GOVERNMENT INITIATIVES

Over the years, the Indian government has introduced many initiatives to strengthen the
nation's economy. The Indian government has been effective in developing policies and
programmes that are not only beneficial for citizens to improve their financial stability but
also for the overall growth of the economy. Over recent decades, India's rapid economic
growth has led to a substantial increase in its demand for exports. Besides this, a number of
the government's flagship programmes, including Make in India, Start-up India, Digital India,
the Smart City Mission, and the Atal Mission for Rejuvenation and Urban Transformation,
are aimed at creating immense opportunities in India. In this regard, some of the initiatives
taken by the government to improve the economic condition of the country are mentioned
below:

 Home & Cooperation Minister Mr. Amit Shah, laid the foundation stone and performed
Bhoomi Pujan of Shri Tanot Mandir Complex Project under Border Tourism Development
Programme in Jaisalmer in September 2022.

 In August 2022, Mr. Narendra Singh Tomar, Minister of Agriculture and Farmers Welfare
inaugurated four new facilities at the Central Arid Zone Research Institute (CAZRI), which has
been rendering excellent services for more than 60 years under the Indian Council of
Agricultural Research (ICAR).

 In August 2022, a Special Food Processing Fund of Rs. 2,000 crore (US$ 242.72 million) was
set up with National Bank for Agriculture and Rural Development (NABARD) to provide
affordable credit for investments in setting up Mega Food Parks (MFP) as well as processing
units in the MFPs.

 In July 2022, Deendayal Port Authority (DPA) announced plans to develop two Mega Cargo
Handling Terminals on a Build-Operate-Transfer (BOT) basis under Public-Private
Partnership (PPP) Mode at an estimated cost of Rs. 5,963 crore (US$ 747.64 million).

 In July 2022, the Union Cabinet chaired by the Prime Minister Mr. Narendra Modi, approved
the signing of the Memorandum of Understanding (MoU) between India & Maldives. This MoU
will provide a platform to tap the benefits of information technology for court digitization and
can be a potential growth area for the IT companies and start-ups in both the countries.

 India and Namibia entered into a Memorandum of Understanding (MoU) on wildlife

conservation and sustainable biodiversity utilization on July 20, 2022, for establishing the
cheetah into the historical range in India.

 In July 2022, the Reserve Bank of India (RBI) approved international trade settlements in
Indian rupees (INR) in order to promote the growth of global trade with emphasis on exports
from India and to support the increasing interest of the global trading community.

 In June 2022, Prime Minister Mr. Narendra Modi inaugurated and laid the foundation stone of
development projects worth Rs. 21,000 crore (US$ 2.63 billion) at Gujarat Gaurav Abhiyan at
Vadodara.

 Mr. Rajnath Singh, Minister of Defence, launched 75 newly-developed Artificial Intelligence

(AI) products/technologies during the first-ever ‘AI in Defence’ (AIDef) symposium and
exhibition organized by the Ministry of Defence in New Delhi on 11 July 2022.
 In June 2022:

o Prime Minister Mr. Narendra Modi, laid the foundation stone of 1,406 projects worth
more than Rs. 80,000 crore (US$ 10.01 billion) at the groundbreaking ceremony of the
UP Investors Summit in Lucknow.

o The Projects encompass diverse sectors like Agriculture and Allied industries, IT and
Electronics, MSME, Manufacturing, Renewable Energy, Pharma, Tourism, Defence &
Aerospace, Handloom & Textiles.

 The Indian Institute of Spices Research (IISR) under the Indian Council for Agricultural
Research (ICAR) inked a Memorandum of Understanding (MoU) with Lysterra LLC, a Russia-
based company for the commercialization of biocapsule, an encapsulation technology for
bio-fertilization on 30 June, 2022.

 As of April 2022, India signed 13 Free Trade Agreements (FTAs) with its trading partners
including major trade agreements like the India-UAE Comprehensive Partnership Agreement
(CEPA) and the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA).

 The Union Budget of 2022-23 was presented on February 1, 2022, by the Minister for Finance
& Corporate Affairs, Ms. Nirmala Sitharaman. The budget had four priorities PM GatiShakti,
Inclusive Development, Productivity Enhancement and Investment, and Financing of
Investments. In the Union Budget 2022-23, effective capital expenditure is expected to
increase by 27% at Rs. 10.68 lakh crore (US$ 142.93 billion) to boost the economy. This will
be 4.1% of the total Gross Domestic Production (GDP).

 Under PM GatiShakti Master Plan, the National Highway Network will develop 25,000 km of
new highways network, which will be worth Rs. 20,000 crore (US$ 2.67 billion). In 2022-23.
Increased government expenditure is expected to attract private investments, with a
production-linked incentive scheme providing excellent opportunities. Consistently
proactive, graded, and measured policy support is anticipated to boost the Indian economy.

 In February 2022, Minister for Finance and Corporate Affairs Ms. Nirmala Sitharaman said
that productivity linked incentive (PLI) schemes would be extended to 14 sectors to achieve
the mission of AtmaNirbhar Bharat and create 60 lakh jobs with an additional production
capacity of Rs. 30 lakh crore (US$ 401.49 billion) in the next five years.

 In the Union Budget of 2022-23, the government announced funding for the production linked
incentive (PLI) scheme for domestic solar cells and module manufacturing of Rs. 24,000
crore (US$ 3.21 billion).

 In the Union Budget of 2022-23, the government announced a production linked incentive
(PLI) scheme for Bulk Drugs which was an investment of Rs. 2500 crore (US$ 334.60 million).

 In the Union Budget of 2022, Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman
announced that a scheme for design-led manufacturing in 5G would be launched as part of
the PLI scheme.

 In September 2021, Union Cabinet approved major reforms in the telecom sector, which are
expected to boost employment, growth, competition, and consumer interests. Key reforms
include rationalization of adjusted gross revenue, rationalization of bank guarantees (BGs),
and encouragement of spectrum sharing.
 In the Union Budget of 2022-23, the government has allocated Rs. 44,720 crore (US$ 5.98
billion) to Bharat Sanchar Nigam Limited (BSNL) for capital investments in the 4G spectrum.

 Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman allocated Rs. 650 crore (US$
86.69 million) for the Deep Ocean mission that seeks to explore vast marine living and non-
living resources. Department of Space (DoS) has got Rs. 13,700 crore (US$ 1.83 billion) in
2022-23 for several key space missions like Gaganyaan, Chandrayaan-3, and Aditya L-1 (sun).

 In May 2021, the government approved the production linked incentive (PLI) scheme for
manufacturing advanced chemistry cell (ACC) batteries at an estimated outlay of Rs. 18,100
crore (US$ 2.44 billion); this move is expected to attract domestic and foreign investments
worth Rs. 45,000 crore (US$ 6.07 billion).

 Minister for Finance & Corporate Affairs Ms Nirmala Sitharaman announced in the Union
Budget of 2022-23 that the Reserve Bank of India (RBI) would issue Digital Rupee using
blockchain and other technologies.

 In the Union Budget of 2022-23, Railway got an investment of Rs. 2.38 lakh crore (US$ 31.88
billion) and over 400 new high-speed trains were announced. The concept of "One Station,
One Product" was also introduced.

 To boost competitiveness, Budget 2022-23 has announced reforming the 16-year-old Special
Economic Zone (SEZ) act.

 In June 2021, the RBI (Reserve Bank of India) announced that the investment limit for FPI
(foreign portfolio investors) in the State Development Loans (SDLs) and government
securities (G-secs) would persist unaffected at 2% and 6%, respectively, in FY22.

 In November 2020, the Government of India announced Rs. 2.65 lakh crore (US$ 36 billion)
stimulus package to generate job opportunities and provide liquidity support to various
sectors such as tourism, aviation, construction, and housing. Also, India's cabinet approved
the production-linked incentives (PLI) scheme to provide ~Rs. 2 trillion (US$ 27 billion) over
five years to create jobs and boost production in the country.

 Numerous foreign companies are setting up their facilities in India on account of various
Government initiatives like Make in India and Digital India. Prime Minister of India Mr.
Narendra Modi launched the Make in India initiative with an aim to boost the country's
manufacturing sector and increase the purchasing power of an average Indian consumer,
which would further drive demand and spur development, thus benefiting investors. The
Government of India, under its Make in India initiative, is trying to boost the contribution
made by the manufacturing sector with an aim to take it to 25% of the GDP from the current
17%. Besides, the government has also come up with the Digital India initiative, which
focuses on three core components: the creation of digital infrastructure, delivering services
digitally, and increasing digital literacy.

 On January 29, 2022, the National Asset Reconstruction Company Ltd (NARCL) will acquire
bad loans worth up to Rs. 50,000 crore (US$ 6.69 billion) about 15 accounts by March 31,
2022. India Debt Resolution Co. Ltd (IDRCL) will control the resolution process. This will
clean up India's financial system and help fuel liquidity and boost the Indian economy.

 National Bank for Financing Infrastructure and Development (NaBFID) is a bank that will
provide non-recourse infrastructure financing and is expected to support projects from the
first quarter of FY2022-23; it is expected to raise Rs. 4 lakh crore (US$ 53.58 billion) in the
next three years.
 By November 1, 2021, India and the United Kingdom hope to begin negotiations on a free
trade agreement. The proposed FTA between these two countries is likely to unlock business
opportunities and generate jobs. Both sides have renewed their commitment to boost trade
in a manner that benefits all.

 In August 2021, Prime Minister Mr. Narendra Modi announced an initiative to start a national
mission to reach the US$ 400 billion merchandise export target by FY22.

 In August 2021, Prime Minister Mr. Narendra Modi launched a digital payment solution, e-
RUPI, a contactless and cashless instrument for digital payments.

 In April 2021, Dr. Ahmed Abdul Rahman AlBanna, Ambassador of the UAE to India and
Founding Patron of IFIICC, stated that trilateral trade between India, the UAE and Israel is
expected to reach US$ 110 billion by 2030.

 India is expected to attract investment of around US$ 100 billion in developing the oil and gas
infrastructure during 2019-23.

 The Government of India is expected to increase public health spending to 2.5% of the GDP
by 2025.

