The State Bank of India has introduced a revolutionary digital service to open NRE and NRO savings and current accounts for NRIs. Leveraging technology, SBI's YONO platform now enables a streamlined, hassle-free account opening process for new NRI customers. A key feature is real-time tracking of application status. This addresses a long-standing demand of NRIs for simplified banking services in India. By digitizing account opening and management, SBI aims to provide a seamless one-stop solution catering to all NRI requirements. The move underscores SBI's commitment to harnessing technology to improve customer experience.

Foxconn, Apple's largest supplier, is set to double its workforce in India. Foxconn India head V Lee announced the plans in a LinkedIn post wishing PM Modi on his birthday. Foxconn already employs 40,000 at its Tamil Nadu plant and seeks to rapidly expand manufacturing capacity in India amid worsening geopolitics. The move aligns with Foxconn's aim to reduce over-reliance on China. Lee stated Foxconn will work harder to present an even greater employment boost and investment next year. Reports last year suggested Foxconn planned to add 53,000 workers in India over two years. Recently, Foxconn announced $600 million investments in Karnataka focused on iPhone casing and chip equipment. The announcement highlights India's potential as Foxconn diversifies from China.

The UK government has announced a £1.25 billion investment package with Tata Steel to modernize the Port Talbot steelworks in Wales. The deal includes a £500 million government grant and will fund new electric arc furnace technology at the site, the largest steelworks in Wales. Prime Minister Rishi Sunak described the investment as a pivotal moment for British steelmaking. The project is expected to cut carbon emissions by 1.5% while safeguarding skilled jobs and driving economic growth. UK officials praised the collaborative initiative between government and industry for helping secure a sustainable future for steel production while fostering green industry and preserving employment.

Negotiations between India and Canada for a free trade agreement have hit a pause due to recent political developments in Canada. Sources said talks were abruptly halted last month and are expected to resume once bilateral issues are resolved. Hopes were high for an interim trade deal by year-end earlier. Ties have been strained over the rise of pro-Khalistan activities in Canada, which PM Modi strongly expressed concerns about during his meeting with Canadian PM Justin Trudeau at the G20 Summit. Despite this setback, both countries recognized potential for deepening economic engagement in previous trade dialogues. The negotiations for a comprehensive trade pact have been ongoing since 2010 but the latest suspension highlights current challenges.

The UK government has agreed to provide up to £500 million in funding to Tata Steel's Port Talbot steelworks, the country's largest, enabling it to transition to greener steel production. Tata will invest £700 million additionally as it installs new electric arc furnaces to cut emissions, though it had sought more funding from the government. While securing the plant's future, the move could cause about 3000 job losses across the UK. The new furnaces are expected to be operational in 3 years after regulatory approvals, reducing the site's carbon emissions by 85%. Unions have warned the less labor-intensive furnaces will require job cuts. Though late, the investment was welcomed for securing Port Talbot's future, but concerns remain over inadequate consultation regarding potential job losses. (Image courtesy: Tata Steel Europe)

The UK government has welcomed the strong cooperation so far through the UK-India Infrastructure Partnership, recalling last year's agreement to support India's National Infrastructure Pipeline. Announcing the launch of the UK-India Infrastructure Financing Bridge, the UK stated this joint initiative co-led by India's NITI Aayog and City of London Corporation will leverage expertise to unlock infrastructure investments in India. The collaborative bridge aims to phase and structure major infrastructure projects to boost financing, including via the City of London. This builds on the 2021 commitment to mobilize infrastructure investment for India. Chancellor Jeremy Hunt tweeted he was proud of the progress and called India exploring London Stock Exchange listings a big step forward.

Indian companies may soon be able to directly list their securities on the London Stock Exchange, as announced during the 12th UK-India Economic and Financial Dialogue meetings in Delhi. Indian Finance Minister Nirmala Sitharaman confirmed India will explore London as a permitted jurisdiction for overseas direct listings by domestic firms, following recent changes in regulations allowing access to global markets. UK Chancellor Jeremy Hunt welcomed the move, calling London the "Europe's Silicon Valley" and seeing major potential for cooperation with "Asia's Silicon Valley" India across sectors like technology and finance.      

The Indian stock markets hit major milestones on Monday with the Nifty crossing 20,000 for the first time ever and the Sensex regaining 67,000 levels. Strong buying by domestic institutional investors amid positive macroeconomic data and the successful hosting of the G20 summit drove the momentum. The Nifty hit an all-time high of 20,008 before closing just below 20k at 19,996, up 0.89%. The Sensex settled 0.79% higher at 67,127. Banking, auto, and oil & gas stocks led the rally. Analysts said the landmark reflects robust inflows from retail investors and confidence boosted by India's foreign policy wins. Lower vegetable prices also fueled optimism over easing inflation. 

Indian stock market indices touched new record highs on Monday with the Nifty50 crossing 20,000 points for the first time ever. The BSE Sensex closed 0.79% higher at 67,127 while the NSE Nifty settled 0.91% up at 19,996 after hitting an intraday peak of 20,008. All broader indices also ended in the green, with smallcaps and midcaps surging over 1%. Barring media, all sectoral indices closed higher led by PSU banks, auto, metals and banking stocks. The gains come ahead of key domestic economic data releases. Strong bullish sentiment propelled the markets to new milestones, overcoming global growth concerns.

According to a G20 policy document by the World Bank, India was able to achieve an 80% financial inclusion rate in just six years due to digital payment infrastructure like Jan Dhan accounts, Aadhaar and mobile phones. The report states this feat could have taken 47 years without such infrastructure. It highlights how digital tools like UPI enabled leapfrogging in financial access. The total value of UPI transactions last fiscal was nearly 50% of India's GDP. Overall, India did total savings of $33 billion through direct benefit transfers. To read full article, click on the link below.