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Highlighting the need for India-Austria collaboration in Clean Energy: Read Here!

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Clean Energy (representative image), Wikimedia
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New Delhi, May 11, 2017: Highlighting the need for India-Austria collaboration in clean energy, Union Power Minister Piyush Goyal said a policy directive on quality of modules will soon be in place, according to a statement here on Thursday.

Goyal was speaking at the India-Austria Business Forum organised by the Ficci in collaboration with the Embassy of India in Vienna and Austrian Economic Chambers (Wirtschaftskammer A-sterreich WKO).

“India needs to put entire solar value chain under quality direction… The government will have a policy directive in place on quality of modules (by end of May),” the minister said, according to the industry lobby statement.

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The other policies to follow it would be on solar cells, which would be in the next six-seven months and on wafers and polysilicon in the next two years, it added.

Goyal said the two nations could leverage each other’s strengths to benefit both economies. India can offer better pricing for Austrian products while providing low-cost manufacturing base.

He underlined affordability was a paramount imperative to be able to change India’s energy mix.

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He also said that Prime Minister Narendra Modi gave a new dimension to renewable energy.

The latest solar tariff of four cents was a case in point for Modi’s vision of scaling up rapidly giving good returns in more ways than one.

Highlighting that within six months of his visit to Finland, there have been multiple exchanges facilitated by Ficci, Goyal said that India could fast track with Austria what it has done with Finland.

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A high-level business delegation accompanied the minister, who went to Vienna for the two-day business forum.

Noting that an estimated $160 billion is required to meet India’s ambitious clean energy goals between now and 2022, Ficci President Pankaj Patel highlighted the immense potential of green bonds for channelling debt capital funds towards clean energy financing in both the countries. (IANS)

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Big reforms made India fastest growing major economies globally: Garg

It also has enormous implications for emerging markets and developing countries

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The RBI building in Mumbai. Photo credit: AFP/Sajjad Hussain

The major reforms undertaken by the Indian government for raising economic growth and maintaining macroeconomic stability have made the country one of the fastest growing major economies in the world, said Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA).

Garg was addressing the Special Event hosted by US-India Strategic Partnership Forum on ‘Indian Economy: Prospect and Challenges’ in Washington D.C on Friday.

Indian economy needs big reform.

He said the launch of the Goods and Services Tax (GST) represented an “historic economic and political achievement, unprecedented in Indian tax and economic reforms, which has rekindled optimism on structural reforms.” He further emphasized that India carried-out such major reforms when the global economy was slow.

“With the cyclical recovery in global growth amid supportive monetary conditions and the transient impact of the major structural reforms over, India will continue to perform robustly,” Garg said.

During his meetings, Garg highlighted that the digital age technologies have profound implications for policies concerning every aspects of the economy. It also has enormous implications for emerging markets and developing countries.

Also Read: Biggest Bank Frauds Which Shook The Indian Economy

He expressed that the response to such a transformation will have to shift from ‘catch up’ growth to adoption/adaption of digital technologies for development and growth.

Garg also informed that India has started adopting policies and programmes for transforming systems of delivery of services using digital technologies and connecting every Indian with digital technologies and access through Aadhaar and other such means.

Indian economy should be on rise. www.mapsofindia.com

While citing the example of expanding mobile data access, he mentioned that India is now the largest consumer of mobile data in the world with 11 gigabytes mobile data consumption per month. He informed that India is investing in digital technologies, encouraging private sector to adapt these technologies and also addressing the taxation related issues by introducing equalisation levy.

Garg is currently on an official tour to Washington D.C. to attend the Spring Meetings of the International Monetary Fund and the World Bank and other associated meetings. He is accompanied by Urjit Patel, Governor, Reserve Bank of India and other senior officials. IANS