Yojana Summary: January 2024 – Ease Of Doing Business
Yojana Magazine Summary January 2024
Yojana magazine is monthly magazine published by government of India’s Ministry of Information and Broadcasting. In this page we will explore Yojana Magazine Summary for January 2024 edition. Reading the January 2024 issue of Yojana focusing on “Ease of Doing Business” is crucial for the UPSC exam:
- Exam Relevance: The topic directly aligns with the UPSC’s focus on economic development and government initiatives. Understanding government efforts to improve the business environment demonstrates awareness of current affairs and policy direction.
- Exam-Specific Content: The magazine discusses relevant aspects like the Jan Vishwas Act, Government e-Marketplace, steps taken by the government for ease of doing business and challenges faced, and future strategies, aligning with potential UPSC questions and answer requirements.
- Authentic Source: As a government publication, Yojana offers the government’s perspective on the issue, providing valuable insights for formulating well-informed answers.
1. The Jan Vishwas (Amendment of Provisions) Act, 2023 – Conception and Development
Introduction:
- The Centre and States/UTs in India aim to reduce compliance burdens, focusing on decriminalizing minor offences to foster a more business-friendly environment.
- The Hon’ble Prime Minister proposed a common amendment bill, initiating the Jan Vishwas Act, 2023, simplifying legal processes and reducing the compliance burden.
Coordination Across Ministries:
- Coordination across 19 Union Ministries was crucial for the Jan Vishwas Act, necessitating meticulous planning and clear communication channels.
- Regular consultations, inter-ministerial meetings, and a shared commitment to regulatory reforms were crucial for effective coordination.
Stakeholder Engagement:
- Stakeholder engagement involved consultations at the ministry level and comprehensive efforts with industry associations.
- The government demonstrated commitment to ease of doing business through regular communication channels and understanding industry-specific challenges.
Legislative Overhaul Challenges:
- Addressing provisions across 42 Acts administered by 19 ministries presented challenges in managing a comprehensive legislative overhaul.
- Common directions, a committee, and extensive legal vetting ensured consistency across amendments.
Alignment of Interests and Objectives:
- Aligning the interests of various ministries was challenging but achieved by providing a common aim and vision.
- A committee, including CEO NITI Aayog and relevant departments, established principles guiding the decriminalization process.
Specific Principles and Targeted Provisions:
- The Act targeted general criminal provisions across 42 Acts, distinguishing serious contraventions for separate criminalization while decriminalizing minor provisions.
- Specific examples, like the amendment to the Environment Protection Act, showcased a shift from general punishment to specified penalty ranges based on offence gravity.
Inter-ministerial Consultations and Judiciary Workload Reduction:
- Inter-ministerial consultations facilitated collaboration, contributing to the reduction of an overburdened judiciary’s workload.
- The Act achieved this by decriminalizing minor offences, replacing them with civil penalties or administrative actions, particularly those involving no harm to public interest or national security.
Adjudication Mechanisms and Appellate Forums:
- Suitable adjudication mechanisms were introduced, where applicable and feasible, along with appellate forums for grievance redressal related to penalty decisions.
- This comprehensive approach ensured a shift away from severe criminal consequences for minor technical and procedural defaults.
Presentation to Joint Parliamentary Committee (JPC):
- Presenting the Jan Vishwas Act to the Joint Parliamentary Committee (JPC) involved a meticulous process addressing considerations and challenges.
- Transparent communication, detailed presentations, and responsiveness to the committee’s concerns were crucial in accommodating recommendations.
JPC Review and Future Guidance:
- The Jan Vishwas Act underwent a thorough review by the JPC, leading to general recommendations, most of which were accepted by the ministries.
- Challenges included the JPC’s recommendation on retrospective effect, which was deemed unfeasible, shaping principles and learnings for future efforts like Jan Vishwas 2.0.
Principles for Future Efforts:
- The Act’s success offers guiding principles for future efforts, emphasizing directions from higher authorities, JPC recommendations, and a multifaceted approach to decriminalization.
- Collaborative efforts, transparency, and a commitment to incorporating valuable feedback into the legislative framework played pivotal roles in the Act’s success.
2. Trusting Citizens Decriminalization Way
Introduction:
- Drafting the Jan Vishwas (Amendment of Provisions) Bill, 2023 (Jan Vishwas Bill) posed a distinctive and challenging task for the Legislative Department of India.
