Daily News - Friday, 23 August 2024

Govt set to tighten rules for the import of key EV parts (mint)

India is set to tighten localization rules for electric vehicle (EV) manufacturers within a month, as part of the government’s strategy to enhance domestic production and reduce dependency on imports, aligning with its Atmanirbhar Bharat vision. This move, influenced by consultations with the Automotive Research Association of India (Arai), will impact manufacturers' eligibility for incentives under schemes like Fame and the Electric Mobility Promotion Scheme (EMPS). The revised rules, which may further restrict the import of EV components, come as Indian OEMs face intense competition from Chinese manufacturers, requiring substantial investment to scale up domestic production capabilities.

Not against e-comm; in favour of fair play in sector, says Goyal (mint)

Union Commerce Minister Piyush Goyal clarified his stance on e-commerce, stating that he supports the sector and Foreign Direct Investment (FDI) in it, following concerns raised by his earlier comments. He emphasized that while he is not against e-commerce, he advocates for fair trade to protect small retailers and domestic industries, ensuring that online platforms benefit all stakeholders. This clarification was well-received by the e-commerce industry, with leaders acknowledging the role of e-commerce in enabling SMEs to expand their customer base and contribute to India's digital growth.

India to sustain 7% GDP growth: FinMin (The Asian Age)

India's economic momentum remains strong despite an erratic monsoon, with GDP growth projected at 6.5-7% for FY25, supported by robust GST collections, strong performance in manufacturing and services, and fiscal discipline. The finance ministry's July report highlights that retail inflation has decreased to 3.5%, its lowest since 2019, thanks to moderating food prices and favourable monsoon conditions, which bode well for agricultural production. Additionally, positive trends in exports, stock markets, and rising FDI inflows further reinforce the economic outlook. 

Remove misleading claims from milk products: FSSAI (The Asian Age)

The Food Safety and Standards Authority of India (FSSAI) has directed food businesses and e-commerce platforms to remove claims related to 'A1' and 'A2' types of milk from packaging and websites, labelling such claims as misleading and non-compliant with the Food Safety and Standards Act, 2006. FSSAI clarified that the differentiation between A1 and A2 milk, based on beta-casein protein structure, is not recognized by current regulations, and companies have been given six months to phase out pre-printed packaging with no extensions allowed. The move has been supported by industry leaders, who view the A1 and A2 classification as a marketing gimmick that could mislead consumers.

India, US Strengthen Energy Ties (The Economic Times)

India's Power Ministry met with a U.S. delegation led by John Podesta, Senior Advisor to the President for International Climate Policy, to explore collaboration on clean energy initiatives, including technical exchanges and financial support for upgrading India's energy infrastructure. Discussions focused on enhancing India's manufacturing capacity in areas like large transformers, grid-scale battery storage, and high-efficiency air conditioning systems, with both nations committed to driving the global clean energy transition. The meeting highlighted the potential for deepened cooperation between India and the U.S. in advancing energy efficiency and storage solutions.