India-UK Free Trade Agreement: A Game-Changer for Business and Consumers

India and Slovenia have reaffirmed their commitment to deepening bilateral ties through the 10th round of Foreign Office Consultations (FOC) held in New Delhi. Co-chaired by Tanmaya Lal, Secretary (West) of India’s Ministry of External Affairs, and Marko Štucin, State Secretary of Slovenia’s Ministry of Foreign and European Affairs, the consultations underscored the robust partnership between the two nations, built on shared democratic values and mutual interests.The discussions covered a wide spectrum of bilateral cooperation, including trade, technology, defense, culture, and people-to-people exchanges. Both sides reviewed progress since the 9th FOC in Ljubljana in 2023, noting significant advancements in economic ties, with bilateral trade reaching €339.6 million in 2020 despite global challenges. Slovenia remains India’s second most important trading partner in Asia, with key imports including pharmaceuticals and chemicals, while Slovenia exports machinery and electrical equipment to India.A key highlight was the emphasis on science and innovation, with ongoing joint projects in health, biomedicine, renewable energy, and artificial intelligence. The consultations also explored new avenues for collaboration in digitalization, green energy, and smart cities, aligning with India’s ‘Viksit Bharat 2047’ vision and Slovenia’s focus on sustainable development.State Secretary Štucin’s meeting with External Affairs Minister Dr. S. Jaishankar further reinforced the strategic importance of India-Slovenia ties. Jaishankar highlighted the potential for enhanced cooperation in multilateral forums, including the United Nations, where Slovenia is a candidate for a non-permanent UN Security Council seat for 2024-2025. Both nations expressed a shared commitment to effective multilateralism and addressing global challenges such as climate change and regional stability.The consultations also touched on regional and global issues, including the Ukraine conflict, India’s G20 legacy, and UN Security Council reforms. The two sides agreed to strengthen coordination in international organizations, leveraging India’s growing global influence and Slovenia’s strategic position within the European Union.Cultural and educational exchanges were another focal point, with Slovenia offering 24 scholarships annually for Indian students pursuing bachelor’s and master’s degrees, and five for doctoral studies. The 2019 signing of multiple Memoranda of Understanding (MoUs), including cooperation in sports, culture, and standardization, continues to foster people-to-people connections.Economically, the Joint Committee on Trade and Economic Cooperation (JCTEC) has been instrumental in driving growth, with its 9th session held virtually in 2021. Both nations expressed optimism about further diversifying trade and investment, particularly in high-tech and green energy sectors.The FOC concluded with an agreement to hold the next round in Ljubljana at a mutually convenient date, signaling a sustained commitment to elevating bilateral ties. As India and Slovenia mark over three decades of diplomatic relations, established in 1992, this milestone consultation paves the way for a stronger, more resilient partnership in a rapidly evolving global landscape.Disclaimer: The views expressed in this article are based on publicly available information and do not constitute investment or policy advice.---Join SEINET – the Europe-India Tech & Science Corridor.Connect seamlessly with industry leaders, startups, and organizations driving innovation across borders. Sales, Partners and M&A on www.startupeuropeindia.net