- The Jan Vishwas Bill is a part of the Prime Minister’s vision to instill trust among the people and implement measures to enhance the quality of life and ease of doing business in India.
Alignment with Government Initiatives:
- The Jan Vishwas Bill aligns with various government initiatives such as self-attestation of documents, creating a national judicial data grid, and reforms in goods and services tax, insolvency, and bankruptcy laws.
- This legislation represents a notable shift by converting criminal punishments into monetary penalties, emphasizing a move towards trust-based governance.
Challenges in Drafting:
- The drafting team encountered numerous challenges due to the absence of legislative precedents and the involvement of a diverse range of subjects.
- Initially intended to amend around 30 enactments, the bill ended up amending 42 Central Acts with 182 provisions, covering pre- and post-independence Acts.
Complex Drafting Process:
- The drafting process necessitated collaboration with 19 administrative ministries, vetting 42 draft notes for the Cabinet, and drafting an equal number of Amendment Bills.
- Despite the complexity, consolidating amendments into a single bill streamlined the process, aligning with the government’s focus on the ‘Ease of Living’ and the ‘Ease of Doing Business.’
Objectives of Jan Vishwas Bill:
- The primary objective is to replace imprisonment with monetary penalties for minor offences, rationalize penalties based on the gravity of the offence, and enable adjudication by authorities other than criminal courts.
- An innovative feature involves provisions for the periodic revision of fines and penalties to account for inflation, ensuring fairness and proportionality.
Addressing Repeal Challenges:
- The drafting team addressed the need for a suitable saving clause due to the repeal of provisions in various Acts, ensuring the validity of actions taken under the repealed provisions.
- This demonstrates the meticulous consideration of legal consequences to maintain the coherence of the legal framework.
Careful Title Craftsmanship:
- The long and short titles of the Jan Vishwas Bill were meticulously crafted to reflect the Prime Minister’s vision of ‘decriminalizing’ and ‘rationalizing’ offences for the ‘Ease of Doing Business.’
- The titles play a crucial role in conveying the essence and purpose of the legislation.
Lasting Significance:
- Despite amending legislation, the Jan Vishwas Act holds a permanent place in the statute book due to its unique features, including converting imprisonments into monetary penalties and periodic revisions.
- The Act signifies a potential paradigm shift towards trust-based governance and innovative legislative approaches in India, setting a precedent for future Jan Vishwas Acts.
3. Government e-Marketplace (GeM) Leading the Digital Wave
Introduction:
- Government e-Marketplace (GeM), established in August 2016, is a digital portal for end-to-end procurement for Central and State Government departments, organisations, and public sector undertakings (PSUs).
- The platform is designed to provide a paperless, cashless, and contactless ecosystem, facilitating direct transactions between government buyers and sellers across India.
Objectives and Background:
- GeM aims to replace manual processes in public procurement, addressing challenges such as opacity, time consumption, and corruption, prone to cartelisation.
- Envisioned to establish a competitive marketplace, GeM focuses on efficiency, transparency, and inclusivity in the procurement process for quality goods and services at reasonable rates.
Digital Transformation and Efficiency:
- GeM’s genesis lies in transforming the public procurement ecosystem through a technologically advanced, digital-only platform.
- Digitalization has led to higher process efficiencies, improved transparency, reduced cycle times, and increased trust among bidders.
Year-on-Year Growth:
- Despite challenges, GeM has witnessed significant year-on-year growth.
- From recording a Gross Merchandise Value (GMV) of ~INR 420 crore in its first year, it achieved a remarkable INR 2 lakh crore worth of GMV in FY 22-23, targeting a breach of the 3 lakh crore GMV mark in FY 23-24.
Expansion of Product and Service Categories:
- Initially focusing on product categories, GeM rapidly expanded its portfolio to include various service offerings.
- Notably, services witnessed a 168% growth in FY 22-23, receiving 4.8 lakh service orders valued at more than INR 2 lakh crore since inception.
Platform Features and Inclusivity:
- GeM is a category-driven e-marketplace with over 11,600 products and 300+ service categories.
- Promoting Ease of Doing Business connects buyers, sellers, and service providers, offering features like a dynamic goods and services platform, diverse buying modes, contract management, cashless payments, and a trust-based rating system.
