India & Taiwan to Ink Worker Migration Deal!

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India and Taiwan are gearing up to sign a revolutionary pact for the migration of workers next month! Meanwhile, India's tourism sector is dancing its way through a remarkable comeback, boasting a 44% annual jump in hiring this August! On the financial front, India is meticulously ironing out rupee trade conundrums amid stranded Russian assets, keeping the international finance drama spicy!

In the realm of diplomacy, the enduring friendship between India and Russia continues to stand “very, very steady,” echoing the harmonious relations of the last 70 years, as per Jaishankar. And, brace yourselves, as PM Modi envisions India soaring high, emerging as a global economic powerhouse soon!🚀

Important News of the Day

1. India, Taiwan likely to sign pact next month for migration of workers

India and Taiwan are set to sign a pact next month to facilitate the migration of Indian workers to Taiwan to address labour shortages in key sectors such as manufacturing, construction, household work, and agriculture and fisheries. The agreement is part of a broader effort to enhance people-to-people engagement between the two countries. The pact is likely to irk China, which claims sovereignty over Taiwan. The move comes as Taiwan faces challenges in dealing with migrant workers, including issues related to their social status and rights.

2. India's tourism sector witnesses impressive comeback! 44% annual jump in hiring in August this year

India's tourism sector has made an impressive comeback, with a 44% annual increase in hiring in August 2023, according to a report by talent platform found it. The sector was severely hit by the Covid-19 pandemic, with a potential job loss of around 38 million, which is 70% of the total workforce. However, the industry is expected to surpass pre-pandemic levels by the end of 2022, with more than 2.4 million jobs created every year. The travel market in India is projected to reach US$ 125 billion by FY27 from an estimated US$ 75 billion in FY20.

3. India to iron out rupee trade problems amid stranded Russian assets

India is working with Russia to resolve issues with the rupee trade mechanism, including exchange rate and fund repatriation challenges, according to two government officials. The move comes after negotiations to settle bilateral trade in rupees were suspended in May 2023. The Reserve Bank of India had announced a mechanism in July 2022 to allow local traders to settle imports and exports in rupees amid western sanctions on Russia. Russia's top lenders, Sberbank and VTB, have said they are improving their ability to convert rupees into roubles, helping exporters to get trapped funds from India.

4. India-Russia relations have held “very, very steady” for last 70 years: Jaishankar

India's External Affairs Minister, S. Jaishankar, has described India-Russia relations as "very, very steady" despite the turbulence in the world. He emphasised that the depth of the relationship goes beyond defence dependencies and that business has a key role in driving the growth and sustainability of any relationship. Jaishankar made these remarks during the "India-Russia Business Dialogue" in April 2023. He is set to visit Russia on November 8, 2023, according to the Russian embassy in India.

5. India will soon emerge as global economic powerhouse: PM Modi

Indian Prime Minister Narendra Modi has said that India will soon emerge as a global economic powerhouse. He made the remarks during the "Vibrant Gujarat" event, which has turned into an institution and has been followed by many states. The event aims to attract investment and create jobs in the state. India's economic transformation is kicking into high gear, with the government spending nearly 20% of its budget this fiscal year on capital investments, the most in at least a decade. Global manufacturers are looking beyond China, with Modi stepping up to seize the moment.

6. India, US discuss opportunities to further strengthen interoperability, logistics cooperation

India and the US have discussed opportunities to further strengthen interoperability and logistics cooperation, including through combined maritime exercises and port calls, according to a readout of the US-India 2+2 Intersessional Dialogue. The officials of the two nations also discussed the transformative momentum in the India-US relationship and the criticality of logistics in the G-20 declaration. The Indian logistics sector has the opportunity to go global as the Indian industry gradually goes global. The next 4-5 years are key for India to fill supply chain gaps, according to Ajay Banga, President of the World Bank.

7. British International Investment to invest $1 billion in climate-linked projects in India

British International Investment (BII) plans to invest about $1 billion in Indian climate-related projects by 2026, according to Nick O'Donohoe, CEO of BII. The investment will be made in sectors such as bio-fuels, circular economy, and others as part of the vision for the 2030 roadmap agreed between India and the UK. BII invested over $300 million in climate finance last year in sectors such as renewable energy, electric mobility, and sustainable agriculture. The investment is part of the global trend of increasing investment in clean energy, which is expected to exceed $1.4 trillion in 2022, accounting for almost three-quarters of the growth in overall energy investment.

