Global | Business Upturn

Watch: Nita Ambani, Isha Ambani and Hillary Clinton come together for a warm cultural evening in Mumbai

Prakriti Mitra — Fri, 20 Feb 2026 17:12:43 +0000

Mukesh Ambani and Nita Ambani, along with their daughter Isha Ambani, recently welcomed former US Secretary of State Hillary Clinton to their residence in Mumbai. The evening featured warm conversations, light-hearted moments and a shared appreciation for art, culture and meaningful global connections. The gathering reflected cordial personal ties and an exchange of ideas centred on creativity and collaboration.

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Nita Ambani is an Indian philanthropist, business leader and cultural patron who plays a key role in the activities of the Reliance Foundation and several education and sports initiatives. She is widely recognised for promoting healthcare, rural development and the growth of Indian arts.

Isha Ambani is an Indian businesswoman and director at Reliance Retail and Reliance Jio, known for contributing to the company’s digital and consumer expansion. She represents the younger generation of leadership within the Ambani family.

Hillary Clinton is an American politician and diplomat who served as the 67th United States Secretary of State and was a former First Lady and US Senator. She is globally known for her work in public policy, international relations and women’s leadership initiatives. Together, these three figures are recognised for influence across business, philanthropy and global governance. Their engagements often reflect collaboration, cultural exchange and social impact discussions. Globally today overall.

Global economic update: Unemployment drops in the US, Euro area faces inflation, and India’s PMI shows growth

Finance Desk — Sat, 24 Feb 2024 10:18:14 +0000

Let’s delve into the key developments across various regions with the latest global economic indicators. From declining unemployment claims in the US to inflation concerns in the Euro Area and positive growth signals in India, these updates offer valuable insights into the current state of the global economy.

US unemployment claims drop significantly:

In the week ending February 17th, the number of people claiming unemployment benefits in the US plummeted by 12,000 to 201,000. This figure, well below market expectations of 218,000, represents the lowest claim count since hitting a 16-month low of 189,000 just five weeks prior. The decline is a positive sign for the US labor market, indicating potential strength and resilience.

Euro area inflation remains above ECB target:

The inflation rate in the Euro Area stood at 2.8% in January 2024, a marginal decrease from December’s 2.9%. Despite the slight dip, it remains above the European Central Bank’s target of 2.0%. This persistent inflationary pressure raises concerns and highlights the challenges faced by the ECB in maintaining price stability.

UK manufacturing PMI slightly below expectations:

The S&P Global Flash UK Manufacturing PMI edged up to 47.1 in February 2024 from 47 in January. While showing a modest improvement, it fell slightly below market forecasts of 47.5, as per preliminary estimates. The manufacturing sector’s performance in the UK continues to be closely watched amid ongoing economic dynamics.

Growth signals in India’s manufacturing and services sectors:

India’s economic indicators bring positive news, with the HSBC India Manufacturing PMI inching up to 56.7 in February 2024 from 56.5 in the previous month. This signals continued growth and stability in the manufacturing sector. Additionally, the HSBC India Services PMI rose to 62.0 in February, indicating the fastest expansion in the services sector since July 2023. These figures highlight India’s resilience and economic momentum.

RBI’s response to evolving liquidity conditions:

In response to the review of current and evolving liquidity conditions, the Reserve Bank of India (RBI) is set to conduct a Variable Rate Repo (VRR) auction on February 26, 2024. This move reflects the central bank’s proactive measures to manage liquidity and navigate the economic landscape effectively.

Staying abreast of these global economic updates provides valuable insights into the evolving dynamics of major economies. From employment trends in the US to inflation challenges in the Euro Area and robust growth signals in India, these indicators collectively shape the narrative of the global economic landscape.

India’s Economic Boom: A comprehensive look at investment opportunities

Finance Desk — Thu, 22 Feb 2024 13:54:46 +0000

In the dynamic world of global finance, India stands out as a powerhouse with a remarkable history of 10-12% USD CAGR over the last two decades. Currently, the 5th largest equity market, India’s market cap is poised to touch a staggering US$10 trillion by 2030, making it an attractive destination for investors worldwide. Bolstered by continued reforms, India proudly holds the title of the ‘Fastest Growing Large Economy,’ with domestic flows playing a pivotal role in reducing market volatility. The RoE-focused corporate sector, boasting 167 companies with a market cap exceeding US $5 billion, offers a plethora of investment choices. Projections indicate that India will become the 3rd largest economy by 2027, surpassing Japan and Germany, driven by consistent GDP growth, demographic tailwinds, and improved governance.

