Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="19934680" type="General" weightage="100" keywordseo="Amul" source="keywords" meta.keywordsubtype="org" meta.entityname="Amul" meta.hostid="261" meta.entityid="Amul">Amul</keyword>, India's iconic <keyword id="23447066" type="General" weightage="20" keywordseo="dairy-cooperative" source="keywords">dairy cooperative</keyword>, is looking forward to enter the <keyword id="20845418" type="General" weightage="20" keywordseo="European-market" source="keywords">European market</keyword> after the successful launch of its milk in the US, according to <keyword id="20457579" type="General" weightage="20" keywordseo="Jayen-Mehta" source="keywords">Jayen Mehta</keyword>, Managing Director of Amul and the <keyword id="22666811" type="General" weightage="20" keywordseo="Gujarat-Co-operative-Milk-Marketing-Federation" source="keywords">Gujarat Co-operative Milk Marketing Federation</keyword> Ltd (GCMMF). As per a PTI report, Mehta made the announcement while delivering the 11th <keyword id="23447068" type="General" weightage="20" keywordseo="Dr-Verghese-Kurien" source="keywords">Dr. Verghese Kurien</keyword> Memorial Oration at XLRI, Jamshedpur, saying that this move would mark a historic milestone for the brand. Mehta framed dairy as more than a business, describing it as "a lifeline for rural India," a statement that reflects the deep cultural and economic significance of milk in the country. He credited Amul’s success to its focus on offering protein-rich, organic, and chemical-free products that consumers trust, while continually expanding its production capacity and infrastructure. Amul’s journey is rooted in the cooperative model pioneered by Dr. Verghese Kurien, often referred to as the "Milkman of India," whose vision turned India from a milk-deficient country into the world’s largest <keyword id="23447069" type="General" weightage="20" keywordseo="milk-producer" source="keywords">milk producer</keyword>. Mehta added, "If India could offer a gift to the world, it would be the cooperative working system-a gift Dr Kurien gave us. His belief in cooperation has sparked a new revolution in India." Amul’s daily collection of 310 lakh litres of milk, processed across 107 dairy plants in India, has turned it into a global powerhouse, with over 50 products and an annual sale of 22 billion packs. With a turnover of ₹80,000 crore, the brand is now ranked as the strongest dairy and food brand globally, owned by 3.6 million farmers. Amul’s entry into the European market would solidify India’s growing influence in the <keyword id="23447067" type="General" weightage="20" keywordseo="global-dairy-sector" source="keywords">global dairy sector</keyword>, as well as honour the cooperative system that has powered Amul’s success. Nirmala Kurien, daughter of Dr. Verghese Kurien, echoed these sentiments, highlighting her father’s vision that transformed India from a milk-deficient nation to a self-sufficient one. India’s deep connection to Amul goes beyond mere consumption. The cooperative’s rise is tied to the country’s rural development and empowerment of farmers, making it a symbol of economic self-reliance. As Amul prepares to conquer new markets, it carries with it the legacy of Dr. Kurien, whose commitment to making a difference continues to inspire millions. (With PTI inputs)

Amul thinking to enter European market after US success, MD Jayen Mehta calls it the lifeline for rural India

