Weekly News 31 July - 4 August 2023
31 July 2023 – (Times of India) Design and innovation play a key role in making India a powerhouse of consumer and electronics manufacturing.[1]
India's potential as a global force in consumer and electronics manufacturing is undeniable, with design and innovation as the twin pillars to fully harness this potential. By leveraging design thinking and fostering a culture of innovation, India can solidify its position as a premier manufacturing destination, fueling economic growth and technological advancement.
Design and innovation play a pivotal role in driving product development, enhancing user experience, and setting companies apart in the highly competitive consumer electronics market. Embracing design and innovation allows companies to stay at the forefront of the ever-evolving industry, cater to changing customer needs, and stand out from competitors, contributing to India's journey towards becoming a global manufacturing powerhouse.
1 August 2023 – (Economic Times) 15th Finance Commission allocated Rs 1,28,122.40 cr to SDRF for 2021-26: MoS Nityanand Rai.[2]
The 15th Finance Commission has allocated a total of Rs 1,28,122.40 crore to the State Disaster Response Force (SDRF) in all States for the Award Period from 2021 to 2026. This is a significant increase compared to the previous allocation by the 14th Finance Commission.
Additionally, the 15th Finance Commission has also allocated funds to the State Disaster Mitigation Fund (SDMF) and the National Disaster Response Fund (NDRF) and National Disaster Mitigation Fund (NDMF) for the same Award Period, with specific amounts earmarked for each fund.
2 August 2023 – (Economic Times) India's July edible oil imports at record high.[3]
India's edible oil imports reached a record 1.76 million metric tonnes in July due to refiners building up stocks ahead of upcoming festivals and concerns over supplies from the Black Sea region. Higher purchases could help reduce palm oil stocks in Indonesia and Malaysia, support benchmark futures, and impact soyoil futures and inventories in Black Sea countries.
Palm oil imports in July surged to 1.09 million tonnes, the highest in seven months, with its discount over soyoil and sunoil widening, prompting increased purchases for the festivals. Sunflower oil imports also jumped by 73%, while soyoil imports fell 22% due to vessel unloading delays at Kandla port. The ongoing Russia-Ukraine crisis is also contributing to importers maintaining substantial oil reserves to avoid potential shortages.
3 August 2023 – (Reuters) India's booming construction sector could add 30 million jobs by 2030, Knight Frank says.[4]
India's construction sector is booming due to increasing urban housing demand and higher state investment in infrastructure. This growth is expected to create up to 30 million jobs by March 2030, adding to the current 70 million jobs.
The real estate sector has been recovering rapidly after the pandemic, and with improving business sentiment and favorable policy measures, domestic and global investors are showing increased interest. Knight Frank predicts that by 2030, India's construction and real estate services could contribute around one-fifth of the economy and employ 100 million workers, driving annual real estate turnover to $1 trillion.
4 August 2023 – (Economic Times) India gets EU Invite for Critical Materials Club.[5]
India has been invited to join the European Union's Critical Materials Club, aimed at strengthening supply chains for battery and green technology-related critical materials. The initiative seeks to reduce dependency on China and promote self-reliance in energy transition, a priority for the US, Europe, and India.
On the domestic front, India is making strides in critical rare earth mining with the passage of the Mines and Minerals (Development and Regulation) Amendment Act, 2023. The first set of auctions for critical mineral blocks, including lithium, graphite, and potash, are being prepared to boost domestic production and reduce reliance on imports, particularly from China. Exploration of offshore mining is also set to begin with the passage of the Offshore Mineral (Development & Regulation) Amendment Bill, 2023.
[1] https://timesofindia.indiatimes.com/blogs/voices/design-and-innovation-play-a-key-role-in-making-india-a-powerhouse-of-consumer-and-electronics-manufacturing/
[2] https://economictimes.indiatimes.com/news/economy/policy/15th-finance-commission-allocated-rs-128122-40-cr-to-sdrf-for-2021-26-mos-nityanand-rai/articleshow/102310767.cms
[3] https://economictimes.indiatimes.com/news/economy/foreign-trade/indias-july-edible-oil-imports-at-record-high/articleshow/102345595.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
[4] https://www.reuters.com/world/india/indias-booming-construction-sector-could-add-30-mln-jobs-by-2030-knight-frank-2023-08-03/
[5] https://economictimes.indiatimes.com/epaper/delhicapital/2023/aug/04/et-comp/india-gets-eu-invite-for-critical-materials-club/articleshow/102404022.cms
