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Finance Minister Nirmala Sitharaman on Tuesday announced a cut in customs duty on minerals such as lithium, copper and cobalt, which are critical for nuclear energy, renewable and other sectors, to give a fillip to the energy transition. In her budget speech in Lok Sabha, Sitharaman recalled that in the interim budget she had announced a strategy to sustain high and more resource-efficient economic growth, along with energy security in terms of availability, accessibility and affordability. "We will bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability," she said. Noting that minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, space, defence, telecommunications, and high-tech electronics, she proposed to fully exempt customs duties on 25 critical minerals and reduce BCD (basic customs duty) on two of them. 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, she said. She stated that energy transition is critical in the fight against climate change. To support energy transition, she proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. Further, she stated that in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, I propose not to extend the exemption of customs duties provided to them. Noting that steel and copper are important raw materials and to reduce their cost of production, she proposed to remove the BCD on ferro nickel and blister copper. "I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap," she said. About the PM Surya Ghar Muft Bijli Yojana, which was rolled out earlier this year, he informed the House that in line with the announcement in the interim budget, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications, and we will further encourage it, he stated. She further stated that a policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable &amp; intermittent nature in the overall energy mix. She stated that nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat. Towards that pursuit, our government will partner with the private sector for setting up Bharat Small Reactors; research &amp; development of Bharat Small Modular Reactor and research &amp; development of newer technologies for nuclear energy, she informed the House. The R&amp;D funding announced in the interim budget will be made available for this sector, she added. The development of indigenous technology for Advanced Ultra Super Critical (AUSC) <keyword id="20421620" type="General" weightage="20" keywordseo="thermal-power" source="keywords">thermal power</keyword> plants with much higher efficiency has been completed, she informed the House. A joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant using AUSC technology and the government will provide the required fiscal support, she added. Moving forward, the development of indigenous capacity for the production of high-grade steel and other advanced metallurgy materials for these plants will result in strong spin-off benefits for the economy, she pointed out. A roadmap for moving the 'hard to abate' industries from 'energy efficiency' targets to 'emission targets' will be formulated, she stated adding that appropriate regulations for the transition of these industries from the current 'Perform, Achieve and Trade' mode to 'Indian Carbon Market' mode will be put in place. She further stated that an investment-grade energy audit of traditional micro and small industries in 60 clusters, including brass and ceramic, will be facilitated. Financial support will be provided for shifting them to cleaner forms of energy and implementation of energy efficiency measures. The scheme will be replicated in another 100 clusters in the next phase, she stated. Gaurav Kedia, Chairman, Indian Biogas Association said that the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024 has unveiled a roadmap towards a sustainable and resilient India, with agriculture and energy security at its core. It is anticipated that these initiatives will catalyze the growth of the biogas industry, leading to increased rural employment, reduced carbon emissions, and improved soil health, he stated. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-record-allocation-of-rs-1-48-lakh-crore-for-education-employment-and-skilling/articleshow/111951228.cms">Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!</a>

FM cuts customs duty on minerals critical for energy transition

<ul><li>The strike has been called off following an agreement reached with the management of the companies.</li><li><keyword id="651724" type="General" weightage="80" keywordseo="clc" source="Orion">CLC</keyword> had further advised that the managements should consider the suggestions of the <keyword id="122605" type="General" weightage="80" keywordseo="associations" source="Orion">associations</keyword> positively.</li><li>The strike notice was given by Girish <keyword id="24716" type="General" weightage="80" keywordseo="khurana" source="Orion">Khurana</keyword>, National Convenor, JFTY protesting against the unilateral implementation of the EY recommendations.</li></ul> The unions in the government-owned general insurance companies and General Insurance Corporation of India Ltd (GIC Re) on Monday called off their January 4 strike, said an union leader. The strike has been called off following an agreement reached with the management of the companies at the conciliation meeting called by the Chief Labour Commissioner, Central. "Various arguments took place in the meeting from both sides and finally, the CLC advised the managements to give proper bilateral opportunity for discussion with the Associations within 15 days and take the suggestions," Trilok Singh, Convenor-North Zone, Joint Forum of Trade Unions and Association (JFTU), told IANS. He said the CLC had further advised that the managements should consider the suggestions of the associations positively. "Managements agreed to meet the Associations within 15 days for the same. In the light of these instructions from the CLC's office and the managements' decision, we have decided to defer the strike till further advices," Singh said. At the conciliation meeting, the management representative said since 2016 it has been a matter of existence for the insurers. They said even after infusion of capital by the government, the companies are struggling to survive. The companies have to maintain solvency ratio and for that, they have to cost effective. The representative of the Department of Financial Services also maintained that the insurers have to improve their performance. The strike notice was given by Girish Khurana, National Convenor, JFTY protesting against the unilateral implementation of the EY recommendations on rejigging the five reinsurers. The CLC had called the Chairman-cum-Managing Directors of the five companies, Joint Secretary, Department of Financial Services, and Khurana for a conciliation meeting. The unions have been demanding the copy of the EY report for a long time. The management had given them a copy of the power point presentation made to them about the EY report. "Bullet points contained in <keyword id="6678164" type="General" weightage="50" keywordseo="ppt" source="Orion">PPT</keyword> (powerpoint presentation) reveal no details and we are unable to submit our view-points and suggestions in the matter," Khurana said in a letter to <keyword id="14574026" type="General" weightage="50" keywordseo="suchita-gupta" source="Orion">Suchita Gupta</keyword>, <keyword id="15951458" type="General" weightage="50" keywordseo="chairperson-gipsa" source="Orion">Chairperson GIPSA</keyword> and Chairman-cum-Managing Director, <keyword id="15951459" type="General" weightage="50" keywordseo="national-insurance-earlier" source="Orion">National Insurance earlier</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhiites-guzzle-over-1-crore-liquor-bottles-worth-218-crore-from-dec-24-31/articleshow/96698044.cms">Delhiites guzzle over 1 crore liquor bottles worth ₹218 crore from Dec 24-31</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zomato-irctc-zee-entertainment-among-stocks-in-focus-on-tuesday/articleshow/96697684.cms">Sensex, Nifty50 likely to open in red amid weak global cues; Zomato, IRCTC, Zee Entertainment among stocks in focus</a>

