HIGHLIGHTS OF THE WEEK

An official said that this project would provide employment to up to 18 lakh people once it became operational. Under the MSME programme, 6,212 MoUs have been signed with investments totaling less than Rs 10 crore. Additionally, 948 MoUs with a Rs. 10-20 crore rupee investment range were signed.

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The government official said that the agreement is assisting India in promoting its outbound shipments to the UAE. The value of India’s non-oil exports increased by 5% to USD 15.2 billion between June 2022 and January 2023. During this time, imports rose by 3% to USD 16.8 billion.

For the benefit of the two nations and the area as a whole, India and Nepal decided to further intensify their economic and development cooperation. Kwatra paid a visit to Nepal’s Foreign Minister, with whom he had a productive discussion about strengthening bilateral ties between the two countries.

Operations must be reimagined to build a highly effective and sustainable pharmaceutical value chain. Manufacturing has the potential to gain value from integrating Industry 4.0 technology that goes beyond purely commercial production. By creating Advanced Analytics models, organisers can ingest data, gain insights, and make decisions immediately.

Rajnath Singh urged the top executives of the industry from India and overseas to back the Indian government’s initiative to create, develop, and produce cutting-edge goods. The defence minister said that India wants to engage with friendly nations in defence and security cooperation rather than just serve as an assembly workshop.

Sunjay Kapoor said that many shop floors are already adopting Industry 4.0 solutions, and businesses stand to gain significantly from the application of automation and AI in crucial processes. These tools are altering the way the industry functions and are enabling the Indian automotive sector to capture the growth possibilities that lie ahead.

According to a report, India has 25,000–27,000 active tech start-ups overall, ranking third after the US and China in terms of startup ecosystem size. $18.2 billion was allocated overall for the year 2022. In 2022, 47% of the 1,400 startups raised their first round of funding. Early-stage and seed-stage funding increased by 25–35% over 2021.

Jyotiraditya Scindia said that the 3S plan is “smart” and “sustainable” agriculture that should serve everyone. Scindia emphasised the use of drones and other cutting-edge technologies in smart agriculture to boost crop yield. Farmers should concentrate on increasing yields and using better inputs for sustainable agriculture, besides focusing on advanced technologies. 

Global News

Turbines will grow along US coastlines as the Biden administration speeds up its plan to decarbonise the power production sector. Due to this, the demand for services in shipyards and manufacturing centres in Brownsville will increase. The aim is to rejuvenate the nation’s rustbelt and take back control of the energy supply networks from China. 

The agreement is divided into 26 chapters, which cover investments, goods, services, and intellectual property rights. India’s labour-intensive industries, such as textiles, leather, gems, and jewellery, would benefit from a reduction or elimination of customs duties under the agreement, which would increase exports to the UK market. 

By eliminating almost all tariffs, the AfCFTA is expected to increase intra-African trade by 60% by 2034 and establish a 1.3 billion-person economic bloc with a combined GDP of $3.4 trillion. According to the World Bank, the AfCFTA, if completely implemented, would lift 50 million Africans out of extreme poverty and increase incomes by 9% by 2035.

A Chile-India Agricultural Working Group will be established, and its responsibilities include supervising, reviewing, and evaluating the MoU’s implementation as well as establishing regular communication and coordination. The Agricultural Working Group will hold sessions once a year, alternately in Chile and India.

By 2030, the Dubai Industrial Strategy expects the industrial sector to grow by an additional $5 billion. It aims to take advantage of advanced infrastructure, creating a setting that will turn the UAE into a global hub for innovative industries. Manufacturing and R&D centres have been established in Dubai by international and Indian companies.

According to a source, India and Australia will start talks on a Comprehensive Economic Cooperation Agreement (CECA) on February 20 after the adoption of an interim trade agreement in December. The economists said that, a comprehensive trade agreement with Australia is a positive move.

Industry Insights

The manufacturing sector may benefit from policy initiatives like IRA and the CHIPS Act. According to Deloitte projections, manufacturing GDP will increase by 2.5% by 2023. Managing uncertainty, addressing labour shortages, fostering supply chain resiliency, scaling smart factory initiatives to the metaverse, and developing sustainability are five trends for manufacturing playbooks that leaders should consider.

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