GOVERNMENT INITIATIVES
Over the years, the Indian government has introduced many initiatives to strengthen the
nation's economy. The Indian government has been effective in developing policies and
programmes that are not only beneficial for citizens to improve their financial stability but
also for the overall growth of the economy. Over recent decades, India's rapid economic
growth has led to a substantial increase in its demand for exports. Besides this, a number of
the government's flagship programmes, including Make in India, Start-up India, Digital India,
the Smart City Mission, and the Atal Mission for Rejuvenation and Urban Transformation,
are aimed at creating immense opportunities in India. In this regard, some of the initiatives
taken by the government to improve the economic condition of the country are mentioned
below:

 Home & Cooperation Minister Mr. Amit Shah, laid the foundation stone and performed
Bhoomi Pujan of Shri Tanot Mandir Complex Project under Border Tourism Development
Programme in Jaisalmer in September 2022.

 In August 2022, Mr. Narendra Singh Tomar, Minister of Agriculture and Farmers Welfare
inaugurated four new facilities at the Central Arid Zone Research Institute (CAZRI), which has
been rendering excellent services for more than 60 years under the Indian Council of
Agricultural Research (ICAR).

 In August 2022, a Special Food Processing Fund of Rs. 2,000 crore (US$ 242.72 million) was
set up with National Bank for Agriculture and Rural Development (NABARD) to provide
affordable credit for investments in setting up Mega Food Parks (MFP) as well as processing
units in the MFPs.

 In July 2022, Deendayal Port Authority (DPA) announced plans to develop two Mega Cargo
Handling Terminals on a Build-Operate-Transfer (BOT) basis under Public-Private
Partnership (PPP) Mode at an estimated cost of Rs. 5,963 crore (US$ 747.64 million).
 In July 2022, the Union Cabinet chaired by the Prime Minister Mr. Narendra Modi, approved
the signing of the Memorandum of Understanding (MoU) between India & Maldives. This MoU
will provide a platform to tap the benefits of information technology for court digitization and
can be a potential growth area for the IT companies and start-ups in both the countries.

 India and Namibia entered into a Memorandum of Understanding (MoU) on wildlife

conservation and sustainable biodiversity utilization on July 20, 2022, for establishing the
cheetah into the historical range in India.

 In July 2022, the Reserve Bank of India (RBI) approved international trade settlements in
Indian rupees (INR) in order to promote the growth of global trade with emphasis on exports
from India and to support the increasing interest of the global trading community.

 In June 2022, Prime Minister Mr. Narendra Modi inaugurated and laid the foundation stone of
development projects worth Rs. 21,000 crore (US$ 2.63 billion) at Gujarat Gaurav Abhiyan at
Vadodara.

 Mr. Rajnath Singh, Minister of Defence, launched 75 newly-developed Artificial Intelligence

(AI) products/technologies during the first-ever ‘AI in Defence’ (AIDef) symposium and
exhibition organized by the Ministry of Defence in New Delhi on 11 July 2022.

 In June 2022:

o Prime Minister Mr. Narendra Modi, laid the foundation stone of 1,406 projects worth
more than Rs. 80,000 crore (US$ 10.01 billion) at the groundbreaking ceremony of the
UP Investors Summit in Lucknow.

o The Projects encompass diverse sectors like Agriculture and Allied industries, IT and
Electronics, MSME, Manufacturing, Renewable Energy, Pharma, Tourism, Defence &
Aerospace, Handloom & Textiles.

 The Indian Institute of Spices Research (IISR) under the Indian Council for Agricultural
Research (ICAR) inked a Memorandum of Understanding (MoU) with Lysterra LLC, a Russia-
based company for the commercialization of biocapsule, an encapsulation technology for
bio-fertilization on 30 June, 2022.

 As of April 2022, India signed 13 Free Trade Agreements (FTAs) with its trading partners
including major trade agreements like the India-UAE Comprehensive Partnership Agreement
(CEPA) and the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA).

 The Union Budget of 2022-23 was presented on February 1, 2022, by the Minister for Finance
& Corporate Affairs, Ms. Nirmala Sitharaman. The budget had four priorities PM GatiShakti,
Inclusive Development, Productivity Enhancement and Investment, and Financing of
Investments. In the Union Budget 2022-23, effective capital expenditure is expected to
increase by 27% at Rs. 10.68 lakh crore (US$ 142.93 billion) to boost the economy. This will
be 4.1% of the total Gross Domestic Production (GDP).

 Under PM GatiShakti Master Plan, the National Highway Network will develop 25,000 km of
new highways network, which will be worth Rs. 20,000 crore (US$ 2.67 billion). In 2022-23.
Increased government expenditure is expected to attract private investments, with a
production-linked incentive scheme providing excellent opportunities. Consistently
proactive, graded, and measured policy support is anticipated to boost the Indian economy.
 In February 2022, Minister for Finance and Corporate Affairs Ms. Nirmala Sitharaman said
that productivity linked incentive (PLI) schemes would be extended to 14 sectors to achieve
the mission of AtmaNirbhar Bharat and create 60 lakh jobs with an additional production
capacity of Rs. 30 lakh crore (US$ 401.49 billion) in the next five years.

 In the Union Budget of 2022-23, the government announced funding for the production linked
incentive (PLI) scheme for domestic solar cells and module manufacturing of Rs. 24,000
crore (US$ 3.21 billion).

 In the Union Budget of 2022-23, the government announced a production linked incentive
(PLI) scheme for Bulk Drugs which was an investment of Rs. 2500 crore (US$ 334.60 million).

 In the Union Budget of 2022, Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman
announced that a scheme for design-led manufacturing in 5G would be launched as part of
the PLI scheme.

 In September 2021, Union Cabinet approved major reforms in the telecom sector, which are
expected to boost employment, growth, competition, and consumer interests. Key reforms
include rationalization of adjusted gross revenue, rationalization of bank guarantees (BGs),
and encouragement of spectrum sharing.

 In the Union Budget of 2022-23, the government has allocated Rs. 44,720 crore (US$ 5.98
billion) to Bharat Sanchar Nigam Limited (BSNL) for capital investments in the 4G spectrum.

 Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman allocated Rs. 650 crore (US$
86.69 million) for the Deep Ocean mission that seeks to explore vast marine living and non-
living resources. Department of Space (DoS) has got Rs. 13,700 crore (US$ 1.83 billion) in
2022-23 for several key space missions like Gaganyaan, Chandrayaan-3, and Aditya L-1 (sun).

 In May 2021, the government approved the production linked incentive (PLI) scheme for
manufacturing advanced chemistry cell (ACC) batteries at an estimated outlay of Rs. 18,100
crore (US$ 2.44 billion); this move is expected to attract domestic and foreign investments
worth Rs. 45,000 crore (US$ 6.07 billion).

 Minister for Finance & Corporate Affairs Ms Nirmala Sitharaman announced in the Union
Budget of 2022-23 that the Reserve Bank of India (RBI) would issue Digital Rupee using
blockchain and other technologies.

 In the Union Budget of 2022-23, Railway got an investment of Rs. 2.38 lakh crore (US$ 31.88
billion) and over 400 new high-speed trains were announced. The concept of "One Station,
One Product" was also introduced.

 To boost competitiveness, Budget 2022-23 has announced reforming the 16-year-old Special
Economic Zone (SEZ) act.

 In June 2021, the RBI (Reserve Bank of India) announced that the investment limit for FPI
(foreign portfolio investors) in the State Development Loans (SDLs) and government
securities (G-secs) would persist unaffected at 2% and 6%, respectively, in FY22.

 In November 2020, the Government of India announced Rs. 2.65 lakh crore (US$ 36 billion)
stimulus package to generate job opportunities and provide liquidity support to various
sectors such as tourism, aviation, construction, and housing. Also, India's cabinet approved
the production-linked incentives (PLI) scheme to provide ~Rs. 2 trillion (US$ 27 billion) over
five years to create jobs and boost production in the country.
 Numerous foreign companies are setting up their facilities in India on account of various
Government initiatives like Make in India and Digital India. Prime Minister of India Mr.
Narendra Modi launched the Make in India initiative with an aim to boost the country's
manufacturing sector and increase the purchasing power of an average Indian consumer,
which would further drive demand and spur development, thus benefiting investors. The
Government of India, under its Make in India initiative, is trying to boost the contribution
made by the manufacturing sector with an aim to take it to 25% of the GDP from the current
17%. Besides, the government has also come up with the Digital India initiative, which
focuses on three core components: the creation of digital infrastructure, delivering services
digitally, and increasing digital literacy.

 On January 29, 2022, the National Asset Reconstruction Company Ltd (NARCL) will acquire
bad loans worth up to Rs. 50,000 crore (US$ 6.69 billion) about 15 accounts by March 31,
2022. India Debt Resolution Co. Ltd (IDRCL) will control the resolution process. This will
clean up India's financial system and help fuel liquidity and boost the Indian economy.

 National Bank for Financing Infrastructure and Development (NaBFID) is a bank that will
provide non-recourse infrastructure financing and is expected to support projects from the
first quarter of FY2022-23; it is expected to raise Rs. 4 lakh crore (US$ 53.58 billion) in the
next three years.

 By November 1, 2021, India and the United Kingdom hope to begin negotiations on a free
trade agreement. The proposed FTA between these two countries is likely to unlock business
opportunities and generate jobs. Both sides have renewed their commitment to boost trade
in a manner that benefits all.

 In August 2021, Prime Minister Mr. Narendra Modi announced an initiative to start a national
mission to reach the US$ 400 billion merchandise export target by FY22.

 In August 2021, Prime Minister Mr. Narendra Modi launched a digital payment solution, e-
RUPI, a contactless and cashless instrument for digital payments.

 In April 2021, Dr. Ahmed Abdul Rahman AlBanna, Ambassador of the UAE to India and
Founding Patron of IFIICC, stated that trilateral trade between India, the UAE and Israel is
expected to reach US$ 110 billion by 2030.

 India is expected to attract investment of around US$ 100 billion in developing the oil and gas
infrastructure during 2019-23.

 The Government of India is expected to increase public health spending to 2.5% of the GDP
by 2025.

