Daily News - Tuesday, 7 January 2025
Finally, US nuclear ties with Indian cos (mint)
The United States is taking steps to remove restrictions on Indian nuclear entities, paving the way for enhanced civil nuclear cooperation under the 2007 Indo-U.S. nuclear deal, which initially allowed the U.S. to sell civilian nuclear technology to India. This move aims to resolve long-standing issues, including aligning India’s nuclear liability laws with global norms, thereby enabling greater collaboration between Indian nuclear operators and U.S. companies. The decision, part of deepening bilateral ties, could lift restrictions on over 200 Indian entities imposed after India’s 1998 nuclear tests, with formalities expected to be completed soon, as confirmed by U.S. National Security Adviser Jake Sullivan.
Thiruppur threads a recovery on sliding ₹ as exports surge (Business Standard)
India’s knitwear hub, Tiruppur, is thriving despite a depreciating rupee, with exports reaching ₹26,000 crore between April and December 2024 and projected to hit ₹35,000-40,000 crore by the fiscal year-end, driven by a 3% rupee drop against the dollar making exports more competitive. Tiruppur, contributing 55% of India’s knitwear exports, benefits from surging global demand, particularly from major markets like the US, EU, UK, and UAE, alongside investments in ESG compliance, AI-driven productivity enhancements, and green energy, which have boosted production capacity to 65%. Geopolitical shifts such as the “China Plus One” strategy and Bangladesh’s instability have further bolstered Tiruppur’s growth, positioning it as a key player in the global textile supply chain.
Funding in space industry declines 55% to $59.1 mn (Financial Express)
India’s space sector funding dropped by 55% to $59.1 million in 2024, down from $130.2 million in 2023, reflecting a global 20% decline in space investments, though total funding from 2020-2024 stood at $353.5 million across 72 rounds. Despite the setback, India’s achievements like the Chandrayaan-3 lunar landing and Aditya-L1 solar probe highlight its ambition to build a $44 billion private space economy, with government support through a ₹10 billion fund approved in 2024 to boost startups. Experts predict a rebound in 2025 as industry leaders near key milestones, ISRO projects a 30% budget increase, and initiatives targeting satellite technology and launch vehicles gain momentum.
Govt eases conditions for speciality steel PLI (Financial Express)
The government has eased conditions for the Production-Linked Incentive (PLI) scheme for speciality steel, reopening applications until January 31, 2025, to boost participation in underrepresented categories like cold-rolled grain-oriented (CRGO) electrical steel, with the investment threshold reduced to ₹3,000 crore from ₹5,000 crore. The ₹6,322 crore scheme, spanning 2025-26 to 2029-30, aims to attract ₹40,000 crore in investments, add 25 million tonnes of speciality steel capacity, and generate approximately 525,000 jobs, including 68,000 direct positions. Steel Minister H.D. Kumaraswamy launched the revised scheme, which follows extensive industry consultations to drive growth in the high-demand steel sector and strengthen India’s industrial base.
Govt mulls hallmarking for silver jewellery (Financial Express)
Food and Consumer Affairs Minister Pralhad Joshi has urged the Bureau of Indian Standards (BIS) to explore mandatory hallmarking for silver and silver artifacts, citing growing consumer demand for purity certification. While hallmarking for silver is currently voluntary, BIS is conducting feasibility studies and stakeholder consultations, with Director General Pramod Kumar Tiwari indicating readiness for implementation within 3-6 months. Discussions are also underway on incorporating a unique six-digit alphanumeric code for certified silver items, reflecting broad stakeholder support for this initiative.
