Author: Bhakti Narayanan

Union Minister Piyush Goyal disclosed notable surges in exports to Finland and Norway, exceeding 100% and 80%, respectively, during his address at the CII India Nordic-Baltic Business Conclave 2023 in New Delhi. Emphasizing the Nordic-Baltic region’s emergence as a promising market for Indian products, Goyal reported a 39% increase in exports between 2018-19 and 2022-23. He extended an invitation to Nordic-Baltic companies to invest in India, underscoring the nation’s potential for economic expansion. Goyal urged the Nordic region to leverage India’s economies of scale, emphasizing India’s current $3.5 trillion economy, projected to reach $35 trillion in the next 30 years.…

Union Minister of Information and Broadcasting, Mr. Anurag Thakur, predicts that India will ascend to the third position in the global media and entertainment sector within the next five years. Speaking at the 54th International Film Festival of India (IFFI) in Panaji, he not only highlighted this projection but also announced a groundbreaking move – the introduction of the best web series OTT award at the festival, acknowledging the transformative role played by original content creators in the country. Emphasizing the continuation of innovation from the previous year’s edition, Minister Anurag Thakur stressed the importance of recognizing the contribution of…

Apple aims to produce Rs. 1 lakh crore (US$ 12 billion) worth of iPhones in India by March 2024. Officials reveal the tech giant has already ramped up production to over Rs. 60,000 crore (US$ 7.19 billion) in the fiscal year’s first seven months. The target might extend to the first quarter of FY25 if not met this year. Despite global challenges impacting Western consumers’ gadget consumption, Apple prepares for the festive season. Approximately 70% of iPhones made in India are exported, totaling Rs. 40,000 crore (US$ 5 billion) from April to October this fiscal year. Under the PLI scheme,…

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…