Browsing: India

Gautam Adani now the second wealthiest person in the world

His fortune is estimated to be worth a staggering US$148 billion. He is second only to Tesla founder and eccentric billionaire Elon Musk. Very interesting to note is the fact that the rise of Adani into the high stakes of global wealth is also the first time that two of the wealthiest individuals in the world are from countries that comprise the BRICS nations.

Though now a US citizen, Elon Musk has South African heritage, and Adani is an Indian national.

That two of the richest men in the world are from BRICS countries is indicative of the emergence of the bloc. Adani is the first person of Indian descent to occupy the position. Adani is the chairman of the Adani Group, which operates a litany of businesses in coal mining, infrastructure, and thermal power generation. His companies also operate private airports and firms. According to media reports, Adani’s wealth …

India's Economic Miracle

In terms of the economic outlook for India, opinions are divided given the headwinds facing the global economy presently, like the cost-push inflation from increases in food prices and soaring energy costs brought on by the Russia-Ukraine conflict. Deloitte, the global consulting and accounting firm, is optimistic about the economic growth prospects of India. It is projected that the Asian country will remain the fastest growing economy in the world, with growth projected to come in at between 7.1% to 7.6% in the years 2022 to 2023 and 6% to 6.7% in the years 2023 to 2024.

How has India managed to bullet-proof its economy to the extent that it has managed to register economic growth within a context of slowing global economic growth? According to Deloitte, India is primarily a domestic demand-driven economy, with consumption and investments contributing to 70% of the economic activity.

According to the Reserve Bank …

BRICS nations championing the de-dollarization of international trade.

The current large-scale transition of the global economy, principally triggered by the current conflict between Ukraine and Russia as well as the standoff between China and the United States, creates a multipolar world map with new centres of power.

Brazil, Russia, India, China, and South Africa, also known as the BRICS nations, have enhanced industrial and financial might and are pushing for a seat at the global new power axis table. These nations are essential participants in international markets for products, services, and money, having a considerable, sometimes decisive, effect on how the global economy operates.…

Subscribe to unlock this article

Login to read this article for free and get 3 free premium articles. Subscribe today for unlimited premium articles

www.theexchange.africa
  • Japan has announced plans of investing $42 billion in India over the next five years to boost trade and cooperation between the two Asian nations
  • Prime Minister Fumio Kishida said the investment would be spread across several industries, including green energy and urban infrastructure
  • The two countries also committed to strengthening securities ties across the Indo-Pacific region during the visit

Japan will invest $42 billion in India over the next five years to boost trade and cooperation between the two Asian nations.

Japan’s Prime Minister Fumio Kishida said the investment would be spread across several industries, including green energy and urban infrastructure.

He announced the investment deal during his first state visit to India since taking up office.

The two countries also committed to strengthening securities ties across the Indo-Pacific region during the visit.

They also discussed the ongoing crisis in Ukraine.

“The Russian attack is a serious matter as …

www.theexchange.africa

The returned items include the Shiva and his Disciples, Worshipping Shakti and Lord Vishnu and his Forms.

The news portal noted that the artefacts date from as early as the ninth to the tenth century.

The artefacts are primarily made of sandstone, marble, bronze and brass.

According to the publication, the antiques are from various places In India, including Rajasthan, Gujarat, and West Bengal.…

Indian rupee notes. On March 18, 2022, reports surfaced online that India had bought oil from Russia in rupees-roubles and not US dollars. www.theexchange.africa

On March 8, Saudi and Emirati leaders snubbed US President Joe Biden over the Ukraine crisis.

Reports, according to the Wall Street Journal,  show that the White House unsuccessfully tried to build international support for Ukraine and contain a rise in oil prices. The Middle East and US officials quoted by the WSJ indicated that the calls were because of an increase in oil prices caused by Russia’s invasion of Ukraine. Saudi Arabia’s and the UAE’s authorities declined to speak with Biden.

Is the writing in the wall for the US now that it allies have become unresponsive in recent weeks?

In the first week of March, OPEC+, which includes Russia, refused to raise oil production.

OPEC+ consists of 13 OPEC members and 10 of the world’s major non-OPEC oil-exporting countries. The OPEC+ entity aims to regulate oil supply to set the world market price.…

India Prime Minister Narendra Modi. India has bought three million barrels of crude oil from Russia, despite ongoing pressure from countries in the west to resist such purchases. www.theexchange.africa

Further, the Organisation of Petroleum Exporting Countries (OPEC) revealed that India’s demand might jump by 8.2 per cent in 2022, to hit 5.15 million barrels per day. This would be on the back of continued recovery against the COVID-19 pandemic.

The country’s demand for the commodity increased by 5.61 per cent from 4.51 million barrels per day in 2020 to 4.76 million BPD in 2021.

OPEC further noted that oil demand would recover in 2022, amid the expected containment of the Omicron variant of COVID-19 and economic growth of 7.2 per cent this year.…

www.theexchange.africa
  • Sri Lanka is facing the worst economic crisis since independence that has led to shortages of basic commodities such as fuel and medicine 
  • The country will receive a US$1 billion loan from India to ease the crisis amid ongoing protests by tens of thousands of citizens 
  • Over the past few months, India has provided Sri Lanka with loans amounting to US$500 million to purchase fuel and a currency swap of US$400 million under the Saarch facility

India and Sri Lanka will finalise a US$1 billion line of credit on Thursday, March 17, 2022.

According to Hindustan Times, the funds by India are expected to help Sri Lanka cope with the ongoing economic crisis, which is the worst that the island nation has faced in decades.

Sri Lanka will use the funding to acquire essentials such as food and medicine.

Read: With AfCFTA, what’s in Africa for India?

The funds follow …

Ghana hosts largest agricultural exhibition. www.theexchange.africa

Thomas James, Agritech West Africa’s project director, said that the rising demand for food and the targeted food growth in Ghana and West Africa requires innovation and mechanization in agriculture patterns. This could be done by adopting new and modern agriculture technologies, machines, crop care practices, irrigation, warehousing and storage facilities.

Ghana has invested heavily in mechanisation in agriculture, importing Tractors, Spares, Implements, Agrochemicals and Irrigation setups worth US$1 billion. Annually, Ghana imports over 10,000 tractors and their associated implements and parts.

The seminars, pre-fixed meetings and conferences in the exhibition will help Ghanaian and West African agriculture-based companies an opportunity to network with manufacturers and suppliers from across the globe.…

cashew1

protein rich nuts TanzaniaTanzania hopes to plant an ambitious 1.5 million cashew nut trees annually across some 535,000 acres of land in a new revitalized effort to grow output and increase revenue from the protein-rich nut.

Tanzania is already one of Africa’s largest cashew growers coming third after Nigeria and Ivory Coast. It is the world’s eighth biggest producer and if all goes to plan, the country wants to move up the ranks.

In a recent press communiqué, the Cashew nut Board of Tanzania (CBT) released projections that show that Tanzania would produce one million tonnes of the nuts in the 2023/24 harvest season.

The plan is a multiple-year scheme that would see the country increase output year after year as follows; 600,000 tonnes for the 2021/22 farming season, 800,000 tonnes were to be produced in the 2022/23 farming season and the 1 million mark would be met in the following farming season.