Boost in domestic <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> due to PLI (production linked incentive) schemes and increase in <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> on account of free trade agreements are expected to bridge the country's <keyword id="20201391" type="General" weightage="20" keywordseo="trade-deficit" source="keywords">trade deficit</keyword> further, <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> said on Monday. However, it said that fluctuations in <keyword id="19936629" type="General" weightage="20" keywordseo="commodity-prices" source="keywords">commodity prices</keyword>, especially for critical imports like oil, metals, and agricultural products, can impact India's trade balance and inflation levels. The Survey said that though ongoing geopolitical headwinds impacted India's merchandise exports, lowering international commodity prices ensured a lower trade deficit in FY24 than in FY23. The country's merchandise trade deficit narrowed to USD 240 billion in 2023-24 from USD 265 billion in 2022-23. It added that changes in trade policies by major trading partners or geopolitical developments can affect India's export opportunities and market access. "In the coming years, India's trade deficit is expected to decline further as the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> is expanded and India creates a globally competitive manufacturing base in several product categories," the Survey said. It added that the recently signed FTAs (free trade agreements) are expected to increase the <keyword id="22374533" type="General" weightage="20" keywordseo="global-market-share" source="keywords">global market share</keyword> of the country's exports. The PLI scheme for sectors like mobile manufacturing, information technology (IT) hardware, pharmaceutical, telecommunications, and food product are helping to increase manufacturing and cut imports. India has implemented <keyword id="20000557" type="General" weightage="20" keywordseo="FTA" source="keywords">FTA</keyword> with Mauritius, Australia and the UAE. It added that a narrowing merchandise trade deficit and rising service exports have improved the CAD (<keyword id="20054874" type="General" weightage="20" keywordseo="current-account-deficit" source="keywords">current account deficit</keyword>), ending with a surplus of 0.6 per cent of GDP in Q4 of FY24. However, the risks to the performance of India's external sector are on the downside due to the persistence of current <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> and policy uncertainty, it said. Some of the challenges listed by the survey includes fall in demand from major trading partners like the US, rise in trade cost, and volatility in commodity prices. Attacks on shipping in the Red Sea and drought in the Panama Canal have resulted in trade flows being re-routed, increasing journey time and costs. India's merchandise trade relies heavily on maritime trade, so disturbances in major shipping routes can impact its economy. "It is critical to explore what these changing paradigms mean for India. Policies need to be a mix that straddles security concerns with economic considerations," the survey said, adding India's push towards manufacturing in complex and niche sectors through schemes such as PLI and Make in India aims to balance these goals. Further, the survey emphasised on the need to focus on improving India's competitiveness in many product areas. For example, it said, India has tremendous potential in becoming a large global exporter in agricultural commodities. Fostering stronger regional trade ties and adding more markets for Indian goods will help mitigate global demand fluctuations. "In an era when global economic growth is likely to be buffeted by geopolitical tensions and protectionism, growing India's exports of goods and services will be a stiffer challenge than before," it cautioned. Commenting on this, Rumki Majumdar, Economist, Deloitte India, said that despite global uncertainties, India's exports are recording positive growth rates. "That shows the resilience of our exports amidst global uncertainties," she said, adding, "by transforming our export basket and focusing on higher margins and value addition across various sectors, India will easily achieve its ambition of USD 2 trillion in exports by 2030-31."

