Synopsis The government announced the PLI (production-linked incentive) scheme in 2021 for as many as 14 sectors, such as telecommunication, white goods, textiles and pharma with an outlay of Rs 1.97 lakh crore. The government has disbursed only Rs 2,900 crore till March 2023, out of Rs 3,400 crore claims received. New Delhi: The government on Tuesday assured beneficiaries of the Production Linked Incentive scheme to resolve their issues, if any so that they can avail the PLI benefits on time, an official said. Certain technical issues were flagged by industry players during a workshop held by the commerce and industry ministry on the PLI schemes. The objective of the workshop was to take stock of the progress and success stories of each scheme, which was rolled out for as many as 14 sectors, the official said. Besides, the ministry also sought feedback and suggestions from the beneficiaries and views from industry associations. The meeting was chaired by Commerce and Industry Minister Piyush Goyal. The government announced the PLI (production-linked incentive) scheme in 2021 for as many as 14 sectors, such as telecommunication, white goods, textiles and pharma with an outlay of Rs 1.97 lakh crore. The government has disbursed only Rs 2,900 crore till March 2023, out of Rs 3,400 crore claims received. "It was suggested to the beneficiaries to approach the department for the promotion of industry and internal trade (DPIIT) and line ministries for their issues," the official added. All the beneficiaries welcomed the scheme and stated that it is helping in boosting the country's manufacturing. Apart from industry associations and companies, representatives of Export Promotion Councils also participated in the workshop. Four Project Management Agencies of the scheme also presented their insights on the scheme implementation. The Industrial Finance Corporation of India is handling 10 sectors under the PLI, Small Industries Development Bank of India two schemes, Metallurgical and Engineering Consultants and IREDA and Solar Energy Corporation of India are managing one sector each. The incentives for each sector run for five years and as new sectors have been added to it over time the scheme will run till 2028. Of the 14 sectors, the scheme is fast picking in eight sectors - large-scale electronics, telecom, pharmaceuticals, food processing, white goods, and auto and auto components. Sectors, where there were issues in taking off the scheme, include High Efficiency Solar PV Modules, Advance Chemistry Cell (ACC) Battery, Textile Products and Specialty Steel.
Source: Economic Times
Synopsis India's current account deficit narrowed sharply in the January to March quarter, mainly on the back of a moderation in the trade gap and an increase in services exports. The current account balance saw a deficit of 2 per cent of GDP in FY23, as opposed to a deficit of 1.2 per cent in FY22 as the trade deficit widened to $265.3 billion from $189.5 billion a year ago. India's current account deficit (CAD) narrowed in the last quarter of the previous fiscal owing to a moderation in the trade gap and an increase in services exports, Reserve Bank of India data showed on Wednesday. CAD narrowed to $1.3 billion or 0.2% in the last quarter of FY23 from $16.8 billion or 2% of GDP in Q3 and $13.4 billion in Q4FY22. CAD is a key indicator of the balance of payment of a country. "The sequential decline in CAD in Q4FY23 was mainly on account of a moderation in the trade deficit to $ 52.6 billion in Q4FY23 from $71.3 billion in Q3FY23, coupled with robust services exports," RBI said. The current account balance saw a deficit of 2 per cent of GDP in FY23, as opposed to a deficit of 1.2 per cent in FY22 as the trade deficit widened to $265.3 billion from $189.5 billion a year ago. "Net invisible receipts were higher in FY23 due to the increase in net exports of services and net private transfer receipts, even though net income outgo was higher than a year ago," the central bank said. Meanwhile, net foreign direct investment (FDI) stood at $6.4 billion in Q4, higher than the $2.0 billion seen in Q3 but lower than the $13.8 billion seen a year ago. For FY23, net FDI inflows stood at $28.0 billion in FY23, lower than $38.6 billion in FY22. Net foreign portfolio investment (FPI) recorded an outflow of $1.7 billion in Q4 driven by the equity segment, as compared with an outflow of $15.2 billion during the corresponding period a year ago. For FY23, net FPI saw an outflow of $5.2 billion after seeing an outflow of $16.8 billion a year ago. Private transfer receipts, which largely represent the remittances made by Indians employed overseas, rose to $28.6 billion, up by 20.8 per cent from their level a year ago. Net services receipts increased, both sequentially and on a year-on-year (y-o-y) basis, on the back of a rise in net earnings from computer services, it further said. The current account deficit (CAD) was expected to average -1.5% of GDP this fiscal year and -1.8% next, compared with -2.0% in the fiscal year just ended, a separate Reuters poll showed last week. "With oil prices lower, the trade deficit is likely to shrink, ensuring the CAD narrows further," wrote Prasenjit K. Basu, chief economist at ICICI Securities