The foundation of India’s economic ascent lies in ongoing reforms, such as the transformative GST implementation, bankruptcy reforms, and the Real Estate Regulation Act (RERA), setting the stage for a robust long-term GDP growth of approximately 7%. The ambitious goal of nearly US$10 trillion market cap by 2030 signals a shift in global indices as India’s weight is expected to rise. Supported by a vibrant democracy and excellent global relations, India is strategically positioned to benefit from geopolitical shifts like China+1. The thriving entrepreneurship and start-up ecosystem, coupled with a booming services exports sector, underscore India’s diverse economic prowess. With a history of strong market returns and a sustainable investment culture, India’s listed equity market stands among the most diversified in emerging markets, attracting a steady flow of US$50 billion per year from domestic investors. As India continues to innovate and grow, it emerges as an unignorable force in the global economic landscape, offering unparalleled opportunities for savvy investors.

Source: Jefferies: Equity Research

India’s Economic Resurgence: A roadmap to global prominence

Finance Desk — Thu, 22 Feb 2024 13:15:09 +0000

Over the past decade, India has undergone a remarkable economic transformation, evolving from the 9th largest to the 5th largest global economy, with a nominal GDP reaching US$3.4 trillion. The impact of major reforms, including bankruptcy laws, GST implementation, RERA, and demonetization, has propelled India’s GDP growth at an impressive 7.2% in nominal USD terms, driving formalization and sparking a digital economy. Despite short-term challenges, India is steadily ascending the world GDP ranking.

Projections indicate that India is not only poised to grow at 6% over the next five years but is set to become the fastest-growing large economy globally. This growth trajectory, against a backdrop of declining rates in other major economies, is expected to elevate India’s global economic salience to approximately 8%. Already a focal point for several countries and companies, India’s contribution to world GDP is forecasted to reach 7.7% by 2028.

Fueling India’s economic momentum is its favorable demographic landscape, featuring a vibrant and young population with an average age just below 30. The ongoing addition of 7-8 million to the labor force annually and an expected increase of 152 million in the middle-age population are catalysts for meaningful savings and investments.

India’s reported unemployment rate at 4.1% belies the high labor force availability, with over 40% still employed in agriculture. This sector acts as a source of migration to more remunerative employment in construction and manufacturing, bolstered by the government’s push for digital transformation. India’s durable labor availability and migration dynamics provide a sustained competitive advantage, contributing to its higher GDP growth.

The corporate sector’s unique growth story includes a reduction in leverage, with the Debt-to-Equity ratio dropping from close to 1.0x in FY15 to <0.5x in FY24. This positions the corporate sector for growth through investment and capacity addition, extending support to India’s next leg of GDP growth.

India’s market cap, currently standing at US$4.3 trillion and ranking 5th globally, has the potential to surpass $10 trillion by 2030. The equity markets have consistently delivered 10% annual returns in USD terms over various periods, outperforming global peers in the emerging market space. With a renewed capex cycle and robust earnings profile, India’s equity markets are anticipated to sustain 8%-10% dollar returns over the next 5-7 years.

While India’s market cap is the 5th largest globally, its weight in Bloomberg Global remains low at 2%. However, this is expected to change, driven by structural domestic flows, increasing awareness of investment through mutual funds, and the potential listing of large unicorns. As India’s weight in global indices climbs, the nation is poised to attract incremental foreign flows, presenting significant opportunities for investors and businesses alike.

As the primary market activity gains momentum, including IPOs, FPOs, and block deals, India is becoming an attractive avenue for global MNC companies to list, creating a potential game-changer for Indian equity capital markets. With a robust demand for equities driven by rising domestic investors, India’s economic resurgence presents a compelling narrative for sustainable growth and investment opportunities.

