Daily News - Tuesday, 8 October 2024
France, India to set up aeronautics cluster; campus for training (The Indian Express)
France and India are strengthening their long-standing strategic partnership in defence and aerospace by establishing an aeronautics cluster and developing an Indo-French campus for professional training in aeronautics and space. French Ambassador Thierry Mathou highlighted the importance of the relationship, noting that 55% of French exports to India in the first half of 2024 were in the aeronautical sector, totalling 2.7 billion euros. These initiatives aim to enhance collaboration in civil aviation and further solidify the countries’ cooperation in aerospace industries.
Hitachi Energy to invest ₹2,000 cr in India’s power sector (mint)
Hitachi Energy plans to invest ₹2,000 crore over the next few years to enhance India’s power supply systems, focusing on green energy transition and green mobility solutions for public transport. The company will introduce advanced technology to make power transmission greener and more resilient, reducing greenhouse gas emissions as India’s power demand surges. This investment aligns with India’s push toward net-zero emissions and follows the launch of the PM E-Drive scheme, which emphasizes electric buses, with 40% of its funds earmarked for public transport electrification.
New Delhi to flag issues over silver import rules (Business Standard)
A team of Indian officials will visit the UAE next week to address concerns related to the sharp rise in silver imports following the India-UAE Comprehensive Economic Partnership Agreement (CEPA). The discussions will focus on value-addition norms and rules of origin for silver imports, as India seeks to protect its trade interests. Since CEPA came into effect in May 2022, silver imports from the UAE have surged by 5,853%, driven by tariff concessions, with import duties set to be gradually reduced to zero over the next eight years.
India steps up financial support for Maldives after talks to reset ties (Financial Express)
India and the Maldives have agreed to transform their relationship into a Comprehensive Economic and Maritime Security Partnership, despite recent strains stemming from the Maldives’ anti-India political stance since President Mohamed Muizzu took office. The two countries initiated negotiations for a Free Trade Agreement and signed five cooperation pacts, while Maldives faces significant economic challenges, including a foreign exchange reserve drop to $440 million, enough to cover just 1.5 months of imports. Both nations emphasized a commitment to enhancing defence and security cooperation, with President Muizzu inviting Prime Minister Modi to celebrate the 60th anniversary of diplomatic ties in 2025.
India to be beneficiary of climate finance: IMF (Financial Chronicle)
India is set to be one of the largest beneficiaries of a global carbon tax on the aviation and shipping sectors, potentially receiving up to $25 billion, according to the International Monetary Fund (IMF). The carbon tax, which aims to raise $100 billion by 2031, $200 billion by 2035, and peak at $230 billion by 2040, could lead to increased international airline tariffs as CORSIA covers 90% of international flights by 2027. The revenue generated will significantly aid climate finance for developing economies, with advanced economies expected to bear 60% of the economic impact, while the largest emerging markets, including India, Thailand, Brazil, and Indonesia, will receive substantial compensation to support their climate initiatives.
