Subsidy for Electric Public Fast Charging Stations

The central government is initiating the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM eDRIVE) scheme to promote electric vehicle infrastructure.

Subsidy Details

• Subsidy of 80% or higher for setting up electric public fast charging stations.
• In exceptional cases, the subsidy could increase to 100%.
• Part of a larger initiative under the Rs 2,000 crore PM eDRIVE scheme.

Target and Allocation

• Focus is on supporting the infrastructure for electric two-wheelers and three-wheelers.
• 48,400 fast chargers will be supported with a budget of Rs 581 crore.
• An additional 22,100 chargers planned for deployment.

This scheme replaces the previous Faster Adoption and Manufacturing of [Hybrid &] Electric Vehicles in India schemes.

Impact of Rupee Depreciation on India's Pharmaceutical Exports

The recent depreciation of the Indian rupee against the US dollar has sparked discussions regarding its impact on India's pharmaceutical exports.

• Experts are divided on the immediate effects: 
  • Some believe that annual contracts, which are hedged against currency fluctuations, will see little immediate impact.
  • Others caution that smaller exporters may reduce prices due to the currency benefit, potentially leading to price renegotiations.
• Concerns have been raised about the increased import costs of active pharmaceutical ingredients (APIs), which could negate any benefits from a surge in exports.
• Last week's currency movement saw the rupee reaching a fresh closing low against the US dollar.

Meeting of Commerce Ministry and Indian Missions

Senior officials from the commerce ministry, along with representatives from the commercial wings of Indian Missions in 20 countries, are set to hold a three-day meeting to discuss strategies for enhancing the export of goods and services.

Participants and Schedule

• Commerce and Industry Minister Piyush Goyal will interact with the representatives.
• The meeting will address both opportunities and challenges faced in significant countries.

Key Discussion Topics

• Opportunities and challenges in six focus sectors for goods and services.
• Non-tariff barriers impacting trade.
• Logistics issues related to export and import.
• World Trade Organization (WTO) matters.
• The importance of the Market Access Initiative (MAI).

Export Strategy

• Focus on six key product categories, including engineering goods and electronics.
• Targeted 20 countries: US, Australia, France, China, Russia, UK, Japan, South Korea, Singapore, and Indonesia.
• These countries represent a significant portion of India's total exports.

Participants

• Commerce Secretary.
• Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) .

Export and Import Data

• October 2024 showed double-digit growth in exports.
• November exports contracted by 4.85% year-on-year to USD 32.11 billion.
• Trade deficit reached an all-time high of USD 37.84 billion due to gold imports surge.
• Imports rose 27% year-on-year to a record USD 69.95 billion in November.
• Cumulative data (April-November): Exports rose 2.17% to USD 284.31 billion; imports increased by 8.35% to USD 486.73 billion.
• Trade deficit widened to USD 202.42 billion from USD 170.98 billion (April-November 2023).

Focus Areas for Boosting Shipments

• Targeting 20 countries and six service and manufacturing sectors, including IT/ITeS.
• Services exports reached an all-time high of USD 34.31 billion in October, marking a 22.3% increase year-on-year.