The World Bank has warned that average potential global economic growth will fall to a three-decade low of 2.2% per year through 2030, bringing in a “lost decade” for the world’s economy, if policymakers fail to adopt ambitious initiatives to boost labour supply, productivity and investment. In a new report, the World Bank said that failure to reverse the expected slowdown in potential gross domestic product (GDP) growth would have profound implications for the world’s ability to tackle climate change and reduce poverty. Concerted efforts to boost investment in sustainable sectors,
New York is the top financial centre in the world, says a list released by think-tank Z/Yen. The list of top 10 financial centres includes London, Singapore, Hong Kong, San Francisco, Los Angeles, Shanghai, Chicago, Boston and Seoul. Mumbai stands 61st in the list, followed by New Delhi at 65th position and Gujarat’s GIFT City at 67th rank. Published on 23 March 2023, the thirty-third edition of the Global Financial Centres Index (GFCI 33) evaluated future competitiveness and rankings for 120 financial centres around the world. An initiative of China Development Institute (CDI), Shenzhen
Israeli Foreign Minister Eli Cohen and United Arab Emirates Ambassador to Israel Mohamed Al Khaja signed a customs deal on March 26 that paves the way for the countries’ free trade agreement to come into force. The Prime Minister of Israel Benjamin Netanyahu was present on occasion. The agreement will go into force on April 1. The Israel-UAE Comprehensive Economic Partnership Agreement was signed in Dubai last May, but could not go into force until the two countries signed the customs agreement on Sunday. The customs agreement took time to conclude as the countries had to carefully go th
Mobile phone exports from India increased to nearly $9.5 billion in February, with Apple contributing half of the total exports, said mobile devices industry body India Cellular and Electronics Association (ICEA) on March 22. A senior official at the industry body said the industry is on track to cross the target of mobile phone exports worth $10 billion from India by the end of this financial year. Till January 31, the exports were around $8.5 billion, and it is estimated to have reached about $9.5 billion in February, the official added. In 2021-22, the country recorded mobile phone expo
The total installed renewable energy capacity in India touched 168.96 GW by February 2023-end, RK Singh, Union Minister for Power, New and Renewable Energy, informed the Parliament on March 22. In the written reply to the Rajya Sabha, the union minister said that out of the total 168.96 GW, 64.38 GW is solar power capacity, 51.79 GW hydro, 42.02 GW wind and 10.77 GW bio power. Another 82.62 GW of green energy capacity is under implementation and 40.89 GW of capacity is under various stages of tendering. A total of 3,16,754.86 MU of electricity has been generated from renewable energy
The International Monetary Fund (IMF) has approved a nearly $3 billion bailout for Sri Lanka, as the country faces its worst financial crisis in more than seven decades. About $333 million will be immediately disbursed to the country under this programme. Sri Lanka defaulted on its debts with international lenders for the first time in history in 2022. The IMF on March 20 said its executive board approved the bailout, and the country’s presidency said the program will enable it to access up to $7 billion in overall funding. The immediate disbursement of about $333 million will spur finan
In a recent address at an industry event in New Delhi, Singapore's Minister for Trade and Industry Gan Kim Yong encouraged Indian businesses to increase their investment in Southeast Asia. Speaking at the annual Confederation of Indian Industry (CII) Partnership Summit, Gan Kim Yong highlighted the importance of Indian businesses viewing Southeast Asia as a lucrative market for trade and investment. He acknowledged that India is headed towards a $30 trillion economy by 2050. “My challenge to Indian businesses is to increase your investment in ASEAN by at least ten-fold to $20 billion by
Leaders from Singapore and Indonesia signed a memorandum of understanding (MoU) in Singapore on March 16 to develop renewable energy generation projects in Indonesia, both for domestic needs and for export to Singapore. Singapore and Indonesia will facilitate the development of solar farms and battery energy storage system to supply renewable energy, and when viable, hydrogen and ammonia, said Indonesia’s coordinating ministry for maritime affairs and investments, and Singapore’s trade and industry ministry in a joint statement. The Green Corridor Project will attract an estimated $
India and the European Union (EU) concluded their fourth round of talks for a comprehensive free trade agreement (FTA) in Brussels on March 18, tweeted Nidhi Mani Tripathi, Joint Secretary, Department of Commerce and India’s chief negotiator for the agreement. The next round of talks is planned for June 12-16. India had started negotiations for a trade pact with the 27-nation bloc of EU in 2007, but the talks stalled in 2013 as both sides failed to reach an agreement on key issues, including customs duties on automobiles and spirits and the movement of professionals. The two sides resume
Big Japanese companies have offered the largest pay rises in a quarter century in response to Japanese Prime Minister Fumio Kishida’s calls for higher wages to counter rising living costs. Worker pay has been low in Japan since the late 1990s due to sputtering growth, when investment in the economy turns sluggish over a sustained period of time, affecting consumption. It has left Japanese pay well behind the pays in other member countries of the Organisation for Economic Co-operation and Development. Now, a weak yen and rising commodity prices have driven up import costs and pushed infla