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How renewable energy sector will get a boost in India? The Central Government has announced initiatives for green growth and energy transition in the Union budget 2023. This infographic shows an overview of the government’s announcements for boosting the energy sector in the budget and how objectives of green growth and energy transition will be achieved.
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On 02 February 2023, the Indian government announced the Union Budget of 2023. The announcement administered several important implementations and proposals in the country for the economic development of India, and to boost local manufacturing. The proposed budget announced the customs duties on imported goods, also known as tariffs, have received changes. The import duties on electric kitchen chimneys, lab-grown diamond seed, and imitated jewellery with other products received updates.
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Recent tensions between China and Taiwan have raised questions about the implications of such a scenario for the global economy. It’s impossible to predict and make any assessment about how this conflict would unfold economic and commercial consequences. Yet the risks of a crisis around Taiwan have risen, making trade-related worries more important than ever for policymakers and business leaders around the world.
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The United Kingdom’s Foreign, Commonwealth and Development Office announced on Wednesday that it will prohibit the imports of Russian LNG. The UK banned Russian LNG imports from 1st January 2023 onwards and put a stop to it completely. The announcement came as an answer to Russia’s invasion of Ukraine that came out in the headlines on February 24, 2023. Since then, both the United Kingdom and the European Union’s member countries have been slacking off their reliance on Russian fuel and oil.
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Indonesia will ban exports of bauxite from June 2023. The government has taken the decision to develop a domestic mineral refining and processing industry. As with a previous ban on exports of unprocessed nickel ore, the ban on washed bauxite ore is proposed, forcing foreign companies to invest in bauxite processing facilities in Indonesia, and to increase earnings from the country’s natural resources.
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