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Times of Oman
41 minutes ago
- Business
- Times of Oman
India's $81.04 billion FDI inflow signals its emergence as a global manufacturing powerhouse
New Delhi: FDI flows into India increased 14 per cent to USD 81.04 billion in the recently concluded financial year 2024-25, the Commerce Ministry said in a statement Tuesday. Over the past decade, FDI inflows have seen a steady rise--from USD 36.05 billion in 2013-14 to USD 81.04 billion (provisional) in 2024-25. The central government has put in place an investor-friendly Foreign Direct Investment (FDI) policy, under which most sectors are open for 100 per cent FDI through the automatic route, the commerce ministry boasted. The FDI policy is reviewed on an ongoing basis to ensure that India remains an attractive and competitive investment destination, the commerce ministry statement added. Coming to 2024-25, the services sector emerged as the top recipient of FDI equity, attracting 19 per cent of total inflows, followed by computer software and hardware (16 per cent) and trading (8 per cent). FDI in the services sector rose by 40.77 per cent to USD 9.35 billion from USD 6.64 billion in the previous year. India is also becoming a hub for manufacturing FDI, which grew by 18 per cent in 2024-25, reaching USD 19.04 billion compared to USD 16.12 billion in 2023-24. Maharashtra accounted for the highest share (39 per cent) of total FDI equity inflows in 2024-25, followed by Karnataka (13 per cent) and Delhi (12 per cent). Among source countries, Singapore led with 30 per cent share, followed by Mauritius (17 per cent) and the United States (11 per cent). Over the last eleven financial years (2014-25), India attracted FDI worth USD 748.78 billion, reflecting a 143 per cent increase over the previous eleven years (2003-14), which saw USD 308.38 billion in inflows. This constitutes nearly 70 per cent of the total USD 1,072.36 billion in FDI received over the past 25 years. Additionally, the number of source countries for FDI increased from 89 in 2013-14 to 112 in 2024-25, said the commerce ministry. "In the regulatory domain, the Government has undertaken transformative reforms across multiple sectors to liberalize FDI norms. Between 2014 and 2019, significant reforms included increased FDI caps in Defence, Insurance, and Pension sectors, and liberalised policies for Construction, Civil Aviation, and Single Brand Retail Trading," the statement noted. From 2019 to 2024, notable measures included allowing 100 per cent FDI under the automatic route in coal mining, contract manufacturing, and insurance intermediaries. In 2025, the Union Budget proposed increasing the FDI limit from 74 per cent to 100 per cent for companies investing their entire premium within India.
Zawya
an hour ago
- Business
- Zawya
Saudi bank credit records annual growth of over $118.13bln by end of April 2025
RIYADH — Bank credit granted to the public and private sectors in Saudi Arabia reached SR3,126,381 million (over SR3.126 trillion) by the end of April 2025, according to the monthly statistical bulletin issued by the Saudi Central Bank (SAMA) for April. This marks an annual growth of 16.5 percent and an increase of more than SR443.018 billion compared to the same period in 2024, when bank credit stood at SR2.683 trillion. Quarterly, bank credit continued to rise at all levels, recording a growth of five percent compared to the fourth quarter of 2024, increasing by SR146.411 billion. By the end of the first quarter of 2025, bank credit had grown from over SR2.955 trillion to over SR3.101 trillion. On a monthly basis, bank credit recorded a growth of 0.8 percent, rising by SR24.420 billion, compared to March 2025, when it stood at SR3,101,961 million. Bank credit granted to the public and private sectors was distributed across more than 17 diverse economic activities, serving as a key driver in achieving comprehensive and sustainable economic growth and contributing to the goals of Saudi Vision 2030. According to SAMA data, long-term credit (for over three years) accounted for 49 percent of total bank credit, valued at over SR1.524 trillion. Short-term credit (less than one year) represented 36 percent, amounting to over SR1.135 trillion. Medium-term credit (from one to three years) comprised about 15 percent, totaling SR465.937 billion. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
an hour ago
- Business
- Zawya
World Bank projects Qatar's economy to grow at an average of 6.5% in 2026-2027
Riyadh: The World Bank projected that the economic growth in the State of Qatar is to remain stable at 2.4% in 2025, before accelerating to an average of 6.5% in 2026-2027 due to the expansion of LNG capacity. These improved prospects are supported by strong non-hydrocarbon growth, particularly in education, tourism, and services, the World Bank said in its report "Gulf Economic Update." The hydrocarbon sector is expected to growth timidly in 2025 (0.9%), before undergoing a significant boost in 2026 thanks to the North Field LNG expansion coming online, supporting a 40% rise in LNG output. Non-hydrocarbon growth is expected to remain robust thanks to infrastructure upgrades and international investments, the report said. "Economic growth across the Gulf Cooperation Council (GCC) is projected to increase in the medium-term to 3.2% in 2025 and 4.50% in 2026. This growth is likely to be driven by the expected rollback of OPEC+ oil production cuts and robust expansion of non-oil sectors," according to the report. According to the latest edition of the report, regional growth was 1.7% in 2024 - an improvement from 0.3% in 2023. The non-hydrocarbon sector remained resilient, expanding by 3.7% - largely fueled by private consumption, investment, and structural reforms across the GCC. At the same time, global trade uncertainty presents challenges, as a global economic slowdown remains a key downside risk for the region. To mitigate these risks, GCC countries need to accelerate economic diversification reforms and strengthen regional trade. "The resilience of GCC countries in navigating global uncertainties while advancing economic diversification underscores their strong commitment to long-term prosperity," Division Director for the GCC countries at the World Bank Safaa El Tayeb El-Kogali said. "Strategic fiscal policies, targeted investments, and a strong focus on innovation, entrepreneurship, and job creation for youth are essential to sustaining growth and stability," she added. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
