APRIL 20268TOP STORIESThe two companies recently signed a joint development agreement to design and build vehicles suited to Indian roads and usage patterns. The collaboration brings together Hyundai's global expertise in electric mobility and advanced technologies with TVS Motor's strong manufacturing base and deep understanding of the Indian market.As part of the partnership, Hyundai will focus on design, innovation, and research, while TVS Motor will lead local manufacturing, engineering, and distribution. This approach ensures the vehicles remain cost-effective and relevant for domestic users. India and South Korea have set an ambitious India South Korea trade USD 50 billion target by 2030, aiming to nearly double current trade levels as both countries move to strengthen economic ties amid rising global uncertainty.The decision follows high-level talks focused on boosting cooperation in key sectors while addressing disruptions caused by ongoing tensions in West Asia.The two sides agreed to upgrade their existing Comprehensive Economic Partnership Agreement (CEPA) within the next year to unlock greater market access and remove trade barriers.Officials stressed that expanding bilateral trade will rely heavily on collaboration in critical and emerging technologies, including semiconductors, artificial intelligence, electric vehicle batteries, and clean energy. A major new investment in India's steel sector is set to boost the country's manufacturing growth, as POSCO and JSW Steel come together for a large joint venture.The two companies have agreed to invest about $7.3 billion (10.7 trillion won) to build an integrated steel plant in Odisha. The facility will have a planned production capacity of 6 million tonnes per year and is expected to be completed by 2031.Both partners will hold equal stakes in the project, combining POSCO's advanced technology with JSW Steel's strong presence in the Indian market. The plant will be fully integrated, meaning all stages of steel production will take place at one location, helping improve efficiency and reduce costs. India is increasing its domestic production of oil and gas to reduce the impact of the ongoing West Asia crisis, Reserve Bank of India (RBI) Governor Sanjay Malhotra said, outlining the country's efforts to manage energy supply risks and protect the economy.Speaking at Princeton University, Malhotra explained that the tensions in West Asia carry serious implications for India. The region is vital for the country's energy security, trade, and remittances. A large share of India's crude oil imports comes from this region, making any disruption a matter of concern.To address this, India has stepped up domestic oil production while also looking at import diversification. This approach is aimed at reducing dependence on a single region and ensuring a steady supply of energy. Malhotra reassured that India has sufficient oil reserves and there is no immediate shortage. However, he noted that some level of gas rationing has been necessary for industries. India's push for industrial land reforms gathered pace today as Confederation of Indian Industry (CII) proposed a sweeping set of changes to fix long-standing issues in land access that continue to slow manufacturing growth.The industry body flagged that delays, unclear titles, and fragmented state-level rules are holding back investments and increasing project risks.CII called for the creation of a national digital platform that would function as a land bank, offering real-time data on available industrial land, ownership details, and zoning Hyundai Motor Company and TVS Motor Company have finalised a plan to jointly develop electric three-wheelers, aiming to strengthen clean mobility and last-mile transport in India.INDIA-SOUTH KOREA TRADE TARGET SET AT USD 50 BILLION BY 2030POSCO-JSW STEEL PROJECT TO STRENGTHEN INDIA'S MANUFACTURING PUSHHYUNDAI & TVS PARTNER TO DEVELOP ELECTRIC THREE-WHEELERSINDIA BOOSTS OIL & GAS OUTPUT AMID WEST ASIA CRISIS: RBICII CALLS FOR INDUSTRIAL LAND REFORMS TO ATTRACT INVESTMENT
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