Country Financial News

To assess India's growth potential, we undertook a growth-accounting exercise. Created by Nobel-winning economist Robert Solow in 1957, it breaks down GDP growth into contributions from its basic drivers — labour (workforce adjusted for their skills), physical capital (machines and infrastructure) and productivity. A business-as-usual approach, in which these drivers evolve in line with recent trends, may not make for an exciting future.

foreign exchange reserves saw a dip of $19.87 billion, dragging the reserves to $607.03 for the week ending on July 21, Reserve Bank of India's data showed on Friday. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion.

Route Mobile on Friday posted a 29 per cent increase in consolidated net profit to Rs 91.69 crore in the June quarter. Route Mobile had registered a profit of Rs 71 crore in the same period a year ago.

Congress leader Rahul Gandhi on Friday alleged that the country is being divided into two classes and stressed on bridging the widening gap between the rich and the poor. Sharing a July 20 news clip of a vegetable seller turning emotional while narrating his woes due to rising prices of vegetables, Gandhi said, «The country is being divided into two classes.

Sam Altman's Worldcoin project and that the legality of its biometric data collection «seems questionable». Worldcoin, which launched on Monday, requires users to provide their iris scans in exchange for a digital ID and in certain countries free cryptocurrency. Its website says it has signed up 2.1 million people, mostly in a trial over the last two years.

Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day for another month to include September, five analysts said, to provide additional support for the oil market. In June, OPEC+ agreed on a broad deal to limit oil supply into 2024 and Saudi Arabia pledged an additional voluntary cut for July. On July 3, Saudi Arabia said it would extend the cut for another month to include August, adding that it could be extended further. Oil prices have found some support from evidence of tightening supplies and economic stimulus in China. Brent crude was trading at over $84 a barrel on Friday, after hitting the highest level since April on Thursday. «Given the tentative recovery, my guess is they continue the cut for one more month and then phase it out over three months — similar to what Saudi did in 2021,» said Gary Ross, founder of Black Gold Investors and a veteran OPEC watcher. The Saudi Energy Ministry did not respond to a request for comment.

Tesla executives discussed the company's plans to enter India with officials from the country's investment promotion arm in New Delhi, two people with direct knowledge of the matter said, the latest in a series of high-level talks. The U.S.

Niger defended the takeover on state television Friday and asked for support from the nation and international partners, as concerns grew that the political crisis could set back the country's fight against jihadists and increase Russia's influence in West Africa. Various factions of Niger's military have reportedly wrangled for control since members of the presidential guard detained President Mohamed Bazoum, who was elected two years ago in Niger's first peaceful, democratic transfer of power since independence from France.

Airport police on 28 July informed that they have arrested a 16-year-old Pakistani girl who failed to produce a passport and visa for booking a ticket back to her country, reported Hindustan Times. The girl has been identified as Ghazal Parveen and is a resident of Pakistan’s Lahore, says the report. It added that Parveen arrived in India three years ago with her aunt and since then both of them were staying in Sikar’s Shrimadhopur.

Launched earlier this week Worldcoin distributes tokens to people "just for being a unique individual".

(Corrects first paragraph to show Spanish resilience, not German)

New Delhi: As India and UK inch closer to signing a free trade agreement, both countries are set to take up contentious parts of the FTAs such as Intellectual property rights (IPR), rules of origin, Bilateral Investment Treaties (BIT) during the next round of talks in August, senior government official said on Friday. - Talks on IPR are crucial as India is the world’s largest provider of generic drugs, accounting for a fifth of global supply. The low cost of generics mean they comprise about 70-80% of the domestic retail market and are crucial to the well-being of the aging Indian population.

Uco Bank for opening special rupee vostro accounts for facilitating bilateral trade in local currency, Uco Bank managing director Ashwani Kumar said Friday, after announcing 81% year-on-year in June quarter net profit at Rs 224 crore. Two of these banks are from Russia, he said. «We will soon approach the Reserve Bank of India for approval,» he said.

G20 nations failed to agree on peaking global emissions by 2025 and other crucial issues to address the global climate crisis at their meeting in India on Friday, France's representative said. No breakthrough was possible on several key points ahead of this year's COP28 climate talks, with negotiations also failing to reach a consensus on drastically scaling up renewable energy use. «I am very disappointed,» France's ecological transition minister Christophe Bechu told AFP after the meeting.

New Delhi: Prime Minister Narendra Modi will inaugurate the Akhil Bharatiya Shiksha Samagam, which is coinciding with the thies anniversary of National Education Policy 2020, on Saturday at the India Trade Promotion Organization, the prime minister’s office said on Friday. During the programme, the prime minister will release the first instalment of funds under the PM SHRI Scheme.

By Giuseppe Fonte

(Reuters) — Major global firms ranging from banks to chipmakers are taking a largely cautious stance on their China business amid a frail recovery at the world's second-largest economy from a pandemic slowdown.

According to an exclusive report from Reuters on Friday, BYD (SZ:002594), China's top automaker in terms of sales, has communicated to its joint venture partner, Megha Engineering and Infrastructures, that they will be putting on hold their intentions to invest $1 billion in constructing electric cars in India. The decision came about after their investment proposal underwent careful examination by authorities in New Delhi, as revealed by two individuals familiar with the matter.

Foxconn chairman Young Liu on Friday said India and Taiwan could be partners in the development of a robust semiconductor ecosystem in India. Speaking at the Semicon 2023 in Gandhinagar, Gujarat, Liu said that he was optimistic about the direction and the roadmap of India's semiconductor plan.

AUV named 'Neerakshi' is a collaboration of Kolkata-based warshipmaker Garden Reach Shipbuilders and Engineers (GRSE) Ltd and MSME entity AEPL, officials said. The commercial launch of the AUV is likely to be within six months to a year after completion of user trials by the Indian Navy, Coast Guard and possibly the Army too, he said GRSE chairman and managing director Commodore (Retd) P R Hari said at the launch of the AUV.

Assam Rifles recruits, including 81 riflewomen on Friday participated in the attestation parade of the force. The passing out parade of the new recruits was held at Assam Rifles Training Centre and School at Shokhuvi marking the culmination of a rigorous recruit training schedule as they took the 'Oath of Affirmation' to serve the nation selflessly and with devotion.