The Minister assured the participants of continued support from the Ministry and urged them to expedite grounding their investment. Union Minister of Textiles Giriraj Singh interacted with the beneficiaries of the Production Linked Incentive (PLI) Scheme for MMF apparel, fabrics and technical textiles in New Delhi. The participants showcased the ongoing commitment, successes, experiences, feedback, and challenges of the schemes, according to an official release. Singh assured them that the Government is dedicated to support the growth and innovation within the textile sector. Future strategies and enhancements to further strengthen the scheme’s effectiveness were also discussed. The Minister praised the participants for their engagement and contributions. “The feedback and ideas shared during this session are invaluable, our continued success in the textile sector relies on collaborative efforts and open communication. I am encouraged by the dedication of PLI Scheme participants and their commitment to advancing our industry.” He also assured the participants of continued support from the Ministry and urged them to expedite grounding their investment. The beneficiary companies expressed their sincere gratitude to the Union Minister for providing an opportunity to share their views and suggestions for achieving the vision for the sector.
Source: Krishi Jagran.
The government may double the disbursements under production-linked incentive (PLI) schemes in this fiscal to Rs 15,000 crore. This would be more than double the amount of Rs 6,800 crore disbursed to various sectors in FY24. The combined investments under the PLI schemes had hit Rs 1.3 trillion at the end of May, according to official estimates. The PLI schemes were launched in 2021, covering as many as 14 sectors. However, only Rs 9,721 crore or 5% of the Rs 1.95-lakh-crore incentives earmarked for them was disbursed till March 2024. The government is undertaking a revamp of the PLI schemes by relaxing the norms for the release of funds by accepting applications for the release of incentives every quarter compared to the earlier norm of annual releases of the funds. Of the Rs 14,837 crore estimated release of incentives in FY25, the large-scale electronics manufacturing sector, mainly mobile manufacturers, will account for a lion’s share of Rs 6,044 crore or 41% of the total disbursals. Telecom and networking product firms are estimated to get Rs 3,434 crore or 23%, followed by pharma firms at about Rs 2,000 crore or 13%. Four sectors – automobiles and auto components, advance chemistry cell, textile products, and specialty steel – may receive some incentives for the first time in FY25. Under PLI, firms would have to meet multiple criteria like investment, production, localisation and incremental sales to qualify for the incentives. Another issue that is hurting the PLI schemes is the cumbersome procedure to claim incentives. For example, in the auto and telecom equipment PLIs, the products will be tested against mandatory benchmarks by the administrative departments, which are illequipped to handle these issues, officials said. Experts at Crisil observed that sectors with a higher incentive-to-sales ratio and relatively straightforward rules for payouts such as mobile handsets may see the most payouts by fiscal 2028. However, at least eight sectors would see incentive payouts stretch until fiscal 2030. Companies have invested around `1.28 lakh crore till May 2024 under all the schemes or about 43% of the `3 lakh crore committed. The investments have generated incremental sales/production of over `10.81 lakh crore and the creation of 548,000 direct jobs (another 291,000 indirect jobs also created). Under the PLIs, pharma firms are the top investors with Rs 29,482 crore till May 2024 against their target of Rs 18,385 crore till FY25. Other top investors include high-efficiency solar PV modules (Rs 29,233 crore), automobile and auto components (Rs 17,896 crore), specialty steel (Rs 15,520 crore), and large-scale electronics (Rs 8,290 crore). Sectors which are lagging in investments include textiles.