Source: Economic Times
The Delhi government has set up a centralised GST registration cell Sewa Kendra to improve the registration process, combat tax evasion and boost revenue, said an official statement on Tuesday. The Delhi government has set up a centralised GST registration cell Sewa Kendra to improve the registration process, combat tax evasion and boost revenue, said an official statement on Tuesday. Setting up of the Sewa 'Kendra' marks a significant milestone in the journey towards improving the GST registration process, Delhi Finance Minister Kailash Gahlot said. "Under the able leadership of Chief Minister Arvind Kejriwal, it is a testament to the Delhi government's commitment to promoting transparency, curbing tax evasion and optimising revenue collection," the minister said.
The Trade and Taxes Department of the Delhi government has taken a significant step towards improving the GST registration process with the establishment of the centralised GST registration cell. This new initiative aims to streamline the registration process, minimise deemed registrations, and combat tax evasion, thereby safeguarding government revenue, the statement read. The primary objective of the cell is to enhance efficiency by reducing the burden on ward officials, who were previously responsible for scrutinising each application for GSTIN registration. With the introduction of the Seva Kendra, ward officials will have more time to focus on crucial GST-related tasks, including revenue collection, compliance monitoring, return scrutiny, audits, assessments, and appeals, it said. Previously, ward officers were inundated with the task of meticulously examining every registration application. This exhaustive process often consumed a substantial amount of their time, leaving little room for other important responsibilities such as compliance monitoring, appeals and audits, the statement said. The centralised cell will receive and process new GST registration applications, ensuring greater efficiency and effectiveness. Moreover, the department has implemented standard operating procedures (SOPs) to further enhance the efficiency and effectiveness of the GST registration process, it added.
Source: Business Standard
India is pioneering sustainable textiles contributing to lesser carbon footprint and promoting circular economy, said Union minister Piyush Goyal. He was addressing audiences at the inaugural function of the 69th India International Garment Fair (IIGF) at Greater Noida, Uttar Pradesh.
The minister highlighted that the Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) Parks are being established across seven states of the country with the objective of promoting India’s textile sector in a significant manner. Goyal said that PM MITRA Parks will lead to reduction of logistic costs due to the cluster-based approach of manufacturing and production of quality products with appropriate testing facilities. He also said that the locational advantages of the PM MITRA Parks will help the units in these parks to cater well to domestic demand as well as the exports, the ministry of textiles said in a press release.
Goyal encouraged the industry to focus on quality and test their products to comply with quality standards. The minister also motivated the youth to innovate and develop new technologies to facilitate production of better-quality products. He said that the IIGF must focus on enhancing quality and professionalism in the textile sector. Goyal said that India is actively considering the possibility of Comprehensive Economic Partnership Agreements (CEPAs) and Free Trade Agreements (FTAs) with various countries. He said that these agreements aim to enhance the market size and facilitate exporters in the thriving Indian textile sector. The minister said that by entering into these agreements, India aims to tap into new markets, increase exports, and create opportunities for growth in the textile industry. Goyal applauded the contribution of the Apparel Export Promotion Council (AEPC) for organising the IIGF and providing an opportunity for enhanced collaboration of the Indian textile industry with the world. The minister noted the significant role played by AEPC in serving the textile sector providing livelihood opportunities to many people, encouraging new startups and supporting micro and small units in the textile sector.
