The review comes at a time when the  Ministry aims  to make the  program  more  effective  and  plans  to  redress the situation in areas  where the  program is  not  delivering the  expected results.  

 The Union government is set to review the flagship  Production Linked Incentive  (PLI) scheme on January 12,  Secretary  Department for Promotion of Industry and Internal Trade (DPIIT)  said on Thursday.  Rajesh Kumar  Singh.  

 The government is focusing on existing PLI schemes for 14 sectors and is not considering new PLIs, he said. The review comes at a time when the  Ministry aims  to make the  program  more  effective  and  plans  to  redress the situation in areas  where the  program is  not  delivering the  expected results. 

 In  a statement last month,  PPIT  said 746 applications have been approved till November 2023 and over Rs 95,000 crore  investments have been received  till September 2023.  The government estimates that production or sales  worth  Rs 7.80 lakh crore  took  place  through  the  project, creating  over 6.4 lakh jobs. 

  Former RBI  Governor  Raghuram  Rajan criticized the PLI scheme  in a social media post,  saying  that job creation under the scheme  was  not  proportional to  the investments made and  the government should  disclose  more data  because millions and billions  of public money  have  been pumped into  this program.  

 “The PLI review will take place on the 12th.  Currently,  we are  focusing  on getting these 14 PLIs. All  working  in  the right direction.  So  as of now,  the new PLIs are  yet to be  considered and we will focus on ensuring that these existing  plans are  implemented well and  we will  review them thereafter,”  Singh said  at  a press  conference.  Singh also said the  ministry  is  conducting  a third-party  review  of the PLI scheme  for electronic  goods  (air conditioners  and LED lights). 

  “The purpose  of  each measure  is to get real feedback on how  useful  these interventions  are  and what  quantifiable outcomes  are from them,”  Singh said. 

  PLI scheme  announced in 2021 for 14 sectors, such as  telecommunications,  white goods, textiles,  medical  equipment manufacturing,  automobiles,  special  steel, food products,  solar  photovoltaic modules high performance,  advanced  cell  chemistry, drones  and  pharmaceutical industry. The budget is  Rs 1.97 lakh crore. 

  “Telecom sector has achieved 60% import  substitution  and India has become almost  self-reliant  in  antennas,  GPON (Gigabit Passive Optical Network)  and  CPE (Customer Premises Equipment).  Imports  of raw materials in the  pharmaceutical sector have decreased significantly.  Unique  intermediates  and bulk drugs are  manufactured in  India,  including  penicillin-G,  and  technology  transfer  has taken place in the production  of  medical devices  such as  CT, MRI, etc. “, PIIT  said in a statement last month. 

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  Annual  gross domestic product  estimates will rise  after the Reserve Bank of India (RBI)  last month  revised its own growth forecast  to 7% for the current  financial  year, from  its previous estimate. that’s 6%. 

 India is  expected  to  grow  7%  in  the 2023/24  financial  year ending  March when the first  preliminary  GDP estimates  were  released today. 

  Preliminary GDP  estimates  published  by the  Office for  National  Statistics may be revised  six  times  over time. 

  Annual  gross domestic product  estimates will rise  after the Reserve Bank of India (RBI)  last month  revised its own growth forecast  to 7% for the current  financial  year, from  its previous estimate. that’s 6%. Michael Patra said last month that the  central bank’s revised  7%  growth forecast  for 2023/24 was a “conservative estimate”  given the strong  growth reflected in  frequency indicator data. High numbers in  October and  November.

 Prime Minister Narendra Modi has increased  government  spending on infrastructure projects to  support  economic growth amid sluggish consumer spending,  which  analysts  say will  help him win  won  a third term in  national  elections  scheduled before May. 

  India’s  economy grew faster than expected  at  7.6% year-on-year in the September quarter,  following  7.8%  growth  in the previous quarter, prompting many private economists to  make a correction. re  their  annual  estimates.

  Additionally,  S&P Global Ratings expects India  to  remain the fastest-growing major economy  over  the next three  years and is expected  to become the world’s third-largest economy by 2030.  

