Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

India is preparing country-wise profiles of defence products and platforms to promote their exports and the government will stand "side by side" with the domestic industry in this endeavour through diplomatic channels, a senior Defence Ministry official said Monday. Raj Kumar, secretary, Department of Defence Production, said at a webinar that the domestic defence industry will hold web interactions with the representatives of friendly countries to figure out what kind of products and platforms they require. "We are preparing country-wise profiles of products, weapons and platforms which are probably needed by our friendly countries. So we are now planning to start web interaction led by the industry," Kumar said. "That country's defence attache, our DPSUs (defence public sector undertakings), industry, will then figure out what is in the store for us to promote there for exports," he said. Kumar said the government will be standing side by side with the domestic industry through its defence attaches, embassies and diplomatic channels to promote exports. To promote indigenous production, the Defence Ministry on August 9 announced restrictions on import of 101 weapons and military platforms including light combat helicopters, conventional submarines and cruise missiles under a staggered timeline till 2024. Kumar said a second list of import-restricted defence items will be notified soon. "This is the first list we are examining and then a second list will also come. We expect you (industry) to come forward and start investing to meet our requirements," he said at the webinar -- "Army Make Projects 2020" -- organised by FICCI. The senior official said as successful domestic bidders move to the defence equipment production stage, his department will share their details with the UP and Tamil Nadu defence corridor authorities, who "will compete in attracting your units to their respective states". He said since the three services are making efforts to push the "Make II" category of defence production projects, he will interact with project participants to understand their concerns and share best practices among the services. As secretary of the Department of Defence Production, Kumar heads the collegiate committee that approves the "Make II" category of projects. Under the Make II category, no government funding is given to the Indian company for the prototype development process. If a prototype developed by the company meets the standards set by the armed forces, an order is placed for such equipment or platforms. "Everything, whether it is defence industrial corridor, or whether it is defence production and export promotion policy, or whether it is a negative list - everything works in the same direction that we have to be among the top producers of defence items," he said. On August 9, Defence Minister Rajnath Singh said the ministry was now ready for a "big push" to indigenous defence manufacturing in tune with Prime Minister Narendra Modi's call for an "Atmanirbhar Bharat" (Self-Reliant India). India is one of the most lucrative markets for global defence giants. The country has figured among the top three global importers of military hardware for the last eight years. The Indian armed forces are projected to spend around USD 130 billion in capital procurement in the next five years. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-hcl-tech-wipro-and-likes-are-hoping-global-5g-race-resumes-next-year-bringing-some-large-deals-before-that/articleshow/77583638.cms">Tech Mahindra, HCL Tech, Wipro and likes are hoping global 5G race resumes next year⁠ — bringing some large deals before that</a> <a href="https://www.businessinsider.in/international/news/gaza-strips-only-power-plant-may-run-out-fuel-in-the-next-24-hours-following-israel-border-shut-warns-expert/articleshow/77584765.cms">Gaza Strip's only power plant may run out fuel in the next 24 hours following Israel border shut, warns expert</a> <a href="https://www.businessinsider.in/tech/apps/news/the-heat-is-on-mark-zuckerberg-in-india-as-facebook-and-whatsapp-incur-the-ire-of-modis-rivals/articleshow/77575358.cms">The heat is on Mark Zuckerberg in India as Facebook and WhatsApp incur the ire of Modi's rivals</a>

