India Still The Cynosure Of Lot Of Eyes
The World Bank has upped its growth estimates for India in the current financial year, even as Fitch has reduced the FY24 and FY25 growth estimates. These flip-flops in growth estimates notwithstanding, there are a number of interesting developments to focus on.
India is working on an initial agreement for a rupee-dirham payment mechanism with the United Arab Emirates as early as January, according to people with knowledge of the matter, as it looks to diversify from the dollar and boost bilateral trade links.
Officials from the nations’ central banks met last week to discuss technical possibilities, while their foreign ministries are driving the talks.
Meanwhile, Morocco is considering partnering with Gautam Adani on a large-scale hydrogen project amid a renewable energy push to meet demand at home and in Europe, with the Moroccan authorities thinking of signing final investment decisions for “at least two competitive industrial projects” in 2023, Moroccan Energy Transition Minister Leila Benali told Bloomberg in an interview over the weekend.
And the party continues for investing in India, with Apple exploring the possibility of moving some iPad production to India, as per reports.
Also, India’s own plans seem tall, having unveiled a Rs 2.44-lakh-crore ($29.6 billion) plan to build transmission lines to connect renewable generation and nearly triple its clean-power capacity by 2030.