Daily News - Thursday, 6 March 2025

⁠Invest in people to fuel jobs, economic growth: PM Modi (mint)

Prime Minister Narendra Modi emphasized the importance of investing in people through education, skill development, and healthcare, positioning them as the pillars of national progress, with initiatives like the National Education Policy, expansion of IITs, and AI integration aimed at modernizing India’s workforce. The Union Budget 2025-26 outlines strategies for job creation, including the “Focus Product Scheme” targeting 2.2 million jobs in the footwear and leather sector, tourism-driven employment through the development of 50 top destinations, and healthcare investments such as 10,000 new medical seats and expanded telemedicine infrastructure. Highlighting India’s rapid economic growth—66% between 2015 and 2025, reaching $3.8 trillion—Modi reaffirmed the nation’s trajectory toward a $5 trillion economy, urging stakeholders to collaborate under the ‘Jan-Bhagidari’ model to drive inclusive and strategic economic development. 

⁠Tesla's first showroom will be in Mumbai (The Indian Express)

⁠Tesla has signed a five-year lease for its first showroom in Mumbai at the Maker Maxity building in Bandra Kurla Complex, paying $4,46,000 in the first year, with rent increasing 5% annually to $5,42,000 by the fifth year. This move marks Tesla’s renewed push to enter the Indian market after previously dropping similar plans, following Elon Musk’s meeting with Prime Minister Narendra Modi in the US. The company has also reportedly identified locations for additional showrooms in New Delhi and Mumbai, signaling its intent to expand operations in India. 

Two Ropeways at ₹6,811 Cr Approved for Uttarakhand (The Economic Times)

The Cabinet Committee on Economic Affairs has approved two ropeway projects in Uttarakhand under the Parvatmala Pariyojana, with a combined cost of ₹6,811.41 crore, to be developed on a design, build, finance, operate, and transfer (DBFOT) basis in public-private partnership mode. The 12.9 km Sonprayag-Kedarnath ropeway, costing ₹4,081.28 crore, will reduce travel time from 8-9 hours to 36 minutes, while the 12.4 km Govindghat-Hemkund Sahib Ji ropeway, costing ₹2,730.13 crore, will enhance connectivity using a mix of tricable and monocable gondola technologies. These projects are expected to boost employment, tourism, and socio-economic development while providing an ecologically sustainable transport alternative in challenging terrains. 

⁠EU firms urge India to ease trade barriers (Business Standard)

⁠A 2025 Business Sentiment Survey by the Federation of European Business in India (FEBI) highlights that EU firms operating in India seek the removal of non-tariff barriers such as Quality Control Orders (QCOs), complex customs procedures, and data localization restrictions to enhance trade efficiency ahead of the anticipated EU-India Free Trade Agreement (FTA) by year-end. With the EU being India’s largest trading partner (12.2% of India’s goods trade in 2023), 92% of surveyed firms expect the FTA to positively impact business, and 72% plan to increase investments within two years, particularly in technology-driven and sustainable industries. While challenges such as visa and work permit complexities, weak intellectual property enforcement, and counterfeit goods persist, 76% of EU firms aim to expand investments beyond pre-2025 levels, driven by India’s political stability (66%), skilled workforce (60%), and growing ease of doing business (59%). 

Eliminate import duty on US drugs: Pharma exporters (Business Standard)

Amid concerns over potential US reciprocal tariffs on Indian pharmaceuticals, the Indian industry has urged the government to eliminate import duties on US drug formulations—currently worth just $800 million—to preempt such actions, given that India exports $8.7 billion worth of pharmaceuticals to the US, its largest market (31.35% of total pharma exports). Industry leaders argue that the US primarily exports high-value orphan, cancer, and innovator drugs to India, and removing duties would make these medicines more affordable while also discouraging US tariffs that could raise healthcare costs in America, where India supplies 47% of generic drugs. With the US facing persistent drug shortages (271 active shortages as of Q3 2024), industry representatives remain optimistic about ongoing trade discussions, emphasizing that relocating Indian manufacturing to the US would not be commercially viable in the short term.