PSU general insurance unions call off their Jan 4 strike

<ul><li>The protest is organised by the <keyword id="18635" type="General" weightage="100" keywordseo="amazon" source="Orion">Amazon</keyword> Pay Coalition, co-convened by the <keyword id="1131320" type="General" weightage="50" keywordseo="uni-global-union" source="Orion">UNI Global Union</keyword> and the <keyword id="15617515" type="General" weightage="50" keywordseo="progressive-international" source="Orion">Progressive International</keyword>.</li><li>The coalition wants Amazon to pay its workers fairly and respect their right to join unions, in addition to others.</li><li>In India, the Indian Federation of App-based Transport workers (IFAT), Telangana Gig and <keyword id="13525614" type="General" weightage="50" keywordseo="platform-workers-union" source="Orion">Platform Workers Union</keyword>, Hawkers Joint Action Committee and Gig Workers Association are joining the protests.</li></ul>Supply chain workers of Amazon in India are protesting against the e-commerce giant as part of a global movement organised by the <keyword id="15617516" type="General" weightage="50" keywordseo="make-amazon-pay-coalition" source="Orion">Make Amazon Pay Coalition</keyword> on Friday, coinciding with the beginning of crucial <a href="https://www.businessinsider.in/business/ecommerce/news/black-friday-the-sales-scams-and-myths/articleshow/95764746.cms">Black Friday</a> sales. This is the third year of the ‘<a href="https://makeamazonpay.com/?link_id=4&amp;can_id=3483ce9a311068233a55d0aa42962f6d&amp;source=email-make-amazon-pay-2&amp;email_referrer=email_1749159&amp;email_subject=make-amazon-pay">Make Amazon Pay</a>’ global protests – covering 40 countries. The Make Amazon Pay Coalition, co-convened by UNI Global Union and the Progressive International, is a coalition of over 80 unions, civil society organisations, environmentalists and tax watchdogs like Greenpeace, 350.org, <keyword id="1155271" type="General" weightage="50" keywordseo="tax-justice-network" source="Orion">Tax Justice Network</keyword> and Amazon Workers International. The coalition wants Amazon to pay its workers fairly and respect their right to join unions, pay its fair share of taxes and commit to real environmental sustainability. It <a href="https://makeamazonpay.com/?link_id=4&amp;can_id=3483ce9a311068233a55d0aa42962f6d&amp;source=email-make-amazon-pay-2&amp;email_referrer=email_1749159&amp;email_subject=make-amazon-pay">charges</a> Amazon with “squeezing every last drop it can” from “workers, communities and the planet” in the face of the cost of living scandal, global debt crisis and climate emergency. “Real wages are going down while the corporation rakes in record revenue - $121 billion for the second quarter of 2022 - and doubles down on its union-busting tactics,” the coalition said on its <a href="https://makeamazonpay.com/?link_id=4&amp;can_id=3483ce9a311068233a55d0aa42962f6d&amp;source=email-make-amazon-pay-2&amp;email_referrer=email_1749159&amp;email_subject=make-amazon-pay">website</a>. In India, the Indian Federation of App-based Transport workers (IFAT), Telangana Gig and Platform Workers Union, Hawkers Joint Action Committee and Gig Workers Association are joining the protests. Thousands of workers, street vendors and supporters are expected to rally in over 20 cities including outside parliament in <a href="https://uniglobalunion.org/news/map22/">New Delhi</a> on Friday. The protesters will march to their respective district magistrate offices and submit a memorandum. “On Black Friday, in what has already been named #MakeAmazonPay day, unions, civil society and progressive elected officials will stand shoulder to shoulder to denounce Amazon’s despicable multimillion dollar campaigns to kill worker-lead union efforts. It’s time for the tech giant to cease their awful, unsafe practices immediately, respect the law and negotiate with the workers who want to make their jobs better,” <keyword id="9152786" type="General" weightage="50" keywordseo="shaik-salauddin" source="Orion">Shaik Salauddin</keyword>, founder state president of Telangana Gig And Platform Workers Union (<keyword id="15617514" type="General" weightage="50" keywordseo="tgpwu" source="Orion">TGPWU</keyword>) told Business Insider India. As per the coalition’s <a href="https://makeamazonpay.com/?link_id=4&amp;can_id=3483ce9a311068233a55d0aa42962f6d&amp;source=email-make-amazon-pay-2&amp;email_referrer=email_1749159&amp;email_subject=make-amazon-pay">website</a>, Amazon workers from Maharashtra, West Bengal, Bhopal, Bihar, <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>, Rajasthan, Uttarakhand are likely to participate. “These groups represent a variety of interests, and while we are not perfect in any area, if you objectively look at what Amazon is doing in each one of these areas you’ll see that we do take our role and our impact very seriously. We are inventing and investing significantly in all these areas, playing a significant role in addressing climate change with the Climate Pledge commitment to be net zero carbon by 2040, continuing to offer competitive wages and great benefits, and inventing new ways to keep our employees safe and healthy in our operations network, to name just a few. Anyone can see for themselves by taking a tour at one of our sites,” an Amazon spokesperson told Business Insider India. The protests could be crucial as Black Friday sales – annual retail sale events starting a day after Thanksgiving in the US when retail chains offer deep discounts – tend to provide a big boost in <a href="https://www.britannica.com/story/why-is-it-called-black-friday">sales</a> for retailers and e-commerce players globally. This year, most of the sales commence on 25th November and end on 28th November. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/black-friday-the-sales-scams-and-myths/articleshow/95764746.cms">Black Friday: The sales, scams and myths</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-close-flat-on-a-range-bound-day-hdfc-life-reliance-rise-icici-bank-drags/articleshow/95764805.cms">Sensex, Nifty50 close flat on a range-bound day – HDFC Life, Reliance rise, ICICI Bank drags</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/amazon-workers-are-planning-a-strike-on-black-friday-demanding-fair-pay-and-an-end-to-unsafe-practices/articleshow/95749775.cms">Amazon workers are planning a strike on Black Friday demanding fair pay and an end to unsafe practices</a>

Indian trade unions to join global protests against Amazon India

In what is seen as a major standdown, the pilots' union of <keyword id="2573" type="General" weightage="100" keywordseo="air-india" source="Orion">Air India</keyword> has withdrawn its opposition to the new wage pact and employment agreement. In a joint letter issued on Thursday, the Indian Pilots' Guild (<keyword id="179256" type="General" weightage="50" keywordseo="ipg" source="Orion">IPG</keyword>) and Indian Commercial Pilots' Association (ICPA) withdrew their stand and told their members that they are free to sign new wage contracts offered by the new <keyword id="6355725" type="General" weightage="50" keywordseo="tata-group" source="Orion">Tata group</keyword> management of Air India. "As dedicated <keyword id="4746568" type="General" weightage="50" keywordseo="air-indians" source="Orion">Air Indians</keyword>, we believe it is crucial to express our readiness to settle the dispute at hand and find an amicable resolution for the benefit of both parties," the IPG and ICPA said in a joint letter to their members. The letter further read, "Over the past year, our attempts to reach a resolution have been hindered by a lack of cooperation from the management. Their unwillingness to address our concerns and apathetic attitude has resulted in a prolonged stalemate and escalating tensions." "Upon the assurances given in the online 'Townhall Meeting for Pilots' and in the interest of the aspirations of Air India, The <keyword id="8555" type="General" weightage="50" keywordseo="tata" source="Orion">Tata</keyword> Group and our passengers, the Joint Directive No.01 of 2023, Sub: Unilateral Changes in Policies stands withdrawn," the letter titled as 'Withdrawn of Joint Directive Np01 of 2023', added. The announcement came after a joint meeting held on Thursday, wherein the unions' members were told that they are free to sign the new wage contract. Last month, the Tata Group-owned airline announced a new salary structure for pilots and cabin crew but the staff was disappointed with the revisions. Their main grouse was about promoting captains with more than four years of experience in management. In a communication to all employees including pilots and crew members in April this year, Air India management had said that they announced the revision of their employment contracts and revised compensation for flying staff. "I am reaching directly to our flying staff through this platform as currently there is no recognized union at Air India. This is within the framework of law," said Air India Chief Human Resource Officer Suresh Tripathi, had said in a video message. The airline had said that the contract sent is a compilation of applicable policies and existing rules. Wherever there are differences, their changes are introduced to have a performance and merit-based culture as would be the ask of any world-class and professionally run airline. In the last one year, they have been hearing all the concerns of their flying community through various forums and constant communication, the Air India management said. "Guaranteed flying allowance has moved upwards from existing 20 hours to fixed 40 hours. With our ambitious growth and large aircraft order, we as an organisation are confident to provide you more and more opportunities for flying. The fact remains that at 70 hours of flying, income across the board has increased. We are a productivity-oriented organisation, and anyone who is ready to contribute will grow and prosper," the airline had said. "Our Trainers who would be investing more time in training as we ramp up, have been given a significant increase in pay in the form of both fixed and variable. There is more than 40 per cent increase in the allowance for trainers," it added. Air India said flying allowance rates are one of the highest in the Indian industry, with even higher amounts beyond 40 hours. There used to be a difference in flying rates in the same pilot rank which has been done away with to promote fairness. They have introduced additional compensation during training of command upgrade and conversion training which was not existing earlier. There was not any service reward existing to recognise the contribution of experienced staff. A fixed amount has been added to salaries. "These are all changes we have introduced for the better and to become market competitive, which was a key ask. We have also introduced best-in-class employee insurance and other benefits which were not existing earlier at Air India to support the welfare of our flying staff," the airline's management had said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations/articleshow/100164083.cms">Adani-Hindenburg row: Mauritian minister rejects shell company allegations</a> <a href="https://www.businessinsider.in/entertainment/news/ipl-2023-scores-over-1300-crore-video-views-on-jiocinema-in-the-first-five-weeks/articleshow/100155165.cms">IPL 2023 scores over 1,300 crore video views on JioCinema in the first five weeks</a> <a href="https://www.businessinsider.in/investment/news/investment-supertrends-2023-ai-to-digitalisation-and-green-energy/articleshow/100126382.cms">AI to digitalisation and green energy: Supertrends defining investment for today and the future</a>

