Bandar Alkhorayef, Saudi Arabia's Minister of Industry and Mineral Resources is now on an official visit to Spain, where he has participated in a series of high-level conversations aimed at strengthening economic cooperation between the two countries. In Madrid, Alkhorayef met with Jordi Hereu, Spanish Minister of Industry and Tourism, and Carlos Cuerpo, Minister of Economy, Trade, and Business, to discuss ways to strengthen cooperation, notably in the industrial and mining sectors. During his conversation with Hereu, Alkhorayef emphasised Saudi Arabia's commitment to strengthening bilater
The International Monetary Fund (IMF) and Serbia have agreed on a 36-month agreement to support the country's ongoing economic reforms, the organisation stated on Wednesday. The agreement, known as a Policy Coordination Instrument (PCI), will help Serbia pursue reforms without providing direct financial aid. However, this arrangement may facilitate Serbia's ability to obtain loans from other financial organisations. The accord remains subject to approval by the IMF's executive board. This comes after Serbia signed a two-year, €2.4 billion ($2.6 billion) standby agreement with the IMF. Th
According to an economist poll, Argentina is projected to achieve its eleventh straight trade surplus in September, collecting a net $16.5 billion in hard currency since President Javier Milei took office in December. As per the reports, the country's trade surplus in September was $1.28 billion, despite facing triple-digit inflation, a prolonged recession, and depleted foreign currency reserves. Milei, a libertarian leader, has promised to overhaul Argentina's economy, and this run of trade surpluses contrasts with the deficits observed last year. Increased exports from important industri
The Union Cabinet has allocated Rs. 35,000 crore for the Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA) project, spanning the 15th Finance Commission Cycle until 2025-26. This move tries to maintain fair prices for farmers while keeping consumer costs stable. PM-AASHA combines the Price Support Scheme (PSS), Price Stabilisation Fund (PSF), Price Deficit Payment Scheme (PDPS), and Market Intervention Scheme (MIS) into a single program. Beginning with the 2024-25 season, the scheme will procure 25% of pulses, oilseeds, and copra at the Minimum Support Price. This season, Tur, Urad
Singapore's GDP grew significantly in the third quarter of 2024, increasing by 4.1% over the same period last year. Preliminary estimates from the Ministry of Trade and Industry (MTI) indicate that the manufacturing sector, which had recovered after two quarters of contraction, was primarily responsible for the increase. This amount exceeds the 2.9% growth rate achieved in Q2 2024. On a seasonally adjusted quarterly basis, the economy expanded by 2.1%, above the previous quarter's 0.4% growth. The manufacturing sector expanded 7.5% yearly, reversing a 1.1% decline in the second quarter.
On October 9, Reserve Bank of India (RBI) Governor Shaktikanta Das declared that an increase in UPI transaction limits would be implemented in order to improve digital payments. The adjustments include raising the UPI Lite wallet limit from ₹2,000 to ₹5,000 and raising the UPI 123Pay per-transaction limit from ₹5,000 to ₹10,000. By implementing these changes, UPI should be able to reach a wider audience and enable more people to use digital payments. The ability to conduct transactions without internet access with UPI 123Pay is very helpful for people who live in places with spotty
With a 12% increase in spending, the UAE cabinet has approved the highest budget ever for the fiscal year 2025, at AED 71.5 billion ($19.5 billion). This significant increase comes after a nearly 50% increase in capital expenditures at the beginning of the year. In addition to this record-breaking spending, the UAE expects AED 71.5 billion in revenue this year. The Social Development and Pensions sector receives a large budget (39%, or AED27.9 billion). This category includes contributions to public and higher education (15.3%), healthcare and community prevention (8%), pensions (8%), soci
The Abu Dhabi Investment Authority (ADIA), the UAE's largest sovereign wealth fund, has begun operations in India's tax-neutral finance hub, Gujarat International Finance Tec-City (GIFT City). The Indian government has promoted GIFT City as a "gateway for global capital and financial services," and it is located in Prime Minister Narendra Modi's home state of Gujarat. This key financial hub provides major benefits to businesses, including a 10-year tax break and tax exemptions on international capital transfers, as well as closeness to Indian markets. ADIA's plans to construct a base in
On October 7, Prime Minister Narendra Modi emphasised the importance of the Maldives in India's 'Neighbourhood First' policy at a meeting with Maldivian President Mohamed Muizzu in New Delhi. Modi emphasised India's consistent support, citing previous help provided to the Maldives during emergencies, such as vital commodities, drinking water during natural catastrophes, and COVID-19 vaccines. Modi emphasised that development cooperation remains critical to India-Maldives relations. He announced a $100 million rollover by the State Bank of India for the Maldivian Treasury, as well as a $400
Minister of Commerce and Industry Piyush Goyal met with American business magnates in New York on Thursday to promote investments in India. Executives like Robert Goldstein (COO of BlackRock), Anup Popat (CEO of Systems Technology Group), Sanjiv Ahuja (CEO of Tillman Holdings), Shailesh Upreti (CEO of C4V), and Ali Dibadj (CEO of Janus Henderson Investors) were among those he met with. Goyal highlighted changes to increase infrastructural development and the ease of doing business, emphasising India's potential as a worldwide manufacturing base. Goyal highlighted the government's commitmen