India's trade deficit expected to decline further: Economic Survey

New Delhi [India], May 20 (ANI): A recent Certified Practising Accountant (CPA) Australia survey has revealed an overwhelming optimism among <keyword id="21735155" type="General" weightage="100" keywordseo="Indian-small-businesses" source="keywords">Indian small businesses</keyword>, with 84 per cent anticipating continued growth in 2024, significantly surpassing the market average of 70 per cent. Despite global <keyword id="20413867" type="General" weightage="20" keywordseo="economic-uncertainties" source="keywords">economic uncertainties</keyword>, 80 per cent of Indian respondents remain confident about the local economy's prospects for 2024, well above the survey average of 65 per cent. This buoyant outlook has been on an upward trajectory since 2022, highlighting the resilience and dynamism of India's small business sector. <keyword id="21735156" type="General" weightage="20" keywordseo="CPA-Australia-survey" source="keywords">CPA Australia survey</keyword> showed a rise in the growth rate of Indian <keyword id="390673" type="General" weightage="20" keywordseo="small-businesses" source="Orion">small businesses</keyword> from 73 per cent in 2022 to 77 per cent in 2023--the highest since 2019. Indian small businesses are riding a wave of optimism and growth, according to <keyword id="21735157" type="General" weightage="20" keywordseo="CPA-Australia" source="keywords" meta.keywordsubtype="org" meta.entityname="CPA Australia" meta.hostid="261" meta.entityid="CPA Australia">CPA Australia</keyword>'s latest annual Asia-Pacific Small Business Survey. The survey reveals that over three-quarters of Indian small businesses reported growth in 2023, surpassing pre-pandemic levels and making India's small business sector one of the most dynamic and fastest-growing in the Asia-Pacific region. Prafulla Chhajed, a CPA member of CPA Australia in India, emphasized the critical role of Micro, Small, and Medium-sized Enterprises (<keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) in driving India's economic success. Chhajed said, "Micro, Small and Medium-sized Enterprises (MSMEs) are making a significant contribution to India's economic success. Not only is India's rapid economic growth and improving business environment boosting their confidence, support from the government ranging from digitalisation to access to funds, is assisting businesses to recover from the pandemic." He further said, "India's small businesses are enthusiastically improving their performance through innovation, adopting technologies, and building connections with overseas markets. 'Good staff' was nominated as the top positive factor that benefited India small business performance in 2023. It explains why Indian respondents have been so willing to add new employees over the past two years". "This year the pace in jobs creation by small businesses is expected to slow, although remain high in comparison to other markets. This is most likely due to a combination of factors including increasing levels of automation and rising labour costs," he added. However, Chhajed cautioned that the pace of job creation might slow down due to rising automation and labor costs, though it will still remain high compared to other markets. The survey highlighted several challenges faced by Indian small businesses, including increasing costs, competition, and cashflow difficulties. Staff and material costs were particularly detrimental in 2023, rising slightly from the previous year. To cope with these expenses and support growth, 68 per cent of small businesses sought external funding last year, though this figure dropped 20 percentage points from 2022. This year, 81 per cent plan to seek finance, despite tougher financing conditions. Only 42 per cent of respondents found it easy to secure funds in 2023, a sharp decline from 69 per cent in 2022. This trend is expected to continue, with just 43 per cent anticipating ease in accessing funds this year, down from 64 per cent previously. "Difficulty in accessing finance is a common challenge for small businesses worldwide. Though government loans like <keyword id="20151906" type="General" weightage="20" keywordseo="pradhan-mantri-mudra-yojana" source="keywords">Pradhan Mantri MUDRA Yojana</keyword> (PMMY) helps to foster entrepreneurship by offering financial support, MSMEs should not solely rely on borrowing to fund their long-term development, particularly in a high-interest rate environment", Chhajed explained. A significant number of Indian small businesses focused on managing costs and cash flow last year. Among the technologies they invested in, accounting software was particularly popular, with 23 per cent adoption. Professional advice was also sought frequently, with 34 per cent consulting accountants and 38 per cent seeking advice from friends and family. "Indian MSMEs are very competitive in many areas such as digitalisation and innovation, now they should focus on cost management and cashflow to increase their financial return. It's wise to use accounting software to control cost and analyse financial performance regularly. Further, financial experts like qualified accountants may provide professional advice to small businesses to manage technical issues like taxation and improve financial performance", Chhajed suggested. Indian small businesses also show a strong inclination towards innovation and global expansion. Leading the 11 surveyed markets, 34 per cent of respondents expect substantial revenue growth from overseas markets this year, significantly higher than the survey average of 19 per cent. Additionally, 44 per cent plan to introduce new products or services, compared to the market average of 29 per cent. Chhajed said, "The Indian government has established good platforms to bolster our MSMEs' global expansion, for example, international trade fairs for MSMEs. He added, "They could leverage these opportunities to connect with overseas customers and promote their novel products globally. Besides, our thriving digital economy also fosters MSMEs' innovation and revolution in the digital era." The survey gathered insights from 4,222 small businesses across 11 Asia-Pacific markets, including 505 respondents from India, providing a comprehensive overview of the region's small business landscape. (ANI)

84% of Indian small businesses anticipate robust growth in 2024: CPA Australia survey

