As the Indian economy remains resilient on its way to become the world’s third-largest one sooner than expected, Singapore’s sovereign wealth fund Temasek is aiming to invest an additional over Rs 83,000 crore (about $10 billion) in the country in the next three years.

The potential sectors Temasek is eyeing for investment in India are healthcare, consumption, financial services, digitisation and sustainability, according to reports.

Ravi Lambah, Temasek’s head of India and strategic initiatives said the new investment will take Temasek’s total investment in India to a massive $47 billion.

The $10 billion potential investment excludes what Temasek subsidiaries will invest in the country, according to the company executive. Temasek has been investing in the country for the last 20 years and its India exposure makes up 7 per cent of its global portfolio by underlying assets, up from 4 per cent in 2020.

The Singapore-based wealth fund has invested in Indian companies like Mahindra Electric Automobile Limited (MEAL), Zomato, Lenskart.

Eyewear retailer Lenskart in June raised $200 million in secondary investment from Temasek and Fidelity Management & Research Company (FMR).

India’s economy is growing rapidly, amid a stock market boom, making it an ideal nation to invest as China falters.

Last fiscal (FY24), Temasek deployed around $3 billion in India, its largest annual investment to date.

The startups in the country raised nearly $7 billion in funding during the first half (H1) of 2024, more than the $5.92 billion raised in H1 2023.

The $7 billion funding included 182 growth or late-stage deals worth $5.4 billion and 404 early-stage deals worth $1.54 billion.

About 99 were undisclosed deals, according to reports. AGENCIES

 The Indian benchmark indices once again opened on a positive note on Tuesday in the run-up to a blockbuster budget next week.

Adani Enterprises, Coal India, M&M, Bharti Airtel and Tata Steel were among major gainers on the Nifty in the opening trade.

While Sensex opened more than 160 points up to reach the 80,839 level while Nifty reached 24,643, over 50 points up.

Market watchers said that in the next few days, the market is likely to anticipate the Budget proposals and respond.

The Union Budget is likely to be growth-oriented and, at the same time, fiscally prudent.

According to market experts, growth is top priority which the government cannot and will not compromise.

Vaishali Parekh, VP, Technical Research, Prabhudas Lilladher said Nifty has been slowly and steadily gaining strength inching every day in the north direction and with the bias maintained strong, has the next initial target of 24900 levels.

“With mid-cap and small-cap stocks also participating actively, the undertone is maintained very positive and can carry on with the positive move further ahead,” Parekh noted.

The Indian indices have continued their upward momentum driven by positive expectations from the upcoming budget and robust foreign institutional investor (FII) inflows, along with better-than-expected results from the IT sector. AGENCIES

 J. D. Vance, a Republican US Senator from Ohio on Tuesday expressed gratitude over being picked as the running mate of US Presidential candidate Donald Trump. 

In a post on social media platform X, Vance said, “Just overwhelmed with gratitude.”

Vance said that Trump, who had delivered peace and prosperity once, would do the same again with people’s support.

“What an honour it is to run alongside President Donald J. Trump. He delivered peace and prosperity once, and with your help, he’ll do it again,” his post read.

“Onward to victory!” he posted.

On Monday former US President Trump wrote on his social media platform Truth Social, “After lengthy deliberation and thought, and considering the tremendous talents of many others, I have decided that the person best suited to assume the position of Vice President of the United States is Senator J.D. Vance of the Great State of Ohio.”

Trump added, “J.D. honourably served our Country in the Marine Corps, graduated from Ohio State University in two years, Summa Cum Laude, and is a Yale Law School Graduate, where he was Editor of The Yale Law Journal and President of the Yale Law Veterans Association. J.D.’s book, ‘Hillbilly Elegy’, became a Major Bestseller and Movie, as it championed the hardworking men and women of our Country.”

He posted: “J.D. has had a very successful business career in Technology and Finance, and now, during the Campaign, will be strongly focused on the people he fought so brilliantly for, the American Workers and Farmers in Pennsylvania, Michigan, Wisconsin, Ohio, Minnesota, and far beyond….” AGENCIES

 Republican Party leader and Civil Rights Attorney Harmeet Kaur Dhillon offered ‘ardas’ (Sikh prayer) at the Republican National Convention in the presence of the party’s Presidential nominee Donald Trump, days after an attempt on the latter’s life.

