India's vibrant $77 bn space tech opportunity: IBT Newsletter August 11-15, 2024

In this edition of the India Business & Trade Newsletter, we discuss:

• India’s space economy is poised for significant growth, with projections indicating a market opportunity of over US$ 77 billion by 2030, growing at a remarkable CAGR of 26% from 2023-30.
• In the latest episode of “Green Guardians" we feature Ankit Todi, Chief Sustainability Officer at the Mahindra Group.
• Discover how this policy is expected to raise developed countries’ incomes by US$ 2.5 billion while potentially costing developing nations US$ 5.9 billion.
• NITI Aayog's proposal to expand key government schemes like PM-Kisan and PM Fasal Bima Yojana (PMFBY) to include seaweed farmers.
• India’s gig economy is rapidly expanding, with predictions that the workforce will grow from 7 million in 2021 to 23.5 million by 2030.
• Akshay Wadhwa, CEO of Bluerickshaw shares insights into the future of cross-border trade and e-commerce and on the services provided by his platform.
• IBT takes a look at the impact of the ongoing Bangladesh crisis on India's trade with the country.
• The RBI’s Monetary Policy Committee (MPC) has kept the repo rate unchanged at 6.5% for the ninth consecutive time.
• TPCI & IEML organised a seminar cum roadshow on “Sustainability in Food Processing & Packaging and Global Trends with Increasing Demand of Indian F&B Products” in, Hyderabad,

Wish you a pleasant and enriching reading experience.

Sky is not the limit: India’s ambitious drive in space tech

The Indian space tech industry is rapidly emerging as a dynamic sector, brimming with opportunities for investment and innovation. As global interest in space exploration and technology intensifies, India’s space economy is poised for significant growth, with projections indicating a market opportunity of over US$ 77 billion by 2030, growing at a remarkable CAGR of 26% from 2023-30. Although India currently accounts for 2-3% of the global space economy, there are ambitious plans to expand this share to over 10% by 2030, driven by both governmental initiatives and private sector participation.

In the recently announced Union Budget 2024-25, the Finance Minister Smt Nirmala Sitharaman announced a Rs 10 billion venture capital fund for investments into India’s space economy, projecting that it will grow by five times in the coming decade. In this article, India Business & Trade looks at the progress made by the sector and the promise it holds, particularly with the emergence of a vibrant startup ecosystem.

To know more, click here

Inside Mahindra’s green revolution: Being a planet positive company

In this episode of "Green Guardians"—a series spotlighting thought leaders who are transforming the green energy landscape —we are pleased to feature Ankit Todi, Chief Sustainability Officer at the Mahindra Group. What started as a steel trading business seven decades ago has now evolved into a global brand spanning multiple nations and sectors.

Todi discusses Mahindra’s unique approach to becoming a "planet-positive" company, focusing on greening operations, decarbonizing industries, and driving social and environmental impact. Todi also highlights Mahindra's collaborations with global and domestic organizations, their initiatives in renewable energy, and the challenges faced in the sustainability journey. This conversation offers valuable lessons for businesses striving to integrate sustainability into their core strategies and contribute positively to the planet and society.

To know his views, click here

Implications of CBAM on emerging economies: A closer look

The EU’s upcoming Carbon Border Adjustment Mechanism (CBAM) is set to reshape global trade and climate efforts, aiming to reduce the carbon content of imports and combat climate change. With a carbon tax of $44 per tonne, the CBAM targets high-carbon imports like steel and aluminum, but developing economies, including India and China, could face disproportionate financial strain.

Discover how this policy is expected to raise developed countries’ incomes by US$ 2.5 billion while potentially costing developing nations US$ 5.9 billion. Further, the article discusses how it is expected to alter the global market and the strategies emerging economies can employ to navigate these challenges.?

Read more here

Niti Aayog’s plan to boost India’s seaweed industry

The seaweed industry, often overlooked, holds immense potential as a renewable source of food, energy, and medicine, earning it the title of the "wonder plants of the sea." With applications spanning from agriculture and biomedicine to cosmetics and processed foods, seaweeds are gaining recognition as the "Medical Food of the 21st Century."