Air India pilots' union withdraws opposition to new wage agreement

Energy for all is the need of the hour, especially in an emerging <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> like <keyword id="3658" type="COUNTRY" weightage="100" keywordseo="India">India</keyword> where a big chunk of the population still can’t access <keyword id="1977921" type="UNKNOWN" weightage="100" keywordseo="Modern-energy-sources">modern energy sources</keyword> and the overall growth of the country suffers due to such non-inclusion. The outlook is not exactly bright at this point as India ranks 69th among 124 <keyword id="6407494" type="UNKNOWN" weightage="100" keywordseo="countries">countries</keyword> in the recently released <keyword id="1970968" type="UNKNOWN" weightage="100" keywordseo="global-energy-architecture-performance-index">Global Energy Architecture Performance Index</keyword> (<keyword id="1977925" type="UNKNOWN" weightage="100" keywordseo="EAPI">EAPI</keyword>) Report 2014, prepared by the <keyword id="69007" type="ORGANIZATION" weightage="100" keywordseo="World-Economic-Forum">World Economic Forum</keyword> in collaboration with <keyword id="6370971" type="CITY" weightage="100" keywordseo="Accenture">Accenture</keyword>. 
 India, with an overall score of 0.48, has the second lowest <keyword id="1379968" type="UNKNOWN" weightage="100" keywordseo="energy-performance">energy performance</keyword> in the <keyword id="1977931" type="UNKNOWN" weightage="100" keywordseo="BRICS-cluster">BRICS cluster</keyword> that also includes <keyword id="6355226" type="COUNTRY" weightage="80" keywordseo="Brazil">Brazil</keyword>, <keyword id="6358826" type="COUNTRY" weightage="80" keywordseo="Russia">Russia</keyword>, <keyword id="1334" type="COUNTRY" weightage="100" keywordseo="China">China</keyword> and <keyword id="6355117" type="COUNTRY" weightage="80" keywordseo="South-Africa">South Africa</keyword>. Interestingly, China lies at the bottom among the <keyword id="175259" type="ORGANIZATION" weightage="100" keywordseo="Brics">BRICS</keyword> (85th with a score of 0.45), but other countries in this group are way ahead of India and its neighbour. Ranked 22nd, Brazil tops the BRICS group with a score of 0.64, extracting 50% more <keyword id="35050" type="CITY" weightage="100" keywordseo="gdp">GDP</keyword> per unit of energy use than the average of the other <keyword id="486040" type="UNKNOWN" weightage="100" keywordseo="BRICS-countries">BRICS countries</keyword>. It is followed by the Russian Federation (28th, with a score of 0.62) and South <keyword id="12925" type="ENTERTAINMENT" weightage="80" keywordseo="Africa">Africa</keyword> (54th, with a score of 0.54). 
 The top 10 performers are mostly EU and/or <keyword id="1977933" type="UNKNOWN" weightage="100" keywordseo="OECD-nations">OECD nations</keyword> – <keyword id="6356961" type="COUNTRY" weightage="100" keywordseo="Norway">Norway</keyword>, <keyword id="22501" type="COUNTRY" weightage="100" keywordseo="New-Zealand">New Zealand</keyword>, <keyword id="6354785" type="COUNTRY" weightage="100" keywordseo="France">France</keyword>, <keyword id="23050" type="COUNTRY" weightage="100" keywordseo="Sweden">Sweden</keyword>, <keyword id="103" type="COUNTRY" weightage="100" keywordseo="Switzerland">Switzerland</keyword>, <keyword id="49968" type="COUNTRY" weightage="100" keywordseo="Denmark">Denmark</keyword>, <keyword id="6363645" type="COUNTRY" weightage="100" keywordseo="Spain">Spain</keyword> and <keyword id="106735" type="COUNTRY" weightage="80" keywordseo="latvia">Latvia</keyword> – with the exception of <keyword id="15385" type="COUNTRY" weightage="80" keywordseo="Colombia">Colombia</keyword> (7th) and <keyword id="57870" type="COUNTRY" weightage="80" keywordseo="Costa-Rica">Costa Rica</keyword> (9th). The US came in 37th, followed by <keyword id="6355311" type="COUNTRY" weightage="80" keywordseo="Japan">Japan</keyword>. The regions covered in the report include <keyword id="1977935" type="UNKNOWN" weightage="100" keywordseo="EU28">EU28</keyword>, <keyword id="195393" type="COMPANY" weightage="100" keywordseo="MENA">MENA</keyword>, BRICS, <keyword id="6378080" type="COUNTRY" weightage="60" keywordseo="North-America">North America</keyword>, <keyword id="303353" type="COUNTRY" weightage="100" keywordseo="Sub-Saharan-Africa">Sub-Saharan Africa</keyword> and the <keyword id="5891" type="ORGANIZATION" weightage="100" keywordseo="ASEAN">ASEAN</keyword>. 
 
