August 2020
11:37 AM IST
News Headlines
Sports Minister Rijiju to launch Fit India Freedom Run on Friday        Hoping to get the speed gun up, Starc works on muscular body during COVID lockdown        SpiceJet offers automated customer service and check-in facility on WhatsApp        Sebi issues procedure for exchanges to handle investor complaints against listed cos        Experts warn Spain is losing the 2nd round in virus fight        Bhutan imposes 1st nationwide virus lockdown        Pilot meets Gehlot, handshake signals his return        Over 3 Cr N95 masks, 1.28 Cr PPEs, 10 Cr HCQ tablets given to states, UTs by Centre for free        Bengal govt encourages organ donation: Mamata        PM unveils new tax reforms - faceless tax assessment, taxpayers' charter        Virus outbreak threatens New Zealand's fan-filled stadiums        Lahiri back in action after 5 months, joins Atwal at Wyndham        HAL s Light Combat Helicopters deployed for operations at Leh        Sensex falls over 200 pts in early trade; Nifty below 11,300        Black women, Democrats celebrate Indian-origin Senator Harris' nomination as VP        Joe Biden names Indian-American Senator Kamala Harris as running mate        Biden 'nailed this decision' in picking Harris to be his running mate: Obama        Terrorist gunned down, soldier killed in encounter in J-K's Pulwama        Mulayam Singh Yadav's condition under control: Hospital        COVID-19: 60,963 fresh cases take India's tally to 23,29,638        
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International News
S Africa highlights plans for economic growth post COVID-19
Johannesburg: South Africa's Trade and Industry Minister Ebrahim Patel has highlighted a slew of measures to grow jobs and production in critical industries post the COVID-19 pandemic, which has ravaged the economy.

Patel, while presenting his department's budget vote in Parliament, outlined the actions taken to protect the key sectors.

Together with the leaders of business and labour, we have forged consensus on the masterplans in four sectors - auto production, clothing and textiles, poultry, and sugar, Patel told Parliament on Friday.

From July last year, the South African Revenue Services has seized 550 shipping containers of illegally-imported and undervalued clothing and footwear, to protect local industries and entrepreneurs, he said.

In February this year, we increased tariff protection for poultry farmers against unfair foreign competition, protecting the local industry and local jobs, Patel said.

In March, local retailers committed to buy 80 per cent of their sugar locally over the next year, growing further in future years, whilst local farmers and millers agreed to price restraint in this period, the minister said, adding that the automotive industry in the country has performed exceptionally well.

We reached a new record of almost 390,000 locally-made cars that we exported to the rest of the world. Thousands of jobs were sustained in the making of those cars in factories in Uitenhage, Nelson Mandela Bay, eThekwini, Buffalo City and Pretoria, he said.

An agreement has been reached with the UK to maintain access for South African products in its market after Brexit and the country has also worked hard to build the African Continental Free Trade Area as the foundation for a long-term growth, the minister said.

South Africa is well-positioned to become a major supplier of industrial goods and value-added services to the continent, he said.

Patel said that COVID-19 has exposed the fragility in the global economy.

To prepare for the post-COVID world, we will strengthen efforts around reconstruction and recovery, including broader pacts with workers and businesses, focused on saving many firms and jobs; identifying new opportunities; embracing digital technologies to recover and change; and addressing economic inclusion with greater urgency, he said.

The quest for competitiveness must be balanced with the need to nurture economic resilience, the ability of economies to respond to risks that an open and integrated world present; be they to digital systems, or from climate change, or to food security or the spillover of trade wars raging elsewhere, or indeed from pandemics, Patel said.

History suggests that from the greatest human crises, the greatest human advances can be made.

So, in the darkest hour, we must prepare for a brighter future at the heart of which must lie a new economy fit for future purpose, fair and just, sustainable and resilient so that future shocks can be absorbed, the minister added.

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