The Government of India is in talks with the Bhutanese regime over the rail link between Bhutan and Assam, informed External Affairs Minister Dr S Jaishankar on August 7. The union minister added that Bhutan is keen to open up more places for tourists and that the rail link is advantageous for Assam as well. To be completed by 2026, the 57-km railway line will be the first railway connection between India and Bhutan. The Indian government will fund the project. Bhutan’s Foreign Minister Dr Tandi Dorji said in April that the Bhutan government will first work on this project, and later loo
Israel will build a 100 billion shekel ($27 billion) rail expansion that will connect its remote areas to the city of Tel Aviv and could provide overland links to Saudi Arabia in years to come, Prime Minister Benjamin Netanyahu said on July 30. The announcement came after a visit of top US officials to Saudi Arabia in July to advance a possible forging of formal relations between the Kingdom and Israel. In a weekly Israeli cabinet meeting, Netanyahu promoted infrastructure initiatives, including the “One Israel Project.” The Prime Minister of Israel said the project is designed t
The gross domestic product of the Kingdom of Saudi Arabia grew by 1.1% in the second quarter of 2023 compared to the same period in 2022 due to non-oil activities that increased by 5.5% annually in the quarter. The non-oil sector is a focus area under Saudi Arabia’s Vision 2030, as the Kingdom aspires to steadily diversify its economy that has been dependent on oil for several decades. According to General Authority for Statistics (GASTAT), government services activities increased by 2.7% in the second quarter, while oil activities dipped by 4.2% on an annual basis. The fall
The International Monetary Fund (IMF) has said that it would “encourage” India to remove restrictions on export of a certain category of rice. The restrictions could exacerbate food price inflation and should be reversed, said the International Monetary Fund Chief Economist Pierre-Olivier Gourinchas in Washington on July 25. On July 20, The Government of India had banned the export of non-basmati white rice to boost domestic supply and keep retail prices under check during the upcoming festive season. This type of rice constitutes about 25 percent of the total rice exported from India.
Saudi Arabia’s Public Investment Fund (PIF) has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA) and plans investments worth $5 billion in Oman. The MoU aims at expanding cooperation and investment between the two investment entities, enabling new and promising investments in Oman’s rapidly growing economy. It follows the establishment of the Saudi Omani Investment Company, to allocate $5 billion for investments across various promising sectors in Oman. In addition, the PIF’s investment portfolio will be expanded in the Omani market, to stimulate in
The Government of India has launched the Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal to refund the hard-earned money of crores of depositors in four cooperative societies of Sahara Group in about 45 days. Calling the portal a historic moment, Cooperation Minister of India Amit Shah on July 18 said that this is the first time when depositors are getting refunds in a case where multiple government agencies are involved and each one has done a seizure. On March 29, the Government of India had said that money will be returned to 10 crore investors of the four coop
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