Why we need EAPI Before we consider why India is lagging behind the rest, it is important to understand the dimensions of the ‘<keyword id="1977936" type="UNKNOWN" weightage="100" keywordseo="Energy-triangle">energy triangle</keyword>’ and what it takes to achieve top-level energy performance. During the past three years, the World Economic Forum has been working on the <keyword id="1978006" type="UNKNOWN" weightage="100" keywordseo="New-Energy-Architecture">new energy architecture</keyword>, defined as the integrated physical system of <keyword id="689119" type="UNKNOWN" weightage="100" keywordseo="energy-sources">energy sources</keyword>, carriers and demand sectors. The ‘energy triangle’ frames the key objectives of the <keyword id="1977939" type="UNKNOWN" weightage="100" keywordseo="Energy-architecture">energy architecture</keyword> – the ability to provide secure, affordable and <keyword id="1977947" type="UNKNOWN" weightage="100" keywordseo="Environmentally-sustainable-energy-supply">environmentally sustainable energy supply</keyword>. Accordingly, the Global Index has used 18 indicators to assess 6 regions and 124 countries under three baskets – <keyword id="1977948" type="UNKNOWN" weightage="100" keywordseo="Economic-growth-and-development">economic growth and development</keyword>, <keyword id="585025" type="UNKNOWN" weightage="100" keywordseo="environmental-sustainability">environmental sustainability</keyword> and <keyword id="1714410" type="ORGANIZATION" weightage="100" keywordseo="Energy-access">energy access</keyword> &amp; security – while analysing the complex trade-offs and dependencies that affect the efforts of each country under review. 
 “Resource, wealth or <keyword id="352701" type="ORGANIZATION" weightage="100" keywordseo="Economic-Development">economic development</keyword> alone do not guarantee high performance on the Index,” said Roberto Bocca, senior director and head of energy industries at the World Economic Forum. “For an <keyword id="1977954" type="UNKNOWN" weightage="100" keywordseo="Effective-energy-system">effective energy system</keyword>, countries need to focus on all three sides of the energy triangle – environmental sustainability, security of supply and affordability,” he added. Undoubtedly a difficult task, if you look at the toppers or any other country, for that matter. No single country has got a top score of 1/1 for the overall Index (an average of the scores posted under the three heads) and no one has hit a ‘perfect 1’ either, under any of the three baskets. 
 
 
 
Four factors hindering India’s energy performance 
Low access: Let’s look at the grassroots first. Energy access across BRICS is high, with the exception of India and South Africa which continue to face <keyword id="1977958" type="UNKNOWN" weightage="100" keywordseo="Lower-electrification-rates">lower electrification rates</keyword> for rural and low-income groups. In fact, India is the lowest performer within the BRICS cluster (0.54/1), with only 75% accessing modern energy sources. It means around 293 million people go without those, compared to just 4 million in China. 
 However, there are longer-term solutions on the cards. Alongside a number of national and international initiatives, the government is currently running the Restructured Accelerated Power Development and Reform Programme or <keyword id="398803" type="UNKNOWN" weightage="100" keywordseo="R-APDRP">R-APDRP</keyword>, directing around $10 billion over the coming years for <keyword id="1977960" type="UNKNOWN" weightage="100" keywordseo="Grid-modernisation">grid modernisation</keyword>. India has also launched a <keyword id="856064" type="UNKNOWN" weightage="100" keywordseo="Remote-Village-Electrification">Remote Village Electrification</keyword> programme while the <keyword id="386624" type="ORGANIZATION" weightage="100" keywordseo="Ministry-of-New-and-Renewable-Energy">Ministry of New and Renewable Energy</keyword> is targeting the installed capacity from new <keyword id="430844" type="UNKNOWN" weightage="100" keywordseo="renewables">renewables</keyword> to reach 21,700 MW by 2017 (more on India’s <a href="http://www.businessinsider.in/Five-Moves-That-Will-Power-Indias-Green-Shift/articleshow/23463110.cms">green power</a> here). 
 
Increasing <keyword id="1977962" type="UNKNOWN" weightage="100" keywordseo="Reliance-on-energy-imports">reliance on energy imports</keyword>: Large-scale economic expansion across the country has triggered bigger <keyword id="6417014" type="UNKNOWN" weightage="100" keywordseo="energy-consumption">energy consumption</keyword> and a crippling dependence on imports – a major factor behind the ballooning trade and <keyword id="894126" type="UNKNOWN" weightage="100" keywordseo="current-account-deficits">current account deficits</keyword>. India is one of the biggest importers of crude oil and more than half of its $191 billion <keyword id="113688" type="UNKNOWN" weightage="100" keywordseo="trade-deficit">trade deficit</keyword> in FY2013 – $109 billion, to be precise – accounted for oil, with the country importing around 82% of its requirements, mostly from the <keyword id="138623" type="UNKNOWN" weightage="100" keywordseo="Gulf-countries">Gulf countries</keyword>. Overall, 28% of the country’s <keyword id="1977965" type="UNKNOWN" weightage="100" keywordseo="Net-energy-consumption">net energy consumption</keyword> is met through imports and among the BRICS, India has the <keyword id="1977966" type="UNKNOWN" weightage="100" keywordseo="Highest-spend-on-fuel-imports">highest spend on fuel imports</keyword> relative to GDP (10%). 
 It’s a kind of vicious cycle, to say the least, which is negatively impacting the <keyword id="6356076" type="UNKNOWN" weightage="100" keywordseo="indian-economy">Indian economy</keyword>. “The whole mess in the <keyword id="52599" type="TECHNOLOGY" weightage="100" keywordseo="CAD">CAD</keyword> is due to the imports of both coal and oil,” Vivek Pandit, senior director for energy at the Federation of Indian Chambers of Commerce and Industry (<keyword id="6355001" type="CITY" weightage="80" keywordseo="FICCI">FICCI</keyword>) told FT. Worried by the current account deficit, <keyword id="44528" type="ORGANIZATION" weightage="100" keywordseo="FDI">FDI</keyword> and <keyword id="68968" type="UNKNOWN" weightage="100" keywordseo="institutional-investors">institutional investors</keyword> gradually started withdrawing their support since March this year. This fuelled a substantial weakening of the <keyword id="6355302" type="ORGANIZATION" weightage="100" keywordseo="Rupee">Rupee</keyword> and resulted in a drawdown of <keyword id="6368276" type="COMPANY" weightage="80" keywordseo="Foreign-exchange">foreign exchange</keyword> to the tune of $12.8 billion. According to a PwC report, the drawdown could have been avoided, had India produced 17 million tonnes more oil than its current domestic production. 
 Worse still, <keyword id="1977973" type="UNKNOWN" weightage="100" keywordseo="Indias-oil-import-dependency">India’s oil import dependency</keyword> is forecast to grow another 10 percentage points to exceed 90% by 2031. While increasing domestic exploration will help to a certain extent, India must try and curb the <keyword id="1977977" type="UNKNOWN" weightage="100" keywordseo="Oil-bills">oil bills</keyword> further by seeking new suppliers and buying more stake into African and other <keyword id="1977979" type="UNKNOWN" weightage="100" keywordseo="Non-Gulf-oil-and-gas-assets">non-Gulf oil and gas assets</keyword>. 
 This part of the strategy is slowly taking shape as <keyword id="81864" type="CITY" weightage="100" keywordseo="ONGC-Videsh">ONGC Videsh</keyword>, the overseas investment arm of <keyword id="55282" type="ORGANIZATION" weightage="100" keywordseo="India-Government">India government</keyword>’s flagship oil and gas explorer <keyword id="118729" type="COMPANY" weightage="100" keywordseo="Oil-Natural-Gas-Corp">Oil &amp; Natural Gas Corp</keyword>, has been pushing hard to build up a <keyword id="1977984" type="UNKNOWN" weightage="100" keywordseo="Diversified-portfolio-of-foreign-assets">diversified portfolio of foreign assets</keyword> to minimise the country’s dependency on the Middle East. <keyword id="6354737" type="CITY" weightage="100" keywordseo="ONGC">ONGC</keyword> Videsh has recently signed two multi-billion-dollar deals to buy into offshore natural gas assets in <keyword id="6372754" type="COUNTRY" weightage="80" keywordseo="Mozambique">Mozambique</keyword>. It has a significant presence in <keyword id="48890" type="COUNTRY" weightage="80" keywordseo="Latin-America">Latin America</keyword> and is also looking for exploration assets in <keyword id="6356970" type="COUNTRY" weightage="100" keywordseo="Myanmar">Myanmar</keyword>, <keyword id="6354759" type="COUNTRY" weightage="100" keywordseo="Bangladesh">Bangladesh</keyword>, <keyword id="30174" type="COUNTRY" weightage="100" keywordseo="Lebanon">Lebanon</keyword> and <keyword id="6355478" type="COUNTRY" weightage="80" keywordseo="Australia">Australia</keyword>. 
 
