Make in India Current Affairs - 2020

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GoI extends Foreign Trade Policy

On April 1, 2020, the Government of India notified that the export schemes such as Export Promotion Capital Goods and Duty-Free Import authorization are to be extended by one year. Also, GoI has planned to extend Foreign Trade Policy 2015-20 by another one year till 2021.

Objective of the policy

The policy aims at making India a bigger player in Global level. It targets to bring in overseas sales of 900 billion USD by 2020. This is to be achieved with Digital India Programme and Make in India programme.

The policy also aimed to diversify export baskets of the country. It also aimed to provide regular appraisal mechanism to reduce trade imbalances. The policy launched five different schemes. They include Focus Product Scheme, Focus Market Scheme, Market-linked Focus Product Scheme and Agriculture infrastructure incentive scrip. Also, Gram Udyog Yojana and Vishesh Krishi were merged with single merchandise exports, the MEIS scheme.

Current Scenario

Between April 2019 and February 2020, the imports of India were 436 billion USD and exports were 292 billion USD.

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First “Made in India” COVID-19 Test Kit gets commercial approval from CDSCO

A Pune based testing services MyLab has become the first Indian company to get an commercial approval from CDSCO for the sales of COVID-19 testing kits sale.

About the Kit

The kit was developed by MyLab testing services. The testing time of COVID-19 in current lab testing services is 4 hours. However, MyLAb’s testing time is 2 ½ hours. The laboratory is to sell the kits at Rs 1,200 to Rs 1,500 per test. Currently, the Government of India has fixed the cap price of COVID-19 as Rs 4,500. No laboratory in India can charge more than this fixed amount to test the COVID-19. The move was made after the Indian Government allowed the private organizations to test for the virus.

A single kit can study 1000 samples. The testing methodology adopted have been validated by National Institute of Virology. The kits are based on Reverse Transcription Polymerase Chain reaction

Significance

Currently, India ranks lowest in testing of COVID-19 virus. Currently India is testing only 15 people in 1 million.

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