There is an urgent need to create a new and dedicated fund to help developing countries successfully implement a post-2020 global framework to halt and reverse biodiversity loss, said Union Environment Minister Bhupender Yadav at the stocktaking plenary at the UN biodiversity conference, Convention on Biological Diversity COP15, in Montreal, Canada. The Global Environment Facility, which caters to multiple conventions such as the UNFCCC and UN Convention to Combat Desertification, is the only source of funding for biodiversity conservation. India said the developing countries bear most
Electronics production in India increased to Rs 6.4 lakh crore in value terms and exports hit an all-time-high of Rs 1.09 lakh crore in 2021-22, Minister of State for Electronics and IT Rajeev Chandrasekhar said in a statement in the Parliament. The electronics production in 2020-21 was over Rs 5.44 lakh crore and exports were Rs 81,822 crore based on the data sourced from industry associations and Directorate General of Commercial Intelligence and Statistics. The minister said that the Centre’s goal is to broaden and deepen the country's electronic manufacturing ecosystem. The Nation
India could attract about $10 billion in renewable energy investment in 2023—a bright spot as public markets remain largely shut to raising big-ticket capital—said the top officials of Bank of America in India. Kaku Nakhate, the President and India Country Head of Bank of America, in an interview, said that deals and investments will continue to flow into areas such as electric vehicles and green hydrogen, as investors need energy transition in their portfolios. Sectors such as renewable energy and retail are set to benefit as India performs better than other emerging markets in dra
India’s retail inflation reduced sharply to an 11-month low of 5.88% on an annual basis in November from 6.77% in October, 2022, due to cooling global commodity prices and higher borrowing costs. The percentage of inflation, which is measured by the Consumer Price Index (CPI), came within the Reserve Bank of India’s (RBI) tolerance band of 2-6% for the first time this year. India’s factory output, measured through the Index of Industrial Production (IIP), saw a contraction of 4% in October, said two separate data released by the Ministry of Statistics & Programme Implementation (
Bengaluru will host the first Finance and Central Bank Deputies (FCBD) gathering under India’s G20 Presidency beginning Tuesday. The Ministry of Finance and the Reserve Bank of India will jointly host the three-day gathering, from December 13-15, 2022, which will kick off discussions on the "Finance Track" agenda. The G20 Finance Track is led by the central bank governors and finance ministers of G20 nations. The track focuses on economic and financial issues, and offers a useful forum for discussion of international economic issues and the coordination of policy. Finance Minister Nirmal
Thailand Prime Minister Prayut Chan-o-cha on Saturday welcomed this year’s 10 millionth visitor to the country at Suvarnabhumi Airport to celebrate the revival of the tourism industry. Two tourists who arrived on a flight from Saudi Arabia received special prizes from the Prime Minister. The prizes included Limousine transfer, air tickets, shopping vouchers and virtual land, among others. The passengers were welcomed by traditional drummers and dancers. Around 40 million tourists were welcomed by the Asian country in 2019, but COVID-19 restrictions gave a major setback to the travel i
Rural India added 4.3 million jobs in November leading to an increase in the employment rate from 37% in October to 37.5%. Jobs in urban India also witnessed a marginal increase, from 34.2% to 34.4%, last month, said the Centre for Monitoring Indian Economy (CMIE). The Index of Consumer Sentiment (ICS) fell 0.2% in November after urban sentiment fell 1.5%, while rural India rose 0.5%, said the CMIE. The November 2022 ICS decline comes after two months of robust gains after rising somewhat sharply by 11.4% during the last two festival months. In its weekly job analysis, CMIE underlined t
The World Bank revised its growth forecast for India in the current fiscal year to 6.9% from 6.5%, led by expected higher consumption and more robust domestic activity, which will help the country perform better than other emerging markets. A report released by the World Bank on Tuesday said India is well-positioned to navigate external financial shocks. The country’s gross domestic product grew 6.3% in the July to September period—a decline from last quarter’s 13.5%—and has so far buffered itself from recessionary shocks facing other parts of the world. The bank said global eco
Global airlines are predicting their first industry-wide profit in 2023, as air travel rebounds from COVID-19 restrictions. The trade association of world airlines, International Air Transport Association (IATA) on Tuesday said that it expects a net profit of $4.7-billion for the industry next year, with more than 4 billion passengers set to fly. It had previously said only that profits were “within reach” in 2023. For this year, the association narrowed its forecast for industry-wide losses to $6.9-billion from $9.7-billion. Geneva-based IATA, which represents some 300 airlines compri
Even as central banks across the world continue to raise their interest rates to limit growing inflation, India stands like an “oasis” in this era of uncertainty, says the latest Ecowrap report of SBI Research released on Friday. In comparison to developed economies such as the US, the UK and Germany, the report shows India to have done noticeably better in areas of cost of living, food prices and energy costs. The report has been authored by Group Chief Economic Adviser of SBI Soumya Kanti Ghosh. SBI Research compared the cost of living in India with the US, the UK and Germany by m