Source: Financial Express
Commerce and Industry Minister Piyush Goyal on Wednesday (August 21, 2024) raised pointed questions about the business and pricing strategies of major e-commerce players like Amazon in India and dismissed a report that concluded e-tailers’ growth did not pose a significant risk to employment opportunities in the county. Although he acknowledged that e-commerce is here to stay, the Minister stressed that the sector’s growth must be ‘orderly’ and ‘citizen-centric’, and its role must be cautiously mulled over. “…Are predatory pricing policies good for the country?... I don’t see it as a matter of pride that half our market could be driven by e-commerce 10 years from now. It’s a matter of concern,” he said “Are we going to cause huge social disruption with this massive growth of e-commerce?” he asked, referring to the detrimental effects of online retailers eating into the business prospects of 100 million small retailers across the country. In particular, he said e-tailers are clocking phenomenal growth in sales of items that provide higher margins, and are essential for small stores’ survival. Speaking at the launch of a report on the “Net Impact of E-Commerce on Employment and Consumer Welfare in India”, issued jointly by EY India and Pahle India Foundation, Mr. Goyal completely disassociated himself from its findings. The report’s conclusions seemed to be driven by the “urge to show” that e-commerce hasn’t had an impact on employment, the Minister said, and repeated Mark Twain’s famous quip about there being three kinds of untruths — “lies, damned lies and statistics”. Citing the experience of Europe and America, Mr. Goyal noted the advent of e-commerce had endangered the corner shops and Mom and Pop stores there. “Why did Switzerland not allow e-commerce to come in, until very recently, and even now, I think it’s very limited?” he pointed out. Beyond traditional e-commerce, the Minister also flagged concerns about the impact of cloud kitchens and online food delivery apps on restaurants, the effect of online medicine sales on the five lakh pharmacies, and the emergence of large mobile phone stores by players like Apple and large retailers hitting smaller neighbourhood phone shops. “There are large sections out there who still deserve our affirmative action, who still need help. Every child in this country has not got the privilege to come to such sessions or interactions. Therefore, even when it comes to jobs, when it comes to opportunities for the future of India, I think all of us will have to play our part,” he remarked. While technology is a means to innovate and meet consumer requirements with a tad more efficiency, Mr. Goyal said: “We will have to see that this connectivity and convenience is citizen centric, so it democratises or socialises the benefits to larger sections of society, it ensures that in the race for market share with a 27% annual growth, we don’t land up causing huge disruption for the 100 million small retailers across the country who also serve.” Amazon worries “When Amazon says we are going to invest a billion dollars in India, and we all celebrate, we forget the underlying story that that billion dollars is not coming in for any great service or any great investment to support the Indian economy, they made a billion dollar loss in their balance sheet… If you make ₹6,000 crore in losses in one year, doesn’t that smell of predatory pricing to any of you?” the minister asked. Noting that the company apparently spent $1 billion paying professionals in India, the Minister mused that the firm may have spent the money to retain the country’s top lawyers “so there’s nobody left to fight” against them. “What is that loss? As an e-commerce platform, they are not allowed to do B2C [business to consumer] transactions,” Mr. Goyal said, apparently referring to Press Note 3 of 2016, a regulation that prohibits e-commerce firms holding their own inventory of goods, from receiving foreign direct investment. “They create entities where Indians contribute to the creation of those entities, then they get caught and shut down those entities. But they only re-route all the business through an entity to show that it’s business to business. But the reality is all of you buy on these platforms. But B2C is not allowed on these platforms. How are they doing this? Should this not be a matter of concern for all of us?” the minister underlined. While e-commerce firms have rapidly grown, the government has expressed wariness on their power, and potential to do harm to small retailers — a significant bloc of voters. This led to, for instance, an icy reception to then Amazon CEO Jeff Bezos in 2020, when Mr. Goyal made some similar remarks ahead of the executive’s visit to India — he questioned the value of the firm’s $1 billion investment in India, when it had just posted losses amounting to that number. Since December 2021, the government has pushed the Open Network for Digital Commerce, an initiative to combat the vertical integration of platforms by unbundling various parts of e-commerce to discrete roles like logistics, discovery and sellers.
