14-Aug-2021: Union Minister for Power and New & Renewable Energy interacts with members of the US India Business Council
Union Minister for Power and New & Renewable Energy interacted with members of the US India Business Council (USIBC) in a virtual event. The agenda of the meeting was “Advancing cleaner, more sustainable and affordable energy to mitigate climate change and power India’s economic growth”.
More than 50 industry leaders cutting across various sectors of the economy including information technology, infrastructure developers, renewable energy producers, banking, aviation participated in the event. The business leaders congratulated the Union Minister on the recent achievement of 100 GW of installed renewable energy capacity. The meeting provided an opportunity to the business community to interact with Union Minister on various aspects the renewable energy and power sector in India and the associated opportunities available to the global investors.
Sh. R.K. Singh apprised the business leaders that India is on track to achieve the set renewable energy target of 450 GW by 2030 and said that electricity distribution reforms and the promotion of open access to the electricity grid will enhance the consumption of renewable energy. He highlighted India’s achievements in the field of Renewable Energy, Energy Access, Energy Efficiency, reduction in emission intensity and shared GOI’s plans to promote manufacturing and exports from India, including PLI scheme for manufacturing of solar cells, modules and batteries, and promotion of Green Hydrogen. He welcomed ideas and suggestions for promoting the sector to meet our ambitious target of 450 GW.
The Minister reiterated his commitment to further US and India's shared goals on climate change, clean energy and sustainability and the India-US Clean Energy Agenda 2030 Partnership.
16-Jul-2021: Finance Minister Smt. Nirmala Sitharaman addresses US India Business Council (USIBC) Roundtable on ‘Maximizing India’s Sustainable and Inclusive Growth as a Global Destination for U.S. Investment’
Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman today participated in the Roundtable organized by US India Business Council (USIBC) on “Maximizing India’s Sustainable and Inclusive Growth as Global Destination for U.S. Investment’ through video conferencing which witnessed participation of prominent foreign investors like General Electric, Baxter Healthcare USA, Brambles, Marsh & McLennan Companies, PepsiCo amongst others.
The Roundtable provided the investors with an opportunity to engage with Finance Minister and other senior officials of Government of India. The areas of discussion included Life Sciences, Green Energy, Infrastructure, Insurance, Defence, Security, Manufacturing, Renewable Energy, Power, Pharmaceuticals, Textiles and Hospitality and Digital economy.
Smt. Sitharaman acknowledged the efforts of CEOs of top-40 American companies for creating a global task force to mobilize resources for India during the 2nd COVID wave. She also mentioned that India and the U.S. have also set an ambitious target of achieving $500 billion in two-way trade.
Smt. Sitharaman spoke about stimulus packages announced recently which is tailored to meet the basic requirement of investors. She also informed the investors about India’s consistent and continuous wide-ranging reforms which makes the country an attractive destination for foreign investment and how India continues to rise as a global economic powerhouse. She mentioned about this year’s budget initiative pertaining to International Financial Services Centre (IFSC) at GIFT City, where the Government is committed towards developing it into a globally competitive hub for innovation and financial activities to serve the Indian economy and the region as a whole.
The broad messages conveyed to the investors were:
- Strong, calibrated relief and reforms during COVID leading to sharp decline in new COVID infection with ramping up of the vaccination programme.
- Continued macro-economic stability and resilience in economic recovery in the recent months.
- Strengths/advantages of India as an investment destination
- Vision to make India ‘Atma Nirbhar’
- Steps taken towards Infrastructure led economic growth
- Creating multi-sectoral opportunities for investors.
