Country Financial News

Electronics has become the country's fifth largest export commodity, growing by 23 per cent annually, a senior official in the Ministry of Electronics and IT said on Friday. Electronics manufacturing in India has crossed USD 100 billion market in March 2024, which was USD 49 billion in 2017, Bhuvnesh Kumar, Additional Secretary in the Ministry of Electronics and IT, said at the launch of indigenously-built Tyronne AMD servers by Netweb Technologies. «The electronics exports are rapidly growing at rate of 23 per cent annually. Last year we did USD 30 billion of exports from India. »Surprisingly for many, it has become 5th largest commodity being exported from India," Kumar said.

employment opportunities are a critical concern, ecommerce has emerged as a powerful engine of job creation. On average, ecommerce vendors employ 54% more people than their offline counterparts. This isn't just a quantitative increase but a qualitative shift in employment.

Global News had heard from dozens of women across Canada about the struggle to access care for endometriosis, several of whom are now seeking or have sought help outside of Canada. This is Part 1 of a three-part series on why women are choosing to leave their own country for medical help. Part 2 will be posted on Tuesday, Sept. 3 and Part 3 will be posted on Friday, Sept. 6.

India confirmed on Friday that it has received an invitation from Pakistan for the upcoming Shanghai Cooperation Organisation's (SCO) Council of Heads of Government meeting to be held in Islamabad in October. Pakistan invited Prime Minister Narendra Modi on Thursday to the SCO's Council of Heads of Government meeting. «Yes, we have received an invitation from Pakistan for the SCO's Council of Heads of State that is to happen. We do not have an update on that,» a spokesperson of the Ministry of External Affairs (MEA) said in response to a reporter's question during his media briefing here. Pakistan holds the rotating chairmanship of the SCO Council of Heads of Government (CHG) and in that capacity, will be hosting the two-day in-person SCO Heads of Government meeting in October.

Venezuelans awoke Friday to a major power outage in the capital, Caracas, and several states

ONGC is seeking US exemption to get operational control of its fields in sanctions-hit Venezuela, a top executive said, adding that the Latin American country has already agreed to it in principle. ONGC has stakes in two Venezuelan oil fields — Sancristobal and Carabobo-1 — but has been unable to receive its share of income for years, first due to enduring financial troubles in the Latin American country and then the imposition of the US sanctions that blocked oil trade and payment channels. ONGC hasn’t been able to repatriate about $500 million of dividends from Venezuela. In both fields, the Venezuelan state firm PDVSA has the majority stake and controls the operation and finances of the fields even though ONGC is technically the joint operator.

Japan's Defense Ministry Friday sought a record 8.5 trillion yen ($59 billion) budget for the next year to fortify its deterrence on southwestern islands against China's increasing threat, while focusing on unmanned weapons and AI to make up for the declining number of servicemembers as a result of the country's shrinking population. The ministry's request for 2025 marks the third year of Japan's rapid five-year military buildup plan under the government's ongoing security strategy. Japan aims to spend 43 trillion yen ($297 billion) through 2027 to double its annual military spending to around 10 trillion yen, making it the world's third-largest military spender after the United States and China. The budget request was approved at the Defense Ministry meeting Friday ahead of a submission to the Finance Ministry for negotiations through December.

chartered accountants' apex body ICAI will discuss the changes proposed by regulator NFRA to auditing standard SA 600 on September 17 amid concerns in certain quarters about the suggested updates. Standard on Auditing (SA) 600 broadly pertains to standards applicable in situations where a principal auditor of a company relies on the audit work done by another auditor for a group entity. While the National Financial Reporting Authority (NFRA) has proposed aligning SA 600 with the relevant international standard, ICAI has flagged concerns about the changes as that could result in concentration of audit activities with a few firms, according to ICAI officials in the know. At present, the principal auditor has to give a main audit report and a consolidated statement of the audit works done by other auditors for the group entities.

Centre has directed states to focus towards creating quality jobs while ensuring creation of employment data, integration of unorganised sector worker data with e-Shram portal, timely and regular submission of employment returns and job fair details and undertaking a consultative approach to framing rules across four Labour Codes. The directive was issued by Shobha Karandlaje, minister of state for labour and employment during her regional meeting with top government officials of Karnataka, Tamil Nadu, Telangana, Kerala, Puducherry, and Andaman & Nicobar Islands in Bengaluru on Friday. The ministry of labour and employment plans to hold five more such regional meetings with states over the next month, aimed at greater participation of states in boosting employment generation under the three employment-linked incentive schemes and to fast-track labour reforms.