Source: The Hindu
Shri Piyush Goyal said that Africa can compliment India's need for critical minerals needed to some sectors like EVs. Shri Goyal said this while addressing the Special Plenary with Trade Ministers at the 19th CII India Africa Business Conclave in New Delhi today. Shri Goyal highlighted the potential for collaboration in the mining sector given that Africa is rich in minerals. He emphasized the importance of sustainable mining practices and the value addition to minerals in both India and Africa through joint partnerships. Shri Goyal set an ambitious goal of doubling trade between India and Africa in the next seven years. He pointed out that there is huge potential for trade between African countries and India. The Minister mentioned that 33 African countries do not participate in India's DutyFree Tariff Preference (DFTP) Scheme for Least Developed Countries (LDCs) and urged them to take its advantage. The Minister emphasized that India’s strengths in agriculture, pharmaceuticals, textiles, automobiles, and renewable energy align with Africa’s development needs. He also noted that Africa's strengths in mining, tourism, agricultural products, and manufactured goods complement India’s growth requirements. The focus, he said, should be on equitable trade. Shri Goyal highlighted the potential of a technology-driven partnership between India and Africa, particularly in the IT sector. He urged the use of India's Digital Public Infrastructure to drive deeper technology penetration in Africa, enhancing financial inclusion, social sector development, transparency, digitalization, and job creation. Commerce Minister highlighted the entertainment sector as an area with significant potential for mutual collaboration. He cited the example of Kili Paul from Tanzania, who gained popularity globally by engaging with Bollywood music. Shri Piyush Goyal also underscored the potential for cooperation in sports and cultural exchange. Addressing the issue of food security, the Minister noted that India can significantly contribute to Africa's agricultural sector. He mentioned the growing demand for oilseeds, pulses, and other crops in India and proposed collaboration in plantation sectors in Africa for export to India. Shri Goyal recognized the critical role of the Medium, Small, and Micro Enterprises (MSME) sector in both India and Africa. He called for enhanced cooperation to create more jobs, support MSMEs, and foster entrepreneurship. He encouraged expanding relations between MSMEs on both sides and emphasized the potential of the startup ecosystems in India and Africa to engage and grow through collaboration. Shri Goyal expressed confidence in the tremendous potential of the India-Africa relationship, stating, "We are very aligned in our desires, ambitions, and aspirations. We are looking for a better quality of life for our people, greater investments, and economic growth and prosperity. While our trade and investments have been strong, there is so much more that we can achieve together." He praised the efforts of the CII India Africa Business Conclave for enhancing cooperation between India and Africa, urging participants to set ambitious targets and work diligently to achieve them. Shri Goyal echoed Prime Minister Modi's vision of a global compact between countries of the Global South, which opens new avenues for mutual interest and expanded cooperation. He also mentioned India’s assistance to Africa through 196 Lines of Credit, amounting to over US$12 billion, benefiting over 42 countries. The Minister highlighted the collaborative efforts under the leadership of Prime Minister Shri Narendra Modi to bring the African Union (AU) into the G20 as a full member. Shri Goyal noted that India’s efforts to raise African issues in various global forums, marks the beginning of a strengthened partnership between India and Africa. Shri Goyal concluded by emphasizing the potential of a resurgent Africa and a rising India to give strong impetus to South-South cooperation. He called on developing and less developed countries to aspire to bigger goals and work together for the prosperity and wellbeing of their people, aligning with India’s goal of becoming a developed nation by 2047.
Source: PIB
India and Africa should target doubling two-way trade to $200 billion in seven years and try and include more African countries in the partnership so that its full potential is reached, Commerce & Industry Minister Piyush Goyal has said. As many as 33 African countries do not participate in India’s Duty-Free Tariff Preference (DFTP) scheme for Least Developed Countries and they should take advantage of the scheme, the Minister said, addressing the Special Plenary with Trade Ministers at the 19th CII India Africa Business Conclave in New Delhi on Wednesday. “Can we look at getting more and more countries to enjoy the fruits of this partnership and set a benchmark to double this trade number from $100 billion to $200 billion between India and Africa. I think we should look at doing that in seven years,” Goyal said. Deeper ties The Minister pitched for deeper India-Africa bilateral partnerships in areas like critical minerals, entertainment, and added that technology-led cooperation in agriculture will strengthen the food security of both regions. Goyal said that Africa can compliment India’s need for critical minerals needed for sectors like EV. “He emphasised the importance of sustainable mining practices and the value addition to minerals in both India and Africa through joint partnerships,” per a press statement. On the issue of food security, the Minister said India could contribute significantly to Africa’s agriculture sector and proposed collaboration in plantation sectors in Africa for export to India. India’s strengths in agriculture, pharmaceuticals, textiles, automobiles, and renewable energy align with Africa’s development needs, Goyal said. He also noted that Africa’s strengths in mining, tourism, agricultural products, and manufactured goods complement India’s growth requirements. The focus, he said, should be on equitable trade. Goyal offered the use of India’s digital public infrastructure to drive deeper technology penetration in Africa, enhancing financial inclusion, social sector development, transparency, digitalisation and job creation. Focussing on the entertainment sector as an area with significant potential for mutual collaboration, Goyal cited the example of Kili Paul from Tanzania, who gained popularity globally by engaging with Bollywood music.
Source: The Hindu
India and Sri Lanka have several key trade agreements specifically focusing on the apparel and textile sectors, aimed at promoting bilateral trade and investment in these industries. The textile trade between India and Sri Lanka, involving both large-scale manufacturers and SMEs, has become a vital component of the inter-country industry dynamic. Today, the textile sector serves as a significant pillar for their bilateral trade, propelled by Sri Lanka’s ethical manufacturing practices and skilled workforce, complementing India’s diverse industrial expertise. This symbiotic collaboration fosters
growth and innovation in both nations’ textile industries.
