Category: Economy

The India-Middle East-Europe Economic Corridor (IMEC) is a proposed multimodal transport corridor that will connect India with Europe via the Middle East by sea and rail. It is expected to reduce logistics costs, ensure quicker delivery of shipments, and make the global supply chain more resilient. The IMEC is seen as an alternative to China's Belt and Road Initiative and is expected to boost economic activities, create jobs, and help reduce carbon emissions.

India and Saudi Arabia are looking to boost investment and trade ties. India's DPIIT secretary said there is huge scope for Saudi Arabian companies to invest in India in sectors such as aviation, pharma, bulk drugs, renewable energy, food processing, and agri-tech. The two countries have also signed 47 MoUs and agreements in a range of areas, including energy, infrastructure, healthcare, and tourism.

Indian markets rose for the second week, with Sensex and Nifty gaining 1.85% and 1.98%, respectively. The rally was broad-based, with all sectoral indices ending in the green. Here are some of the key points: The positive sentiment was supported by strong corporate earnings, positive global cues, and continued buying by domestic investors. Some of the stocks that are likely to outperform in the coming weeks include private sector banks, life insurance companies, real estate companies, and technology companies. The outlook for the Indian markets is positive in the near term, but investors should be mindful of the risks posed by rising inflation and geopolitical tensions.

The Reserve Bank of India (RBI) is set to introduce its wholesale central bank digital currency (CBDC), the Digital Rupee-Wholesale, in the call money market by October. The CBDC is expected to make the call money market more efficient by reducing transaction costs and settlement risk. The RBI is also conducting a pilot project for the retail CBDC, which is a digital version of the Indian rupee. The retail CBDC is expected to be rolled out in the coming months.