Michael Yoshikami, the CEO of Walnut Creek CA-based Destination Wealth Management, said, "India looks like a bright spot in particular because you’re seeing tech companies starting to move forward in terms of manufacturing in India." He added that he is expecting an economic growth of 5% to 6% in the...
India’s Indigo Airline Places Record Order with Airbus
Airbus Industrie, the European aerospace company, landed its biggest-ever aircraft order in the history of commercial aviation. It announced that budget Indian airline IndiGo had placed an order for 500 of its A320 planes, to be delivered between 2030 and 2035. Executives from both companies announced the deal on the...
IMF: India to Remain Fastest-Growing Large Economy in 2023 and 2024
According to International Monetary Fund, global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024. But the news from India is much better.The IMF said. “Growth in India is set to decline from 6.8 percent...
Bloomberg U.K. Finally Acknowledges India Is World’s 5th Biggest Economy
Per a report from Bloomberg U.K., India surpassed U.K. in the "final three months of 2021." The calculations were done using the International Monetary Fund database and historic exchange rates on the Bloomberg terminal. The IMF’s own forecasts show India overtaking U.K. in dollar terms on an annual basis this year,...
World Bank Appoints India’s Indermit Gill as Chief Economist
World Bank President David Malpass announced the selection of Indermit Gill as the Chief Economist of the World Bank Group and Senior Vice President for Development Economics. Gill succeeds American economist Carmen Reinhart in the role. His appointment is effective on September 1, 2022. Gill spearheaded the influential 2009 World...
India’s Forex Reserves Rise to a Record $642 Billion
According to India's Reserve Bank of India India’s foreign exchange reserves climbed by $8.9 billion, reaching a new high of $642 billion in the week ending September 3. This was due to a gain in foreign currency assets, a major component of overall reserves. Expressed in dollars, foreign currency assets ...