HIGHLIGHTS OF THE WEEK

Financial assistance for new manufacturing units under the PMEGP has risen in price from Rs 25 lakh to Rs 50 lakh. Bhanu Pratap Singh said that this will aid in company development and employment opportunities. There are 6.3 crore MSMEs, which contribute to 1/3rd of India’s GDP and account for 48% of exports, he added.

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Edrard stated that Mexico and India would collaborate to fund “binational development and innovation projects in several fields,” including lithium, the aerospace industry, and water. Both nations will decide on development priorities, some of which include low-cost vaccine manufacturing, electromobility research, and water management.

The participating banks shared their insights with the audience and announced that they had begun to conduct trade transactions in INR. They also listed the advantages of settlements in INR, such as shorter timelines, cheaper exchange rates, and simpler access to trade credits.

India is becoming more relevant in producing cutting-edge technology and next-generation products, said Rajeev Chandrasekhar. The talent inputs needed to be a catalyst for the growth of the digital economy have been put in place. Over the next three years, 18-20 lakh youth in Karnataka will be skilled for both blue-collar and high-tech, future-ready jobs.

The manufacturing sector saw a 2.6% increase, while the mining and electricity industries saw 9.8% and 10.4% growth, respectively. IIP increased by 5.4% in the first three quarters of FY23. Aditi Nayar said that growth in December was generally in accordance with growth projections.

In India’s tech sector, startups run by women has increased by 8% among funded businesses. In 2022, 16% of total financing went to women-led startups, an increase from 11% in 2021. Bengaluru’s female-led startups received the highest financing of $11.3 billion, followed by Delhi-NCR’s $5.7 billion and Mumbai’s $3.5 billion.

Farmers who use sustainable agricultural methods benefit from the extra money they can make by selling these carbon credits. Additionally, they are increasing their revenue, yield quality, acreage, and soil health. By utilizing water efficiently and implementing precision agricultural technology, it also aids farmers in cultivating responsibly.

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The Strategic Trade Dialogue will discuss export controls, look into methods to boost high-technology trade, and promote technology transfer between the two nations. The Foreign Ministers, Jaishankar and Raimondo had a conversation about the India-US strategic partnership and ongoing attempts to expand their economic and commercial ties.

The proposed changes would maintain the TRA’s independent investigative and recommendation functions while giving the Government more authority to determine the result of trade remedy investigations. As part of free trade agreements, TRA will be responsible for looking into bilateral safeguard cases.

India is expected to ship 11 million tonnes of rice to price-sensitive Africa. Vinod Kaul stated that he anticipates strong demand from Africa throughout the upcoming fiscal year. According to Africa Business, the reason for the rapid increase in rice trade is the region’s high consumption of the grain as a food source. 

Following this week’s meeting between officials from the two nations, the governments of Brazil and Australia have begun discussions targeted at creating new trade agreements for agricultural products. Brazil aims to send pork to Australia, and it may also begin importing wheat and barley under the potential pact.

France is the third-ranked European nation presently investing in Vietnam. Vietnamese officials are pleading with France to approve the Vietnam-EU Investment Protection Agreement (EVIPA) in order to strengthen bilateral cooperation. When approved, EVIPA will protect investors and their investments, which should encourage cross-border investments.

The Australian PM expressed optimism about the complementarities between the two countries, stating that this moment marks a turning point in boosting economic cooperation and mutual benefits. The CEO’s and industries present must reset the current aim of doubling bilateral trade because there is great opportunity for trade between the two countries to grow significantly.

Industry Insights

The digital twin can enable businesses to have a full digital footprint of their products from the beginning of product development to the end. The conceptual design of the digital twin can be thought of as an extensive or “under the hood” examination of the supporting elements that make up the manufacturing process.

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