European trade regulation to impact more sectors?

Dear Readers

Welcome to our latest edition of the Business Bytes Newsletter! This issue covers key developments including:

• EU Green Trade Regulations: Starting January 2026, exporters to the EU must comply with new sustainability requirements under the Ecodesign for Sustainable Products Regulation (ESPR).
• India’s Offshore Wind Projects: The Union Cabinet has approved the country's first 1 GW offshore wind projects in Gujarat and Tamil Nadu.
• Global Port Rankings: Nine Indian ports are now in the top 100 of the Container Port Performance Index.

Stay informed with the latest in sustainability, infrastructure, and economic policies.

EU widens ambit of its green regulations on trade

From January 2026, exporters to the European Union (EU) will face increased compliance burdens due to the Ecodesign for Sustainable Products Regulation (ESPR). The EU has mandated that eight key products - iron and steel, aluminium, textiles, furniture, mattresses, tyres, detergents, paints and lubricants - entering its member countries must include detailed information to demonstrate their sustainability.

India's first offshore wind projects approved

The Union Cabinet has greenlit India's inaugural 1 GW offshore wind energy projects, split between Gujarat and Tamil Nadu, with a Rs 7,453 crore investment. This landmark initiative aims to generate 3.72 billion units of renewable electricity annually, significantly reducing CO2 emissions.

FACT OF THE DAY

The term sustainable development has its most known roots in the 1987 Brundtland Report which officially defined sustainable development for the first time. The report, formally known as "Our Common Future," defined sustainable development as:

"Development that meets the needs of the present without compromising the ability of future generations to meet their own needs."

Indian ports excel in global rankings with nine in Top 100

Nine Indian ports have secured positions in the global top 100 rankings in the latest Container Port Performance Index (CPPI). Visakhapatnam Port ranked 19th and Mundra Port 27th, showcasing significant efficiency improvements. Union Shipping Minister Sarbananda Sonowal hailed this as a tremendous achievement for Indian ports. Seven other Indian ports also ranked in the top 100.

Cabinet approves Rs 76,220 crore mega sea port on west coast

The Union Cabinet approved the construction of a Rs 76,220 crore all-weather greenfield deep draft major port in Vadhavan, Maharashtra, which, when completed, will be one of the world's top ten ports, on June 19, 2024.

HIGHLIGHT OF THE DAY

The government monetised assets worth ₹1.56 lakh crore in 2023-24 as against the target of ₹1.8 lakh crore under the National Monetisation Pipeline (NMP), taking the total monetisation to ₹3.85 lakh crore in three years since the launch of the programme in 2020-21, NITI Aayog said on Wednesday.

Cabinet approves hike in MSP of 14 crops for 2024-25 kharif season

The Cabinet has approved a hike in the minimum support prices (MSP) for 14 crops for the 2024-25 kharif season (July-June), with increases ranging from 1.4% to 12.7%. Notably, the MSP for paddy, the main summer crop, has been raised by a modest 5.35%, setting it at Rs 2,300 per quintal.

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