Daily News - Friday, 5 July 2024
India needs to sustain growth trajectory for next two decades, says NK Singh (The Indian Express)
NK Singh, Chairperson of the 15th Finance Commission, emphasised the necessity for India to sustain its current growth trajectory over the next two decades to achieve developed nation status by 2047. In his acceptance speech for an Honorary Fellowship from the London School of Economics, Singh highlighted India's commitment to growth under Prime Minister Modi's leadership and the compatibility of democracy with development. Singh's extensive contributions to India's economic policy-making and fiscal reforms were acknowledged by Finance Minister Nirmala Sitharaman and Minister of External Affairs S Jaishankar during the ceremony.
Agri trade on e-NAM rises 12% in Q1 at ₹18,990 cr (Financial Express)
Trade on the National Agriculture Market (e-NAM) platform reached ₹18,990 crore in the first quarter of the current fiscal year, a 12% increase from the previous year, driven by more states facilitating agricultural commodity trade. The platform, which integrates 1,389 mandis across 27 states, has seen a notable rise in inter-mandi and inter-state trading, with a 130% increase in inter-mandi trade and a 219% surge in farmgate sales in FY24. The government has urged states to relax norms to enhance the platform's accessibility and urged central agencies to use e-NAM for better price discovery, highlighting its role in improving farmers' income and market reach.
Govt to extend easy visa rules to all PLI sector companies (Business Standard)
The government is working to streamline the visa application process for non-PLI beneficiary companies operating in the 14 sectors covered under the Production-Linked Incentive (PLI) scheme. This move, aimed at enhancing operational efficiency, follows the already streamlined process for PLI beneficiaries and addresses industry concerns about visa delays impacting productivity, especially with technicians from China. DPIIT Secretary Rajesh Kumar Singh mentioned that while a final decision is pending, efforts are underway to facilitate smoother visa processing, with multiple ministries, including external affairs and home affairs, involved in the initiative.
Industry Ministry pushes for lower duties on input imports (The Hindu)
The Commerce and Industry Ministry is advocating for reduced import tariffs on inputs for electronics and other sectors to address industry concerns that high tariffs undermine the benefits of the Production Linked Incentive (PLI) scheme compared to rivals like China and Vietnam. Despite calls from the Confederation of Indian Industry (CII) to reconsider Foreign Direct Investment (FDI) restrictions from countries sharing land borders with India, DPIIT Secretary Rajesh Kumar Singh stated there is no proposal to revise these restrictions. Singh emphasised the need to phase out duty inversion and high import tariffs not only in electronics but potentially in other sectors as well.
Port congestion, container dearth, freight cost hit exports (The Hindu)
Exporters are facing significant delays due to port congestion, container shortages, and rising freight costs, severely impacting their operations. Dipak Shah, President of the South India Tea Exporters Association, mentioned that containers are only available after long waits, and agreed freight rates have skyrocketed, with shipping times doubling. Similarly, K.M. Subramanian, President of the Tiruppur Exporters Association, noted a steep increase in container costs, while S. Mahesh Kumar, a coir exporter, emphasised the need for the Indian government to negotiate with shipping lines to secure more space for Indian goods, as China is monopolising much of the available capacity.
