RBI permits FLDG between fintechs and banks, NBFCs
The new RBI FLDG guidelines introduce a structured framework for digital lending and default guarantees. Furthermore, the central bank has set a 5% cap on default covers to manage risk effectively.
Trade News
House of Commons releases Electronic Trade Documents Bill research briefing
The Electronic Trade Documents Bill reached a new milestone with the recent House of Commons research summary. Furthermore, the bill promises to reduce trade processing times from days to seconds.
African free trade area could spur sustainable growth: UN chief
The AfCFTA trade growth serves as a major engine for economic expansion, promising to lift 50 million people out of poverty by 2035. Furthermore, UN Secretary-General Guterres urges global financial reforms and infrastructure investment to ensure sustainable industrialisation and inclusive digital growth across the entire African continent.
Advanced Microchip Production Relies on Taiwan
Advanced semiconductor fabrication remains highly concentrated in Taiwan, which produces 92 per cent of the world’s most sophisticated microchips. Furthermore, Western nations now launch major initiatives to regain their lost manufacturing shares.
US semiconductor imports surge 13% in 2023, highlighting foreign chip reliance
US semiconductor imports grew by 13 per cent in early 2023 as reliance on Asian production remains high. Furthermore, Thailand and India saw massive export growth while shipments from China declined.
Singapore completes first cross-border electronic transferable record trade
Singapore has reached a new milestone in trade digitisation by completing the world’s first cross-border ETR shipment. Furthermore, this TradeTrust-enabled transaction proves that electronic Bills of Lading can operate successfully across different legal jurisdictions.
Indian exports crossed record $750 bn-mark: Piyush Goyal
Indian export growth hit a record USD 750 billion this year as services and merchandise shipments surged. Furthermore, total exports might reach USD 780 billion despite global economic challenges.
Global trade growth powered by green products, UNCTAD finds
Green technology exports represent a vital bright spot in the current global trade landscape. While overall growth remains weak, these environmentally friendly goods show remarkable resilience. According to the United Nations Conference on Trade and Development (UNCTAD), global trade hit a record US$32tn in 2022.
US Becomes India’s biggest trading partner in FY23: Report
India US bilateral trade reached a record USD 128.55 billion in 2022-23 as the United States became India’s top trading partner. Furthermore, increased exports in pharmaceuticals and jewellery drove this significant growth.