Country Financial News

₹30,000 a month, so the sample represents more of India than an elite. What’s new this round are responses to India becoming the world’s most populous nation. Millennials are not convinced of this as an opportunity to drive economic growth.

Narendra Modi government for India’s economic transformation has paved the way for world-class manufacturing. Production linked incentives (PLIs) have been instrumental in both boosting domestic manufacturing and curtailing a burgeoning trade-deficit in electronics and other manufacturing goods. With an outlay of over ₹2 trillion, the PLI scheme launched in March 2020 began with mobile phones and components, electrical components and medical devices, and was later extended to 14 sectors, including electronics and IT hardware, white goods, drones, telecom, pharmaceuticals, automobiles and auto-components.

Independence Day was celebrated across states and union territories on Tuesday with colourful events and cultural programmes as some chief ministers announced new development and job schemes, while others counted the achievements of their governments. But the celebrations were muted in strife-torn Manipur and rain-battered Himachal Pradesh.

Fitch’s recent downgrade of U.S. public debt, dropping it one notch below “AAA,” is good reason to examine the relationship between U.S. debt and the dollar’s future as a reserve currency. The greenback is just the latest in a series of preferred currencies that have been used for foreign exchange reserves and to denominate other assets. But reserve currencies, unlike diamonds, aren’t necessarily forever, and that affects their issuers’ capacity to manage their public debt.

India's G20 presidency had introduced the country's capabilities and diversity to the world, Prime Minister Narendra Modi said on Tuesday and asserted that the country is becoming a «voice of the Global South». In his address to the nation on the 77th Independence Day, he also said that India's small towns may be small in size or population, but in having hopes and aspirations, they are «not less than anyone». Modi also recalled his visit last year to Bali, where India was handed over the G20 presidency by Indonesia.

Russia's ruble has fallen a long way in recent months, and the country's central bank has stepped in to try to halt the slide. Until now, the government stood aside as the declining ruble helped its budget. But a weaker currency also poses the threat of higher prices for everyday people in Russia — and the government has finally moved to halt the drop.

Fitch Ratings warned that U.S. banks, including JPMorgan Chase, could be downgraded if the agency further cuts its assessment of the operating environment for the industry, according to a report from CNBC on Tuesday. In June, Fitch lowered the score of the U.S.

tractor exports in the next three years, according to a top company official. The Mumbai-based auto major, which is the world's largest tractor maker by volume terms, exported around 18,000 tractors last fiscal. The company said it has invested Rs 1,200 crore on developing the OJA platform which consists of four platforms that could churn out 40 different trims in the 20-70 HP power output.

Bindeshwar Pathak came to be known as the "Toilet Man of India" long before the Swachch Bharat Mission made toilets a part of public discourse, even as he was often ridiculed, including by his father-in-law, for the work he was doing. Pathak famously recalled once how his father-in-law felt that his daughter's life has been ruined as he cannot tell anyone what his son-in-law did for a living. Pathak, 80, died on Tuesday after a cardiac arrest soon after unfurling the national flag.

Investing.com — Crude oil prices fell Tuesday as disappointing economic data raised further concerns about China’s economic recovery, even following Beijing’s unexpected interest rate cut.

Trained scent dogs exhibit a remarkable ability to detect COVID-19 infections with higher accuracy and efficiency compared to conventional RT-PCR tests, according to a review of studies.This innovative approach not only promises quicker results but also holds the potential to substantially reduce diagnostic costs, the researchers said A growing number of studies over the last two years has highlighted the power of dogs in detecting the stealthy virus and its variants, even when they are obscured by other viruses, like those from common colds and flu. «It went from four papers to 29 peer-reviewed studies that include more than 400 scientists from over 30 countries and 31,000 samples,» said Tommy Dickey, Distinguished Professor Emeritus at the University of California (UC) Santa Barbara, US. Dickey and collaborator Heather Junqueira from BioScent, Inc. noted that the collective research demonstrates that trained scent dogs are «as effective and often more effective» than the antigen tests we're keeping handy at home, as well as the gold-standard reverse transcription polymerase chain reaction (RT-PCR) tests deployed in clinics and hospitals. According to the study, published in the Journal of Osteopathic Medicine, not only can dogs detect the SARS-CoV-2 virus faster, they can do so in a non-intrusive manner, without the environmental impact that comes with single-use plastics.

