The US will help India develop standards for goods and services and train workers in sectors of strategic interest such as semiconductor manufacturing, government officials said.
The move is part of the Indo-Pacific Economic Framework (IPEF) agreement on supply chain, aimed at cutting reliance on China and fixing supply chain gaps.
Aligning Indian standards with globally accepted ones for products is crucial amid the ongoing supply chain realignment caused by the Russia-Ukraine war and covid-19 pandemic.
Moreover, Indian products that meet global standards will find greater acceptance once free trade deals that are under negotiations are sealed, experts said.
Officials said the commerce ministry is set to begin inter-ministerial and industry stakeholder talks on preparing and implementing the agreement. The commerce ministry had earlier said that negotiations on supply chains were substantially concluded at a recent IPEF ministerial meeting.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Green steel may get a push with output, purchase mandates
The Centre is working on green steel mandates for the local steel industry, supported by government procurement and financial incentives, as the world's second-largest maker of the alloy seeks to prepare the sector for the future.
RBI action on personal loans, KYC takes toll on off-roll work
The Reserve Bank of India's (RBI) push for stricter compliance with know-your-customer (KYC) norms, and its crackdown on the surge in personal loans have had an unlikely fallout: a dip in demand for off-roll workers.
Investors are betting on a market melt-up
A roaring market rally since the U.S. presidential election has driven up the price of everything from shares of technology and manufacturing giants to cryptocurrencies.
India in economic sweet spot, inflation to moderate: Moody's
India's economy is in a sweet spot and its inflation is expected to moderate despite a temporary spurt, Moody's said, projecting optimism about the country's growth prospects despite recent underwhelming data.
Incentive engine to drive modern ships
Subsidies for green, high-tech ships under ₹18,000 cr policy
Cement firms wage war on costs as competition soars
India's cement makers who once flexed their pricing muscles are caught in a bruising price war, eroding margins at a time of rising demand.
Saudi Arabia doesn’t have enough money for its futuristic city
The giant futuristic planned city of Neom is proving a headache for Saudi Arabia. Costs are up, schedules are delayed, and in recent days the world’s largest construction project replaced its chief executive of six years.
EV adoption is a marathon, not a sprint: Audi India
The slowdown in electric vehicle (EV) sales is temporary, and the industry will grow over time, Audi India head Balbir Singh Dhillon said, pointing to the need for extensive charging networks and supportive government policies.
India's trade gap with China soars in Apr-Oct
The country's green transition increases reliance on Chinese imports
14 nations eye India's generic drug model
Countries will specify their requirements, with HLL and MEA coordinating with them for the pharma exports