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> requires an investment support of USD 1.4 trillion — an average of USD 28 billion per year — to become a net-zero economy by 2070 and raising <keyword id="20260327" type="General" weightage="20" keywordseo="financial-resources" source="keywords">financial resources</keyword> for adaptation and mitigation action of this scale is an "unprecedented challenge", according to the <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24 tabled in Parliament on Monday. Reaching net zero means achieving a balance between greenhouse gas emissions and the amount of these gases removed from the atmosphere by either natural processes, such as photosynthesis, or by other methods of carbon capture and storage. The consolidated report on the state of the economy in the previous year said India's climate action has been largely financed through domestic resources and the flow of international finance has been "very limited". Citing the Reserve Bank of India's (RBI) data, the report said bridging the "substantial funding gap" necessitates allocating 2.5 per cent of India's annual Gross Domestic Product (GDP) to <keyword id="20018880" type="General" weightage="20" keywordseo="green-finance" source="keywords">green finance</keyword>. "Preliminary estimates indicate that the aggregate investment support required by India to achieve its 2070 net-zero target will be USD 1.4 trillion at an average of USD 28 billion per year. Raising financial resources for <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> adaptation and mitigation actions of this scale is an unprecedented challenge," the document read. A 2022 report by the Climate Policy Initiative found that domestic sources accounted for the majority of green finance in India, at 87 per cent and 83 per cent in financial years 2019 and 2020 respectively. While international sources are increasing (from 13 per cent in FY 2019 to 17 per cent in FY 2020), the economic survey said they are still insufficient to meet India's net-zero target. "Mobilising substantial capital from traditional sources presents multifaceted challenges in emerging economies like India. The perceived sovereign risks associated with emerging market and developing economies (EMDEs) and the capital-intensive nature of such projects, coupled with lengthy gestation periods and evolving regulatory frameworks, can create misalignment between investor expectations and project timelines," the government said. The economic survey also noted that the flows of global capital to <keyword id="20200084" type="General" weightage="20" keywordseo="developing-countries" source="keywords">developing countries</keyword> have been impeded by high costs of capital. Despite securing a good rating on its green-bond framework, Indian sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword> have hardly received any "greenium" from private investors. It is more a "wall of capital" than a "flood of capital" that is waiting to fund energy transition in EMDEs. It is just not mobile. All of these together have severely hampered the flow of finance for green-transition projects, the survey said. "Greenium" or green premium refers to the savings an issuer of a green bond realises on the associated coupon payment because the bond is green. Financial support to help middle-income and poor countries fight climate change will be at the centre of this year's UN climate conference in Baku, Azerbaijan, where the world will reach the deadline to agree on the New Collective Quantified Goal (NCQG) -- the new amount developed nations must mobilise every year starting 2025 to support climate action in developing countries. But achieving consensus will not be easy, given the disappointing progress made on major conflict points at the mid-year UN climate talks in Bonn, Germany. At the 2009 UN climate conference in Copenhagen, rich nations pledged to provide USD 100 billion annually from 2020 to help developing countries mitigate and adapt to climate change. However, delays in achieving this goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations. In May, the Organisation for Economic Cooperation and Development (OECD) claimed that developed countries had met the long-standing USD 100 billion-a-year promise by providing nearly USD 116 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> to developing countries in 2022, with nearly 70 per cent of the money given in the form of loans. However, international non-profit organisation Oxfam last week said climate finance provided by rich countries in 2022 totalled no more than USD 35 billion. Developing nations argue that they cannot be expected to reduce carbon dioxide (CO2) emissions faster if developed countries -- historically responsible for climate change -- do not provide enhanced financial support. Rich countries are now expected to raise more than USD 100 billion, with developing countries, including India, demanding trillions of dollars to tackle climate change.

Raising massive financial resources for net-zero goal unprecedented challenge: Economic Survey

