Daily News - Thursday, 22 August 2024
‘Africa, India can provide great impetus to cooperation in clean tech, green economy’ (The Indian Express)
India's partnership with Africa is seen as a significant force for global rebalancing, strengthening the Global South, and promoting global peace, with Vice President Jagdeep Dhankhar emphasizing India's non-expansionist history. Highlighting India's growing diplomatic and economic ties with Africa, Dhankhar noted India's substantial investments in infrastructure, defence cooperation, and capacity-building initiatives across the continent, which align with Africa's developmental priorities. In contrast, he pointed out concerns raised by the IMF about China's lending practices in sub-Saharan Africa, which impose harsh terms and use natural resources as collateral.
Inter-ministerial Group to Draw Up MSME Scheme (The Economic Times)
The government has established an inter-ministerial group to finalize the credit guarantee scheme for MSMEs, as announced in the budget, with plans to have a draft ready in four weeks and approval from the expenditure finance committee within two months. This scheme aims to provide credit guarantees for loans up to ₹100 crore for MSMEs purchasing machinery and create a guarantee fund for stressed MSMEs to prevent them from becoming non-performing assets. Extensive consultations with state governments and MSME industry associations are ongoing to ensure that the scheme addresses all stakeholder concerns before its rollout.
‘Rapid e-com growth could hit millions of retail stores and jobs’ (The Hindu)
Commerce and Industry Minister Piyush Goyal raised concerns about the business practices and pricing strategies of major e-commerce players like Amazon in India, questioning their impact on small retailers and potential predatory pricing tactics. He emphasized that while e-commerce is inevitable, its growth should be orderly, citizen-centric, and mindful of its social implications, especially in terms of disrupting traditional retail and employment. Goyal also criticized Amazon for reporting significant losses in India, suggesting these could indicate predatory pricing and questioned their compliance with regulations that prohibit e-commerce firms from engaging in direct business-to-consumer transactions.
India’s oil demand set to plateau by mid-2040s: BP (Business Standard)
BP Chief Economist Spencer Dale stated that India's oil demand is projected to plateau only by the mid-2040s, while global oil demand is expected to remain flat until 2035 before declining due to decreasing Chinese demand. The BP Energy Outlook 2024 report highlights a significant drop in oil demand for road transport, driven by improved vehicle efficiency and the rise of electric vehicles, though the shift in India may also involve natural gas-powered vehicles. Dale also noted concerns over short-term oil prices and supplies due to geopolitical tensions in West Asia.
Goyal pitches for doubling India-Africa trade to $200 bn (Financial Express)
India proposed a partnership with African nations on critical minerals and emerging sectors to double bilateral trade to $200 billion over the next seven years, highlighting Africa's potential to meet India's needs for minerals essential for electric vehicles and clean energy technologies. Commerce and Industry Minister Piyush Goyal also encouraged African countries to take advantage of India's duty-free tariff preference (DFTP) scheme, which is under review for expansion and emphasized the potential for collaboration in IT, infrastructure development, health, financial inclusion, entertainment, sports, and food security. Trade between India and Africa has already increased to $83.3 billion in 2023-24, with further growth anticipated through these strategic partnerships.
