Union Commerce and Industry Minister Piyush Goyal met South Africa’s Minister of Trade, Industry and Competition Parks Tau to discuss ways to expand economic cooperation between the two countries. The meeting, held on the sidelines of the BRICS Trade Ministers’ Meeting, focused on strengthening bilateral trade ties and exploring new opportunities in key sectors, including manufacturing, pharmaceuticals and critical minerals.

Sharing details of the discussion on social media platform X, Goyal said both sides reviewed progress on the proposed India-Southern African Customs Union (SACU) Preferential Trade Agreement (PTA). The ministers also discussed finalising the Terms of Reference (ToRs) and working towards an early conclusion of negotiations.

The talks come as India hosts the BRICS Trade Ministers’ Meeting in Jaipur under its BRICS India 2026 Presidency. The gathering brings together member countries to promote greater trade cooperation, develop stronger supply chains, encourage innovation and support sustainable industrial growth.

India and South Africa share a long-standing strategic partnership that covers areas such as trade, investment, defence, science and technology, education and cooperation in international platforms like BRICS and IBSA. The SACU Secretariat in Namibia has already shared the draft Terms of Reference for discussions with India’s Department of Commerce, marking another step in the ongoing efforts to advance the proposed trade agreement.

The latest meeting highlights both countries’ focus on expanding economic engagement beyond traditional trade areas. Cooperation in critical minerals, pharmaceuticals and manufacturing has gained importance as nations look to secure reliable supply chains and strengthen industrial capabilities. The discussions also reflect India’s broader effort to deepen economic partnerships with BRICS nations during its presidency, with trade ministers focusing on building resilient value chains, encouraging innovation and supporting sustainable economic development.
Disclaimer: This image is taken from X/@PiyushGoyal.

Shipping activity through the Strait of Hormuz slowed further on August 3, while vessel movements across the Bab el-Mandeb Strait dropped to their lowest level since June 1, reflecting renewed concerns over maritime security, according to a report by S&P Global. The report, based on data from S&P Global MINT and S&P Global Commodities at Sea, said the number of vessels crossing the Strait of Hormuz fell to 15 on August 3, down from a revised total of 19 recorded the previous day.

It also highlighted a new security incident in the region. According to the report, the UK Maritime Trade Operations (UKMTO) center received information on the evening of August 3 that an unidentified projectile struck a cargo ship around 20 nautical miles northeast of Khasab, Oman. S&P Global further noted that five vessels conducted "dark transits" through the Strait of Hormuz, meaning they traveled without broadcasting visible tracking signals. Of the vessels crossing the strait, eight were identified as having links to Iran, while the remainder were considered compliant with monitoring requirements.

At the U.S. naval blockade line, analysts recorded 39 vessel movements on August 3, including 18 inbound and 21 outbound crossings. Among them, the Handysize tanker REEF was the only vessel classified as non-compliant after altering course toward the Omani port of Shinas. Shipping activity through the Bab el-Mandeb Strait declined sharply. The report said only 21 vessels passed through the strategic waterway on August 3, a steep drop from 36 crossings the previous day and the lowest daily traffic level observed during the current reporting period since June 1.

Of those transits, nine vessels were traveling northbound while 12 headed south toward the Gulf of Aden. Three ships were also found to be moving without visible tracking signals. The report added that only three vessels operating in the area were assessed as Saudi-linked. These included ships carrying or expected to load Saudi-origin cargo, Saudi-flagged vessels, or ships connected to Saudi Arabia through ownership, operations, or recent port calls.
Disclaimer: This image is taken from Reuters.

India is losing an estimated 4.3% of its Gross Domestic Product (GDP)—equivalent to nearly $180 billion (₹14.1 trillion) every year due to corrosion, according to a new report by the Nomura Research Institute (NRI). The study highlights that sectors such as infrastructure, transportation, power, and telecommunications are bearing the largest share of these losses, underscoring the growing economic impact of deteriorating public assets.

In its report, Built to Last: Adopting Global Best Practices to Reduce Corrosion Losses in India's Infrastructure, NRI notes that the global average economic loss from corrosion is around 3.4% of GDP, significantly lower than India's figure. The report estimates that implementing effective corrosion prevention and management strategies could raise India's GDP by nearly 1.5%, resulting in annual savings of about $63 billion (₹5 trillion).

The report argues that corrosion should no longer be viewed merely as an engineering concern but as a national economic and policy issue. With India investing heavily in highways, railways, affordable housing, renewable energy, and other large infrastructure projects, improving the durability of these assets has become increasingly important. According to the study, prioritising long-term asset performance over lower upfront construction costs could substantially reduce maintenance expenses and replacement costs in the years ahead.

The findings come as India continues its rapid economic expansion. The country's GDP reached approximately $4.2 trillion in FY26, supported by steady annual growth of 6–7% over the past decade. The government is aiming to transform India into a $5 trillion economy in the near future and eventually achieve a $30–40 trillion economy by 2047 under its Viksit Bharat vision. However, the report warns that rapid urbanisation, industrial growth, and large-scale infrastructure development are also increasing the country's exposure to corrosion, placing greater pressure on public finances through higher maintenance costs and shorter asset lifespans.

Infrastructure emerges as one of the most vulnerable sectors in the report. NRI points out that many engineering and procurement practices in India continue to focus on minimising initial construction costs rather than ensuring the long-term durability of assets. As a result, corrosion is accelerating the deterioration of roads, bridges, buildings, and other public infrastructure, leading to more frequent repairs and higher replacement costs.

