According to government sources, India intends to project nominal economic growth of 10.3%–10.5% for the upcoming fiscal year, which is higher than the current year's forecast of 9.7%. As the country prepares for its slowest growth in four years in 2024–2025, the optimistic prognosis attempts to allay fears of an economic slowdown. N.R. Bhanumurthy, director of the Madras School of Economics, stated that the growth forecast, which is fuelled by government capital expenditures, agriculture, and a resurgence in exports, is feasible. The administration of Prime Minister Narendra Modi has
Announcing intentions to make the UK a global leader in artificial intelligence, Prime Minister Sir Keir Starmer highlighted the technology's potential to change public services and spur economic growth. The AI Opportunities Action Plan seeks to modernise infrastructure, create "AI Growth Zones," and tackle issues like pothole detection, with the backing of top tech companies that have pledged £14 billion and created over 13,000 jobs. The strategy shifts from the cautious AI approach of the previous administration to one that emphasises innovation and opportunity maximisation. Notably, th
According to Ahmed Al Kaabi, Assistant Undersecretary at the Ministry of Energy and Infrastructure, the UAE is making quick progress towards its renewable energy ambitions, with a target of 14.2 GW of capacity by 2030. Speaking at IRENA's high-level discussion on energy transitions, Al Kaabi emphasised the UAE's role in the global clean energy transition through ambitious goals and investments. As the first Gulf nation to join the Paris Agreement and pledge to net-zero emissions by 2050, the UAE is home to three of the world's largest solar projects, with more underway. Masdar, founded nea
As rising petrol prices put pressure on the economy, Egypt is expanding its solar power production thanks to its huge deserts, plenty of sunlight, and advanced electrical system. A government emergency plan was prompted by rolling blackouts last summer, which were caused by declining local gas production and rising usage. Last year, Egypt spent more than $1 billion more than anticipated on LNG imports, and by 2025, prices are forecast to increase even further. Companies like AMEA Power emphasise the cost-effectiveness of solar energy as a less expensive option. With electricity costs of 2
Brazilian President Luiz Inacio Lula da Silva signed a historic bill into law on Friday, enabling the construction of offshore wind farms to improve Brazil's energy security and spur investment in renewable energy. The legislation creates a comprehensive regulatory framework for offshore wind energy, with incentives to promote sector growth, create jobs, and increase the nation's energy resiliency. It also specifies allowed energy generation areas, such as the country's territorial sea, exclusive economic zone, and continental shelf. Furthermore, the law requires informed consultation w
Thailand had approximately 35.54 million foreign tourists in 2024, a 26.27% increase from the previous year, owing to relaxed entrance requirements and visa exemption policies, according to the Thai Ministry of Tourism and Sports. China was the leading source of tourists, with 6.73 million visits, followed by Malaysia (4.95 million) and India (2.12 million). Tourism revenue was roughly 1.67 trillion baht ($48.45 billion) in 2024, a 34% increase over the previous year. Thailand launched an online electronic visa system in January to increase tourism, which is accessible globally through Tha
Non-oil business activity in the UAE surged in December, with the Purchasing Managers’ Index (PMI) rising to 55.4 from 54.2 in November, according to an economy tracker. This nine-month high reflects strong demand and continued growth in the non-oil private sector. S&P Global attributed the robust expansion to favorable market conditions, highlighting the UAE’s progress under Vision 2031. This strategy focuses on diversifying the economy by promoting industries like manufacturing, tourism, and technology to ensure sustainable growth. David Owen, a senior economist at S&P Glo
Singapore is making a bold move in its energy transition with the construction of a groundbreaking hydrogen power plant. PacificLight Power is leading this initiative, investing US$1 billion in a 600-megawatt facility on Jurong Island. This state-of-the-art plant will start by using a mix of hydrogen and natural gas, with the potential to switch entirely to hydrogen in the future. It is set to become Singapore’s largest and most efficient combined cycle gas turbine power plant. The plant’s focus on clean energy aims to cut carbon emissions significantly, supporting Singapore’s goa
India’s coal production surged by 5.33% in December 2024, reaching 97.94 million tonnes (MT), as reported by the Ministry of Coal. This growth highlights the government’s ongoing efforts to meet the country’s rising energy demands and strengthen coal supply chains. Key contributors to this increase include Coal India Limited (CIL), which produced a significant share of the total coal output. The production spike also comes as part of India’s strategy to enhance energy security and reduce dependence on coal imports. Power plants across the country have also improved their coal st
India's GST revenue for December 2024 rose by 7.3% year-on-year, totaling ₹1.77 lakh crore. The breakdown is as follows: Central GST (CGST): ₹32,836 crore State GST (SGST): ₹40,499 crore Integrated GST (IGST): ₹47,783 crore Cess: ₹11,471 crore Domestic transactions contributed ₹1.32 lakh crore, an 8.4% increase. Imports accounted for ₹44,268 crore, up by 4%. In November 2024, GST revenues were higher at ₹1.82 lakh crore, showing an 8.5% annual growth. The peak monthly collection was in April 2024, reaching ₹2.10 lakh crore. For the fiscal year