WAYNE ECONOMIC DEVELOPMENT COUNCIL
Singapore prepared to recognise Palestine in principle at appropriate time, says foreign minister
"Both sides have legitimate rights, and both peoples have a right to live in peace and dignity within secure borders," The Straits Times quoted the Singapore minister as saying. He was responding to questions from parliamentarians on Singapore's May 10 decision to vote for a United Nations resolution backing the admission of Palestine as a member of the world body, which it said was made after "serious and careful consideration".
IVCA’s VC Council for 2024–26 to focus on boosting micro-VCs
The IVCA VC Council, led by industry experts, aims to elevate the Indian start-up ecosystem by fostering innovation, supporting micro-VCs.
US and allies clash with Tehran and Moscow over Iranian nuclear programme at UN Security Council
The United States and key European allies clashed with Iran and Russia over Tehran's expanding nuclear program The US vowed to prevent a nuclear-armed Iran in a UN Security Council meeting. The US and its allies accused Iran of escalating nuclear activities beyond limits agreed upon in a 2015 deal. Iran and Russia defended Tehran's nuclear program oversight and blamed the US for sanctions.
Govt’s PMAY move to help boost affordable housing, drive economic growth
In the interim budget earlier this year, Finance minister Nirmala Sitharaman had announced support for the construction of an additional 2 crore homes in the next five years under the PMAY - Gramin (PMAY Rural). The PMAY budgetary allocation was also increased to Rs 80,671 crore for 2024-25 from Rs 79,590 crore in 2023-24.
Modi-led NDA govt must tackle unemployment problem, especially in unorganised sector: Rajiv Kumar
Former NITI Aayog Vice Chairman Rajiv Kumar emphasized that the Modi government's third term must address unemployment, particularly in the unorganized sector and SMEs. He highlighted the need to finalize the delayed four labor codes and recognized the K-shaped economic recovery post-COVID. Large corporations and highly skilled individuals have prospered, while lower-end workers and SMEs struggle.
Real estate sector pushes for tax rationalisation and reduced approval cost as Modi 3.0 set to take oath
With Narendra Modi set to take oath as Prime Minister for the third time, the real estate industry has high expectations from Modi 3.0. The interim budget announced a boost for affordable housing by adding 2 crore more houses to the PMAY-U scheme. Experts emphasize the need for policy reorientation, cost reductions, and tax rationalization to accelerate growth. Industry leaders stress the need for government intervention to drive further growth, including reforms in GST and revisiting affordable housing definitions.
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How China rose to lead the world in cars and solar panels
Heavy subsidies for industry, together with weak sales in China, have set the stage for an export boom, raising fears of factory job losses elsewhere
"Rewards for doing business in India are significant": Alexander Slater, MD USIBC
In the debut episode of the new podcast series "Doing Business in India," Jonathan Hymer, the Minister Counsellor for Commercial Affairs at the United States Embassy in New Delhi, welcomed Alexander Slater, the Managing Director of the US India Business Council, to discuss the evolving business landscape in India post-pandemic.
Why imports from China are rising despite atmanirbhar Bharat initiatives
Imports from China is something India should monitor. But in some ways, this might be the way for the country to become a self-reliant economy.
Future of green jobs holds immense promise in India: Ramesh Alluri Reddy, TeamLease Degree Apprenticeship
India’s transition towards sustainability holds immense potential in creating new employment opportunities.
Gold prices back in limelight after mild correction
Gold prices have surged both globally and domestically, nearing the significant psychological level of $2,500 per ounce on the London spot market, representing a year-to-date increase of almost 17%. This momentum is reflected in the Indian market as well, with MCX futures prices exceeding ₹74,000 per ten grams.
Development path for India will not be the same as that of China: Capacity Building Commission Chairman
As India moves towards the mission of 'Viksit Bharat' and becoming a developed country by 2047, the development path for India will not be the same as that of China as they have a different environment and capabilities, Chairman of the Capacity Building Commission Adil Zainulbhai has said.
India underlines importance of making African voices stronger in multilateral organisations
India's Permanent Representative to the UN Ambassador Ruchira Kamboj told the UN Security Council on Thursday that it is "high time" that the comity of nations gives due credence to the African member states. "Sustainable peace and security is possible only if external forces do not intervene for vested interests. This calls for making African voices stronger in multilateral organisations so that they can argue their own case and call out external interferences," she said.
India committed to strengthening African role in global security, development
India's Permanent Representative to the UN Security Council, Ruchira Kamboj, emphasised India's steadfast support for bolstering African states in global security and development during an open debate. She highlighted the importance of peace and development interdependence. She advocated for sustainable economic growth through partnerships. Kamboj called for UN Security Council reform to grant permanent African representation and combat terrorism in Africa. She also highlighted the need for enhanced resources and support for peacekeeping missions.
SCO members including India brainstorm July summit agenda
Dammu Ravi, Secretary (Economic Relations) in India's Ministry of External Affairs, represented India at the SCO Council of Foreign Ministers meeting in Astana, Kazakhstan. The meeting focused on preparations for the upcoming SCO Heads of States Council meeting in July and discussed ongoing cooperation, regional security, and global issues like extremism. Ravi also met with counterparts from other SCO member states and Kazakh officials. The SCO aims to strengthen mutual trust and cooperation among member states in various fields, ensuring regional peace, security, and stability. Kazakhstan currently chairs the SCO until July 2024.
