With a 12% increase in spending, the UAE cabinet has approved the highest budget ever for the fiscal year 2025, at AED 71.5 billion ($19.5 billion). This significant increase comes after a nearly 50% increase in capital expenditures at the beginning of the year. In addition to this record-breaking spending, the UAE expects AED 71.5 billion in revenue this year. The Social Development and Pensions sector receives a large budget (39%, or AED27.9 billion). This category includes contributions to public and higher education (15.3%), healthcare and community prevention (8%), pensions (8%), soci
The Abu Dhabi Investment Authority (ADIA), the UAE's largest sovereign wealth fund, has begun operations in India's tax-neutral finance hub, Gujarat International Finance Tec-City (GIFT City). The Indian government has promoted GIFT City as a "gateway for global capital and financial services," and it is located in Prime Minister Narendra Modi's home state of Gujarat. This key financial hub provides major benefits to businesses, including a 10-year tax break and tax exemptions on international capital transfers, as well as closeness to Indian markets. ADIA's plans to construct a base in
On October 7, Prime Minister Narendra Modi emphasised the importance of the Maldives in India's 'Neighbourhood First' policy at a meeting with Maldivian President Mohamed Muizzu in New Delhi. Modi emphasised India's consistent support, citing previous help provided to the Maldives during emergencies, such as vital commodities, drinking water during natural catastrophes, and COVID-19 vaccines. Modi emphasised that development cooperation remains critical to India-Maldives relations. He announced a $100 million rollover by the State Bank of India for the Maldivian Treasury, as well as a $400
Minister of Commerce and Industry Piyush Goyal met with American business magnates in New York on Thursday to promote investments in India. Executives like Robert Goldstein (COO of BlackRock), Anup Popat (CEO of Systems Technology Group), Sanjiv Ahuja (CEO of Tillman Holdings), Shailesh Upreti (CEO of C4V), and Ali Dibadj (CEO of Janus Henderson Investors) were among those he met with. Goyal highlighted changes to increase infrastructural development and the ease of doing business, emphasising India's potential as a worldwide manufacturing base. Goyal highlighted the government's commitmen
According to figures provided by the central bank on Friday, India's foreign exchange (FX) reserves have been steadily increasing over the past six weeks, reaching a new high of $692.3 billion as of September 20. A significant overall gain of $19.3 billion has been recorded over the past five weeks, with an additional $2.84 billion added during the most recent reporting week. The interventions in the foreign exchange market by the Reserve Bank of India (RBI) to control the rupee's excessive volatility and the appreciation or depreciation of foreign assets kept in reserves are the main caus
The United States' economic growth accelerated in the second quarter, owing mostly to strong consumer spending, the Commerce Department reported on Thursday. The GDP expanded at an annualised rate of 3.0%, which was unchanged from the prior estimate. According to economists, this was consistent with forecasts. In contrast, growth in the first quarter was revised to 1.6%, up from the previously reported 1.4% rate. The government corrected the national account statistics from the first quarter of 2019 to the first quarter of 2024. This indicated that economic growth and business earnings in
Indonesia has officially applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to expand its export markets and attract more investment. On Wednesday, Indonesia's national news agency, Antara, reported on the important decision, citing the country's main economic minister, Airlangga Hartarto. According to Hartarto, Indonesia addressed a formal letter to New Zealand, the CPTPP's depositary. The letter underlines Jakarta's desire to join the agreement that connects 12 member countries. "This decision is part of our efforts to structurally reform I
India has now surpassed Japan to become Asia's third most powerful country, according to the Lowy Institute's most recent Asia Power Index. This shift demonstrates India's growing strength on the continent, cementing its position as a global player with aspirations to become a superpower. The Asia Power Index, published annually by Australia's Lowy Institute, assesses countries' power dynamics throughout Asia using variables such as economic resources, military strength, diplomatic influence, and cultural reach. India's ascension reflects its expansion in strategic areas such as defence, d
Hardeep Singh Puri, India's Petroleum Minister, claimed that bilateral trade between India and the United States has the potential to exceed $500 billion, up from $200 billion currently. He underlined that the United States is currently India's sixth-largest energy trade partner, with hydrocarbon trade expected to reach $13.6 billion in 2023-24, nearly doubling that of 2018-19. This increased momentum shows that there is substantial potential for future trade expansion. Puri made these comments during a panel at Gastech 2024, a global energy conference. He spoke with stakeholders from the
India is on track to become the world's third-largest economy by FY31, with a 6.7% growth rate expected this fiscal year, according to S&P Global. The report, "India Forward: Emerging Perspectives," emphasises the importance of ongoing reforms to improve business efficiency, increase private sector investment, and minimise dependency on state resources. It also forecasted an 8.2% growth rate for FY24, emphasising the need for infrastructure development and geopolitical policies to boost commerce. India's equity markets are projected to stay active due to robust growth prospects and imp