Goyal called for the world’s largest garment fair to be organised in the National Capital Region to strengthen the trade fair ecosystem and engage industry, entrepreneurs, and other stakeholders. Member of parliament, Gautam Buddha Nagar, Mahesh Sharma; chairman, AEPC, Narendra Goenka; senior officials and other dignitaries from India and abroad also graced the occasion.
Source: Outlook
Prime Minister Narendra Modi will shortly lay the cornerstone for the forthcoming PM MITRA mega textile and apparel park in Lucknow, according to Rakesh Sachan, Uttar Pradesh’s Minister For Micro, Small, and Medium Enterprises. The park promises to speed up the state’s efforts to achieve a US $ 1 trillion economy, the minister said at the opening of the two-day ‘Uttar Pradesh MSME Conference 2023’ held by ASSOCHAM. The PM would lay the foundation for the same project said the Minister. “The upcoming textile park will attract investments worth Rs. 10,000 crore as the government would be providing the state-of-the-art facilities to match global standards and beat competition here,” he said. The park would support job creation, improve trade prospects, and establish the state as a significant hub for textile manufacture and production, the minister stated at the park’s opening ceremony.
Sachan upheld the government’s commitment to encouraging MSMEs and addressing their issues while acknowledging the major packaging challenges encountered by small businesses. Sachan urged more businesses in the state to submit registration applications while highlighting the significance of MSME registration.
Source: Apparel Resource
Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal highlighted the ''10x'' growth in procurement from Government e-Marketplace (GeM) in the last three years. The Minister praised all the stakeholders of GeM for being a catalyst of change during his address at the ‘Kreta-Vikreta Gaurav Samman Samaroh 2023’ organized by GeM in New Delhi yesterday. Shri Piyush Goyal lauded the efforts of the awardees, whose contribution has brought about the transformational change in the public procurement landscape of the country. The Minister noted that GeM is endeavouring to achieve the vision of the Prime Minister, Shri Narendra Modi of a unified, transparent and efficient procurement system through leveraging technology and analytics. He emphasised how GeM has enabled benefits of scale and achieved multidimensional growth in the last 7 years. Shri Piyush Goyal said that the saving of taxpayers' money due to increased use of GeM by Central and State Departments for procurement of goods and services has resulted in its better utilisation for public welfare projects. The Minister expressed hope that overall procurement of goods and services from the government portal GeM would cross Rs 3 lakh Crore in FY 2022-23 as it has already crossed Rs 2 lakh crore in 2022-23. The Minister said that the Ministry of Commerce and Industry is continuously trying to improvise the system. Shri Goyal said that a new system is being developed at GeM, which will be more contemporary and modern with more elements for ease of operations. He said that data analytics will be offered in the new system to help the buyers and sellers in making decisions related to procurement. Shri Goyal said that India's largest software exporter TCS has won the contract for running and maintaining the government procurement portal GeM. The award ceremony was also graced by the Union Minister of State for Commerce and Industry Smt. Anupriya Patel, CEO, GeM, Sh. P.K. Singh, senior officials from the Government and dignitaries from the industry. During the ceremony, the winners were felicitated by Sh. Piyush Goyal and Smt. Anupriya Patel. GeM organized the ‘क्रेता-विक्रेता गौरव सम्मान समारोह 2023’ to recognize the outstanding performance of government buyers and sellers in the public procurement process through GeM. The buyer-seller award ceremony is an initiative by GeM to acknowledge the efforts of government buyers and sellers who have performed exceptionally well in using the platform for the procurement process in FY 22-23. GeM has been instrumental in transforming the way government procurement is done in India. Established in 2016, GeM was set up with a vision to bring about a paradigm shift in the country’s public procurement landscape. The platform has enabled transparency, efficiency, and cost-effectiveness in the procurement process, making it easier for buyers to procure goods and services from sellers across the country. As on 31st March 2023, GeM had recorded a staggering ₹ 2 lakh crore of Gross Merchandise Value (GMV) in FY 2022-23. Cumulatively, GeM has surpassed the ₹ 4.29 lakh crore GMV since its inception, with the overwhelming support of its stakeholders. The total number of transactions on GeM has also crossed 1.54 crore. GeM is catering to the diverse procurement needs of over 69,000 government buyer organisations. The portal features over 11,800+ product categories as well as over 280+ service categories. Based on various studies, the minimum savings on the platform are about 10%, which translates into a savings of ~ ₹ 40,000 crore worth of public money.The Government e-Market (GeM) portal was launched on August 9, 2016, by the Ministry of Commerce and Industry for online purchases of goods and services by all the Central Government Ministries and Departments. GeM has over 63,000 government buyer organisations and over 62 lakh sellers and service providers offering a wide range of products and services.