On Monday, July 22, Finance Minister <keyword id="22504403" type="General" weightage="20" keywordseo="nirmal-sitharaman" source="keywords">Nirmal Sitharaman</keyword> tabled the <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-24 in the parliament ahead of the much-awaited budget 2024 tomorrow. In addition to a socio-economic stock take, the comprehensive report also outlines the strides India has made on the environment and climate fronts last year. India is in a weird grey area when the climate blame-game is concerned. We continue to average some of the lowest per capita CO2 emissions in the world. But, being the most-populous country in the world, these small bits add up to make India the third-largest emitter of CO2 in the world, after China and the United States. <div type="Article" hostid="261" msid="111923746" title="Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development" mstype="2" mssubtype="0"></div>However, this is not to say that the country has been sitting the green transition out either. As highlighted in the Economic Survey, India has been making notable strides in tackling climate change and promoting <keyword id="19895783" type="General" weightage="20" keywordseo="sustainability" source="keywords">sustainability</keyword> — efforts that will be crucial to protect billions in the coming years and decades. Let's take a look at these efforts and compare them with findings from other recent environmental reports to see the full picture. <h2><keyword id="21818512" type="General" weightage="20" keywordseo="emission-intensity" source="keywords">Emission intensity</keyword> reduction</h2>The economic survey proudly states that India has reduced the emission intensity of its GDP by 33% from 2005 levels by 2019. This means the country is producing less greenhouse gas for every unit of economic activity. This is a commendable achievement because India’s original climate change target — or Nationally Determined Contribution — was set to precisely 33% reduction of emission intensity by 2030, before being revised to 45% in 2022. While the jump from 33% to 45% is still a significant one with barely half a decade to go, this progress is a clear sign that India’s climate policies are having a real impact. <h2><keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">Renewable energy</keyword> capacity</h2>According to the economic survey, 45.4% of India’s installed electricity generation capacity — which includes solar, wind, and hydropower — now comes from non-fossil sources, as of May 31, 2024. <div type="Article" hostid="261" msid="111774972" title="Economic Survey shows India&amp;#39;s energy needs to grow 2.5x, healthy growth in formal employment" mstype="2" mssubtype="0"></div>As per reports by the Ministry of New &amp; Renewable Energy, India added a record renewable energy capacity of 18.48 GW in 2023-2024, with solar installations amounting to 12.78 GW, followed by 2.27 GW of wind energy. However, industry experts have also noted that India Inc. cannot afford to run out of steam now, and must continue to add at least 50 GW for the next six years to meet the target of 500 GW of renewables by 2030. <h2>Indian energy needs</h2>India's energy needs are expected to grow 2 to 2.5 times by 2047, as per the latest economic survey. This necessitates a balanced approach to <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword> that considers resource limitations and the need for resilience to climate change. India has suffered from an overdependence on coal and fossil fuels in the past, accounting for around 75% of total energy generation in 2021, as per the Energy Information Administration. However, this number has been quickly falling, even dropping below a historic 50% in Q1 2024. <h2>Sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword></h2>To fund green projects, India issued Rs 16,000 Crore in sovereign green bonds — financial instruments that support green projects at lower capital costs — in early 2023 and another Rs 20,000 Crore later in the year, the economic survey reports. As per the government, these proceeds were utilised in many eco-friendly projects, such as New and Renewable Energy, Environment, Forests and Climate Change, Housing and Urban Affairs, Railways. To widen the investor base, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) also recently permitted eligible foreign investors to invest in such bonds. <h2>Mission LiFE and Green Credit Programme</h2>The survey also talks extensively about Mission LiFE (Lifestyle for Environment), which promotes sustainable living, and the Green Credit Programme (GCP), which incentivises eco-friendly actions by offering “green credits”. In the past few months, Madhya Pradesh, Telangana and a few other states have reportedly approved thousands of hectares of degraded forest land for greening exercises as part of the GCP. <h2>International initiatives</h2>India has spearheaded several international initiatives such as the International Solar Alliance (ISA), One World, One Sun, One Grid (OSOWOG), the Coalition for Disaster Resilient Infrastructure (CDRI), the Infrastructure for Resilient Island States’ (IRIS) and the Leadership Group for Industry Transition (LeadIT). Hundreds of nations are signed up for these climate coalitions and our participation will help reflect India's commitment to advancing global <keyword id="20000756" type="General" weightage="20" keywordseo="climate-action" source="keywords">climate action</keyword> and fostering international cooperation in sustainable development. <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div>The report even notes that India is currently the only G20 nation who is set not to cross the 2°C warming threshold. All in all, India’s economic survey and environmental reports together show a nation making impressive progress in combating climate change and advancing sustainability. These achievements will hopefully set a strong example for other countries to follow.

On the right track — Economic Survey 2023-24 outlines India’s commendable climate action

