• India
  • Nov 07

Daily Briefing / November 7, 2019

Khadi gets separate harmonised system code

Khadi has been allocated a separate harmonised system (HS) code by the commerce and industry ministry, a move that is expected to boost its exports. HS is a six-digit identification code developed by the World Customs Organisation, and Customs officers use this to clear every commodity that enters or crosses any international border. Khadi and Village Industries Commission (KVIC) chairman Vinai Kumar Saxena said this decision of the government will open a new chapter in khadi export. “Earlier, khadi did not have its exclusive HS code. As a result, all the data regarding export of this signature fabric used to come as a normal fabric under the textile head. Now, we will be able to keep a constant eye not only on our export figures, but it will also help us in planning our export strategies,” Saxena said.

New Zealand makes ‘zero carbon’ target law

New Zealand’s plan to reduce carbon emissions to net zero by 2050 became law on November 7, when it cleared its final hurdle in Parliament. The legislation, which was supported on both sides of the political divide, mandates that the country should produce no greenhouse gases - except methane - by 2050, as part of the bid to meet its Paris climate accord commitments. Methane - a byproduct of the agricultural sector - will be cut by 24-47 per cent over the same time frame. The Bill establishes an independent Climate Change Commission to advise the government on how to achieve its targets and to produce ‘carbon budgets’ every five years. New Zealand is one of 65 countries that have pledged to achieve net zero carbon emissions by 2050. The country has also committed to 100 per cent renewable energy generation by 2035.

‘Need to review Essential Commodities Act’

NITI Aayog vice-chairman Rajiv Kumar has called for a review of regulations under the Essential Commodities Act to protect the interests of farmers and boost agriculture exports. The Act seeks to regulate the production, supply and distribution of commodities that the government declares “essential” in order to make them available to consumers at fair prices. The list includes drugs, fertilisers, pulses and edible oils, and petroleum and petroleum products. “These regulations are like a sword hanging over farm producers. They must be reviewed in the interest of farmers and the economy,” Kumar said. A chief ministers’ panel recently had also suggested amendments to the Essential Commodities Act as part of steps to boost farm exports, saying the regulation should be enforced only in “extreme” cases.

RCEP bloc committed to work with India

China played down India’s decision not to join the mega Regional Comprehensive Economic Partnership (RCEP) trade deal, saying the members of the grouping are prepared to work together to address New Delhi's concerns. Chinese Vice-Commerce Minister and top trade negotiator Wang Shouwen also expressed confidence that the differences would be resolved by the end of this year. Commenting on India’s decision, Wang said that China and the 14 other member states respected India’s outstanding concerns and they are prepared to work together to address them. “We must, together with India, work hard to solve these problems. India must decide on the basis of this resolution whether to enter into the agreement,’ Wang was quoted as saying by South China Morning Post daily.

‘Tectonic shift needed to save the planet’

Finance for measures to cut climate-changing emissions and adapt to a hotter planet has grown to more than $500 billion a year, but a “tectonic shift” is still needed to green economies and rein in global warming, analysts said. In 2017, global climate finance reached a record high of $612 billion, driven by rising investment in lower-carbon transport and renewable energy in China, India and the US, said international think tank Climate Policy Initiative (CPI). In 2018, the total dropped to $546 billion as governments spent less on green transport and falling costs for clean energy kept business investment lower, CPI said in a report tracking climate finance from governments, companies and households. But averaged across 2017 and 2018, climate investment was 25 per cent higher than in 2015-16, with funding for low-carbon transport rising by 54 per cent.

Manorama Yearbook app is now available on Google Play Store and iOS App Store

Notes