 S&P expects India, currently the world’s fifth-largest economy, to grow  6.4% this fiscal  year  and estimates growth will  reach  7% by fiscal 2027.  By  contrast,  they predict  China’s growth  rate will  slow to 4.6%  in 2026,  from an estimated 5.4% this year. 

  Economists said the RBI’s  Monetary Policy Committee  (MPC) is unlikely to cut the  policy rate  by  6.5%  in  the  coming quarters, given  the risk of a spike in food inflation in the election year. 

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 American Tower’s India operations,  which include more than  75,000 towers, will be sold to Brookfield. 

 Telecom tower operator American Tower has  announced that  it  will  sell its India operations to  a subsidiary  of Brookfield Asset Management for ₹21,000 crore. American Tower is an American real estate investment  company  with a portfolio of  communications infrastructure worth  nearly 2.25 lakh  crore  and interconnected  US  data  center infrastructure. 

According to their website, they have over  75,000 towers in India,  making them the  largest  business overseas.  ATC serves all  major telecommunications service providers in  the  country.  DIT currently  manages the assets of Brookfield’s telecommunications  tower businesses in India through Summit Digitel and Crest Digitel. The ATC deal is Brookfield’s third  telecommunications  acquisition in the country  in  the  past  four years. 

 According to  ATC’s  statement  issued  on Thursday,  the  total cash proceeds  from  American Tower at closing, subject to certain pre-closing  conditions, are likely  to  amount to about  ₹21,000 crore at  exchange  rates current exchange.  

 “The  transaction,  which marks  the culmination of the previously announced strategic review of American  Tower’s India operations,  is subject to customary closing conditions, including  approval by governments  and  regulators,  and is  expected  to  close  in the second half of  2024,”  the  press release said. 

Total  cash proceeds  include  an enterprise value for  ATC India operations of approximately $2.0  billion as well as ongoing management fees  from October 1,  2023 until  the closing date. 

The calculation of  the  resulting  enterprise value takes into account the repayment of existing intercompany debt and the repayment or  takeover  of  India’s  existing  term loan by DIT, it  added. 

In addition,  as part of the  potential cash proceeds  noted above,  American Tower will retain  all economic interest in  the  convertible  debentures issued by Vodafone Idea and  will be  entitled to  Future  payments  relate to  ATC  India’s current  receivables. 

Proceeds  from the transaction are expected to be  used to repay  American  Tower’s  existing  debt,  the  release  said.  

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 NHAI’s  collaboration with  data from  the Indian Space Research  Organization  (ISRO) satellite  center  will take three years to map the entire  road  network,  thereby raising  environmental awareness and  Sustainable Development.  

 The National Highways Authority of India (NHAI) has  signed  a  memorandum  of  understanding  (MoU) with  ISRO’s  National Remote Sensing  Center  (NRSC) to develop and report a  ‘Green Coverage Index’  for the  network  Great  Indian National  Highway.  

NHAI’s  collaboration with  data from  the Indian Space Research  Organization  (ISRO) satellite  center  will take three years to map the entire  road  network,  thereby raising  environmental awareness and  Sustainable Development.  

 “In the  first  assessment,  an attempt was made  to  quantify the Green Cover  Index by region. The next rounds  will  use  scientific  methods  to  evaluate the growth pattern of  green cover  every year,”  Minister of Road Transport  and  Highways Nitin Gadkari  said  on X.  Gadkari added that, with  meticulous  detail covering  1  km,  this initiative reflects a  resolute  commitment to  valuing NHAI’s  pivotal role in  promoting  ecological transformation of highways,  thereby enhancing enhance  national environmental  prosperity.  

Since the  promulgation  of the Green  Highway  Policy in 2015,  prioritizing greening  of  road  corridors has  become the focus of  the Ministry of Road Transport and Highways (MoRTH) and NHAI.  Currently, plantation  monitoring  is based on  on-site visits by field  staff.  

 Technology green coverage index  

NRSC will  make  a comprehensive  estimate  of green  cover across India, called ‘Green  Cover  Index’  for  national highways,  using high-resolution satellite imagery. 