Empowering Diverse Sellers:
- GeM plays a pivotal role in empowering sellers from diverse backgrounds, including MSMEs, startups, women entrepreneurs, artisans, and self-help groups.
- Ensuring inclusivity, it provides a level playing field in government tenders. The mobile application, GeM Sahay, addresses credit access challenges for MSMEs and startups by offering loans at the point of order acceptance.
Future Plans and Technological Upgrades:
- GeM plans to revamp and upgrade its platform with advanced technologies, focusing on artificial intelligence, machine learning, augmented reality, and virtual reality.
- The aim is to enhance user experience, improve transparency, and promote inclusivity in public procurement processes.
Expansion and Environmental Commitment:
- GeM is committed to expanding its regional footprint, integrating government buyers from all tiers.
- GeM contributes to the country’s commitment to achieving net-zero carbon emissions by prioritising environmentally sustainable products and services.
Conclusion:
- Government e-Marketplace, through its digital platform, stands as a transformative force in public procurement, promoting efficiency, transparency, and inclusivity.
- Its remarkable growth, diverse seller empowerment, and commitment to technological advancements position GeM as a critical player in shaping India’s future of government procurement.
4. Ease Of Filming In India
Introduction:
- India aims to provide domestic and international filmmakers with a supportive environment to ease the filming process and complete their projects.
- The country offers cultural richness, diverse landscapes, talented production resources, and various filming hubs with globally competitive prices.
Filmmaking Eco-sphere in India:
- India’s geography allows foreign filmmakers to explore deserts, rivers, mountains, beaches, and rural and urban landscapes within the same country.
- The vast eco-sphere of filmmaking resources includes a range of production and post-production facilities pan India.
Measures for Ease of Filming:
- The Ease of Filming regime in India incorporates various measures to facilitate a filmmaker-friendly environment:
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- Issuance of Film (F) Visa for foreign filmmakers for shooting and recce.
- Appointment of Nodal Officers in Indian Missions abroad.
- Appointment of Nodal Officers in State/UT governments and Central Government Departments/agencies.
- Integration with the National Single Window System for facilitating permissions.
- Facilitating entry of film equipment by foreign filmmakers into India.
- Providing financial incentives to foreign filmmakers and those officially co-producing films with an Indian partner.
- Allowing Foreign Direct Investment (FDI) through the automatic route.
National Ranking System:
- The Ministry annually releases a National Ranking system, evaluating the most film-friendly States based on ease of filming parameters.
Statistics on Film Facilitation by FFO:
- FFO statistics highlight its facilitation efforts:
- 197 international projects from 39 countries.
- 20 official co-productions from 10 countries with AV Co-production Agreements.
- 129 domestic project facilitations since 2019.
- Over 1500 film visa facilitations.
Film Visa Issuance:
- The introduction of the “film (F) visa” in 2016 allows the cast and crew of foreign productions, with filming permission from the Ministry of Information and Broadcasting, to stay for a year with multiple entries for project schedules.
Film Incentives:
- The audio-visual sector is recognized under the ‘Champion Services Sector,’ with an incentive scheme announced for foreign filmmakers producing films in India.
- FDI up to 100% is enabled in film and television projects through the automatic route.
Economic Impact and Cultural Promotion:
- The ease of filming initiatives contributes to economic growth through increased spending on goods and services such as hospitality and tourism.
- Local job creation across various skill sets involved in filmmaking is stimulated.
- The promotion of tourism indirectly occurs through featuring tourist locations in films.
- Cultural promotion involves showcasing local stories, talents, and post-production services like visual effects, sound design, and virtual reality.
- Soft power is enhanced, contributing to the country’s global influence.
Conclusion:
- India’s proactive measures to enhance the ease of filming reflect its commitment to attracting filmmakers globally.
- Through incentives, facilitation, and collaborative efforts, the country seeks to boost its economy, create job opportunities, promote tourism, and project its cultural richness on the global stage.
5. Cable Television Networks (Regulation) Act, 1995 decriminalized
Introduction:
- The Ministry of Information and Broadcasting has notified amendments in the Cable Television Networks Rules, 1994, outlining the operational mechanism for implementing the decriminalized provisions of the Cable Television Networks (Regulation) Act, 1995.
Decriminalization Background:
- The Jan Vishwas (Amendment of Provisions) Act, 2023, which came into force on October 3, 2023, led to the decriminalization of provisions under the Cable Television Networks (Regulation) Act, 1995.
