Weekly News 07 - 11 August 2023
7 August 2023 – (Economic Times) Toy exports up 60% to $326 million from FY19-FY23.[1]
India's toy exports surged by 60% to $325.72 million in 2022-23 from $203.46 million in 2018-19, while toy imports decreased by 57% to $158.70 million in 2022-23 from $371.69 million in 2018-19, as per data shared by the Minister of State for Commerce and Industry. The government's proactive efforts to boost the domestic toy industry contributed to the decline in toy imports, and initiatives like the Open Network for Digital Commerce (ONDC) are being implemented to enhance consumer awareness and network participation.
8 August 2023 – (Business Today) ‘Showing great strength’: PHDCCI’s GPS Index on the Indian economy increases 14.1% on-year.[2]
In July 2023, PHD Chamber of Commerce and Industry's GPS Index increased by 14.1% YoY, reaching 155.3 from 136.1 in July 2022. This index, which tracks supply-side business activity momentum, includes indicators like GST collection, passenger vehicle sales, and the Sensex. Despite global challenges like high inflation and the Russia-Ukraine conflict, the GPS Index showed consistent growth, reflecting a positive economic direction.
The three indicators—GST collections, passenger vehicle sales, and the Sensex—have all notably improved since the previous years. In July 2023, their respective values were 168.2, 112.7, and 184.8, compared to 151.8, 104.4, and 151.9 in July 2022. This growth suggests a strong economy moving in the right direction. PHDCCI emphasized the importance of continued policy measures to achieve higher and sustainable economic growth, particularly by supporting the manufacturing sector and improving the ease of doing business.
9 August 2023 – (Economic Times) View: Why India isn't wrong in restricting imports of PCs, laptops, tablets.[3]
India's imposition of import restrictions on tech hardware like computers and laptops has sparked debate. Critics call it anti-competitive and reminiscent of license raj, but the move aligns with promoting domestic manufacturing, similar to policies in other countries like South Korea that spurred local industries.
While India's large market size and increased digitalization make it a potent player in global trade, successful execution and negotiation with foreign companies are crucial for local manufacturing success. Balancing innovation, development, and infrastructure growth while curbing imports is a delicate challenge policymakers must navigate.
10 August 2023 – (Economic Times) RBI announces slew of measures to drive growth of UPI-based payments.[4]
The RBI proposed to facilitate offline transactions using Near Field Communication (NFC) technology on UPI-Lite. This feature will not only enable retail digital payments in situations where internet and telecom connectivity is weak or not available, it will also ensure speed, with minimal transaction declines.
11 August 2023 – (Economic Times) Telangana launches India's first Agricultural Data Exchange platform.[5]
Telangana's IT and Industry Minister, KT Rama Rao, launched India's inaugural Agricultural Data Exchange (ADeX) and Agriculture Data Management Framework (ADMF) in partnership with the World Economic Forum and the Indian Institute of Science. ADeX serves as a digital public infrastructure for the agricultural sector, facilitating secure data exchange between stakeholders like agri app developers and data providers. ADMF, developed after consultations and global best practices, ensures responsible data sharing and protection in the agricultural domain. This initiative positions Telangana at the forefront of leveraging innovation and technology to transform food systems and enhance farmers' livelihoods.
[1] https://economictimes.indiatimes.com/news/economy/foreign-trade/toy-exports-up-60-to-326-million-from-fy19-fy23/articleshow/102571778.cms
[2] https://www.businesstoday.in/latest/economy/story/showing-great-strength-phdccis-gps-index-on-the-indian-economy-increases-141-on-year-393249-2023-08-08
[3] https://economictimes.indiatimes.com/opinion/et-commentary/view-why-india-isnt-wrong-in-restricting-imports-of-pcs-laptops-tablets/articleshow/102565709.cms
[4] https://economictimes.indiatimes.com/news/economy/policy/rbi-announces-slew-of-measures-to-drive-growth-of-upi-based-payments/articleshow/102606052.cms
[5] https://economictimes.indiatimes.com/news/economy/agriculture/telangana-launches-indias-first-agricultural-data-exchange-platform/articleshow/102650171.cms
