Author: Bhakti Narayanan

Despite a less-than-favorable monsoon in July and August, as well as concerns about El Nino, India’s appetite for gold increased by 10% year-over-year in the quarter ending in September, reaching 210 tonnes. Rural India played a substantial role in driving this demand, representing 60% of the country’s annual gold consumption, which is expected to range between 700-750 tonnes in 2023, slightly less than the previous year, according to the World Gold Council (WGC). The WGC’s Q3 Gold Demand Trends report highlights that central banks globally continue to purchase gold at a historic pace, providing vital support to the precious metal.…

According to Mr. Nimesh Shah, the managing director of ICICI Prudential Mutual Fund, the Mutual Funds (MF) industry is poised to represent a significant portion of the banking sector by 2030, with the total industry size expected to exceed Rs. 100 trillion (equivalent to US$ 120.10 billion) in the coming decade. Mr. Shah made this projection during a panel discussion at the Business Standard BFSI Insight Summit 2023 in Mumbai, emphasizing the transformative role of digital technology in the MF market’s growth. He noted that MF companies have expanded their reach to approximately 200 locations nationwide and mentioned the potential…

Mango exports from India have surged by 19% in the first five months of the current fiscal year, as reported by the Agricultural and Processed Food Products Export Development Authority (APEDA) and the Ministry of Agriculture and Farmers Welfare. In this period, mango exports reached a total value of $47.98 million, a significant increase from $40.33 million during the same period the previous year. APEDA, in collaboration with the Ministry of Agriculture and Farmers Welfare, facilitated mango exports totaling 27,330.02 million tonnes (MT) during April-August 2023. India’s mango exports to the USA, one of its key markets, increased by 19%…

Union Minister Piyush Goyal is scheduled to participate in the G7 Trade Ministers’ Meeting in Osaka, Japan, on October 28th-29th, 2023. During this event, Mr. Goyal will engage with several G7 nations, invited countries, and international organizations like the World Trade Organization (WTO) in conjunction with the outreach activities. The annual gathering of Trade Ministers from G7 Member States serves as a platform to address pressing global trade and investment issues while devising a roadmap for a more prosperous future. Japan, which holds the G7 Trade Ministers conference Presidency this year, has invited India and several other invitee nations, including…

A recent survey by the Retailers Association of India (RAI) revealed that in September 2023, retail sales surged by 9% compared to the same period in September 2022. Retail businesses in all regions across India reported increased sales, with the Southern region witnessing the highest year-over-year growth at 13%. The East and North regions showed growth rates of 7% and 6%, respectively, while West India saw an 8% growth. Kumar Rajagopalan, CEO of RAI, noted that the festive season contributes to this positive trend, especially with expectations of increased purchases, particularly for celebratory items. Retailers are optimistic about the upcoming…

India is on track to overtake Japan and become the world’s third-largest economy by 2030, according to a report from S&P Global Market Intelligence. The report predicts that India’s nominal GDP, measured in USD terms, will double from $3.5 trillion in 2022 to $7.3 trillion in 2030. This rapid economic expansion is expected to push India ahead of Japan in terms of GDP size, making it the second-largest economy in the Asia-Pacific region. Currently, Japan holds the third spot in the global economy, following the United States and China. India’s accelerated growth is attributed to increasing foreign direct investment over…

Union Minister Mr. Piyush Goyal attended the 7th Edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, from October 24-25, 2023. During the event, he met with key figures from Saudi Arabia, including HRH Prince Abdul Aziz Bin Salman Al-Saud, the Energy Minister, H.E. Majid bin Abdullah AlKassabi, the Commerce Minister, and H.E. Khalid A. Al Falih, the Investment Minister. Mr. Goyal participated in plenary sessions, co-chairing a session on strategies for emerging economies and engaging in bilateral discussions focused on enhancing economic growth and strengthening strategic cooperation through expanded investments. The Minister highlighted the business potential in…

During his upcoming visit to Maharashtra and Goa, Prime Minister Narendra Modi is set to launch the Namo Shetkari Mahasanman Nidhi Yojana, a program aimed at benefiting farmers. The Prime Minister announced on social media that this initiative will provide assistance to 86 lakh farmers. Under this program, initiated by the Maharashtra government, farmers will receive an additional annual payment of Rs 6,000. This amount is in addition to the Rs 6,000 per year that farmers already receive through the Pradhan Mantri Kisan Samman Nidhi. While this program has brought some relief to the farming community in Maharashtra, farmers are…

Sabeer Nelli, the founder and CEO of ZilBank.com and Zil Money Corporation, has unveiled ambitious plans to transform Manjeri into “Silicon Jeri,” a technological innovation hub in Kerala, India. As a native of Manjeri, this Texas-based entrepreneur is capitalizing on the region’s talent and educational strengths to develop a world-class technological infrastructure. Zil Money Corporation is investing in the creation of “Zil Park,” a cutting-edge technology park modeled after Silicon Valley’s Apple Park. The primary goal of this project is to attract top talent and companies to Manjeri, fostering an environment conducive to innovation, research, and development. Zil Park will…

Prime Minister Narendra Modi highlighted the positive impact of the Metro Rail services during the virtual inauguration of two stretches of the east-west corridor of the Bangalore Metro. He emphasized that these newly opened sections, including Baiyappanahalli to Krishnarajapura and Kengeri to Challaghatta on the Bengaluru Metro Purple Line, would enhance connectivity and provide significant benefits to millions of daily commuters. These segments, although opened to the public without a formal inauguration on October 9, have bolstered the operational length of the ‘Namma Metro’ to 74 kilometers, spanning 66 stations and serving over 7.5 million riders each day. Namma Metro,…