Daily News - Monday, 17 February 2025
Hope to hit ₹9 tn textile exports by 2030: PM (mint)
Prime Minister Narendra Modi expressed confidence that India’s textile sector will surpass its ambitious ₹9 trillion annual export target before the 2030 deadline, driven by sustained policy support and increased foreign investment. The General Budget 2025 has reinforced this momentum by allocating ₹500 crore for a five-year National Cotton Technology Mission to enhance cotton productivity, particularly for extra-long staple varieties. Currently ranked as the world’s sixth-largest textile exporter with exports worth approximately ₹3 lakh crore, India aims to triple this figure through strategic investments and policy continuity that have already doubled foreign investment in the sector over the past decade.
Goyal: US trade deal gives confidence to businesses (Financial Express)
India and the U.S. have agreed to finalize a trade deal within 6-7 months, providing relief and confidence to businesses in both nations, as announced by Commerce Minister Piyush Goyal following Prime Minister Narendra Modi’s meeting with U.S. President Donald Trump in Washington. This agreement comes at a critical time, as the U.S. plans to increase import duties on all countries after April under its Fair and Reciprocal Plan, which reviews tariff and non-tariff barriers imposed on American exports and matches them accordingly. With India being the only country to secure a trade discussion with the U.S. post-Trump’s tariff measures, the deal is expected to shield Indian exports from additional tariffs while strengthening bilateral trade relations.
U.K. will always be India’s reliable partner: Minister (The Hindu)
The U.K. Minister of State for Defence, Vernon Coaker, reaffirmed Britain’s commitment to being a reliable defence partner for India, highlighting the newly established Defence Partnership, India (DP-I) in London as a dedicated hub for strengthening bilateral cooperation. At Aero India 2025, India and the U.K. announced key joint ventures, including Thales U.K.’s deal with Bharat Dynamics Limited (BDL) for STARStreak high-velocity missiles and Lightweight Multirole Missiles (LMMs), MBDA U.K.’s partnership with BDL for an ASRAAM assembly facility in Hyderabad, and GE Vernova’s collaboration with BHEL to develop a full-electric propulsion system for India’s next-generation Land Platform Docks (LPD). Reinforcing this deepening defence collaboration, both nations signed a Statement of Intent, while Prime Ministers Narendra Modi and Keir Starmer agreed to refresh the comprehensive strategic partnership during their G-20 meeting in November 2024, with the U.K.’s carrier strike group set to visit India during its Indian Ocean deployment this year.
Japan sees India viable for China plus strategy (Financial Chronicle)
Post-COVID-19, Japanese companies are increasingly adopting the ‘China Plus One’ strategy, shifting manufacturing and supply chains to India, which has now overtaken China as the top destination for Japanese FDI, with inflows reaching $6 billion in 2023 compared to China’s $3 billion. This shift is driven by India’s large domestic market, competitive labour costs, and its strategic position as a gateway to high-growth regions like the Middle East and Africa, alongside active financial support from the Japanese government to encourage relocation. With Japanese corporations expanding operations and forming strategic partnerships in India, this trend is expected to reshape regional investment flows, solidifying India’s role as a critical supply chain hub for global markets.
ASSAM SUMMIT TO FOCUS ON TOURISM, RENEWABLE ENERGY (Financial Chronicle)
The Government of Assam will host Advantage Assam 2.0: Investment and Infrastructure Summit 2025 on February 25-26 in Guwahati, with Prime Minister Narendra Modi inaugurating the event, which will attract global industry leaders, policymakers, and investors. The summit will focus on key sectors such as tourism, renewable energy, aerospace and defence manufacturing, electronics, semiconductors, mobility, logistics, bamboo, fragrances, and food processing, aiming to position Assam as a major investment hub. Through policy reforms, MoU signings, and sectoral discussions, the event seeks to accelerate economic growth and boost industrial development in the region.
