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developed economy, said ISRO Chairman S. Somanathan, stressing the importance of technological advancements and product development to drive economic growth. He also praised tech mogul Elon Musk for his innovative work in the space sector, noting that Musk's achievements have inspired global efforts, including those within ISRO. Somanathan made these remarks while addressing students at the 13th convocation ceremony of the Indraprastha Institute of Information Technology (IIIT) in Delhi here on Saturday. «If India aspires to become the third, second, or even the first-largest global economy, a revolutionary change is needed. Growth will not be driven by trade and resources alone. We need to create value in technology that powers product development,» he said.

headline inflation trajectory is expected to moderate from the last quarter of this financial year, while unexpected weather events and worsening of geopolitical conflicts pose a major challenge, Reserve Bank of India Governor Shaktikanta Das said in Washington DC. On inflation, the RBI Governor spoke about ensuring inflation reaches to the 4% level on a durable basis. Pertinent to note that last week, the governor said that a policy rate cut would be very risky at this juncture. 'Resilient growth has given us the space to focus on inflation so as to ensure its durable descent to the 4 per cent target," Das said at the Macro Week 2024 organised by the Peterson Institute for International Economics at Washington DC.

Nirmala Sitharaman raised the issue for fairness and accuracy in sovereign ratings for emerging markets and developing economies (EMDEs) during her address at the International Monetary Fund's (IMF) 2024 Annual Meeting. Speaking in Washington, D.C., at the IMFC Plenary session on «Managing Director's Global Policy Agenda,» on Friday, Sitharaman emphasized that sovereign ratings should more accurately reflect the economic fundamentals of EMDEs, ensuring fair access to capital and improved ability to attract private investment. «There is need for sovereign ratings to adequately account for EMDEs economic fundamentals to ensure the cost of capital for them and their ability to attract private capital is factored in,» Sitharaman said.

Mercedes-Benz and Valeo and appliances-maker Electrolux dented investor sentiment. The pan-European STOXX 600 closed flat for the second straight day and logged its first weekly loss in three, with real estate stocks among the worst-hit sectors for the week.

Nirmala Sitharaman highlighted India's significant progress in electrification, water accessibility, and economic empowerment during a fireside chat with John J Hamre, President and CEO of the Center for Strategic and International Studies (CSIS), in Washington, DC Highlighting the progress made in rural electrification, Sitharaman highlighted that every village in India now has access to electricity. She noted that in 2014, many villages across India, including those near state capitals, lacked even basic infrastructure for electrification. She said «I don't think any village in India is unelectrified today. Households have received the connections. So, if I remember the situation in 2014, there were still many villages in many parts of India, some even very close to the state capital, provincial headquarters, without even a pole to receive the electric wires. Now, all that has been overcome. Houses have got their electricity.»

Cryptocurrencies are huge risks to financial stability, and monetary stability, Reserve Bank of India Governor Shantikanta Das said Friday, asserting it may create a situation where the central bank may lose control of money supply in the economy. «I am actually of the opinion that this is something which should not be allowed to dominate the financial system.

Union Finance Minister Nirmala Sitharaman highlighted the contributions of the Global South to the foundations of multilateral development banks at the 1944 Bretton Woods conference and emphasized on embedding diverse voices in decision-making to ensure a truly inclusive and global development framework. She was speaking at the Development Committee Plenary session on 'A Future-Ready World Bank Group' at the World Bank during the Annual Meetings 2024 in Washington, DC. In her intervention at the session, Sitharaman urged the World Bank to promote a two-way exchange of innovations, drawing from the transformative experiences of the Global South in areas like digital inclusion and sustainable energy.

Meta on Friday announced a strategic collaboration with 'IndiaAI' at the Ministry of Electronics and Information Technology (MeitY) to drive advancement of open source AI innovation, R&D and skill development in India. This includes the establishment of the Center for Generative AI, Shrijan at IIT Jodhpur and the launch of the 'AI for Skilling and Capacity Building' initiative, in partnership with All India Council for Technical Education (AICTE). The partnership will enable development of indigenous AI applications, and advance skill development in AI. It would also bolster research capabilities with the aim of contributing to India's AI mission of ensuring tech sovereignty and the vision of AI solutions tailor made for India. «Aimed at propelling the advancement of open source artificial intelligence (AI) in India, as part of its Memorandum of Understanding with the 'IndiaAI', Meta today announced a strategic collaboration with IndiaAI at the MeitY,» according to a release.

stock market crash, that could send the valuation of the currency for a toss, if America's top economist Peter Schiff's latest statements are considered. Long-term interest rates could also see major rise, which can directly and indirectly lay an effect on loans as well as consumer prices in the coming days, according to Schiff. Is 2025 going to bring in some major shockers for the US markets?

