IPEF Clean Economy pact to aid foreign investment in renewable energy, green tech: Govt to Parl

Commerce and industry minister Piyush Goyal told the Rajya Sabha that the Indo-Pacific Economic Framework (IPEF) Pillar-III (Clean Economy) Agreement is expected to facilitate inward foreign investment with a focus on renewable energy and other environmentally friendly
technologies.“The Pillar emphasizes various initiatives to encourage private sector investment in climate-friendly projects including through the launch of IPEF Clean Economy Investment Forum and the IPEF Catalytic Capital Fund,” he said in a written reply.The Pillar also emphasises commitments to
diversify supply chains, helping India avert disruptions and reduce dependence on sole
suppliers for inputs such as critical minerals.

He also said that IPEF Pillar-IV (Fair Economy) Agreement envisages improvement in ease of doing business,

enhancing investor confidence by providing a transparent and predictable ecosystem for businesses, supporting asset recovery by streamlining procedures across partner jurisdictions, and strengthening cross-border investigations and prosecutions and further global resolve to fight against corruption, money laundering and terror financing.Agreement on the Indo-Pacific Economic Framework for Prosperity establishes Ministerial mechanisms, which would monitor work under the Agreements negotiated under the IPEF Pillars, with a view to identifying ways to reduce duplication and potential conflicts and
enable work between or across those agreements.

Recognised startups

The government on Friday told Parliament that the number of recognised startups have increased to 1,14,902 as on October 31, 2023 from over 7,000 in 2018.
There are 3,578 DPIIT recognised startups in the fintech sector, minister of state for commerce and industry Som Parkash said in a written reply to the Rajya Sabha.


At present, over 3,000 Farmer Producer Organisations have registered to be a part of the Open Network for Digital Commerce (ONDC) through various Seller Network Participants and more than 400 Self-Help Groups, micro-entrepreneurs and social sector enterprises have onboarded the network with the aid of SIDBI, Parliament was told.

“ONDC is actively working with the Ministry of MSME to onboard MSMEs to the network through existing seller applications and also working to integrate MSME-Mart which has over 2 lakh MSMEs, with ONDC.

More than 2.3 lakh sellers and service providers have onboarded the network.


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