After import embargo, India is creating country profiles for its defence exports

One aspect that always garners much traction on the <keyword id="19936553" type="General" weightage="100" keywordseo="Budget" source="keywords">Budget</keyword> day is what got <keyword id="20257498" type="General" weightage="20" keywordseo="cheaper" source="keywords">cheaper</keyword> and what got <keyword id="20286063" type="General" weightage="20" keywordseo="costlier" source="keywords">costlier</keyword>. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> as part of her Budget presentation proposed a host of tweaks in basic <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> (BCD) for various products or items that are critical for manufacturing. In her Budget speech, Sitharaman proposed an exemption on customs duty on certain <keyword id="22516435" type="General" weightage="20" keywordseo="cancer-medicines" source="keywords">cancer medicines</keyword> and a reduction in duties on <keyword id="19920958" type="General" weightage="20" keywordseo="mobile-phone" source="keywords">mobile phone</keyword> parts and chargers, aimed at bringing down their prices in the retail market. "With a three-fold increase in domestic production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured. In the interest of consumers, I now propose to reduce the BCD on mobile phone, mobile PCBA and mobile charger to 15 per cent," said Sitharaman in her Budget speech that lasted around 90 minutes. To provide relief to cancer patients, she proposed to fully exempt three more medicines from customs duties. Imported <keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">gold</keyword>, silver, leather goods and seafood will also get cheaper, as duties were invariably lowered on them. Duty cut on gold would boost retail demand and help in curtailing smuggling in the world's second-biggest bullion market. "To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent." She also proposed changes in the customs duty on X-ray tubes and flat panel detectors for use in medical X-ray machines under the <keyword id="20330318" type="General" weightage="20" keywordseo="phased-manufacturing-programme" source="keywords">Phased Manufacturing Programme</keyword>, so as to synchronise them with domestic capacity addition. Also, she proposed to fully exempt customs duties on 25 critical minerals and reduce basic customs duty on two of them. Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics, said the finance minister. "This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors," Sitharaman said. Putting energy transition on focus, as it is critical in the fight against climate change, the finance minister proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. However, in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, it was proposed not to extend the exemption of customs duties provided to them. To enhance competitiveness in marine products, the reduced duty on certain broodstock, polychaete worms, shrimp and fish feed to 5 per cent, besides exempting customs duty on various inputs for manufacture of shrimp and fish feed. Moving on to leather and textile, reduction in duty was announced for various items. "...to enhance the competitiveness of exports in the leather and textile sectors, I propose to reduce BCD on real down filling material from duck or goose," Sitharaman said. To reduce cost of production of steel and copper, two important raw materials, it was proposed to remove the customs duty on ferro nickel and blister copper. "I am also continuing with nil BCD (customs duty) on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap." On the flip side, to support chemicals and petrochemicals, an increase in duty was proposed. To support existing and new capacities in the pipeline, an increase in duty on ammonium nitrate from 7.5 to 10 per cent would be applicable. PVC flex banners are non-biodegradable and hazardous for environment and health. To curb their imports, a propose was made to raise the duty on them from 10 to 25 per cent. To incentivise domestic telecommunication equipment manufacturing, a propose to increase the duty from 10 to 15 per cent on PCBA (printed circuit board assembly) of specified telecom equipment was made. Explaining her rational behind the indirect taxes tweak, Sitharaman said her proposals for customs duties intend to support domestic manufacturing, deepen local value addition, promote export competitiveness, and simplify taxation, while keeping the interest of the general public and consumers surmount. In Budget 2022-23 too, the government reduced the number of customs duty rates.

