Daily News - Monday, 20 January 2025
India to Partner with EU on Tech, Supply Chains: Goyal (The Economic Times)
India and the EU have agreed to collaborate on developing advanced technologies and securing critical raw material supply chains, aiming to strengthen economic ties and build resilient supply chains, as discussed during Commerce Minister Piyush Goyal’s visit to Brussels on January 18–19. The leaders also outlined directions for a commercially significant and equitable Free Trade Agreement (FTA) to address tariff and non-tariff barriers while enhancing trade, investment, and cooperation in sustainable development based on common but differentiated responsibilities. Amid India’s concerns about the EU’s sustainability measures like the Carbon Border Adjustment Mechanism, both sides stressed strategic guidance to conclude FTA negotiations after nine rounds of discussions, ensuring mutual benefits and addressing global challenges.
India-Oman FTA talks nearing completion (Financial Express)
India and Oman are finalizing their Comprehensive Economic Partnership Agreement (CEPA), with Oman requesting minimal revisions on certain concessions, including cigarettes and liquor, after concluding negotiations in March 2024. The CEPA will provide India access to 98% of its goods in Oman and significant access to services, surpassing the scope of India’s FTA with the UAE, while addressing Oman’s 0%-100% import duty range. Bilateral trade, valued at $8.9 billion in 2023-24, is expected to grow significantly, with Indian exports such as gasoline, iron, and electronics benefiting from reduced duties, as 80% of Indian goods currently face an average 5% import duty.
Southern states vie to woo global investors at Davos summit (Financial Express)
Southern states in India are competing to attract global investment at the World Economic Forum (WEF) in Davos, with Tamil Nadu launching its “Bullish on Tamil Nadu” campaign to highlight strengths in automotive and electronics manufacturing and inclusive economic growth, especially women’s workforce participation. Led by Industries Minister TRB Rajaa, the Tamil Nadu delegation has scheduled 50 meetings with global leaders to promote opportunities in electric vehicle R&D, renewable energy, med-tech, healthcare, and Global Capability Centres (GCCs). The state is also targeting business collaborations with West Asian and European governments to position itself as a hub for advanced industries and innovation.
PM lauds ECI, Indian space achievements (mint)
In his first Mann Ki Baat address of 2025, Prime Minister Narendra Modi commended the Election Commission of India for modernizing the electoral process and urged citizens to actively participate in voting, emphasizing its role in strengthening democracy. The address, delivered ahead of National Voters’ Day on January 25, also celebrated India’s significant achievements in space exploration, highlighting the launch of the world’s top high-resolution hyperspectral satellite constellation, “Firefly,” by Bengaluru-based startup Pixxel. Modi described this milestone as a testament to India’s leadership in space technology and a significant stride toward a self-reliant India under the Aatmanirbhar Bharat initiative.
Private investment, jobs to rise in FY26: CII (mint)
A recent Confederation of Indian Industry (CII) survey of 309 businesses reveals optimism for FY26, with 75% of respondents viewing the economic climate as favourable for private investments and 70% planning to invest during the year. Employment opportunities are also set to rise, with over 95% of firms intending to hire in FY25 and FY26, and about a third planning to expand their workforce by 10%. The survey, comprising 68% manufacturing and mining firms, 28% services, and 4% agro and food processing companies, highlights positive trends in private sector growth and job creation.
