BIMSTEC can finalise regional FTA in phases to promote investment & jobs

Recommendations for taking forward the BIMSTEC grouping with the engagement of businesses of the member states include Finalising a regional FTA in phases, which would lead to quicker implementation and promote investment, job creation, technology partnerships, and services; Industry Partnerships for Deepening Regional Economic Engagement

It is important to create reliable and high-quality infrastructure (Chabahar Port and construction of railway to the port in Iran is very important in this regard), as well as competitive services along INSTC routes, according to Eurasian Development Bank.

“Positive growth in India’s exports could be as a result of India’s continued strong economic activity backed by sustained momentum in manufacturing and services sector, expected global monetary easing and improving demand prospects in trading partners,” the bank said in a statement.

India Exim Bank projected that India’s total merchandise exports could reach USD 111.7 billion in Q2 FY2025, a 4.2% y-o-y growth. Non-oil exports are anticipated to touch USD 89.8 billion, showing a 6.26% growth. The forecast highlighted economic momentum but also noted risks from geopolitical tensions and supply chain issues.

India’s lab-grown diamond industry has been struggling due to a 65% price drop over the past year caused by overproduction and high imports. GTRI suggests implementing quality regulations and investing in research to improve production processes and enhance the product’s quality. The financial strain on manufacturers is also a significant concern.

The Indian toy export market saw a decline from USD 177 million in 2021-22 to USD 152 million in 2023-24, driven by reduced global demand, said Minister of State for Commerce and Industry Jitin Prasada in a written reply to the Rajya Sabha. Major markets like the USA, UK, and Germany also experienced a drop […]

Germany’s new Low Emission Steel Standard (LESS) may add to the difficulties faced by India’s steel industry. Categorizing steel by emission levels, LESS could damage exports and create negative perceptions. GTRI advised Indian firms to adopt low-carbon technologies and obtain LESS certification to improve sustainability and market access.

A PwC report, “VIKSIT: An Approach for India to Achieve $1 Trillion Exports,” outlines essential public and private sector strategies to boost India’s export growth. Launched by Commerce Minister Piyush Goyal, the report emphasizes creating a robust export ecosystem to meet the target by 2029-30.

TuneCore, a digital self-publishing music service, will boost its investments in India, which has become its third-largest market for new artist additions and revenue growth. Chief Executive Andreea Gleeson highlighted that India is the company’s second-largest office globally by headcount, with 83 employees based in Mumbai since 2020.

India’s pulse imports were projected to drop to 40-45 lakh tonnes from 47.38 lakh tonnes last year due to good monsoons driving up domestic production. IPGA called for a long-term policy for the pulses market and import duties on yellow peas. Retail prices were expected to fall with increased domestic supply.