Daily News - Wednesday, 11 September 2024
Review of Major Ports Underway to Identify Infra Shortcomings (The Economic Times)
India has launched a comprehensive review of its ports to identify operational shortcomings and boost infrastructure to prepare them for larger ships and a green transition. The government aims to upgrade ports into regional maritime hubs by setting benchmark standards, reducing cargo handling times, and adopting green technologies like solar, wind, and methanol-powered ships. The review will also evaluate the ports’ renewable energy capacity, with some already relying entirely on renewable sources, while others lag significantly behind.
PM Assures Predictable Policy Regime for Semiconductor Biz (The Economic Times)
Prime Minister Narendra Modi assured semiconductor industry leaders of a "predictable and stable" policy regime, emphasizing India's potential as a reliable partner in the global semiconductor supply chain. At a roundtable with semiconductor CEOs, Modi highlighted India's focus on building a conducive environment for growth, skilling its workforce, and supporting innovations, positioning the country as a key player in the technology-driven Digital Age. Industry leaders praised India's commitment, acknowledging the growing shift of the semiconductor industry's center of gravity toward India and its potential as a global powerhouse for raw materials.
India to Push for New Disclosures at FATF to Tackle Money Laundering (The Economic Times)
India is advocating for enhanced disclosures in cross-border transactions involving credit card issuers, fintechs, and payment aggregators at the Financial Action Task Force (FATF) to improve global anti-money laundering efforts. These proposed standards, set for discussion in April 2025 during an FATF meeting hosted by India, aim to go beyond current reporting practices by increasing transparency without hindering ease of business. A higher FATF rating, which will be evaluated this September, could boost India's global financial standing, lower borrowing costs, and enhance credibility for systems like UPI.
Modi asks auto cos. to focus on clean mobility (The Asian Age)
Prime Minister Narendra Modi urged India's automotive industry to adopt global best practices while focusing on green and clean mobility to ensure rapid yet sustainable progress. Addressing the annual convention of SIAM, he emphasized that the automotive sector will drive economic growth and thrive on rising demand, contributing to India's vision of becoming a developed nation by 2047. Modi highlighted the industry's role in creating future-ready infrastructure and urged stakeholders to ensure that the benefits of this growth are shared widely across the country.
UK FTA: India seeks tougher rules of origin for auto (Financial Express)
India is pushing for strict rules of origin for automobiles in the proposed free trade agreement (FTA) with the UK, seeking to protect its local auto industry, especially where production-linked incentive (PLI) schemes are active. Commerce Secretary Sunil Barthwal emphasized that these rules must ensure a level playing field and safeguard India's automobile sector from undue competition. The FTA, under negotiation since 2022, covers various trade areas including rules of origin, tariffs, and intellectual property, with both nations close to finalizing the agreement after 14 rounds of talks.