8. Planning for financial independence and the risk of forced retirement

The idea of early retirement is often glamourize on social media, but it is not suitable for everyone. People often mistake financial independence for early retirement. However, it is essential to plan for forced retirement, even if you don't want to. The risk of forced retirement is real, and it can happen due to various reasons such as health issues, job loss, or family responsibilities. It is crucial to have a backup plan and save enough money to support yourself in case of forced retirement. It is also essential to have a diversified investment portfolio and consider investing in long-term assets such as real estate and stocks.

9. India has terrific EM investment opportunities, doesn't make sense to reduce weightage: Mark Mobius

Veteran investor Mark Mobius of Mobius Capital Partners has said that India is the place to be when it comes to emerging markets (EM) investing. According to a report by CNBC-TV18, Mobius said that it does not make sense to reduce weightage on India and that the country has terrific investment opportunities. Over the long term, India's macro factors are more favourable because of demographics, as well as specific companies' growth prospects. Mobius said that the Indian market is very attractive for the long term, and he is not concerned about short-term moves.

10. India-Canada feud threatens to hurt trade and investment

The India-Canada feud threatens to hurt trade and investment, with a proposed early-stage trade deal in jeopardy, potentially hurting India's efforts to woo the West. The Comprehensive Economic Partnership Agreement (CEPA) between Canada and India could boost two-way trade by as much as $6.5 billion, yielding a GDP gain of $3.8 billion to $5.9 billion for Canada by 2035. India's exports to Canada touched $4 billion, and imports from Canada were also worth $4 billion. Canada is India's 17th largest foreign investor, pouring in more than $3.6 billion since.

Stock Market Update 📈

India's JSW Infrastructure Receives Bids Worth $7.3 Billion in IPO

JSW Infrastructure has garnered $7.3 billion in bids for its IPO, with plans to use the proceeds for debt repayment and expansion projects, aiming to expand operational capacity to 300 million tonnes per annum by 2030.

Vedanta is Preparing to Demerge Sprawling Operations

Vedanta Ltd is finalizing a restructuring plan to demerge its various businesses into separate listed entities, aiming to help parent Vedanta Resources manage its debt.

Toyota Reportedly Planning Third India Plant, New SUV as Domestic Sales Surge

Toyota is planning a new manufacturing facility in India, aiming for an initial production capacity of 80,000 to 120,000 vehicles annually, with a new SUV tailored for the Indian market set to launch in 2026.

Tax Officers Visit Factory, Bengaluru Office of China's Lenovo

Indian income tax officials visited Lenovo's factory in Puducherry and an office in Bengaluru as part of an inquiry. Lenovo is cooperating with the authorities and adheres strictly to all applicable laws and regulations.

Indian Trade Bodies Call for Two-Month Halt to Rough Diamond Imports

Indian diamond trade bodies have recommended a two-month halt in rough diamond imports to manage supplies and support prices due to slow demand, according to a letter seen by Reuters.

Marco Cables Makes Tepid Debut

Marco Cables listed at a 7.5% premium on NSE SME, with shares trading at ₹38.70, higher than the issue price of ₹36.

P&G India Launches ₹300 Crore Supply Chain Catalyst Fund

Procter & Gamble India unveiled a ₹300 crore fund aimed at partnering with firms and startups to co-develop innovative supply chain solutions.

ICICI Lombard Receives Notice for Non-Payment of ₹1,728.80 Crore in GST

ICICI Lombard has received a show-cause notice from the DGGI over non-payment of a tax demand of ₹1,728.80 crore, relating to the period of July 2017 to March 2022.

Barbeque Nation and Red Apple Kitchen Acquire 53.3% Stake in Blue Planet Foods

Barbeque Nation and Red Apple Kitchen are jointly acquiring a 53.3% stake in Blue Planet Foods, operator of the ‘Salt’ restaurant chain, for ₹23.1 crore.

World News 🌎

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• Three astronauts return to Earth after a year in space. NASA's Frank Rubio sets US space record

• Sri Lanka fails to seal first review of IMF's bailout, talks to continue

• Airbnb CEO urges Parisians to put homes up for rent for Olympics