Will Union Budget 2024-25 Propel India's Agricultural Innovation?
Trade Promotion Council of India
Apex trade and investment promotion organization notified by the Department of Commerce, Government of India
In today's newsletter, We take a closer look at
Happy reading!
Will the upcoming budget propel innovation in agri-tech?
India’s agri-tech sector is witnessing a surge in innovation, with startups leveraging AI, IoT, and machine learning to transform agriculture. The sector, already home to over 3,000 startups, plays an important role in enhancing productivity and efficiency.
As the government prepares the upcoming budget, industry leaders emphasize the need for eased regulations, better financing options, and increased R&D funding.
Will the new budget address these needs and propel India’s agricultural innovation to new heights?
Indian IT sector: Is the tide turning?
Recent market highs were driven by robust buying in IT stocks, pushing the Sensex to an all-time peak of 81,523 points, supported by strong foreign fund inflows. The Nifty also surged past 24,800 points.
Renewed investor confidence in the IT sector, despite profit-booking in mid- and small-cap stocks due to valuation worries, is a key driver of Nifty performance.
But is this positive sentiment backed by market realities?
India's smartphone shipments reached 36.4 mn in Q2 2024, up by 1%
Total mobile shipments increased by 1% YoY in Q2 2024, reaching 36.4 million units, as per Canalys data. Elections, subdued seasonal demand, and heatwaves in several parts of the country all contributed to slow shipment growth in the fiscal second quarter, according to the report.
Interestingly, the global market grew at a much faster pace of 6%. The research firm expects a mid-single-digit increase in shipments during the upcoming holiday season and throughout the year.
Despite the overall slow growth, the 5G mobile segment has been expanding rapidly . Vendors believe that 5G upgrades will help increase India’s overall smartphone shipment.
Xiaomi became the leading smartphone brand in India, with Samsung dropping to third place behind Vivo in June. Canalys reported Xiaomi and Vivo each holding an 18% market share, with Xiaomi experiencing 24% growth and Samsung seeing an 8% decline. Realme and Oppo followed in the rankings. Indian smartphone shipments increased 1% YoY, reaching 36.4 million units in Q2 2024.
FACT OF THE DAY
Germany is gearing up to bring in more skilled workers from India to tackle its labor shortages, as reported by Schengen News. Labor Minister Hubertus Heil highlighted India's crucial role, expressing a warm welcome to "bright minds and helping hands." This new initiative will be discussed in upcoming German-Indian government talks this autumn, with cooperation from the Foreign Office, the Federal Ministry of Labor, and other key players.
领英推荐
With 700,000 vacancies currently unfilled, Germany's economic growth potential has dropped to about 0.7% now from around 2% in the 1980s. It is feared that this potential will drop further if these challenges are not addressed.
LNG imports increase by 11% in June
In June, India's Liquified Natural Gas (LNG) imports significantly increased due to a substantial rise in gas consumption, driven by higher power demand and better utilization of gas-based power capacities. The country consumed 5,594 million standard cubic meters (mmscm) of natural gas, up from 5,224 mmscm in the same period last year.
HIGHLIGHT OF THE DAY
Madhya Pradesh was adjudged the 'Best Performing State' under the Prime Minister SVANidhi scheme. The micro-credit scheme for urban street vendors provides collateral-free loans up to Rs 50,000. It was launched by the Narendra Modi government in 2020 during the COVID-19 outbreak.
Sugar mills set for 10% revenue growth this fiscal year
ICRA Ltd. forecasts a 10% revenue boost for India’s integrated sugar mills this fiscal year due to increased sales volumes, firm domestic prices, and higher distillery production. Net sugar production is expected to decline in SY2025 due to greater sugarcane diversion to ethanol. The sugar sector outlook remains stable with strong profitability and government support. according to the report.
Thank you for appreciating our content. We welcome you to access our weekly India Business & Trade newsletter for deeper insights into India's business and trade ecosystem. To subscribe, click https://shorturl.at/BK26Q
The content of this newsletter has been sent as part of TPCI’s outreach initiatives to its members, associates and the larger Indian industry ecosystem. TPCI puts the security of its members and associates at a high priority.
The views, opinions and data included in this newsletter have been included keeping the business interests of TPCI’s members and associates in mind. Recipients are, however, requested, to recheck the given information before putting it to use. TPCI and/or any of its employees do not take any liability for views/opinions/data points expressed.
For any suggestion/query, you may write to [email protected]