Here's what will get cheaper and costlier after this Budget

Top industry groups and tech giants, including <keyword id="6354427" type="General" weightage="50" keywordseo="apple" source="Orion">Apple</keyword> and Intel, have sent a letter to the <keyword id="126668" type="General" weightage="50" keywordseo="us-department-of-commerce" source="Orion">US Department of Commerce</keyword>, protesting against <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s recent import restrictions on PCs, laptops and servers. In the letter, the biggest players in technology and manufacturing said the move "could significantly disrupt trade, hamper efforts to more closely integrate India into global supply chains, and harm businesses and consumers in both countries". Eight American trade groups asked the government to urge India to reconsider the policy, reports Bloomberg News. The industry groups included the Information Technology Industry Council, the National Association of Manufacturers and the <keyword id="1034072" type="General" weightage="50" keywordseo="semiconductor-industry-association" source="Orion">Semiconductor Industry Association</keyword>. They wrote in the letter that any barrier to trade could affect the shipment of US-made computers and electronics into India. According to the notification by the Directorate General of Foreign Trade (DGFT) in India, for clearance of import consignments with effect from November 1, 2023, a valid licence for restricted imports is required. The government has told tech companies that the restrictions are not to ban imports but to promote exports via domestic manufacturing. Meanwhile, top consumer electronics companies like HP, Apple and Dell last week urged the government to extend the November 1 deadline for the licences required for PCs, laptops and tablets by at least an year, as it will take time to configure and set up manufacturing/assembling units as per new guidelines. In a meeting with the Ministry of Electronics and Information Technology (MeitY) officials, also attended by leading industry bodies the Manufacturing Association of IT Hardware (MAIT) and the India Cellular and Electronics Association (ICEA), the tech companies conveyed to the government they need more time to set up manufacturing units in the country, according to sources. Post November 1, no entity will be allowed to import laptops, computers, and related items without a license. The Centre has said the restrictions were imposed for security reasons and also for promoting the 'Atmanirbhar Bharat' mission. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/audi-has-announced-the-launch-of-the-q8-e-tron-and-the-q8-sportback-e-tron-electric-cars-in-india/slidelist/102836760.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/audi-has-announced-the-launch-of-the-q8-e-tron-and-the-q8-sportback-e-tron-electric-cars-in-india/slidelist/102836760.cms" target="_blank">Audi Q8 e-tron and Q8 Sportback e-tron launched in India with more than 500 KM Range</a> <a href="https://www.businessinsider.in/tech/news/indian-pc-market-declines-for-fourth-consecutive-quarter-reports-15-decline/articleshow/102822733.cms">Indian PC market declines for fourth consecutive quarter, reports 15% decline</a> <a href="https://www.businessinsider.in/tech/mobile/news/india-crosses-the-2-billion-mark-in-its-journey-to-become-a-smartphone-manufacturing-powerhouse/articleshow/102760757.cms">India crosses the 2 billion mark in its journey to become a smartphone manufacturing powerhouse</a>

Urge India to reconsider PC import restrictions: Top industry groups ask US govt

The <keyword id="32723" type="General" weightage="100" keywordseo="defence" source="Orion">defence</keyword> ministry has approved a fresh list of 928 components and subsystems which will only be procured from the domestic industry after a ban on their import kicks in under a staggered time-line of around five-and-half years. The ministry on Sunday said the aim of the move is in sync with the government's overall aim to promote 'Atmanirbharta' (self-reliance) in defence production. It is the fourth such "positive indigenisation list (PIL)" comprising line replacement units, sub-systems and components used for various military platforms, equipment and weapons. "To promote 'Aatmanirbharta' in defence and minimise imports by defence public sector undertakings, the <keyword id="6369097" type="General" weightage="50" keywordseo="ministry-of-defence" source="Orion">Ministry of Defence</keyword> has approved fourth Positive Indigenisation List (PIL) of 928 strategically-important line replacement units/sub-systems/spares and components, including high-end materials and spares, with import substitution value worth Rs 715 crore," the ministry said in a statement. The aim of the indigenisation list is also to minimise imports by the defence public sector undertakings (DPSUs). The defence ministry has set specific timelines for import ban of the items, spanning the period from December 2023 to December 2028. This list is in continuation to the three similar PILs that were brought out in December 2021, March 2022 and August 2022 "These lists contain 2,500 items which are already indigenised and 1,238 (351+107+780) items which will be indigenised within the given timelines," the ministry said. Of the 1,238, 310 items have been indigenised so far, it said. The items which were already indigenised comprised 262 from the first PIL, 11 from the second list and 37 from the third PIL, according to the ministry. "The DPSUs will undertake indigenisation of these items through different routes under 'Make' category and in-house development through the capabilities of MSMEs and private Indian industry, thereby providing impetus to the growth in economy, enhanced investment in defence and reduction in import dependence of DPSUs," the ministry said. "In addition, this will augment the design capabilities of the domestic defence industry by involving academia and research institutions," it said. In a tweet, Defence Minister <keyword id="6355121" type="General" weightage="50" keywordseo="rajnath-singh" source="Orion">Rajnath Singh</keyword> said the Narendra Modi government is committed towards indigenisation and ensuring self reliance in the defence sector. "Keeping this in mind, the 4th Positive Indigenisation List (PIL) of 928 strategically-important Line Replacement Units (LRUs)/Sub-systems/Spares and Components has been approved," he said. "The list includes high-end materials and spares, with import substitution value worth Rs 715 crore," Singh added. The ministry said DPSUs will soon initiate procurement action for these notified items. In the last few years, the government has taken a series of measures to promote domestic defence production. <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> is one of the largest importers of arms globally. According to estimates, the Indian armed forces are projected to spend around USD 130 billion in capital procurement over the next five years. The government now wants to reduce dependence on imported military platforms and has decided to support domestic defence manufacturing. The defence ministry has set a goal of a turnover of USD 25 billion (Rs 1.75 lakh crore) in defence manufacturing in the next five years which includes an export target of USD 5 billion worth of military hardware. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/govt-to-roll-out-lost-mobile-blocking-tracking-system-pan-india-on-may-17/articleshow/100224875.cms">Govt to roll out lost mobile blocking, tracking system pan-India on May 17</a> <a href="https://www.businessinsider.in/stock-market/markets/news/fpi-bought-equity-worth-rs-18617-crore-in-may/articleshow/100225129.cms">FPI bought equity worth ₹18,617 crore in May</a> <a href="https://www.businessinsider.in/business/telecom/news/pm-modi-wants-us-to-start-building-rd-around-6g-technology-cisco-coo/articleshow/100224961.cms">PM Modi wants us to start building R&amp;D around 6G technology: Cisco COO</a>

