Economy

Some 35,000 farmers in 66 villages in the state of Karnataka will benefit from digitally advanced irrigation systems, as well as training and support.

The coronavirus crisis has caused unprecedented unemployment and made the gross domestic product shrink by 28.7%, Central Bureau of Statistics says. Per capita consumption fell by 44.2% in the second quarter of 2020.

Treasury, Economy, and Industry ministries work with Israel Manufacturers Association on plan to earmark funds, with priority for factories that retained workers despite a drop in their revenue.

Finance Ministry says deficit could reach between 10% and 11% of the gross domestic product by the end of 2020.

The Israel Corporations Authority says it will allow Eli Rozenberg, a 30-year-old immigrant to Israel from the US, to purchase a 44.9% controlling stake of El Al Israel Airlines.

Accountant general warns the absence of a budget after three election campaigns indicate poor government stability, which global rating agencies could see as an indication to downgrade Israel's solid rating. Knesset has until Aug. 25 to pass a budget or elections will be called.

The local high tech industry raised a record $8.3 billion in 2019 and its performance over the first seven months of 2020 puts it on course to exceed last year's record.

Cabinet greenlights grants for all citizens, with the exception of highest earning bracket. PM Netanyahu: We are also working on additional plans to encourage the economy.

Natural gas field off the coast of Haifa became operational in 2013. State’s income from the levy alone is expected to reach about $2.3 billion, with royalties and other taxes hiking it to $4.3 billion.

“Israelis have a positive reputation for innovation in China,” an executive from a cyber-security company said, with Israeli firms supplying a range of advanced products in China – from “smart factories” to protecting online ads.