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India Business Briefs for May 15: India, UAE eye quick pacts on migration, mobility

India and UAE flags (iStock)

By: Shubham Ghosh

HERE are news related to Indian economy and business for Wednesday, May 15, 2024:

India and the United Arab Emirates have discussed early conclusion of agreements related to migration and mobility besides ways to promote greater people-to-people exchanges between the two sides. The issues figured at the fifth meeting of the Joint Committee on Consular Affairs that was held on Tuesday in New Delhi. India’s ministry of external affairs said the two sides held wide-ranging discussions on mechanisms to strengthen coordination and co-operation on consular issues covering labour, visa, migration, citizenship and extradition, among others. “The UAE side gave a detailed briefing on various steps taken by the government to ensure the welfare of the Indian workers in the UAE,” it said.

The north-western Indian state of Rajasthan is poised to experience unprecedented growth in cost-effective variable renewable energy (VRE) capacity with projections indicating over 60 gigawatt (GW) of VRE capacity by 2030, comprising 30 GW of solar photovoltaics (PV) and 30 GW of wind, energy expert Jiwesh Nandan said on Wednesday, PTI reported. Nandan, a fellow at The Energy and Resources Institute, said that Indian businesses today are developing technologies that will meet future needs. Speaking at a mentorship programme for industries working on solar and renewable energy in the state, Nandan underscored the transformative potential of renewable energy in the desert state’s commercial and industrial sectors.

Switzerland has emerged the top import destination for India in April on account of a jump in inbound shipments of gold from that country, according to the commerce ministry data. Gold imports during the month have more than doubled to $3.11 billion (£2.45 billion). Switzerland is followed by Russia, China, Iraq, and the UAE in April, the data showed. India’s gold imports, which have a bearing on the country’s current account deficit (CAD), surged 30 per cent to $45.54 billion (£40 billion) during 2023-24. In March this year, however, the imports of the precious metal had contracted 53.56 per cent to $1.53 billion (£1.2 billion). Switzerland is the largest source of gold imports, with about 40 per cent share, followed by the UAE (over 16 per cent), and South Africa (about 10 per cent). India is the world’s second-biggest gold consumer after China.

The unemployment rate in urban areas of India for persons aged 15 and above has decreased to 6.7 per cent during the previous quarter January to March 2024, according to the Periodic Labour Force Survey quarterly bulletin (January to March 2024). The unemployment rate was 6.8 per cent during the corresponding period last year. The data also highlighted that the female unemployment rate also decreased from 9.2 per cent in January — March last year to 8.5 per cent in January – March 2024. The quarterly data of Periodic Labour Force Survey released today shows an increase in the Labour Force Participation Rate (LFPR) and Worker Population Ratio (WPR) and decreasing Unemployment Rates (UR) in urban areas.

TVS Motor Company Ltd on Wednesday said it has started its operations in Italy with plans to introduce a range of both conventional as well as electric scooters and motorcycles. The company is expanding its operations in Italy via its branch office, TVS Motor Italia, headed by Giovanni Notarbartolo di Furnari, TVS Motor Co said in a regulatory filing. Furnari brings extensive experience from senior managerial roles in major automotive companies in Italy, Latin America, the UAE, and Europe, it added. “Our move into Italy is a strategic step towards our global ambitions,” TVS Motor co president, head group strategy, Sharad Mohan Mishra said. The company will introduce its TVS Apache 310 Series bike, available in RR and RTR versions, that has been developed in collaboration with BMW.

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