GOVERNMENT INITIATIVES
Over the years, the Indian government has introduced many initiatives to strengthen the
nation's economy. The Indian government has been effective in developing policies and
programmes that are not only beneficial for citizens to improve their financial stability but
also for the overall growth of the economy. Over recent decades, India's rapid economic
growth has led to a substantial increase in its demand for exports. Besides this, a number of
the government's flagship programmes, including Make in India, Start-up India, Digital India,
the Smart City Mission, and the Atal Mission for Rejuvenation and Urban Transformation,
are aimed at creating immense opportunities in India. In this regard, some of the initiatives
 taken by the government to improve the economic condition of the country are mentioned
below:

 Home & Cooperation Minister Mr. Amit Shah, laid the foundation stone and performed
Bhoomi Pujan of Shri Tanot Mandir Complex Project under Border Tourism Development
Programme in Jaisalmer in September 2022.

 In August 2022, Mr. Narendra Singh Tomar, Minister of Agriculture and Farmers Welfare
inaugurated four new facilities at the Central Arid Zone Research Institute (CAZRI), which has
been rendering excellent services for more than 60 years under the Indian Council of
Agricultural Research (ICAR).

 In August 2022, a Special Food Processing Fund of Rs. 2,000 crore (US$ 242.72 million) was
set up with National Bank for Agriculture and Rural Development (NABARD) to provide
affordable credit for investments in setting up Mega Food Parks (MFP) as well as processing
units in the MFPs.

 In July 2022, Deendayal Port Authority (DPA) announced plans to develop two Mega Cargo
Handling Terminals on a Build-Operate-Transfer (BOT) basis under Public-Private
Partnership (PPP) Mode at an estimated cost of Rs. 5,963 crore (US$ 747.64 million).

 In July 2022, the Union Cabinet chaired by the Prime Minister Mr. Narendra Modi, approved
the signing of the Memorandum of Understanding (MoU) between India & Maldives. This MoU
will provide a platform to tap the benefits of information technology for court digitization and
can be a potential growth area for the IT companies and start-ups in both the countries.

 India and Namibia entered into a Memorandum of Understanding (MoU) on wildlife

conservation and sustainable biodiversity utilization on July 20, 2022, for establishing the
cheetah into the historical range in India.

 In July 2022, the Reserve Bank of India (RBI) approved international trade settlements in
Indian rupees (INR) in order to promote the growth of global trade with emphasis on exports
from India and to support the increasing interest of the global trading community.

 In June 2022, Prime Minister Mr. Narendra Modi inaugurated and laid the foundation stone of
development projects worth Rs. 21,000 crore (US$ 2.63 billion) at Gujarat Gaurav Abhiyan at
Vadodara.

 Mr. Rajnath Singh, Minister of Defence, launched 75 newly-developed Artificial Intelligence

(AI) products/technologies during the first-ever ‘AI in Defence’ (AIDef) symposium and
exhibition organized by the Ministry of Defence in New Delhi on 11 July 2022.

 In June 2022:

o Prime Minister Mr. Narendra Modi, laid the foundation stone of 1,406 projects worth
more than Rs. 80,000 crore (US$ 10.01 billion) at the groundbreaking ceremony of the
UP Investors Summit in Lucknow.

o The Projects encompass diverse sectors like Agriculture and Allied industries, IT and
Electronics, MSME, Manufacturing, Renewable Energy, Pharma, Tourism, Defence &
Aerospace, Handloom & Textiles.
 The Indian Institute of Spices Research (IISR) under the Indian Council for Agricultural
Research (ICAR) inked a Memorandum of Understanding (MoU) with Lysterra LLC, a Russia-
based company for the commercialization of biocapsule, an encapsulation technology for
bio-fertilization on 30 June, 2022.

 As of April 2022, India signed 13 Free Trade Agreements (FTAs) with its trading partners
including major trade agreements like the India-UAE Comprehensive Partnership Agreement
(CEPA) and the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA).

 The Union Budget of 2022-23 was presented on February 1, 2022, by the Minister for Finance
& Corporate Affairs, Ms. Nirmala Sitharaman. The budget had four priorities PM GatiShakti,
Inclusive Development, Productivity Enhancement and Investment, and Financing of
Investments. In the Union Budget 2022-23, effective capital expenditure is expected to
increase by 27% at Rs. 10.68 lakh crore (US$ 142.93 billion) to boost the economy. This will
be 4.1% of the total Gross Domestic Production (GDP).

 Under PM GatiShakti Master Plan, the National Highway Network will develop 25,000 km of
new highways network, which will be worth Rs. 20,000 crore (US$ 2.67 billion). In 2022-23.
Increased government expenditure is expected to attract private investments, with a
production-linked incentive scheme providing excellent opportunities. Consistently
proactive, graded, and measured policy support is anticipated to boost the Indian economy.

 In February 2022, Minister for Finance and Corporate Affairs Ms. Nirmala Sitharaman said
that productivity linked incentive (PLI) schemes would be extended to 14 sectors to achieve
the mission of AtmaNirbhar Bharat and create 60 lakh jobs with an additional production
capacity of Rs. 30 lakh crore (US$ 401.49 billion) in the next five years.

 In the Union Budget of 2022-23, the government announced funding for the production linked
incentive (PLI) scheme for domestic solar cells and module manufacturing of Rs. 24,000
crore (US$ 3.21 billion).

 In the Union Budget of 2022-23, the government announced a production linked incentive
(PLI) scheme for Bulk Drugs which was an investment of Rs. 2500 crore (US$ 334.60 million).

 In the Union Budget of 2022, Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman
announced that a scheme for design-led manufacturing in 5G would be launched as part of
the PLI scheme.

 In September 2021, Union Cabinet approved major reforms in the telecom sector, which are
expected to boost employment, growth, competition, and consumer interests. Key reforms
include rationalization of adjusted gross revenue, rationalization of bank guarantees (BGs),
and encouragement of spectrum sharing.

 In the Union Budget of 2022-23, the government has allocated Rs. 44,720 crore (US$ 5.98
billion) to Bharat Sanchar Nigam Limited (BSNL) for capital investments in the 4G spectrum.

 Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman allocated Rs. 650 crore (US$
86.69 million) for the Deep Ocean mission that seeks to explore vast marine living and non-
living resources. Department of Space (DoS) has got Rs. 13,700 crore (US$ 1.83 billion) in
2022-23 for several key space missions like Gaganyaan, Chandrayaan-3, and Aditya L-1 (sun).

 In May 2021, the government approved the production linked incentive (PLI) scheme for
manufacturing advanced chemistry cell (ACC) batteries at an estimated outlay of Rs. 18,100
 crore (US$ 2.44 billion); this move is expected to attract domestic and foreign investments
worth Rs. 45,000 crore (US$ 6.07 billion).

 Minister for Finance & Corporate Affairs Ms Nirmala Sitharaman announced in the Union
Budget of 2022-23 that the Reserve Bank of India (RBI) would issue Digital Rupee using
blockchain and other technologies.

 In the Union Budget of 2022-23, Railway got an investment of Rs. 2.38 lakh crore (US$ 31.88
billion) and over 400 new high-speed trains were announced. The concept of "One Station,
One Product" was also introduced.

 To boost competitiveness, Budget 2022-23 has announced reforming the 16-year-old Special
Economic Zone (SEZ) act.

 In June 2021, the RBI (Reserve Bank of India) announced that the investment limit for FPI
(foreign portfolio investors) in the State Development Loans (SDLs) and government
securities (G-secs) would persist unaffected at 2% and 6%, respectively, in FY22.

 In November 2020, the Government of India announced Rs. 2.65 lakh crore (US$ 36 billion)
stimulus package to generate job opportunities and provide liquidity support to various
sectors such as tourism, aviation, construction, and housing. Also, India's cabinet approved
the production-linked incentives (PLI) scheme to provide ~Rs. 2 trillion (US$ 27 billion) over
five years to create jobs and boost production in the country.

 Numerous foreign companies are setting up their facilities in India on account of various
Government initiatives like Make in India and Digital India. Prime Minister of India Mr.
Narendra Modi launched the Make in India initiative with an aim to boost the country's
manufacturing sector and increase the purchasing power of an average Indian consumer,
which would further drive demand and spur development, thus benefiting investors. The
Government of India, under its Make in India initiative, is trying to boost the contribution
made by the manufacturing sector with an aim to take it to 25% of the GDP from the current
17%. Besides, the government has also come up with the Digital India initiative, which
focuses on three core components: the creation of digital infrastructure, delivering services
digitally, and increasing digital literacy.

 On January 29, 2022, the National Asset Reconstruction Company Ltd (NARCL) will acquire
bad loans worth up to Rs. 50,000 crore (US$ 6.69 billion) about 15 accounts by March 31,
2022. India Debt Resolution Co. Ltd (IDRCL) will control the resolution process. This will
clean up India's financial system and help fuel liquidity and boost the Indian economy.

 National Bank for Financing Infrastructure and Development (NaBFID) is a bank that will
provide non-recourse infrastructure financing and is expected to support projects from the
first quarter of FY2022-23; it is expected to raise Rs. 4 lakh crore (US$ 53.58 billion) in the
next three years.

 By November 1, 2021, India and the United Kingdom hope to begin negotiations on a free
trade agreement. The proposed FTA between these two countries is likely to unlock business
opportunities and generate jobs. Both sides have renewed their commitment to boost trade
in a manner that benefits all.

 In August 2021, Prime Minister Mr. Narendra Modi announced an initiative to start a national
mission to reach the US$ 400 billion merchandise export target by FY22.
 In August 2021, Prime Minister Mr. Narendra Modi launched a digital payment solution, e-
RUPI, a contactless and cashless instrument for digital payments.

 In April 2021, Dr. Ahmed Abdul Rahman AlBanna, Ambassador of the UAE to India and
Founding Patron of IFIICC, stated that trilateral trade between India, the UAE and Israel is
expected to reach US$ 110 billion by 2030.

 India is expected to attract investment of around US$ 100 billion in developing the oil and gas
infrastructure during 2019-23.

 The Government of India is expected to increase public health spending to 2.5% of the GDP
by 2025.