Prevalence of <keyword id="1896941" type="UNKNOWN" weightage="100" keywordseo="energy-subsidies">energy subsidies</keyword>: Another factor that is dragging India down by increasing oil demand and widening the budget deficit. Both India and Russia are the lowest performers for the indicator on <keyword id="1977989" type="UNKNOWN" weightage="100" keywordseo="Liquid-fuel-subsidies">liquid fuel subsidies</keyword>. India’s subsidies for diesel put it in the lower quartile globally for this indicator even as the country is trying to improve <keyword id="1977991" type="UNKNOWN" weightage="100" keywordseo="Energy-affordability">energy affordability</keyword> and access for lower-income groups. 
 
Coal-dependence hurts: At present, coal dominates the country’s <keyword id="1798751" type="UNKNOWN" weightage="100" keywordseo="energy-mix">energy mix</keyword> with a robust 53% share in <keyword id="1977995" type="UNKNOWN" weightage="100" keywordseo="Primary-energy-consumption">primary energy consumption</keyword>, affecting India’s score in terms of environmental sustainability. The country has scored 0.41/1, underlining the challenge it faces in diversifying the energy mix beyond <keyword id="181402" type="UNKNOWN" weightage="100" keywordseo="fossil-fuels">fossil fuels</keyword>. Although energy trade can have positive impacts here, it can also pose economic and <keyword id="1977997" type="UNKNOWN" weightage="100" keywordseo="Energy-security-risks">energy security risks</keyword>, especially as we are dependent only on a few trading partners. 
 Interestingly, 41% of the <keyword id="1200645" type="UNKNOWN" weightage="100" keywordseo="energy-supply">energy supply</keyword> in the top 10 countries comes from low-carbon energy sources, compared to a global average of 28%. India, too, is rolling out low-carbon power generation through plans to increase <keyword id="43870" type="UNKNOWN" weightage="100" keywordseo="nuclear-capacity">nuclear capacity</keyword> from the current 4.4 GW to 5.3 GW by 2016. 
 
The bottom line “Our analysis concludes that there is no single way forward; each country must work with its own resources and constraints, making difficult choices and trade-offs,” said Arthur Hanna, Managing Director, Energy Industry, Accenture, and a Member of the World Economic Forum’s Global Agenda Council on New Energy Architecture. “The Index helps nations take stock of their energy transition challenges and address key barriers to success, such as market distorting subsidies, continued uncertainty around energy policy and funding for research and development of <keyword id="1978009" type="UNKNOWN" weightage="100" keywordseo="New-energy-sources">new energy sources</keyword> and technologies.” 
 
Keeping that in mind, can India cope with the transition and morph its energy policies accordingly? 
 
Top Image: Wikipedia 
Data chart: World Economic Forum

Energy
Performance: Is India
Losing Out On Power Play?

New Delhi, Jan 7 () Banking services at public sector banks are likely to be hit on Wednesday due to a nationwide strike called by 10 central trade unions.
Most of the lenders have already informed stock exchanges about the January 8 strike and its impact on banking services.
Various bank employee associations, including AIBEA, All India Bank Officers' Association (AIBOA), BEFI, INBEF, INBOC and Bank Karmachari Sena Mahasangh (BKSM), have expressed their willingness to participate in the strike.
Banking services like deposit and withdrawal, cheque clearing and instrument issuance are expected to be impacted due to the strike.
However, services at private sector banks are unlikely to be impacted.
Nearly 25 crore people are likely to take part in an all-India strike on Wednesday to protest against the government's "anti-people" policies. 
 Trade unions INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, AICCTU, LPF, UTUC along with various sectoral independent federations and associations had adopted a declaration in September last to go on a nationwide strike on January 8, 2020.
"The Ministry of Labour has failed to assure on any of the demands of workers which called a meeting on January 2, 2020. The attitude of the government is that of contempt towards labour as we construe from its policies and actions," the 10 CTUs said in a joint statement.
"We expect participation of not less than 25 crore of working people in the forthcoming National General Strike on January 8, 2020, to be followed by many more actions seeking reversal of the anti-worker, anti-people, anti-national policies of the Government," it said. DP ANU

Banking services may be hit due to trade unions' strike on Jan 8

New Delhi, Jan 7 () Banking, transport and other services across the country are likely to be hit on Wednesday as trade unions have called a nationwide strike on Wednesday.
 Nearly 25 crore people are said to be taking part in this all-India strike to protest against the government's "anti-people" policies.
 Ten central trade unions like INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, AICCTU, LPF, UTUC along with various sectoral independent federations and associations had adopted a declaration in September last to go on a nationwide strike on January 8, 2020.
 Several banks have already informed stock exchanges about the Wednesday strike and its impact on banking services.
 Various bank employee associations, including AIBEA, All India Bank Officers' Association (AIBOA), BEFI, INBEF, INBOC and Bank Karmachari Sena Mahasangh (BKSM), have expressed their willingness to participate in the strike.
 Banking services like deposit and withdrawal, cheque clearing and instrument issuance are expected to be impacted due to the strike.
 However, services at private sector banks are unlikely to be impacted.
 Other than banking, transport and other key services are also likely to be disrupted in many states due to this nationwide strike call.
 In West Bengal, trade unions affiliated to Left and other parties had called for a bandh against the economic policies of the BJP-led government at the Centre.
 However, the state government said it will not support any bandh.
 "The Ministry of Labour has failed to assure on any of the demands of workers which called a meeting on January 2, 2020. The attitude of the government is that of contempt towards labour as we construe from its policies and actions," the 10 CTUs said in a joint statement.
 "We expect participation of not less than 25 crore of working people in the forthcoming National General Strike on January 8, 2020, to be followed by many more actions seeking reversal of the anti-worker, anti-people, anti-national policies of the Government," it said.
 The central government, meanwhile, has asked public sector undertakings to dissuade their employees from participating in the 'Bharat Bandh' called on Wednesday and advised them to prepare a contingency plan to ensure smooth functioning of the enterprises.
 Meanwhile, in Kerala, the trade unions exempted the state's tourism sector from Wednesdays general strike.
 Kerala Travel Mart (KTM) Society hailed as "exemplary" the decision by political parties and trade unions to exempt the state's tourism sector from Wednesdays general strike.
 "Any employee going on strike in any form, including protest, would face the consequences which, besides deduction of wages, may also include appropriate disciplinary action," said an office memorandum issued by the government.
 "Suitable contingency plan may also be worked out to carry out the various functions of the ministry/department," it added. DP ANU TGB SS MKJ