- Strong track record of the Nation towards reform implementation in the last 6 years
In her concluding remarks, Smt. Nirmala Sitharaman spoke about going ahead with an overall vision to build a self-reliant modern India. The Finance Minister stated that the Nation is committed for long term relationship with US Investors. She spoke about:
- Consistent and continuous productive reforms that make India investor friendly destination
- Vibrant and pulsating Financial Markets
- Enormous investments underway in Infrastructure sector
- Covid and its aftermath demonstrating Indian economy’s resilience
- Tremendous potential of Innovation and R&D
Economic Affairs Secretary, Shri Ajay Seth highlighted India’s progress in areas of policy and taxation. He emphasized upon the e-way bill system which promotes faster and more seamless movement of goods both intra and inter-State. He also spoke about this year’s responsive and responsible budget focusing towards resolving investment and tax assessment issues, asset monetization and privatization of most of the sectors.
About USIBC: The U.S.-India Business Council was formed in 1975 as a business advocacy organization to enlighten and encourage the private sectors of both India and United States to enhance investment flows. The Council helps in making business between the United States and India easier, more efficient, and more profitable. It connects the two largest democracies in the world and inspires sustainable solutions to business challenges – both local and global.
21-Jul-2020: PM to deliver keynote address at India Ideas Summit on 22 July
Prime Minister Shri Narendra Modi will deliver the keynote address at the India Ideas Summit on 22 July.
The Summit is being hosted by the US-India Business Council. This year marks the 45th anniversary of the formation of the Council. The theme for this year’s India Ideas Summit is ‘Building a Better Future’.
The virtual Summit will feature high-level presence from Indian and US government policymakers, state-level officials, and thought leaders from business and society. Other key speakers at the Summit include Minister of External Affairs Dr. S Jaishankar, U.S. Secretary of State Mr. Mike Pompeo, Senator of Virginia and co-chair of Senate India Caucus Mr. Mark Warner, Former U.S. Ambassador to the United Nations Ms. Nikki Haley, among others. The Summit will witness discussions on areas including India-US cooperation and future of the relation between the two counties in a post pandemic world.
6-Aug-2021: Zero Tolerance to Corruption and Black Money, says Shri Kiren Rijiju at the 8th Justice Ministers Meet of the Shanghai Cooperation Organization
Minister for Law and Justice, Shri Kiren Rijiju today said that the approach of the Indian Government under Prime Minister Shri Narendra Modi is of Zero Tolerance to Corruption and Black Money and the country has a sound legal framework backed by strong institutional mechanism to deal with corruption.
The Minister apprised the gathering the slew of legislative and executive measures taken by India to be largely UNCAC (UN Convention against Corruption) compliant and underscored the high priority, the Government has given to resolving disputes through alternate dispute resolution; framing business facilitating laws and rules, including Commercial Courts Act and Arbitration Laws with a view to make India a preferred destination for investment and business.
Shri Rijiju mentioned the role of actions taken by India under Disaster Management Act for effective management and containing the spread of COVID-19 and to lay down substantive guideline to ensure appropriate COVID protocol and medical facilities.
The Law Minister also highlighted various facets of provisioning of free legal aid to marginalized sections of the society. In this regard, he also informed launching of E-Lok Adalat, an effective tool to settle disputes, combining technology and Alternative Dispute Resolution (ADR) mechanism which offer a faster, transparent and accessible option to the citizens of the country.
As part of activities of Justice Ministers’ Forum, Shri Rijiju urged the SCO Member States to promote exchange of ideas, best practices and experiences in identified areas through this prestigious podium. He also stressed on widening the horizon of activities being undertaken in the SCO Forum.
Earlier, on 4th and 5th of August, 2021 the Experts Working Group of SCO Member States discussed the importance of providing free legal aid to the citizens as also cooperation in all spheres including legal initiatives, given the spread of the coronavirus pandemic. Shri Anoop Kumar Mendiratta, Secretary, Department of Legal Affairs, Ministry of Law & Justice, was part of the consultations from the Indian side.
The Ministers of (Law and) Justice and senior officials / experts from the Ministries of Law & Justice of India, Kazakhstan, China, Kyrgyz Republic, Pakistan, Russian Federation, Tajikistan and Uzbekistan participated in the three days’ deliberations which concluded today. The next meeting shall be hosted by Islamic Republic of Pakistan. A Joint Statement following the Results of the Eighth Session of the Ministers of Justice of the SCO Member States was also adopted.
