Daily News - Thursday, 26 September 2024
To push clean energy transition, India joins US-led Minerals Security Finance Network (The Indian Express)
India has officially joined the US-led Minerals Security Finance Network (MSFN), a group formed to secure supply chains for critical minerals, intending to reduce dependence on countries like China. The MSFN, an extension of the Minerals Security Partnership (MSP), encourages cooperation between development finance institutions, export credit agencies, and the private sector to meet the global demand for critical minerals essential to clean energy transitions. India’s participation is particularly significant due to its push for electric vehicle adoption and electronics manufacturing, emphasizing the need for stable access to key minerals like cobalt, nickel, and rare earth elements.
Dairy a Sensitive Sector, No Plans to Open it up in Any FTA: Goyal (The Economic Times)
India has firmly decided not to grant any duty concessions in the dairy sector under its free trade agreements (FTAs), citing the importance of protecting the livelihoods of small farmers. Commerce Minister Piyush Goyal emphasized this policy during discussions with countries like Switzerland, Norway, and Australia, noting that India's small dairy farms cannot compete with the large-scale farms found in other nations. Despite Australia seeking duty cuts for various agricultural commodities, India maintains that the dairy sector remains highly sensitive and off-limits in trade negotiations.
FM Urges AlIB to Help Poor Nations Avail of Finances (The Economic Times)
Finance Minister Nirmala Sitharaman urged the Asian Infrastructure Investment Bank (AIIB) to enhance its client-centric services and support for low-income member nations through financial and technical assistance. In a meeting with AIIB President Jin Liqun, she highlighted India’s role as the second-largest shareholder and client of the bank, while also advocating for stronger ties. During talks with Qatar’s finance minister, Sitharaman encouraged greater Qatari investments in India's energy, infrastructure, and start-up sectors, emphasizing India's rapid economic growth and investment potential.
Modi says initiative a 'roaring success' (Financial Express)
Prime Minister Narendra Modi highlighted the success of the "Make in India" initiative, emphasizing its transformative impact across sectors, including areas previously considered unreachable. Since its launch, India has become the second-largest mobile phone manufacturer, significantly increased steel production, and attracted substantial semiconductor investments. Modi also noted India's rapid growth in renewable energy, electric vehicles, and defence exports, crediting production-linked incentive (PLI) schemes for fostering large investments, job creation, and making India a reliable partner in the global supply chain.
$30 bn of Aus goods enter India tariff-free (mint)
The 2022 interim free trade deal between Australia and India has facilitated $30 billion worth of Australian goods entering India tariff-free and saved Australians $225 million on tariff-free Indian imports. Australia is now eager to finalize a Comprehensive Economic Cooperation Agreement (CECA) with India, seeing significant opportunities in clean energy, agribusiness, education, and tourism. Bilateral trade, which reached nearly $50 billion in 2023, continues to grow as both countries resume CECA negotiations that had been paused since 2016.
