Weekly News 17 - 21 July 2023
Domestic
17 July 2023 – (Inc42) G20 Meet At Gandhinagar: India Aims To Reach Consensus On Crypto Regulation.[1]
G20 Finance Ministers and Central Bank Governors will have talks around cryptocurrencies during their meeting in Gandhinagar.
Deciding whether a unified regulatory framework for cryptocurrencies and crypto assets can be established remains one key objective of this meeting.
G20 leaders will also review the reports prepared by the Financial Stability Board, OECD, IMF and Bank for International Settlements on the issue.
18 July 2023 – (Economic Times) 135 million Indians move out of multidimensional poverty in five years: NITI Aayog report.[2]
India has significantly reduced multidimensional poverty in the past five years, according to the National Multidimensional Poverty Index, released by NITI Aayog. Out of a population of 1.366 billion, 135 million Indians moved out of multidimensional poverty, with the proportion of poor reducing from 24.8% to 14.9%. Uttar Pradesh saw the highest decline, with 34.3 million people escaping poverty, followed by Bihar and Madhya Pradesh.
19 June 2023 – (Startup Story) Surat Diamond Bourse in Gujarat Surpasses Pentagon, Becomes World’s Largest Office Building.[3]
India celebrates the inauguration of the Surat Diamond Bourse (SDB), the world's largest office building, showcasing the growth of Surat's diamond industry. Spanning 35 acres and comprising nine interconnected buildings, the SDB serves as a vibrant hub for the diamond trade, elevating Surat's status as the global gem capital.
Valued at ₹3,200 crore ($388 million), the SDB plays a crucial role in promoting the Diamond Bourse in Surat and aims to boost India's economy by generating employment opportunities and fostering innovation. The unique architectural design fosters a democratic working environment and encourages informal interactions among traders.
20 July 2023 – (India Transport and Logistic News) India bright spot for global air freight[4]
Global cargo revenue in 2023 is projected to be $142 billion, a 31 percent decrease from 2022 but significantly higher than the $100 billion earned in 2019. Yields are expected to decline by 29 percent this year but will remain high compared to historical levels.
The Indian air cargo industry is showing promising growth prospects due to economic expansion, increasing EXIM trade, and global companies focusing on India for supplies and demand. However, reaching the target of 10 million tonnes of air cargo by 2030 may be challenging, and the industry faces obstacles such as climate change, airport infrastructure development, and regulatory compliance issues. Sustainable solutions like sustainable aviation fuel are being embraced to reduce carbon footprints and support the industry's growth.
21 July 2023 – (Economic Times) Japan keen to make investments worth 5 trillion yen in India: Union minister Scindia.[5]
Japan plans to invest approximately 5 trillion Japanese yen in India across various sectors, including steel. This investment is aimed at fostering common strategies, exchanging best practices and technologies, and developing partnerships between the two countries.
The meeting between Indian Minister Jyotiraditya Scindia and a Japanese delegation led by Minister NISHIMURA Yasutoshi discussed growth prospects in India's steel sector, aiming to increase its capacity to 300 million tonnes by 2030. Both sides reaffirmed their commitment to the 'Make in India' program and emphasized cooperation in areas such as decarbonization and green steel production to achieve their net-zero goals.
International
17 July 2023 – () India's defence relationship with Thailand grown after 2014: Jaishankar.[6]
External Affairs Minister S. Jaishankar addressed the Indian diaspora in Thailand, highlighting the highest-ever trade volume between India and Thailand, which reached close to $18 billion annually. He emphasized the growing defence and security cooperation between the two countries since 2014.
Jaishankar discussed the complementary nature of India's Look East policy and Thailand's Look West policy, which have strengthened bilateral ties. He praised Prime Minister Narendra Modi's visionary leadership and the importance of the Indian community in Thailand as a reflection of the growing relations between the two nations.
Additionally, Jaishankar mentioned his participation in the 12th Foreign Ministers' Meeting of the Mekong-Ganga Cooperation (MGC) Mechanism and the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Foreign Ministers' Retreat. These engagements demonstrate India's commitment to regional cooperation and integration, particularly within the MGC and BIMSTEC frameworks.
18 July 2023 – (Indian Narretive) India urges Bay of Bengal and ASEAN countries to go big on connectivity, food security.[7]
India, during the BIMSTEC Foreign Ministers' Retreat, called for unity and cooperation among member countries to enhance connectivity, prosperity, and security in the region. Emphasis was placed on strengthening resilience, coordination, and addressing common concerns such as food, health, and energy security.
India's External Affairs Minister, S Jaishankar, highlighted the importance of better connectivity and urged for the implementation of the India-Myanmar-Thailand Trilateral Highway. Additionally, India's engagement with the Mekong Ganga Cooperation (MGC) Mechanism aimed at closer cooperation in tourism, culture, education, and transport, with a focus on utilizing the northeast region as a gateway to South and Southeast Asia for economic growth.
20 July 2023 – (CNBC TV18) India's resilience shines amidst global economic slowdown, says World Bank President Ajay Banga.[8]
World Bank President Ajay Banga visited India and praised the country's resilience during the global economic slowdown due to the pandemic, emphasizing its strong economic performance and reduced reliance on foreign economies.
Banga highlighted India's advantage of having high-income jobs in technology and manufacturing and mentioned the "China plus" strategy as an opportunity for the country to attract businesses moving away from China, potentially leading to further economic growth and job creation.
[1] https://inc42.com/buzz/g20-meet-at-gandhinagar-india-aims-to-reach-consensus-on-crypto-regulation/
[2] https://economictimes.indiatimes.com/news/economy/indicators/135-million-indians-moved-out-of-multidimensional-poverty-in-five-years-niti-aayog-report/articleshow/101825806.cms
[3] https://startupstorymedia.com/insights-surat-diamond-bourse-in-gujarat-surpasses-pentagon-becomes-worlds-largest-office-building/
[4] https://www.itln.in/aviation/india-bright-spot-for-global-air-freight-1349304
[5] https://economictimes.indiatimes.com/news/economy/finance/japan-keen-to-make-investments-worth-5-trillion-yen-in-india-union-minister-scindia/articleshow/101988312.cms
[6] https://www.business-standard.com/india-news/india-s-defence-relationship-with-thailand-grown-after-2014-jaishankar-123071600018_1.html
[7] https://www.indianarrative.com/world-news/india-urges-bay-of-bengal-and-asean-countries-to-go-big-on-connectivity-food-security-147806.html
[8] https://www.cnbctv18.com/economy/world-bank-president-ajay-banga-india-resilience-global-economic-slowdown-17269891.htm
