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.
The United States and Saudi Arabia are negotiating to obtain metals in Africa to support their transition to alternative energy sources, said a media report. A government-supported Saudi enterprise would purchase stakes in $15 billion worth of mining assets in African countries such as the Democratic Republic of the Congo, Guinea, and Namibia, allowing US businesses to purchase some of the production. In July, Saudi Arabian Mining Co (Ma'aden) and the Saudi Public Investment Fund (PIF) acquired 10% of Brazilian Vale’s base metal unit in a similar deal; American investment group Engine No
Norway’s $1.4 trillion sovereign wealth fund is closing its only office in China, it said on September 7, though it will continue to invest in the country. The fund, which is one of the world’s biggest investors, is among a number of financial firms reviewing their presence in China due to the tightening of regulatory oversight, which is affecting the political ties between Beijing and the West. In April, Canada’s third-largest pension fund, Ontario Teachers’ Pension Plan closed its Hong Kong-based China equity investment team earlier this year. One of the world’s largest pension
Foxconn Technology Group Chairman Young Liu has backed India as an important country for the future of manufacturing, saying that the opportunities for development of electronics manufacturing and industrial chains in the country were huge. Speaking to the media at a group event in Taipei, Liu said that India would be able to build the ecosystem faster than China, which took 30 years, on the back of experience and new technologies such as artificial intelligence (AI). In July this year, while addressing SemiconIndia 2023, Liu said that he was optimistic about the direction of India’s
Singapore’s Energy Market Authority (EMA) on September 8 gave conditional approvals for five companies to import 2 gigawatt (GW) of low-carbon electricity from Indonesia. The five companies managing the projects are Pacific Medco Solar (formed by PacificLight Renewables, Medco Power Global and Gallant Venture), Adaro Solar International (formed by PT Adaro Clean Energy Indonesia), EDP Renewables APAC, Vanda RE (formed by Gurin Energy and Gentari International Renewables) and Keppel Energy. Their import capacities have been approved at 0.6GW, 0.4GW, 0.4GW, 0.3GW and 0.3GW, respectively.