China's top legislative body will hold a highly anticipated session in Beijing on November 4-8, the week of the US presidential election, as investors watch for any approval of fiscal stimulus to revive the slowing economy. The once-every-two-month gathering of the Standing Committee of National People's Congress will review a State Council report on financial work, along with a slew of draft laws on mineral resources, energy and anti-money laundering, the official Xinhua News Agency reported Friday. The published agenda doesn't specifically mention any plans for fiscal stimulus, although a previous decision to raise budget deficit mid-year in 2023 was disclosed only after lawmakers approved it.

For the first time under President Joe Biden, a federal permit for a new lithium mine in the U.S. has been approved

Russia’s central bank has raised its key interest rate by two percentage points to a record-high 21% in an effort to combat growing inflation as government spending on the military strains the economy’s capacity to produce goods and services and drives...

Texas Gov. Greg Abbott details the states stock exchange venture to rival Wall Street, the impact of the immigration crisis on jobs and his vow to eliminate Venezuelan gang Tren de Aragua in the state.

In a letter published on the Financial Times, Reeves wrote that her fresh fiscal framework «will provide the stability on which growth depends». She added that, in the upcoming Autumn Budget, the changes she will announce will seek to ensure day-to-day spending is matched by revenues and debt falls as a proportion of the UK's economy.  The latter is a measure that aims to «make space for increased investment in the fabric of our economy, and ensure we do not see the falls in public sector investment that were planned under the last government», the letter read.  Chancellor Rachel R...

Olaf Scholz said on Friday he wanted to deepen defence ties with New Delhi and bring the two countries' militaries closer, in comments following a meeting with Indian Prime Minister Narendra Modi. Germany, which has not traditionally had close defence ties with India, is now pitching to join the latter's effort to wean its arms base from decades of dependence on Russia, at a time when the West seeks to counter China's growing influence. «Our overall message is clear, we need more co-operation, not less,» Scholz said.

ET Make in India SME Regional Summit in Pune had a stellar start with a range of industry representatives, SME associations and small businesses sharing their ideas and visions at the event. The summits are a series of on-ground events held across India to bring together local MSMEs, policymakers, enablers and industry stakeholders. These summits aim to unravel opportunities, tackle challenges and foster knowledge-sharing and networking to propel the next phase of growth for Indian MSMEs. The event started with a fireside chat that saw Rakesh Singh, MD & CEO, Aditya Birla Finance Limited (ABFL), speak on the credit gap in the MSME segment becoming huge. “Access to credit in this segment is around 50%,” he said.

Subscribe to enjoy similar stories. When Janet Yellen traveled to Beijing earlier this year, there was one person in particular she wanted to talk to: He Lifeng, one of the men holding the keys to the Chinese economy.

Subscribe to enjoy similar stories. The middle-class of a country often has a starring role in its economy as much as what we call the ‘public sphere.’ But who qualifies as a member can vary by how we define this class. Should we go by how people view their own status? According to the latest YouGov-Mint-Centre for Policy Research Millennial Survey, as reported in ‘Plain Facts,’ 88% of urban Indian netizens identify themselves as middle-class.

former US President Donald Trump is having a slight edge over US Vice President Kamala Harris while Donald Trump is leading with 47% to 45% which marks a four point swing since the month of August. According to New York Post, Donald Trump’s approval rate during his term as US President has rose up to 52%. New York Post reported that on the other hand, Kamala Harris’s favorability point has seen a gradual drop during her term as the US Vice President while 53% of voters are viewing her unfavorably. Furthermore, the Wall Street Journal Poll also indicates the fact that Democratic Presidential candidate Kamala Harris has the lowest job approval rating as the US Vice President recorded at just 42%. Also Read: 71 bets a minute in favor of Donald Trump: That's what the Polymarket 'whale' is betting on

Wall Street is drifting as a sharp drop for IBM helps cancel out a surge for Tesla

The world economy, buffeted by conflict and growing geopolitical rivalries, is in danger of getting stuck in a slow-growth, high-debt rut, the head of the International Monetary Fund warned Thursday