Sitharaman urges Mexican investors to tap into India’s emerging financial hubs

India’s Minister for Finance and Corporate Affairs, Nirmala Sitharaman, on Saturday, October 19, invited Mexican investors to explore opportunities in India’s Global In-House Capability Centers (GICCs), aircraft leasing, ship leasing, and even foreign university setups at GIFT-IFSC (Gujarat International Financial Services Centre), which is emerging as a global hub for reinsurance and sustainable finance.

The Finance Minister participated in the India-Mexico Trade and Investment Summit, marking a significant step towards enhancing bilateral trade and investment ties between both countries, the Finance Ministry said in a post on social media X.

Indian states’ capital spending set to grow moderately by 6.5% in FY25 amid fiscal challenges: NSE report

The capital spending by 21 key Indian states is expected to be moderate in FY25, growing by a modest 6.5% to Rs 6.5 lakh crore, with an average GDP growth for these states projected at 11.2%, an analysis by the National Stock Exchange of India (NSE) revealed Friday, October 18.

These 21 states together represent over 95% of India’s GDP (Rs 326 lakh crore in FY25).

Over 70% people above 50 don’t trust AI generated health information, U.S. poll finds

A new American poll has revealed that 74% of people above the age of 50 would have very little or no trust in health information if it was generated by artificial intelligence (AI).

Meanwhile, 20% of older adults have little or no confidence that they could spot misinformation about a health topic if they came across it, according to data from the University of Michigan (U-M) and AARP’s ‘National Poll on Healthy Aging’.

Indian FM Sitharaman to visit U.S., Mexico to enhance trade ties, woo investors

In a bid to flaunt India’s attractiveness as an investment destination and bolster bilateral trade ties, Finance Minister Nirmala Sitharaman is set to embark on an official visit to Mexico and the U.S., beginning October 16.

During the first leg of her maiden visit to Mexico from October 17-20, the Finance Minister will lead an Indian delegation, underscoring a positive trajectory of growing bilateral economic and trade relations between the two nations.

PM Modi calls for human-centric approach in tech revolution at ITU World Telecommunication Standardization Assembly

India Prime Minister Narendra Modi said there is a need for a human-centric dimension to the ongoing technological revolution. Modi made the comment at the inaugurating of the historic International Telecommunication Union’s (ITU) ‘World Telecommunication Standardization Assembly (WTSA) 2024’ in the national capital on Tuesday, October 15.

He stressed that principles of security, dignity and equity should be at the centre of global telecommunication standards. The Indian Prime Minister said that standards set here will determine the direction of the future.

Nobel Prize awarded to 3 American economists for explaining why some countries are rich and others poor

The Royal Swedish Academy of Sciences on Monday, October 14, awarded the Nobel Prize in Economic Sciences to three U.S. economists for providing new insights into why there are such vast differences in prosperity between nations, trying to help solve the puzzle why some countries are rich and others poor.

Daron Acemoglu and Simon Johnson from Massachusetts Institute of Technology (MIT) and James A. Robinson from the University of Chicago were awarded the coveted honor for studies of how institutions are formed and affect prosperity.

India’s economic growth to outpace China, America, says USISPF Chairman John Chambers

Emphasizing that India could become a model for global growth, US-India Strategic Partnership Forum (USISPF) Chairman John Chambers on Monday predicted that the country will surpass China and the United States in key economic metrics, projecting nearly 100% higher GDP per capita income growth compared to China and 33% larger growth than the U.S. in the near future.

Speaking at the Annual India Leadership Summit 2024 hosted by USISPF in New Delhi, Chambers lauded the rapid pace of India’s economic progress under Prime Minister Narendra Modi’s leadership.

US, India announce $2 million grant for AI and quantum technology research projects

The US and India have announced grants of over $2 million for joint research projects aimed at advancing artificial intelligence (AI) and quantum technologies for social good. A total of 17 projects, 11 focusing on AI and 6 on quantum technologies, will receive nearly $120,000 each. These projects aim to tackle critical societal challenges, including AI-assisted early cancer detection and advancements in quantum computing.

