India's drive to become a $5 trillion economy is seeing the automobile sector as a crucial growth engine. The sector accounts for 7.1% of India's GDP and roughly 49% of its manufacturing GDP. It supports more than 3.7 crore employment and accounts for around 8% of India's total exports. In 2024-25, India became the world's third-largest automobile market by sales and fourth-largest by production. The country manufactured approximately 31 million vehicles in various segments, including over 5 million passenger cars and 24 million two-wheelers. Exports totalled 5.7 million automobiles, with
The World Bank Group and the International Atomic Energy Agency (IAEA) have signed an agreement to support developing nations' safe and responsible use of nuclear energy. The cooperation was formalised by World Bank Group President Ajay Banga and IAEA Director General Rafael Mariano Grossi, marking the World Bank Group's first reengagement with nuclear power in decades. The agreement is consistent with the World Bank's overall electrification strategy, which focuses on ensuring reliable and affordable energy while responsibly managing emissions. With electricity consumption in developing n
Abu Dhabi Fund for Development has struck a $205 million financing agreement with the Gulf Cooperation Council Interconnection Authority to connect the GCC power grid to the UAE's national electricity network. The agreement was signed at the ADFD headquarters in Abu Dhabi. It aims to improve regional energy security and facilitate power exchange between the UAE and other GCC countries. The project aligns with the UAE's Energy Strategy 2050, which aims to build a sustainable and economically efficient energy system. The program aims to significantly enhance electricity transmission capacity
The United Kingdom's latest trade strategy positions India as Asia's "standout growth engine" and emphasises the country's rapid economic rise. According to the Department of Business and Trade's 'Global Trade Outlook 2025', India is expected to become the world's third-largest economy by 2028. The Free Trade Agreement (FTA) signed with India is defined as a key component of the UK's strategy to strengthen global trade ties and boost economic growth. Officials anticipate that the UK-India FTA will provide major benefits by lowering tariffs, opening markets, and streamlining customs procedu
Indonesia is set to commence the construction of a fully integrated electric vehicle (EV) battery project in East Halmahera, North Maluku. This development represents a significant milestone in the country's continuous efforts to reduce greenhouse gas emissions and promote global environmental goals. The initiative is supported by China's Contemporary Amperex Technology Co. Limited (CATL), one of the world's major EV battery producers. Bahlil Lahadalia, Indonesia's Minister of Energy and Mineral Resources, said that the plant will be the world's first in terms of scale and integration.
Union Commerce and Industry Minister Piyush Goyal reiterated that India is on pace to become a $5 trillion economy by 2027. He attributed the progress to persistent reforms, sound policies, and the leadership of Prime Minister Narendra Modi. Speaking at a virtual session organised by the Merchants' Chamber of Commerce and Industry (MCCI), Goyal stated that the improvements over the last decade have been revolutionary rather than incremental. He cited India's rise from the "Fragile Five" to one of the world's top five economies. Foreign exchange reserves are approaching $698 billion, inflat
Saudi Arabia has signed Build-Operate-Transfer (BOT) deals totalling SAR 2.2 billion ($586 million) as part of its drive to upgrade and develop its logistics infrastructure. The agreements were signed by the Saudi Ports Authority (Mawani) in collaboration with the National Centre for Privatisation at a high-level ceremony attended by Saleh Al Jasser, Minister of Transport and Logistic Services and Chairman of Mawani. The 20-year contracts were given to Saudi Global Ports (SGP) and Red Sea Gateway Terminal (RSGT). These two logistics operators will now handle multi-purpose cargo terminals a
India’s economic activity surged to its highest level in 14 months during June, driven by robust growth in both manufacturing and services. The HSBC Flash India Composite Output Index rose to 61.0 in June from 59.3 in May, indicating a substantial and sustained increase in company output. This seasonally adjusted index measures the monthly performance of India's industrial and service sectors together. This expansion was dominated by the manufacturing sector, with service sector growth also picking up. The respective increases reflected the best performance in two and 10 months. The m
Dubai's real estate market continues to attract significant international interest, with foreign direct investment (FDI) in the emirate increasing by 48% to $45 billion by 2024. This considerable growth has elevated the UAE to the second-highest global destination for new investment projects. According to data, for every $100 invested in the region, $37 is directed into Dubai, demonstrating the emirate's supremacy and investor trust in its property market. The demand for premium properties remains high. For instance, Beyond Developments' Sensia project in Dubai Maritime City sold out in
During a high-level visit to Mexico City, the UAE and Mexico signed several economic and investment cooperation agreements, taking a significant step towards boosting bilateral relations. The Emirati team was led by His Highness Sheikh Abdullah bin Zayed Al Nahyan, the UAE's Deputy Prime Minister and Minister of Foreign Affairs, who conducted detailed negotiations with Mexican officials. During his meeting with Mexico's Secretary of Foreign Affairs, Juan Ramón de la Fuente, Sheikh Abdullah addressed ways to improve partnership in trade, investment, and energy. Both presidents highlighted