GOVERNMENT INITIATIVES
Over the years, the Indian government has introduced many initiatives to strengthen the
nation's economy. The Indian government has been effective in developing policies and
programmes that are not only beneficial for citizens to improve their financial stability but
also for the overall growth of the economy. Over recent decades, India's rapid economic
growth has led to a substantial increase in its demand for exports. Besides this, a number of
the government's flagship programmes, including Make in India, Start-up India, Digital India,
the Smart City Mission, and the Atal Mission for Rejuvenation and Urban Transformation,
are aimed at creating immense opportunities in India. In this regard, some of the initiatives
taken by the government to improve the economic condition of the country are mentioned
below:

 Home & Cooperation Minister Mr. Amit Shah, laid the foundation stone and performed
Bhoomi Pujan of Shri Tanot Mandir Complex Project under Border Tourism Development
Programme in Jaisalmer in September 2022.

 In August 2022, Mr. Narendra Singh Tomar, Minister of Agriculture and Farmers Welfare
inaugurated four new facilities at the Central Arid Zone Research Institute (CAZRI), which has
been rendering excellent services for more than 60 years under the Indian Council of
Agricultural Research (ICAR).

 In August 2022, a Special Food Processing Fund of Rs. 2,000 crore (US$ 242.72 million) was
set up with National Bank for Agriculture and Rural Development (NABARD) to provide
affordable credit for investments in setting up Mega Food Parks (MFP) as well as processing
units in the MFPs.

 In July 2022, Deendayal Port Authority (DPA) announced plans to develop two Mega Cargo
Handling Terminals on a Build-Operate-Transfer (BOT) basis under Public-Private
Partnership (PPP) Mode at an estimated cost of Rs. 5,963 crore (US$ 747.64 million).

 In July 2022, the Union Cabinet chaired by the Prime Minister Mr. Narendra Modi, approved
the signing of the Memorandum of Understanding (MoU) between India & Maldives. This MoU
will provide a platform to tap the benefits of information technology for court digitization and
can be a potential growth area for the IT companies and start-ups in both the countries.
 India and Namibia entered into a Memorandum of Understanding (MoU) on wildlife
conservation and sustainable biodiversity utilization on July 20, 2022, for establishing the
cheetah into the historical range in India.

 In July 2022, the Reserve Bank of India (RBI) approved international trade settlements in
Indian rupees (INR) in order to promote the growth of global trade with emphasis on exports
from India and to support the increasing interest of the global trading community.

 In June 2022, Prime Minister Mr. Narendra Modi inaugurated and laid the foundation stone of
development projects worth Rs. 21,000 crore (US$ 2.63 billion) at Gujarat Gaurav Abhiyan at
Vadodara.

 Mr. Rajnath Singh, Minister of Defence, launched 75 newly-developed Artificial Intelligence

(AI) products/technologies during the first-ever ‘AI in Defence’ (AIDef) symposium and
exhibition organized by the Ministry of Defence in New Delhi on 11 July 2022.

 In June 2022:

o Prime Minister Mr. Narendra Modi, laid the foundation stone of 1,406 projects worth
more than Rs. 80,000 crore (US$ 10.01 billion) at the groundbreaking ceremony of the
UP Investors Summit in Lucknow.

o The Projects encompass diverse sectors like Agriculture and Allied industries, IT and
Electronics, MSME, Manufacturing, Renewable Energy, Pharma, Tourism, Defence &
Aerospace, Handloom & Textiles.

 The Indian Institute of Spices Research (IISR) under the Indian Council for Agricultural
Research (ICAR) inked a Memorandum of Understanding (MoU) with Lysterra LLC, a Russia-
based company for the commercialization of biocapsule, an encapsulation technology for
bio-fertilization on 30 June, 2022.

 As of April 2022, India signed 13 Free Trade Agreements (FTAs) with its trading partners
including major trade agreements like the India-UAE Comprehensive Partnership Agreement
(CEPA) and the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA).

 The Union Budget of 2022-23 was presented on February 1, 2022, by the Minister for Finance
& Corporate Affairs, Ms. Nirmala Sitharaman. The budget had four priorities PM GatiShakti,
Inclusive Development, Productivity Enhancement and Investment, and Financing of
Investments. In the Union Budget 2022-23, effective capital expenditure is expected to
increase by 27% at Rs. 10.68 lakh crore (US$ 142.93 billion) to boost the economy. This will
be 4.1% of the total Gross Domestic Production (GDP).

 Under PM GatiShakti Master Plan, the National Highway Network will develop 25,000 km of
new highways network, which will be worth Rs. 20,000 crore (US$ 2.67 billion). In 2022-23.
Increased government expenditure is expected to attract private investments, with a
production-linked incentive scheme providing excellent opportunities. Consistently
proactive, graded, and measured policy support is anticipated to boost the Indian economy.

 In February 2022, Minister for Finance and Corporate Affairs Ms. Nirmala Sitharaman said
that productivity linked incentive (PLI) schemes would be extended to 14 sectors to achieve
the mission of AtmaNirbhar Bharat and create 60 lakh jobs with an additional production
capacity of Rs. 30 lakh crore (US$ 401.49 billion) in the next five years.
 In the Union Budget of 2022-23, the government announced funding for the production linked
incentive (PLI) scheme for domestic solar cells and module manufacturing of Rs. 24,000
crore (US$ 3.21 billion).

 In the Union Budget of 2022-23, the government announced a production linked incentive
(PLI) scheme for Bulk Drugs which was an investment of Rs. 2500 crore (US$ 334.60 million).

 In the Union Budget of 2022, Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman
announced that a scheme for design-led manufacturing in 5G would be launched as part of
the PLI scheme.

 In September 2021, Union Cabinet approved major reforms in the telecom sector, which are
expected to boost employment, growth, competition, and consumer interests. Key reforms
include rationalization of adjusted gross revenue, rationalization of bank guarantees (BGs),
and encouragement of spectrum sharing.

 In the Union Budget of 2022-23, the government has allocated Rs. 44,720 crore (US$ 5.98
billion) to Bharat Sanchar Nigam Limited (BSNL) for capital investments in the 4G spectrum.

 Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman allocated Rs. 650 crore (US$
86.69 million) for the Deep Ocean mission that seeks to explore vast marine living and non-
living resources. Department of Space (DoS) has got Rs. 13,700 crore (US$ 1.83 billion) in
2022-23 for several key space missions like Gaganyaan, Chandrayaan-3, and Aditya L-1 (sun).

 In May 2021, the government approved the production linked incentive (PLI) scheme for
manufacturing advanced chemistry cell (ACC) batteries at an estimated outlay of Rs. 18,100
crore (US$ 2.44 billion); this move is expected to attract domestic and foreign investments
worth Rs. 45,000 crore (US$ 6.07 billion).

 Minister for Finance & Corporate Affairs Ms Nirmala Sitharaman announced in the Union
Budget of 2022-23 that the Reserve Bank of India (RBI) would issue Digital Rupee using
blockchain and other technologies.

 In the Union Budget of 2022-23, Railway got an investment of Rs. 2.38 lakh crore (US$ 31.88
billion) and over 400 new high-speed trains were announced. The concept of "One Station,
One Product" was also introduced.

 To boost competitiveness, Budget 2022-23 has announced reforming the 16-year-old Special
Economic Zone (SEZ) act.

 In June 2021, the RBI (Reserve Bank of India) announced that the investment limit for FPI
(foreign portfolio investors) in the State Development Loans (SDLs) and government
securities (G-secs) would persist unaffected at 2% and 6%, respectively, in FY22.

 In November 2020, the Government of India announced Rs. 2.65 lakh crore (US$ 36 billion)
stimulus package to generate job opportunities and provide liquidity support to various
sectors such as tourism, aviation, construction, and housing. Also, India's cabinet approved
the production-linked incentives (PLI) scheme to provide ~Rs. 2 trillion (US$ 27 billion) over
five years to create jobs and boost production in the country.

 Numerous foreign companies are setting up their facilities in India on account of various
Government initiatives like Make in India and Digital India. Prime Minister of India Mr.
Narendra Modi launched the Make in India initiative with an aim to boost the country's
manufacturing sector and increase the purchasing power of an average Indian consumer,
 which would further drive demand and spur development, thus benefiting investors. The
Government of India, under its Make in India initiative, is trying to boost the contribution
made by the manufacturing sector with an aim to take it to 25% of the GDP from the current
17%. Besides, the government has also come up with the Digital India initiative, which
focuses on three core components: the creation of digital infrastructure, delivering services
digitally, and increasing digital literacy.

 On January 29, 2022, the National Asset Reconstruction Company Ltd (NARCL) will acquire
bad loans worth up to Rs. 50,000 crore (US$ 6.69 billion) about 15 accounts by March 31,
2022. India Debt Resolution Co. Ltd (IDRCL) will control the resolution process. This will
clean up India's financial system and help fuel liquidity and boost the Indian economy.

 National Bank for Financing Infrastructure and Development (NaBFID) is a bank that will
provide non-recourse infrastructure financing and is expected to support projects from the
first quarter of FY2022-23; it is expected to raise Rs. 4 lakh crore (US$ 53.58 billion) in the
next three years.

 By November 1, 2021, India and the United Kingdom hope to begin negotiations on a free
trade agreement. The proposed FTA between these two countries is likely to unlock business
opportunities and generate jobs. Both sides have renewed their commitment to boost trade
in a manner that benefits all.

 In August 2021, Prime Minister Mr. Narendra Modi announced an initiative to start a national
mission to reach the US$ 400 billion merchandise export target by FY22.

 In August 2021, Prime Minister Mr. Narendra Modi launched a digital payment solution, e-
RUPI, a contactless and cashless instrument for digital payments.

 In April 2021, Dr. Ahmed Abdul Rahman AlBanna, Ambassador of the UAE to India and
Founding Patron of IFIICC, stated that trilateral trade between India, the UAE and Israel is
expected to reach US$ 110 billion by 2030.

 India is expected to attract investment of around US$ 100 billion in developing the oil and gas
infrastructure during 2019-23.

 The Government of India is expected to increase public health spending to 2.5% of the GDP
by 2025.

