Latest news with #GVC
Hans India
5 days ago
- Business
- Hans India
Shipping and waterways sector will play a key role in boosting exports: Minister
New Delhi: Shipping and waterways will play a vital role in enhancing India's exports as the country is headed to become the third largest economic power, Minister of State for Ports, Shipping and Waterways, Shantanu Thakur, said on Thursday. Addressing a conference on exports logistics organised by the Confederation of Indian Industry (CII) here, the minister emphasised that equal and balanced focus on development of each sector is crucial. Thakur highlighted that reduction of the turnaround time of ships in the transportation of goods is of paramount importance. 'As 70 per cent of trade happens through shipping, there is a need for vast development of the shipping industry, ' Thakur pointed out. He also said that the use of artificial intelligence is an imperative for deeper development of the shipping and logistics sector. The minister mentioned the need for improved communication to establish a robust connectivity infrastructure, spanning from the Northeast region to the Northwest part of India, encompassing both first mile and last-mile connections. Speaking at the conference, Rajesh Agrawal, Special Secretary, Department of Commerce, highlighted three important factors in India's logistics journey. First, the container revolution played an important role in enhancing the role of Global Value Chains (GVC). He further emphasised the significance of India's ongoing and past free trade agreement (FTA) negotiations in enhancing India's participation in GVCs, adding that identification of gaps in multimodal transportation and bringing all stakeholders together will bring down the logistics cost, driving exports and growth in India's economy. Secondly, Agrawal mentioned that there is a need for more air cargo space, port space, rail and road space, in addition to enhancing cold chain logistics in India's agriculture sector. He further highlighted that to achieve Net Zero by 2027, there is a need to see that the logistics journey that India embarks upon is sustainable, with minimum carbon footprint. Vijay Kumar, Chairman, Inland Waterways Authority, deliberated on India's transformative journey and the role of Inland Waterways in actualising India's ambitious goal of achieving $2 trillion in exports by 2030, and net zero emission target by 2070. 'If the cost of logistics has to be brought down to single digit, we have to meet the twin goals of economy and sustainability, then inland waterways transport is the solution,' he added. Kumar also discussed the crucial steps taken by the government to address major industry issues including water availability and draft variability, highlighting the importance of multimodal connectivity and cargo aggregation hubs to bring down first mile and last mile costs.
Time of India
04-07-2025
- Business
- Time of India
NITI Aayog recommends creation of chemical hubs, port clusters to boost manufacturing, ET Infra
GVC share, job creation, and trade deficit Advt Port, environmental, and policy interventions Advt Challenges identified By , ETInfra India should establish chemical hubs and develop eight port-infrastructure clusters to expand its role in global chemical manufacturing, a NITI Aayog report said on a report titled Chemical Industry: Powering India's Participation in Global Value Chains , the policy think tank said the country is targeting $1 trillion in chemical output by to the report, India aims to increase its share in Global Value Chains (GVC) from 3.5 per cent in 2023 to 5–6 per cent by 2040, with the potential to create 700,000 additional jobs by current share in global chemical value chains and a chemical trade deficit of USD 31 billion in 2023 reflect its dependence on imported feedstock and specialty chemicals.'Targeted reforms encompassing a range of fiscal and non-fiscal interventions will enable India to reach a $1 trillion chemical sector and achieve a 12 per cent GVC share by 2040,' the report report called for the formation of an empowered committee at the Central level and the creation of a chemical fund with a budgetary outlay for shared infrastructure and viability gap funding. It also recommended that an administrative body manage each chemical proposed a Chemical Committee for ports to advise on and address infrastructure gaps in chemical trade, along with the development of eight port clusters with high suggestions include incentivising incremental production of chemicals based on import bills, export potential, single-country dependence, and end-market regulatory aspects, the report recommended fast-tracking environmental clearance. 'Simplify and fast-track EC clearance process through setting up an audit committee under DPIIT to monitor timelines and compliance, and publish periodic reports and give more autonomy to EAC,' it report also noted that India could consider Free Trade Agreements (FTAs) with provisions specific to the chemicals industry, including tariff quotas and selective duty exemptions on raw materials and petrochemical chemical sector faces structural challenges, including reliance on imported feedstock, infrastructure gaps, outdated industrial clusters, and logistics costs. These factors have contributed to cost disadvantages compared to other report highlighted that India's investment in R&D is 0.7 per cent, lower than the global average of 2.3 per cent, affecting innovation in high-value also cited regulatory delays, particularly in environmental clearances, and a shortfall of 30 per cent in skilled professionals in areas like green chemistry, nanotechnology, and process safety.'By addressing the existing challenges and leveraging the proposed interventions, India can enhance its competitiveness, attract investments, and build a chemical sector capable of leading the global value chain,' the report said.
