HIGHLIGHTS OF THE WEEK

Gains in the FCA are responsible for the increase in foreign exchange reserves. As stated by the RBI, foreign currency assets increased by $1.76 billion to $484.29 billion for the week ended November 18. Gold holdings increased by $315 million, reaching $40.01 billion. The apex bank said that the SDRs increased by $351 million to USD 17.906 billion. 

Weekly MSME News Updates

The ECTA is expected to help India and Australia expand their bilateral trade from $31 billion to $45–50 billion in five years. The gains for India include: 15% duties on apricots and strawberries; a 4-year visa for 1,800 qualified chefs; no duty on rail wagons, electrical goods exports; and much more.  

Piyush Goyal said that India has agreed to resume and finish the negotiations on a free trade agreement with the GCC. In 2021–2022, India’s exports to GCC members increased by 58.26% to around $44 billion. Bilateral trade in goods climbed from $87.4 billion to $154.73 billion. 

The Center intends to use the knowledge of the AIIMS, IITs, and IISC to increase domestic medical device manufacturing with the goal of making India a $50 billion market by 2025. An official stated that the goal is for India to become self-sufficient in the medical device sector and focus on increasing the manufacturing capacity. 

The increase in exports will assist India in reaching its ambitious goal of $100 billion in textile exports by 2030. Ready-made garments contributed a share of around $500 billion in the global textile trade. Krunal Modi said that India is well-positioned to grab the opportunity in the global RMG market since it has adequate raw materials and a huge labour force. 

The number of VC deals in the Indian startup ecosystem increased by 7.5% during January–October last year. According to GlobalData, from January to October, 1,456 venture capital deals raised $19.3 billion for Indian startups. Aurojyoti Bose said that the total funding amount for January–October 2022 remains significantly high compared to the same time in 2019–20. 

According to Narendra Singh Tomar, the ministry is providing financing for operations such as research-development, market development, raising consumer awareness for increased consumption, and supporting sustainable manufacturing. In India, there are more than 500 startups engaged in the millet value-added chain. 250 companies have been supported by the Indian Institute of Millets Research under RKVY-Raftar. 

According to initial numbers from Adobe Analytics, online shoppers are expected to spend between $9 billion and $9.2 billion on Friday, exceeding its forecast of a 1% increase to $9 billion. Vivek Pandya claimed that e-commerce demand has remained strong regardless and that Black Friday is expected to record the highest ever online sales total of $9 billion. 

EDF said that the 480 megawatt Saint-Nazaire Offshore Wind Farm would support the goals of the French State’s energy transition. By 2030, it aims to produce 32% of its energy from renewable sources. The wind farm would provide enough electricity each year to meet the needs of 700,000 people. 

In a joint statement, the national cocoa management bodies of the two nations took note of the efforts made by some businesses and their desire to work together to find solutions for sustainable cocoa production. Patrick Achi said, “The solution is to process 100% of our cocoa.” 

The country’s exports in October were US$ 7.901 billion, announced the foreign ministry of Argentina. Higher sales of agriculture products, minerals, fuels, and automobiles were the leading causes of these numbers. Total exports brought in US$ 75.144 billion in the first 10 months of 2022. Brazil, China, the US, Chile, India, and the EU were the top export destinations. 

The PBOC said that the reserve requirement ratio for banks will be reduced by 25 basis points starting on December 5. According to the central bank, the reduction will support a steady decline in the cost of comprehensive financing, keep liquidity levels adequate, and stabilise the slowing economy.

In Australia, there are not enough welders to build the green energy infrastructure. Weld Australia says that efforts to develop renewable energy will be hampered by a global shortage of welders. Business owners said that staff shortages are their biggest problem. A “complete overhaul” of study pathways as well as increased investment in apprentices is required, say experts. 

Industry Insights

The creation of grant and venture funds by the fashion industry aims to target some sustainability issues. As industry competition increases from both inside and outside, businesses that rely on brand appeal or the allure of fashion to attract and keep talent will need to step up their game. The first half of 2021’s performance suggests that the fashion industry will rebound in a V-shape, with a potential return to economic profit by 2022.

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