- Previously, Section 16 of the Act prescribed imprisonment for contraventions, which has now been replaced with monetary penalties and non-monetary measures like Advisory, Warning, and Censure.
Operational Mechanism:
- The rules define a “designated officer” responsible for enforcing penalties under the amended provisions.
- An appeal mechanism against the designated officer’s orders has been introduced, ensuring a fair and transparent process.
Omitted Sections:
- Sections 17 and 18 of the Cable Television Networks (Regulation) Act, 1995, were omitted as they were deemed redundant.
Benefits of Decriminalization:
- Encourages compliance without harsh punishments, especially for minor or unintended contraventions.
- Introduces a range of penalties, including advisory, censure, and warnings, emphasizing education and compliance encouragement.
- It provides flexibility to address different contraventions with a proportional response.
Streamlined Enforcement:
- The designation of a specific officer streamlines the enforcement process, simplifying it and reducing the burden on the criminal justice system.
Addressing Subsequent Contraventions:
- Explicitly addresses subsequent contraventions, introducing provisions for higher penalties and the suspension or cancellation of registration.
- Promotes consistency and discourages habitual or repeated contraventions.
Inclusion of Appeal Mechanism:
- Individuals or entities now have the opportunity to challenge penalties or decisions through the newly introduced appeal mechanism.
- Ensures a fair and transparent process, safeguarding against potential abuse of power.
Definition of Common Terms:
- The rules define common terms in the cable industry, such as “platform services” and “local cable operator,” for the first time, ensuring uniformity in their usage.
Industry Impact:
- Over 1400 Multi-system Operators are registered with the Ministry of Information and Broadcasting.
- Decriminalization and shifting to civil penalties are expected to boost stakeholders’ confidence and promote the ease of doing business in the cable industry.
Conclusion:
- The amendments in the Cable Television Networks Rules, 1994, reflect a significant shift towards decriminalization, emphasizing a more nuanced and flexible approach to enforcing compliance in the cable television industry.
- The introduction of civil penalties, a streamlined enforcement process, and an appeal mechanism contribute to a fair, transparent, and business-friendly regulatory environment.
6. GST And Ease Of Doing Business
Introduction:
- Goods and Services Tax (GST) is India’s monumental indirect tax reform, aiming for ‘One Nation, One Tax, One Market.’
- It subsumed various Central and State levies, promoting an integrated national economy.
GST’s Growth and Revenue:
- GST’s tax base nearly doubled from 67.8 lakh to around 1.4 crore in six and a half years.
- Recorded the highest GST revenue collection of Rs 1,87,035 crore in April 2023.
Objectives and Focus of GST:
- It aims to reduce compliance, ensure the free flow of goods across states, harmonize laws, procedures, and tax rates, and establish standard definitions.
- Implemented through the Goods and Service Tax Network (GSTN), emphasizing online processes.
Essential Ingredients for Ease of Doing Business:
Registration:
- PAN-based and state-specific.
- Mandatory for businesses beyond a threshold of Rs 40 lakh (goods) or Rs 20 lakh (services) annual turnover.
E-Way Bill:
- It is required for goods movement, enhancing efficiency by eliminating state boundary check posts.
- Facilitates faster movement, increases truck turnaround time, and reduces costs.
E-Invoicing:
- Mandatory for businesses with an annual turnover exceeding Rs 5 crore.
- Enhances standardization, interoperability, reduces disputes, improves payment cycles, and lowers processing costs.
Refund Process:
- Standardized, simplified, time-bound, and technology-driven.
- Provisional refund of 90% for exporters within seven days of application.
Trade-Friendly Initiatives:
Interest-related Measures:
- Amendment in Section 50 of the CGST Act reduces the interest rate on wrongly availed and utilized ITC to 18% from 24%, with a retrospective effect from July 2017.
Refund-related Measures:
- Amendments in the formula calculating refunds for unutilized ITC due to an inverted rate structure result in higher refund amounts.
Measures for Small Taxpayers:
- Waiver of mandatory registration for small taxpayers making supplies through Electronic Commerce Operators (ECOs).
Enhanced Cash Flow:
- Allows the transfer of unutilized balances from the electronic cash ledger of one registered person to another.
Facilitation to Exporters:
- UPI and IMPS were introduced as additional modes for GST payment.
