Category: Economy

India’s gold imports have collapsed to their lowest level in two decades, with February shipments expected to be down 85% year-on-year. The surge in gold prices has left buyers hesitant, even during the peak wedding season, typically a period of high demand for the precious metal. Gold Prices Surge, Consumers Hold Back Gold prices have been on an unprecedented climb, with spot prices reaching an all-time high of $2,956.15 per…

The much-anticipated Income-Tax Bill, 2025, is set to be tabled in Parliament on February 13. If passed, it will replace the Income Tax Act of 1961, marking the biggest overhaul of India’s tax system in over six decades. The bill, spanning 622 pages, aims to simplify tax laws, modernize compliance, and introduce new tax slabs. The proposed changes could have far-reaching implications for individuals, businesses, and the digital economy. Key…

The railway freight trade between Georgia and Kazakhstan has reached an all-time high, with a record 2.74 million tons transported in 2024. The announcement from the Georgian government underscores the growing significance of the Middle Corridor, a key transport route linking Europe and Asia. Middle Corridor Gains Momentum The surge in freight volume signals increased collaboration between Georgia and Kazakhstan in the logistics sector. The Middle Corridor, an alternative to…

The Anaklia Deep Sea Port project has moved one step closer to reality, with hydrodynamic testing now underway in Copenhagen, Denmark. This testing is key to ensuring that the port, designed to boost Georgia’s role in global trade, meets rigorous safety and design standards. Hydrodynamic Testing Takes Center Stage in Copenhagen On Monday, Georgia’s Ministry of Economy confirmed that the hydrodynamic testing for the Anaklia Deep Sea Port project had…

Fuel Excise Revenues Surge as Georgia Sees a Rise in Petroleum Imports In the first 11 months of 2024, Georgia’s fuel excise revenues reached an impressive GEL 586 million, marking an 11% increase compared to the same period last year, according to the Ministry of Finance’s Treasury. The growth in fuel excise taxes reflects a strong demand for petroleum products in the country, as well as the government’s consistent efforts…

In a troubling report for Georgia’s media industry, the country’s six major broadcasting companies have collectively reported a significant loss of GEL 145 million for 2023. This marks a 73% increase in losses compared to the previous year, primarily driven by a steep 16% decline in advertising revenue. Breakdown of Financial Losses Across Major TV Stations The financial reports from Georgia’s top broadcasters provide a stark picture of the industry’s…

Turkish construction giant ENKA has triumphed in its legal battle over the controversial Namakhvani hydropower plant (HPP) project. Following a lengthy arbitration process, Georgia has been ordered to pay $383.2 million in compensation after ENKA’s contract for the project was terminated. A Dispute with Deep Implications The Namakhvani HPP project was once heralded as a cornerstone of Georgia’s renewable energy strategy. However, it quickly became a flashpoint for public outcry…

Georgia’s aviation sector has experienced a significant boost in 2024, with passenger turnover rising by 45% in the third quarter of the year. According to data from Geostat, the country’s national statistics service, the number of passengers transported reached 597.9 million, marking a notable recovery and growth in the aviation industry. Passenger Traffic Soars Passenger traffic across Georgia’s airports saw a dramatic 20.6% increase in the third quarter, bringing the…

Surge in Traffic and Freight Marks Strong Growth for Georgia’s Aviation Sector Georgia’s aviation sector has seen remarkable growth in the third quarter of 2024, with passenger turnover rising by 45% compared to the previous year. According to the latest data from Geostat, Georgia’s national statistics service, the country’s airlines carried a total of 597.9 million passengers, a significant increase driven by both stronger passenger numbers and a jump in…

Money transfers to Georgia experienced a significant downturn in October 2024, falling by 1.5% to $281.1 million. This comes after a smaller 1.1% decrease the previous month, according to a report published by Galt & Taggart. Breakdown of Transfers by Region The data highlights varying trends across different regions sending money to Georgia. The European Union and the United States showed positive growth, while countries like Russia and Kazakhstan experienced…