India has regained the fifth place among the world’s top equity markets by value after being briefly taken over by France. India’s market capitalisation stood at $3.15 trillion on February 10, making France and the UK the world’s sixth and seventh largest markets by value, respectively, says the data compiled by Bloomberg that shows the combined value of companies with a primary listing in each country. The outlook for earnings growth helped revitalise the appeal of India’s equities that have outperformed most global contemporaries for the last two years. Nevertheless, the total va
Union Minister Nitin Gadkari has said that increased metal recycling can bring down the cost of auto components by 30 per cent and automatically increase the industry’s export competitiveness. Addressing the three-day conference of the Material Recycling Association of India on material recycling on February 3 through videoconferencing, the minister said the government has set a target of doubling the size of the automobile sector to Rs 15 lakh crore and creating an additional 5 crore jobs. India overtook Japan to become the world’s third largest automobile market in 2022. The inter
Minister of State for Commerce and Industry Som Parkash has said that over ₹477 crore have been approved to 133 incubators under Startup India Seed Fund Scheme (SISFS) as of December 31, 2022. Of the approved amount, around ₹211 crore has been disbursed. Among Indian states, Maharashtra-based incubators were allocated the highest amount at ₹74.5 crore, said the government data. The Government with an intent to build a strong ecosystem for nurturing innovation, startups and encouraging private investments in the startup ecosystem of the country launched Startup India initiative on 16t
India is playing an increasingly important role in global oil markets by buying cheap Russian oil and refining it into fuel for Europe and the US, said a Bloomberg report on February 5. India shipped about 89,000 barrels a day of gasoline and diesel to New York last month, the most in nearly four years, said data intelligence company Kpler. The country supplied 1,72,000 barrels of low-sulfur diesel to Europe daily in January. Under EU guidelines, India is likely operating within the rules. When Russian crude is processed into fuels in a country outside of the bloc such as India, the ref
Foreign Minister of South Africa, Naledi Pandor has said that many nations across the globe are showing interest in joining the BRICS. Pandor, the Minister of International Relations and Cooperation, said this, while addressing delegates at the first BRICS Sherpa and Sous-Sherpa meeting of 2023 in Bela Bela, Limpopo province in South Africa. “The significant interest in joining BRICS by many is a clear sign that BRICS has remained true to its values of strengthening multilateralism, driving reform as well as boosting global economic growth and stability,” Pandor said. BRICS, an econ
The foreign exchange reserves of India rose above a six-month high of $576.76 billion in the week through January 27, said the Reserve Bank of India's (RBI) statistical supplement on February 3. According to the Weekly Statistical Supplement released by the RBI, forex reserves rose by $3.03 billion during the week ending January 27. This is the third consecutive week that the country’s reserves have risen. In the week to January 20, the reserves stood at $573.73 billion. The uptick in the foreign exchange reserves is a result of the rise in the Foreign Currency Assets (FCA), which is
German Chancellor Olaf Scholz pledged €200 million (roughly $215 million) to help Brazil defend the Amazon rainforest on January 30. The package announced during a visit by German Chancellor Olaf Scholz to Brazil included green energy and reforestation initiatives. During his visit to Brasilia, Scholz said he was delighted about Brazil's return to the world stage under its new president, Luiz Inacio Lula da Silva. The package for Amazon includes a new €31 million fund for Brazilian states for rainforest protection. The German Development Ministry said €93 million would go towards ref
The Singapore dollar saw a more than five-year peak on February 2 after the United States central bank said it had passed a critical point and began to improve in the fight against inflation. The Singapore currency rose 0.2 per cent to 1.3038 per US dollar, its highest since January 2018, and after overnight gains, was up about 0.7 per cent since January 31. The Singdollar has been on an upward trajectory this year due to rising expectations of easing inflation and less aggressive monetary tightening. It has gained about 2.7 per cent since ending 2022 at 1.3395 to the greenback. Other regi
Presenting the first Budget of Amrit Kaal on February 1, Union Finance Minister Nirmala Sitharaman in her Union Budget 2023-24 speech said, the Indian economy is on the right track and heading towards a bright future. The budget was also the last full budget of the Modi government before the 2024 Lok Sabha elections. This year’s Union Budget focuses on seven key areas: inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector. The capital expenditure increased for infrastructure development to
Under India’s one-year G20 presidency, Assam is all set to host the inaugural Sustainable Financial Working Group (SFWG) conference and Youth 20 Inception event in February. The first SFWG meeting would be held on February 2-3 at the Hotel Radisson Blu in Guwahati, where 94 delegates from G20 member countries, guest countries, international organisations, and government officials from India will be present. The first day’s programme includes a yoga session and three SFWG seminars. The day's activities will conclude with a river cruise, Ratri bhoj par samvaad, and a cultural event. The