. Luxembourg faces a dire housing crisis. With sky-high prices for homes and rentals, even people with good incomes find it difficult to secure affordable housing. Residents are moving to neighbouring countries due to more reasonable property costs. Despite Luxembourg’s strong economy, the housing market has created significant challenges. There are people who have waited five years for social housing, und
Singapore’s digital economy contributed 17.3% to its gross domestic product (GDP) in 2022, marking a significant increase from the 13% contribution in 2017, according to a report released on October 6. This represents nearly a doubling of its value added or economic contribution, rising from S$58 billion to S$106 billion over the five-year period, as reported by the Infocomm Media Development Authority (IMDA). Between 2017 and 2022, the digital economy’s contribution rose by $48 billion. Among sectors, Information and Communications (I&C) played the most substantial role in Singapo
A wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will invest Rs 4,966.80 crore in Reliance Retail Ventures Limited (RRVL), announced the Reliance Industries Limited on October 6. ADIA’s investment will translate into a 0.59% equity stake in RRVL on a fully-diluted basis. In a statement, Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said that the investment aligns with the company’s strategy of supporting its portfolio companies that are transforming their respective end-markets. The investment places RRVL's pre-mo
Northeastern states of India have benefitted from the implementation of Goods and Services Tax (GST) by way of a big jump in their revenue collections after the tax reform in 2017, said Union Finance Minister Nirmala Sitharaman at an event in New Delhi on September 23. The states in the region have benefitted from the emphasis given by the government on infrastructure creation and connectivity improvement. The region has also benefited from the higher tax transfers to the states and by way of funds given to them for asset creation, the union finance minister added. GST is a destination-
The Government of India is looking to auction its lithium reserves in the Union Territory of Jammu & Kashmir in the coming few weeks, says a media report quoting government sources. The auction will happen soon and some overseas miners have shown interest, the report adds. India has been exploring ways to secure lithium supplies with the first lithium deposits of 5.9 million tonnes found in Jammu and Kashmir’s Reasi district in February 2023 during exploration by the Geological Survey of India (GSI). The report also noted that Khanij Bidesh India Ltd (KABIL), a state-owned joint v
The Government of India is reportedly taking significant steps to promote the local sourcing of components for laptops and servers to around $20 billion over the next four years – a considerable increase compared to the current $1 billion procurement – to reduce reliance on imports and boost domestic manufacturing in the technology sector. The move to promote local component sourcing aligns with broader efforts to boost India’s manufacturing sector and make a self-reliant and resilient domestic manufacturing ecosystem, say media reports. The Centre has taken several initiatives to
Indian medical graduates will now be able to practice medicine in foreign countries, as the National Medical Commission (NMC) has received the World Federation for Medical Education (WFME) recognition status for a period of 10 years. According to a Union Health Ministry press release on September 20, the recognition will enable medical graduates with degrees from Indian institutions to pursue post-graduation or practice medicine in countries such as the United States, Canada, Australia and New Zealand, where WFME recognition is required. All 706 existing medical colleges in India have r
Singapore has seized the title of the world's freest economy, toppling Hong Kong after a 53-year reign, according to a report unveiled by the Canadian think tank Fraser Institute. This marks the first time since the inception of the Economic Freedom of the World Index in 1970 that Hong Kong has been displaced from the number one position. Switzerland, New Zealand, and the United States have secured the third, fourth, and fifth spots, respectively. The index assesses economic freedom through various criteria, including ease of international trade, the liberty to enter and compete in markets
Around 22 countries are currently engaged in negotiations and exploring the possibility of conducting bilateral trade with India using the rupee, said Union Finance Minister Nirmala Sitharaman in an interview on September 15. Sitharaman stated, “Approximately 22 countries are actively negotiating with us and considering the feasibility of conducting bilateral trade in rupees. This interest is driven, in part, by the fact that many of these countries are facing a shortage of dollars,” as she spoke to a news channel. The minister also emphasised that India possesses a better understan
Microsoft founder and philanthropist Bill Gates has hailed Prime Minister of India, Narendra Modi for achieving “groundbreaking consensus on the role of digital public infrastructure” at the G20 Summit in the pursuit of Sustainable Development Goals. “The #G20 reached a groundbreaking consensus on the role of digital public infrastructure as a critical accelerator of the Sustainable Development Goals. I’m optimistic about the potential of DPI to support a safer, healthier, and more just world. Kudos to PM Narendra Modi,” Gates posted on X, tagging the Indian Prime Minister.