Govt approves 4th 'positive indigenisation list' of sub-systems to promote domestic defence industry

<ul><li>India is looking to introduce another list that will restrict the import of defence items. </li><li>The second list will be aimed at creating more opportunities for Indian defence firms on both, the software and hardware, side of things. </li><li>The Defence Ministry is hoping to turnover $25 billion in defence manufacturing within the next five years — including $5 billion worth of military hardware exports. </li></ul>India’s Defence Ministry is currently working on a second import list that will restrict the import of arms and weapons into the country. <a href="https://timesofindia.indiatimes.com/india/second-negative-arms-import-list-likely-by-year-end/articleshow/77764060.cms">ANI</a> reports that the list is currently being discussed between the three legs of the armed forces and the Department of Military Affairs. The new list is likely to come out by the end of the year as India marches towards its goal of exporting $5 billion worth of military hardware in the next five years. The first list, which was released on August 9, has already put an ‘import embargo’ on 101 military items, which includes artillery guns, submarines, aircrafts and other smaller, but crucial, inputs. It also earmarks ₹52,000 core out of the total capital budget allocation for domestic capital procurement. Similarly, the second list will also aim to create more opportunities for Indian defence firms on both the software and hardware side of things, according to ANI. And, while Indian companies will have more contracts come their way, the list <a href="https://www.thedispatch.in/impact-of-embargo-on-defence-imports/">should not impact</a> any ongoing joint ventures of even the Strategic Partnership Model. PM Modi doesn’t want to kick foreign companies from India Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> asserts that the import ban is not a ploy to kick foreign firms out of India but to create a co-production model supported by joint ventures. India’s ask is that they tie-up with local firms to produce within the country, looking at its market size. “It is a win-win situation for everyone including the public sector, private sector and foreign companies. The government is committed to providing a better eco-system for this,” Modi said during a seminar on self-reliance in defence on August 27 organised by the Federation of Indian Chambers of Commerce and Industry (FICCI). Many questions remain India is currently the third-biggest military spender in the world, behind only the US and China, as of 2019, according to data by the Stockholm International Peace Research Institute (SIPRI). Over 60% of India’s military requirements are currently met through imports. On Monday, the Defence Research and Development Organisation (DRDO) made a detailed presentation to Defence Minister Rajnath Singh, identifying 108 military sub-systems and components that Indian private companies that build in-house, according to <a href="https://www.theweek.in/news/india/2020/08/26/govt-sets-up-expert-panel-to-redefine-drdo-for-futuristic-battles.html">THE WEEK</a>. To make that happen, the DRDO will provide support over the next couple of years. However many questions remain since the total allocation to the armed forces, this year was already ₹59,416 crore less than what was asked for. For instance, will the bifurcation between domestic and foreign capital procurement routes of the budget be a permanent feature. And if so, how will the utilisation — and in some cases, the non-utilisation — of funds be dictated. For now, what is clear, is that the Defence Ministry has set a goal to hit a turnover of $25 billion (₹1.75 lakh crore) in defence manufacturing within the next five years. Within its fold is an export target of $5 billion (₹35,000 crore) worth of military hardware. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/ladakh-will-be-the-front-to-hold-for-india-and-china-for-at-least-a-year-if-not-longer-as-per-experts/articleshow/77779668.cms">Ladakh will be the 'front to hold' for India and China for at least a year if not longer as per experts</a> <a href="https://www.businessinsider.in/defense/news/china-fires-two-missiles-into-the-south-china-sea-and-asian-markets-feel-the-blow/articleshow/77777358.cms">China fires two missiles into the South China Sea and Asian markets feel the blow</a> <a href="https://www.businessinsider.in/defense/news/india-military-options-against-china-explained-by-experts/articleshow/77743778.cms">Experts explain India’s 'military options' against China</a>

