Daily News - Monday, 16 September 2024
India calls on S Korea, Japan for shipbuilding clusters (Financial Express)
India is seeking investments and technology transfers from South Korea and Japan to establish shipbuilding and repair clusters, aiming to strengthen its domestic shipping supply chain. Currently holding less than 1% of the global shipbuilding market, India plans to rise from 22nd to the top 10 by 2030 and top 5 by 2047. South Korean companies like Hanwha Ocean and Samsung Heavy Industries, and Japanese firms like Mitsubishi Shipbuilding and Mitsui Engineering, are potential candidates for setting up shipbuilding infrastructure, with several Indian states expressing interest in providing land.
Another container shortage looming for exporters: GTRI (Financial Express)
Indian exporters may face further container shortages and rising freight costs as China secures available container capacity to expedite shipments to the US and Europe ahead of tariff hikes, according to the Global Trade Research Initiative (GTRI). Freight rates for Indian exports have more than doubled over the past year, with delays at Indian ports and reliance on foreign shipping lines exacerbating the situation. GTRI suggests that India's long-term solution lies in developing its own shipping lines and boosting domestic container production, as India currently depends heavily on foreign lines and Chinese-made containers.
MEP removal to push exports of basmati rice, local prices (Financial Express)
The Indian government’s decision to abolish the $950/tonne minimum export price (MEP) on basmati rice is expected to boost exports by aligning prices with Pakistan, benefiting farmers just before the paddy harvest. Rice exporters are also urging the government to lift the export ban on non-basmati rice and the 20% duty on parboiled rice to prevent misclassification and enhance overall trade. With basmati cultivation in Punjab rising by 12%, exporters believe the removal of MEP will improve mandi prices, restore India’s competitive edge, and boost global market parity.
India builds G20 farm partnerships (mint)
India held bilateral meetings with global partners, including the US, Brazil, Japan, and the UAE, during the G20 Agriculture Ministerial Meeting in Brazil, focusing on climate-smart agriculture, food security, and technological collaboration. Led by Minister Ram Nath Thakur, India aimed to strengthen partnerships, with a key highlight being discussions with Brazil on finalizing a memorandum of understanding (MoU) between India's ICAR and Brazil's EMBRAPA before the G20 summit. Both nations also explored cooperation in ethanol production and sought to resolve trade barriers for agricultural products like sorghum and citrus.
Reserve Bank to revamp cash management infra (The Asian Age)
The Reserve Bank of India (RBI) plans to overhaul its currency management infrastructure over the next 4-5 years to meet the cash demands of India's growing economy. This modernization will involve creating new currency management centers, implementing warehouse automation, and enhancing security, inventory management, and command centers. Despite a slower growth rate in notes in circulation (NIC) in recent years, the RBI expects continued growth in NIC and coins, prompting the need for expanded storage and handling capacities.