The report also identifies the power sector as the industry most severely affected by corrosion, with losses estimated at 10.1% of its sectoral GDP. As India rapidly expands its renewable energy capacity and electricity transmission network, stronger corrosion protection measures will be essential to improve reliability and extend the lifespan of critical infrastructure.

India's telecommunications sector also faces significant challenges. With more than 813,000 telecom towers supporting nearly 2.95 million base transceiver stations, the report recommends expanding corrosion protection beyond primary structural components to include auxiliary equipment. It also calls for regular inspection and maintenance programmes to enhance the durability of telecom infrastructure.

For Indian Railways, corrosion is estimated to cause annual losses of around $3 billion (₹23,788 crore). The report suggests replacing traditional repainting methods with long-lasting corrosion protection systems while adopting preventive maintenance and better material selection to reduce maintenance costs and extend the service life of railway assets. Beyond these sectors, the report also highlights the impact of corrosion on buildings, roads, bridges, and the automotive industry. It argues that as India's infrastructure continues to expand, engineering standards, maintenance practices, and procurement policies must evolve to focus on lifecycle performance rather than just initial investment.

The study concludes that tackling corrosion is not simply about reducing maintenance costs but about protecting national investments and supporting long-term economic growth. By adopting global best practices in corrosion management, improving preventive maintenance, and designing infrastructure with durability in mind, India could significantly reduce economic losses while ensuring better returns on its massive public infrastructure spending.

Disclaimer: This image is taken from Canva.

The Union Cabinet, led by Prime Minister Narendra Modi, on Friday approved the "Samudra Manthan" National Offshore Exploration Scheme, a major initiative worth ₹84,084 crore aimed at strengthening India's offshore energy sector. The programme, to be implemented by the Ministry of Petroleum and Natural Gas (MoPNG), will remain in effect until 2030-31.

Designed to unlock India's offshore hydrocarbon resources, the scheme focuses on expanding exploration through advanced seismic surveys, data processing and interpretation, as well as faster exploration drilling in deepwater and ultra-deepwater regions. It also includes scientific drilling in unexplored sedimentary basins, development of shared offshore production and evacuation infrastructure, and the creation of an integrated Oil and Gas Manufacturing and Services Zone.

According to the government, Samudra Manthan represents a significant milestone in strengthening India's energy security. It is expected to boost domestic oil and gas exploration, encourage technological innovation, and contribute to the broader vision of Viksit Bharat by enhancing the country's self-reliance in the energy sector.

Beyond exploration activities, the scheme provides dedicated support for digital programme management, skill development, adoption of modern technologies, stakeholder collaboration, and global outreach. These measures are intended to build a comprehensive ecosystem that accelerates offshore exploration and production across the country.

Officials estimate that the initiative could help add more than 600 million tonnes of oil equivalent (MTOE) to India's reserves. It is also expected to increase offshore exploration activity, raise domestic crude oil and natural gas production, generate employment opportunities, strengthen indigenous manufacturing capabilities, and promote the growth of offshore technology and service industries. The programme is also likely to attract substantial investments throughout the exploration and production value chain, creating long-term opportunities for businesses while supporting innovation and economic expansion.

Industry experts believe the initiative reflects the government's strong commitment to revitalising India's exploration and production (E&P) sector. By reducing geological risks and improving access to reliable exploration data, the scheme could pave the way for new hydrocarbon discoveries and encourage greater participation from private investors.

Rajnish Gupta, Partner in the Tax and Economic Policy Group at EY India, said the emphasis on shared production and evacuation infrastructure is particularly significant. He noted that such infrastructure can improve the commercial viability of offshore projects by lowering development costs, making even smaller discoveries economically feasible. According to him, this approach will support India's efforts to reduce its dependence on energy imports while building a stronger and more resilient energy ecosystem.

The approval of Samudra Manthan comes as part of a broader series of reforms undertaken by the government in the upstream oil and gas sector. These measures include opening nearly all offshore acreage for exploration, updating the legal and contractual framework governing exploration activities, and enhancing the National Data Repository to improve access to geological information for investors and exploration companies.

Disclaimer: This image is taken from Bloomberg.

On the July 13 edition of Open For Business, Andrea Heng and Hairianto Diman spoke with Mel Siew, Head of Asia Public Credit at Muzinich & Co., to examine the latest market trends. The discussion covered the resilience of Asian credit markets, growth opportunities in AI infrastructure, and the potential inflationary impact of rising oil prices on the global economy.

Disclaimer: This podcast is taken from CNA.

On the 2 July episode of Open For Business, Andrea Heng and Hairianto Diman sit down with Lorraine Tan, Morningstar's Director of Equity Research for Asia, for an in-depth analysis of the markets.

Disclaimer: This podcast is taken from CNA.

In a world increasingly dominated by digital wallets and quick online payments, cash is often viewed as outdated. Yet, for many people — from elderly citizens concerned about digital scams to families making everyday purchases at hawker centres — physical money remains a dependable and familiar way to pay. Andrea Heng and Hairianto Diman explore the importance of creating a payment ecosystem that remains accessible and inclusive for all. They speak with Wong Wanyi, FinTech Leader at PwC Singapore, about the role of cash in a rapidly changing financial landscape.

Disclaimer: This podcast is taken from CNA.

A decade after the Brexit referendum, the United Kingdom is again facing a leadership transition, with the departure of Prime Minister Keir Starmer set to bring the country its seventh prime minister in just over 10 years. This frequent turnover reflects the ongoing political instability linked to the long-term effects of the Brexit. As nominations open on 9 July and a new prime minister is expected by September, analysts are examining what this latest leadership crisis reveals about Brexit’s lasting impact on British politics and governance, including insights from political analyst Alexander Hilton of Skystamper.
Disclaimer: This podcast is taken from CNA.