Banking, transport services may be hit due to trade unions' strike on Jan 8

New Delhi, Jan 6 () Ten central trade unions on Monday said around 25 crore people will participate in a nationwide strike on January 8 to protest against the government's "anti-people" policies.
 Trade unions INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, AICCTU, LPF, UTUC along with various sectoral independent federations and associations had adopted a declaration in September last to go on a nationwide strike on January 8, 2020.
 "We expect participation of not less than 25 crore of working people in the forthcoming National General Strike on January 8, 2020, to be followed by many more actions seeking reversal of the anti-worker, anti-people, anti-national policies of the Government.
 "The Ministry of Labour has failed to assure on any of the demands of workers which called a meeting on January 2, 2020. The attitude of the government is that of contempt towards labour as we construe from its policies and actions," the 10 central trade unions (CTUs) said in a joint statement.
 About 60 organisations of students and elected office bearers of some universities have also decided to join the strike with an agenda to raise voice against increased fee structure and commercialization of education, it said.
 The trade unions condemned the JNU violence and similar incidents in other university campuses and expressed their solidarity with students and teachers all over India.
 The unions also expressed displeasure over no Indian Labour Conference being held since July 2015, codification of labour laws and privatisation of PSUs.
 "As many as 12 airports are already sold out to private hands, 100 per cent sale of Air India is already decided, decision to sell BPCL taken, BSNL-MTNL merger announced and 93,600 telecom workers already thrown out of jobs under the garb of VRS (voluntary retirement scheme)," it added.
 The unions are also against privatisation in railways, corporatisation of 49 defence production units and forced merger of banks.
 Joint platform of more than 175 farmers and agricultural workers unions will extend its support to workers' demands and observe January 8 as Gramin Bharat Bandh along with their charter of demands, they added. KKS KKS ANU
ANU ANS
ANS

25 crore people likely to participate in nationwide strike on Jan 8: Trade unions

<ul class="summary-list"><li>German unions and companies said on Monday that they oppose a European Union ban on Russian gas.</li><li>EU leaders are debating if they want to target Russian oil and gas, after banning coal earlier.</li></ul>German unions and companies teamed up on Monday to announce they oppose a European Union ban on <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>n natural gas imports as EU leaders debate further sanctions on Russia over its unprovoked war in <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>. In a joint statement, the chairmen of <keyword id="11892705" type="UNKNOWN" weightage="60" keywordseo="germany" source="Orion">Germany</keyword>'s DGB trade union organization and BDA employer's association said a future EU ban would cause job loss and factory shutdowns, the Associated Press <a href="https://apnews.com/article/russia-ukraine-business-germany-europe-economy-b9004fca7ea3a60fd281ad58d21a7bd4">reported</a>. "A rapid gas embargo would lead to loss of production, shutdowns, a further de-industrialization and the long-term loss of work positions in Germany," the joint statement read. Some Western countries have pulled themselves away from Russian <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">energy</keyword> imports, and the EU earlier this month said it would <a href="https://markets.businessinsider.com/news/commodities/eu-russia-oil-coal-natural-gas-fossil-fuels-energy-sanctions-2022-4">ban Russian coal</a> — though it has so far avoided banning natural gas and oil.Germany, however, is <a href="https://www.businessinsider.com/germany-reliance-russian-energy-ukraine-war-natural-gas-oil-trade-2022-4">very dependent on Russian commodities</a> — especially natural gas. A <a href="https://www.businessinsider.com/germany-reliance-russian-energy-ukraine-war-natural-gas-oil-trade-2022-4">decades-long relationship between Russia and Germany</a> has left the latter in a bind as it faces escalating pressure to ditch Russian goods. Germany's purchases of Russian oil and gas are estimated to add about $220 million to the Kremlin's balance sheet every day, effectively funding the country's invasion of Ukraine.Yet Russia supplied almost one-third of Germany's total energy needs in 2021. That makes it tricky to quickly sever the trade relationship without suffering dramatically higher energy prices and likely economic disaster. The West's next sanctions <a href="https://www.businessinsider.com/russia-pick-between-saving-economy-continuing-invasion-treasury-secretary-yellen-2022-4">aim to strangle Russia's fundraising abilities</a>, but Germany's reliance on energy imports represents a major hurdle in doing so.Meanwhile, the US said it would <a href="https://www.businessinsider.com/biden-us-ban-russian-oil-natural-gas-coal-imports-report-2022-3">ban all Russian energy imports</a>, and the UK said it would stop importing Russian oil by the end of 2022.To be sure, Germany has taken some major steps toward weaning itself off of Russian energy. The country has already shrunk its usage of Russian oil to 25% from 35% and halved its imports of Russian coal, <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> minister Robert Habeck said in late March.Natural gas is a tougher commodity to replace. Germany expects to slash its use of Russian gas by 24% by the summer, but cutting Russia out of the country's gas supply entirely could take until the summer of 2024, Habeck said.With German unions and companies pushing back against such a ban, cutting out Russian gas could take longer still.

German unions and companies team up to oppose EU ban on Russian gas

Ten central trade unions on Monday said around 25 crore people will participate in a nationwide strike on January 8 to protest against the government's "anti-people" policies.
 Trade unions INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, AICCTU, LPF, UTUC along with various sectoral independent federations and associations had adopted a declaration in September last to go on a nationwide strike on January 8, 2020.
 "We expect participation of not less than 25 crore of working people in the forthcoming National General Strike on January 8, 2020, to be followed by many more actions seeking reversal of the anti-worker, anti-people, anti-national policies of the Government.
 "The Ministry of Labour has failed to assure on any of the demands of workers which called a meeting on January 2, 2020. The attitude of the government is that of contempt towards labour as we construe from its policies and actions," the 10 central trade unions (CTUs) said in a joint statement.
 About 60 organisations of students and elected office bearers of some universities have also decided to join the strike with an agenda to raise voice against increased fee structure and commercialization of education, it said.
 The trade unions condemned the <keyword id="8526257" type="UNKNOWN" weightage="20" keywordseo="JNU-violence">JNU violence</keyword> and similar incidents in other university campuses and expressed their solidarity with students and teachers all over India. The unions also expressed displeasure over no Indian Labour Conference being held since July 2015, codification of labour laws and privatisation of PSUs.
 "As many as 12 airports are already sold out to private hands, 100 per cent sale of Air India is already decided, decision to sell BPCL taken, BSNL-MTNL merger announced and 93,600 telecom workers already thrown out of jobs under the garb of VRS (voluntary retirement scheme)," it added.
 The unions are also against privatisation in railways, corporatisation of 49 defence production units and forced merger of banks.
 Joint platform of more than 175 farmers and agricultural workers unions will extend its support to workers' demands and observe January 8 as Gramin Bharart Bandh along with their charter of demands, they added. KKS KKS ANU
ANU

250 million Indians will join the Jan 8 strike against privatisation - claim trade unions