Source: PIB
Theme: Alignment of State Indicator Framework with National Indicator Framework for Monitoring Sustainable Development Goals. In recognition of the notable contributions made by Professor (late) Prasanta Chandra Mahalanobis in the fields of statistics and economic planning, Government of India has designated 29th June every year, coinciding with his birth anniversary, as “Statistics Day” in the category of Special Days to be celebrated at the national level. The objective of this Day is to create public awareness, especially in the younger generation for drawing inspiration from Professor (late) Mahalanobis about the role and importance of statistics in socio-economic planning and policy formulation. This year, the main event of Statistics Day, 2023 is being organized at Scope Convention Centre, Scope Complex, Lodhi Road, New Delhi. The Chief Guest of the event is Rao Inderjit Singh, Union Minister of State (Independent Charge) for the Ministry of Statistics and Programme Implementation (MoSPI), Ministry of Planning and Minister of State for the Ministry of Corporate Affairs. Prof. Rajeeva Laxman Karandikar, Chairman, National Statistical Commission (NSC); Dr. G. P. Samanta, Chief Statistician of India & Secretary, MoSPI; and other dignitaries are also scheduled to address the participants on the occasion. Moreover, senior officers of Central Ministries/Departments will also participate in the event and representatives of States/Union Territories and the International Organisations are likely to participate. Every year, Statistics Day is celebrated with a theme of contemporary national importance. The theme of Statistics Day, 2023 is “Alignment of State Indicator Framework with National Indicator Framework for Monitoring Sustainable Development Goals”. During the technical session of the event, officers of the Ministry will make a brief presentation on the theme, followed by addresses by experts.
The winners of ‘On the Spot Essay Writing Competition, 2023’ for Post Graduate Students organized by MoSPI will also be felicitated during the event.
Source: PIB
Synopsis "When Indian IT professionals can quickly travel to client locations abroad, they can better understand client requirements, build stronger relationships, and deliver tailored solutions. This direct engagement can lead to increased client satisfaction, repeat business, and ultimately, higher IT exports," SEPC Chairman Sunil H Talati said. The US announcement to introduce in-country renewable of H-1B visas will help swift movement of Indian IT professionals and promote services exports, SEPC said on Wednesday. Services Export Promotion Council (SEPC) said that the decision would allow easier on-site client engagement by domestic IT professionals. "When Indian IT professionals can quickly travel to client locations abroad, they can better understand client requirements, build stronger relationships, and deliver tailored solutions. This direct engagement can lead to increased client satisfaction, repeat business, and ultimately, higher IT exports," SEPC Chairman Sunil H Talati said. He said that as the US is the major market for India's IT exports, this development will have a significant positive impact on the export of IT services from India. "The earlier estimates for IT exports growth have been in the range of 8-12 per cent however with this particular push the exports growth in IT can further stride in the range of 13-15 per cent," Talati said. The U S Department of State announced that it would launch a pilot to adjudicate domestic renewals of certain petitionbased temporary work visas later this year, including for Indian nationals, with the intent to implement this for an expanded pool of H1B and L visa holders in 2024 and eventually broadening the programme to include other eligible "It shall help in delivering projects on time, ensuring high-quality outcomes, and meeting client expectations. It enhances India's reputation as a reliable IT services provider, boosting export opportunities," Talati said. The much-sought-after H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China. The H-1B visas are issued for three years at a time. For all the H-1B visa holders, when their visa is renewed, they need to get their passports stamped with renewal dates. This is required if they wish to travel outside of the US and re-enter the US. As of now, H-1B visa restamping is not allowed within the US. Restamping can only be done at any US consulate. This was a big inconvenience for foreign guest workers and also for their employees, particularly at a time when the visa wait time is more than 800 days or more than two years.