GOVERNMENT INITIATIVES
Over the years, the Indian government has introduced many initiatives to strengthen the
nation's economy. The Indian government has been effective in developing policies and
programmes that are not only beneficial for citizens to improve their financial stability but
also for the overall growth of the economy. Over recent decades, India's rapid economic
growth has led to a substantial increase in its demand for exports. Besides this, a number of
the government's flagship programmes, including Make in India, Start-up India, Digital India,
the Smart City Mission, and the Atal Mission for Rejuvenation and Urban Transformation,
are aimed at creating immense opportunities in India. In this regard, some of the initiatives
taken by the government to improve the economic condition of the country are mentioned
below:
 Home & Cooperation Minister Mr. Amit Shah, laid the foundation stone and performed
Bhoomi Pujan of Shri Tanot Mandir Complex Project under Border Tourism Development
Programme in Jaisalmer in September 2022.

 In August 2022, Mr. Narendra Singh Tomar, Minister of Agriculture and Farmers Welfare
inaugurated four new facilities at the Central Arid Zone Research Institute (CAZRI), which has
been rendering excellent services for more than 60 years under the Indian Council of
Agricultural Research (ICAR).

 In August 2022, a Special Food Processing Fund of Rs. 2,000 crore (US$ 242.72 million) was
set up with National Bank for Agriculture and Rural Development (NABARD) to provide
affordable credit for investments in setting up Mega Food Parks (MFP) as well as processing
units in the MFPs.

 In July 2022, Deendayal Port Authority (DPA) announced plans to develop two Mega Cargo
Handling Terminals on a Build-Operate-Transfer (BOT) basis under Public-Private
Partnership (PPP) Mode at an estimated cost of Rs. 5,963 crore (US$ 747.64 million).

 In July 2022, the Union Cabinet chaired by the Prime Minister Mr. Narendra Modi, approved
the signing of the Memorandum of Understanding (MoU) between India & Maldives. This MoU
will provide a platform to tap the benefits of information technology for court digitization and
can be a potential growth area for the IT companies and start-ups in both the countries.

 India and Namibia entered into a Memorandum of Understanding (MoU) on wildlife

conservation and sustainable biodiversity utilization on July 20, 2022, for establishing the
cheetah into the historical range in India.

 In July 2022, the Reserve Bank of India (RBI) approved international trade settlements in
Indian rupees (INR) in order to promote the growth of global trade with emphasis on exports
from India and to support the increasing interest of the global trading community.

 In June 2022, Prime Minister Mr. Narendra Modi inaugurated and laid the foundation stone of
development projects worth Rs. 21,000 crore (US$ 2.63 billion) at Gujarat Gaurav Abhiyan at
Vadodara.

 Mr. Rajnath Singh, Minister of Defence, launched 75 newly-developed Artificial Intelligence

(AI) products/technologies during the first-ever ‘AI in Defence’ (AIDef) symposium and
exhibition organized by the Ministry of Defence in New Delhi on 11 July 2022.

 In June 2022:

o Prime Minister Mr. Narendra Modi, laid the foundation stone of 1,406 projects worth
more than Rs. 80,000 crore (US$ 10.01 billion) at the groundbreaking ceremony of the
UP Investors Summit in Lucknow.

o The Projects encompass diverse sectors like Agriculture and Allied industries, IT and
Electronics, MSME, Manufacturing, Renewable Energy, Pharma, Tourism, Defence &
Aerospace, Handloom & Textiles.

 The Indian Institute of Spices Research (IISR) under the Indian Council for Agricultural
Research (ICAR) inked a Memorandum of Understanding (MoU) with Lysterra LLC, a Russia-
based company for the commercialization of biocapsule, an encapsulation technology for
bio-fertilization on 30 June, 2022.
 As of April 2022, India signed 13 Free Trade Agreements (FTAs) with its trading partners
including major trade agreements like the India-UAE Comprehensive Partnership Agreement
(CEPA) and the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA).

 The Union Budget of 2022-23 was presented on February 1, 2022, by the Minister for Finance
& Corporate Affairs, Ms. Nirmala Sitharaman. The budget had four priorities PM GatiShakti,
Inclusive Development, Productivity Enhancement and Investment, and Financing of
Investments. In the Union Budget 2022-23, effective capital expenditure is expected to
increase by 27% at Rs. 10.68 lakh crore (US$ 142.93 billion) to boost the economy. This will
be 4.1% of the total Gross Domestic Production (GDP).

 Under PM GatiShakti Master Plan, the National Highway Network will develop 25,000 km of
new highways network, which will be worth Rs. 20,000 crore (US$ 2.67 billion). In 2022-23.
Increased government expenditure is expected to attract private investments, with a
production-linked incentive scheme providing excellent opportunities. Consistently
proactive, graded, and measured policy support is anticipated to boost the Indian economy.

 In February 2022, Minister for Finance and Corporate Affairs Ms. Nirmala Sitharaman said
that productivity linked incentive (PLI) schemes would be extended to 14 sectors to achieve
the mission of AtmaNirbhar Bharat and create 60 lakh jobs with an additional production
capacity of Rs. 30 lakh crore (US$ 401.49 billion) in the next five years.

 In the Union Budget of 2022-23, the government announced funding for the production linked
incentive (PLI) scheme for domestic solar cells and module manufacturing of Rs. 24,000
crore (US$ 3.21 billion).

 In the Union Budget of 2022-23, the government announced a production linked incentive
(PLI) scheme for Bulk Drugs which was an investment of Rs. 2500 crore (US$ 334.60 million).

 In the Union Budget of 2022, Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman
announced that a scheme for design-led manufacturing in 5G would be launched as part of
the PLI scheme.

 In September 2021, Union Cabinet approved major reforms in the telecom sector, which are
expected to boost employment, growth, competition, and consumer interests. Key reforms
include rationalization of adjusted gross revenue, rationalization of bank guarantees (BGs),
and encouragement of spectrum sharing.

 In the Union Budget of 2022-23, the government has allocated Rs. 44,720 crore (US$ 5.98
billion) to Bharat Sanchar Nigam Limited (BSNL) for capital investments in the 4G spectrum.

 Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman allocated Rs. 650 crore (US$
86.69 million) for the Deep Ocean mission that seeks to explore vast marine living and non-
living resources. Department of Space (DoS) has got Rs. 13,700 crore (US$ 1.83 billion) in
2022-23 for several key space missions like Gaganyaan, Chandrayaan-3, and Aditya L-1 (sun).

 In May 2021, the government approved the production linked incentive (PLI) scheme for
manufacturing advanced chemistry cell (ACC) batteries at an estimated outlay of Rs. 18,100
crore (US$ 2.44 billion); this move is expected to attract domestic and foreign investments
worth Rs. 45,000 crore (US$ 6.07 billion).

 Minister for Finance & Corporate Affairs Ms Nirmala Sitharaman announced in the Union
Budget of 2022-23 that the Reserve Bank of India (RBI) would issue Digital Rupee using
blockchain and other technologies.
 In the Union Budget of 2022-23, Railway got an investment of Rs. 2.38 lakh crore (US$ 31.88
billion) and over 400 new high-speed trains were announced. The concept of "One Station,
One Product" was also introduced.

 To boost competitiveness, Budget 2022-23 has announced reforming the 16-year-old Special
Economic Zone (SEZ) act.

 In June 2021, the RBI (Reserve Bank of India) announced that the investment limit for FPI
(foreign portfolio investors) in the State Development Loans (SDLs) and government
securities (G-secs) would persist unaffected at 2% and 6%, respectively, in FY22.

 In November 2020, the Government of India announced Rs. 2.65 lakh crore (US$ 36 billion)
stimulus package to generate job opportunities and provide liquidity support to various
sectors such as tourism, aviation, construction, and housing. Also, India's cabinet approved
the production-linked incentives (PLI) scheme to provide ~Rs. 2 trillion (US$ 27 billion) over
five years to create jobs and boost production in the country.

 Numerous foreign companies are setting up their facilities in India on account of various
Government initiatives like Make in India and Digital India. Prime Minister of India Mr.
Narendra Modi launched the Make in India initiative with an aim to boost the country's
manufacturing sector and increase the purchasing power of an average Indian consumer,
which would further drive demand and spur development, thus benefiting investors. The
Government of India, under its Make in India initiative, is trying to boost the contribution
made by the manufacturing sector with an aim to take it to 25% of the GDP from the current
17%. Besides, the government has also come up with the Digital India initiative, which
focuses on three core components: the creation of digital infrastructure, delivering services
digitally, and increasing digital literacy.

 On January 29, 2022, the National Asset Reconstruction Company Ltd (NARCL) will acquire
bad loans worth up to Rs. 50,000 crore (US$ 6.69 billion) about 15 accounts by March 31,
2022. India Debt Resolution Co. Ltd (IDRCL) will control the resolution process. This will
clean up India's financial system and help fuel liquidity and boost the Indian economy.

 National Bank for Financing Infrastructure and Development (NaBFID) is a bank that will
provide non-recourse infrastructure financing and is expected to support projects from the
first quarter of FY2022-23; it is expected to raise Rs. 4 lakh crore (US$ 53.58 billion) in the
next three years.

 By November 1, 2021, India and the United Kingdom hope to begin negotiations on a free
trade agreement. The proposed FTA between these two countries is likely to unlock business
opportunities and generate jobs. Both sides have renewed their commitment to boost trade
in a manner that benefits all.

 In August 2021, Prime Minister Mr. Narendra Modi announced an initiative to start a national
mission to reach the US$ 400 billion merchandise export target by FY22.

 In August 2021, Prime Minister Mr. Narendra Modi launched a digital payment solution, e-
RUPI, a contactless and cashless instrument for digital payments.

 In April 2021, Dr. Ahmed Abdul Rahman AlBanna, Ambassador of the UAE to India and
Founding Patron of IFIICC, stated that trilateral trade between India, the UAE and Israel is
expected to reach US$ 110 billion by 2030.
 India is expected to attract investment of around US$ 100 billion in developing the oil and gas
infrastructure during 2019-23.

 The Government of India is expected to increase public health spending to 2.5% of the GDP
by 2025.

