Country Financial News

NEW DELHI : India and Saudi Arabia have begun discussions on trading in national currencies, officials from the ministry of external affairs said after a visit by Saudi Crown Prince Mohammed Bin Salman. The idea was currently in the “discussion stage", said Ausaf Sayeed, secretary in the ministry. “The Saudi side is aware that we have worked out similar arrangements with other countries in the region.

real estate and professional services. While there can be mixed opinions on the projected trajectory of economic growth in the years ahead, the real issue is the reliability of official estimates. Questions have been raised on the reliability of national accounts data even earlier.

By Valerie Volcovici and Riham Alkousaa

Rajasthan government and said that his party's government has reacted swiftly to incidents of crime and the situation is better than in BJP-ruled Uttar Pradesh and Madhya Pradesh. Sachin Pilot and Ashok Gehlot had famously drifted apart in 2020, when Pilot, then the Deputy Chief Minister of Rajasthan, rebelled against the Chief Minister Gehlot. Pilot has also on several occasions flagged CM Gehlot government's alleged inaction over the ‘corruption’ in the Bhartiya Janata Party (BJP)'s Vasundhara Raje government.

MUMBAI—The financial capital of India has become a colossal construction site. The barriers that try to keep daily life on track in the metropolis on the country’s west coast proclaim: “Mumbai is upgrading." A new road being built along the Arabian Sea is aimed at easing congestion in a city where three-lane roads are frequently occupied by five lanes of honking traffic. A rapid-transit metro system is being extended to ease pressure on suburban trains overflowing with people.

As Washington seeks to exploit cracks in Russia’s traditional sphere of influence, U.S. forces began joint military exercises with troops from Armenia, the small South Caucasus country that has been a close Russian ally for nearly 200 years. In a possible sign of the geopolitical realignment driven by Russia’s invasion in Ukraine, U.S.

Nagaland assembly on Monday unanimously opposed the Uniform Civil Code (UCC). Chief Minister Neiphiu Rio told the house that the UCC as single law which deals with all matters relating to marriage and divorce succession and inheritance, adoption including personal laws and practices. The Chief Minister said that the UCC should be exempted for the state of Nagaland on the ground Bengal Eastern Frontier Regulation, 1873 (BEFR Act 1873), 9-Point Agreement 1947 and 16-Point Agreement 1960. Under the BEFR Act 1873, Inner Line Permit (ILP) system was introduced in Nagaland and other northeastern states while the 9-Point Agreement 1947 granted judicial, executive and legislative powers, as well as autonomy in land-related matters in Nagaland and under the 16-Point Agreement 1960, the Government of India recognised the formation of Nagaland as a full-fledged state. MLA Imkong L. Imchen said that the implementation of UCC could potentially lead to inconvenience for the people of Nagaland. He further noted that the verbal assurance from Union Home Minister Amit Shah assured to exempt Nagaland from the UCC. Leader of Naga People’s Front legislature party, Kuzholuzo Nienu said that any attempt to enforce UCC on the diverse communities across the country would be futile and counterproductive and that it would be a direct threat to the fabric of a communitarian tribal ethos and values. Imposing UCC is betraying the hope and trust of the minorities, especially the tribal communities, for whom constitutional provisions, like article 371 (A), has been provided to protect and promote the customs, values and practices, he said. Minister, Power and Parliamentary Affairs, K.G.

China said on Monday that it welcomes the India-Middle East-Europe Economic Corridor announced on the sidelines of the G20 summit so long it doesn't become a «geopolitical tool», even as it downplayed Italy's plan to pull out of its Belt and Road Initiative (BRI). China welcomes all initiatives that truly help developing countries build infrastructure and sincere efforts to promote connectivity and common development, the Chinese Foreign Ministry said. «At the same time, we advocate that various connectivity initiatives should be open, inclusive, and form synergy, and should not become geopolitical tools,» the ministry said in a written response to PTI to a question on China's reaction to the new corridor. On Saturday, Prime Minister Narendra Modi announced plans to launch the India-Middle East-Europe Economic Corridor which includes India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US. «Today we all have reached an important and historic partnership. In the coming times, it will be a major medium of economic integration between India, West Asia and Europe,» Modi said.

Saudi Arabia on Monday said the whole world is focused on one of the most successful G20 summits and never in the past, the consensus among members was achieved on Day 1 of the meeting. On September 9, India pulled off a big diplomatic win after the G20 Summit adopted a consensus declaration overcoming major differences over the Russia-Ukraine war. The announcement about a consensus on the 37-page declaration and its subsequent adoption was made by Prime Minister Narendra Modi at the start of the second session on the opening day of the two-day summit. «Today the whole world is focused on one of the most successful G20 Summit...As part of your family, I can tell you that we are really proud.

Narendra Modi chose as its theme a term from Sanskrit scripture, ‘Vasudhaiva kutumbakam,’ emphasizing global unity. He had spoken of climate change, alongside terrorism and pandemics, as one of the big challenges the world faces. With the G20 leaders’ summit held over the weekend, it’s notable how quiet that green rhetoric has gotten.