India likely to introduce a second defence ‘import embargo’ list by the end of year as it chases down $5 billion in exports

List of weapons that India can make at home — and the ones it cannot

<ul><li>Defence Minister <keyword id="6355121" type="UNKNOWN" weightage="20" keywordseo="Rajnath-Singh">Rajnath Singh</keyword> said the ministry has prepared a list of 101 items for which the embargo on imports is planned to be progressively implemented between 2020 and 2024.</li><li>The list of 101 embargoed items comprises some high technology weapon systems like artillery guns, assault rifles, corvettes, sonar systems, transport aircraft, light combat helicopters (LCHs), radars and many other items.</li><li>Singh said all necessary steps would be taken to ensure that timelines for domestic production of equipment identified under a negative list for import are met, adding the measures will include a co-ordinated mechanism for hand-holding of the industry by the defence services.</li></ul> The Indian government, on August 9, announced that it is introducing an import embargo on 101 items beyong timelines to boost indigenisation of defense production. The list of items include a range of transport aircraft, artillery guns, combat helicopters, radar systems, simulators, assault rifles, warships etc. <div type="twitter" handle="rajnathsingh" handlename="Rajnath Singh" image="http://pbs.twimg.com/profile_images/1251443637491122176/x5OH_3pf_normal.jpg" favoritecount="14529" retweetcount="2659" status="The Ministry of Defence is now ready for a big push to #AtmanirbharBharat initiative. MoD will introduce import emb… https://t.co/IuJCsC7XyD" createdat="1596947421000" id="1292317269599518721"></div> The move comes at a time when the Indian Army and the IAF said it will maintain a very high-level of operational readiness in all areas along the Line of Actual Control (LAC) in Ladakh, North Sikkim, Uttarakhand and Arunachal Pradesh till a "satisfactory" resolution to the border row with China is arrived at. Here’s what India’s Defence Minister Rajnath Singh tweeted <ul><li>The Ministry of Defence is now ready for a big push to #AtmanirbharBharat initiative. MoD will introduce import embargo on 101 items beyond given timeline to boost indigenisation of defence production. </li></ul><ul><li>This decision will offer a great opportunity to the Indian defence industry to manufacture the items in the negative list by using their own design and development capabilities or adopting the technologies designed &amp; developed by DRDO to meet the requirements of the Armed Forces. </li></ul><ul><li>The list is prepared by MoD after several rounds of consultations with all stakeholders, including the Armed Forces, public &amp; private industry to assess current and future capabilities of the Indian industry for manufacturing various ammunition &amp; equipment within India. </li></ul><ul><li>Almost 260 schemes of such items were contracted by the Tri-Services at an approximate cost of Rs 3.5 lakh crore between April 2015 and August 2020. It is estimated that contracts worth almost Rs 4 lakh crore will be placed upon the domestic industry within the next 6 to 7 years. </li></ul><ul><li>The list also includes, wheeled Armoured Fighting Vehicles (AFVs) with indicative import embargo date of December 2021, of which the Army is expected to contract almost 200 at an approximate cost of over Rs 5,000 crore. </li></ul><ul><li>The embargo on imports is planned to be progressively implemented between 2020 to 2024. Our aim is to apprise the Indian defence industry about the anticipated requirements of the Armed Forces so that they are better prepared to realise the goal of indigenisation. </li></ul><ul><li>All necessary steps would be taken to ensure that timelines for production of equipment as per the Negative Import List are met, which will include a co-ordinated mechanism for hand holding of the industry by the Defence Services. </li></ul><ul><li>More such equipment for import embargo would be identified progressively by the DMA in consultation with all stakeholders. A due note of this will also be made in the DAP to ensure that no item in the negative list is processed for import in the future. </li></ul><ul><li>MoD has also bifurcated the capital procurement budget for 2020-21 between domestic and foreign capital procurement routes. A separate budget head has been created with an outlay of nearly Rs 52,000 crore for domestic capital procurement in the current financial year.</li></ul>(This is a developing story)SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-cfo-says-lateral-hiring-will-take-time-and-only-after-utilisation-improves-to-pre-covid-levels/articleshow/77440879.cms"> Tech Mahindra CFO says lateral hiring will take time — and only after utilisation improves to pre-COVID levels</a> <a href="https://www.businessinsider.in/business/startups/news/how-karan-bajaj-sold-his-less-than-18-month-old-startup-white-hat-jr-to-byjus/articleshow/77415329.cms">A WhatsApp message, six weeks of talks and a $300 million deal – how Karan Bajaj sold his less than 18-month old startup White Hat Jr to Byju’s</a>

