MAPP LAW CHAMBERS’ Monthly Newsletter Covering Legal & Financial Updates in November 2021 

India, European Union decide to expand clean energy cooperation

At a meeting of the India-EU Energy Panel, India and the European Union have vowed to scale up cooperation in areas of clean energy with a focus on offshore wind, green hydrogen and solar power besides deciding to encourage investments in the field of energy efficiency. India’s Ministry of External Affairs (MEA) said the panel agreed on a detailed work programme until 2023 to implement clean energy and climate partnership that was agreed in 2016. Some of the areas identified for cooperation included ensuring nearly zero energy buildings and renewable energy sources, including solar and offshore wind.

At the meeting, the two sides also agreed to expand cooperation in areas of green hydrogen, grid integration, including smart grids, storage, power market design and sustainable financing for clean energy projects. Moreover, the two sides agreed to jointly host an India-EU offshore wind business and investment summit in the first half of next year, with an exhibition of European and Indian companies. In a statement, the MEA said the EU also expressed its support for the close cooperation between India and the International Energy Agency and that the two sides also agreed to cooperate on clean energy under the framework of the G20.

Indian economy in better shape than a year ago, says economist Pinaki Chakraborty

Eminent Indian economist Pinaki Chakraborty recently remarked that India’s current macroeconomic situation is much better than what it was a year ago, while also stating that India will be back on the path of economic growth provided there would not be a major third wave of the pandemic in the country.

The economist, who is the director of the National Institute of Public Finance & Policy, New Delhi, stated this in an interview with the Press Trust of India. According to Chakraborty, COVID-19 vaccination brings a sense of health security and should help resumption of normal economic activity, particularly in the services sector, which contributes more than 50% of India’s GDP.

Over 55% Of India’s Adult Population Fully Vaccinated Against Covid

According to India’s Health Ministry, over 55% of the country’s eligible adult population is now fully vaccinated against COVID-19. By end of November 2021, the cumulative vaccine doses administered in the country exceeded 1.27 billion.

Moreover, according to the Union Health Ministry, over 87% of the adult population in India has been administered the first dose of the vaccine.

India & Spain sign MoU to strengthen Export-Import trade

The Trade Promotion Council of India (TPCI), under India’s Ministry of Commerce & Industry, has signed an MoU with the Department of Economy and Business Development of the Government of Navarra, Spain, to give a boost to businesses in the tech, medical equipment, retail and e-commerce space in both countries. Spain is India’s seventh-largest trade partner in the European Union, and the signing of this MoU is a significant move to further develop trade relations between both countries. In 2020-21, bilateral trade stood at USD 4.7 billion, with exports from India to Spain valued at USD 3.2 billion and imports at USD 1.5 billion.

MAPP LAW CHAMBERS LLP is an international law firm that specializes in investment in Spain and India. With offices located in both countries, we provide high quality legal and consultancy services to businesses looking to invest and grow in India and Spain. Contact us at thomas@mapplawchambers.com or visit www.mapplawchambers.com.