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Mint
a day ago
- Business
- Mint
The week in charts: Tariff tussle, China's curbs, India's widening gender gap
India and the US held bilateral talks to achieve a trade deal recently, while China's decision to curb the export of rare earth magnets has hit India's automobile industry. Meanwhile, India has slipped two ranks on the Global Gender Gap tussle India and the US have been negotiating hard on achieving a trade deal, with the latter seeking more market access in sensitive sectors such as dairy, agriculture, digital and medical services, Mint reported. New Delhi, however, has pushed back, demanding a balanced agreement between the two countries. The bilateral talks took place from 4 June to 10 June. India does levy high tariffs on US products in these sectors and has concerns over unregulated competition and social sensitivities around animal feeding practices by the US. China's play China has triggered a big worry around the world by putting in place a stringent licensing procedure for the export of rare earth magnets—processed from rare earth elements (REEs). Even as India has the third-largest REE reserves at around 6.9 million tonnes, they are largely unexploited. Like several other countries, India relies heavily on imports from China to meet its need for rare earth elements. Since rare earth magnets are crucial for the production of automobiles, the segment is particularly hit. Robust activity 122.7 million: That's the number of e-way bills raised by businesses and traders for shipping goods within and across states in May. This was up 19% year-on-year, suggesting brisk economic activity in the country. However, a likely driver of robust e-way bill generation could also be advance dispatches in anticipation of the Goods and Services (GST) Council meeting, Mint reported, quoting experts. The GST collections data released earlier also pointed to robust activity in the country, with the May collections rising 16.4% year-on-year to ₹2 trillion. Easing inflation India's retail inflation eased further to 2.8% in May from 3.2% the previous month due to the statistical effect of a favourable base as well as continued easing in food inflation. This is the lowest inflation print in over six years, supporting the sharper-than-expected cut of 50 basis points by the Reserve Bank of India last week. While the headline inflation has now been below the medium-term aim of 4% for the fourth consecutive month, core inflation, which excludes food and fuel, remains above 4%. Migrant mayhem Under US President Donald Trump, crackdowns on migrants, including those who have legal rights to stay, have increased dramatically. According to a analysis, this could potentially hurt the Indian-origin population, which is estimated to be around 3.4 million as of 2023, as per the Organisation for Economic Cooperation and Development (OECD). Over the years, Indians have taken up a large share and, even a dominant one, in main visas for non-immigrants for tourism, studies, work, and to visit dependents. Stringent visa rules could limit access for Indians. Fund hunt ₹2.5 trillion: That's the amount Adani Group needs to raise over the next five years to meet its capital expenditure plan and debt obligations, Mint reported. The Adani Group plans to invest ₹1.3–1.7 trillion annually over the next five years and has about ₹1.6 trillion in debt maturities between 2025-26 and 2029-30. While a majority of these will be met through cash the group generates, some additional fund infusion will be needed to meet the capex goals, as well as servicing of its debt. Tech's future A recent artificial intelligence (AI) report by veteran tech analyst Mary Meeker has shed light on the future of the tech industry. India, while not covered extensively in the report, will be impacted by these shifts. OpenAI's ChatGPT, which kick-started the current interest in AI, saw an unprecedented level of growth, reaching 100 million users in just two months. India played a key role in it and currently accounts for 13.5% of global ChatGPT mobile app users, compared to the US' 8.9%. Gaping gap India has been ranked 131 out of 148 countries on the World Economic Forum's Global Gender Gap Index for 2025. This is a slight deterioration from last year, when India was ranked 129. The UK, on the other hand, has made its way to the top five by jumping 10 our data stories on the 'In Charts" and 'Plain Facts" pages on the Mint website.