India to procure $4bn predator drones, develop 2 nuclear-powered submarines to beef up defense prowess

India will soon procure 31 MQ-9B Predator drones from the U.S. and develop two indigenous nuclear-powered submarines. Indian government’s Cabinet Committee on Security, headed by Prime Minister Narendra Modi, has approved these initiatives to improve India’s defense capabilities, especially in intelligence, surveillance, and reconnaissance.

The drone deal, valued at $3.99 billion, is set to strengthen India’s maritime and territorial security, while the submarines will bolster the Indian Navy’s presence in the Indo-Pacific region. India will purchase two variants of the General Atomics MQ-9 unmanned aircraft: 16 SkyGuardian and 15 SeaGuardian high-altitude, long-endurance drones.

ITServe Alliance to launch 23rd Chapter in New York, strengthen community for IT services organizations

The iconic Marriott Marquis on Times Square will play host to the 23rd Chapter of ITServe Alliance, which will launch on October 14, 2024.

“ITServe Alliance, the largest association of IT Services organizations, which is recognized as the voice of all prestigious IT companies functioning with similar interests across the United States, is excited to announce the official launch of our 23rd Chapter in New York on October 14th at the iconic Marriott Marquis on Times Square, located at 1535 Broadway, New York, NY 10036 on October 14, 2024,” said Jagadeesh Mosali, President of ITServe.

Brazil’s Supreme Court lifts ban on X after company pays $5 million fine

Brazil’s Supreme Court has authorized the social media platform X to resume operations in the country after being banned for over a month due to non-compliance with court rulings.

Judge Alexandre de Moraes lifted the ban on Tuesday, October 8, after X paid approximately 28.6 million reals (around $5.17 million) in fines to the Brazilian government, Xinhua news agency reported, citing local media.

Indian government allocates Rs 1,000 crore venture fund for space startups: Minister

The Indian government on Sunday, October 6, said it has earmarked Rs 1,000 crore for venture fund to space startups, an indication of high priority that the government gives to the space sector.

Union Minister of State (Independent Charge) for Science and Technology, Dr Jitendra Singh, said the decision was taken within first 100 days of the Prime Minister Narendra Modi 3.0 government.

RBI’s crucial monetary policy meeting begins, eyes on repo rate amid inflation and global uncertainties

The Reserve Bank of India (RBI) is set to begin its three-day monetary policy meeting on Monday, October 7. The meeting will run till October 9.

All eyes are on the outcome, as the India’s apex banking body has kept the repo rate unchanged for the last nine consecutive meetings. The repo rate, currently at 6.50%, has remained steady since the RBI adopted a cautious stance to balance inflation control and economic growth.

India’s foreign exchange reserves breach $700 billion for first time

Despite geo-political uncertainties, the investors’ confidence remained intact in India’s growth story as the country’s foreign exchange reserves surpassed $700 billion for the first time, reaching $704.89 billion in the week ending September 27, the Reserve Bank of India (RBI) data showed on Friday, October 4.

The forex surged $12.59 billion, which is the largest weekly rise since mid-July 2023.

After Delhi, Mumbai, Apple to launch more retail stores in India

Driven by the positive response to its Mumbai and Delhi retail stores, Apple on Friday, October 4, said it is gearing to launch more exclusive, own-branded stores in the country where the iPhone maker is witnessing a surge in domestic sales as well as export figures.

New Apple retail stores will open in Bengaluru, Pune, Delhi-NCR and Mumbai. However, no timeline has been set so far.

India-U.S. reaffirm commitment to expanding bilateral commerce, trade at CEO Forum

India’s Minister of Commerce and Industry Piyush Goyal and his U.S. counterpart Gina Raimondo co-chaired the 6th meeting of the U.S.-India CEO Forum, which is the highest platform for discussing trade and commerce between the two countries.

Government representatives of the two countries and the Forum members, during the meeting hosted on Wednesday by the U.S., “reaffirmed their commitment to expanding bilateral commerce and trade, driving inclusive economic growth and innovation, and fostering a resilient bilateral partnership”.