Daily News - Wednesday, 27 November 2024
Steel shipments blocked at Indian ports: Japan flags issue with govt (The Indian Express)
Japanese steel consignments worth significant commercial value are being delayed at Indian ports due to the absence of No Objection Certificates (NOCs), as Quality Control Committee meetings have been suspended since September 2024, creating detention costs and disrupting trade. The issue, intensified by lobbying from large domestic steelmakers seeking to curb imports, has left MSMEs struggling due to high domestic steel prices, as the Steel Import Monitoring System (SIMS) and Quality Control Orders (QCOs) have added bureaucratic hurdles. India’s FY24 steel trade data reveals a core steel trade deficit of $6.7 billion, with imports surging to $18.6 billion—more than double the $8.3 billion in FY21—highlighting the dependency on imports for advanced industries despite a surplus in steel products.
India Red-flags Non-Tariff Barriers, Wants EU Focus on Market Access (The Economic Times)
India has sought assurances from the European Union to avoid future non-tariff barriers, such as the Carbon Border Adjustment Mechanism (CBAM), which could impact Indian exports, as part of their ongoing free trade agreement (FTA) negotiations. While the EU views CBAM as a climate action measure, India has called it trade-distortive and emphasized the need to focus on market access for goods, services, investments, and government procurement. Both sides aim for convergence, though challenges remain on issues like labour and sustainability rules, which could limit India’s market access gains despite the progress in talks.
DPIIT signs pact to push gaming sector (Financial Express)
To boost India’s presence in the $300-billion global gaming market, the DPIIT signed an MoU with WinZO to establish a robust ecosystem for startups and innovators, including a Centre of Excellence (CoE) to address talent gaps and drive innovation. The interactive entertainment sector in India is projected to grow to $60 billion by 2034, creating over two million jobs, with initiatives under this collaboration focusing on monetization strategies, ‘Made in India’ intellectual properties, FDI attraction, and technology manufacturing. Prime Minister Modi emphasized the gaming sector’s potential, calling for India’s global leadership in gaming, leveraging its heritage and talent to create impactful games for the international market.
Innovation, govt policies to boost medtech sector (Financial Express)
India’s medical devices sector is projected to grow from $12 billion in 2023 to $50 billion by 2030, driven by innovations from startups integrating medtech with digital health solutions, rising demand for wearables, and increased focus on prevention and disease management. Government policies, such as a ₹500 crore scheme to boost domestic manufacturing, aim to reduce import dependence, although imports still account for 80-85% of domestic demand, reaching $8.2 billion in FY24—more than twice the value of exports. Factors like a growing ageing population, increased healthcare insurance, expanding medical tourism, and investments by top-tier hospital chains are fueling demand for both affordable and advanced medical devices.
Indian households own $2.29-trillion worth gold (Financial Chronicle)
India has significantly benefited from the surge in gold prices over the past nine months, with the yellow metal emerging as a preferred asset class amid global uncertainties. Indian households hold the world’s largest gold stocks, estimated between 23,537 tonnes and 25,537 tonnes, valued at ₹78-₹193 lakh crore ($2.11-$2.29 trillion) as of September 2024, reflecting a 22% increase compared to December 2023 when gold was valued at ₹63,396 per 10 gm. By the end of 2024, the total gold stock value is projected to approach ₹200 lakh crore ($2.37 trillion), nearing India’s GDP of ₹295.36 lakh crore.