- Various measures like the withdrawal of an appeal, automatic restoration of provisionally attached property, decriminalization of certain GST sections, etc.
Ease of Doing Business Impact:
- India’s climb in the World Bank’s Ease of Doing Business Index from 142 in 2014 to 63 in 2019 is attributed to economic and tax reforms.
- DPIIT’s Business Reform Action Plan, 2020, indicates a significant enhancement in ease of doing business.
Conclusion and Way Forward:
- Despite initial challenges, GST is widely regarded as a paradigm shift, improving supply-chain efficiency and ease of doing business.
- While acknowledging GST’s shortcomings, the positive impacts and continuous efforts of the GST Council make it a success.
- The Department for Promotion of Industry and Internal Trade’s initiatives further enhance the business environment.
- India’s steady climb in global ease of doing business rankings reflects the effectiveness of economic and tax reforms.
7. Decriminalisation India’s Continued March Toward Ease Of Doing Business
Introduction:
- The Jan Vishwas (Amendment to Provisions) Act, 2023, aims to balance the severity of violations and prescribed punishments.
- Key objective: Decriminalize and rationalize offences for trust-based governance, focusing on ease of doing business and de-clogging the judicial system.
Acts Impacted by Jan Vishwas Act:
- Significant Acts include Pharmacy Act (1948), Copyright Act (1957), Patents Act (1970), Environment (Protection) Act (1986), Motor Vehicles Act (1988), Trade Marks Act (1999), Information Technology Act (2000), Prevention of Money Laundering Act (2002), Food Safety and Standards Act (2006), and Legal Metrology Act (2009).
Complete Decriminalization Impact:
- Promises complete decriminalization of many offences, saving corporations from criminal trials for offences now punishable with a penalty, eliminating the need for court prosecution.
CII’s Advocacy for Self-Governance:
- Confederation of Indian Industry (CII) advocates a shift towards self-governance, reserving criminal provisions for serious offences.
- Recommends replacing ‘imprisonment’ and/or ‘fine’ with a ‘penalty’ as an executive decision for minor violations.
Potential Benefits of Jan Vishwas Act:
- It offers substantial potential to save businesses from time-consuming legal trials and reduces case pendency in an overburdened judiciary.
- Aligns with the momentum gained in the decriminalization journey initiated with amendments to the Companies Act.
Conclusion:
- Emphasizes the need for a fine balance between ease of doing business and deterrence for serious contraventions.
- Advocates responsible decriminalization over blanket overhauls to ensure a reasonable approach.
8. Delicate Balance: Regulatory Enforcement & Favourable Business Environment
Introduction:
- The Jan Vishwas (Amendment of Provisions) Act, 2023, is a significant legislative change in India with broad implications for regulatory practices.
- It departs from traditional approaches by decriminalizing 183 provisions across 42 Acts administered by 19 ministries.
Objective of the Act:
- It aims to strike a balance between regulatory enforcement and fostering a business-friendly environment.
- Reflects a paradigm shift, acknowledging the long-standing industry demand for decriminalization to boost the investment climate.
Penalty Modification for Enhanced Deterrence:
- A substantial overhaul of penalties, replacing imprisonment with higher fines/penalties for various offences.
- Strategic shift focuses on effective deterrence against violations without disrupting business operations.
Industry’s Demand for Decriminalization:
- Long-standing industry demand rooted in the belief that criminal cases against directors for minor operational offences created a deterrent effect.
- Hindrance to businesses realizing their full potential due to the fear of legal consequences.
FICCI’s Principles of Decriminalization:
- Independent directors, especially, should not bear criminal liability for operational non-compliance.
- Proposes financial penalties for technical errors, introducing a graded penalty system for subsequent non-compliance.
Global Alignment in Regulatory Frameworks:
- Aligns with global trends emphasizing financial consequences over custodial sentences.
- Essential for India’s integration into the global business landscape and showcases commitment to international standards.
Impact on MSMEs:
- Simplifies regulatory frameworks, reducing the operational burden on Micro, Small, and Medium Enterprises (MSMEs).
- Levels the playing field, empowering MSMEs to compete more effectively with global counterparts.
Jan Vishwas 2.0: Recommendations and Considerations:
- FICCI recommends additional considerations for the ongoing Jan Vishwas 2.0 exercise.
- Proposes differentiation between technical lapses and serious offences.