Companies engaged in textile trade
India and Sri Lanka have a deep-rooted history of collaboration in the textile and garment sector, driving mutual growth. For instance, Brandix, a leading apparel manufacturer with a strong presence in both Sri Lanka and India, stands as a prime example of leveraging cross-border collaborations to drive mutual growth and prosperity. Brandix has strategically partnered with several Indian stakeholders to establish a 1000-acre vertically integrated Manufacturing Park in the state of Andhra Pradesh. Additionally, within the park, three other Sri Lankan companies – Teejay, specialising in weft knitted fabric manufacturing; Econopack, focused on the production of corrugated boards and cartons; and Shore To Shore (Pvt.) Ltd., providing brand identification and packaging solutions–are also operational.
Sri Lankan womenswear and accessories brand Avirate entered the Indian market, following a host of international brands that are betting on the buregeoning lifestyle segment. In 2021 Reliance Retail Ventures Limited (RRVL) acquired the ‘amante’ umbrella brand from MAS Brands, a wholly-owned subsidiary of MAS Holdings, Sri Lanka. Aditya Birla Fashion and Retail Ltd.’s clothing brand Peter England forayed into the Sri Lankan market with an exclusive outlet in Colombo in 2016. Furthermore, Ensemble, a multi-brand luxury Indian fashion retailer, introduced the Sri Lankan womenswear brand KT Brown to India, exclusively launching the label in-store and online. Aitken Spence Apparel, a wholly-owned subsidiary of Aitken Spence, serves as a key partner for Reliance Industries (RIL), sourcing raw materials from India and selling finished products back to Reliance for domestic and export markets. First Steps Babywear ventured into Sri Lanka in 2018. Similarly, babywear manufacturer Jay Jay Mills also has a manufacturing unit in Sri Lanka. Additionally, Krishna Lamicoat Pvt. Ltd., an Indian manufacturer of papers/polyfilm for CAD-CAM operations, has a manufacturing unit in Colombo.
Recently, MAS Amity Pte. Ltd., a subsidiary of MAS Holdings, signed a joint venture agreement with Tata Group’s Trent for the joint development of intimatewear business in India.
Key trade agreements between India and Sri Lanka
India and Sri Lanka have several key trade agreements specifically focusing on the apparel and textile sectors, aimed at promoting bilateral trade and investment in these industries. One of the most significant agreements in this regard is the India-Sri Lanka Free Trade Agreement (ISFTA), which came into effect in 2000. Under this agreement, both countries agreed to reduce or eliminate tariffs on a wide range of goods, specifically textile and apparel traded between them, facilitating greater market access and promoting bilateral trade and investment. Additionally, the Comprehensive Economic Partnership Agreement (CEPA) between India and Sri Lanka was proposed to further enhance economic ties by addressing non-tariff barriers and promoting services of trade and investment. However, negotiations on CEPA have faced challenges and the agreement is yet to be finalised.
Furthermore, India and Sri Lanka are also members of regional trade blocs such as the South Asian Free Trade Area (SAFTA) and the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), which include provisions for trade in textiles and apparel amongst member countries. These regional agreements complement bilateral agreements and contribute to the overall promotion of trade and investment in the apparel and textile sectors in the region.
While existing trade agreements have laid the foundation for bilateral trade between India and Sri Lanka, there is indeed a need for more agreements to further boost trade and economic cooperation. For example, expanding the scope of existing agreements such as ISFTA to include more products and sectors can help diversify trade and enhance economic integration between India and Sri Lanka. Similarly, finalising agreements like CEPA, which focus on addressing non-tariff barriers and promoting services trade, can unlock new opportunities for both countries.
Facilitating trade: Sri Lanka opens vostro accounts in India
Sri Lanka, amongst eight nations, initiates vostro accounts in India, streamlining trade in rupees. This eases fabric imports for Sri Lankan garment units, boosting their access to Indian markets. India’s rupee-centric trade policy has gained traction globally. Eight countries, including Sri Lanka, have opened 50 Special Rupee Vostro Accounts (SRVA). This facilitates Indian importers to transact in rupees, easing payment processes and reducing reliance on the US dollar. With Sri Lanka adopting this approach, its garment units have gained enhanced access to the Indian market. This shift proves beneficial amidst Sri Lanka’s recent economic crisis, aiding its fabric imports from India, which saw a notable surge to US $ 593.261 million in 2022, up from US $ 565.848 million in 2021.
