Day 2 of BIMSTEC Conclave focuses on maritime cooperation, tourism potential and port reforms
Subject experts moderated the sessions, offering insights into key regional challenges, while eminent speakers shared practical perspectives and solutions. The day opened with a session on boosting intra-regional trade—currently at just 7%—through streamlined customs, removal of regulatory hurdles, and improved logistics to ensure seamless cargo movement and port operations. A dedicated panel explored the vast potential for cruise tourism, focusing on collaborative promotion of cruise circuits, eco-tourism, and heritage-based coastal tourism, drawing on the region's rich biodiversity and cultural legacy. Another session outlined strategic roadmaps for BIMSTEC port collaboration, emphasizing sustainable development, innovation, and global best practices. The final technical session stressed the need to upskill the maritime workforce through public-private partnerships in maritime education, shipbuilding, and port management to build a competitive talent base. Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal visited Hindustan Shipyard in the morning and later reviewed key issues at the Dredging Corporation of India. Visakhapatnam Port Authority (VPA) Chairperson M. Angamuthu also participated in the conclave.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
21 minutes ago
- New Indian Express
'There will be immense opportunities': Union Minister of Commerce Piyush Goyal praises India-UK FTA
India and the UK signed a landmark Free Trade Agreement (FTA) on Thursday during Prime Minister Narendra Modi's visit to London, sealing the most significant trade pact for Britain since Brexit and marking a major breakthrough in India's global trade strategy. Union Commerce Minister Piyush Goyal praised the India-UK FTA, saying it would open numerous doors for both countries.
The Print
31 minutes ago
- The Print
Centre unveils new cooperative policy with promise of more autonomy, push for entry in emerging areas
The previous policy focused on the basic dimensions of efficiently organising economic activities by cooperatives. But over the last 20 years, with globalisation and technological advancements, it was felt that the policy needed to be revisited to suit the evolving requirements of the cooperative sector, and ensure its sustainability in the current economic scenario. Union Home Minister and Minister of Cooperation Amit Shah launched the policy, which will replace the one in place since 2002. New Delhi: The Narendra Modi government Thursday unveiled the National Cooperative Policy 2025 that promises to give more autonomy to cooperatives, ensure availability of affordable credit for them, and promote their entry in new and emerging sectors. 'In 2020, many learned individuals said that cooperatives is a dying sector, but today the very same people say that cooperatives have a future,' Shah said. He added that the first cooperative policy was launched in 2002 by Atal Bihari Vajpayee's BJP government, and now the second cooperative policy of 2025 is also being launched by the BJP government of Prime Minister Modi. Currently, there are more than 8 lakh cooperative societies (credit and non-credit) in the country with more than 30 crore members. Under the National Democratic Alliance (NDA) government, there has been a big push to bolster the cooperative sector. The Ministry of Cooperation was set up for the first time in July 2021 to focus and look into the affairs of the sector, with Shah at the helm of affairs. Also Read: Gujarat sees highest coverage under PM's rooftop solar installations scheme; Bengal, Jharkhand lag Autonomy, transparency & diversification The 2025 policy encourages states and Union Territories to suitably amend their respective Cooperative Societies Acts and rules, and cooperatives' bye-laws. It aims to ensure free and fair election of directors and office bearers, and transparent recruitment processes. States will also be required to create a new cooperative policy allowing both Centre and the respective state government to work towards common goals. 'Under the new policy, every village of the country will have a cooperative society within five years,' Shah said Thursday. The target is to set up 2,00,000 Primary Agricultural Credit Societies (PACS) by February 2026. The policy aims to strengthen the role of PACS by designating them as implementing agencies for various government schemes at the grassroot level, and incentivising the well performing ones. 'The policy also encourages cooperative banks to expand their reach and scope by opening new branches, and diversifying financial products and services, subject to viability to increase their footprints,' the policy document states. To strengthen the cooperative structure and promote its entry in new and emerging sectors in both urban and rural space, the policy encourages primary cooperative societies to convert into multipurpose cooperatives to diversify their businesses into new areas, such as PM Jan Aushadhi Kendra, warehousing, fair price shops, and LPG distributorship, among others. Shah also emphasised the importance of cooperatives to diversify and enter new and emerging sectors, essential for future growth. 'Work has already started in the field of health, taxi and insurance, along with planning for sectors like tourism and green energy.' The policy was drafted by a 48-member committee headed by former Union minister Suresh Prabhakar Prabhu, along with members of national/state cooperative federations. At the launch event, Prabhu said, 'It is the youngest ministry in the government, having been created in 2021, but has done the maximum work in the last four years.' The policy also mandates the creation of sector and state-wise performance indices to rank the cooperatives on a continuous basis via a web portal to promote healthy competition. To drive international growth, it encourages cooperatives to identify and align with export-oriented products. It also encourages more participation from women, youth, marginal farmers and weaker sections of society (Scheduled Castes/Scheduled Tribes, specially-abled, and so on) in cooperative work. (Edited by Mannat Chugh) Also Read: Once male bastion, Indian Forest Service is now only civil service with all-women national executive