Time of India
06-05-2025
- Business
- Time of India
Solar PV component market in India to exceed $7 billion by 2029: Report
New Delhi: India's solar photovoltaic (PV) balance of system (BoS) market is on a robust growth trajectory and is projected to grow from approximately $3 billion in 2024 to around $7 billion by 2029, registering a compound annual growth rate (CAGR) of 16 per cent, a report showed on Monday. Several factors are driving this growth, including India's national target of 500 GW non-fossil fuel capacity by 2030 and the commitment to generate 50 per cent of its electricity from renewable sources, according to 1Lattice's latest industry report. Enabling schemes like PM-KUSUM, the Grid Connected Rooftop Solar Programme, and the Delhi Solar Energy Policy are helping to democratise solar adoption across rural and urban areas, bringing new opportunities for innovation, manufacturing, and investment in the BoS space. The report provides a deep analysis of the BoS segment, which includes all supporting components of solar PV installations other than the panels, such as inverters, mounting structures, trackers, wiring, combiner boxes, circuit protection devices, monitoring systems, charge controllers, and batteries. "As the world races toward decarbonisation, the focus must go beyond solar panels to the infrastructure that supports them. Our latest report underscores the pivotal role of the balance of system components in making solar truly scalable and sustainable," said Abhishek Maiti, Director-Industrial Goods and Services, 1Lattice. With India set to witness a BoS boom, now is the time for manufacturers, investors, and policymakers to align strategies and investments, he added. The global BoS market is also expected to experience significant expansion, growing from an estimated $60 billion in 2024 to approximately $100 billion by 2029 at a CAGR of 10 per cent, driven by robust clean energy commitments and incentives across key regions. As India accelerates its shift toward renewable energy, the BoS segment is emerging as a critical enabler in the country's energy transition journey.
Zawya
24-03-2025
- Business
- Zawya
Economic Community of West African States (ECOWAS) Concludes Regional Tourism Training in Banjul With Renewed Commitment to Attract 10 Million Intra-Community Tourists by 2029
The Economic Community of West African States (ECOWAS) has successfully concluded a five-day high-level regional training workshop on responsible tourism and the free movement of persons, held in Banjul, The Gambia. This strategic gathering represented a significant milestone in the implementation of the ECOTOUR Regional Policy (2021–2030), reinforcing the Commission's commitment to harnessing tourism as a catalyst for economic integration, job creation, and sustainable development across West Africa. Delivering the closing remarks on behalf of the ECOWAS Commissioner for Economic Affairs and Agriculture, Mrs Massandje Toure-Litse, the Director for Private Sector, Dr Anthony ELUMELU, reaffirmed the region's ambition to stimulate 10 million intra-community tourist movements annually by 2029. He stressed the need for coherent policy implementation, grounded in practical action that benefits citizens—particularly youth and women—while enhancing regional competitiveness through harmonised standards and cross-border collaboration. Also addressing the closing ceremony, the Director of Regional Integration and Head of the ECOWAS National Office in The Gambia, Mrs Ndeye Tabara Touray, commended the strong spirit of partnership displayed throughout the training. She emphasised the centrality of inclusive engagement and sustained institutional coordination in driving a people-centred integration agenda: 'This training has fostered collaboration among all actors and reflects our shared goal of inclusive development.' The closing session culminated in a series of substantive recommendations aimed at transforming policy into practice. Delegates advocated for the decentralisation of future training initiatives to ensure the inclusion of rural and border communities, which are pivotal to the regional mobility landscape. They also called for strengthened institutional collaboration with immigration and border management authorities, and proposed the introduction of cross-border simulation exercises to assess and reinforce the operational effectiveness of the ECOWAS Protocol on Free Movement of Persons, Goods and Services. The workshop underscored The Gambia's strategic role as a leading tourism hub within the ECOWAS region. The sector contributes approximately USD 85 million annually to the national economy—accounting for 20% of GDP—while providing around 42,000 direct jobs and an additional 40,000 indirect jobs. The choice of The Gambia as the host country reflects its significance in fostering regional tourism cooperation. Bringing together tourism professionals and policymakers from across ECOWAS Member States, the workshop formed part of the broader implementation of the ECOTOUR Policy. This initiative aims to strengthen intra-regional tourism, enhance the competitiveness of the private sector, and ensure that tourism contributes at least 12% to the GDP of Member States. Key priorities include harmonising hotel classification systems, promoting cross-border tourism circuits, and facilitating mobility for tourism professionals under ECOWAS free movement frameworks Participants emphasised the importance of a coordinated, multi-sectoral approach to dismantling existing barriers to mobility, enterprise growth, and professional development—particularly for micro, small and medium-sized enterprises (MSMEs). The inclusion of immigration and border authorities in future capacity-building efforts was identified as a critical lever for accelerating the practical implementation of regional integration protocols. As part of the closing ceremony, participants were awarded certificates of completion, recognising their active engagement and successful participation in the regional training. The certification underscores ECOWAS' commitment to capacity building and professional development in the tourism sector, equipping stakeholders with the necessary skills to advance regional tourism integration and facilitate the effective implementation of the ECOTOUR Policy Through this initiative, the ECOWAS Commission has once again underscored its resolve to advance a tourism sector that is inclusive, resilient and transformative—driving not only economic opportunity but also deepening cultural understanding, social cohesion, and shared prosperity throughout West Africa. Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).