India offers a great manufacturing base
India boasts a robust manufacturing base, particularly evident in its significant presence within the global textile and apparel market. The country’s textile and apparel sector is not only substantial but also positioned for rapid expansion in the foreseeable future. With India being the fastest-growing major economy globally and experiencing a burgeoning middle-class, coupled with increasing urbanisation and brand consciousness, the demand for fashion is growing. Consequently, the market is increasingly inclined towards high-quality products offered at competitive prices. Moreover, India presents a conducive business environment for investment, a fact affirmed by our first-hand experience. A testament to this is Brandix India Apparel City (BIAC) in Atchutapuram Mandal, Visakhapatnam, Andhra Pradesh, which exemplifies successful apparel operations by an international entity within India.
Brandix’s decision to invest in India has been propelled by several factors. Firstly, the unwavering support of the State Government, coupled with the early recognition of the potential of ‘Made in India’ by its clientele, have played a pivotal role. Location too has helped in this decision-making process, encompassing considerations such as factor costs, power and water supply stability, worker availability and training, market accessibility and the imperative for customers to diversify their sourcing locations. The chosen location, initially a greenfield site, offered a surplus of individuals eager to partake in the apparel industry – a significant motivating factor for us. Then the Government’s commitment to developing essential infrastructure, including water, power and road networks leading to the industrial park, further facilitated our endeavour. By laying a strong foundation and collaborating with the right partners, we anticipated leveraging India’s inherent potential to scale up operations – a foresight that proved accurate. Furthermore, we have personally undertaken the training of over 80,000 individuals from the vicinity, with women comprising a substantial 80 per cent of our workforce. To sum it up, India and Sri Lanka’s textile partnership fuels economic integration, leveraging strengths for industry growth. Expanding agreements and investing in infrastructure and skills will ensure continued success.
Source: Apparel Resource
India’s Andhra Pradesh state will release a new textile and garments policy to attract substantial investments in the sector, which the government has identified as a key driver for jobs and economic growth, according to state textile minister S Savitha. She said this while addressing a video conference with textile industry leaders from the secretariat recently. She said the textile industry is keen on investing in the state and the government has been working to foster a conducive environment for attracting investments. She said many industrialists had fled the state or shut down operations during the previous government’s tenure, according to media reports from the state. There are many opportunities to set up textile units in agro textiles, geo textiles and mobile textiles sub-sectors in the state, she said. She said the state ranks second in the country in silk production, sixth in cotton production and seventh in jute production. There are nine textile and apparel parks in the state, including three in the private sector.
Source: The Hindu
India's economy is projected to grow to $55 trillion by 2047 if the country is able to register an average real growth rate of 8 per cent in the coming years which is an ambitious but achievable target, IMF executive director Krishnamurthy V Subramanian has said. Speaking at a media event in New Delhi, he said that 8 per cent is achievable, given the country's demographics and Government policies that have been implemented to drive up the growth rate over the past 10 years like the public digital infrastructure, innovation and entrepreneurship. "If you take entrepreneurship, World Bank data shows that new firm creation surged from 2014 onwards. As a result, India has the third-largest entrepreneurial ecosystem in the world, which will help with the productivity growth in the formal sector," he said. He further stated that formalisation of the economy which is taking place at a fast pace, will lead to higher productivity as between two-thirds to three-quarters of the Indian economy is informal, and informal sector firms are far less productive than formal sector companies. "Formalisation is going to be a key driver for productivity growth in India, which is already happening through the (vast) public digital infrastructure," he added. Answering a question on the World Bank's claim that India will take 75 years to reach onefourth of the US's per capita income, the top IMF official said that the definition of middle income is quite wide and even if a nation increases its GDP per capita by two, three, or four times, it remains trapped in the middle-income trap. He also emphasised on manufacturing growth being critical to countries to escape middleincome trap and highlighted the importance of having a sunset clause for subsidy schemes provided to the industry. Last month, the IMF raised India's GDP growth forecast for 2024-25 to 7 per cent from 6.8 per cent earlier on the back of "improving private consumption, particularly in rural India." "The forecast for growth in India has also been revised upward, to 7 per cent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas," the IMF said in its World Economic Outlook report.