<ul class="summary-list"><li>Russian imports of goods from China surged in September.</li><li>A new trade agreement between Russia and China was finalized in late August.</li></ul>Russia's imports of goods from China increased sharply last month, a sign that Moscow is leaning more heavily on Beijing after the two countries affirmed their economic ties.China exported around 80 billion yuan worth of goods to Russia in the month of <a target="_blank" href="http://english.customs.gov.cn/Statics/2c024a8b-3aea-4f87-a405-046557ad558f.html">September</a>, a 9% increase from the 73 billion yuan worth of goods it exported the prior month, according to Chinese customs data published on Tuesday. That's larger than the increase recorded over the last several months, with Chinese exports to Russia rising 3% in <a target="_blank" class="" href="http://english.customs.gov.cn/Statics/21dcbdc9-a5c7-4ce5-8884-d45f6ab35488.html">August</a> and 1% in <a target="_blank" class="" href="http://english.customs.gov.cn/Statics/672cd557-3c4e-48bb-8e7c-40cc02a20c7e.html">July</a>.The surge of trading activity follows a fresh <a target="_blank" href="https://www.cnn.com/2024/08/21/europe/china-li-qiang-russia-belarus-trip-intl-hnk/index.html">cooperation agreement</a> Russia and China finalized in late August, which vowed, among other things, to deepen trade ties. The deal reaffirmed the "<a target="_blank" class="" href="https://www.businessinsider.com/russia-ukraine-war-putin-china-trade-partnership-economy-moscow-beijing-2024-4">no limits</a>" <a target="_blank" class="" href="https://www.reuters.com/world/china/moscow-beijing-partnership-has-no-limits-2022-02-04/">partnership</a> Moscow and Bejing have sought to expand since 2022, which took both country's <a target="_blank" class="" href="https://www.businessinsider.com/china-russia-trade-record-ukraine-war-xi-jinping-vladimir-putin-2024-1">trade with one another to a fresh record</a> last year."Our trade relations are not only developing but flourishing, thanks in part to the efforts of our Chinese friends," Russian President Vladimir Putin said in a meeting with China's premier, Li Qiang, per a Kremlin <a target="_blank" href="http://en.kremlin.ru/events/president/news/74910">transcript</a> of the event. "The attention and commitment shown by both governments towards the development of trade and economic relations have yielded positive results."Total trade between Russia and China notched 1.28 trillion yuan from the start of the year through September, up 3.5% from the same period last year, customs data shows.Moscow has grown more reliant on Beijing as an economic partner since being targeted by Western sanctions in 2022. Trade restrictions from the West have pushed Russia into an increasingly <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-ukraine-war-putin-moscow-budget-isolation-west-sanctions-2023-12">isolated position</a> in global markets, economists say, with countries like <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-russia-china-barter-trade-us-secondary-sanctions-payments-2024-8">China</a> and India among the nation's small circle of major trading partners.Russia's trade with China has stumbled recently, however, due to payment issues abroad. In August, most Chinese banks were reportedly <a target="_blank" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">refusing to process payments from Russia</a> after the US threatened to impose secondary sanctions on institutions helping Russia continue to do business and fund its war in Ukraine.

Russia's imports from China surged in September as Moscow and Beijing deepen economic ties  

<ul class="summary-list"><li>After two scandals this year, PwC's business in the Asia-Pacific region has fallen.</li><li>The firm's license to operate in China was suspended for six months for its involvement in a fraud case.</li></ul>After scandals in Australia and China this year, PwC has lost business in the Asia-pacific region.On Monday, the <a target="_blank" class="" href="https://www.businessinsider.com/partner-pay-at-big-four-falling-ey-pwc-deloitte-kpmg-2024-10">Big Four</a> consulting firm reported a 12.7% decline in net income in the region for the financial year ending in June. <a target="_blank" class="" href="https://www.pwc.com/gx/en/about/transparency-report/2024/financials.html">PwC said</a> demand was particularly slow in China, where revenues fell.In September, the firm was found to have <a target="_blank" class="" href="https://www.pwc.com/gx/en/news-room/press-releases/2024/pwc-network-statement-regarding-pwc-zhong-tian-administrative-penalties.html">helped conceal fraud at the now-collapsed Chinese property developer Evergrande.</a>The Chinese government fined PwC $62 million and removed its license to operate in the country for six months. 11 employees were fired or left the company, and state-owned enterprises have since dropped PwC as their auditor.Mohamed Kande, PwC's global chairman, <a target="_blank" class="" href="https://www.pwc.com/gx/en/global-annual-review/2024/pwc-global-annual-review-2024.pdf">said</a> the findings of the Evergrande audit were in "stark contrast" to the high-quality work PwC produces and were not representative of what the firm stands for.The firm's second regional scandal hit in Australia after a senior partner in its tax division was found to have passed confidential information from his work with the government to colleagues to help them win new business with multinational technology companies like Uber and Google, <a target="_blank" href="https://www.afr.com/companies/professional-services/the-emails-that-almost-destroyed-pwc-australia-20240802-p5jyv1">the Australian Financial Review </a>first reported.PwC sold its government consulting business in Australia following the revelations.Overall revenues in Asia-Pacific, which is the smallest of the firm's regions, were down by 5.6% in local currencies. PwC highlighted that business had performed well in India, where revenues increased.Despite the regional impact on the business, PwC posted an overall growth of 3.7% to reach record-high gross revenues of $55.4 billion.Like other leading consultancies, PwC has been hit by falling demand for consulting services, and its growth rate has slowed. In FY2023, revenue grew 9.9%.Following a pandemic-era rush on advisory services, demand for professional services has slowed, leaving firms overstaffed for the level of work. While EY and Deloitte have been <a target="_blank" class="" href="https://www.businessinsider.com/big-four-consultancies-deloitte-ey-cut-staff-pwc-accenture-2024-10#:~:text=Deloitte%20and%20EY%20are%20trimming,be%20over%2C%20one%20analyst%20said.">trimming back staff numbers</a> in the past year, PwC expanded its workforce by 10,000 in FY2024 to reach 370,000 global employees."Despite a backdrop of economic headwinds, we've seen revenue growth across all of our lines of business, deepened our strategic alliances, and invested $1.5 billion to expand and scale our AI capabilities," said Mohamed Kande, PwC's global chairman.

