Category: Entrepreneurship

The combined Index of Eight Core Industries increases by 8.9 per cent as compared to the Index of June 2020

The production of Coal, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity industries mark an increase in June 2021 over the corresponding period of last year

INDEX OF EIGHT CORE INDUSTRIES (BASE: 2011-12=100) FOR JUNE, 2021 RELEASED

Ministry of Commerce & Industry Press Release dated 30 July 2021

The Office of Economic Adviser, Department for Promotion of Industry and Internal Trade is releasing Index of Eight Core Industries (ICI) for the Month of June, 2021.ICI measures combined and individual performance of production in selected eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity.The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP). Details of yearly and monthly indices and growth rates are provided at Annex I & II respectively.

The combined Index of Eight Core Industries stood at 126.6 in June 2021, which increased by8.9 per cent (provisional) as compared to the Index of June 2020. The production of Coal, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity industries increased in June 2021 over the corresponding periodof last year.

Final growth rate of Index of Eight Core Industries for March 2021 is revised to 12.6 %from its provisional level 6.8%. The growth rate of ICI during April-June 2021-22 was 25.3% (P) as compared to the corresponding period of lastFY.

The summary of the Index of Eight Core Industries is given below:

Coal –Coal production (weight: 10.33 per cent) increased by 7.4 per centin June,2021 overJune,2020. Its cumulative index increased by 8.0 per centduring April to June, 2021-22 over corresponding period of the previous year.

Crude Oil–Crude Oil production (weight: 8.98 per cent) declined by 1.8 per centinJune, 2021 overJune, 2020. Its cumulative index declined by 3.4 per centduring April to June, 2021-22over the corresponding period of previous year.

Natural Gas – Natural Gas production (weight: 6.88 per cent) increased by 20.6 per cent in June, 2021over June, 2020. Its cumulative index increased by 21.8 per cent during April to June, 2021-22 over the corresponding period of previous year.

Petroleum Refinery Products–Petroleum Refinery production (weight: 28.04 per cent) increased by 2.4 per centin June, 2021 over June, 2020. Its cumulative index increased by 15.4 per cent during April to June, 2021-22over the corresponding period of previous year.

Fertilizers – Fertilizers production (weight: 2.63 per cent) increased by 2.0 per centin June, 2021 over June, 2020. Its cumulative index decreased by 1.7 per centduring April to June, 2021-22 over the corresponding period of previous year.

Steel –Steel production (weight: 17.92 per cent)increased by 25.0 per cent in June, 2021 over June, 2020. Its cumulative index increased by 86.0 per centduring April to June, 2021-22 over the corresponding period of previous year.

Cement –Cement production (weight: 5.37 per cent) increased by 4.3 per centin June, 2021 over June, 2020. Its cumulative index increased by 52.9 per centduring April to June, 2021-22 over the corresponding period of previous year.

Electricity –Electricity generation (weight: 19.85 per cent) increased by 7.2per centin June, 2021 over June,2020. Its cumulative index increased by 16.4 per centduring April to June, 2021-22 over the corresponding period of previous year.

Note 1: Data for April, 2021, May, 2021 and June, 2021 are provisional.

Note 2: Since April, 2014, Electricity generation data from Renewable sources are also included.

Note 3: The industry-wise weights indicated above are individual industry weight derived from IIP and blown up on pro rata basis to a combined weight of ICI equal to 100.

Note 4: Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) under the item ‘Cold Rolled (CR) coils’ within the production of finished steel has also been included.

Note 5: Release of the index for July,2021 will

The combined Index of Eight Core Industries increases by 8.9 per cent as compared to the Index of June 2020The production of Coal, Natural Gas, Refinery Product

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1740728&RegID=3&LID=1

For the first time, Agri Exporters from the remote Districts of India connected to the international buyers from USA, the UAE, and Japan

Virtual trade fair organised by DGFT sees 197 exhibitors from the states of Punjab, Himachal Pradesh, and Union Territories of Jammu & Kashmir and Ladakh showcase their products to 300 visitors and importers from domestic and international buyers

DGFT conducts a Virtual Outreach Event “From India to the World” under Districts as Export Hubs

Under the Districts as Export Hubs initiative, the Directorate General of Foreign Trade (DGFT) under Department of Commerce in partnership with the Agricultural and Processed Food Products Export Development Authority (APEDA) and Invest India conducted a 2 Day Virtual Outreach Event connecting exporters from the Districts to the buyers outside India. Following the opening ceremony, a virtual trade fair was held where 197 exhibitors participated from the states of Punjab, Himachal Pradesh, and Union Territories of Jammu & Kashmir and Ladakh. The event provided a platform to small sellers from areas earlier not known for exports, apart from large exporters from India. 28 stalls from Jammu and Kashmir and 5 from Ladakh were highlighted in the exhibition.