  The index will  demonstrate  the use of emerging technologies to  improve on-site  data collection,  complementing  plantation  management  and monitoring, including performance audits conducted by  NHAI . 

Furthermore, this  innovative approach promises to be a robust and reliable mechanism, providing a  fast  and cost-effective solution  for generating  macro-level  estimates  along national highways. 

 The  results  of the index will facilitate the comparison and ranking of  different  national highways for timely and periodic intervention.  Since  green cover  will  be estimated for  each kilometer  of  national  highway,  it  is also  possible to  create detailed measurements  for  each  individual  project/package.  

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 The purpose  of  the  visit  was to  better understand  various aspects of mechanized infantry warfare. Live demonstrations  showed off  the firepower and  maneuverability  of infantry  fighting  vehicles.  

 India is actively contributing to  Tanzania’s  military capabilities by  helping to establish  a mechanized infantry battalion,  an important  step in  expanding military  cooperation between the two countries.  General Jacob John Mkunda,  Commander  of  the Tanzania Defense Forces,  visited India last month, marking  an important step  in  strengthening ties between the two  countries.  

 During his visit, General Mkunda and a 15-member delegation  visited  the  Mechanized  Infantry  Center  and School in Ahmednagar. The purpose  of  the  visit  was to  better understand  various aspects of mechanized infantry warfare. Live demonstrations  demonstrated  the firepower and  maneuverability  of infantry  fighting  vehicles, emphasizing combat tactics and weapons handling. 

  Mechanized Infantry Regiment 

 The  Indian  Army’s mechanized infantry regiment,  with its  armored  vehicles, seamlessly integrates infantry mobility with  powerful  firepower and mechanized  force  protection. This capability allows  troops to be deployed quickly to  the battlefield,  highlighting the army’s essential  role in  modern  military operations. 

  Before arriving  at  Ahmednagar, General Mkunda  held  discussions in Delhi with Indian Army Chief Manoj Pande and other  senior  officials. This visit  comes after  a series of strategic engagements, including  the visit of  Tanzanian President Samia Suluhu  Hassan  to India in October, the visit of  Tanzania’s Minister of Defense  to India in August 2022 and  May 2022. 2,  2023, and the  visit of the  Indian Army  Chief  to Tanzania in October 2023. 

  Defense cooperation  between India and Tanzania 

  The military relationship  between India and Tanzania  has  been further  strengthened  through the exchange of training opportunities. Tanzanian forces  regularly  participate in  India’s United Nations peacekeeping  training, demonstrating  its  commitment to enhancing  their  peacekeeping skills. Since 2017, an Indian Army  training team  has been stationed at  the Duluti  Command and Staff College in  Tanzania.  

 It  was earlier  reported  that Tanzanian delegations  actively participated in major military events in India, including Aero India 23,  India-Africa  Army  Commanders Conference-23  and AFINDEX-23. The India-Africa  Defense  Dialogue, held  every two years,  is gaining  momentum and  the third edition  is scheduled for  later this year. 

  Defense cooperation  with Africa 

 India’s  commitment to  promoting defense cooperation  and capacity building in Africa is evident through initiatives  such as  the India-Africa  Defense  Dialogue (IADD). The  first  India-Africa  Defense Ministers’ Meeting  in Lucknow in February 2020 resulted in the  “Lucknow Declaration”,  outlining  areas  of cooperation  such as capacity building, training, cybersecurity, maritime  security  and  the fight against terrorism.  This dialogue, held on the sidelines of DefExpo,  saw  active participation  of  several  defense  ministers,  thereby strengthening India’s presence in  Africa in the  defense sector.  

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 EKA Mobility will supply GreenCell Mobility with 1,000 intercity  electric buses of the 12-meter  and  13.5-meter types  in the coming  years.  

 EKA Mobility, a leading electric  vehicle and  technology  company,  has  signed a memorandum of understanding  with GreenCell Mobility, a  major  player in  electric mass  mobility.  