2-Jul-2021: India joins OECD/G20 Inclusive Framework tax deal
Majority of the members OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting(including India)adopted yesterday ahigh-level statement containing an outline of a consensus solution to address the tax challenges arising from the digitalisation of the economy.
The proposed solution consists of two components- Pillar One which is about reallocation of additional share of profit to the market jurisdictions and Pillar Two consisting of minimum tax and subject to tax rules.
Some significant issues including share of profit allocation and scope of subject to tax rules, remain open and need to be addressed. Further, the technical details of the proposal will be worked out in the coming months and a consensus agreement is expected by October.
The principles underlying the solution vindicates India’s stand for a greater share of profits for the markets, consideration of demand side factors in profit allocation, the need to seriously address the issue of cross border profit shifting and need for subject to tax rule to stop treaty shopping.
India is in favour of a consensus solution which is simple to implement and simple to comply. At the same time, the solution should result in allocation of meaningful and sustainable revenue to market jurisdictions, particularly for developing and emerging economies. India will continue to be constructively engaged for reaching a consensus based ready to implement solution with Pillar one and Pillar two as a package by October and contribute positively for the advancement of the international tax agenda.
15-Oct-2020: India designated Vice-Chair of OECD Working Group on GLP
India has been designated the ‘Vice-Chair’ of Good Laboratory Practice (GLP) Working Group of the Organisation for Economic Co-operation and Development (OECD), recognising the contribution of the Indian GLP programme.
Good Laboratory Practice (GLP) is a quality system, which has been evolved by Organisation for Economic Co-operation and Development (OECD) to ensure that safety data generated on various chemicals like industrial chemicals, pharmaceuticals (Human and Veterinary), agrochemicals, cosmetic products, food/ feed additives, and medical devices, etc., can be relied upon by regulatory authorities.
The Department of Science and Technology (DST), Government of India, established the National GLP Compliance Monitoring Authority (NGCMA) with the approval of the Union Cabinet on April 24, 2002.
NGCMA is the National body which grants GLP certification to test facilities (TFs) conducting safety studies on new chemicals of the above-mentioned categories in accordance with OECD Principles of GLP and OECD Council norms. The Grant of the first GLP certificate by NGCMA in 2004 was a milestone.
The non-hazardous nature of chemicals needs to be established through studies and data, which is examined by the regulators of the concerned countries to certify that the use of these chemicals does not pose any hazards to human health and the environment.
On March 3, 2011, India became full adherent to the Mutual Acceptance of Data (MAD) in the OECD, which was a historical event. The MAD status has given global recognition to India’s non-clinical safety data by tremendously augmenting its credibility and acceptability across the globe. This has not only boosted the confidence of Indian GLP TFs but also led to removal of technical barriers to trade. The dedicated training of the inspectors and continued capacity building of Indian TFs in emerging areas by the ground team of NGCMA has resulted in upgrading Indian TFs to meet international standards.
The spectrum of activities of Indian GLP TFs is wide, involving eight (8) types of chemicals/test items and nine (9) areas of expertise. The National GLP program has not only helped to build a network of GLP TFs in the country but also created a huge quantum of highly competent human resources.
Prof. Ashutosh Sharma, Chairman-GLP Authority & Secretary, DST commented, “India's leadership in GLP brings a greater recognition of our certification of quality for global businesses. This is also a link in the chain to Aatmanirbharta, which is to have structures and processes that are adhered to global standards.”
The OECD has acknowledged the contribution of the Indian GLP program and designated Dr. Ekta Kapoor, Scientist E, NGCMA, DST, as the Vice-Chair of the OECD Working Group on GLP for 2021 and 2022. With continued Government commitment and emphasis on further capacity building on GLP in the country, India is destined to be a global leader.