A. Sakthivel, Chairman of the Apparel Made-ups and Home Furnishing Sector Skill Council, stated Thursday that India's total exports, including merchandise and services, are expected to exceed USD 800 billion this fiscal year, owing to government support and competitive offerings from domestic producers. He cited the government's efforts to reduce compliance costs, promote ease of doing business, and increase industrial competitiveness as key factors to this growth. Sakthivel voiced optimism about India's export capacity, highlighting initiatives such as the production-linked incentive (PLI
The Union Cabinet has approved an investment of Rs 10,700 crore as operating capital for the Food Corporation of India (FCI) in fiscal year 2024-25. This strategic change intends to improve FCI's operating skills and help it fulfil its mandate more effectively. During a recent Cabinet briefing, Union Minister of Information and Broadcasting Ashwini Vaishnaw stated that this infusion would significantly improve the FCI's ability to maintain food security through grain procurement, welfare distribution, and market price stabilisation. The minister further stated that food subsidies to farmer
As of July 2024, the total capital and reserves of the UAE banking industry have surpassed AED 500 billion for the first time, setting a new record. According to recent data from the Central Bank of the UAE (CBUAE), total capital and reserves increased by 10.5% year over year, from AED454.9 billion in July 2023 to AED502.6 billion in July 2024. The strength of the UAE's financial sector is demonstrated by its strong capital growth. The sector saw an increase of AED13.3 billion in the first seven months of 2024, up from AED489.3 billion at the end of 2023. Notably, the CBUAE highlighted tha
Tech giants are increasing their investment in Thailand's data infrastructure, with the Board of Investment (BOI) recently authorising funding for two large data centre projects worth more than THB 60 billion ($1.7 billion). These programs seek to strengthen Thailand's capacity in data services throughout Southeast Asia. Quartz Computing, a subsidiary of Alphabet Inc.—the US-based corporation and parent company of Google—plans to invest THB 32.76 billion to build a cutting-edge data centre in Chonburi province. This centre, which will be Google's fifth in Asia, is part of Google's aim
Dubai has announced 22 major road projects totalling Dh16 billion as part of the Roads and Transport Authority's (RTA) Main Roads Development Plan 2024-2027. Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and other dignitaries reviewed the plan at the RTA's headquarters, highlighting Dubai's commitment to improving infrastructure for seamless connectivity and economic growth. In honour of Dubai Tram's tenth anniversary, Sheikh Hamdan authorised RTA to investigate a "Trackless Tram" initiative—an environmentally friendly, self-driving electric transportation system aimed at
According to recent S&P Global Ratings research, South and Southeast Asia will invest more than $20 billion in electric vehicle (EV) development over the next few years, with India expected to benefit significantly. The paper emphasises India's significant market potential, recognising it as a key driver of EV growth in the area. Notably, the Tata and JSW groups are slated to spearhead these initiatives, with plans to invest more than $30 billion in EV production and materials over the next decade. Of this sum, around $10 billion will be devoted exclusively to projects in South and Sou
According to preliminary figures issued by the General Authority for Statistics on Thursday, Saudi Arabia's economy expanded by 2.8% year on year in the third quarter, owing mostly to a robust increase in non-oil industries. The non-oil sector expanded by an astonishing 4.2%, while government activity surged by 3.1%. However, the oil sector expanded just by 0.3%. Saudi Arabia's GDP dropped in the second quarter, with oil activity falling nearly 9% year on year. On a quarterly basis, real GDP increased by 0.8%, demonstrating a modest rebound despite obstacles from reduced oil prices and pro
Indonesia has opened Southeast Asia's first electric vehicle (EV) battery plant, with robotic arms building nickel-based cells in West Java. This $1.1 billion factory, funded by Hyundai and LG, is anticipated to help Indonesia achieve its goal of becoming a regional EV production powerhouse. Former President Joko Widodo stated that such investments might position Indonesia as a vital player in the global EV supply chain by exploiting its world-class nickel reserves. However, analysts point out obstacles such as limited manufacturing capacity, environmental issues, and competition from alte
President Mohamed Muizzu has approved the implementation of India's Unified Payments Interface (UPI) in the Maldives, a key step towards modernising the country's financial sector. This step comes after India agreed to share its expertise in digital and financial services, such as UPI and Unique Digital Identity systems, with the goal of enhancing the island nation's digital infrastructure. According to an official statement from the Maldivian President's office, the introduction of UPI is projected to greatly benefit the country's economy by increasing financial inclusion, improving trans
On Saturday, India's Finance Minister, Nirmala Sitharaman, met with her Mexican counterpart, Rogelio Ramírez de la O, in Mexico City to strengthen economic cooperation between the two countries. During their discussion, Sitharaman congratulated Ramírez de la O on his reappointment as Secretary of Finance and Public Credit. She also complimented Mexico's economic stability over the previous six years due to prudent fiscal policies. The conversations focused on potential collaboration via India's dynamic startup environment, which Sitharaman believes might provide new solutions for both co