Foxconn sees potential of investing several billions of dollars in India if it gets to completely implement its plan, a top official of the company said. Hon Hai Technology Group (Foxconn) Chairman and CEO Young Liu during the company's second quarter earnings call on Friday said that the company's Indian arm has achieved the turnover of close to $10 billion on an annual basis and there is a lot of investment potential in India. «Foxconn annual revenue was $200 billion.

Russia's central bank made a big interest rate hike Tuesday, an emergency move designed to fight inflation and strengthen the ruble after the country's currency reached its lowest value since early in the war with Ukraine. The ruble has lost more than a third of its value since the beginning of the year as Moscow increases military spending and Western sanctions weigh on its income from energy shipments. The flagging currency does not mean the Russian economy is in freefall — though it is facing challenges, including rising prices for households and businesses, according to analysts who study Russia.

(Reuters) — German conglomerate Siemens (ETR:SIEGn) said on Tuesday it will start producing solar energy equipment in the United States in 2024 through a contract manufacturer in Wisconsin.

By Summer Zhen and Laura Matthews

India has gained new strategic strength in recent years and its borders are now more secure than ever, Prime Minister Narendra Modi said on Tuesday even as he highlighted efforts to modernise the military and make it «young and battle ready» to confront future challenges. In his Independence Day address from the ramparts of Red Fort, Modi also reiterated his government's unwavering resolve to ensure national security amid the current global security scenario. «India has gained a new strategic strength in recent years and today our borders are more secure than ever,» Modi said.

Singapore has added cooks from India to its list of permissible hires, widening its recruitment pool for certain job positions in the services and manufacturing sectors. Traditionally, employers in Singapore's services and manufacturing sectors have primarily sourced work permit holders from China, Malaysia, Hong Kong, Macau, South Korea, and Taiwan. The Ministry of Manpower has recently unveiled the application process for cooks in Indian restaurants in the city-state.

Niamey court has overturned a nine-month prison sentence that had been imposed on Abdoulaye Seydou, the head of the prominent activist group M62, which had been supporting the ruling military faction. The decision was welcomed by Seydou's associates. Only last month, the landscape of Niger underwent a dramatic transformation when members of the presidential guard staged a coup, wresting control from the existing authorities. This sudden takeover marked a significant disruption in the country's political fabric.

Red Fort on the 77th Independence Day on Tuesday, Prime Minister Narendra Modi has said that his government is working with Women's Self-Help Groups (SHGs) with the aim of creating two crore 'Lakhpati Didis' in villages. The PM observed that 10 crore women are today associated with Women's Self-Help Groups. «In villages today, one can find a Didi in the Bank, in the Anganwaadi and a Didi to provide medicines.» Also, PM Modi spoke about agri-tech and made a pitch for leveraging the potential of science and technology in rural development.

misunderstandings, actions of vested interests and conspiracies of foreign nationals trying to destabilise the state led to the widespread violence that claimed hundreds of lives and resulted in the loss of properties. After hoisting the Tricolour in the Independence Day's main function at the first battalion Manipur Rifles ground, Singh said: “We have to live together with harmony as we all live together for many decades.

The BJP on Tuesday hit out at the Congress and said its president Mallikarjun Kharge skipping the Independence Day function at the Red Fort shows that the opposition party cannot think beyond "dynasty". A chair reserved for Kharge, who is also the leader of opposition in Rajya Sabha, was seen empty during the 77th Independence Day function at the Red Fort. Kharge, however, clarified that he had to attend the Independence Day event at the Congress office and could not have made it on time due to security protocols if he had gone for the function at Red Fort.