Biden's China tariffs are the end of an era for cheap Chinese goods
Biden's decision this past week to codify and escalate tariffs imposed by Trump made clear that the United States has closed out a decades-long era that embraced trade with China and prized the gains of lower-cost products over the loss of geographically concentrated manufacturing jobs. A single tariff rate embodies that closure: a 100% tax on Chinese electric vehicles, which start at less than $10,000 each and have surged into showrooms around the world but have struggled to crack government barriers to the U.S. market.
Reach Europe 20 days earlier and for 30% cheaper: How Chabahar port helps India expand its trade footprints globally
India’s pact with Iran to develop the Chabahar port will give a boost to the multimodal transportation network called the International North-South Transport Corridor, enabling exports from South Asia to reach Europe and Russia.
China expected to announce new measures to fix property crisis, spur growth
China's housing prices dropped in the first four months of the year, while factory output increased by almost 7%. This has lead to officials planning new measures to boost the struggling property industry. The National Bureau of Statistics noted insufficient domestic demand. The State Council announced a news conference to address the property market challenges, including defaults by developers.
Oz one out for students
Australia has announced plans to introduce legislation to set a cap on the maximum number of new international student enrolments that education providers can offer, causing concern among universities and potential international students. The proposed move aims to maintain the integrity and sustainability of the sector by cracking down on dubious education providers, agents, and students. However, critics argue that limiting the number of qualified international students is unfair and defies logic.
Fed's Mester seeks more evidence inflation pressures are easing
Mester said risks to inflation have risen and risks to weaker growth and hiring have diminished, which means in a strong economy the Fed has the space to look for more evidence inflation is moving back to target before cutting rates.
India to become USD 4 trillion economy in FY25: Sanjeev Sanyal
New Delhi, India is forecasted to achieve a USD 4 trillion economy by 2024-25, surpassing Japan to become the world's fourth largest economy, according to Economic Advisory Council to the Prime Minister member Sanjeev Sanyal. Finance Minister Nirmala Sitharaman mentioned India's potential to surpass Japan and Germany to become the third-largest economy by 2027, cautioning against hasty fiscal moves.
Chabahar brings to fore India's hidden infrastructural play
Modi government's infrastructure upgrade includes a vast network of roads, bridges, and high-speed trains. The transformation extends to invisible sectors like ports, with Chabahar Port key to India's geopolitical strategy. The International North-South Transport Corridor will boost trade with Europe and Russia, while ongoing port development supports Modi's vision of a manufacturing powerhouse.
Manipur's proactive initiatives to rebuilding lives and communities affected by the conflict
State Government of Manipur initiates diverse relief efforts, including skill training in hospitality and healthcare restoration for ethnic conflict victims. Emphasis on long-term solutions to foster societal well-being and economic growth in the region.
Unified GCC visa: Middle East’s multi-nation travel permit to be rolled out this year
The Saudi Tourism Authority has said the imminent introduction of the Unified GCC visa, permitting travellers to explore all six Gulf nations for more than 30 days, is scheduled for implementation by year's end. This initiative, introduced by the UAE Minister of Economy at the Arabian Travel Market, seeks to stimulate tourism and streamline travel throughout the GCC region. Comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, the Gulf Cooperation Council is actively participating in this endeavour.
Economy better placed to pursue non-inflationary growth: CEA V Anantha Nageswaran
A high-level expert panel on floor wages in India is set to re-examine the wage rates finalised earlier, considering minimum wages notified by all states across three categories. The panel, led by SP Mukherjee, will hold its final meeting on May 27 and submit its report to the new government by June 2024. The three-year term of the expert committee, established in 2021, will end on June 30, 2024.
Gulf's version of the Schengen visa to be called 'GCC Grand Tours', open up access to six countries
The GCC Grand Tours unified tourist visa aims to boost tourism by simplifying travel across Gulf countries, with an estimated 128.7 million visitors by 2030, enhancing the regional economy and cultural exchange opportunities.
Mines Ministry inks MoU with Shakti Sustainable Energy Foundation for knowledge support on critical minerals
The MoU was signed on the sidelines of the two-day 'Critical Minerals Summit: Enhancing Beneficiation and Processing Capabilities' event that commenced at the India Habitat Centre, New Delhi on Monday.
NSA underscores India’s policy to use digital technology for inclusive economic development
National Security Advisor Ajit Doval highlighted India's policy to leverage digital technology for inclusive economic development during an international security meet in St Petersburg, Russia. He emphasized the need for international cooperation to establish an open, stable, secure, reliable, and inclusive framework for information security. Doval reiterated India's commitment to collaborate with the international community to counter the misuse of information and communication technologies by terrorists and criminals. He proposed collaboration among governments, the private sector, academia, technical communities, and civil society to ensure information security.
Assam Cabinet greenlights 'Kiran Sheikh' development council
Assam Cabinet approved the formation of a development council for the 'Kiran Sheikh' community in Barak Valley. Assam government is conducting a socio-economic census of indigenous Assamese Muslims. The BJP-led government proposed a development board for indigenous Muslim communities.
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