India Economy Thread
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Vikramaditya1
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India eyes $100 bln investment deal with Switzerland, Norway- Bloomberg News
ReutersFebruary 8, 20243:47 AM GMT+5:30Updated 6 hours ago
India's Minister for Information Technology Ashwini Vaishnaw addresses an audience during the 'SemiconIndia 2023', India’s annual semiconductor conference, in Gandhinagar, India, July 28, 2023. REUTERS/Amit Dave Purchase Licensing Rights, opens new tab
Feb 7 (Reuters) - India is close to finalizing a trade deal that could see a small group of European nations invest as much as $100 billion over 15 years for easier trade access to the country, Bloomberg News, opens new tab reported on Wednesday.
The European Free Trade Association (EFTA), which includes Norway, Iceland, Liechtenstein and Switzerland, made a commitment as part of a trade pact that is in final negotiations, Bloomberg reported, citing people familiar with the matter.
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The investment in India from the EFTA countries will see more than 1 million jobs created in the country, the report said, adding that the investment would be aimed at existing and new manufacturing projects, and will mostly come from state-sponsored organizations and private businesses.
The trade deal will ensure market access for some agricultural projects, and guarantee easier movement of Indian professionals to EFTA countries, Bloomberg said.
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India's Commerce Ministry did not immediately respond to a request for comment and EFTA declined to comment on the report.
Last month, the country's Information Technology Minister Ashwini Vaishnaw told Reuters India is eyeing $100 billion in annual foreign direct investment (FDI) "in the next few years".
India has been attracting investments from several countries, such as the United Arab Emirates, which is considering investing as much as $50 billion in the country.
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Reporting by Chandni Shah in Bengaluru Editing by Gareth Jones
DDG-80
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RBI MPC: India's forex reserves at $622.5 bn as of February 2, says Governor Shaktikanta Das
India's foreign exchange reserves stood at $622.5 billion for the week ending on February 2, said Reserve Bank of India Governor Shaktikanta Das on Thursday while announcing key decisions taken by the MPC.
RBI's MPC pegs India’s FY25 growth at 7%, raises quarterly estimations
The Reserve Bank of India predicts a 7% growth rate for the Indian economy in FY25, maintaining the benchmark lending rates at 6.5% for the sixth consecutive time. The Monetary Policy Committee (MPC) forecasts GDP growth rates for FY24 and FY25. Despite global economic challenges, India's...
DDG-80
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India mobile phone manufacturing industry likely to create up to 2,50,000 jobs in next 12-16 months
Apple and its three contract manufacturers in India –Foxconn, Wistron and Pegatron, as well as homegrown Dixon Technologies are set to significantly expand their workforce to meet domestic and export demand, industry officials said. In recent years, companies like Apple have turned aggressive in...
CallSignMaverick
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CallSignMaverick
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DDG-80
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Israeli chipmaker Tower closes in on $8 billion fabrication plant in India
If Tower’s proposal is accepted by the government, it would be the first semiconductor company with real fabrication pedigree to join India’s $10 billion chip manufacturing scheme, and will be a big boost to New Delhi’s chipmaking ambitions.
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Pingle
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There was a time our artillery was so obsolete due to no procurement of new artillery by any government coz every government had a fear in mind after boforce scandle...... we are today very deadly in artillery coz of new items like M777 and homemade Kalyani artillery...... I am always in favor of homemade but i feel for some time we need another addition of Ceasar heavy artillery too...... that's just monster......
DDG-80
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DDG-80
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Our doctrine is different from the PLA.
IA primarily uses IFG/LFG to supress advancing infantry and to provide quick fire support to mountain troops, it is very light and can be lifted by the exisiting Mi17V5 and Dhruv helicopters of the indian aviation forces. These guns can be disassembled in pieces and transported in secrecy to locations without letting the enemy know about it. 105mm is not obsolete as many claim. US army, italian army, british army, korean army all still use 105mm in various roles. These guns have a good history of raining punishing fire on pakistan army during ceasefire violations
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