Weekly News 8 - 12 January 2024
Monday, 8 January 2024 (Deccan Herald) Indian footwear industry projected to reach $90 Billion by 2030: Report
The Indian footwear industry could reach $90 billion by 2030, triple its current value, with measures like banning shoe imports and fiscal incentives, says a report by the Global Trade Research Initiative. It predicts a shift towards non-leather footwear, making up 75% of the market share by 2030.
The report suggests actions, including local production support, introducing a production-linked incentive (PLI) scheme, imposing customs duty on imports below $3 per pair, and attracting Taiwanese contract manufacturers. Currently valued at $26 billion, India's footwear industry aims for significant growth with strategic interventions.
Tuesday, 9 January 2024 (mint) ₹45,000 cr investment to develop river cruise tourism
The Ministry of Ports, Shipping, and Waterways plans a ₹45,000 crore investment for river cruise tourism by 2047, with ₹35,000 crore for vessels and ₹10,000 crore for terminals. Initiatives aim to expand river cruise tourism, boost cargo trade investment to ₹15,200 crore, and increase the modal share of inland waterway transportation from 2% to 5% by 2047. The vision includes projects like Jal Marg Vikas, multimodal terminals, and a focus on alternative ship propulsion fuels for inclusive growth and employment.
Wednesday, 10 January 2024 (mint) Govt plans ISI certification for Nepali products to boost economic ties
India is considering granting ISI certification to Nepal-made cement, pavers blocks, and electrical products to strengthen strategic and economic ties with its South Asian neighbour. The move, requiring quality validation from the Bureau of Indian Standards (BIS), aims to ensure that imported products meet Indian standards.
The Consumer Affairs Ministry is reviewing proposals from Nepali manufacturers, reflecting efforts to enhance trade relations and curb China's influence in Nepal. Despite a decline in Indian imports from Nepal, this initiative seeks to leverage economic diplomacy and foster a robust partnership.
Thursday, 11 January 2024 (The Economic Times) India-UAE start Rupee-Dirham direct trade: Piyush Goyal
India and the UAE have initiated direct Rupee-Dirham trade in local currencies, aiming to expand bilateral trade to $100 billion through their free trade pact, as stated by Commerce and Industry Minister Piyush Goyal. The partnership includes agreements on Rupay cards, Unified Payments Interface (UPI), and plans for collaboration in various sectors such as food security, education, startups, and the Bharat Bazar project in the UAE. Goyal expressed confidence in enhancing connections between India and Europe through the Middle East, emphasizing the potential of the India-Middle East-Europe corridor.
Goyal highlighted the significance of political stability, business-friendly policies, transparent governance, and India’s large market, providing opportunities for UAE investments and the deployment of petrodollars. Additionally, he assured the UAE of India’s commitment to making the upcoming World Trade Organization Ministerial Conference (MC13) a “grand success,” scheduled to be held in the UAE from February 26-29. Goyal also underscored the transformative role of PM Gati Shakti as a global planning tool in the years to come, addressing the need to overcome historical delays and cost overruns in infrastructure projects.
Friday, 12 January 2024 (Financial Express) Govt to make India top auto manufacturing hub: Gadkari
Union Minister Nitin Gadkari aims to position India as the top global automobile manufacturing hub with a target of making the auto sector a ₹25 trillion industry. Emphasizing investment in clean technologies, especially electric vehicles, Gadkari highlighted the industry's growth, moving from seventh to the third largest in the world. He stressed the sector's potential, citing its current ₹12.5 trillion size, substantial exports, job creation, and significant contribution to GST revenue for both state and central governments.