Scandals in China and Australia hit Big 4 giant PwC, but global revenues reached a record high

<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s rank on the <keyword id="20020435" type="General" weightage="20" keywordseo="World-Economic-Forum" source="keywords">World Economic Forum</keyword>'s <keyword id="21747126" type="General" weightage="20" keywordseo="Travel-Tourism-Development-Index-2024" source="Orion">Travel &amp; Tourism Development Index 2024</keyword> has risen to 39th place, with global tourism activities returning to pre-pandemic levels, the annual report showed on Tuesday. While the US topped the list, India is ranked highest in South Asia and among the lower-middle-income economies, the <keyword id="102110" type="General" weightage="20" keywordseo="WEF" source="Orion">WEF</keyword> said. India was ranked 54th in the previously published index in 2021, though changes made to the index parameters limit its comparability to earlier years. After the US, Spain, Japan, France and Australia figure among the top five in the 2024 list. The index, prepared in collaboration with the University of Surrey, showed India is highly price-competitive (18th) and boasts competitive Air Transport (26th) and Ground and Port (25th) infrastructure. In particular, India's strong Natural (6th), Cultural (9th) and Non-Leisure (9th) Resources help drive travel, and the country is only one of three to score in the top 10 for all the resource pillars, the WEF said. Moreover, despite a decline compared to 2019, the country still scores well for <keyword id="2173225" type="General" weightage="20" keywordseo="travel-and-tourism" source="Orion">travel and tourism</keyword> demand sustainability, especially thanks to more sustainable long stays among inbound visitors. It further said that as with many economies, travel and tourism enabling conditions in India have been impacted by global inflationary supply-side trends for the sector, with price competitiveness declining, while air transport and tourist services infrastructure are yet to recover to the 2019 level. As a result, the country's overall TTDI (Travel and Tourism Development Index) score is 2.1 per cent below its 2019 level. High-income economies in Europe and Asia-Pacific continued to lead the index. "International tourist arrivals and the travel and tourism sector's contribution to global GDP are expected to return to pre-pandemic levels this year, driven by the lifting of COVID-19-related travel restrictions and strong pent-up demand," the WEF said. The Middle East had the highest recovery rates in international tourist arrivals (20 per cent above the 2019 level), while Europe, Africa and the Americas all showed a strong recovery of around 90 per cent in 2023. The biennial index analysed the travel and tourism sectors of 119 countries around a range of factors and policies. Germany was ranked 6th, followed by the UK, China, Italy and Switzerland in the top ten. The results highlighted that high-income economies generally continue to have more favourable conditions for travel and tourism development. This was helped by conducive business environments, dynamic labour markets, open travel policies, strong transport and tourism infrastructure, and well-developed natural, cultural and non-leisure attractions.

You Searched For "india australia economic cooperation" and got 8 results

Amul thinking to enter European market after US success, MD Jayen Mehta calls it the lifeline for rural India

BI India Bureau

India's trade deficit expected to decline further: Economic Survey

PTI

84% of Indian small businesses anticipate robust growth in 2024: CPA Australia survey

ANI

Raising massive financial resources for net-zero goal unprecedented challenge: Economic Survey

PTI

On the right track — Economic Survey 2023-24 outlines India’s commendable climate action

Ankush Banerjee

Russia's imports from China surged in September as Moscow and Beijing deepen economic ties

Jennifer Sor

Scandals in China and Australia hit Big 4 giant PwC, but global revenues reached a record high

Polly Thompson

India rises to rank 39th on WEF's Travel & Tourism Development Index 2024, becomes highest ranked South Asian nation

PTI

Popular Keywords

Buying Guides