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Saudi Arabia sees potential for collaboration with Indian Industry to build business in clean energy

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief
Saad AbdulRazak Alkhuzayim, Director of Localisation and Supply Chain, Ministry of Energy, Saudi Arabia, has said that there is tremendous potential for collaboration with Indian Industry to build business in clean energy as energy transition is being planned in Saudi Arabia. Addressing ‘Indian Industry Interaction with Saudi Arabian Government Delegation’ organized by FICCI, Minister Alkhuzayim emphasised upon localisation as an enabler for securing a complete and sustainable value chain across all resources and minerals. He also hoped to collaborate with the Indian industry in supporting Saudi Arabia’s objectives of achieving 75 per cent localisation by 2030. There is a plan to build 70 renewable energy parks by 2030 which will be built on private sector-led investments.

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First Published: Mar 16 2023 | 12:16 PM IS

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Economy

India’s Forex Reserves Drop To 3-Month Low At $560 Billion

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief
India’s foreign exchange reserves declined by regarding USD 2.4 billion to USD 560.003 billion in the week ending on March 10, according to the Reserve Bank of India’s latest data.

During the prior week that ended on March 3, India’s foreign exchange reserves rose for the first time in five weeks to USD 562.40 billion, an increase of USD 1.45 billion, data showed.

According to RBI’s latest data, India’s foreign currency assets, the biggest component of the forex reserves, declined USD 2.22 billion to USD 494.863 billion. Gold reserves declined by USD 110 million to USD 41.923 billion.

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Economy

India set to become 3rd largest country in coming 2-3 years

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

Union Minister of Commerce and Industry, Textiles, Consumer Affairs, Food & Public Distribution, Piyush Goyal highlighted that the journey from India@75 to India@100 needs an efficient logistics ecosystem to drive us through Amrit Kaal to become Atmanirbhar Bharat. The efforts of infrastructure development through several inisitatives such as Bharatmala, Sagarmala, Dedicated Freight Corridor (DFC) and the revolutionary PM GatiShakti Initiative, will bring down India’s Logistics cost from double digit to single digit. He suggested taking note of India’s geography, terrain, size and complexities, trade volume and value etc while calculating the logistics cost.

He shared that in the last 9 years, from being the 10th largest country in terms of GDP, India has now become 5th largest country in the world. India will become the 3rd largest country in the coming 2-3 years, through the impactful infrastructure projects that are going to be implemented from April 2023 to March 2024. He further added that E-commerce, smarter FTAs, adopting international quality standards, good manufacturing practices, leveraging on our successful startups ecosystem, utilizing National Education Policy 2020, drone technology, artificial intelligence, strong PPP collaborations and Centre-State partnerships will work towards catalyzing India’s development. Logistics in India as a policy tool will help achieve ‘Serve the world from India’ and ‘Make in India for the world.’

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First Published: Mar 21 2023 | 10:04 AM IS

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world

Watch.. “Putin” announces the use of the Chinese yuan in commercial transactions with Asian, African and Latin American countries

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

Al-Marsad Newspaper: Russian President Vladimir Putin announced the use of the Chinese yuan in settlements and commercial transactions with Asian, African and Latin American countries.

“We support the use of the Chinese yuan in settlements between the Russian Federation and the countries of Asia, Africa and Latin America,” he said during his talks with Chinese President Xi Jinping.

And the Russian president continued: “I am confident that this formula of trading in the yuan will be developed between Russian partners and colleagues from third countries.”

“It is significant that national currencies are increasingly being used in mutual trade, and this practice should be further encouraged,” Putin added.

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