Daily News - Thursday, 28 November 2024
Piyush Goyal calls for stronger trade ties with France (mint)
Union Commerce and Industry Minister Piyush Goyal called for strengthening India-France trade ties, technological collaboration to address global challenges, and expanding defense partnerships during the 2024 Asia-Pacific Forum of French Foreign Trade Advisors. Highlighting the $15 billion bilateral trade in 2023-24 (exports at $7 billion and imports at $8 billion) and France’s $11 billion cumulative FDI in India, Goyal emphasized the untapped potential of the relationship, supported by over 750 French companies in India and 70 Indian firms in France employing around half a million people collectively. He urged French businesses to prioritize India in their agendas, leveraging the shared values and robust partnership spanning defense, space, energy, and digitalization.
India’s trade with Russia hits $66 bn in 2024, says envoy (mint)
Bilateral trade between India and Russia reached a record $66 billion in 2024, a fivefold increase over five years, with a 9% rise in the first eight months, positioning both nations to meet the $100 billion trade target by 2030 through diversified collaborations. Key areas of cooperation include railways, pharmaceuticals, IT, aviation, cybersecurity, AI, robotics, and critical metals like lithium and cobalt, with emerging opportunities for Indian businesses in Russia after Western brand withdrawals. Russian Consul General Maxim V. Kozlov emphasized the enduring partnership between the two countries, rooted in mutual trust, urging deeper trade and investment ties while Bharat Chamber of Commerce proposed a Russian trade desk in Kolkata to strengthen engagements.
Bilateral trade numbers from China, India show rising gap (mint)
India-China trade data for 2023 highlights a significant discrepancy, with India reporting $99.59 billion in imports from China, 18.2% lower than the $117.68 billion exports reported by China, mirroring similar gaps in 2022 (15.5% variance). Experts attribute this to potential under-invoicing, misclassification, and differences in reporting methods, particularly across sectors like textiles, steel, and electronics, while CIF-based (India) imports paradoxically fell below FOB-based (China) exports despite freight and insurance typically inflating CIF values by 3-10%. Addressing these anomalies through detailed investigations in high-variance sectors is crucial to mitigate revenue losses and ensure accurate trade accounting, as emphasized by trade experts like Ajay Srivastava of GTRI.
HEALTHCARE MKT COULD TOUCH $638 BN IN 2025 (Financial Chronicle)
The Indian healthcare sector is projected to grow at a robust 22.5% CAGR, reaching $638 billion by 2025 from $372 billion in 2023, with rapid expansion in hospitals, pharmaceuticals, and diagnostics post-pandemic. The hospital market doubled from $62 billion in 2020 to $132 billion in 2023, while pharmaceuticals positioned India as a global vaccine hub, and diagnostics saw a digital shift and increased home-testing demand. Additionally, emerging segments like functional foods and personalized nutrition are growing at 16% CAGR to reach $12 billion by 2027, while the fitness and wellness industry is expected to grow at 27% CAGR, hitting $12 billion by 2025, according to Bajaj Finserv AMC.
NTPC Green market cap crosses ₹1 L cr (Financial Chronicle)
NTPC Green Energy, a renewable energy-focused subsidiary of NTPC, made a strong debut on the stock market, closing 13.06% higher at ₹122.10 on the BSE, with a market capitalization exceeding ₹1.02 lakh crore. The ₹10,000 crore IPO, subscribed 2.55 times despite challenging market conditions, marked the first PSU IPO of the year after IREDA’s listing in 2023 and showcased NTPC Green’s robust and diversified portfolio. Separately, Sembcorp Industries secured a 300 MW wind-solar hybrid project from NTPC, part of a 1.2 GW renewable bid, highlighting growing private-public collaboration in India’s renewable energy sector.
