Centre's initiatives empowering oversea investments of Indian brands

● The Indian Institute of Spices Research (IISR) under the Indian Council for Agricultural Research (ICAR) inked an MOU with Lysterra, LLC, a Russia-based company, for the commercialisation of biocapsule, an encapsulation technology for bio-fertilization, on June 30, 2022.

● India's bilateral trade with the EU stood at $116.36 billion in FY 2021-22, up 43.5 per cent YOY. The trade agreement with the EU would help India further expand and diversify its exports of goods and services, including securing the value chains.

● The Minister of Civil Aviation, met the Canadian Transport Minister and discussed the expansion of a bilateral air service agreement, which will allow more flights between the two countries.

● The Confederation of British Industry (CBI), and its Indian counterpart, the Confederation of Indian Industry (CII), have agreed to set up a new joint commission to increase cross-industry collaboration and to push the trade deal over the line.

● In January 2022, the Union Cabinet authorised an MOU between India and Nepal for the construction of a bridge over the Mahakali River at Dharchula (India)- Dharchula (Nepal).

● In January, the Union Cabinet authorised the signing of an Agreement on Cooperation and Mutual Assistance in Customs Matters between India and Spain.

● In January 2022, the Republic of India and the UK completed the first round of talks on a free trade agreement (FTA).

● In the Union Budget 2021-22, the foreign direct investment (FDI) cap has been increased to 74 per cent, and other changes to the insurance sector have been proposed to enable foreign ownership and control with safeguards.

● The RBI also liberalised/rationalised guidelines for foreign investment by Indian companies. It raised the annual overseas investment ceiling to $125,000 from $75,000 to establish JV and wholly-owned subsidiaries.