- Suggests provisions for compounding offences to streamline compliance and reduce litigation.
Sector-Specific Recommendations:
- Highlights specific sections in labour codes, legal metrology, and environmental laws for modification.
- Advocates revisiting penalties to better align with business interests in these sectors.
Challenges and Solutions:
- Acknowledges challenges at the state level due to overriding central legislation.
- It urges a targeted approach, with major states leading in the decriminalization process to enhance the ease of doing business.
Significance of Jan Vishwas (Amendment of Provisions) Act, 2023:
- Recognizes the transformative impact of the Act on creating a more business-friendly environment in India.
- It stresses the need for continuous efforts at both central and state levels to address decriminalization effectively.
Way Forward:
- Encourages states to follow the example of Haryana in initiating the process of decriminalizing certain laws.
- Emphasizes the importance of reducing burdensome compliances to enhance citizens’ ease of doing business and living.
Conclusion:
- The Jan Vishwas (Amendment of Provisions) Act, 2023, is a landmark initiative reshaping India’s regulatory approach.
- Ongoing efforts and collaborative action at both central and state levels are imperative for sustaining and expanding the positive impact of decriminalization on businesses and the overall economic landscape.
9. Indo-African Relationship amidst South-South Cooperation
Introduction to Global South Dynamics:
- The Global South signifies developing countries’ collective voice in international multilateralism, advocating for recognition and power.
- Challenges faced by the Global South include unfavourable global terms of trade, limited investment opportunities, sovereign debt concerns, and recent crises like climate change, COVID-19, conflict, and the rising cost of living.
India’s Role in the Global South:
- India, founder of NAM and active in G77 deliberations, positions itself as a legitimate voice for the Global South.
- Utilizes reputational capital to secure wins in global rule-making and addresses issues concerning developing nations.
Historical Ties between India and Africa:
- Ancient trade between the Indus Valley and African civilizations, with maritime interactions through the Indian Ocean, established a ‘monsoon culture.’
- Mahatma Gandhi’s moral and political awakening in South Africa solidifies ties with African leaders, expressing gratitude for Gandhian ethics.
India’s Contribution to African Development:
- Active participation in UN peacekeeping missions, supporting newly independent African states.
- Bandung Conference marks a South-South Cooperation (SSC) milestone, challenging Northern-dominated systems.
Indo-African Cooperation Dynamics:
- Focus on UN Security Council reforms, health equity, climate justice, and energy security strengthens bilateral and plurilateral engagements.
- Engagement extends to regional organizations like ECOWAS, the African Continental Free Trade Agreement, BRICS, OIC, ADB, NDB, and more.
Economic and Trade Relations:
- Trade volume records a fourteen-fold increase between 2001 and 2013.
- India has become one of the top 5 investors in Africa with a hybrid engagement strategy.
- Trade diversification, private investments, and initiatives like the India-Africa Partnership Project contribute to reaching $100 billion in trade by 2022-23.
Developmental Initiatives and Investment:
- Initiatives like Exim Bank’s Focus Africa Programme and India-Africa Partnership Project promote development.
- Comprehensive economic cooperation agreements, trade pacts, and investment in various sectors contribute to mutual growth.
South-South Cooperation Strategies:
- SSC evolves as a rule-maker, challenging traditional power dynamics.
- Triangular cooperation frameworks, such as G7+, aim for mutual benefit and shared goals.
Potential for Enhanced Cooperation:
- Focus on building productive capacities, especially in agriculture, food security, and rural development.
- Strengthen governance standards, improve human and social development through aid and investments, and explore debt-for-nature swap agreements.
Challenges and Future Initiatives:
- Challenges include trade issues, political instability, logistics costs, and securitization of African resources.
- Future initiatives should be result-driven, demand-driven, and context-agnostic, focusing on human resources, knowledge, technology, and sustainability.
Role of South-South Cooperation in Global Development:
- SSC should proactively align with national systems and achieve global targets like SDGs and MDGs.
- Collaboration networks must deepen to avoid fragmentation and maximize the benefits of aid.
Conclusion:
- Indo-African relations, embedded in the principles of South-South Cooperation, have evolved into a strategic partnership with economic, trade, and developmental dimensions.
- The future requires continued efforts towards mutual growth, addressing challenges, and fostering deeper cooperation in the evolving global development landscape.