Source: Jefferies: Equities Research

India’s cabinet approves ₹19,000 crore deal for BrahMos missiles to enhance naval capability

Rai Sinha — Thu, 22 Feb 2024 13:14:04 +0000

The Cabinet Committee on Security has greenlit a significant defense acquisition plan, approving the procurement of over 200 BrahMos supersonic cruise missiles along with associated systems. This procurement, costing approximately ₹19,000 crore, aims to bolster the firepower of the Indian Navy, as revealed by officials familiar with the matter on Thursday.

The BrahMos missiles, renowned for their exceptional speed and versatility, will be integrated into Indian warships, offering a substantial enhancement to the Navy’s operational capabilities. The acquisition will encompass a mix of BrahMos variants, including those capable of striking targets at distances of up to 290 km, as well as extended-range versions boasting a remarkable reach of nearly 500 km.

Notably, the BrahMos missile stands out as the world’s fastest cruise missile, boasting a staggering speed of Mach 2.8, nearly three times the speed of sound. Its adaptability across land, air, and sea platforms underscores its versatility, with all three variants currently deployed across the Indian armed forces.

Furthermore, India’s defense export endeavors are gaining momentum, with plans underway to deliver BrahMos missiles to the Philippines in March. This marks a significant milestone as it signifies India’s first export order for the BrahMos missile, developed jointly with Russia. The deal, valued at almost $375 million, was inked two years ago, illustrating India’s burgeoning presence in the global defense market.

India’s aspirations for defense exports are ambitious, with a target set at ₹35,000 crore by the fiscal year 2024-25. Recent successes, such as Kalyani Strategic Systems Limited securing an export order worth $155.5 million for artillery guns bound for Armenia, underscore India’s growing prowess in defense manufacturing. Additionally, India’s collaboration with Armenia for the Pinaka rocket system further amplifies its standing as a reliable defense partner.

Beyond traditional markets, countries across South America, Africa, Central Asia, and Southeast Asia are expressing keen interest in India’s defense offerings. The Indian Air Force, under the leadership of Air Chief Marshal VR Chaudhari, is advocating for the development of a compact version of the BrahMos missile tailored for fighter jets. This initiative aims to equip aircraft like the MiG-29, Mirage 2000, and the indigenous Tejas with enhanced strike capabilities.

Looking ahead, India is poised to embark on the development of an extended-range BrahMos missile, capable of striking targets at distances exceeding 800 km. This endeavor underscores India’s commitment to bolstering its strategic capabilities, particularly in the maritime domain.

The recent commissioning of INS Imphal, the latest guided missile destroyer, marked a milestone for the Indian Navy. Notably, INS Imphal became the first Indian warship to successfully launch the BrahMos missile, further solidifying India’s position as a maritime power in the Indian Ocean region.

Thus, India’s approval of the BrahMos missile acquisition represents an essential step in enhancing its naval prowess and consolidating its position as a key player in the global defense arena. With strategic partnerships flourishing and indigenous defense capabilities evolving, India’s trajectory as a defense exporter and innovator remains promising.

Latest economic highlights: US crude oil stocks surge, UK inflation holds at 4.0%, and India’s services trade surplus hits record $44.9 billion

Finance Desk — Thu, 15 Feb 2024 08:07:25 +0000

Crude oil stocks in the US witnessed a substantial increase, soaring by 8.52 million barrels, as reported by API’s Weekly Statistical Bulletin. This follows a 674 thousand barrels rise in the previous week. Meanwhile, the US saw a 0.2% month-on-month decline in producer prices for final demand in December 2023, surpassing initial estimates of a 0.1% drop, according to revised figures from the BLS. On the global front, the UK’s inflation rate remained steady at 4.0% in January 2024, slightly below market expectations of 4.2%. Factors such as higher gas and electricity bills contributed to the upward trajectory, offset by declining prices for furniture, food, and non-alcoholic beverages.

On a positive note, India’s services trade surplus achieved a record high of $44.9 billion in the third quarter of FY24, marking a resilient 16% year-on-year growth amid challenging global conditions. Additionally, India experienced a dip in WPI inflation, reaching a three-month low of 0.27% year-on-year in January, primarily attributed to moderating prices of food articles and manufacturing products. Foreign Secretary Vinay Kwatra emphasized the significance of sustaining economic cooperation between India and the UAE, underscoring the continuation of vital projects like the India-Middle East-Europe Economic Corridor (IMEC), despite concerns stemming from the ongoing conflict in Gaza and unrest in the Red Sea.

