Daily News - Monday, 30 December 2024
Indian exports to Australia rises 64% (Financial Chronicle)
India’s exports to Australia under their trade agreement rose 64.4% year-on-year to $643.7 million in November 2024, driven by robust growth in textiles, chemicals, and agricultural products, despite a 5.21% decline in overall merchandise exports to $5.56 billion during April-November 2024-25. The India-Australia Economic Cooperation and Trade Agreement (ECTA), implemented in December 2022, has boosted market access, increased exports by 14% in 2023-24, and created new opportunities for MSMEs, farmers, and employment, particularly in IT, business, and travel services. Minister Piyush Goyal highlighted the bilateral commitment to achieving 100 billion Australia dollar in trade by 2030, emphasizing expanding ties and notable gains in post-study work and holiday visa programs.
CII seeks excise duty cut in fuel, hike in minimum wages (mint)
The Confederation of Indian Industry (CII) has proposed excise duty cuts on petrol and diesel and an increase in key minimum wages in the upcoming Union Budget to counter inflation and boost consumption, especially for low-income households. Recommendations include raising the daily MGNREGS wage from ₹267 to ₹375 (₹42,000 crore additional expenditure), increasing the PM-KISAN payout from ₹6,000 to ₹8,000 annually (₹20,000 crore cost for 10 crore beneficiaries), and introducing consumption vouchers for Jan Dhan account holders. Noting fuel costs account for 21% of petrol and 18% of diesel retail prices, CII also highlighted that excise cuts and reduced personal income tax for earnings up to ₹20 lakh could enhance disposable incomes, stimulating demand and economic growth.
Anti-dumping duty on PVC Resin Paste from China, five others (Financial Express)
India’s Directorate General of Trade Remedies (DGTR) has recommended anti-dumping duties of $89 to $707 per metric tonne on Poly Vinyl Chloride (PVC) Resin Paste imports from China, Korea, Malaysia, Taiwan, Thailand, and Norway, following findings of “dumped prices” undercutting local markets. The decision, prompted by Indian manufacturer Chemplast Sanmar, affects PVC Resin Paste imports valued at $82.9 million during April-October 2024, with total imports reaching $98.41 million in 2023-24. Despite opposition citing increased costs for MSMEs and limited local production, the duties, crucial for sectors like artificial leather and automotive sealants, await notification by the Central Board of Indirect Taxes and Customs.
Brazil offers expertise to boost India's dairy cattle productivity (Financial Express)
Brazil, a leading global dairy producer, has offered its expertise in the genetic improvement of cattle through technologies like insemination and embryo transfer to boost India’s milk productivity, which averages 8-10 litres per day compared to Brazil’s 20-22 litres. Discussions include setting up a joint Zebu research institute, and India’s National Dairy Development Board has placed a trial order for 50,000 semen doses from a champion Brazilian bull to enhance native cattle genetics. The Brazilian Association of Zebu Breeders (ABCZ), with over 7 million registered animals, is also training Indian breeders to apply its advanced cattle-breeding techniques.
Tech to Drive India’s Mfg Growth: Survey (The Economic Times)
A Confederation of Indian Industry (CII) study revealed that while Indian manufacturers increasingly view technology as key to profitability and competitiveness, most allocate less than 10% of their budgets to it, though plans indicate a rise to 11-15% within two years. Technologies like IoT, AI, ML, robotics, and automation are driving a transformation in manufacturing, aiming to raise its GDP contribution to 25%, with high-capital industries such as semiconductors and aerospace leading adoption while traditional sectors like textiles lag behind. The report highlighted barriers to adoption but emphasized that embracing these advancements can establish India as a global manufacturing leader by improving efficiency, innovation, and supply chain visibility.