Russia’ as the latter embarks on a visit to Russia where he is expected to hold a highly anticipated meeting with President Vladimir Putin. The meet, as declared by Russia and North Korea on Monday, has sparked Western concerns about a potential arms deal for Moscow’s war in Ukraine.

leadership of PM Modi is shaping the world, and the world is backing the country's bid for a permanent UNSC seat, which Nehru gave away to China on a platter...The unpatriotic deeds of the Gandhi family haunt our history, to date." Making a fresh pitch for expansion of the UN Security Council and reforms in other global institutions, Prime Minister Modi had on Sunday said in order to take the world towards a better future, it is necessary that the global systems are according to the present realities. "Today, the United Nations Security Council is also an example of this. When the UN was established, the world was completely different from what it is today.

BRICS Summit held in South Africa and the G20 Summit that just concluded in India, have intrigued the world with their agenda to declare themselves as true representative voices of the Global South, which refers to developing countries. Such representation suggests political and ideological opposition to a Western dominated world order, aimed at others claiming their rightful place as equal players in world affairs.

G20 meeting in New Delhi. Xi has not missed a single G20 since he came to power in 2012. Whether Xi’s absence is a snub aimed at India or whether China is turning against the construct of the G20 itself, only time will tell.

India’s flurry of diplomacy over the weekend included a joint statement issued with France that envisioned the co-development of modular nuclear reactors, the kind with interchangeable parts meant for rapid assembly at scale. Since nuclear plants heat water to drive turbines and generate power without burning fossil fuels, they qualify as climate-friendly from an emission perspective. India’s current pace of renewable capacity addition—wind, solar and hydro energy projects—would need sharp acceleration for non-fossil sources to yield 500 gigawatts of electricity by 2030, a target the country must meet on its way to carbon neutrality by 2070.

SEOUL—As North Korean leader Kim Jong Un traveled to Russia, he likely did so in the preferred manner of Pyongyang’s ruling family: cloaked in secrecy, self-protection and style. Kim, the third-generation dictator, plans to meet Russian President Vladimir Putin, state media from both countries said on Monday—the first official confirmation of the summit between the two leaders. The reports didn’t specify when or where specifically the exchange will take place.

JOHANNESBURG—Walmart’s investment in Africa tanked. It is responding by doubling down. More than a decade ago, Walmart spent $2.4 billion to buy a controlling stake in South African retailer Massmart, which also had operations in a dozen other sub-Saharan countries.

India and Saudi Arabia can look at doubling bilateral trade to USD 100 billion in the coming years from about USD 52 billion at present, Commerce and Industry Minister Piyush Goyal said on Monday. He said the two countries can also look at a more balanced trade. The minister suggested Saudi Arabia to open an office of their sovereign wealth fund in GIFT city in Gujarat and industry chamber Ficci set up an office in Riyadh in partnership with Invest India, and the commerce ministry to facilitate investments. «Maybe this could be a way to kick-start a better flow of trade and investments and also to see how we can double our trade, which is currently about USD 52 billion. »Can we be more ambitious and take it to USD 100 billion, can we look at a more balanced trade, can we look at India becoming the provider of food security to Saudi Arabia, while Saudi Arabia helps us provide more energy security like oil and fertiliser.

G-20 Summit, describing its outcome as a diplomatic victory for Prime Minister Narendra Modi who is pushing to increase the country's influence on the world stage and pressing for reforms in global institutions, including the United Nations. India managed to hammer out the unexpected consensus among the G20 countries on the contentious Ukraine conflict through a series of hectic negotiations with emerging economies such as Brazil, South Africa and Indonesia playing a leading role in reaching the agreement on the declaration on the first day of the summit. The New Delhi summit declaration also called for reforming of international financial institutions, managing debt vulnerabilities of low and middle-income countries and the start of the exchange of tax-relevant information on crypto assets by 2027. «Some experts saw the agreement as a win for Russia, while others read it as an achievement for the West.

Narendra Modi met Canadian PM Justin Trudeau on the sidelines of the recent G20 Summit in Delhi and conveyed India's “strong concerns” about the continuing anti-India activities of Khalistanis in Canada, Trudeau chose to defend Khalistanis. Modi told Trudeau that Khalistanis are promoting secessionism and inciting violence against Indian diplomats, damaging diplomatic premises, and threatening the Indian community in Canada and their places of worship while being in nexus with drug and human-trafficking syndicates. Refusing to acknowledge the problem, Trudeau said his country will always defend the freedom of peaceful protest.

Karnataka government to enhance the semiconductor industry in Bengaluru, Prime Minister Mark Rutte said Monday. He was all praises for chief minister Siddaramaiah and deputy CM DK Shivakumar. “The Karnataka government isn’t just restating policies but is looking to make them more practical, implementation-wise,” he said.