India’s Defence Ministry introduces “import embargo” on 101 items to boost Atmanirbhar Bharat Abhiyan

<keyword id="6354759" type="General" weightage="20" keywordseo="bangladesh" source="Orion">Bangladesh</keyword> will soon import defence related items from India under the USD 500 million Line of Credit provided by New Delhi as several identified equipment are being fast tracked, according to Foreign Secretary <keyword id="635703" type="General" weightage="20" keywordseo="harsh-vardhan-shringla" source="Orion">Harsh Vardhan Shringla</keyword>. His remarks came after President Ram Nath Kovind, who is here on his maiden state visit at the invitation of his counterpart M Abdul Hamid to attend the golden jubilee celebrations of Bangladesh's independence from Pakistan in 1971, held delegation-level talks with the country's top leadership on Wednesday. Prime Minister Sheikh Hasina called on President Kovind and the two leaders discussed several issues of mutual interest and bilateral cooperation. They reviewed the progress in the multifaceted and comprehensive bilateral ties. Addressing a press briefing here on Wednesday night, Shringla said, "As far as we are concerned, India and Bangladesh are bound by ties of history, language, spirituality and culture." He said that the defence issue was discussed during President Kovind's talks with Bangladesh's top leadership. “I think the issue of imports of defence related items by Bangladesh, you are aware that we have signed, we have extended the line of credit for defence items for USD 500 million. Under this line of credit, several items have been identified and being fast tracked. They're in fairly advanced stages of being processed… we will see certain defence items exports from India coming to Bangladesh and this is something that we would like to see,” the foreign secretary said. Sringla said that “essentially the entire gamut of cooperation, whether it is training, exchanges, joint manufacturing in the defence sector, this is something that we would like to see enhanced”. In 2019, India provided USD 500 million Line of Credit to Bangladesh for defence-related procurement in the neighbouring country. Export Import Bank of India (Exim Bank) entered into an agreement on April 11 with Bangladesh's Armed Forces Division for making available to the latter a Government of India-supported LoC of USD 500 million. The LoC is for the purpose of financing defence-related procurement in Bangladesh. In April 2017 during Prime Minister Hasina's visit to New Delhi, India committed USD 500 million LoC for Bangladesh's defence. President Kovind on Wednesday assured the top leadership here that Bangladesh has a "special place" in India's 'Neighbourhood First' policy and underlined that the bilateral relationship based on sovereignty, equality, trust and understanding is mature enough to handle the "most complex of problems". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indias-most-valuable-startup-may-go-public-in-us-at-48-billion-valuation/articleshow/88318989.cms">India’s most valuable startup may go public in US at $48 billion valuation</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/miui-13-release-date-expected-features-and-supported-devices/articleshow/88319536.cms">MIUI 13: Release date, expected features and supported devices</a>