The long pending wage revision talks between the General Insurers' (Public Sector) Association of India (GIPSA) and the various employee unions have begun in a bad taste. The talks were held on Wednesday. The GIPSA, the lobby body for the four government owned multiline non-life insurers and the General Insurance Corporation of India (GIC Re) made their offer that was expected to be rejected and the unions rejected the same. The wage revision for the public sector general insurance employees was due from August 1, 2017. "The GIPSA offered seven per cent hike on the wage bill (without any wage arrears from 2017) or five per cent wage hike with two per cent of arrears," Sanjay Jha, Secretary Standing committee (General Insurance, All India Insurance Employees Association-AIIEA), told IANS. Jha said the AIIEA and other unions have rejected the 'disappointing' offer. According to him, the Joint Forum of Trade Unions and Associations will hold demonstrations during the lunch recess demanding a respectable wage offer maintaining insurance sector parity. "The financial position of the companies in 2017 was good. There is no reason for the management to make such an offer. Perhaps it is done to delay the wage revision further," said Vijay Sharma, President, National Confederation of General Insurance Officers Association (CONFED) and All India President of New India Assurance Officers Association. Sharma said the employees expect at least a 15 per cent hike offer, similar to what was given to the employees of Life Insurance Corporation of India. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/pankaj-tripathi-could-have-been-a-politician-like-his-character-in-mirzapur/articleshow/92403253.cms">Pankaj Tripathi could have been a politician like his character in Mirzapur</a> <a href="https://www.businessinsider.in/business/ecommerce/news/recommerce-platform-cashify-raises-90-mn-in-its-series-e-funding/articleshow/92402742.cms">Recommerce platform Cashify raises $90 mn in its Series E funding</a>

PSU insurance unions angry with the 7% salary hike offer, seek LIC-like hikes

Mumbai, Feb 15 () Terming India as an "economic and social" global power, Portuguese President Marcelo Rebelo de Sousa on Saturday said the country's priority is to have joint expertise in various areas of the economy. A forum, organised by industry bodies, CII, ASSOCHAM and Ficci, was also attended by Portuguese Foreign Minister Augusto Santos Silva, Secretary of State of Internationalisation of Portuguese Republic, Eurico Brilhante Dias, and Union Minister for Railways and Commerce and Industry Piyush Goyal, besides industry leaders from the two countries. "India is a global power. It's an economic global power, it is social global power. It is the largest democracy in the world. It is a trustable partner," Sousa said in his keynote address at the India-Portugal Business Forum here. "We are trustable. The evolution about the economy shows it," the President said. Stating that both India and Portugal know each other for a long time, Sousa said both Portugal and India are not just the European or Asian countries or cultures but they are "universal". "We like building bridges. We are very good at it," he said adding that be it in the area of culture, education, scientific or economic, the nations are good at buildings bridges. "For very long, we converged multilaterally, I mean established diplomatic relations," Sousa said. The President said the two countries work with the world, for the world be it for the peace, freedom, sustainable development or climate change. "The priority for us to have your expertise, our expertise, joint expertise as quickly. And this is the right time. First of all, India is a global power. It is an economic global power and is a social global power, it is the largest democracy in the world. He said the business community has a role to play in the economic bilateral because politicians create the framework. They open the way, they paved the way but they do not act in economics, in business every day." Such forums are helpful in finding out in which field India can benefit from Portuguese expertise or vice versa. He cited some of the industries and sectors such as tourism, renewable energies, ICT, environment, infrastructures, water, sanitation, public works, electrical mobility, construction and maritime transport, among others, as the some of the industries and sectors which had the potential for investment. "The priority for us (is) to have your expertise, our expertise, joint expertise as quickly," Sousa said. Addressing the forum, Goyal said both India and Portugal are focused on economic growth, investment, industry and innovation. The minister said that during his meeting with the Portuguese business delegation on Friday, he did discuss various sectors such as real estate and infrastructure development. In Goa, he suggested a government-to-government partnership to promote tourism and create the entire ecosystem around tourism. "I believe if we were to work together to create a mini-Portugal in Goa, we could truly make it a preferred destination for visitors from around the world," Goyal said. "I believe that it is an area which I hope during the your (President Sousa) visit to Goa, we can discuss with the government there," he said. He said the Indian government is keen to expand its relationship with Portugal, he said. "Also, as we look forward to expanding our relations with the European Union and as you assume the presidency of the EU in 2021, we do hope to see a great impetus in the EU-India ties under your presidency," Goyal said. India has a number of opportunities to work together in several areas, he said adding that "the automobile sector is flourishing both in your country and in India. And, I am sure we can partner to look at electric mobility going forward to contribute to sustainability and the environment. There is a good potential for infrastructure and the construction industry". He also said it has been decided to hold the next session of the India-Portugal Joint Economic Committee in India soon to review the gamut of the bilateral trade and economic relations. IAS HRS

Need India-Portugal joint expertise in various areas of economy: Portuguese President

Mumbai, Feb 15 () Portugal on Saturday called for enhancing bilateral trade, saying the two countries have the potential to take it to the next level.The trade between India and Portugal stood at USD 876 million in 2019-20, according to industry estimates."I would like to say that the prospects of our relation are very positive. We have historical and political relations. Still, the trade between the two countries could be much bigger and we have to double or triple the figures of our bilateral trade that counts for one year now a days," Portuguese Foreign Affairs Minister Augusto Santos Silva said at India-Portugal Business Forum here.The investments by the companies from the two countries were improving, but we need much more investment, he noted."I think the political framework is clear. Don't forget that whenever you invest in Portugal, you are investing in your gateway to European Union to Euro area..," the minister said.Silva, who is also incharge of the foreign investment and foreign trade, said that Portugal this year in June will hold the second United Nations Ocean Conference in Lisbon, which will be a very important activity to push global economy.Portugal is considered as the third most secure country in the world by the global peace index, he said, adding "we all know how security is important for investment"."Secondly, we are also characterised by a solid political stability. This is also a crucial variable."I think there is a lot to work on in terms of our bilateral cooperation. And of course, the role of the governments what we expect from the government is to facilitate this...how are we facilitating the improvement of economic relations between India and Portugal," Silva noted.He also said that at the highest political level there have been visits by the Prime Ministers of both India and Portugal, besides the ongoing visit of Portuguese President Marcelo Rebelo de Sousa, while President Ram Nath Kovind is scheduled to visit Portugal next year."So, the development, the improvement of political relationships is occurring at the highest level. But its important that this is the consolidation of a framework for the improvement of people-to-people and business to business cooperation," he said.The two countries have already inked agreement in tourism sector and for startups."We have a joint programme with financing, in order to leverage capital, the ideas and the business models of young entrepreneurs in startups and of course, we are increasing our cooperation in other sectors -- public works, construction industry and real estate business."We have an interesting visa programme. If you invest in real estates, if you transfer capital for Portugal, if you invest in Portugal, you are allowed to get in a very quick way residence permits," the minister said."We are now trying to enlarge the scope of these programmes to the whole of the country because it was too concentrated in Lisbon," he said, adding ICT is one domain in which Portugal can learn a lot from India, but also can exchange rapidly with India. IAS BAL

