Asia

<strong>Tough life in China – youth are rushing to buy leftover food</strong>
Asia

Tough life in China – youth are rushing to buy leftover food

China’s economy is worsening leading to a growing trend among its youth to consume leftover food, recently several businesses have begun to package unsold daily food items into leftover food blind boxes, inside these boxes are bread, milk tea, dumplings and light meals offered at a third of their original price creating a buying frenzy among many young people. Jean Chen a pseudonym in an interview with Beijing youth daily described these boxes as a lifesaver during his early financially challenging days in Beijing fresh out of college and new to the workforce, he had to live frugally, he shared how for just 20 yuan about 2.81 US $ he could get food that would normally cost 100 Yuan about 14.5 US$ making him a frequent purchaser. Initially a western concept for environmental conservation l...
India’s fintech boom: A roadmap for inclusion and growth in the budget?
Asia, World

India’s fintech boom: A roadmap for inclusion and growth in the budget?

As India's vibrant fintech industry gears up for another leap, the upcoming Union Budget 2024 carries immense weight. On February 1st, Finance Minister Nirmala Sitharaman's decisions will shape the trajectory of this rapidly evolving sector, impacting not just millions of financial service providers but also the broader quest for financial inclusion and economic growth. India Fintech Credit Fund: A dedicated fund offering affordable financing to fintech companies, particularly small and medium players, could unlock vital growth opportunities. Tax breaks for financial inclusion: Incentivising fintechs operating in underserved areas is crucial to bridging the financial gap and empowering marginalized communities. GST rationalization measures would further ease this journey. Empower...
Tesla’s Electrifying Journey Into India
Asia

Tesla’s Electrifying Journey Into India

American clean-car champion Tesla is zooming towards the Indian market, potentially arriving as early as this year. After talks stalled last year, Tesla and the Indian government have revved up negotiations, inching closer to a deal that could electrify the landscape. This agreement wouldn't just plug India into Tesla's existing fleet, but would also pave the way for a dedicated manufacturing plant, churning out Indian-made Tesla’s green car as early as 2026. A Tesla production facility in India would be mutually beneficial, said Mukesh Aghi, President of the US-India Strategic Partnership Forum, on January 15th. He observed that it is a win-win proposition for both Tesla and India. The former will gain access to a vast market of 1.4 billion potential customers and the latter will bene...
<strong>India makes longer economic strides, sees better future outlook</strong>
Asia

India makes longer economic strides, sees better future outlook

Indian economy is making longer strides than it ever made before. And the evidence of the glorious journey does not come from New Delhi but from the World Bank and India’s Asian rival China. Major global institutions have predicted economic growth of over 6 percent even as India enjoys the fast-rising foreign exchange. Indian economy is likely to remain resilient despite the global problems. [1]   The world is heading to global recession, the World Bank has warned.[2] However, India is going to have the fastest growth rate among the world’s largest economies. “In India, growth is expected to edge up to 6.4 percent in 2024-25,” it said.[3] India's proposed growth rate is impressive as compared to the world average of 2.4 percent and China’s deceleration to 4.4 percent.[4] Even b...
Deepening Ties Between India And The Uae Through Cultural, Economic, And Ecological Milestones
Asia

Deepening Ties Between India And The Uae Through Cultural, Economic, And Ecological Milestones

Prime Minister Narendra Modi will grace the inauguration of the Bochasanwasi Akshar Purushottam Swaminarayan (BAPS) Sanstha temple in Abu Dhabi, the capital of the United Arab Emirates, next February. This invitation is extended by representatives of the BAPS organization led by Swami Ishwarcharandas and Swami Brahmaviharidas that marks a significant moment for the Hindu community in the UAE. Set to bloom amidst the desert sands, the BAPS Sanstha temple will be a breathtaking masterpiece reminiscent of a blossoming lotus flower. As the largest Hindu temple in the UAE, it will stand as a testament to the vibrant faith and rich cultural heritage of the Indian diaspora in the region. The temple's intricate design, crafted with traditional hand-carved stonework from India, promis...
2024 will be a fortune year for India
Asia

