India's state-run banks are poised to generate nearly $2 billion in dividends for the government in the upcoming fiscal year commencing in April. According to the senior ministry official, this data marks a substantial surge from the current period. PM Modi has orchestrated measures to fortify these financial institutions since he took office in his first term. His strategies consist of the amalgamation of weaker banks with more robust counterparts and the implementation of bankruptcy laws to reclaim funds from defaulters. The government has invested over 3.3 trillion rupees ($39.7 billion
The Indian government has approved the signing of the India-UAE Bilateral Investment Treaty (BIT), marking a significant milestone in fostering investment relations between the two countries. The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the signing and ratification of the BIT between India and the UAE, according to an official government statement. The treaty is poised to bolster investor confidence, particularly among key stakeholders, thereby catalysing an influx of foreign capital and creating avenues for Overseas Direct Investment (ODI). It is anticipated
On Thursday, Finance Minister Nirmala Sitharaman unveiled the Indian government's forthcoming housing scheme tailored for the deserving middle class in her sixth consecutive budget. The initiative aims to empower middle-class people to either acquire or construct their own homes. Furthermore, Sitharaman emphasised the government's commitment to fostering sustainable development and enhancing productivity through an economic strategy outlined in the interim budget. During the announcement, the Finance Minister appreciated the achievements of the PM Awas Yojana (Grameen), highlighting its
India's finance minister unveils budget, promises reforms to drive growth India's Finance Minister, Nirmala Sitharaman, unveiled the budget promising comprehensive economic reforms to stimulate growth in her final budget speech in the Lok Sabha ahead of the impending national elections in May. Some of the key highlights of her speech include the commitment to construct more than two crore houses under a housing scheme targeting deserving middle-class people, the conversion of 40,000 regular rail bogies to Vande Bharat standards, and the determination to propel India towards becoming a deve
The Bank of England has maintained its stance on borrowing costs, holding them unchanged for four consecutive months while hinting at potential rate cuts soon. The central bank anticipates that inflation will soon dip below 2%, prompting cautious optimism. Before considering a reduction in borrowing rates, the Bank emphasized the need for further evidence of sustained inflation aligning with the government-set target. It emphasised the continuous problem and the continued hazards that come with fast-rising costs. The Monetary Policy Committee (MPC) opted to retain interest rates at 5.25
In 2023, France's economy experienced a notable surge of 0.9%, yet the momentum waned in the last two quarters, marking a period of stagnation. This growth marked a deceleration from the nation's 2.5% annual growth rate in 2022, slightly below the government's forecast of 1%. Throughout much of 2023, France, the second-largest economy in the eurozone, grappled with near-zero growth, barring a modest uptick of 0.7% in the second quarter. Household consumption, a significant economic driver, contracted by 0.7% over the year and notably declined in the final three months. Comparatively, Ge
Singapore’s central bank kept its monetary policy setting unchanged for the third consecutive month. Despite estimates that inflation will decline later this year, officials claim that a relaxation may occur later this year. In a statement issued on Monday, the Monetary Authority of Singapore (MAS) maintained the currency band's slope, width, and centre. It aims to keep the local dollar on an appreciating path, which will help prevent imported inflation. The statement read, “Core inflation is likely to remain elevated in the earlier part of the year. However, it should decline gradu
On Monday, the International Monetary Fund (IMF) projected Brunundi’s economy to expand by 4.3% in 2024 from the previous year’s 2.7%. According to the statement, agricultural production, productive investment, and ongoing reforms will primarily support growth's acceleration. Burundi’s agricultural sector heavily relies on agricultural revenues, particularly tea and coffee, which improved the growth rate. The IMF report claimed that fuel shortages were the main reason for 2023's slower growth rate. Before this, years of political unrest and conflict severely damaged key sectors. F
On Monday, Saudi Arabia’s Justice Ministry declared the establishment of its first administrative enforcement court with jurisdiction over government entities and officials, marking a significant step towards enhancing investors' confidence. Crown Prince Mohammed Bin Salman implemented it as part of a broader judicial reform. It will aim at modernising the nation's economic condition and reducing its dependency on oil exports. Furthermore, the recent enactment of civil law will be a key component of these reforms. Saudi's first civil code replaced the unwritten system that allowed judges
On Monday, Brazil President Luiz Inacio Lula da Silva launched an industrial development plan of investing 300 billion reais into Brazil's ageing industries for the next decade. He referred to the plan as a "re-industrialization" initiative designed to change policies that prioritised agricultural production and exports over national industry. At the launch event, he said, “For once and for all, we need to overcome the problem of Brazil always being on the verge but never quite becoming a developed country." Lula aims to boost the sluggish growth with state credits and subsidies with a p