Source: Economic Times
An India-UK (FTA) is really important for both nations and it is for businesses on both sides to help drive that agenda, UK Minister for Investment Lord Dominic Johnson said in London on Tuesday. An India-UK free trade agreement (FTA) is really important for both nations and it is for businesses on both sides to help drive that agenda, UK Minister for Investment Lord Dominic Johnson said in London on Tuesday.
Addressing a UK-India Infrastructure Summit hosted by the City of London Corporation as part of the India Global Forum UK-India Week, Johnson said he is very optimistic about an FTA even as he declined to put a timeframe to it. India and the UK recently concluded their tenth round of FTA negotiations and an 11th round is set to begin in the next few weeks towards a comprehensive agreement expected to significantly enhance the bilateral trading relationship worth an estimated 34 billion pounds in 2022. I'm very optimistic about a free trade deal with India, said Johnson. It is hugely important for India if it wants to get the capital flows it needs to take itself to the next step, which is to become a global hyperpower economically. And it's very good for the UK if we're going to ensure that we've got the investment coming from India, he said. The minister went on to make a clarion call for representatives of business and industry gathered at the summit to be more vocal about voicing their support for such an FTA. It's really important for businesses to express their support for such a deal because it's about allowing businesses to function more effectively with greater profits, wealth and security for the world, he said. Describing the India-UK relationship as the most symbiotic partnership, the minister also backed a City of London suggestion for a new UK-India Green Finance Partnership to promote greater two-way green investment flows. I truly believe India has reached escape velocity as an economy. And, I truly believe that the UK is literally India's best friend, and the best placed country to take advantage of what is such a mutually beneficial long-term financial partnership, he added. Under the theme of Financing a Sustainable Future, the summit highlighted the immense scope and potential for investment in sustainable infrastructure development in India, and London's expertise in meeting India's growing demand for green finance.The UK, particularly the City of London, has excellent capabilities in structuring and funnelling finance where it is needed. The UK has demonstrated technological capabilities while India is at the frontiers of innovation. Combining technology with financing would enhance the cooperation, said BVR Subrahmanyam, CEO of NITI Aayog. I would argue that your interests are best served in aligning with us in making sure that the transformation of India happens in a way that does not replicate any of the faults of the past, noted Vikram Doraiswami, the Indian High Commissioner to the UK. The summit, which forms part of a six-day series of events running until Friday as part of UK-India Week, opened with a keynote address by the Lord Mayor of the City of London Nicholas Lyon. Sustainable infrastructure is critical for India's economic trajectory and to meet the needs of its fast-growing population, while fulfilling its ambition to reach net zero by 2070. With strong government backing and unparalleled global expertise in sustainable finance and infrastructure financing solutions, the City of London and the UK can help India to access one of the largest and diversified global capital pools on the best possible terms, he said. "As the fastest growing major economy in the world, and the most populous, India has huge aspirations and equally huge responsibilities. The rapid building of high quality sustainable physical and digital infrastructure will be critical to achieving India's growth trajectory, as well as balancing its net zero commitments," added Manoj Ladwa of India Global Forum, organisers of UK-India Week.
Source: Business Standard