GOVERNMENT INITIATIVES
Over the years, the Indian government has introduced many initiatives to strengthen the
nation's economy. The Indian government has been effective in developing policies and
programmes that are not only beneficial for citizens to improve their financial stability but
also for the overall growth of the economy. Over recent decades, India's rapid economic
growth has led to a substantial increase in its demand for exports. Besides this, a number of
the government's flagship programmes, including Make in India, Start-up India, Digital India,
the Smart City Mission, and the Atal Mission for Rejuvenation and Urban Transformation,
are aimed at creating immense opportunities in India. In this regard, some of the initiatives
taken by the government to improve the economic condition of the country are mentioned
below:

 Home & Cooperation Minister Mr. Amit Shah, laid the foundation stone and performed
Bhoomi Pujan of Shri Tanot Mandir Complex Project under Border Tourism Development
Programme in Jaisalmer in September 2022.

 In August 2022, Mr. Narendra Singh Tomar, Minister of Agriculture and Farmers Welfare
inaugurated four new facilities at the Central Arid Zone Research Institute (CAZRI), which has
been rendering excellent services for more than 60 years under the Indian Council of
Agricultural Research (ICAR).

 In August 2022, a Special Food Processing Fund of Rs. 2,000 crore (US$ 242.72 million) was
set up with National Bank for Agriculture and Rural Development (NABARD) to provide
affordable credit for investments in setting up Mega Food Parks (MFP) as well as processing
units in the MFPs.

 In July 2022, Deendayal Port Authority (DPA) announced plans to develop two Mega Cargo
Handling Terminals on a Build-Operate-Transfer (BOT) basis under Public-Private
Partnership (PPP) Mode at an estimated cost of Rs. 5,963 crore (US$ 747.64 million).

 In July 2022, the Union Cabinet chaired by the Prime Minister Mr. Narendra Modi, approved
the signing of the Memorandum of Understanding (MoU) between India & Maldives. This MoU
will provide a platform to tap the benefits of information technology for court digitization and
can be a potential growth area for the IT companies and start-ups in both the countries.

 India and Namibia entered into a Memorandum of Understanding (MoU) on wildlife

conservation and sustainable biodiversity utilization on July 20, 2022, for establishing the
cheetah into the historical range in India.

 In July 2022, the Reserve Bank of India (RBI) approved international trade settlements in
Indian rupees (INR) in order to promote the growth of global trade with emphasis on exports
from India and to support the increasing interest of the global trading community.
 In June 2022, Prime Minister Mr. Narendra Modi inaugurated and laid the foundation stone of
development projects worth Rs. 21,000 crore (US$ 2.63 billion) at Gujarat Gaurav Abhiyan at
Vadodara.

 Mr. Rajnath Singh, Minister of Defence, launched 75 newly-developed Artificial Intelligence

(AI) products/technologies during the first-ever ‘AI in Defence’ (AIDef) symposium and
exhibition organized by the Ministry of Defence in New Delhi on 11 July 2022.

 In June 2022:

o Prime Minister Mr. Narendra Modi, laid the foundation stone of 1,406 projects worth
more than Rs. 80,000 crore (US$ 10.01 billion) at the groundbreaking ceremony of the
UP Investors Summit in Lucknow.

o The Projects encompass diverse sectors like Agriculture and Allied industries, IT and
Electronics, MSME, Manufacturing, Renewable Energy, Pharma, Tourism, Defence &
Aerospace, Handloom & Textiles.

 The Indian Institute of Spices Research (IISR) under the Indian Council for Agricultural
Research (ICAR) inked a Memorandum of Understanding (MoU) with Lysterra LLC, a Russia-
based company for the commercialization of biocapsule, an encapsulation technology for
bio-fertilization on 30 June, 2022.

 As of April 2022, India signed 13 Free Trade Agreements (FTAs) with its trading partners
including major trade agreements like the India-UAE Comprehensive Partnership Agreement
(CEPA) and the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA).

 The Union Budget of 2022-23 was presented on February 1, 2022, by the Minister for Finance
& Corporate Affairs, Ms. Nirmala Sitharaman. The budget had four priorities PM GatiShakti,
Inclusive Development, Productivity Enhancement and Investment, and Financing of
Investments. In the Union Budget 2022-23, effective capital expenditure is expected to
increase by 27% at Rs. 10.68 lakh crore (US$ 142.93 billion) to boost the economy. This will
be 4.1% of the total Gross Domestic Production (GDP).

 Under PM GatiShakti Master Plan, the National Highway Network will develop 25,000 km of
new highways network, which will be worth Rs. 20,000 crore (US$ 2.67 billion). In 2022-23.
Increased government expenditure is expected to attract private investments, with a
production-linked incentive scheme providing excellent opportunities. Consistently
proactive, graded, and measured policy support is anticipated to boost the Indian economy.

 In February 2022, Minister for Finance and Corporate Affairs Ms. Nirmala Sitharaman said
that productivity linked incentive (PLI) schemes would be extended to 14 sectors to achieve
the mission of AtmaNirbhar Bharat and create 60 lakh jobs with an additional production
capacity of Rs. 30 lakh crore (US$ 401.49 billion) in the next five years.

 In the Union Budget of 2022-23, the government announced funding for the production linked
incentive (PLI) scheme for domestic solar cells and module manufacturing of Rs. 24,000
crore (US$ 3.21 billion).

 In the Union Budget of 2022-23, the government announced a production linked incentive
(PLI) scheme for Bulk Drugs which was an investment of Rs. 2500 crore (US$ 334.60 million).
 In the Union Budget of 2022, Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman
announced that a scheme for design-led manufacturing in 5G would be launched as part of
the PLI scheme.

 In September 2021, Union Cabinet approved major reforms in the telecom sector, which are
expected to boost employment, growth, competition, and consumer interests. Key reforms
include rationalization of adjusted gross revenue, rationalization of bank guarantees (BGs),
and encouragement of spectrum sharing.

 In the Union Budget of 2022-23, the government has allocated Rs. 44,720 crore (US$ 5.98
billion) to Bharat Sanchar Nigam Limited (BSNL) for capital investments in the 4G spectrum.

 Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman allocated Rs. 650 crore (US$
86.69 million) for the Deep Ocean mission that seeks to explore vast marine living and non-
living resources. Department of Space (DoS) has got Rs. 13,700 crore (US$ 1.83 billion) in
2022-23 for several key space missions like Gaganyaan, Chandrayaan-3, and Aditya L-1 (sun).

 In May 2021, the government approved the production linked incentive (PLI) scheme for
manufacturing advanced chemistry cell (ACC) batteries at an estimated outlay of Rs. 18,100
crore (US$ 2.44 billion); this move is expected to attract domestic and foreign investments
worth Rs. 45,000 crore (US$ 6.07 billion).

 Minister for Finance & Corporate Affairs Ms Nirmala Sitharaman announced in the Union
Budget of 2022-23 that the Reserve Bank of India (RBI) would issue Digital Rupee using
blockchain and other technologies.

 In the Union Budget of 2022-23, Railway got an investment of Rs. 2.38 lakh crore (US$ 31.88
billion) and over 400 new high-speed trains were announced. The concept of "One Station,
One Product" was also introduced.

 To boost competitiveness, Budget 2022-23 has announced reforming the 16-year-old Special
Economic Zone (SEZ) act.

 In June 2021, the RBI (Reserve Bank of India) announced that the investment limit for FPI
(foreign portfolio investors) in the State Development Loans (SDLs) and government
securities (G-secs) would persist unaffected at 2% and 6%, respectively, in FY22.

 In November 2020, the Government of India announced Rs. 2.65 lakh crore (US$ 36 billion)
stimulus package to generate job opportunities and provide liquidity support to various
sectors such as tourism, aviation, construction, and housing. Also, India's cabinet approved
the production-linked incentives (PLI) scheme to provide ~Rs. 2 trillion (US$ 27 billion) over
five years to create jobs and boost production in the country.

 Numerous foreign companies are setting up their facilities in India on account of various
Government initiatives like Make in India and Digital India. Prime Minister of India Mr.
Narendra Modi launched the Make in India initiative with an aim to boost the country's
manufacturing sector and increase the purchasing power of an average Indian consumer,
which would further drive demand and spur development, thus benefiting investors. The
Government of India, under its Make in India initiative, is trying to boost the contribution
made by the manufacturing sector with an aim to take it to 25% of the GDP from the current
17%. Besides, the government has also come up with the Digital India initiative, which
focuses on three core components: the creation of digital infrastructure, delivering services
digitally, and increasing digital literacy.
 On January 29, 2022, the National Asset Reconstruction Company Ltd (NARCL) will acquire
bad loans worth up to Rs. 50,000 crore (US$ 6.69 billion) about 15 accounts by March 31,
2022. India Debt Resolution Co. Ltd (IDRCL) will control the resolution process. This will
clean up India's financial system and help fuel liquidity and boost the Indian economy.

 National Bank for Financing Infrastructure and Development (NaBFID) is a bank that will
provide non-recourse infrastructure financing and is expected to support projects from the
first quarter of FY2022-23; it is expected to raise Rs. 4 lakh crore (US$ 53.58 billion) in the
next three years.

 By November 1, 2021, India and the United Kingdom hope to begin negotiations on a free
trade agreement. The proposed FTA between these two countries is likely to unlock business
opportunities and generate jobs. Both sides have renewed their commitment to boost trade
in a manner that benefits all.

 In August 2021, Prime Minister Mr. Narendra Modi announced an initiative to start a national
mission to reach the US$ 400 billion merchandise export target by FY22.

 In August 2021, Prime Minister Mr. Narendra Modi launched a digital payment solution, e-
RUPI, a contactless and cashless instrument for digital payments.

 In April 2021, Dr. Ahmed Abdul Rahman AlBanna, Ambassador of the UAE to India and
Founding Patron of IFIICC, stated that trilateral trade between India, the UAE and Israel is
expected to reach US$ 110 billion by 2030.

 India is expected to attract investment of around US$ 100 billion in developing the oil and gas
infrastructure during 2019-23.

 The Government of India is expected to increase public health spending to 2.5% of the GDP
by 2025.