Source: NDTV
Bhubaneswar: As many as 14 textile units are defunct in Odisha, informed Handlooms, Textiles & Handicrafts Minister Pradeep Bal Samanta in the State Assembly on Wednesday. Responding to a query by BJD MLA from Jaleswar Aswini Kumar Patra, in a written reply Bal Samanta said that out of the 14 defunct textile units, six are spinning mills and eight are power looms. The Minister further informed that no information is available on how many persons have been left unemployed due to the closure of the textile units.
Source: ommcomnews
Uzbekistan recently discussed with Poland ways to raise export of textile products to the latter and adapt modern Polish technologies. An Uzbek delegation, including representatives from the ministry of investments, industry and trade and textile companies, was on a visit to Poland to strengthen economic relations. The delegation visited wholesale trade complex GD Poland International near Warsaw and held discussions with its president Felix Wang as well as Janusz Piechocinski, president of the Poland-Asia Chamber of Commerce. Both sides agreed to open a store for Uzbek textiles and footwear in this wholesale trade complex, where special discounts and rental benefits would be offered to the Uzbek side. The delegation also visited the Union of Polish Weavers and major companies like yarn manufacturer Legs, Przedsiebiorstwa Produkcyjno Handlowo Uslugowego (PPHU) and Jola Styl, according to Uzbek media reports. A joint business discussed the potential relocation of Bangladesh company Rusinagency and Ukraine’s Arlen Textile Group to Uzbekistan, as well as the implementation of new technologies and innovations to modernise Uzbekistan’s light industry. Uzbek enterprises Uztex Group, Aisha Home Textile, Korajon Textile and Parvoz Humo Ravnaq Trans signed agreements with Poland-based Rusinagency, Arlen Textile Group, Legs, PPHU, Jola Styl, SWP, Ptak and Colorinvest for the supply of yarn, gauze, knitwear, underwear and home textiles to Poland.
Source: Fibre2fashion
Turkiye’s Monetary Policy Committee has decided to keep the policy rate, known as the one-week repo auction rate, steady at 50 per cent. This decision comes amidst ongoing concerns about inflation, despite a slight rise in the underlying trend of monthly inflation in July, which remains below the second-quarter average. The committee's analysis indicates that domestic demand continues to slow down in the third quarter of 2024, contributing to a reduction in the inflationary impact. Goods inflation is showing a downward trend; however, the high level of inflation expectations and geopolitical developments are sustaining inflationary risks. The committee underscored the increasing importance of aligning inflation expectations and pricing behavior with projections to support the disinflation process, the Central Bank of the Republic of Turkiye said in a press release. The Monetary Policy Committee reaffirmed its commitment to a tight monetary stance, which it believes will curb the underlying trend of monthly inflation. This approach is expected to moderate domestic demand, strengthen the Turkish lira, and improve inflation expectations, thereby reinforcing the disinflation process. Considering the delayed effects of previous monetary tightening, the committee opted to keep the policy rate unchanged but reiterated its heightened vigilance towards inflation risks. The current tight monetary stance will be maintained until a significant and sustained reduction in the underlying trend of monthly inflation is achieved, and inflation expectations align with the projected forecast range. The committee also indicated that it is prepared to tighten monetary policy further if a significant and persistent deterioration in inflation is anticipated. In response to potential unforeseen developments in credit and deposit markets, the committee is prepared to bolster the monetary transmission mechanism through additional macroprudential measures. It continues to assess liquidity conditions in light of future developments and will employ sterilisation tools effectively, the release added. Looking forward, the committee will make policy decisions aimed at fostering the necessary monetary and financial conditions to ensure a decline in the underlying trend of inflation, with the goal of reaching a 5 per cent inflation target in the medium term. The committee will closely monitor indicators of inflation and the underlying trend, and it remains committed to decisively using all tools at its disposal to achieve price stability.
Source: Fibre2fashion
The Phipppine central bank (BSP) and the National Bank of Cambodia (NBC) recently signed a memorandum of understanding (MOU) to foster closer cooperation. BSP governor Eli Remolona Jr. and NBC counterpart Chea Serey signed the agreement in Siem Reap, Cambodia, where a high-level meeting between both the banks discussed macroeconomic and financial developments and outlook, developments related to payment systems, artificial intelligence, cybersecurity and sustainable finance, and opportunities for further cooperation in these areas, a news agency reported. The bilateral meeting and the MoUs are expected to encourage further collaboration in central banking, payment connectivity and innovation, digital financial innovation, banking supervision and human resource development.
Source: Fibre2fashion
