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Lab testing in India should be of world standards
The Consumer Affairs, Food and Public Distribution Minister has called for embarking on Mission 'one nation one standard' and make India the leader in setting global benchmarks in setting standards. He said that lab testing in India should be of world standards and modern equipment and latest technologies should be used. BIS should explore international partnerships and associations to achieve synergy in the field. He said that "gap analysis" of BIS and government labs be taken up on a priority basis as well. In management parlance, gap analysis refers to the comparison of actual performance with potential or desired performance.
Battery storage, smart grid, energy efficiency firms raise $1.3 bn in Q1 2021: Report by Mercom Capital Group
Total corporate funding in battery energy storage came to $4.7 billion in 17 deals compared to $3.1 billion in 19 deals in Q4 2020. In the first quarter (Q1) of 2021, $1.3 billion was raised in venture capital funding by battery storage, smart grid, and energy efficiency companies, a 410% increase from the $252 million raised in the same quarter last year, according to a recent report. It added that total corporate funding in battery energy storage came to $4.7 billion in 17 deals compared to $3.1 billion in 19 deals in Q4 2020. “Funding was up significantly YoY compared to $244 million in nine deals in Q1 2020,” said consulting firm in its report .
Rise in customs duty on auto parts to support local manufacturing
With an eye on supporting domestic manufacturers, the government proposed an increase in customs duty on certain imported components used in automobiles. In the Budget 2021-22, the Finance Minister proposed an increase in customs duty of various parts including ignition wiring sets, safety glass and parts of signalling equipment to 15 % with effect from February. The government said the changes in basic customs duty is for creating a level-playing field for the benefit of micro, small and medium enterprises (MSMEs) and other domestic manufacturers.
DoT directs all state procurements to be of local cyber security products
The DoT has directed to give preference to locally produced cybersecurity products in public procurement. “Preference has to be given to ‘Make in India’ cyber security products in public procurement by central ministries/departments, public sector undertakings (PSUs) and government organisations,” the DoT said in a circular issued. The development came after the Ministry of Electronics & Information Technology said that it was awash with complaints from droves of indigenous cyber product companies about the challenges, they were facing in participating in public procurement of such products.