2024 will be a fortune year for India

Strong economic fundamentals with stable government will create a great dynamism in the markets. The increase in per capita income at 9.6%, from USD 2538 in 2023 to USD 2784, will create immense demand in the economy and enhanced supply by the factories and opportunities for new employment India is embarking on a phase of self-sustained expansion, driven by dynamic reforms that have set in motion a virtuous cycle of growth and development. In the post-COVID era, India’s resilience is increasing each day. India is consistently growing at more than 7 percent in the post-pandemic years. During the initial two quarters of FY 2023-24, India experienced real GDP growth rates of 7.8 percent (Q2), and 7.6 percent (Q3) respectively with an average of 7.7% in H1 2023-24. Moreover, the Reserve Ba...
Asia

Reforms percolates at ground level, 25 States grew more than 7% in post pandemic years

States play a pivotal role in overall growth and development of the Indian Economy. State Governments propel the economy by dismantling barriers in the production processes such as land, labor, capital, and entrepreneurship, and contribute massively towards infrastructure building and industrialization in their respective territories. On the socio-economic front, the States have taken effective measures for the implementation of reforms in their socio-economic and infrastructural development. In the recent years, the States are in the process of rapid industrialization with new innovations through coordinated development of Micro Small and Medium Enterprises, and large scale enterprises. The States have been taking proactive measures to promote education, expedite the productivity of t...
By the end of the century, India’s economy will be the largest in the world, ranking third by CEBR.
Asia, World

By the end of the century, India’s economy will be the largest in the world, ranking third by CEBR.

India, emerging as the third and "eventually the largest economic superpower", is anticipated to have a GDP "90 percent larger than China’s and 30 percent larger than that of the US" by 2100, CEBR stated in its report. India is set to become the world's third-largest economy by 2032, and will eventually surpass China and the United States to become the "world's largest economic superpower" by the end of this century, as per a report released by the Centre for Economics and Business Research (CEBR) on December 27. India will sustain "robust economic growth", averaging 6.5 percent from 2024 to 2028, CEBR stated in its 'World Economic League Table 2024' report. This will result in the country surpassing Germany to become the fourth-largest economy in 2027, and overtaking Japan to becom...
India’s employment crisis: macroeconomic causes
Asia, World

India’s employment crisis: macroeconomic causes

The employment challenge can no longer be met only through more rapid GDP growth; a separate policy focus is needed on employment There are many indications everywhere that India continues to be going through a jobs crisis. Official data sources as well as many on-the-ground reports point to this fact. What are the macroeconomic reasons for this crisis? The symptoms of low labour demandAt the outset, it is useful to distinguish the two types of employment that prevail in an economy such as India. The first is wage employment which is a result of labour demanded by employers in their pursuit of profits. The second is self-employment where labour supply and labour demand are identical, i.e., the worker employs herself. A further useful distinction can also be made between wage labour ...
India’s Economic Growth Will Increase Demand For Corporates, According To Fitch Ratings
Asia, World

India’s Economic Growth Will Increase Demand For Corporates, According To Fitch Ratings

With strong domestic demand growth, it is expected that India will be among the world's fastest-growing countries, with resilient GDP growth of 6.5 per cent during the fiscal 2024-25, Fitch Ratings, one of leading credit rating firms, expects India's resilient economic growth will boost demand of the corporates, the PTI reported. In its latest research report on 'India Corporates: Sector Trends 2024', Fitch said that this is a sequel to the robust performance of the corporates in 2023 and will offset weakness from slowing growth in the key overseas markets. Fitch said that rising demand and easing input cost pressure should boost margins of the corporates in the next financial year. According to the credit rating firm, with strong domestic demand growth, it is expected that India wi...