HIGHLIGHTS OF THE WEEK

The Union Ministry of Home Affairs announced the Padma Award winners on Republic Day 2023. Mulayam Singh Yadav, Zakir Hussain, KM Birla, Sudha Murty, Raveena Tandon, and others were on the lengthy list of 106 recipients. The honour was granted for individuals’ notable contributions to a variety of sectors, including art, social work, literature, education, public affairs, etc.

India would reportedly encourage its companies to take advantage of the investment opportunities in Egypt if they were considering making investments overseas. According to the joint statement, Modi and Sisi discussed the status of their bilateral relationship in light of their increased political and security cooperation.

The Directorate said that the Authority advises imposing an anti-dumping charge on imports coming from or exported from the subject countries for a period of five years. The suggested duty is $2.05 per square metre and $1.44 per square metre. The final say on whether to impose the tax lies with the finance minister.

The budget allocation is expected to increase by 10 to 15% in order to increase domestic defence equipment production. The “Make in India” campaign will benefit from higher defence industry investment. India’s defence exports have surged eightfold, from 1,521 million in 2016–17 to 12,815 million in 2021–22.

The Indian contract manufacturing market is anticipated to expand at a CAGR of 13.3% during the following five years. India’s electronic manufacturing market will increase more than sixfold, from USD 23.5 billion in 2019–20 to USD 152 billion by 2025. Large OEMs are eager to create alternate sources in order to avoid uncertainty and supply chain disruptions.

The budget is likely to include announcements about additional sectors receiving fiscal incentives under the PLI system. The officials said that the government may think about funding infrastructure projects that have been approved by the Network Planning Group (NPG), which was established as part of the PM Gati Shakti initiative.

In order to develop new effective techniques for controlling diseases and pests in chemical and biological streams, it is necessary to allocate funding for R&D in Budget 2023. Companies involved in such R&D activities may be encouraged to increase their investment through a variety of incentives.

Global News

Orders reached $286.9 billion, up 5.6% from the previous month. Four out of the last five months saw an increase in orders. The transportation sector saw a 17 percent increase to $108.1 billion. Boeing Co. said that commercial aircraft deliveries rose by 41% in 2022 compared to the previous year.

China’s leaders are emphasising the value of foreign investment as they aim for growth in 2023. This might signal the implementation of policies to encourage investment and wider market access for foreign firms. When it comes to their interactions with China, European nations are attempting to create their own path more frequently.

The World Economic Forum (WEF) in Davos, Switzerland, featured a number of discussions centering on the African continent. Discussions during the forum focused on sustainable solutions, such as the transition to clean energy and rethinking globalisation, inclusion, and diversity to get the world ready to work together and participate equally in all future prospects.

South American trade might be boosted by a unified currency between Brazil and Argentina, according to the new presidents of both nations. The two stated that they made the decision to move discussions about a unified South American currency forward in order to decrease operating costs and their exposure to foreign trade flows.

With the intention of empowering Saudi exporters and foreign investors and enhancing Saudi-Italian commercial exchange, the Saudi Export-Import Bank and the Italian SACE signed a memorandum of understanding. The memo is part of the bank’s effort to expand the market opportunities and visibility of Saudi exports abroad.

The two sides’ agreement on a memorandum of understanding aims to boost cooperation in the growth of the emerging industries in WA and draw more financial investment from JBIC. The agreement, according to a press release from WA, is focused on hydrogen, ammonia, low-emission technology, and decarbonization.

Industry Insights

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