HIGHLIGHTS OF THE WEEK

Over 100 G20 nations have joined forces to promote global commerce and investment under India’s G20 presidency. Solving common problems and maximising opportunities for humankind are the goals. The main identified topics at their first gathering will be development and prosperity, robust global value chains, MSMEs, logistics, and WTO reform.

Weekly MSME News Updates

Based on a report by the United Nations Conference on Trade and Development (UNCTAD), global trade in goods is predicted to grow by about 1% and services by about 3% in the first quarter of 2023. They also predicted that trade would continue to slow, though it might start to pick up after the second half of the year.

The president and CEO of Ericsson, Mr. Borje Ekholm, mentioned how India is outperforming the US, Europe, and many other nations in the size of its 5G network infrastructure and will share its learnings and experiences with the entire world.

Last Thursday the Minister of State for Electronics and IT, Mr. Rajeev Chandrasekhar, approved to build an electronics cluster at Karnataka’s industrial areas of Kotur and Belur. He explained the project cost of about 350 crores received from various companies, which will also generate over 18,000 new jobs and result in about 2,000 crores of economic activities.

Nitin Gadkari, the Union Minister of India, emphasised at a Confederation of Indian Industry (CII) event that India can surpass the rest of the world by becoming the biggest producer of electric vehicles thanks to the lithium found in Jammu and Kashmir.

Google has launched a three-month accelerator program that is equity-free and aimed at assisting new businesses in rural and remote areas and women funders to assist A Tech start-ups in developing India. Startups based in India that use AI and machine learning to tackle challenging everyday problems are eligible to apply for this initiative.

The National Crop Insurance Portal’s new digital claim settling module, “DigiClaim,” was introduced this Thursday at Krishi Bhawan in Delhi by India’s Agricultural Minister Narendra Singh Tomar. It falls under the purview of the Pradhan Mantri Fasal Bima Yojana. (PMFBY). Now that the claims are being paid out online, a steady cash flow will result, assisting the insured farmers in running their day-to-day operations.

Global News

According to the Bakers Institute of America’s most recent report, companies moving from China to Mexico will give North America a significant edge. Due to the effective use of supply chains and the substitution of less expensive labour for Chinese labor, the cost of products sold in the United States will decrease.

EU is introducing Carbon Border Adjustment Mechanism (CBAM) later in October 2023, going to affect 20-35 per cent tax on select imports into the EU from January 1, 2026. “Such measures that keep coming up, also require us to recalibrate our FTA approach”, said Nidhi Mani Tripathi (India’s chief negotiator for trade agreements with the EU and the UK.

In a historic decision, on March 17, 2023, G. Rathinavelu, chairman and co-founder of the Africa India Economic Foundation (AIEF), and H. E. Amb. Albert M. Muchanga, Commissioner for Economic Development, Trade, Tourism, Industry and Minerals (ETTIM) Division, ratified a memorandum of understanding (MOU) to collaborate to encourage investment & commerce between India and the MSMEs, private, and governmental sectors across African nations. 

Bolivia’s president, Luis Acre, expressed interest in working with other Latin American nations to develop a lithium strategy to advance their economies in a speech. Bolivia, Peru, Argentina and Chile were mentioned as possible proponents of the most recent energy storage because they have the highest lithium resources. (over 21 million metric tonnes). Bolivia.

Innovation and the Digital Economy Minister of Australia, Stephen Dawson will be delivering a pivot speech at Umagine in Chennai, putting opportunities for cooperation between Western Australia (WA) and Indian innovation ecosystems will be top of mind.

Industry Insights

OCEAN FREIGHT MARKET UPDATE

According to March 2023 market outlook, Asia Pacific import rates are expected to increase, especially in the MENAT region. Rest all regions (Europe, North America, and Latin America) are expected to trade at the same or reduced freight rates.

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