A video posted on social media platform X by the California Republican Party, showed Dhillon discussing the recent attack on former President Trump.

In the convention in Milwaukee, Wisconsin, at the Fiserv Forum, she said, “These last 48 hours have been some of the most intense, yet more prayerful of our lives, the heinous attack on President Trump and his supporters made all of us pause and seek answers in comfort”.

“I come from a family of Sikh immigrants and I’m honoured to share with you, my fellow Republicans and guests tonight, a prayer from my faith and tradition practised by over 25 million worldwide,” she said.

“We recite the Ardaas prayer before any new endeavour, giving thanks to God and asking for his protection and help to uphold the values of humility, truth, courage, service, and justice for all,” she added.

“Dear Waheguru, our one true God, we thank you for creating America as a unique heaven on this Earth, where all people are free to worship according to their faith. We seek your blessings and guidance for our beloved country. Please bless our people with wisdom as they vote for the upcoming election and please bless with humility, honesty, skill and integrity all those who conduct the election,” she said after offering ‘ardas’.

She thanked God for protecting Trump’s life, and also mentioned the leader’s “tireless and uplifting spirit”.

Dhillon has also served as the vice chairwoman of the California Republican Party and also co-chairs the Women for Trump organisation. AGENCIES

 Kenya’s President William Ruto on Monday accused the Ford Foundation of involvement in the recent youth-led protests over the controversial Finance Bill, which envisaged hefty tax hikes, and led to an attack on the Parliament and left at least 40 people dead in police firing on the agitators.

“Our youth are not available for retrogressive assignments. Those sponsoring them to cause violence and mayhem must be ashamed of themselves. We ask the Ford Foundation to explain to Kenyans its role in the recent protests. We will call out all those who are bent on rolling back our hard-won democracy,” Ruto said.

The President, who ultimately denied assent to the Finance Bill despite it passing through the Parliament, was speaking after laying the foundation stone for the construction of the Keringet fresh produce market in Kuresoi South Constituency, Nakuru County. Deputy President Rigathi Gachagua, Governor Susan Kihika, MPs and MCAs were also present on the occasion.

Despite his effective killing of the Finance Bill, the protests continued with their focus shifting to demands for his resignation.

In the wake of the continuing unrest, Ruto fired most of his cabinet and accepted the resignation of the police chief. He also met top opposition leader Raila Odinga and promised widespread consultations in the appointment of new ministers. AGENCIES

 Laos President Thongloun Sisoulith has instructed the government to urgently address economic and financial difficulties, especially those related to fluctuating currency exchange rates and high inflation.

President Thongloun issued the order during an open government meeting, held from Monday to Wednesday, attended by cabinet members, the mayor of Vientiane, and provincial governors, Lao National Radio reported on Tuesday, Xinhua news agency reported.

The Laos government must put in place conditions that will sustain an acceptable rate of inflation and living costs to resolve the country’s ongoing financial problems and ease the burden on ordinary people, said Thongloun.

He advised the government to bolster foreign currency reserves by ensuring that more foreign currency earned from investment and exports flows into the banking system, to enable sufficient reserves for the import of essential goods.

The president also said that less foreign currency should be spent on non-essential imports, and advised the government to build up gold reserves.

In addition, he called on meeting participants to make radical changes to resolve the country’s dire economic and financial situation and to ensure stability through better management. AGENCIES

 Prime Minister Narendra Modi is scheduled to attend the UN General Assembly’s high-level meeting in New York in September, according to the preliminary programme released by the Assembly President Dennis Francis’ office.

The programme, made public on Monday, has Prime Minister Modi’s speech scheduled for the afternoon session on September 26.

Later in the same session, Pakistan Prime Minister Shehbaz Sharif and the Prime Minister of Nepal have been pencilled in.

This would be Prime Minister Modi’s fifth address to the Assembly during the week when presidents, kings, prime ministers and other senior leaders converge on the UN headquarters for their annual meeting.

