Daily News - Friday, 24 January 2025
India poised to lead in Al; sustained 6-8% economic growth, says IT Minister (The Indian Express)
India is poised for global leadership in artificial intelligence (AI), with Union Minister Ashwini Vaishnaw highlighting plans to balance regulation with innovation, including the introduction of AI-ready courses in 200 universities to equip the youth for this opportunity. Speaking at the World Economic Forum in Davos, he emphasized India’s sustained economic growth of 6-8%, low inflation, and export-led growth driven by simplified tariffs and customs laws, which have boosted trust and investments in India’s policies. Vaishnaw also noted India’s success in IT services, the unmatched talent pool, and efforts like 5G labs and semiconductor design tools in universities as key initiatives for technological and economic advancement.
Samsung enters India's smaller cities for smartphone growth (The Indian Express)
Samsung is focusing on India’s second and third-tier cities to drive smartphone growth, with plans to double its 400 Samsung Exclusive Stores by 2025, catering to consumers who prefer hands-on experiences over online shopping. J.B. Park, CEO of Samsung West Asia, emphasized the importance of experience stores in rural areas, where demand for Galaxy devices is growing, supported by Samsung Finance+, which has a 60-70% attach rate in regions like Bihar, Jammu & Kashmir, and the Northeast. India remains a critical market for global smartphone brands, fueled by a rising middle class, a tech-savvy young population, and a vast market potential.
Adani Infra Seeks CCI Nod to Buy Stake in PSP Projects (The Economic Times)
Adani Infra has sought approval from the Competition Commission of India (CCI) to acquire a 30.07% stake in PSP Projects for ₹685 crore and plans to launch an open offer for an additional 26% to comply with regulatory requirements. This acquisition, which would make Adani Infra the largest shareholder, aims to enhance its construction capabilities, leveraging PSP’s ₹6,546 crore order book, which includes projects like the Surat Diamond Bourse and Nestlé’s Gujarat plant. Adani Infra stated that the deal would not adversely affect market competition, as PSP Projects specializes in end-to-end construction services for both private and public enterprises.
Oil buyers pull all levers to replace Russian imports (Financial Express)
India’s oil refiners are scrambling to replace up to 1.8 million barrels per day of Russian crude, impacted by new US sanctions, by issuing multiple spot tenders and seeking long-term agreements with suppliers from West Asia, Africa, and the US. Despite confidence from government officials about continued Russian supplies, refiners fear punitive measures, prompting urgent talks with Saudi Aramco and Adnoc to secure future oil for FY 2025-2026. Russia, which became India’s top oil supplier in 2023, has seen a stark rise in exports to India post-2021, but its current challenges may force India to rebuild relationships with former major suppliers like Iraq, Saudi Arabia, and the UAE.
Exporters look to tap newer geographies (Financial Chronicle)
India’s engineering goods exports surpassed $10 billion in December 2024, marking the eighth consecutive month of growth, with the US remaining the top destination, registering a 5% year-on-year increase to $1.64 billion. However, exporters are diversifying to regions like Latin America, Africa, and Oceania due to trade uncertainties and protectionist policies from developed nations, particularly the US. While cumulative exports to the US during April-December FY25 grew 7% to $13.97 billion, the West Asia and North Africa (WANA) region emerged as the leading export destination for the first time, highlighting a shift in trade dynamics.
