Daily News - Friday, 14 June 2024
‘Mumbai, Delhi among top five global cities in house price rise’ (The Indian Express)
Mumbai and Delhi were among the top five global cities that saw significant increases in average annual house prices in Q1 2024, with Mumbai recording an 11.5% rise and Delhi 10.5%, placing them third and fifth respectively in the global rankings. In contrast, Bengaluru experienced a slight drop in its ranking despite a 4.8% increase in residential prices. The global prime residential price index rose by 4.1% across 44 markets, marking the fastest growth rate since Q3 2022, driven by strong demand trends.
‘Ease of flying top priority, will work to make airfares affordable’ (The Indian Express)
Civil Aviation Minister Ram Mohan Naidu emphasized making airfares affordable and increasing connectivity to tier two and three cities as top priorities to ensure "ease of flying" for common Indians. Addressing concerns about high airfares, Naidu acknowledged the need for stakeholder collaboration, including airlines, to manage deregulated fare structures. He highlighted that the post-pandemic surge in travel demand, coupled with supply chain and capacity issues, has contributed to higher airfares globally, including in India.
Centre approves ₹50 lakh each for 7 startups in technical textiles (mint)
The Centre has approved grants of ₹50 lakh each for seven startups in the technical textiles sector under the National Technical Textiles Mission (NTTM), aiming to foster innovation and sustainability. This initiative, which targets supporting 150 startups, includes projects focused on military applications, medical training models, and energy-generating textiles, with no royalty demanded from profits. Additionally, IIT Guwahati received a ₹6.4 crore grant to enhance its technical textiles education and infrastructure, reinforcing India's position as a global leader in the field.
100-day plan: Govt Platform for exporters to boost trade (Business Standard)
The commerce department plans to launch the "Trade Connect" e-platform to help exporters connect with international trade stakeholders as part of the government's 100-day action plan. The platform aims to support exporters by providing easy access to benefits under free trade agreements, trade-related information, expert advice, and various export-boosting schemes, all on a single website. Initially cost-free, the platform will eventually offer additional value-added services, such as insurance coverage, for a small fee, benefiting especially MSMEs by consolidating crucial trade information and resources.
‘Economy likely to grow at 8% in FY25’ (Financial Express)
India's economy is expected to thrive at 8% in FY25, according to CII President Sanjiv Puri, driven by second-generation reforms, good monsoon prospects, and an improved external situation. This growth projection surpasses the Reserve Bank's forecast of 7.2% and follows an 8.2% expansion in FY24. Puri also highlighted "green shoots" in rural consumption, and strong private sector capital expenditure, and suggested reforms such as bringing electricity and real estate under GST and rationalizing the capital gains tax structure to boost economic activity and employment further.
