Budget 2023: What the industry is looking forward to
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Budget 2023: What the industry is looking forward to.
The Union Budget 2023-24, would be tabled at the Parliament on February 1, 2023. In light of the same, the Union Finance and Corporate Affairs Minister Nirmala Sitharaman, in November, chaired a week-long pre-budget consultation meeting virtually. More than 110 invitees, representing 7 stakeholder groups, participated in 8 meetings scheduled during this period.
AP Moller-Maersk and DP World come together to decarbonize logistics.
AP Moller-Maersk and DP World Jebel Ali Port have entered a long-term partnership where both parties will collaborate on various aspects of service delivery and work towards a common goal of decarbonizing logistics and serving their customers better.The long-term strategic partnership will give priority berthing for Maersk vessels, support for Maersk’s customers, and implement new processes to improve quayside productivity, all leading to faster gate turnaround times at Jebel Ali Port and reduced bunker fuel consumption.
After RIL, Ashok Leyland partners with Adani Group to deploy sustainable mobility.
Gautam Adani’s group has signed an agreement with Ashok Leyland and Ballard Power to launch a pilot project to develop a hydrogen fuel cell electric trucks. The said trucks will be used in mining logistics and transportation, making them Asia’s first planned hydrogen mining trucks. The hydrogen powered mining truck will weigh 55 tons, have three hydrogen tanks, a 200-km working range, and powered by Ballard’s 120 kW PEM fuel cell technology.
The US India Trade Policy Forum yet to materialise the immense trade and investment potential.
The Trade Policy Forum (TPF) for Indo-US trade policy (estd. 2005) is co-chaired by India’s Minister of Commerce and Industry Minister Piyush Goyal, and the United States Trade Representative Katherine Tai, with the primary function to work for expanding bilateral trade and investment between the two biggest economies of the world. The impending trade policy between India and the US will be targeted towards generating sustainable economic growth, and improving the business and investment climate between the two nations.
Port Investments in India is key to support global ambition.
Ever since COVID, the world has adopted a China +1 strategy, washing off China as the centre of world’s supply chains. This has brought in the spotlight on India, Vietnam, Thailand, and Bangladesh who are now competing to be the preferred alternatives to the global supply chains.While Vietnam is topping the list of preferred alternatives, India is quite bullish to top the list. The centre is working aggressively to develop the nations capability and make India a preferred Investment destination. In order to do so, the PM in 2021, announced that India will invest USD 82 billion (or INR 6 trillion) in port projects – an industry that has a significant impact on national integration into the global economy – by 2035.