Author: Bhakti Narayanan

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,…

From October 19-20, 2023, Kerala is hosting a workshop on Artificial Intelligence for Digital Transformation, bringing together more than 42 officials from 13 state departments. These include the Department of Agriculture Development and Farmers Welfare, the State Goods and Service Tax, the Department of Rural Development, the Department of Dairy Development, the Police Department, and the State Digital Health Mission. The workshop aims to equip IT teams from various state departments with the knowledge and skills to implement cutting-edge technology initiatives in the state. The National e-Governance Division, Ministry of Electronics & Information Technology, in collaboration with knowledge partners, is…

The Coal Ministry had set a production and shipping target of 1,012 million tonnes (MT) of coal for consumers in FY24. As of October 17, 2023, the Ministry had already dispatched 500 MT of coal, marking a remarkable performance milestone. This achievement occurred within the first 200 days of the year, particularly during the monsoon season, signifying a significant accomplishment. Traditionally, the second half of the year sees a higher production and dispatch rate than the first half. Therefore, it is expected that the coal dispatch for this year will exceed one billion tonnes, given the early attainment of the…

As per a report, Suzuki Motor of Japan is planning to export Electric Vehicles (EVs) produced at Maruti Suzuki’s Gujarat plant in India to Japan by 2025. This is part of Suzuki’s strategy to position India as a global hub for electric car manufacturing. Additionally, Suzuki is exploring the possibility of supplying India-made EVs to Toyota Motor for the European market. Besides distributing these EVs under its own brand in Europe, Suzuki is contemplating collaboration with a Japanese competitor to sell these vehicles through a joint venture, where they would be branded as Toyota vehicles. Suzuki’s commitment to India’s electric…

Prime Minister Narendra Modi has announced a $2.8 billion investment plan by 2047 aimed at developing and improving India’s ports while reducing shipping emissions. He revealed this during his address at the Global Maritime India Summit (GMIS) in Mumbai. “In the post-corona (COVID-19) era, the world needs reliable and resilient supply chains,” Modi said. “Today, a new world order is taking shape, and in this new order, the whole world is looking at India in a new light,” he emphasized. Modi also laid the foundation stone for the $547 million Tuna Tekra, the all-weather deep draft terminal to be constructed…

Ficci’s recent Economic Outlook Survey forecasts a 6.3% growth for India’s economy in FY24, citing a robust financial sector, strong urban demand, increased private investments due to government capital expenditure, and a resurging real estate sector. Notable economists contributed to this survey conducted in September 2023. However, external factors pose uncertainties, including geopolitical tensions, China’s economic slowdown, and the impact of an El Niño-influenced monsoon season. Agricultural growth is expected to slow due to reduced monsoon rainfall (2.7% in the current fiscal year compared to 4% in FY23), while the industry and services sectors are predicted to grow at 5.6%…