UAE raises investment commitment to US$ 100 Bn
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Exporters no longer need RCMC to gain benefits under schemes
According to the Directorate General of Foreign Trade (DGFT), the exporters are not required to obtain Registration-Cum-Membership Certificate (RCMC) for claiming benefits under post-export remission-based schemes. However, the refund rates have been lowered, now ranging from 0.3% to 3.9%, compared to the earlier rates of 0.5% to 4.3%.
LEAD STORY
UAE raises investment commitment to US$ 100 Billion
The United Arab Emirates (UAE) is set to increase its investment commitment in India, to nearly US$ 100 billion. Currently, the UAE is the seventh-largest foreign direct investor in India, representing 3% of the total FDI, with cumulative investments of approximately US$ 19 billion from April 2000 to June 2024.
India’s clean energy capacity set to soar by 2030
India is on track for significant growth in clean energy technology by 2030, supported by government initiatives like the Production-Linked Incentive (PLI) scheme. However, challenges such as technological gaps, labor shortages, and infrastructure limitations may hinder the country from fully meeting its renewable energy targets.
FACT OF THE DAY
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According to Qoruz’s Diwali Festive Report 2024, influencer marketing generated an 11x ROI this Diwali, with partnerships up 21% year-on-year. Notably, over 50 million shoppers from Tier 2 and Tier 3 cities engaged with 22,000+ influencers, who created 67,000+ posts, reaching 80% of shoppers. Campaigns targeting millennials were 1.5x more effective than traditional methods, and 53% of shoppers preferred regional language content for better engagement.
Global food prices hit highest since march 2022
In September 2024, global food prices saw the largest increase in 2.5 years, with a 3% rise in the FAO Food Price Index, marking the highest surge since March 2022. Key factors driving this increase include severe weather conditions, geopolitical instability in the Middle East, and disruptions in global supply chains.
IEX Trade Volume records 24% YoY growth
In September 2024, Indian Energy Exchange (IEX) recorded a remarkable 24% year-on-year growth in total trade volume, reaching 11,370 million units (MU),according to a statement released by IEX on Monday. This increase is attributed to a rise in electricity volume, which saw a 21% year-on-year growth, totaling 10,332 MU.
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