Bangladesh to import defence items from India under $500-million LoC

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> and Maldives have signed an agreement to introduce the <keyword id="19998949" type="General" weightage="20" keywordseo="Unified-Payments-Interface" source="keywords">Unified Payments Interface</keyword> in the archipelago nation, which will have a "very positive" impact on its <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, External Affairs Minister S Jaishankar has said. The Memorandum of Understanding was signed on Friday during Jaishankar's three-day official visit to the Maldives. "Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives," he said in a post on X. Developed by the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), Unified Payment Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. Addressing a press conference with his Maldivian counterpart Moosa Zameer after their "productive discussions", Jaishankar said that India, through its UPI, has "revolutionised digital transactions". Stressing that it has taken financial inclusion in India to new levels, he said "Today 40 per cent of the world's real-time digital payments take place in our country." "We see this revolution, every day in our lives. I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives," he said. "I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here. I should mention that it will have a very positive impact on tourism," he added. Tourism is the main source of economic activity for the Maldives, contributing nearly 30 per cent of the GDP and generating more than 60 per cent of foreign exchange. Jaishankar's visit aims to reset the bilateral relationship with the Maldives and is the first high-level trip from India after the archipelago nation's pro-China president, Mohamed Muizzu, assumed office last year. "India's partnership with the Maldives is based on our deep desire to work together for each other's welfare and interests. It is a partnership that has enabled us to always swiftly and effectively respond to challenges, as witnessed in the past," Jaishankar said. "It is a partnership that has enabled us to deliver results and bring tangible benefits to our people in accordance with their wishes, aspirations and priorities," he said. In a post on X, Jaishankar also said, "Jointly inaugurated six High Impact Projects in areas of street lighting, mental health, children speech therapy and special education." "Welcome renewal of MoU between National Centre for Good Governance and Civil Services Commission on (the) training of additional 1,000 civil services officers," he added. Addressing the joint press conference, Maldivian Foreign Minister Zameer said, "India has always been one of our closest friends and a vital development partner." He said the "enduring friendship" was built on a foundation of mutual trust and respect and has continued to flourish over the years. "High-level exchanges between our countries have deepened our dialogue and cooperation in areas of shared interest. We remain dedicated to strengthening and advancing this mutually beneficial partnership," he said. "Minister Dr Jaishankar and I agreed that much more needs to be done to promote trade and investment between the Maldives and India," he said, adding that both sides are committed to establishing "effective mechanisms to enhance economic cooperation, fostering a vibrant and prosperous partnership that will benefit both the nations." Zameer said he conveyed President Muizzu's proposal to begin negotiations on a Free Trade Agreement between the Maldives and India. "This agreement alongside other economic and trade-related agreements will facilitate trade liberalisation and ease the risks of doing business in both our countries," he said. Zameer said that India and Maldives have also mutually agreed to further strengthen their partnership by continuing joint exercises and expanding training opportunities for officers from both countries, asserting that this reflects "our commitment to working together to ensure the security of our nations as well as ensuring the safety and stability of the Indian Ocean region." India's relations with the Maldives suffered a major setback last year when President Muizzu demanded the withdrawal of Indian military personnel manning three aviation platforms in the Maldives. Subsequently, the Indian military personnel were replaced by civilians by May 10, the mutually agreed date. "On regional and multilateral issues of importance, our countries have a common understanding and are united in our efforts to resolve them. We agreed to continue our cooperation on issues ranging from combating terrorism, violent extremism, drugs, human trafficking and to the promotion and protection of human rights," Zameer said. In his press statement, Jaishankar said that India and the Maldives "are not just close neighbours, we are also natural partners." "Today, we are mutually invested in each other's development and progress. In a globalised and interconnected world, we see a lot of volatility and global tensions. Even as the world is recovering from the impact of the COVID pandemic, we have been confronted with new challenges arising from international conflicts," he said. In this tumultuous environment, India has been and will be, an anchor of stability for its friends, partners and neighbours. To the Maldives specifically, India has provided support to deal with economic challenges through financial assistance and budgetary support, and by ensuring an uninterrupted supply of critical items, he noted. India's actions have been and will continue to be guided by its firm commitment to the philosophy of 'Sabka Saath, Sabke Vikas - which is- Together, we prosper', Jaishankar said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank">Brainbees Solutions (Firstcry) IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