&w=3840&q=100)
First Post
an hour ago
- First Post
How UK trade deal will give Indian exports edge over China, Bangladesh, Vietnam
India and the United Kingdom signed a Free Trade Agreement on Wednesday in the backdrop of Prime Minister Narendra Modi's visit. Modi called the development a 'historic day in the bilateral relations'. The trade deal is expected to give Indian exports an edge over countries such as China, Bangladesh, and Vietnam. But how? read more Union commerce minister Piyush Goyal and British business secretary Jonathan Reynolds sign the India-UK Free Trade Agreement (FTA) on Thursday, July 24, 2025. (Photo: ANI) India and the United Kingdom signed a free trade deal on Wednesday. The two countries concluded the deal in May after years of negotiation. Prime Minister Narendra Modi and his counterpart Keir Starmer have both hailed the deal. Modi called the development a 'historic day in the bilateral relations'. 'I am delighted that after the hard work of several years, our two nations have signed the Comprehensive Economic and Trade Agreement,' Modi said. 'It is a deal that will bring huge benefits to both of our countries, boosting wages, raising living standards and putting more money in the pockets of working people. It is good for jobs, it is good for business, cutting tariffs and making trade cheaper, quicker and easier,' Starmer added. STORY CONTINUES BELOW THIS AD But how will the trade deal will give Indian exports an edge over countries like Bangladesh, Vietnam and China? Let's take a closer look: What do we know? Bilateral trade between the two countries was at $55 billion in 2023/24. However, India comprises under 2 per cent of the UK's imports. The FTA aims to double bilateral trade to around $120 billion by 2030. Talks on a separate Bilateral Investment Treaty (BIT) remain ongoing. Indian negotiators managed to eliminate tariffs on 99 per cent of Indian exports to the UK. The deal will boost labour-intensive sectors such as textiles, leather, apparel and footwear, toys, marine products, gems and jewellery. Many of these currently face tariffs ranging from 4 per cent to 16 per cent. India could benefit to the tune of $2 billion thanks to the trade deal. This is because its exports would immediately become competitive over its neighbours including Bangladesh, Vietnam and China in several categories. In textiles alone, there are 1,143 separate items that could benefit. Readymade garments or home textiles, carpets, handicrafts and traditional items such as pashmina shawls or Kanchipuram or bandhini sarees will benefit. India is currently the UK's fourth-largest textile supplier to UK. STORY CONTINUES BELOW THIS AD It comprises around six per cent of imports. Indian officials say India's footwear market could see a huge benefit particularly athleisure, sports shoes, Vellore and Kolhapuri chappals and traditional leather shoes. A model walks the runway wearing Kolhapuri chappals during the Prada collection show at Milan's Fashion Week Menswear Spring/Summer 2026, in Milan. AFP India could also increase its share of UK's $30 billion pharma imports. India's share in 2024 stood at just $1 billion India could also gain when it comes to generic medicine, ECG and X-ray machines. India exported chemicals worth $570 million to the UK in 2024. The Centre is hoping to increase this by 30 to 40 per cent after more than 1,200 chemicals will receive duty-free access. The gems and jewellery sector, where valued at $940 million, could also benefit. Much of India's overall gains could come from China. China After the British tariffs are done away with, India could become more competitive in exports in which China is currently dominant valued at $1 billion. This includes categories such as machine parts, coffee, silver jewellery and footwear. China in 2024 sent machine parts valued at $248.5 million to the UK. India, meanwhile, sent machine parts worth $215.3 million. India exported coffee worth $12 million to the UK in 2024, while China sent coffee worth $11.1 million. STORY CONTINUES BELOW THIS AD India exported coffee worth $12 million to the UK in 2024, while China sent coffee worth $11.1 million. India could also massively benefit when it come to silver jewellery and footwear. India's exports to the UK in these categories comprise just a third of China's. India cut also cut China's lead in the UK when it comes to processed food and baked items. Indonesia India could also cut into Indonesia's exports in the UK. This could potentially impact around 10 per cent of its exports. It could occur in sports footwear and toys such as tricycles, scooters, and pedal cars. Thailand and Vietnam The deal could impact around 3.8 per cent of Thailand's exports – goods worth around $200 million. India could gain ground on Thailand when it comes to processed food preparations and baked items. Vietnam could see its imports impacted to the tune of $346.6 million. Pakistan and Bangladesh Pakistan and Bangladesh could also take a hit. Bangladesh could be impacted in about 4.8 percent of its exports to the UK. However, keeping in mind categories with a tariff gap, that figure could rise to 7.6 per cent. Pakistani exports could be impacted by between 2.3 per cent to 15 per cent. Its exports to the UK are currently estimated at $2.14 billion. Exports in apparel, footwear, and food products such as spices and fish could be impacted. STORY CONTINUES BELOW THIS AD Exports in apparel, footwear coming from China, Vietnam and Bangladesh could be impacted. File image/AFP Bangladesh could suffer heavily when it comes to leather and textiles. 'Leather exports are expected to increase their market share in the UK by five percentage points.', an official told The Hindu. With inputs from agencies