  According to  the  agreement,  EKA Mobility will supply GreenCell Mobility with 1,000 intercity  electric buses of 12 meters  and  13.5 meters  in the coming  years. 

  “Our  partnership  with GreenCell Mobility is strategically positioned to usher in a cleaner, more sustainable future through  transportation,” said Dr. Sudhir Mehta, Founder and Chairman, EKA Mobility.  electric  public.  Public  transport,  especially  intercity  buses,  is the  main means  of  transportation  for more than 50% of Indians.  

The electrification  of public transportation will pave the way for cleaner air, quieter streets,  and travel that is  more efficient, convenient, safer, and  more  cost-effective  for  everyone.  

 Devndra Chawla, MD  and  CEO of GreenCell Mobility  added:  “Our combined efforts are  ready  to transform public  transport, delivering  a cleaner, more  efficient  and  user-friendly solution. more  environmentally  friendly.  This initiative is  an important step forward in  our commitment to innovation and sustainability, and  underscores our  commitment  to a  greener and  more sustainable future. We are excited about the possibilities this partnership opens up and are committed to leading the  way  in the  development  of electric  mobility.  

  Under  the agreement, EKA Mobility will be responsible for  the  supply,  sale  and  maintenance  of these  buses as well as providing  quality certification reports. The  relevant  figures illustrate the potential benefits, estimating annual fuel  savings of Rs 70  billion  and  avoiding  120 lakh gallons of diesel,  equivalent to  planting  15 lakh trees. 

 Additionally, it is  estimated  that  6 lakh  people  will benefit  from  improved and sustainable public  transport infrastructure every day.  Overall,  the  initiative is expected to  save 32,400 tons  of CO2 emissions. 

  This  announcement comes exactly  one  week after EKA Mobility announced  strategic  partnerships  with Mitsui & Co (Japan) and VDL Groep (Netherlands). The  previous deal would have seen  the partners invest around $100 million  in phases. 

  Additionally,  EKA  Mobility,  one of the commercial vehicle manufacturers approved under the  Electric Vehicle OEM and Component Manufacturing  Champion  Program under the Automobile PLI Policy  of the Government of  India,  is also  considering exports.  to Asia, Africa and Latin America. 

  For more  information,  visit at https://happenrecently.com/zepto/?amp=1

 India is trying to  limit  cheap quality imports from countries  like  China  using a number  of  policy  measures,  including quality control orders (QCOs).  

 External Affairs Minister S Jaishankar on Wednesday  urged  Indian consumers  to use more domestically produced products  at a time when cheap and highly subsidized  imports  are  “invading” the  Indian  market. Degree.  

 India is trying to  limit  cheap quality imports from countries  like  China  using a number  of  policy  measures,  including quality control orders (QCOs). This comes as China continues to be  India’s largest  source  of imports,  with imports  growing 4%  to a record $98.51 billion in  2023. As  India  depends  on imports of several  products, products, including active pharmaceutical ingredients  (APIs),  so  trade with China lacks transparency.   China’s  exports to India have  grown steadily,  but  India’s exports  to China  face many  non-tariff  barriers, leading to  a sharp decline over the years. 

  “For  me,  especially  because there is a  risk  of cheap  or subsidized  products taking over  our  market,  we have to instill  producer  pride  as well as consumer  pride  .  We  need to  consciously say that we should  produce  in  India,  buy in India and buy what is  produced  in India,” Jaishankar said at the  ‘Aatmanirbhar  Bharat Utsav  Celebrations’ organized  at Bharat Mandapam.  

 On the importance of One  District  Product (ODOP), which aims to select,  brand  and promote at least one product from each district, the  Minister  said, “ODOP is part of our  character .  This is very important because in the  age  of  globalization, many different  societies and cultures begin to lose their identity and  individuality.”  Meanwhile,  Commerce Minister  Piyush Goyal said  India  has no objection to imports.  