India to introduce UPI payment service in Maldives

<ul><li>The FDI limit for defence has also been increased from 49% to 74%. </li><li>The import of certain weapons and platforms is going to be banned. </li><li>Nirmala Sitharaman also emphasised that <keyword id="497741" type="ORGANIZATION" weightage="20" keywordseo="Ordnance-Factories">ordnance factories</keyword> will be corporatised, and not privatised. </li></ul>In a bid for ‘self-reliance’ Nirmala Sitharaman announced that the import of certain weapons and platforms is going to be banned. On the flip side, the FDI limit for defence has also been increased from 49% to 74% with Sitharaman assuring viewers that safeguards will be put in place to protect a sector as sensitive as defence. Banning the import of <keyword id="6382879" type="UNKNOWN" weightage="20" keywordseo="defence-equipment">defence equipment</keyword> “The import of this set of equipment shall not be allowed, it will be banned,” Sitharamn said during the fourth instalment of announcements around India’s ₹20 lakh crore stimulus today, May 16. Instead, the armed forces will now have to look to local manufacturers — or at least companies that have set up manufacturing bases in India — in order to meet their requirements. A list will be issued, but as now, she hasn’t specified exactly which defence equipment will be taking a hit — and it’s going to increase every year. “Every year this list will be increased as more capacities are recognised, which meet the defence standards, and they will be obtained from India,” Sitharaman explained. In addition to banning the import of weapons, import spares will be used for indigenisation of manufacturing and the budget will include separate provisioning for domestic capital procurement. "Corporatisation, not privatisation" The Ordnance Factory Boards under the Military of Defence, which engage in research, development, production, and testing of defence equipment will also be corporatised. “Corporatisation is not privatisation. We want them to be better managed, and we also eventually hope that they will get listed in the stock market,” said Sitharaman. This means that ordinary citizens will be able to buy their shares, and the boards, in turn, will be able to raise money from the market. Rehauling defence quality requirements Even though she said that the equipment will meet the defence's general staff qualitative requirements (GSQR) — even those requirements are going to see an overhaul. “Because sometimes unrealistic quality requirements are established. Quite a lot of time is spent searching for suppliers who will meet all those requirements. You end up with just one supplier. And buying it from just one supplier is not permitted. And, then you do the entire circle all over again,” said Sitharaman. Then again, not meeting those requirements, has — at times — led to accidents as with HUL’s Dhruv choppers, in the past. Even the trial and testing of weapons and platforms won’t be the same anymore in a bid to make the process faster and more efficient. “Yes, we understand, India as a country will have different climatic and geo-spatial requirements — tropical, coastal, Himalayan, high-altitude and everything else. But we still need to be far more efficient,” justified Sitharaman. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/now-day-four-of-nirmala-sitharamans-stimulus-plan-as-india-preps-for-lockdown-4-0/articleshow/75774080.cms">Now, fourth tranche of Nirmala Sitharaman's stimulus plan as India preps for lockdown 4.0</a> <a href="https://www.businessinsider.in/india/news/hindalco-jspl-coal-india-companies-that-will-benefit-from-nirmala-sitharamans-reforms/articleshow/75775443.cms">Hindalco, JSPL, Adani, Coal India, and many more stocks that can benefit from India’s sweeping reforms in coal and mineral sector</a>

You Searched For "india import ban defence items list" and got 10 results

After import embargo, India is creating country profiles for its defence exports

PTI

Here's what will get cheaper and costlier after this Budget

ANI

Urge India to reconsider PC import restrictions: Top industry groups ask US govt

IANS

Govt approves 4th 'positive indigenisation list' of sub-systems to promote domestic defence industry

PTI

India likely to introduce a second defence ‘import embargo’ list by the end of year as it chases down $5 billion in exports

Prabhjote Gill

List of weapons that India can make at home — and the ones it cannot

Prabhjote Gill

India’s Defence Ministry introduces “import embargo” on 101 items to boost Atmanirbhar Bharat Abhiyan

BI India Bureau

Bangladesh to import defence items from India under $500-million LoC

PTI

India to introduce UPI payment service in Maldives

PTI

India hikes foreign investment limit in defence manufacturing⁠— and it will create a list of banned imports

Prabhjote Gill

Popular Keywords

Buying Guides