Portugal pitches for enhancing bilateral trade with India

<ul><li>The Indian government has proposed several changes to the <keyword id="44081" type="PERSON" weightage="20" keywordseo="Cigarettes">Cigarettes</keyword> and Other <keyword id="406227" type="ORGANIZATION" weightage="20" keywordseo="tobacco-products">Tobacco Products</keyword> (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply and Distribution) Act, 2003. </li><li>The changes are proposed to promote healthy living as almost 267 million Indians today consume tobacco in one form or the other. </li><li>However, the changes are set to hit India’s tobacco industry and pose a dilemma for some of its biggest tobacco companies like ITC and Godfrey Phillips. </li><li>The upcoming budget and stricter GST could only make it worse for the industry.</li></ul>The over <a href="https://www.reuters.com/article/india-tobacco-law/indias-proposed-changes-to-anti-smoking-law-face-objections-from-tobacco-industry-idINKBN29B1L4">$12 billion</a> Indian tobacco industry has a new problem at its doorstep, as the government is set to enforce strict regulations around the consumption of tobacco, mainly cigarettes. While the need for regulations around tobacco is to be lauded as it impacts the health of millions, in a year where the government has to ensure its cash flow remains strong, it remains to be seen whether Finance Minister Nirmala Sitharaman will hurt the likes of India’s big tobacco companies, ITC. For ITC, cigarette sales alone account for 46% of its total revenue – a whopping $6 billion in FY20. The Indian government has proposed several changes to the Cigarettes and Other Tobacco Products (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply and Distribution) Act, 2003. Here are the proposed changes: <ul><li>Tobacco products will not be sold to persons under the age of 21. </li><li>Sale of tobacco products will be prohibited within 100 yards to 100 metres of an educational institution.</li><li>Retail sale of loose cigarettes will not be allowed. </li><li>Retailers will have to obtain a mandatory license, which will be subject to annual renewal. </li><li>All shops selling tobacco products will have to set up advertising and promotional content to show the harmful effects of tobacco.</li></ul>The changes are set to come into force from February 1, 2021. The changes are proposed to promote healthy living as almost 267 million Indians today consume tobacco in one form or the other. According to a report by <a href="https://globaltobaccoindex.org/upload/assets/3Z3etsFtAPNhMM3sovQgfULM4uTjafVS7mLvQe2He5CHQOmy49.pdf">Global Tobacco Index</a>, the economic cost of diseases caused by tobacco accounts for over $22.4 billion in India. However, the proposed implementation of these products has already seen a dissent from India’s retailers and tobacco industry. According to a <a href="https://www.reuters.com/article/india-tobacco-law/indias-proposed-changes-to-anti-smoking-law-face-objections-from-tobacco-industry-idINKBN29B1L4">Reuters report</a>, India’s tobacco companies will vehemently oppose the new rules, some of whom have already begun to see the impact in the stock market. One of India’s biggest tobacco companies that generates <a href="https://www.businessinsider.in/business/corporates/news/the-33-billion-itc-one-of-indias[%E2%80%A6]ks-seems-to-have-turned-a-corner/articleshow/79641456.cms">nearly ₹2 billion in cash every year</a>, ITC, has been an underperformer in the stock market till about two months ago when it saw a recovery in its share price. <div type="image" title="itc stock" msid="80340429" hostid="261"></div> The Federation of Retailers Association of India had also appealed to the Prime Minister to roll back the changes proposed under COTPA. The association said that the changes were aimed at destroying small retailers without really impacting India’s big retailers. “By making age old trade practices like selling loose cigarettes a cognizable offence and an imprisonment of 7 years for small violations makes small traders look like heinous criminals. Compared to a 2-year imprisonment for extortion or for dangerous driving that can cause death, this is the extreme of the extremes. This puts paan, bidi and cigarette sellers in the same crime list category as a person voluntarily throwing acid on someone or causing death by negligence etc. How can anybody be so insensitive while drafting the amendment towards poor, marginalized people who are struggling to earn their daily living?,” said Ram Asre Mishra, President, Federation of Retailers Association of India. The association also said that the change of area near an educational institution where tobacco can be sold from 100 yards to 100 metres will hurt small time retailers who will have to pack their bags and move. “As per law, we do not sell tobacco products to minors. In congested and heavily populated cities, such a restriction is impractical. Petty retailers will have to vacate their place without any means to support their livelihoods. Moreover, if a new educational institution will come up within 100 metres of the retailer’s location and he will again be asked to move,” said Gulab Chand Khoda, Joint Secretary of FRAI. Here’s why the government could be pushing to stop the retail sale of loose cigarettes. According to ITC’s annual report from 2020, it is estimated that on account of illegal cigarettes alone, revenue loss to the Government is almost ₹15,000 crore per annum. “About 68% of the total tobacco consumed in the country remains outside the tax net,” said the report. Here’s a look at the taxes paid by ITC, which doesn’t even include the 28% GST on cigarettes which is a huge revenue factor for the government. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2019 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current Tax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4441.97 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5849.24 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deferred Tax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹(411.21) crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹130.60 crore </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="The tobacco industry has a long history of liaisoning with the government to influence policies" comment="subhead" text="The tobacco industry has a long history of liaisoning with the government to influence policies">The tobacco industry has a long history of liaisoning with the government to influence policies</cmsannotation> A recent report by the Global Tobacco Index said that the tobacco industry, directly or indirectly, often reaches out to the government for changes in favour of the industry. The report cited instances from the ban of electronic cigarettes and taxation of tobacco, where industry leaders pushed for changes in government policies. Talking about the taxation policies, the report cited that Godfrey Phillips in its annual report had spoken about the stringent taxation of cigarettes. “It said “High level of taxation” has “led to the rise in illicit cigarette trade”, and conveniently linked that to “consequent loss of revenue to the government.”. It said “various industry bodies and corporates have urged the government to consider bringing the taxation on cigarettes to pre-GST levels.” This very rhetoric of decreasing tax rates so as to tackle illicit trade has been exercised by various tobacco companies: Golden Tobacco Limited, Godfrey Phillips, and ITC,” said the report. Here’s how India fared in the Tobacco Industry Interference Index. The score determines the interference by the industry in government policies – higher the score, higher the interference. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">India’s score </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">61 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2019 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">69 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2017 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">72 </td></tr></tbody></table>Source: Global Tobacco Index <cmsannotation type="cmsannotation" annotationid="The upcoming Budget could change the game" comment="subhead" text="The upcoming Budget could change the game">The upcoming Budget could change the game</cmsannotation> The Budget has always mentioned changes for the tobacco industry. In the Budget 2020, Finance Minister Nirmala Sitharaman hiked the excise duty paid for cigarettes. The National Calamity Contingent Duty (NCCD) on cigarettes was increased by 212% to 388% depending on the length of the cigarette sticks. And the upcoming <keyword id="8420431" type="UNKNOWN" weightage="20" keywordseo="budget-2021">Budget 2021</keyword> could once again change the game. Analysts believe that the government may ask the tobacco industry to pay up more. “Possibility of GST hike in the Budget or during any GST council meets remains high due to weak government finances amid the COVID-19 situation,” said analysts at <a href="https://www.moneycontrol.com/news/business/government-looking-to-raise-minimum-age-of-cigarette-smoking-to-21-6310661.html">Motilal Oswal Securities</a>. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/here-are-the-major-changes-that-could-reportedly-come-up-with-the-union-budget-2021-by-nirmala-sitharaman/articleshow/80325146.cms">Budget 2021: From Income Tax deductions to creating jobs and boosting healthcare – Here’s all that could be in Nirmala Sitharaman’s fiscal plans</a>

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