In addition, Prime Minister Modi addressed the high-level meeting remotely during the Covid pandemic in 2020.

Last year, he visited the UN in June for the International Day of Yoga, which came about as a result of his initiative launched in his first address in 2014, but did not attend the September high-level meeting.

The participants at the high-level meeting lay down their international policies and comment on developments in speeches that are closely watched, but more important work happens behind the scenes when leaders are able to have dozens of bilateral meetings and participate in various forums.

At his previous participation in the September high-level meetings, dozens of international leaders sought meetings with him.

Prime Minister Modi speaks in Hindi with simultaneous translation into the six official languages of the UN.

The schedule is subject to change and Prime Minister Modi’s speech time is likely to be moved because it is scheduled between 3 p.m. and 6 p.m. in New York, which would be between 12:30 a.m. and 3:30 a.m. overnight in India on September 27. AGENCIES

 Russia’s Foreign Minister Sergei Lavrov arrived in New York early Tuesday, India time, to chair the upcoming meetings of the UN Security Council within the framework of Moscow’s UNSC Presidency this month.

Lavrov is scheduled to chair a meeting on ‘Multilateral cooperation in the interest of a more just, democratic, and sustainable world order’ later in the day.

Russia holds the Security Council presidency this month. We will discuss multilateral cooperation and ensuring equal and indivisible security. Of course, we will also raise the issue of the West trying to manipulate everything and everyone”, Lavrov said before arriving in New York.

Other subsequent meetings under Russia’s rotating monthly presidency include on the situation in the Middle East (July 17) and the cooperation between the UN and regional and sub-regional organisations in maintaining international peace and security (July 19).AGENCIES

 South Korean Health Minister Cho Kyoo-hong on Tuesday said that he would continue to persuade trainee doctors to return to work, while most junior doctors remain unresponsive to the government’s dovish attempts to resolve the ongoing walkout.

The government had set a deadline for Monday for hospitals to accept the complete resignations of trainee doctors, who have left their worksites since late February in protest of the government’s medical reform, a move to help them find jobs at other hospitals, Yonhap news agency reported.

However, only about 50 trainee doctors, out of some 13,000 at 211 training hospitals, returned to hospitals, according to the health ministry.

“Although we cannot provide detailed information, it seems that not many have returned,” Cho told a parliamentary session.

Cho said more trainee doctors may opt to leave instead of returning to hospitals, noting that the government will come up with policies to encourage them to start training in September.

The Monday deadline was seen as crucial for the government to help persuade junior doctors to return to hospitals, as it is linked to a timetable for hiring new trainees in September.

Last week, the government also decided to withdraw all punitive measures against trainee doctors defying return-to-work orders to seek a breakthrough in the prolonged medical vacuum.

It also allowed trainee doctors who re-apply for the training programme starting in September to receive special treatment, such as an exemption from the rule prohibiting repeat applications to a department within the same year. AGENCIES

 South Korean Health Minister Cho Kyoo-hong on Tuesday said that he would continue to persuade trainee doctors to return to work, while most junior doctors remain unresponsive to the government’s dovish attempts to resolve the ongoing walkout.

The government had set a deadline for Monday for hospitals to accept the complete resignations of trainee doctors, who have left their worksites since late February in protest of the government’s medical reform, a move to help them find jobs at other hospitals, Yonhap news agency reported.

However, only about 50 trainee doctors, out of some 13,000 at 211 training hospitals, returned to hospitals, according to the health ministry.

“Although we cannot provide detailed information, it seems that not many have returned,” Cho told a parliamentary session.

Cho said more trainee doctors may opt to leave instead of returning to hospitals, noting that the government will come up with policies to encourage them to start training in September.

The Monday deadline was seen as crucial for the government to help persuade junior doctors to return to hospitals, as it is linked to a timetable for hiring new trainees in September.

Last week, the government also decided to withdraw all punitive measures against trainee doctors defying return-to-work orders to seek a breakthrough in the prolonged medical vacuum.

It also allowed trainee doctors who re-apply for the training programme starting in September to receive special treatment, such as an exemption from the rule prohibiting repeat applications to a department within the same year. AGENCIES