In a recent development, the Indian government has deferred the plan to restrict laptop and tablet imports for a period of three months, providing relief to electronic companies. As per the new notification, companies will now have until October 31 to secure a license for importing these devices. Until that date, import consignments can be cleared without a license, but from November 1 onwards, a government permit will be required for clearance.
The initial decision to impose immediate licensing requirements, announced on Thursday, was partially reversed due to calls for a delay from the industry. The government cited security reasons and the promotion of domestic manufacturing as the rationale behind these restrictions. Additionally, the move aims to reduce reliance on imports and closely monitor the sources of these products, particularly from countries like China and Korea.
Union IT Minister Rajeev Chandrasekhar clarified that the decision was taken to ensure the usage of trusted hardware and systems, thereby reducing dependence on foreign imports.
The sudden announcement had caught the industry by surprise, leading tech giants to engage in emergency discussions with the government to expedite the process of obtaining licenses, especially during a period of increased consumer interest in electronic devices, reported NDTV.
Major PC manufacturers Samsung, Apple and HP have stopped new imports of laptops and tablets to India after the government on Thursday restricted inbound shipments without a license
India’s GDP Growth Rate
S&P Global’s latest report projects India’s GDP to grow at an annual rate of 6.7% from FY24 to FY31, leading to a significant increase in the country’s economy from $3.4 trillion in the current fiscal year to $6.7 trillion by FY31. However, the report highlights that India will face macro challenges in the coming decade to transform its historically uneven growth into a stable and robust trend.
The short-term economic growth will be driven by a large labor force of 678.6 million people, but the report emphasizes the need to get more women into the workforce for future growth. Currently, only 22% of women are participating in the workforce. The report identifies an opportunity for India to boost its share of global manufacturing exports, aligning with the government’s goal of raising manufacturing’s contribution to GDP from 17.7% to 25% by 2025.
India’s energy future will be a critical aspect of its growth trajectory, aiming to balance increasing energy access and reliability while securing affordable supplies and diversifying its fuel mix. The country’s total energy demand is expected to double by 2050, even though its per capita energy consumption remains one-tenth of the US. The report stresses the importance of reducing the carbon intensity of India’s economy and achieving net-zero emissions.
To achieve these energy and emissions-related targets, S&P suggests various measures, including phasing out aging and inefficient coal plants, enhancing newer plants to meet stringent emission standards, investing in renewables to meet growing electricity demands, and developing the country’s hydrogen mission to produce 5 million metric tons of fuel annually by 2030.
Additionally, the report highlights the challenges faced by mobility in India due to infrastructural hurdles in urban centers. The influx of cars in cities has led to congestion and pollution, calling for a shift towards more sustainable and shared mobility solutions.
To reach its net-zero emissions target by 2070, India must increase energy financing, enhance capacity, improve efficiency, boost investor confidence, align policies among various stakeholders (government, private sector, and the public), implement market-oriented reforms, and improve coordination between the central and state governments.
Overall, while India’s growth prospects remain strong, addressing these challenges and implementing effective strategies will be crucial for achieving sustainable and inclusive growth in the coming years.
Also Read: India To Become $6.7 Trillion Economy By 2030, Says Research Firm
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2023-08-05 06:16:54.0
India Delays Import Restrictions On Laptops & PCs
