Looking ahead, PM Modi said an additional five to eight semiconductor plants are expected to be established over the next seven to eight years, further advancing India’s journey towards Aatmanirbhar Bharat and Viksit Bharat.
To speed up offshore exploration, the government approved Samudra Manthan – the National Offshore Exploration Scheme on July 31, 2026. The scheme has been allocated Rs 84,084 crore for Phase I, covering the period up to FY2030-31.
Talking about the dream to become a developed country by 2047, PM Modi said, “The world will be forced to look at India differently when the most populous country becomes a developed nation.”
The White House report classifies more than 40 countries into three separate tiers based on their alleged role in transshipment activities. India has been placed in Tier 1, labelled “Diversified Scale Leaders”, alongside Canada, the European Union, Israel, Japan, Mexico, South Korea and Taiwan.
The bond market was largely steady after government data showed that consumer spending at US retailers declined from the previous month. The reading caught economists off guard, as they had expected retail sales to post another monthly increase.
India’s foreign exchange reserves jumped a notable $14.136 billion, reaching a total of $707.002 billion for the week ending August 7. This surge was largely driven by a $9.946 billion rise in foreign currency assets, complemented by a $3.995 billion increase in gold reserves. These noteworthy gains come on the heels of strategic initiatives from
