This week’s headline features a story from Asia:

India remains the world’s fastest-growing economy, driven by investment and private consumption. The IMF projects India’s GDP growth at 7% for FY25 and 6.5% for FY26. Asia’s growth will be moderate due to post-pandemic effects and demographic challenges, though the Asia-Pacific region still contributes 60% to global growth. Key growth drivers include a shift to tradable services, particularly in India and the Philippines, despite ongoing geopolitical and economic risks. 

Europe: India's Science and Technology Minister, Dr. Jitendra Singh, announced the launch of European Space Agency's PROBA-3 mission from Sriharikota next month to study the Sun’s corona. He highlighted India's growth in the space sector which plays an important role in urban planning and its aim to expand its share in the global space economy to 10%.

North America: Prime Minister Modi’s September 2024 U.S. visit strengthened India-U.S. ties, focusing on Indo-Pacific stability. India formalized two Indo-Pacific Economic Framework agreements, setting up goals for a clean and fair economy. The IPEF, putting emphasis on supply chain management and technology sectors, aligns with India’s priorities, augmenting regional partnerships and contrasting China’s Belt and Road Initiative.

South America: Developing countries, including India and South America, face severe climate challenges and require sustainable policies on taxation and climate change. India's Clean Environment Cess and the UN's international tax reforms illustrate efforts for environmental stability. Strengthening South-South cooperation could support locally adaptable, sustainable tax structures to address these environmental issues.

Asia: India, Asia's fastest-growing economy, is projected by the IMF to grow at 7% in FY25 and 6.5% in FY26, driven by investment, rural consumption, and infrastructure projects. While Asia's overall growth may slow, the region still supports 60% of global growth. India is transitioning from manufacturing to high-productivity services, aligning with Finance Minister Sitharaman's call for employment in modern sectors like finance and IT.

Australia: India’s External Affairs Minister S. Jaishankar and Australian counterpart Penny Wong highlighted the strengthening India-Australia partnership, focusing on defence, trade, education, and technology. Australia announced funding for cyber projects and a First Nations Business Mission to India. The dialogue showcased the role of this partnership in regional stability and cooperation across clean energy, agriculture, tourism, and skills development.

Africa: South Africa’s Trusted Tour Operator Scheme (TTOS), developed by Dr. Leon Schreiber, aims to boost tourism from India and China by reducing visa barriers and increasing collaboration with tour operators. Targeting a 10% annual tourism increase, TTOS seeks to drive economic growth, create jobs, and attract more visitors from these high-potential markets, addressing past challenges in South Africa’s tourism sector.