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Time of India
04-07-2025
- Business
- Time of India
NITI Aayog recommends creation of chemical hubs, port clusters to boost manufacturing
India should establish chemical hubs and develop eight port-infrastructure clusters to expand its role in global chemical manufacturing, a NITI Aayog report said on Thursday. In a report titled Chemical Industry: Powering India's Participation in Global Value Chains , the policy think tank said the country is targeting $1 trillion in chemical output by 2040. GVC share, job creation, and trade deficit According to the report, India aims to increase its share in Global Value Chains (GVC) from 3.5 per cent in 2023 to 5–6 per cent by 2040, with the potential to create 700,000 additional jobs by 2030. India's current share in global chemical value chains and a chemical trade deficit of USD 31 billion in 2023 reflect its dependence on imported feedstock and specialty chemicals. 'Targeted reforms encompassing a range of fiscal and non-fiscal interventions will enable India to reach a $1 trillion chemical sector and achieve a 12 per cent GVC share by 2040,' the report stated. Port, environmental, and policy interventions The report called for the formation of an empowered committee at the Central level and the creation of a chemical fund with a budgetary outlay for shared infrastructure and viability gap funding. It also recommended that an administrative body manage each chemical hub. It proposed a Chemical Committee for ports to advise on and address infrastructure gaps in chemical trade, along with the development of eight port clusters with high potential. Other suggestions include incentivising incremental production of chemicals based on import bills, export potential, single-country dependence, and end-market needs. On regulatory aspects, the report recommended fast-tracking environmental clearance. 'Simplify and fast-track EC clearance process through setting up an audit committee under DPIIT to monitor timelines and compliance, and publish periodic reports and give more autonomy to EAC,' it said. The report also noted that India could consider Free Trade Agreements (FTAs) with provisions specific to the chemicals industry, including tariff quotas and selective duty exemptions on raw materials and petrochemical feedstocks. Challenges identified India's chemical sector faces structural challenges, including reliance on imported feedstock, infrastructure gaps, outdated industrial clusters, and logistics costs. These factors have contributed to cost disadvantages compared to other countries. The report highlighted that India's investment in R&D is 0.7 per cent, lower than the global average of 2.3 per cent, affecting innovation in high-value chemicals. It also cited regulatory delays, particularly in environmental clearances, and a shortfall of 30 per cent in skilled professionals in areas like green chemistry, nanotechnology, and process safety. 'By addressing the existing challenges and leveraging the proposed interventions, India can enhance its competitiveness, attract investments, and build a chemical sector capable of leading the global value chain,' the report said.
The Print
27-04-2025
- Business
- The Print
Centre launches portal, guidelines for electronics component manufacturing scheme; aims for large investments
Union Minister for Electronics and Information Technology Ashwini Vaishnaw launched the guidelines and portal on April 26. New Delhi [India], April 27 (ANI): Centre has launched guidelines and portal for the Electronics Component Manufacturing Scheme (ECMS) to develop a strong component ecosystem by attracting large investments, both global and domestic, in the electronics component manufacturing ecosystem. The Union Cabinet, chaired by Prime Minister, had approved the Electronics Component Manufacturing Scheme (ECMS), which was notified on April 08, 2025. The scheme aims to develop strong manufacturing capacity and capabilities and integrate Indian companies with Global Value Chains (GVCs). Speaking at the launch, Union Minister stated that electronics production has grown five-fold and exports have grown more than six-fold, with export CAGR exceeding 20 per cent and production CAGR over 17 per cent. He added that mobile phones, servers, laptops, and IT hardware have seen very strong progress and that the industry is poised to take off significantly. Vaishnaw described ECMS as a horizontal scheme that will support not just electronics but also industrial, power, automobile sectors and more. He emphasized that a complete ecosystem for electronics manufacturing is coming into place across the country. Underscoring the importance of innovation and quality, the Minister said that many companies have now established design teams, and it is essential that every participant develops such teams. Stressing on quality, he called for achieving Six Sigma standards across the sector, warning that those not adhering to quality benchmarks would be cut short. He said the twin focus on design capability and quality excellence would drive India's leadership in electronics. Vaishnaw also spoke about India's advances in AI and data-driven solutions. He informed that 350 datasets have already been uploaded on AI Kosh, and four AI tools developed by IITs will soon be released. He further stated that techno-legal solutions are being developed to strengthen the electronics ecosystem. The Minister informed that ECMS has a strong pipeline of projects ready for approval and expressed confidence that this marks just the beginning of India's rapid growth as a global electronics hub. (ANI) This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.
Business Recorder
23-04-2025
- Business
- Business Recorder
Minister seeks details of proposed energy policies
ISLAMABAD: Minister for Commerce Jam Kamal Khan has sought details of energy policies currently under consideration that may impact Pakistan's trade and commerce landscape. In a letter addressed to the Minister for Power, Sardar Awais Ahmad Khan Leghari, the Commerce minister stated that Pakistan's export performance saw a significant increase during the first nine months of the financial year 2024-25 compared to the same period in FY 2023-24. The MoC remains committed to enhancing exports and boosting the country's global trade competitiveness. Key areas of focus include improving the ease of doing business, attracting foreign direct investment (FDI), and integrating Pakistan into Global Value Chains (GVCs). Steps afoot to provide cheap energy to industry, says Jam Kamal The minister noted that the ministry is actively tracking global trade trends and nurturing strong trade relations with regional and international partners. A range of initiatives — including regulatory reforms, stakeholder engagement, and the expansion of existing Free Trade Agreements (FTAs) and Preferential Trade Agreements (PTAs) — are underway with the aim of doubling Pakistan's exports over the next five years. 'Despite ongoing initiatives and emerging opportunities, a collaborative approach is essential to overcome challenges and leverage potential synergies among federal ministries and relevant departments,' the letter stated. The Commerce minister urged the Power Division to share updates on any proposed energy policies that could influence trade and commerce dynamics. He further stressed that by aligning strategic goals and fostering inter- ministerial collaboration, the government can convert challenges into opportunities and work towards a more prosperous future for the nation. The Commerce ministry is currently in the process of consulting stakeholders for the formulation of new Trade and Tariff Policies. Sources within the ministry revealed persistent concerns that decisions taken at collective forums — particularly the Tariff Policy Board (TPB) — are often not upheld during the budget-making process. Finance and the Federal Board of Revenue (FBR) have reportedly failed to honor commitments made to the business community, undermining policy coherence and trust. Copyright Business Recorder, 2025