GOVERNMENT INITIATIVES
Over the years, the Indian government has introduced many initiatives to strengthen the
nation's economy. The Indian government has been effective in developing policies and
programmes that are not only beneficial for citizens to improve their financial stability but
also for the overall growth of the economy. Over recent decades, India's rapid economic
growth has led to a substantial increase in its demand for exports. Besides this, a number of
the government's flagship programmes, including Make in India, Start-up India, Digital India,
the Smart City Mission, and the Atal Mission for Rejuvenation and Urban Transformation,
are aimed at creating immense opportunities in India. In this regard, some of the initiatives
taken by the government to improve the economic condition of the country are mentioned
below:

 Home & Cooperation Minister Mr. Amit Shah, laid the foundation stone and performed
Bhoomi Pujan of Shri Tanot Mandir Complex Project under Border Tourism Development
Programme in Jaisalmer in September 2022.

 In August 2022, Mr. Narendra Singh Tomar, Minister of Agriculture and Farmers Welfare
inaugurated four new facilities at the Central Arid Zone Research Institute (CAZRI), which has
 been rendering excellent services for more than 60 years under the Indian Council of
Agricultural Research (ICAR).

 In August 2022, a Special Food Processing Fund of Rs. 2,000 crore (US$ 242.72 million) was
set up with National Bank for Agriculture and Rural Development (NABARD) to provide
affordable credit for investments in setting up Mega Food Parks (MFP) as well as processing
units in the MFPs.

 In July 2022, Deendayal Port Authority (DPA) announced plans to develop two Mega Cargo
Handling Terminals on a Build-Operate-Transfer (BOT) basis under Public-Private
Partnership (PPP) Mode at an estimated cost of Rs. 5,963 crore (US$ 747.64 million).

 In July 2022, the Union Cabinet chaired by the Prime Minister Mr. Narendra Modi, approved
the signing of the Memorandum of Understanding (MoU) between India & Maldives. This MoU
will provide a platform to tap the benefits of information technology for court digitization and
can be a potential growth area for the IT companies and start-ups in both the countries.

 India and Namibia entered into a Memorandum of Understanding (MoU) on wildlife

conservation and sustainable biodiversity utilization on July 20, 2022, for establishing the
cheetah into the historical range in India.

 In July 2022, the Reserve Bank of India (RBI) approved international trade settlements in
Indian rupees (INR) in order to promote the growth of global trade with emphasis on exports
from India and to support the increasing interest of the global trading community.

 In June 2022, Prime Minister Mr. Narendra Modi inaugurated and laid the foundation stone of
development projects worth Rs. 21,000 crore (US$ 2.63 billion) at Gujarat Gaurav Abhiyan at
Vadodara.

 Mr. Rajnath Singh, Minister of Defence, launched 75 newly-developed Artificial Intelligence

(AI) products/technologies during the first-ever ‘AI in Defence’ (AIDef) symposium and
exhibition organized by the Ministry of Defence in New Delhi on 11 July 2022.

 In June 2022:

o Prime Minister Mr. Narendra Modi, laid the foundation stone of 1,406 projects worth
more than Rs. 80,000 crore (US$ 10.01 billion) at the groundbreaking ceremony of the
UP Investors Summit in Lucknow.

o The Projects encompass diverse sectors like Agriculture and Allied industries, IT and
Electronics, MSME, Manufacturing, Renewable Energy, Pharma, Tourism, Defence &
Aerospace, Handloom & Textiles.

 The Indian Institute of Spices Research (IISR) under the Indian Council for Agricultural
Research (ICAR) inked a Memorandum of Understanding (MoU) with Lysterra LLC, a Russia-
based company for the commercialization of biocapsule, an encapsulation technology for
bio-fertilization on 30 June, 2022.

 As of April 2022, India signed 13 Free Trade Agreements (FTAs) with its trading partners
including major trade agreements like the India-UAE Comprehensive Partnership Agreement
(CEPA) and the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA).

 The Union Budget of 2022-23 was presented on February 1, 2022, by the Minister for Finance
& Corporate Affairs, Ms. Nirmala Sitharaman. The budget had four priorities PM GatiShakti,
 Inclusive Development, Productivity Enhancement and Investment, and Financing of
Investments. In the Union Budget 2022-23, effective capital expenditure is expected to
increase by 27% at Rs. 10.68 lakh crore (US$ 142.93 billion) to boost the economy. This will
be 4.1% of the total Gross Domestic Production (GDP).

 Under PM GatiShakti Master Plan, the National Highway Network will develop 25,000 km of
new highways network, which will be worth Rs. 20,000 crore (US$ 2.67 billion). In 2022-23.
Increased government expenditure is expected to attract private investments, with a
production-linked incentive scheme providing excellent opportunities. Consistently
proactive, graded, and measured policy support is anticipated to boost the Indian economy.

 In February 2022, Minister for Finance and Corporate Affairs Ms. Nirmala Sitharaman said
that productivity linked incentive (PLI) schemes would be extended to 14 sectors to achieve
the mission of AtmaNirbhar Bharat and create 60 lakh jobs with an additional production
capacity of Rs. 30 lakh crore (US$ 401.49 billion) in the next five years.

 In the Union Budget of 2022-23, the government announced funding for the production linked
incentive (PLI) scheme for domestic solar cells and module manufacturing of Rs. 24,000
crore (US$ 3.21 billion).

 In the Union Budget of 2022-23, the government announced a production linked incentive
(PLI) scheme for Bulk Drugs which was an investment of Rs. 2500 crore (US$ 334.60 million).

 In the Union Budget of 2022, Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman
announced that a scheme for design-led manufacturing in 5G would be launched as part of
the PLI scheme.

 In September 2021, Union Cabinet approved major reforms in the telecom sector, which are
expected to boost employment, growth, competition, and consumer interests. Key reforms
include rationalization of adjusted gross revenue, rationalization of bank guarantees (BGs),
and encouragement of spectrum sharing.

 In the Union Budget of 2022-23, the government has allocated Rs. 44,720 crore (US$ 5.98
billion) to Bharat Sanchar Nigam Limited (BSNL) for capital investments in the 4G spectrum.

 Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman allocated Rs. 650 crore (US$
86.69 million) for the Deep Ocean mission that seeks to explore vast marine living and non-
living resources. Department of Space (DoS) has got Rs. 13,700 crore (US$ 1.83 billion) in
2022-23 for several key space missions like Gaganyaan, Chandrayaan-3, and Aditya L-1 (sun).

 In May 2021, the government approved the production linked incentive (PLI) scheme for
manufacturing advanced chemistry cell (ACC) batteries at an estimated outlay of Rs. 18,100
crore (US$ 2.44 billion); this move is expected to attract domestic and foreign investments
worth Rs. 45,000 crore (US$ 6.07 billion).

 Minister for Finance & Corporate Affairs Ms Nirmala Sitharaman announced in the Union
Budget of 2022-23 that the Reserve Bank of India (RBI) would issue Digital Rupee using
blockchain and other technologies.

 In the Union Budget of 2022-23, Railway got an investment of Rs. 2.38 lakh crore (US$ 31.88
billion) and over 400 new high-speed trains were announced. The concept of "One Station,
One Product" was also introduced.
 To boost competitiveness, Budget 2022-23 has announced reforming the 16-year-old Special
Economic Zone (SEZ) act.

 In June 2021, the RBI (Reserve Bank of India) announced that the investment limit for FPI
(foreign portfolio investors) in the State Development Loans (SDLs) and government
securities (G-secs) would persist unaffected at 2% and 6%, respectively, in FY22.

 In November 2020, the Government of India announced Rs. 2.65 lakh crore (US$ 36 billion)
stimulus package to generate job opportunities and provide liquidity support to various
sectors such as tourism, aviation, construction, and housing. Also, India's cabinet approved
the production-linked incentives (PLI) scheme to provide ~Rs. 2 trillion (US$ 27 billion) over
five years to create jobs and boost production in the country.

 Numerous foreign companies are setting up their facilities in India on account of various
Government initiatives like Make in India and Digital India. Prime Minister of India Mr.
Narendra Modi launched the Make in India initiative with an aim to boost the country's
manufacturing sector and increase the purchasing power of an average Indian consumer,
which would further drive demand and spur development, thus benefiting investors. The
Government of India, under its Make in India initiative, is trying to boost the contribution
made by the manufacturing sector with an aim to take it to 25% of the GDP from the current
17%. Besides, the government has also come up with the Digital India initiative, which
focuses on three core components: the creation of digital infrastructure, delivering services
digitally, and increasing digital literacy.

 On January 29, 2022, the National Asset Reconstruction Company Ltd (NARCL) will acquire
bad loans worth up to Rs. 50,000 crore (US$ 6.69 billion) about 15 accounts by March 31,
2022. India Debt Resolution Co. Ltd (IDRCL) will control the resolution process. This will
clean up India's financial system and help fuel liquidity and boost the Indian economy.

 National Bank for Financing Infrastructure and Development (NaBFID) is a bank that will
provide non-recourse infrastructure financing and is expected to support projects from the
first quarter of FY2022-23; it is expected to raise Rs. 4 lakh crore (US$ 53.58 billion) in the
next three years.

 By November 1, 2021, India and the United Kingdom hope to begin negotiations on a free
trade agreement. The proposed FTA between these two countries is likely to unlock business
opportunities and generate jobs. Both sides have renewed their commitment to boost trade
in a manner that benefits all.

 In August 2021, Prime Minister Mr. Narendra Modi announced an initiative to start a national
mission to reach the US$ 400 billion merchandise export target by FY22.

 In August 2021, Prime Minister Mr. Narendra Modi launched a digital payment solution, e-
RUPI, a contactless and cashless instrument for digital payments.

 In April 2021, Dr. Ahmed Abdul Rahman AlBanna, Ambassador of the UAE to India and
Founding Patron of IFIICC, stated that trilateral trade between India, the UAE and Israel is
expected to reach US$ 110 billion by 2030.

 India is expected to attract investment of around US$ 100 billion in developing the oil and gas
infrastructure during 2019-23.

