G20 2023: United for a Promising Tomorrow - IBT Newsletter Sept 12-16, 2023

The iconic G20 Summit in New Delhi concluded on September 10, with PM Narendra Modi handing over the gavel to the Brazilian president Lula Da Silva, even as India’s G-20 Presidency continues till the end of November this year. It was in all ways a grand success for India’s diplomacy, bilateral relations with key partners and international stature as a force for positive change.

The G20 New Delhi Leaders' Declaration was undoubtedly the highlight development that stamped the success of the event. But simultaneously, India held several bilateral and multilateral events with partner countries, utilising the platform to make a number of pivotal announcements. IBT analyses the four key announcements at this year’s G-20 that hold the most significance for India and the world.

Within the G20, India’s economic diplomacy has cultivated priceless alliances and collaborations, furthermore, has boosted tourism, drawn investments, and sparked cooperative business projects in the travel industry. The outcome is a revitalised Indian travel industry that appeals to both domestic and foreign tourists.

India Business and Trade spoke with industry leaders in the tourism sector who feel that the appeal of India’s tourism industry in 2023 is a reflection of its resilience and the progressive policies that characterise the nation’s progress towards becoming a top tourist destination on the planet.

The Indian packaging industry is experiencing remarkable growth, expected to reach US$ 204.8 billion by 2025. On the back of this trend the paper packaging segment, which accounts for 63% of total paper demand, is showing promise, projected to grow to US$ 23.6 billion by 2028. The future outlook is positive, with sustainability and eco-friendly materials at the forefront.

The industry must adapt to remain competitive by understanding customer needs and transforming its structure, people, and processes for the evolving landscape.

Saurav Bhaik , CEO and Founder of Tagbin , provided exclusive insights to India Business and Trade (IBT) on the company’s path to achieving a successful fusion of technology and innovation, along with his perspectives on the future of cutting-edge technologies such as AR, VR, and AI.

Established in 2013, Tagbin is a pioneering tech-driven organization that seamlessly blends creativity with cutting-edge technology to craft immersive and enlightening experiences.

India’s PLI 2.0 scheme for IT hardware, with over twice the allocation as its predecessor, has drawn substantial interest, with over 38 companies proposing investments exceeding ?4,000 crore. The scheme has garnered an additional buzz recently due to the new import licensing regime to encourage greater localisation.?

But will PLI 2.0 achieve its intended objectives of self reliance, especially with the lack of a component manufacturing ecosystem? We explore the possibilities.

A market untouched by Indian snacks exporters is the café & bar snacks market which is mushrooming all across the western world. As consumer preferences shift towards convenient and flavorful options to accompany their beverages, Suhayl Abidi feels that businesses in this sector are presented with opportunities to innovate, cater to changing tastes, and meet the growing demand for satisfying on-the-go bites.?

India reaffirmed its commitment to the Panchamrit initiative by elevating its target to achieve 500 GW of non-fossil fuel-based energy by 2030, during the COP26 conference. This monumental ambition stands as the globe’s most extensive roadmap for expanding renewable energy.

Dr Vinod Tiwari is a seasoned authority in the realm of renewable solar power since 2012. His extensive leadership in this sector has solidified his reputation as a respected figure renowned for his profound technological expertise in solar energy and electrical storage devices. India Business and Trade, recently caught up with him to get insights on his personal journey and his views on India’s renewable energy potential.

Everyone is considering their alternatives as they shop for the holiday season. From Gen Z to baby boomers, there is a strong desire to try new products phygitaly i.e., both offline and online mode. According to a recent survey and industry leaders’ insights, shopping capabilities and sales are not only exceeding pre-COVID levels, but are outdoing it for most of the categories.

Moreover, there is a noticeable shift in 2023, with both online and offline means receiving major preference for holiday shopping, as opposed to 2022, when purchasing preferences skyrocketed online amid significant sale seasons.

Axis My India, a notable leader in consumer data intelligence, has unveiled its latest report on the India Consumer Sentiment Index (CSI) for August 2023. According to this report, household expenditures have increased for 58% of households, signifying a 2% uptick when compared to the preceding two months. This surge is the most significant observed in the past five months.

A collaborative study conducted by the India Cellular & Electronics Association (ICEA) and Accenture, titled “Pathways to Circular Economy in Indian Electronics Sector,” has highlighted that there exists a substantial prospect to generate $7 billion in revenue within India’s electronics sector by 2035 through the adoption of circular business models.

The report highlighted six distinct circular business models, encompassing activities like circular design, repair, and reselling, among others.

The India-UAE Comprehensive Economic Partnership Agreement (CEPA), which took effect on May 1, 2022, has served as a vital catalyst for the growth of bilateral trade between the two countries in the past year.

In its pursuit of cultivating a thriving startup ecosystem and to double its GDP by 2033, Dubai is actively extending invitations to tech talent from India, recognizing the need to fortify its teams with expertise in digital fields.

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TPCI and The Agricultural and Processed Food Products Export Development Authority (APEDA) with the support of Ministry of Commerce and Industry, Government of India organised the India Pavilion in Fine Food Australia , Sydney, which encompassed around 50 Indian F&B players. The pavilion was inaugurated by Shri Manish Gupta, Hon’ble Consular General of India, Sydney in presence of Mr. Sanjay K Muluka, HOC & Consul Commerce, CGI Sydney and other officials of CGI Sydney.

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