Mr. Piyush Goyal, Union Minister of Commerce and Industry, forecasted at the Amazing Goa Global Business Summit 2024 on Friday that India's economy would grow to $35 trillion in the next 25 years. Goyal emphasised India's strong economic trajectory, expressing optimism that the country, currently valued at $3.5 trillion, will reach $35 trillion within the next quarter-century. He said that the twenty-first century is India's moment to shine, predicting that it will become the world's third-largest economy within three years. Goyal credited India's potential to its strong economic fundament
India-Russia trade is currently worth USD 66 billion, with expectations of reaching USD 100 billion by 2030, according to External Affairs Minister (EAM) S. Jaishankar. Speaking at the India-Russia Business Forum in Mumbai, Jaishankar emphasised the continuous increase in bilateral commerce, emphasising that the ambitious goal is realistic and doable. The USD 100 billion objective, set during the annual meeting in July 2024, reflects the two countries' growing economic cooperation. However, Jaishankar emphasised the importance of addressing trade imbalances, regulatory impediments, and non
Bitcoin surpassed $80,000 for the first time, boosted by excitement about President-elect Donald Trump's view on digital assets and a Congress that may be pro-crypto. On Sunday, the cryptocurrency climbed by up to 4.7% to $80,092, an all-time high for the digital asset. Trump's campaign promises to prioritise the United States' participation in the digital asset business, including proposals to establish a strategic Bitcoin reserve and select crypto-friendly authorities, have boosted market confidence. Following his stronger-than-expected performance in Tuesday's election, with Republicans
The UAE has announced a comprehensive AED500 million ($136.1 million) package of community-focused programs aimed at improving the quality of life for senior citizens, women, and children throughout the country. This ambitious program was launched at the UAE Government's Annual Meetings under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President and Deputy Prime Minister, Lt. General Sheikh Saif bin Zayed Al Nahyan, UAE Deputy Prime Minister and Minister of the Interior, and His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan. This project is supported
A. Sakthivel, Chairman of the Apparel Made-ups and Home Furnishing Sector Skill Council, stated Thursday that India's total exports, including merchandise and services, are expected to exceed USD 800 billion this fiscal year, owing to government support and competitive offerings from domestic producers. He cited the government's efforts to reduce compliance costs, promote ease of doing business, and increase industrial competitiveness as key factors to this growth. Sakthivel voiced optimism about India's export capacity, highlighting initiatives such as the production-linked incentive (PLI
The Union Cabinet has approved an investment of Rs 10,700 crore as operating capital for the Food Corporation of India (FCI) in fiscal year 2024-25. This strategic change intends to improve FCI's operating skills and help it fulfil its mandate more effectively. During a recent Cabinet briefing, Union Minister of Information and Broadcasting Ashwini Vaishnaw stated that this infusion would significantly improve the FCI's ability to maintain food security through grain procurement, welfare distribution, and market price stabilisation. The minister further stated that food subsidies to farmer
As of July 2024, the total capital and reserves of the UAE banking industry have surpassed AED 500 billion for the first time, setting a new record. According to recent data from the Central Bank of the UAE (CBUAE), total capital and reserves increased by 10.5% year over year, from AED454.9 billion in July 2023 to AED502.6 billion in July 2024. The strength of the UAE's financial sector is demonstrated by its strong capital growth. The sector saw an increase of AED13.3 billion in the first seven months of 2024, up from AED489.3 billion at the end of 2023. Notably, the CBUAE highlighted tha
Tech giants are increasing their investment in Thailand's data infrastructure, with the Board of Investment (BOI) recently authorising funding for two large data centre projects worth more than THB 60 billion ($1.7 billion). These programs seek to strengthen Thailand's capacity in data services throughout Southeast Asia. Quartz Computing, a subsidiary of Alphabet Inc.—the US-based corporation and parent company of Google—plans to invest THB 32.76 billion to build a cutting-edge data centre in Chonburi province. This centre, which will be Google's fifth in Asia, is part of Google's aim
Dubai has announced 22 major road projects totalling Dh16 billion as part of the Roads and Transport Authority's (RTA) Main Roads Development Plan 2024-2027. Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and other dignitaries reviewed the plan at the RTA's headquarters, highlighting Dubai's commitment to improving infrastructure for seamless connectivity and economic growth. In honour of Dubai Tram's tenth anniversary, Sheikh Hamdan authorised RTA to investigate a "Trackless Tram" initiative—an environmentally friendly, self-driving electric transportation system aimed at
According to recent S&P Global Ratings research, South and Southeast Asia will invest more than $20 billion in electric vehicle (EV) development over the next few years, with India expected to benefit significantly. The paper emphasises India's significant market potential, recognising it as a key driver of EV growth in the area. Notably, the Tata and JSW groups are slated to spearhead these initiatives, with plans to invest more than $30 billion in EV production and materials over the next decade. Of this sum, around $10 billion will be devoted exclusively to projects in South and Sou