Indian equity markets anticipate strong start with Gift Nifty surging over 100 points; focus on Q3 results and global developments

Finance Desk — Tue, 23 Jan 2024 03:24:31 +0000

As Indian equity markets gear up for Tuesday’s trading session following a holiday on Monday, a promising gap-up start is anticipated. Gift Nifty is already indicating a surge of over 100 points, quoting at 21,744 levels. Investors are keenly focusing on Q3 results, particularly from major players like ICICI Bank, Kotak Mahindra Bank, Cipla, and others. Additionally, attention will be on December quarter earnings of Axis Bank, Cyient DLM, Havells India, JSW Energy, L&T Housing Finance, Mahanagar Gas, Netweb Technologies, Rallis, Sona Comstar, Tanla Platforms, and Tata Elxsi.

While the domestic market reacts to these developments, global tensions are escalating in the Red Sea area, where the US and the UK have launched joint air attacks on Houthi positions in Yemen, as reported by local news. Early trading in international markets is positive, with the Nikkei up 0.6%, Hang Seng gaining 0.6%, and ASX200 and Kospi adding up to 0.46%. In the US, the Dow Jones Industrial Average and S&P 500 set fresh all-time highs, with the Dow gaining 0.36% and the S&P adding 0.22%, while the Nasdaq Composite advanced 0.32%.

What impact will El Nino have on India?

News Desk — Sat, 10 Jun 2023 19:42:38 +0000

Concerns are growing over the potential impact of El Nino on agriculture, consumption, and the economy of India, which is considered the world’s fastest-growing economy and relatively resilient against global headwinds compared to other emerging markets. The India Meteorological Department (IMD) recently reported that there is a nearly 70% chance of El Nino developing during this year’s monsoon season.

To protect farmers, the government has taken steps such as setting up a system for advisory services and forecasts based on different rainfall scenarios for each of India’s districts. However, the IMD revised its assessment on April 11, reducing the probability to 50%.

El Nino’s effects on India include drought, which is a consequence of the global weather pattern known as monsoon disruption caused by warming in the eastern equatorial Pacific Ocean. The IMD’s latest prediction indicates a 70% chance of El Nino during June, July, and August, increasing to 80% for July, August, and September.

To mitigate the potential impact of El Nino, the Union’s agricultural ministry and IMD have been collaborating to develop regional strategies. Customized forecasts are being provided to state governments, enabling them to make preparations in advance. The IMD’s agro-meteorological advisory services and predictions will be distributed through Krishi Vigyan Kendras, a network of agricultural institutes.

India heavily relies on the monsoon, as half of the country’s net-sown acreage lacks irrigation facilities. Rainfall is crucial for replenishing natural reservoirs used for utilities, manufacturing, and municipal water supply.

Historically, El Nino years in India have led to droughts, affecting crop yields and causing inflation due to reduced kharif crop production. Approximately 50% of the country’s yearly food supply comes from the kharif crop. Experts anticipate a mild to moderate intensity El Nino this year.

After a period of La Nina (2020-2022), El Nino is expected to develop in 2023. The positive Indian Ocean Dipole (IOD) is being relied upon by the government to increase rainfall and counter the effects of El Nino.

India’s significant increase in agricultural output has mitigated the impact of droughts. However, droughts still raise prices, reduce agricultural revenues, and negatively impact the overall economy. The central bank predicts that inflation will remain within a narrow range in 2023-24 if the country avoids the effects of El Nino on the southwest monsoon.

The economy indirectly feels the effects of rainfall through reduced consumer spending when crops fail. Rural consumers account for over half of two-wheeler and television purchases, and tepid consumer spending is contributing to the current economic slowdown.

Experts argue that the International Meteorological Organization’s prediction of a typical monsoon, at 96% of the 50-year average rainfall, is on the lower end. The monsoon is considered average if the humidity falls between 96% and 104%. Even a slight deviation from the forecast can lead to below-average monsoon conditions.

The agriculture sector remains crucial to India’s development, and any negative impact on it would reverberate throughout the economy.