The virtual outreach event saw a footfall of over 300 visitors and importers from domestic and international buyers inclusive of the USA, the UAE, and Japan. Putting a spotlight on agricultural products under five categories namely spices and tea, food grains and agro-products, fruits and vegetables, dry fruits, and processed food, three buyer-seller interactive sessions were held with the support of Indian Embassies from the USA, the UAE, and Japan. Few leading supermarkets such as Spinney, Walmart, and Lulu also participated during the interactive sessions and showed keen interest in India’s agricultural products.

The event marked the beginning of a series of events to be held to boost India’s exports and commemorate 75 years of India Independence under the Districts as Export Hubs initiative.

Ministry of Commerce & Industry Press Release dated 30 July 2021.

The Government has taken a number of steps, including strengthening of domestic manufacturing and promoting trade ties, with a number of trading partners, so as to ensure reliable and adequate supply chains. This is an ongoing process, based on the changing requirements in a dynamic world.

The existing Trade Agreements also ensure seamless supplies for the domestic manufacturing sector on preferential terms. Further, a review of some of the existing Agreements has been initiated.In addition, bilateral trade negotiations with a number of countries have been initiated. We have entered into a Supply Chain Resilience Initiative (SCRI) with Japan and Australia to enhance the resilience of supply chains in the Indo-Pacific Region.

There has been substantial growth in India’s Merchandise exports in April-June 2021 which was USD 95.39 Billion, exhibiting a positive growth of 85.88 per cent over the same period last year and a positive growth of 17.90 per cent over April-June 2019, across commodity groups such as Engineering goods, Petroleum products, Gems &Jewellery, Organic & Inorganic Chemicals, Textile & Garments, Electronic goods, Plastic & Linoleum etc from across the country, including from Gujarat.

This information was given by the Minister of State in the Ministry of Commerce and Industry, Smt. Anupriya Patel, in a written reply in the Lok Sabha today.

Ministry of Commerce & Industry dated 28 July 2021

With an aim to further improve ease of doing business, Centre launches the “Secured Logistics Document Exchange” along with a Calculator for Green House Gas Emissions

The SLDE platform is a solution to replace the present manual process of generation, exchange and compliance of logistics documents with a digitized, secure and seamless document exchange system.

Digital transformation in the logistics sector to achieve the targets of improved India’s ranking in Logistics Performance Index

The Digital initiative set to improve logistics efficiency, reduce logistics cost, and promote multi-modality and sustainability

These digital initiatives are launched to fill gap areas where no action has yet been taken either by private players or any of the line ministriesPosted Date:- Jul 28, 2021

With an aim to further improve ease of doing business, Centre today launched the “Secured Logistics Document Exchange” along with a Calculator for Green House Gas Emissions

The Digital initiative is now set to improve logistics efficiency, reduce logistics cost, and promote multi-modality and sustainability in a big way.

These digital initiatives have been launched to fill the gap areas where no action has yet been taken either by private players or any of the line ministries. The Launch Event was attended by more than 75 participants from the Central Ministries, Banks, IT companies, international organizations, logistics sector stakeholders and industry bodies.

The Event emphasized on the importance of digital transformation in the logistics sector to achieve the targets of improved India’s ranking in Logistics Performance Index; reduction in logistics cost and establishment of indigenous India-specific metrics for continual improvement in logistics.

The Logistics Division with the mandate of “Integrated Development of the Logistics Sector” has planned specific digital initiatives with a focus on integrating the various digital systems across ministries/ departments and filling gaps so identified. In this context, key digital initiatives including SLDE platform for digital exchange of logistics-related documents and a Calculator for GHG emissions for choosing sustainable and right mode of transport for freight movement, have been developed.

