Daily News - Wednesday, 30 October 2024

South Korea’s POSCO inks pact with JSW Group to tap steel, RE markets (The Indian Express)

⁠JSW Group and South Korea’s POSCO Group have signed an MoU to establish a 5 MTPA steel plant in India, with plans to expand into green energy and EV battery materials, reflecting their commitment to sustainable growth and India’s booming steel demand projected to reach 240-260 million tonnes by 2035. Sajjan Jindal, JSW’s chairman, highlighted the partnership as a key step in advancing India’s steel sector, while POSCO’s Chang In-hwa emphasized the economic and environmental benefits for both nations. POSCO’s prior attempts to enter India’s steel market faced challenges, including regulatory and land acquisition issues in Odisha and Andhra Pradesh, but this new collaboration with JSW aims to finally realize POSCO’s long-term investment goals in India. 

'Enormous’ potential for India-EU ties (Financial Express)

⁠Spanish Prime Minister Pedro Sánchez emphasized the promising scope for EU-India cooperation, especially through an upcoming free trade agreement (FTA) aimed at enhancing trade and investment, while expressing Spain’s eagerness to contribute to India’s renewable energy and infrastructure goals. Addressing a business summit in Mumbai, Sánchez highlighted Spain’s expertise in solar and wind power, aligning with India’s target of 500 gigawatts of renewable energy by 2030, and noted Spanish companies’ readiness to support India’s transport projects with sustainable, advanced systems. India’s Transport Minister Nitin Gadkari echoed the importance of this collaboration, stressing India’s focus on carbon neutrality by 2070 and the potential for joint ventures in green energy and mobility to boost global competitiveness. 

⁠Investors’ interest in UP growing: CM (Financial Express)

Uttar Pradesh Chief Minister Yogi Adityanath highlighted the state’s transformative progress, evidenced by investment proposals totalling ₹40 lakh crore from the previous year’s Global Investors Summit, which underscores global investor confidence. Adityanath noted that the state, once plagued by lawlessness, corruption, and limited opportunities, now offers a secure and stable environment for investors, enhancing economic prospects and youth opportunities. This shift, he stated, has bolstered UP’s reputation both domestically and internationally, marking a clear departure from its troubled past. 

Apple exports $6 bn worth India-made iPhones (Financial Chronicle)

Apple’s India-based iPhone exports surged by nearly 33% in the first half of the fiscal year, reaching close to $6 billion, driven by a strong focus on expanding production outside China and leveraging India’s subsidies, skilled workforce, and growing tech capabilities. With Foxconn, Pegatron, and Tata Electronics leading local manufacturing, India now plays a crucial role in Apple’s supply chain diversification, while iPhone exports also contributed significantly to making smartphones the country’s top export category to the US. Simultaneously, Apple introduced new AI-focused innovations, including the M4 processor-powered iMac in various colours and the Apple Intelligence software, now available across iPhone, iPad, and Mac devices.

⁠Hotel room rents, revenues inch up on festive demand (Financial Chronicle)

The hospitality sector in India enjoyed a robust September, with room rates and revenue per available room (RevPAR) showing a 5-7% year-over-year and sequential rise, driven by steady demand in major cities and growth in domestic leisure, business, and event-driven travel. Occupancy rates also rose to 61-63%, with Bengaluru and New Delhi leading in growth, while room rates surged significantly in cities like Hyderabad, although New Delhi faced a unique decline of 23-25% in rates despite higher occupancy. For the July-September quarter, a 4-6% average increase in room rates, paired with a 7-9% RevPAR boost, aligns with a 6% uptick in domestic air travel, underscoring heightened travel activity across India.