Ministry of External Affairs (MEA) of India refuted allegations from a CNN report that suggested India's involvement in the recent flood situation in Bangladesh. MEA spokesperson Randhir Jaiswal criticized the report, calling its narrative «misleading» and «factually not correct.» The MEA maintained that excessive rainfall, rather than any actions taken by India, was responsible for the flooding. «We have seen the CNN report on the flood situation in Bangladesh. Its narrative is misleading and suggests that India is somehow responsible for the floods. This is factually not correct and ignores the facts mentioned in the press releases issued by the Government of India clarifying the situation,» Jaiswal said. Jaiswal also criticized the CNN report for ignoring the existing communication between India and Bangladesh regarding water resources management.

nuclear-powered ballistic missile submarine (SSBN) within six months, further strengthening its sea-based nuclear deterrent. This comes after the formal induction of the second SSBN, INS Arighaat, into the Strategic Forces Command at Visakhapatnam on Thursday. The upcoming third SSBN, currently undergoing trials and expected to be commissioned as INS Aridhaman early next year, is larger than its predecessors, INS Arihant and INS Arighaat, allowing it to carry more long-range nuclear-tipped missiles. INS Arighaat can also deploy K-4 missiles with a range exceeding 3,000 km, unlike INS Arihant, which is equipped with 750-km range K-15 missiles. This capability is vital for maintaining a credible strategic deterrent amid ongoing military tensions with China. SSBNs, capable of remaining submerged for extended periods, provide a secure and stealthy platform for second-strike capabilities, deterring potential first strikes.

Some investors are overestimating the stockpile of Chinese money that could be converted back into yuan, as firms may not yet be ready to abandon dollar holdings, according to Goldman Sachs Group Inc.

Inflation is down in Europe

The Economist has adjusted SIPRI’s estimates for military purchasing-power parity (PPP), with help from Peter Robertson, a researcher at the University of Western Australia. This makes defence budgets comparable with America’s: pay is adjusted for wage differences and operating costs for general price levels. (Equipment costs are left the same, as much of the kit is imported, and its relative quality is hard to judge.) The adjustments show that Ukraine’s budget increases (though not its total budget) will stretch further than Russia’s, for example, even though its budget grew at a slightly slower rate in nominal terms (see chart 1).

Defence Minister Rajnath Singh on Friday stated that the Indian economy has now improved to 'Fabulous Five' from the 'Fragile Five' before 2014. The minister also added that the Indian economy is one of the fastest-growing large economies now. Speaking at the 'Manorama News Conclave 2024' in Thiruvananthapuram, the minister said, «India's economy has undergone unprecedented changes. Before 2014, India's economy was among the 'Fragile Five'. Today it is being recognised all over the world as one of the 'Fabulous Five'. The Indian economy has become one of the fastest-growing large economies today». The minister also added that the government has taken various steps to improve the ease of doing business in the country, he added that because of the efforts by the government now the process to get environment clearance has reduced to less than 75 days from 600 days earlier.

Mint. This follows an aggressive expansion period for the banking technology startup, when the company targeted entering 30 countries and newer verticals after raising its first institutional funding of $250 million from SoftBank Vision Fund 2 at a valuation of $1.45 billion in 2021. "We have a razor-sharp focus on India.

Donald Trump says that, if he wins a second term, he wants to make IVF treatment free for women, but did not detail how he would fund his plan or precisely how it would work. «I'm announcing today in a major statement that under the Trump administration, your government will pay for — or your insurance company will be mandated to pay for — all costs associated with IVF treatment,» he said at an event in Michigan. «Because we want more babies, to put it nicely.» IVF treatments are notoriously expensive, and can cost tens of thousands of dollars for a single round. Many women require multiple rounds and there is no guarantee of success.

Oil prices were steady in early trading on Friday as investors weighed supply concerns in the Middle East against signs of weakened demand. Brent crude futures for October delivery expire on Friday and were unchanged at 0033 GMT. The more actively traded contract for November fell 7 cents or 0.09% to $78.75. U.S. West Texas Intermediate crude futures were down 11 cents, or 0.14%, to $75.80.

ATM infrastructure in the country. NPCI's launches at the Global Fintech Fest included UPI Interoperable Cash Deposit and banks showcasing digital banking units.

Mint explains. Durov, 39, was detained in France and later released from police custody under conditions that he can’t leave the country. He was accused of failing to take action against harmful posts by users of the encrypted messaging app.

A Brazilian Supreme Court justice could shut down the local operation of X nationwide on Thursday if its billionaire owner Elon Musk doesn’t name a legal representative by this evening