Time of India
04-07-2025
- Business
- Time of India
NITI Aayog recommends creation of chemical hubs, port clusters to boost manufacturing
India should establish chemical hubs and develop eight port-infrastructure clusters to expand its role in global chemical manufacturing, a NITI Aayog report said on Thursday. In a report titled Chemical Industry: Powering India's Participation in Global Value Chains , the policy think tank said the country is targeting $1 trillion in chemical output by 2040. GVC share, job creation, and trade deficit According to the report, India aims to increase its share in Global Value Chains (GVC) from 3.5 per cent in 2023 to 5–6 per cent by 2040, with the potential to create 700,000 additional jobs by 2030. India's current share in global chemical value chains and a chemical trade deficit of USD 31 billion in 2023 reflect its dependence on imported feedstock and specialty chemicals. 'Targeted reforms encompassing a range of fiscal and non-fiscal interventions will enable India to reach a $1 trillion chemical sector and achieve a 12 per cent GVC share by 2040,' the report stated. Port, environmental, and policy interventions The report called for the formation of an empowered committee at the Central level and the creation of a chemical fund with a budgetary outlay for shared infrastructure and viability gap funding. It also recommended that an administrative body manage each chemical hub. It proposed a Chemical Committee for ports to advise on and address infrastructure gaps in chemical trade, along with the development of eight port clusters with high potential. Other suggestions include incentivising incremental production of chemicals based on import bills, export potential, single-country dependence, and end-market needs. On regulatory aspects, the report recommended fast-tracking environmental clearance. 'Simplify and fast-track EC clearance process through setting up an audit committee under DPIIT to monitor timelines and compliance, and publish periodic reports and give more autonomy to EAC,' it said. The report also noted that India could consider Free Trade Agreements (FTAs) with provisions specific to the chemicals industry, including tariff quotas and selective duty exemptions on raw materials and petrochemical feedstocks. Challenges identified India's chemical sector faces structural challenges, including reliance on imported feedstock, infrastructure gaps, outdated industrial clusters, and logistics costs. These factors have contributed to cost disadvantages compared to other countries. The report highlighted that India's investment in R&D is 0.7 per cent, lower than the global average of 2.3 per cent, affecting innovation in high-value chemicals. It also cited regulatory delays, particularly in environmental clearances, and a shortfall of 30 per cent in skilled professionals in areas like green chemistry, nanotechnology, and process safety. 'By addressing the existing challenges and leveraging the proposed interventions, India can enhance its competitiveness, attract investments, and build a chemical sector capable of leading the global value chain,' the report said.
The Hindu
04-06-2025
- Business
- The Hindu
U.S. firm Evergent Tech's innovation hub opened in Hyderabad, to employ 1,000 people by 2025
California-headquartered AI-powered SaaS solutions provider for media and entertainment, telco and digital consumer businesses Evergent Technologies formally opened its global value centre (GVC) in Hyderabad and with it announced plans to hire at least 400 additional employees for the GVC by this year. Established as a strategic product and innovation hub, the centre has onboarded more than 600 engineering and AI professionals thus far. The company aims to scale this to more than 1,000 employees by 2025, Evergent said after Industries and IT Minister D. Sridhar Babu inaugurated the GVC on Tuesday (June 4, 2025). The launch of the GVC syncs well with Telangana's vision to contribute $1 trillion to India's economy over next decade. Facilitating a shift from volume-led to value-led growth in tech industry will be one of the growth drivers, something that could be achieved by building capacity in high-impact areas like AI, semiconductors, defence, and deep-tech, the Minister said. Setting up of such facilities marks a shift to building high-value IP and global products from Telangana, leveraging Hyderabad's deep tech talent and driving innovation at scale, a press release from the Minister's office on his speech said. Under Chief Minister A. Revanth Reddy's leadership, Telangana has attracted investments worth ₹3 lakh crore over the past 18 months, he said. The focus is on making Telangana a hub for emerging technologies such as AI, ML and Quantum Computing. Evergent CEO and founder Vijay Sajja said 'we have combined the best of Silicon Valley and India to build mission-critical, AI-driven SaaS solutions that power monetisation for global media giants. Hyderabad's exceptional engineering talent is at the core of our innovation...' he said. The firm is developing proprietary intellectual property in Hyderabad that enables monetisation for global media giants such as the NBA, Sky, DirecTV, and SonyLIV across more than 180 countries. Its platform, entirely built in India, has helped onboard over 920 million subscribers worldwide on behalf of its clients, creating one of the largest datasets for AI-driven business intelligence.
United News of India
04-06-2025
- Business
- United News of India
California-based Evergent opens Global Value Centre in Hyderabad
Hyderabad, June 3 (UNI) Telangana IT Minister D. Sridhar Babu inaugurated the Global Value Centre (GVC) of Evergent Technologies, a California-based AI-powered SaaS leader in media, entertainment, and telecom, here on Tuesday. The company has established this centre as its strategic product and innovation hub. Evergent has already onboarded over 600 engineering and AI professionals in Hyderabad and plans to grow to over 1,000 employees by the end of 2025, strengthening its commitment to the region as a strategic innovation hub. The IT Minister, who met Evergent's senior leadership team, including CEO Vijay Sajja, discussed the company's growth plans and explored opportunities for deeper collaboration in innovation and talent development in Hyderabad. Speaking on the occasion, Sridhar Babu said 'Telangana is ready to contribute $1 trillion to India's economy over the next decade. The launch of Evergent's GVC is a reflection of this vision. This marks a shift towards building high-value IP and global products from Telangana, leveraging Hyderabad's deep tech talent and driving innovation at scale'. Vijay said 'Hyderabad's exceptional engineering talent is at the core of our innovation, developing world-class IP and managing over 920 million subscribers. This is driving our AI capabilities to deliver predictive, personalised solutions that help media and telco business grow and retain subscribers.' UNI KNR RN
