Daily News - Monday, 5 August 2024
India to invite global bids to trade in its oil reserves (mint)
State-run Indian Strategic Petroleum Reserves Ltd (ISPRL) is advancing its commercialization efforts by seeking a strategic partner for trading crude oil from its reserves, following the government's 2021 approval to rent and trade up to 50% of its capacity. The company has already leased 300,000 metric tonnes of crude to Hindustan Petroleum and plans to open bids for an additional 750,000 metric tonnes this month. ISPRL is also expanding its storage capacity with a new 2.5 million-tonne underground facility at Padur, Karnataka, marking India's first commercial crude oil strategic storage.
New job schemes to be rolled out by Dec: Labour secretary (Financial Express)
The three Employee-Linked Incentive (ELI) schemes introduced in India's FY25 Budget aim to boost job creation, enhance employability, and expand social security coverage. These schemes target first-time employees, job creation in manufacturing, and employer support, with a goal of providing employment and skilling opportunities to 41 million youth over five years, backed by a ₹2 trillion budget. The government plans to operationalize these schemes, along with other initiatives like upgrading Industrial Training Institutes and offering internships, by December 2024, in collaboration with the Employee Provident Fund Organisation (EPFO).
India FTA with Oman hits market-access roadblock (Business Standard)
The proposed free-trade agreement (FTA) between India and Oman, nearly finalized earlier this year, has stalled due to disagreements over market access for petrochemical products like polyethylene and polypropylene, which currently face a 7.5% import duty in India. Concerns from India's domestic industry, especially in light of the India-UAE trade agreement, have prompted a reassessment of full market access for these products, potentially impacting domestic investments. The negotiations, initially delayed by India's general elections, must now address these challenges to move forward.
India eyes duty concessions from Lanka (Business Standard)
India and Sri Lanka are in the midst of negotiations to expand their existing free-trade agreement (FTA), with India seeking customs duty concessions on goods such as cars, commercial vehicles, and machinery, as well as easier visa norms for professionals. Sri Lanka, in return, is requesting the removal of quotas on apparel exports and duty concessions on tea and agricultural products. The 14th round of talks recently concluded, with further negotiations set to continue after the upcoming elections in Sri Lanka.
World Bank B-Ready Index Groundwork Kicks Off (The Economic Times)
India is preparing for the World Bank's new B-Ready index, which will benchmark global business environments and replace the Doing Business index. The Indian government is gathering data on the time and costs involved in digital trade, particularly for exporting goods ordered online, to enhance its business climate ahead of the report's release in April 2026. This effort aligns with India's goal of boosting e-commerce exports to $200-300 billion by 2030, as the country integrates B-Ready elements into its broader Business Reforms Action Plan to improve investor confidence and ease of doing business.
