MAKE IN INDIA

Export-Import procedure Foreign trade in India is promoted and facilitated by the Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry (MoCI). The DGFT issues the authorisation to exporters and monitors their corresponding obligations through a network of 38 regional offices. The DGFT also implements the Foreign Trade Policy of India.

Foreign Trade Policy (FTP) is the prime policy that lays down simple and transparent procedures which are easy to comply with and administer for efficient management of foreign trade in India. The Policy aims at enhancing the country’s trade for economic growth and employment generation.

The Customs Tariff Act and the Central Excise Tariff Act are the other two important Acts that lay down how the Customs and Excise duties shall be levied on trade, respectively.

India achieved all-time high annual merchandise export of $417.81 bn in FY 2021-22, an increase of 43.18% over $291.81 bn in FY2020-21 and an increase of 33.33% over $313.36 bn in FY2019- 20.

India’s overall exports (i.e. Services and Merchandise) touched $ 676.2 bn in financial year 2021-2022 as both Services and Merchandise hit record high exports in financial year 2021- 2022. India’s overall exports were $ 526.6 bn and $ 497.9 bn in 2019- 20 and 2020-21 respectively.

India has achieved a monthly value of merchandise export in April 2022 amounting to $ 38.19 bn, an increase of 24.22% over $ 30.75 bn in April 2021. Merchandise Exports scale a new high in April; cross $ 40 bn, registering 30% growth over April, 2021.

Information on all Customs procedures and regulatory compliances can be accessed at www.cip.icegate.gov.in/CIP for nearly 12,000 Customs Tariff Items.

Moreover, Government has also released 'Trade Facilitation Measures to ease of the exportimport facilitations in India during the outbreak of COVID-19.

Modi meets Foxconn chief, hails manufacturing plans for India

New Delhi, June 23 (IANS): Prime Minister Narendra Modi on June 23 met Taiwanbased manufacturing giant Foxconn's Chairman Young Liu and hailed the company's electronics manufacturing plans in the country. "Glad to meet Mr. Young Liu, Chairman, Foxconn. I welcome their plans for expanding electronics manufacturing capacity in India, including in semiconductors," Modi said in a tweet. The Taiwanbased company is also planning to set up an EV manufacturing plant in India. Foxconn's EV manufacturing arm, Foxtron, is planning to set up manufacturing plants at various locations in southeast Asia, including India.

"Our push for EV manufacturing is in line with our commitment of Net Zero Emission," the prime minister said in the tweet.

Liu also met Akarsh Hebbar, Vedanta Group's Global Managing Director of Display and Semiconductor Business, to discuss next steps for their proposed partnership to manufacture semiconductor chips in the country. Vedanta and Foxconn signed an MoU in February to form a joint venture company in India. Vedanta will hold 60 per cent of the equity in the JV while Foxconn will own 40 per cent. "The Vedanta-Foxconn partnership will, in the coming years, arrest the electronic component import bill of around $100 billion. Vedanta and Foxconn are in discussion with some state governments, to finalise the location of semiconductor units soon," the companies said in a statement. This is the first joint venture in the electronics manufacturing space after the announcement of the productionlinked incentive (PLI) scheme for semiconductors and display manufacturing. Vedanta is planning to invest around $15 billion in a phase-wise manner over the next 5-10 years to build displays and semiconductor chips in India. The JV will look at setting up a semiconductor manufacturing plant in the next two years, said the companies.

India, which aims to become a global semiconductor hub in coming years, is set to pump $30 billion into its technology sector to achieve independence on chips so that it isn't "held hostage" to global suppliers. The Indian government recently announced an outlay of Rs 76,000 crore (around $10 billion), under its production linked incentive (PLI) scheme, separately for the development of a semiconductor and display manufacturing electronics ecosystem. In the last few years, India has been actively promoting cooperation with Taiwan in trade, investment, tourism, culture, education, and people-to-people exchanges. Both the countries have also constituted teams for the expansion of fruitful collaboration in education and skill development.

India paving the way for a conscious pivot to renewables

In accordance with the COP26 targets, nations from all over the world have been demonstrating their dedication to making the transition to a green economy and pursuing climate initiatives. The road to net zero emissions by 2050 is long but full of rewards. Evidently, emerging markets stand to suffer from climate change’s greatest effects and stand to gain the most from our collective climate ambition. However, only 20 percent of the world’s investment in clean energy is being made by developing and emerging economies, and only 17 per cent of the total funds dedicated to COVID-19 economic recovery take environmental factors into account. In spite of the fact that many more governments have pledged to achieve net zero greenhouse gas emissions by 2021, most nations have returned to looking for new fossil fuel sources and increasing their consumption of coal, oil, and natural gas as a result of the global energy crisis. The capacity of renewable energy is a long way from meeting the benchmarks required to achieve the global climate goals in this decade. Around 3,146 GW of installed renewable energy capacity was added globally by countries in 2021, an increase of 11 per cent from the year before. Although installed capacity increased, the proportion of renewable energy in the world’s energy demand remained unchanged in 2021. The levels of renewable energy currently available are by no means sufficient to keep the world on course to attain net-zero emissions by 2050.

India, under this context, has aggressively prioritised climateconscious growth and has created significant programmes to cut emissions as it makes its way to economic prosperity. A strategy for clean energy and climate mitigation, which are priorities for development over the next 25 years, is provided in the country’s Union Budget for FY 2022–2023. The Prime Minister unveiled five new climate change targets, one of which was the historic netzero pledge by 2070. To achieve net-zero means to remove from the atmosphere an equal amount of carbon dioxide as is created. All four of India’s additional pledges are due by 2030. (i) Increasing non-fossil energy capacity to 500 Gigawatts (GWs), (ii) Fulfilling 50 percent of energy requirements from renewable sources, (iii) Reducing carbon intensity of economy by 45 per cent, and (iv) Reducing total projected carbon emissions by One billion tonnes.

Furthermore, India was placed third in the world for renewable energy installations in 2021, behind China and Russia, according to a report just released by REN21, the only worldwide network of actors involved in renewable energy from science, governments, NGOs, and industry.

By 2030, the nation intends to use 500 GW of renewable energy from sources like solar photovoltaic (PV), wind, and hydro-power. India was the third-largest market globally and the second-largest market in Asia for new solar PV capacity (13 GW of additions in 2021). India increased its hydropower capacity by 843 MW in 2021, bringing the total to 45.3 GW. India was in third place overall for installed wind power (40.1 GW), trailing only China, the US, and Germany. India surpassed Germany (59.2 GW) for the first time to take fourth place in terms of annual solar installations (60.4 GW). In 2021, India completed 4 GW of renewable energy installations. India’s national solar production programme, which offers incentives to domestic and foreign businesses for establishing battery manufacturing factories, was extended. The rooftop PV industry in India reached a record high in 2021 as the country raised the maximum number of solar PV installations allowed under its net metering programme. The smooth transition to cleaner options in power generation, battery saving, and transportation systems, among other areas, is currently being supported by initiatives in India valued around to $ 197 billion.

The country has further made advances in terms of renewable energy policy and investment. The FY 2021- 2022 has witnessed a 70 per cent rise in new renewable energy investments, bringing the total to $ 11.3 billion. India also extended its national solar production programme worth INR 18,100 crore ($ 24.3 billion), which offers incentives to both domestic and foreign businesses for establishing battery manufacturing facilities. The rooftop PV industry in India reached a record high in 2021 as the country raised the maximum on solar PV installations allowed under its net metering programme. On the policy front, several initiatives have been implemented by the state and the central government to ensure a smooth transition to a greener economy with net zero emissions.

Source: Invest India, Government of Indias