Author: Bhakti Narayanan

The Ministry of Ayush and the World Health Organization (WHO) have formalized their collaboration through a ‘Project Collaboration Agreement’ in Geneva, aiming to standardize Traditional and Complementary Medical Systems. This initiative strives to integrate quality and safety features of these systems into the National Health System while fostering global distribution. A key focus of this collaboration is narrowing the divide between traditional and complementary medical systems within the National Health System. The WHO, in tandem with the Ministry of Ayush, will develop the Traditional Medicine Global Strategy 2025-34 to achieve this objective. Additional objectives encompass enhancing training and practice in…

In October 2023, India is poised to witness a 9.43% surge in exports, totaling US$ 62.26 billion, and an 11.10% growth in imports, reaching US$ 79.35 billion. For April-October 2023, merchandise and services exports are estimated at US$ 437.54 billion, a slight decrease of 1.61%, while imports are projected at US$ 495.17 billion, reflecting a 7.37% decline. The specific figures for October 2023 highlight a notable increase in merchandise exports to US$ 33.57 billion and imports to US$ 65.03 billion, compared to October 2022. However, during April-October 2023, merchandise exports decreased to US$ 244.89 billion, and imports declined to US$…

Virat Kohli, the star cricketer from India, boasts an impressive tally of 49 ODI centuries. Presently engaged in the ICC Men’s Cricket World Cup, he anticipates two upcoming chances to surpass his compatriot Sachin Tendulkar’s longstanding record for the highest number of ODI hundreds. In his first opportunity, Kohli aims to break the record against the Netherlands in Bengaluru, with all eyes on him during this crucial match. However, if unsuccessful, another opportunity awaits in the semi-final against the fourth-placed team. Should India secure victory in the semi-final, the prospect of Kohli claiming the record amplifies as they advance to…

Mr. Rajeev Chandrasekhar, the Minister of State for Electronics and Information Technology, has unveiled plans for the upcoming India AI program. Assuring exceptional funding and design, he envisions a shift in the startup ecosystem’s focus towards practical applications in governance, security, and agriculture. The potential launch date is speculated to be December 11, 2023, coinciding with the three-day Global Partnership on Artificial Intelligence (GPAI) summit in New Delhi. Mr. Chandrasekhar’s participation in the AI Safety Summit 2023 resulted in the approval of “The Bletchley Declaration,” urging a comprehensive exploration of AI’s potential aligned with human intentions. The government’s AI strategy…

India and Bhutan have strengthened their relationship by upgrading their border and immigration posts. The development aims to support Bhutan’s fifth king’s plans to transform Gelphu into a smart city along the Bhutan and Assam border. In a meeting between Prime Minister Narendra Modi and Bhutan’s King Jigme Khesar Namgyel Wangchuck in New Delhi, discussions were held on various topics, including bilateral cooperation and regional and global issues of mutual interest. In addition, the two countries agreed to finalize a survey for a 58-km cross-border rail link between Gelephu and Kokrajhar in Assam which will be constructed by India. They…

The International Spirits & Wines Association of India (ISWAI) has projected significant growth in India’s alcoholic beverage market, with expectations of reaching a market value of US$ 64 billion over the next five years. This forecast solidifies India’s position as the fifth-largest contributor to global market revenues in the near to medium term. In 2021, the sector had an estimated market size of US$ 52.4 billion, representing about 2% of the country’s nominal GDP and highlighting its significant role in the Indian economy, which also includes country liquor. The report emphasizes the industry’s substantial contributions to state governments through indirect…

According to a report by foreign brokerage Morgan Stanley, India’s significance as a catalyst for global economic growth is on the rise. The report predicts that India’s contribution to world growth will increase from 10% in 2021 to 15% in 2022, and further to 17% from 2023 to 2028. Notably, the report anticipates a substantial acceleration in India’s nominal GDP growth, projecting a rate of 12.4% year-on-year in fiscal year 2025, surpassing China, the United States, and the Euro Area. This robust growth trajectory is expected to drive India’s nominal GDP to reach $5 trillion by 2027, positioning India as…

Indian companies are planning to increase employee salaries by 9.8% in 2024, mirroring the 10% hike in 2023, as per WTW’s Salary Budget Planning Report. This positions India as the leader in salary increments across the Asia Pacific region. Factors like tighter labor markets and rising inflation were identified as key drivers influencing employers’ decisions to boost salaries in the coming year. The survey disclosed that while a quarter of companies exceeded their projections from December 2022, over half of them increased their wage budgets in 2023 compared to the previous year. In terms of salary increments, sectors like technology,…

Apple is exploring India as a potential manufacturing hub for iPhones, with the Tata Group set to produce these devices for both domestic and international markets. Electronics and Technology Minister Rajeev Chandrasekhar expressed the government’s support for this endeavor, highlighting India’s growing importance in smartphone manufacturing and exports due to the PLI scheme. Chandrasekhar commended Tata for taking over Wistron operations and underlined the significance of Indian electronics companies becoming global manufacturing and talent partners. The partnership between Tata and Apple comes after Wistron Corp., a Taiwan-based contract manufacturer for Apple, approved the sale of its India unit to Tata…

Home sales in 2023 are expected to surge by 20-30% compared to 2022, primarily fueled by the festival season, according to a report from real estate consultancy Colliers India. Notably, this year’s sales have already outpaced the entire sales figure for 2022, showcasing the remarkable growth in the real estate market. Mr. Badal Yagnik, the CEO of Colliers India, pointed out the historical trend of increased home sales during the October-December quarter, driven by homebuyers’ inclination to make property purchases during the festive season and the added benefit of instant liquidity due to developers offering enticing discounts. This quarter has…