India and the UAE signed four major energy deals on Monday, bolstering strategic relations. Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan discussed nuclear energy, vital minerals, and green hydrogen. One significant agreement is for Abu Dhabi National Oil Company (ADNOC) to supply Indian Oil Corporation Ltd. with one million metric tonnes of liquefied natural gas (LNG) every year. ADNOC also agreed with India Strategic Petroleum Reserve Ltd (ISPRL) to investigate additional opportunities for crude oil storage in India. Another a
According to a survey by HSBC and S&P Global, India's services sector expanded at a five-month high in August. The Services Purchasing Managers' Index (PMI) increased to 60.9 from 60.3, the largest increase since March and far beyond the 50-point barrier that indicates growth. HSBC's Chief India Economist, Pranjul Bhandari, attributed the improvement mostly to higher domestic orders. The new business subindex rose to a four-month high, highlighting the importance of domestic demand in driving development. Although overseas demand remained strong, growth has fallen to a six-month low.
The World Bank has boosted its India growth forecast to 7% for the current fiscal year, up from 6.6% previously. This modification reflects a robust agricultural rebound and rising rural demand, according to the most recent India Development Update, which was released on September 3, 2024. Ran Li, a senior economist at the World Bank, said that favourable monsoon conditions and increased private spending had led to the upward adjustment of India's GDP prediction. Despite a challenging global climate, India's growth is resilient, and the services sector is anticipated to maintain its robust
Thailand's Prime Minister Paetongtarn Shinawatra has revealed a big change to the government's 450 billion baht (US$13.1 billion) "digital wallet" handout, indicating that some of the funds will now be distributed in cash. This is a deviation from the original idea, which was to send 10,000 baht in digital credits to 50 million residents for use in their communities. The plan, a cornerstone of the ruling Pheu Thai Party's election campaign, is now being finalised, with further information expected in a future parliamentary policy declaration. The specific amount of the budget to be conv
Egypt's non-oil private sector has finally resumed growth after three difficult years of decline. The S&P Global Purchasing Managers' Index (PMI) for Egypt rose to 50.4 in August from 49.7 in July, indicating growth. This favourable shift is linked to higher demand, stronger economic conditions, and a major boost from increasing export activity. Egypt's recent $8 billion financial assistance agreement with the International Monetary Fund (IMF) has played a critical role in its recovery. The IMF accord included major economic reforms like market-determined currency exchange rates and
In August, India collected 1.75 trillion rupees ($20.87 billion) in goods and services tax (GST), up 10% over the same month the previous year when the collection was 1.59 trillion rupees. Since being implemented on July 1, 2017, GST has altered India's tax environment, replacing a variety of indirect taxes such as excise duty, VAT, and service tax. GST has decreased the overall tax burden, simplified compliance, and increased transparency and economic growth, all of which accord with India's vision of 'Ek Bharat Sreshtha Bharat.' As of August 23, India's foreign exchange reserves were
The United Kingdom reported that it had received the requisite sixth and final ratification to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by December 15. This economic bloc covers five continents: Canada, Mexico, Japan, and Australia. With the UK's participation, the CPTPP will now include approximately 600 million people. Peru's ratification represented the final step in the UK's participation in the deal, which was launched under the Conservative Party and is now due to take effect under the new Labour government. Douglas Alexander, Minister of
Christopher Waller, a member of the Federal Reserve Board of Governors, indicated that the United States may connect some private banks to India's Unified Payments Interface (UPI) to create a speedier payment network. Speaking at the Global Fintech Fest in Mumbai, Waller stated that the United States now lacks a complete quick payment system due to risk management and regulatory concerns. Connecting with UPI could be a viable alternative, but it requires a solid value offer. Waller noted that contemporary global payment systems are purposefully created with some frictions for compliance an
The UK government has committed £10.5 million ($13.9 million) to help ports prepare for the European Union's enhanced border security checks for UK citizens entering the EU. The funding is intended to reduce queues and delays when the EU implements its computerised Entry and Exit System (EES) this September. This technology will remove manual passport scanning by requiring travellers from non-EU nations, including the United Kingdom, to register digitally at the border. The method entails scanning faces and collecting fingerprints to create a biometric record that is connected to travel d
QatarEnergy and Kuwait Petroleum Corporation (KPC) signed a new 15-year LNG supply agreement on August 26, reflecting Kuwait's growing demand for low-carbon fuel for power generation. Under the terms of the arrangement, Qatar's Q-Flex and Q-Max ships will transport liquefied natural gas (LNG) to Kuwait's Al Zour refinery LNG import facility. This is the second arrangement between the two corporations, following a 3 million metric tonnes per year deal in 2022. According to a KPC source, this increased supply is necessary due to Kuwait's growing domestic demand for cleaner energy. Unlike pri