New Delhi, May 6, 2025In a landmark achievement for India’s energy sector, the Panna-Mukta and Tapti (PMT) joint venture, comprising Shell (through BG Exploration & Production India Ltd, or BGEPIL), Reliance Industries Limited (RIL), and Oil and Natural Gas Corporation Limited (ONGC), has successfully completed the country’s first offshore facilities decommissioning project. The safe removal of mid and south Tapti field facilities in the Arabian Sea marks a pivotal moment in India’s energy transition, setting a global standard for safety, sustainability, and regulatory collaboration.The Tapti gas fields, located 160 km northwest of Mumbai in the offshore Mumbai basin, ceased production in March 2016. The decommissioning project involved the meticulous removal of five wellhead platforms, associated infield pipelines, and the safe plugging and abandonment of 38 wells, all executed in strict compliance with the approved decommissioning plan. The operation also included load-in at an onshore dismantling yard, currently underway at Chowgule Shipyard’s facilities in Ratnagiri, reinforcing India’s domestic capabilities in energy infrastructure.The PMT joint venture, operating under a production-sharing contract with the Government of India, consists of ONGC with a 40% participating interest, and RIL and BGEPIL-Shell each holding 30%. This milestone project, initiated in 2017, underscores the power of multi-stakeholder collaboration, involving key regulatory bodies such as the Union Ministry of Petroleum and Natural Gas (MoPNG), the Directorate General of Hydrocarbons (DGH), and the Oil Industry Safety Directorate (OISD). The initiative has played a pioneering role in shaping India’s regulatory and operational framework for offshore decommissioning, blending global best practices with local conditions.“This project sets a new benchmark for responsible decommissioning,” said Nipun Pradhan, Managing Director of BGEPIL and General Manager of Shell Upstream India. “It reflects global expertise, strong collaboration, and an unwavering commitment to safety and sustainability. Shell is proud to be part of this historic journey alongside our partners Reliance, ONGC, and the Government of India.”Sanjay Barman Roy, President of Exploration & Production at RIL, emphasized the project’s alignment with national priorities. “The safe and responsible decommissioning by the PMT JV marks a significant step forward for India’s energy sector. From the outset, we worked tirelessly to strengthen local supply chains and enhance the technical and safety capabilities of Indian contractors, delivering on the government’s ambition of ‘Make and Break in India’,” he said.Pankaj Kumar, Director (Production) at ONGC, highlighted the project’s complexity, particularly its proximity to ONGC’s live assets. “This first-of-its-kind large-scale offshore decommissioning underscores ONGC’s commitment to responsible energy practices. It demanded strategic planning, precise execution, and an utmost focus on safety, marking a defining moment in India’s energy landscape,” he noted.The project awarded major contracts to Indian firms, with Larsen & Toubro (L&T) handling offshore execution and Chowgule Shipyard managing onshore dismantling. This alignment with the ‘Make in India’ vision has bolstered local technical expertise and supply chains, positioning India as a growing player in the global decommissioning market.Globally, offshore decommissioning is a complex endeavor, navigating evolving regulations, developing contractor ecosystems, and fluctuating market dynamics. The Tapti project’s success demonstrates what can be achieved through coordinated efforts, serving as a model for environmental responsibility and efficiency in India’s energy transition journey. Analysts see this as a catalyst for future decommissioning projects, potentially attracting investment and expertise to India’s offshore energy sector.The completion of the Tapti decommissioning has also drawn attention from market watchers, with shares of RIL and ONGC gaining focus following the announcement. The project’s emphasis on sustainability and regulatory compliance could enhance the companies’ reputations among environmentally conscious investors, potentially impacting their market performance positively.As India continues to balance energy security with environmental stewardship, the Tapti decommissioning project stands as a testament to the country’s ability to innovate and lead in the global energy landscape. With a robust framework now in place, the stage is set for more such initiatives, paving the way for a sustainable and responsible energy future.Disclaimer: The views expressed in this article are based on publicly available information and do not constitute investment advice.---Join SEINET – the Europe-India Tech & Science Corridor.Connect seamlessly with industry leaders, startups, and organizations driving innovation across borders. Sales, Partners and M&A on www.startupeuropeindia.net

Tamil Nadu has made a decisive move in India’s race to become a global electronics manufacturing hub, launching a first-of-its-kind Electronics Components Manufacturing Scheme (ECMS) aimed at drawing Rs 30,000 crore ($3.6 billion) in investments and creating 60,000 jobs over the next five years.A Strategic Push for Electronics LeadershipAnnounced by Chief Minister M K Stalin, the scheme positions Tamil Nadu as the first Indian state to introduce a dedicated policy for electronics components manufacturing. The state government is seeking to build on its recent success as India’s top electronics exporter, with shipments reaching $14.65 billion in FY25-accounting for over 41% of the country’s total.The ECMS is designed to complement the central government’s electronics manufacturing initiatives, which have a budget outlay of Rs 22,919 crore ($2.75 billion) over six years. Tamil Nadu’s matching subsidies and incentives are expected to give the state a competitive edge in attracting both domestic and global manufacturers.Incentives and CoverageThe scheme offers three incentive formats: turnover-linked grants, capital expenditure-linked benefits, and a hybrid model. It targets 11 high-growth electronics component categories, including lithium-ion cells, advanced printed circuit boards, camera and display modules, and non-SMD passive components.Investment thresholds start at Rs 50 crore ($6 million) for basic components and go up to Rs 250 crore ($30 million) for complex sub-assemblies. High-end printed circuit boards are eligible for incentives of up to 10% in the first year, with a gradual reduction in subsequent years. For capital goods and their components, a separate 25% incentive is available for investments above Rs 10 crore ($1.2 million).Building an Integrated EcosystemBeyond financial incentives, the state has earmarked land near major industrial hubs to foster a robust supplier ecosystem. Outreach efforts are underway to attract global electronics component manufacturers, signaling Tamil Nadu’s intent to move beyond final assembly and develop a fully integrated manufacturing value chain.Industry Impact and OutlookTamil Nadu’s ambitious scheme is expected to accelerate the state’s electronics exports, with government projections suggesting a rise to $50 billion within the next three to four years. The move also aligns with the Tamil Nadu Semiconductor and Advanced Electronics Policy 2024, reinforcing the state’s commitment to high-value manufacturing and job creation.As the initiative rolls out, industry observers will be watching closely to see how it influences investment patterns, supply chain development, and the broader electronics manufacturing landscape in India. With this bold policy, Tamil Nadu is not only strengthening its position within the country but also aiming to make its mark on the global electronics stage.---Join SEINET – the Europe-India Tech & Science Corridor.Connect seamlessly with industry leaders, startups, and organizations driving innovation across borders. Sales, Partners and M&A on www.startupeuropeindia.net