India Towards a Greener Horizon

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Suman K. Bery, Vice Chairman of India's federal policy think tank NITI Aayog, underscores the imperative for India to transition towards a mode of consumption and production that is both mindful and environmentally conscious. He underscores the significance of empowering India's youth to engage in economically productive activities, all while remaining cognizant of the finite resources of our planet. This shift is deemed crucial in light of the environmental challenges faced by China due to its swift industrialization and growth.

NITI Aayog's Active Engagement in Sustainable Development Initiatives

NITI Aayog has been actively involved in a diverse array of sustainable development initiatives and discussions. Bery emphasizes the pertinence of India's model in localizing Sustainable Development Goals (SDGs), a point he highlighted in a dedicated session at the UN High-level meeting. Additionally, the organization is placing a high priority on the transition to accrual accounting to bolster financial management in urban local bodies. In his capacity as Vice Chairman of NITI Aayog, Suman Bery assumes a pivotal role in global dialogues on sustainable development. His participation in The Global Boardroom event scheduled for November 2023 is emblematic of the Government of India's resolute commitment to this cause.

India's approach to low-carbon development has been a subject of intense study and analysis. NITI Aayog's active involvement in the Innovation Promotion Platform, AIM, is geared towards cultivating innovation and contributing to a strategy for low-carbon development.

Raghuram Rajan's Caution Against China's Manufacturing Growth Model

Former Reserve Bank of India (RBI) Governor, Raghuram Rajan, offers a cautionary note against India adopting China's manufacturing growth model, which hinges on low wages and lenient environmental standards. Rajan fervently advocates for a growth model that is not only sustainable but also inclusive. This counsel comes at a juncture when India is earnestly working towards fortifying its manufacturing sector and diminishing reliance on imports, as exemplified by initiatives like the "Make in India" campaign.

Rajan emphasizes the high environmental and public health costs associated with China's manufacturing model. He unequivocally states that India cannot afford to tread the same path, as it would result in irreversible harm to its natural resources and public health. Instead, Rajan presses for a growth model that takes into account the interests of all stakeholders, encompassing workers, consumers, and the environment.

Urgency of Investing in Education and Skills Development

Rajan underscores the pressing need for India to invest in education and skills development to bolster its manufacturing sector. He underscores the current dearth of skills in the workforce needed for modern manufacturing, asserting that this gap must be addressed for India to compete effectively with manufacturing powerhouses like China and South Korea.

Important News of the Day

1. Turkey in talks for alternative to India-Middle East trade corridor plan: Report

Turkey is in talks for an alternative to the India-Middle East trade corridor plan in an effort to strengthen its role as a trade route, according to a report by Financial Times. The proposed India-Middle East-Europe corridor, agreed upon during the G20 Summit in New Delhi, has faced pushback from Turkey. Ankara wants to maintain its long-standing position as a major transit hub for commodities traveling from Asia to Europe. Turkey has suggested an alternative route called the Iraq Development Road initiative and is engaged in intensive negotiations for its implementation.

2. Jeep evaluating options before finalising EV strategy for India : report

Jeep is finalizing its strategy for electric vehicles (EVs) for the Indian market and is evaluating different options before finalizing its plans, according to a report by PTI citing a top company executive. The automaker is also aiming for over 90% localization in its compact SUV Jeep Compass over the next three years. Jeep is studying different strategies to meet the needs of Indian customers and is considering increasing the local production of its vehicles. Electric vehicles are a focal point for the SUV maker in India.

3. Vodafone Idea pays ₹1,700 crore to government

Telecom operator Vodafone Idea has paid Rs 1,700 crore to the Indian government to clear its dues for the 5G spectrum and other spectrum acquired previously. The debt-ridden company had opted to clear its 5G spectrum dues to the government in 20 equal installments and paid the first installment of Rs 1680 crore in August. This payment includes the dues for the 5G spectrum and other spectrum acquired in the previous year, along with a portion of interest for the delayed payment.

4. Micron plans to set up more chip units in India: Rajeev Chandrasekhar

Micron Technology Inc. plans to set up several semiconductor assembly and packaging units in India in addition to its proposed fabrication unit, according to Minister of State for Electronics and Information Technology Rajeev Chandrasekhar. The company has previously announced an investment of $800 million to set up a semiconductor assembly, testing, marking, and packaging (ATMP) unit in India. Micron's first investment in India catalyzed the transition of fence-sitters willing to consider India as a serious part of their semiconductor assembly and manufacturing plans.

5. Govt may hike Rabi crops’ MSP by 2-7%

The Indian government is planning to increase the minimum support price (MSP) of six rabi or winter crops, with increases ranging from 2% to 7%, for the 2024-25 marketing season. The most substantial hikes are expected for wheat and lentil (masur). The MSP for other rabi crops, including barley, gram, rapeseed and mustard, and safflower, has been increased in the range of 2.01% to 9.09%. The highest increase in the MSP has been approved for lentil (masur) at Rs 500 per quintal, followed by rapeseed and mustard (Rs 400 per quintal), safflower (Rs 209 per quintal), gram (Rs 105 per quintal), and barley (Rs 100 per quintal),

6. INDIA bloc holds meeting at Kharge's office ahead of Parliament special session

Floor leaders of the INDIA alliance's parties held a meeting at the office of the Leader of Opposition in Rajya Sabha, Mallikarjun Kharge, ahead of the Parliament's special session. The meeting was held to plan the strategy for the upcoming session, which will provide five sittings spread over a period of five days, and eight legislative items are likely to be taken up during this session. The announcement of the special session came as a surprise in political circles with the parties gearing up for it.

7. Jaishankar dismisses 'West as bad guy' narrative

India's External Affairs Minister, S. Jaishankar, has rejected the conventional view that sees the West as adversarial to developing countries. He highlighted the complexities of today's global landscape while also shedding light on the rising influence of the Global South. The minister was interviewed by former Indian diplomat T.P. Sreenivasan for Asianet News during his visit to Thiruvananthapuram for the launch of the PM Vishwakarma scheme.

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