South Africa has started a fund to help the government fast-track electricity-generation projects needed to end a crippling energy crisis. The Energy One Stop Shop and Resilience Fund will aim to streamline regulatory processes needed for private investment in electricity production and help accelerate the approval of projects, said Trade, Industry and Competition Minister Ebrahim Patel at a virtual launch on July 27. The Energy One-Stop Shop will start with dedicated personnel, a website, a registration portal for energy projects, and a mapped process showing where a project is in the
Saudi Arabia’s Public Investment Fund (PIF) has established the Saudi Tourism Investment Company, or Asfar, to support the growth of the Kingdom’s tourism sector. Asfar will invest in new tourism projects and develop destinations with hospitality, tourist attractions, retail, and food and beverage offerings in cities across the country, the PIF said in a statement on July 27. In addition to offering co-investment opportunities to the private sector, the new company aims to create a supportive environment for local suppliers, contractors, and small and medium-sized enterprises.
India has joined Switzerland and the United Kingdom in the number of companies with over $150 billion market capitalisation. While the US tops the list with 51 companies, with market valuations of a minimum of $150 billion, China and France follow next with six and four companies, respectively. In India, the merger of HDFC twins has created a third Indian company to have a market capitalisation of at least $150 billion. This feat till now was enjoyed by two companies — Reliance Industries Ltd (RIL) and Tata Consultancy Services (TCS). Now, three nations — India, Switzerland, and the
Prime Minister Narendra Modi on July 26 inaugurated the International Exhibition-cum-Convention Centre (IECC) complex at Pragati Maidan in New Delhi. The redeveloped complex is the venue of the G20 Summit in September. The Prime Minister also felicitated the 'shramjeevis,' who built the new complex and performed ‘puja’ ahead of the inauguration of the complex, which has been developed at a cost of about ₹2,700 crore. The facility, with a campus area of nearly 123 acres, has been built after an overhaul of the old and outdated structures in the area. Owned by India Trade Promoti
German Minister of Labour and Social Affairs Hubertus Heil has said that he wants to encourage skilled professionals from India to come to Germany. In India for the G20 summit from July 17-22 , Heil added that Germany’s new immigration law makes it easier for students and professionals to move to the country, adding that they need “smart brains and helping hands” for their economy. Heil called India an important partner for Germany and stressed that it is important for both countries to seek solutions together. “In the long term, we could achieve cross-national comparability and re
A record 13.5 crore people moved out of multidimensional poverty between 2015-16 and 2019-21, said a report released by NITI Aayog on July 17. According to the report, National Multidimensional Poverty Index: A Progress Review 2023, India registered a significant decline in the number of multi-dimensionally poor from 24.85 percent in 2015-16 to 14.96 percent in 2019-2021, the report said. During this period, rural areas witnessed the fastest decline in poverty from 32.59 percent to 19.28 percent, it added. The National MPI measures simultaneous deprivations across the three equally weig
Adani Group Chairman Gautam Adani has said that the redeveloped, new Dharavi - Asia’s largest slum cluster located in Central Mumbai – will produce “millionaires without the slumdog prefix.” Adani Properties has been appointed by the Maharashtra government for the redevelopment of Dharavi. In an open letter on July 19, Adani expressed his commitment to creating a “state-of-the-art world-class city" that would reflect a resurgent and self-assured India “as the 21st century belongs to India". He personally vowed that eligible residents of Dharavi would be relocated to their new h
India and Japan have signed a memorandum of understanding (MoU) on semiconductor development. The agreement was signed between Union Minister for Electronics and IT Ashwini Vaishnaw and Japan’s Minister of Economy, Trade and Industry Yasutoshi Nishimura in New Delhi on July 20. The MoU is on five fronts, namely semiconductor design, manufacturing, equipment research, talent development, and bringing resilience to the semiconductor supply chain, informed Ashwini Vaishnaw. He added that the agreements such as the US-India initiative on Critical and Emerging Technology (iCET) and the one wi
India has extended approximately $32 billion in credit to 42 African nations in the last 10 years, accounting for 38 percent of India’s total credit distribution, according to Export-Import Bank of India Managing Director Harsha Bangari. In addition, India has opened 195 project-based lines of credit in Africa worth around $12.8 billion - triple the number in its own region. This makes Africa the second-largest recipient of credit from India. In a media interview, Bangari said that credit extended by India in the last decade is just a few percentage points below its neighbours. She added
Japan is assisting Bangladesh to turn its coast into an economic hub, say reports. Under the Bay of Bengal Industrial Growth Belt (BIG-B) initiative, Japan has been implementing projects for improving connectivity, developing infrastructure and accelerating industrial growth along the Dhaka-Chittagong-Cox's Bazar belt area, say experts familiar with the development. The projects include a power plant, port and corporate parks. The BIG-B initiative aims to boost connectivity between Bangladesh and its neighbouring countries Bhutan, Nepal and northeastern India, and make it the heart of the