 The Government of India is expected to increase public health spending to 2.5% of the GDP
by 2025.
 GOVERNMENT INITIATIVES
Over the years, the Indian government has introduced many initiatives to strengthen the
nation's economy. The Indian government has been effective in developing policies and
programmes that are not only beneficial for citizens to improve their financial stability but
also for the overall growth of the economy. Over recent decades, India's rapid economic
growth has led to a substantial increase in its demand for exports. Besides this, a number of
the government's flagship programmes, including Make in India, Start-up India, Digital India,
the Smart City Mission, and the Atal Mission for Rejuvenation and Urban Transformation,
are aimed at creating immense opportunities in India. In this regard, some of the initiatives
taken by the government to improve the economic condition of the country are mentioned
below:

 Home & Cooperation Minister Mr. Amit Shah, laid the foundation stone and performed
Bhoomi Pujan of Shri Tanot Mandir Complex Project under Border Tourism Development
Programme in Jaisalmer in September 2022.

 In August 2022, Mr. Narendra Singh Tomar, Minister of Agriculture and Farmers Welfare
inaugurated four new facilities at the Central Arid Zone Research Institute (CAZRI), which has
been rendering excellent services for more than 60 years under the Indian Council of
Agricultural Research (ICAR).

 In August 2022, a Special Food Processing Fund of Rs. 2,000 crore (US$ 242.72 million) was
set up with National Bank for Agriculture and Rural Development (NABARD) to provide
affordable credit for investments in setting up Mega Food Parks (MFP) as well as processing
units in the MFPs.

 In July 2022, Deendayal Port Authority (DPA) announced plans to develop two Mega Cargo
Handling Terminals on a Build-Operate-Transfer (BOT) basis under Public-Private
Partnership (PPP) Mode at an estimated cost of Rs. 5,963 crore (US$ 747.64 million).

 In July 2022, the Union Cabinet chaired by the Prime Minister Mr. Narendra Modi, approved
the signing of the Memorandum of Understanding (MoU) between India & Maldives. This MoU
will provide a platform to tap the benefits of information technology for court digitization and
can be a potential growth area for the IT companies and start-ups in both the countries.

 India and Namibia entered into a Memorandum of Understanding (MoU) on wildlife

conservation and sustainable biodiversity utilization on July 20, 2022, for establishing the
cheetah into the historical range in India.

 In July 2022, the Reserve Bank of India (RBI) approved international trade settlements in
Indian rupees (INR) in order to promote the growth of global trade with emphasis on exports
from India and to support the increasing interest of the global trading community.

 In June 2022, Prime Minister Mr. Narendra Modi inaugurated and laid the foundation stone of
development projects worth Rs. 21,000 crore (US$ 2.63 billion) at Gujarat Gaurav Abhiyan at
Vadodara.

 Mr. Rajnath Singh, Minister of Defence, launched 75 newly-developed Artificial Intelligence

(AI) products/technologies during the first-ever ‘AI in Defence’ (AIDef) symposium and
exhibition organized by the Ministry of Defence in New Delhi on 11 July 2022.
 In June 2022:

o Prime Minister Mr. Narendra Modi, laid the foundation stone of 1,406 projects worth
more than Rs. 80,000 crore (US$ 10.01 billion) at the groundbreaking ceremony of the
UP Investors Summit in Lucknow.

o The Projects encompass diverse sectors like Agriculture and Allied industries, IT and
Electronics, MSME, Manufacturing, Renewable Energy, Pharma, Tourism, Defence &
Aerospace, Handloom & Textiles.

 The Indian Institute of Spices Research (IISR) under the Indian Council for Agricultural
Research (ICAR) inked a Memorandum of Understanding (MoU) with Lysterra LLC, a Russia-
based company for the commercialization of biocapsule, an encapsulation technology for
bio-fertilization on 30 June, 2022.

 As of April 2022, India signed 13 Free Trade Agreements (FTAs) with its trading partners
including major trade agreements like the India-UAE Comprehensive Partnership Agreement
(CEPA) and the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA).

 The Union Budget of 2022-23 was presented on February 1, 2022, by the Minister for Finance
& Corporate Affairs, Ms. Nirmala Sitharaman. The budget had four priorities PM GatiShakti,
Inclusive Development, Productivity Enhancement and Investment, and Financing of
Investments. In the Union Budget 2022-23, effective capital expenditure is expected to
increase by 27% at Rs. 10.68 lakh crore (US$ 142.93 billion) to boost the economy. This will
be 4.1% of the total Gross Domestic Production (GDP).

 Under PM GatiShakti Master Plan, the National Highway Network will develop 25,000 km of
new highways network, which will be worth Rs. 20,000 crore (US$ 2.67 billion). In 2022-23.
Increased government expenditure is expected to attract private investments, with a
production-linked incentive scheme providing excellent opportunities. Consistently
proactive, graded, and measured policy support is anticipated to boost the Indian economy.

 In February 2022, Minister for Finance and Corporate Affairs Ms. Nirmala Sitharaman said
that productivity linked incentive (PLI) schemes would be extended to 14 sectors to achieve
the mission of AtmaNirbhar Bharat and create 60 lakh jobs with an additional production
capacity of Rs. 30 lakh crore (US$ 401.49 billion) in the next five years.

 In the Union Budget of 2022-23, the government announced funding for the production linked
incentive (PLI) scheme for domestic solar cells and module manufacturing of Rs. 24,000
crore (US$ 3.21 billion).

 In the Union Budget of 2022-23, the government announced a production linked incentive
(PLI) scheme for Bulk Drugs which was an investment of Rs. 2500 crore (US$ 334.60 million).

 In the Union Budget of 2022, Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman
announced that a scheme for design-led manufacturing in 5G would be launched as part of
the PLI scheme.

 In September 2021, Union Cabinet approved major reforms in the telecom sector, which are
expected to boost employment, growth, competition, and consumer interests. Key reforms
include rationalization of adjusted gross revenue, rationalization of bank guarantees (BGs),
and encouragement of spectrum sharing.
 In the Union Budget of 2022-23, the government has allocated Rs. 44,720 crore (US$ 5.98
billion) to Bharat Sanchar Nigam Limited (BSNL) for capital investments in the 4G spectrum.

 Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman allocated Rs. 650 crore (US$
86.69 million) for the Deep Ocean mission that seeks to explore vast marine living and non-
living resources. Department of Space (DoS) has got Rs. 13,700 crore (US$ 1.83 billion) in
2022-23 for several key space missions like Gaganyaan, Chandrayaan-3, and Aditya L-1 (sun).

 In May 2021, the government approved the production linked incentive (PLI) scheme for
manufacturing advanced chemistry cell (ACC) batteries at an estimated outlay of Rs. 18,100
crore (US$ 2.44 billion); this move is expected to attract domestic and foreign investments
worth Rs. 45,000 crore (US$ 6.07 billion).

 Minister for Finance & Corporate Affairs Ms Nirmala Sitharaman announced in the Union
Budget of 2022-23 that the Reserve Bank of India (RBI) would issue Digital Rupee using
blockchain and other technologies.

 In the Union Budget of 2022-23, Railway got an investment of Rs. 2.38 lakh crore (US$ 31.88
billion) and over 400 new high-speed trains were announced. The concept of "One Station,
One Product" was also introduced.

 To boost competitiveness, Budget 2022-23 has announced reforming the 16-year-old Special
Economic Zone (SEZ) act.

 In June 2021, the RBI (Reserve Bank of India) announced that the investment limit for FPI
(foreign portfolio investors) in the State Development Loans (SDLs) and government
securities (G-secs) would persist unaffected at 2% and 6%, respectively, in FY22.

 In November 2020, the Government of India announced Rs. 2.65 lakh crore (US$ 36 billion)
stimulus package to generate job opportunities and provide liquidity support to various
sectors such as tourism, aviation, construction, and housing. Also, India's cabinet approved
the production-linked incentives (PLI) scheme to provide ~Rs. 2 trillion (US$ 27 billion) over
five years to create jobs and boost production in the country.

 Numerous foreign companies are setting up their facilities in India on account of various
Government initiatives like Make in India and Digital India. Prime Minister of India Mr.
Narendra Modi launched the Make in India initiative with an aim to boost the country's
manufacturing sector and increase the purchasing power of an average Indian consumer,
which would further drive demand and spur development, thus benefiting investors. The
Government of India, under its Make in India initiative, is trying to boost the contribution
made by the manufacturing sector with an aim to take it to 25% of the GDP from the current
17%. Besides, the government has also come up with the Digital India initiative, which
focuses on three core components: the creation of digital infrastructure, delivering services
digitally, and increasing digital literacy.

 On January 29, 2022, the National Asset Reconstruction Company Ltd (NARCL) will acquire
bad loans worth up to Rs. 50,000 crore (US$ 6.69 billion) about 15 accounts by March 31,
2022. India Debt Resolution Co. Ltd (IDRCL) will control the resolution process. This will
clean up India's financial system and help fuel liquidity and boost the Indian economy.

 National Bank for Financing Infrastructure and Development (NaBFID) is a bank that will
provide non-recourse infrastructure financing and is expected to support projects from the
first quarter of FY2022-23; it is expected to raise Rs. 4 lakh crore (US$ 53.58 billion) in the
next three years.
 By November 1, 2021, India and the United Kingdom hope to begin negotiations on a free
trade agreement. The proposed FTA between these two countries is likely to unlock business
opportunities and generate jobs. Both sides have renewed their commitment to boost trade
in a manner that benefits all.

 In August 2021, Prime Minister Mr. Narendra Modi announced an initiative to start a national
mission to reach the US$ 400 billion merchandise export target by FY22.

 In August 2021, Prime Minister Mr. Narendra Modi launched a digital payment solution, e-
RUPI, a contactless and cashless instrument for digital payments.

 In April 2021, Dr. Ahmed Abdul Rahman AlBanna, Ambassador of the UAE to India and
Founding Patron of IFIICC, stated that trilateral trade between India, the UAE and Israel is
expected to reach US$ 110 billion by 2030.

 India is expected to attract investment of around US$ 100 billion in developing the oil and gas
infrastructure during 2019-23.

 The Government of India is expected to increase public health spending to 2.5% of the GDP
by 2025.