 “The idea is not to  shut down  or  import poorly.  We are not  against imports.  Atmanirbhar Bharat also means  that  we will also increase our exports and  because of this,  if we  have  to import, we will not stop  them.  We will leave  an  impression on  India in terms of  cost,  competitiveness  and  quality,”  Goyal said.  By  2023,  India’s imports of  goods  will outstrip its  exports.  Additionally,  exports  fell  amid slowing global  demand, amid slowing  demand in the  West  and  China, the Global Trade Research Initiative (GTRI) said. 

  “Interestingly, this  decline  in exports occurred despite a  significant  depreciation  of  the Indian Rupee (INR) against the US  dollar  (USD).  Within a  year, the average INR/USD exchange rate  fell  from 77.5 in June 2022 to 82.1 in June 2023.  Typically,  a weaker  local  currency can boost exports by  make  a  country’s  products more competitive in the global market. However, in  the  case of India, INR  depreciation  did not  increase  export volumes,” the  research organization  said. 

  Notably,  India’s  efforts to  boost domestic manufacturing  and  reduce dependence  on Chinese  products have yielded  results in the  electronics  manufacturing sector. 

  Imports  of finished electronic products  such as  computers,  laptops  and other hardware  decreased  from  15.4  billion  USD  to  13.8 billion USD,  a decrease of  10.3%. Electronic equipment imports also decreased slightly, from 10.4 billion USD to 10.1 billion USD, a decrease  of  2.3%. 

 These trends  illustrate  the early successes of  India’s production-linked incentive  (PLI) scheme, which aims to boost domestic manufacturing and reduce  dependence  on imported  electronics products. .  The  reduction  in imports of finished  goods  and  tools, coupled with  growth in exports, especially  of  smartphones,  shows that India’s  electronics manufacturing  capabilities are strengthening,  GTRI said. 

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EPFO  has fixed July 11 as  the deadline to apply for higher  pension. It then gives employers another  three months  until  September  30,  then another extension  until  December 31, while employees  have until  July 11 to submit  a claim.  their  request.  

The  Employees  Provident Fund  Organization  (EPFO) on Wednesday  extended an  extension  of five months,  till May  31,  for employers to upload  salary  details  of salary opters  higher  retirement.  

 According to a release from the labor ministry, at  least 17.49 lakh applications for  confirmation  of option or  general  option  were  received from members till July 11,  2023. He said, over  3.6  Lakhs  of option  endorsement  or  general  option  applications  are still  waiting for  employers  to process.  EPFO  has fixed July 11 as  the deadline to apply for higher  pension. It then gives employers another  three months  until  September  30,  then another extension  until  December 31, while employees  have until  July 11 to submit  a claim.  their  request.  

“Based on complaints  received from  employers and employer associations which included a request  to extend the  deadline  for uploading  salary  details of pensioners/applicants ,  employers  have  also  been  given  an extension  of three months to submit  salary  details etc.  

 Online  no later than September 30, 2023.  This  deadline has been  further extended  to  31.12.2023  due to numerous complaints  received from  employers and employers’ associations, which have made  requests  to extend  the  time  for uploading  salary  details of  retirees/member candidates,”  it said. 

 The Supreme  Court,  in  its judgement dated  November 4,  2022,  upheld the amendments to the  Employees  Pension  Scheme (Amendment),  2014, providing  new opportunities to  employees who were  already members of the  EPS  as  of  September 1, 2014,  contributed up’ at 8.33 per person. percent of their “actual” salary – compared  to 8.33  percent  of  qualifying  salary capped at Rs 15,000  per  month  –  towards pension.  

 Last month, in a circular to its field officers,  EPFO​​​said  the  pension  formula for those opting for higher pension will be calculated as per  paragraph  12 of  EPS and that “the date of commencement  The person receiving  pension will determine the applicable  salary.”calculation formula  retirement services, pensions and pensions. For those retiring in the future, say in 2030, EPFO ​​​​​​​said pension will be calculated based on EPS provisions of 1995 “which will exist on the date of commencement of pension”. 

 Although the FAQ remains silent on any changes in the pension opening formula, those in the know say that there could be changes in the pension opening  formula for  those who will retire in the  future.  

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