In India, despite a rich coastal environment conducive to seaweed cultivation, the industry faces challenges due to limited raw materials. Recognizing the untapped potential, NITI Aayog has proposed expanding key government schemes like PM-Kisan and PM Fasal Bima Yojana (PMFBY) to include seaweed farmers, alongside recommendations for specialized insurance, priority sector lending, and revised business rules. This move aims to not only bolster seaweed farming but also empower coastal communities, positioning India as a leader in this burgeoning sector.

For further details, click here .

The rise of India’s gig economy in tech

India’s gig economy is rapidly expanding, with predictions that the workforce will grow from 7 million in 2021 to 23.5 million by 2030. This growth is driven by the rise of remote work and the need for flexibility. The shift is transforming industries, especially tech, by providing access to a diverse talent pool while cutting costs. As companies embrace gig work, sectors like pharmaceuticals and technology are increasingly relying on freelance experts to meet their needs.

For more insights on this topic, click here

Connecting Indian SMEs to global markets

In our latest edition of the Tech Trailblazer series, we engaged in a conversation with Akshay Wadhwa, CEO of Bluerickshaw, a pioneering B2B export platform dedicated to bridging the gap between Indian small enterprises and global markets. In this engaging discussion, we explore Mr. Wadhwa’s entrepreneurship journey, delving into the creation and growth of Bluerickshaw during the pandemic.

Mr. Wadhwa’s shared insights into the future of cross-border trade and e-commerce inspire and inform those looking to expand their businesses globally. He elaborates on the platform’s unique services that facilitate SMEs’ entry into international markets and highlights the technological advancements and government initiatives that have supported their mission. We also discuss the challenges SMEs face in global trade, the promising markets for Indian exports, and suggestions for further boosting cross-border trade through improved banking practices and policy support.

To view his perspectives, click here .

India-Bangladesh trade ties amidst the crisis

Bangladesh’s political crisis in the aftermath of Prime Minister Sheikh Hasina’s resignation, has grabbed headlines in the past few days. The crisis has sparked concerns pertaining to its impact on bilateral trade, impacting key sectors like agriculture and textiles. Both nations will have to work to ensure stability and protect critical supply lines during this period. IBT takes a look at the impact of the crisis and which sectors could be impacted.

To see our analysis on the impact, click here .

RBI keeps repo rate unchanged at 6.5%

The RBI’s Monetary Policy Committee (MPC) has kept the repo rate unchanged at 6.5% for the ninth consecutive time in its third bi-monthly meeting of the current fiscal year. The decision, approved by a 4:2 vote, reflects the RBI’s cautious approach as it continues to withdraw its accommodative stance while managing inflation risks. The RBI maintained its growth forecast at 7.2% and the Consumer Price Index inflation prediction at 4.5% for FY25, assuming normal monsoon conditions.?

For more on this update, click here .

What's the latest @TPCI

A seminar cum roadshow on “Sustainability in Food Processing & Packaging and Global Trends with Increasing Demand of Indian F&B Products” was successfully held at FTCCI Surana Auditorium, Hyderabad, on 07th August 2024. Organized by the Trade Promotion Council of India (TPCI) and India Exposition Mart Limited (IEML), with support from Telangana Food Processing Society (TGFPS), Federation of Telangana Chambers of Commerce and Industry (FTCCI), and Dalit Indian Chamber of Commerce and Industry (DICCI), the event gathered key stakeholders from the F&B industry.

The event commenced with an inauguration speech by the Chief Guest, Akhil Gawar, Director of TGFPS and a welcome address by Bhanu Vashishtha, Director, TPCI. Special invitee Sri Suresh Kumar Singhal, President of FTCCI, also shared his insights, setting the tone for the seminar.

Keynote speakers included Devansh Trivedi, Director of Shanti Boilers & Pressure Vessels Pvt. Ltd., who discussed sustainability in food processing and packaging, and Rupesh Patel, Co-founder of Healthy Honest Foods Pvt. Ltd., who highlighted global demand trends for Indian F&B products.

Industry insights were further shared by representatives from Karachi Bakery, Aishwarya Agriprocessors Pvt Ltd, and SID’s Farm, providing valuable perspectives on the growing importance of sustainable practices and market expansion.

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