Daily News - Monday, 21 October 2024

Coffee brews joy, exports on a high at ₹11,948 crore (Financial Chronicle)

Coffee exports surged this year, driven by frontloading ahead of the EU’s deforestation regulations and a significant rise in international prices due to smaller crops in Brazil and Vietnam. Export value grew by 75% in September and 50% over nine months, reaching ₹11,948 crore between January and mid-October, compared to ₹7,950 crore in the same period last year, and surpassing the entire 2023 figure of ₹9,555 crore. Despite increasing exports, production remains stagnant, and while Indian coffee planters are largely unaffected by the EU regulations, the associated compliance paperwork is seen as burdensome. 

⁠INDIA’S BIOTECH SECTOR VALUE PEGGED AT $150 BN (Financial Chronicle)

⁠India’s biotechnology sector has reached a valuation of $150 billion, driven by its significant contributions to global healthcare, supplying 40% of the world’s generic medicines. Despite this, the country ranks 14th globally in terms of bioeconomy value, largely due to a lack of innovation and patented products. To address this, the government and Biotechnology Industry Research Assistance Council (BIRAC) are focusing on promoting innovation and product development to unlock further potential and elevate India’s global position in the sector. 

India eyes Trans-Siberian Rail to bring Mongolian coking coal (mint)

India is planning long-term coking coal import deals with Mongolia to reduce its reliance on Australia and diversify supply sources for its steel industry. The government is working on logistics, including using Russia’s Trans-Siberian Railways and developing an Eastern Maritime Corridor from Vladivostok to Chennai to bypass Chinese ports. If successful, India could import 10-12 million tonnes of Mongolian coking coal by FY26, adding to the 58 million tonnes it already imports, with most currently sourced from Australia, the US, Canada, Mozambique, and Russia.

India has forged three major trade deals since 2022 (Business Standard)

⁠India is reassessing its Free Trade Agreement (FTA) strategy after past deals showed more gains for trade partners than for India, prompting a call for careful evaluation of future agreements. Concerns also revolve around rising imports from China and whether FTAs are being used to route Chinese goods into India. While India has signed major trade deals with the UAE, Australia, and EFTA, it has slowed negotiations with other countries like Peru and Oman, especially after its unsatisfactory experiences with trade deals involving Japan, South Korea, and the Association of Southeast Asian Nations (ASEAN). 

‘Solar imports could soar to $30 bn as India targets 2030 renewable goals’ (The Indian Express)

⁠India’s goal of installing 500 GW of renewable energy capacity by 2030 could lead to $30 billion in annual solar equipment imports, primarily from China, due to its dominance in the solar manufacturing supply chain. India has introduced initiatives like the Production Linked Incentive (PLI) scheme to boost local manufacturing, but progress remains slow, with 90% of India’s solar manufacturing relying on imported components and only 15% local value addition. To reduce import dependence, experts suggest India needs to invest heavily in developing a self-reliant solar manufacturing ecosystem, focusing on polysilicon production, solar cell manufacturing from scratch, and other key materials like aluminium frames and glass.