The Guardian
4 hours ago
- Business
- The Guardian
Ukraine war briefing: Russia ‘on verge of recession', Putin minister tells economic showcase
Vladimir Putin's economy minister has warned that Russia is 'on the verge' of recession as he spoke on the second day of a signature event meant to bolster economic confidence. The minister, Maxim Reshetnikov, said at the St Petersburg economic forum that his view was based on 'current business sentiment and indicators' pointing to a slowdown. 'Everything else depends on our decisions,' Reshetnikov said, calling for the central bank to show a 'little love for the economy'. Russia's central bank raised interest rates to an eye-watering 21% in October 2024 to combat inflation and kept them at that level until this month when it eased them to 20%. Russia's economic growth slowed to 1.4% year-on-year in the first quarter of 2025, the lowest quarterly figure in two years. Prices are rising across the economy driven up by massive government spending on the war and widespread labour shortages. Annual inflation has been more than double the central bank's 4% target for over a year. Economists have warned since the war began that any Russian growth driven by the defence industry is unsustainable and does not reflect a real increase in productivity. Kharkiv and Odesa were under attack from Russian-launched drones in the early hours of Friday, according to local officials and social media channels. Ukraine's Zaporizhzhia nuclear power plant 'cannot start operating again as long as this large-scale war continues', the UN nuclear agency has said. The plant, illegally held by the Russians, has too many issues with cooling water and its need for electricity supplied from offsite, the IAEA said. Russia and Ukraine said on Thursday that they had completed another exchange of captured soldiers. Neither side said how many. 'Our people are returning home from Russian captivity,' said Volodymyr Zelenskyy, the Ukrainian president. The Ukrainian government agency overseeing the exchanges said it involved 'seriously ill and wounded' soldiers. Russia's defence ministry also confirmed the exchange. Zelenskyy said on Thursday that Russia's defence of Iran's authorities underscored the need for intensified sanctions against Moscow. Its deployment of Iranian-designed Shahed drones and North Korean munitions was proof that Kyiv's allies were applying insufficient pressure against the Kremlin. 'When one of their accomplices loses their capability to export war, Russia is weakened and tries to interfere. This is so cynical and proves time and again that aggressive regimes cannot be allowed to unite and become partners.' The Ukrainian foreign minister, Andrii Sybiha, said the conflict between Israel and Iran had exposed Russian hypocrisy, with Moscow condemning strikes against Tehran while 'ruthlessly' attacking Ukraine. 'The only rational conclusion is that Russia cannot be trusted in any situation, and it is always part of the problem rather than the solution.' The funeral has been held in Kyiv for Ukrainian soldier and former actor Yuriy Felipenko, who was killed on the frontline aged 32. Before joining the army in April 2024, Felipenko starred in several stage productions and TV shows, playing a lead role in Ukrainian crime serial The Colour of Passion. Fighting between Iran and Israel could deflect global attention from the Russian invasion of Ukraine and even bolster the Kremlin's war effort, a senior Ukrainian political source told AFP. The conflict has pushed up the price of oil and 'for Ukraine, the challenge is the price of oil, because if prices remain high for a long time, the Russians will earn more'. However, Kyiv has welcomed Israeli attacks on a country that has directly aided and provided weapons to Russia. Denmark when it takes over the presidency of the European Council will continue preparing Ukraine for EU membership against the objections of Hungary, the Danish Europe minister, Marie Bjerre, said on Thursday. The Danish presidency begins on 1 July. 'Unfortunately, Hungary is blocking and we are trying to put as much pressure there as we can and also do everything we can to make Ukraine continue with the necessary reform work,' said Bjerre.
Yahoo
6 hours ago
- Business
- Yahoo
German tax revenues up 2.6% in May, finance ministry says
BERLIN (Reuters) -Germany's federal and state government tax revenues rose at a slower pace in May than in recent months, growing 2.6% from the same month last year, the finance ministry said on Friday. That compares with rises of 10.2% in April, 11.1% in March and 8.1% in February. Total tax revenue in May came in at 62.8 billion euros ($72.05 billion), the ministry's monthly report said. Income and sales tax were up, it said, but there was no significant year-on-year growth in withholding tax on interest and capital gains for the first time since May 2023. From January to May 2025, tax revenue was up 8.3% year on year at 349 billion euros. Income tax is expected to see declining growth rates in 2025 as wage increases agreed in collective bargaining deals are increasingly included in the basis for comparison, and the labour market also remains subdued. Earlier this month, four German institutes raised their forecasts for Europe's largest economy this year and now expect it to grow after two consecutive years of contraction. The ministry said it does not expect any strong momentum in coming months after a surprisingly strong first quarter. "The short-term outlook continues to be clouded primarily by the uncertainty associated with international trade policy," said the report. ($1 = 0.8716 euros) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