The SLDE platform is a solution to replace the present manual process of generation, exchange and compliance of logistics documents with a digitized, secure and seamless document exchange system.

This will enable generation, storage and interchange of logistics-related documents digitally using Aadhaar and blockchain-based security protocols for data security and authentication; it will also provide a complete audit trail of document transfer, faster execution of transaction, lower cost of shipping and overall carbon footprint, easy verification of authenticity of documents, lowered risk of fraud, etc. The proof of concept of the platform has been developed and executed with banks (ICICI, Axis Bank, State Bank of India and HDFC Bank) and stakeholders including freight forwarders, exporters, importers and vessel operators.

Along with the SLDE, Centre also launched a Green House Gas Emission calculator as well.The GHG Calculator is an efficient, user-friendly tool and provides for calculating and comparing GHG emissions across different modes. It allows for commodity-wise comparison of GHG emissions and total cost of transportation, including their environmental cost, between movement by road and rail. The tool is intended to facilitate appropriate modal choice for allconcerned.

In his opening remarks Special Secretary (Logistics), Shri Pawan Kumar Agarwal remarked on the importance of Digital Transformation in the Logistics space and highlighted the role of Logistics Division in facilitating digital integration across the sector through such critical initiatives that have interface with more than one Ministry / Department. He further added that the initiatives launched at the event have the potential of creating a lasting and significant impact on the sector.

Emphasising on the benefit of sectors u doing business in the logistics sector that the SLDE platform would facilitate, the banking sector endorsed the robustness of the SLDE platform and lauded the efforts of the Logistics Division, MOCI, in this direction. Emphasising on the need for a fast, secure and efficient way of exchanging logistics-related documents including digitization of the e-bill of lading, all industry stakeholders expressed their support and adoption of this initiative.

Speaking on the occasion representatives from user industry associations like Federation of Indian Export Organisations (FIEO), Container Freight Station Association of India (CFSAI), etc., stressed on the importance and utility of a tool for calculating GHG emissions and basing modal choice on availability of environmental costs estimates would go a long way in promoting green and sustainable logistics

Ministry of Commerce & Industry Press Release dated 28 July 2021

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In various Special Economic Zones (SEZs) across the country, 1096 Nos. of units has been registered during the last three years. The exports by these units during the last three years Zonal SEZ- wise and year-wise are as under:-

Sl. No.

Name of the Zone

Exports (in Rs. Crores)

2018-19

2019-20

2020-21

1

MEPZ SEZ

186.6

1618.86

4396.43

2

Cochin SEZ

1249.24

7420.64

19431.83

3

Noida SEZ

1358.79

3763.67

6550.52

4

Kandla SEZ

51.4

4882.15

13435.92

5

Vishakhapatnam SEZ

272.82

3438.85

9992.88

6

SEEPZ SEZ

256.5

4914.23

14966.49

7

Falta SEZ

20.72

217.96

640.68

Total

3396

26256

69415

Total 336 numbers of units exited during the last three years. The reason of such winding of operations includes variations in International market conditions, Slowdown of orders, merger of units and COVID-19 pandemic etc.

SEZs set up under SEZ law have largely or generally met their objectives. SEZs have touched new heights in terms of performance in Exports, Investment and Employment viz. Exports of Rs. 22,840 Crore in 2005-06 has increased to Rs. 7,59,524 Crore in 2020-21; Investment of Rs. 4,035.51 Crore in 2005-06 has increased to Rs. 6,17,499 Crore (cumulative basis) by 2020-21 andEmployment provided to 1,34,704 persons in 2005-06 has increased to 23,58,136 persons (cumulative basis) in 2020-21. The fiscal concessions and duty benefits allowed to SEZs are inbuilt into the SEZ Act, 2005 and are consistent with the guidelines for setting up SEZs as the larger economic initiatives of the Government in general. However, there is no  provision to grant additional fiscal incentives at present.

This information was given by the Union Minister of Commerce and Industry, Shri Piyush Goyal, in a written reply in the Rajya Sabha today.

Ministry of Commerce & Industry Press Release dated 23 July 2021