Weekly News Updates-India Mar 29 to Apr 4, 2023

Taiwanese corporate delegation visit India; 15 rare earth elements discovered in Andhra Pradesh; India needs investment to meet renewable energy goals; Active COVID-19 cases in India rise; India and Malaysia to settle trade in Indian Rupee; Ecommerce companies face fresh trouble; India sold 1.16 million EVs in FY23

Visit to India by a Taiwanese corporate delegation to explore electronics, telecom, software, and ICT

A 10-member Taiwanese business delegation from Taiwan recently traveled to India to look into potential partnerships in the fields of electronics, telecommunication, and information technology as well as to attend the 23rd INDIASOFT 2023 – International ICT Exhibition and Conference, which was held in New Delhi from March 27 to 29.

Pegatron, ActPower, Plustek, Aicademy, WiseTac, JimYen, Senru, and Techmation were among the participating Taiwanese companies.

The delegation to New Delhi was led by Jennifer Makhecha (Tseng, Hsiao-Li), Chairperson, Taiwan Chamber of Commerce Mumbai. She also happens to be the Taiwan government’s nominated Associate Advisor for the “Overseas Community Affair Council” in India.

According to Jennifer, this was likely the first occasion that a corporate group from Taiwan visited India to look into potential joint ventures in the software and information and communication technology sectors (ICT).

Taiwanese business delegation visits India to explore opportunities in electronics, telecom, software, ICT – Asian Community News

Large deposits of 15 rare earth elements discovered in Andhra Pradesh following lithium reserve in J&K

According to reports, significant quantities of 15 rare earth elements (REE) have been discovered in Andhra Pradesh’s Anantapur district. The Hyderabad-based National Geophysical Research Institute discovered these elements (NGRI).

These elements, according to the research, are important components that are utilized in many common and industrial applications, such as computers, automobiles, televisions, cell phones, and other electronic equipment. Moreover, they are utilized in the production of permanent magnets, aerospace, defence, and clean energy.

Scientists were looking for non-traditional  rocks, including syenites, when they made the discovery of the minerals in the lanthanide group. Among the elements that have been identified are columbite, thorite, allanite, and ceriate.

REEs are widely used in high technology because of their luminous and catalytic qualities. Alkaline syenite complexes in Andhra Pradesh are currently undergoing the assessment of REEs with implications for metallogeny, according to NGRI scientists.

andhra pradesh rare elements: Following lithium in J&K, large deposits of 15 rare earth elements found in Andhra Pradesh – The Economic Times (indiatimes.com)

India needs $540 billion investment by 2029 to meet renewable energy goals

S&P Global Ratings stated that India needs $540 billion in investments between 2020 and 2029 to achieve its ambitious goals for electricity generation from renewable sources. This comes as the private sector-led energy transformation enters a new stage.

By 2070, India wants to achieve net zero emissions. By 2030, it aims to achieve 500 gigawatts (GW) of non-fossil electrical capacity, 50 per cent renewable energy, a one billion tonne reduction in emissions, and a per cent reduction in the GDP’s emissions intensity.

India requires $540-bn investment by 2029 to meet renewable targets: S&P : The Tribune India

Active COVID-19 cases in India rise to 21,179

The number of coronavirus infections in India grew to 3,038 while the number of active cases rose to 21,179, according to figures provided on Tuesday by the Union Health Ministry.

Nine deaths brought the total to 5,30,901 deaths. The data, which was updated at 8 am, showed that two deaths were reported from Delhi and Punjab, one death each from Jammu and Kashmir, Maharashtra, and Uttarakhand in a 24-hour period, and two deaths were reported from Kerala.

The total number of cases involving Covid was 4.47 crore (4,47,29,284). According to the ministry, the national COVID-19 recovery rate was recorded at 98.76%, and the active cases currently make up 0.05% of all infections.

Active COVID-19 cases in India rise to 21,179 – The Hindu

India and Malaysia to settle trade in Indian Rupee

Trade between India and Malaysia can now be settled in Indian Rupee (INR), in addition to the present methods of settlement in other currencies.

This comes after the Reserve Bank of India’s decision to permit the settlement of foreign commerce in INR in July 2022. This action by the RBI aims to promote the interests of the international trading community in INR and facilitate the expansion of global trade.

This mechanism has been put into operation by Kuala Lumpur-based India International Bank of Malaysia (IIBM), which opened a Special Rupee Vostro Account through Union Bank of India, its Corresponding Bank in India.

India, Malaysia can now trade in Indian rupee, Auto News, ET Auto (indiatimes.com)

Ecommerce companies face fresh trouble as government may ban related party sales

The Indian government may issue regulations stating that “related parties” or “associated enterprises” of online marketplaces should not sell goods or services to a registered merchant on their platforms. This could raise new concerns for ecommerce and food delivery companies.

The most recent round of discussions, which were held earlier this month, is being led by the Consumer Affairs Ministry. Also, there has been an inter-ministerial discussion between the Ministry of Electronics and Information Technology (MeitY) and the Department for Promotion of Industry and Internal Trade (DPIIT).

If these discussions lead to regulations in the future, companies like Flipkart and Amazon India won’t be able to provide their merchants with their internal logistics services, Ekart and Amazon Transportation Services.

Ecommerce companies face fresh trouble as government may ban related party sales, ET Retail (indiatimes.com)

India sold 1.16 million EVs in FY23

According to Vahan data, total electric vehicle (EV) sales in India up till the evening of March 30, 2023, were 11,65,057 units, passing the million unit mark for the first time in a fiscal year. In CY2022, India sold 10,23,735 electric vehicles, or 4.93% of the country’s total 20,752, 305 vehicle sales.

The number will rise with the entry of retail sales data for March 31 and sales data from the two states not included in Vahan. FY23’s 11,65,057 units, which represent a significant 154% year-over-year increase from FY22’s 458,746 units, illustrate the surge in consumer demand for EVs in the face of high petrol, CNG, and diesel prices.

EV sales in India hit 1.16 million units in FY23, Auto News, ET Auto (indiatimes.com)