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The Hindu Editorial Analysis, A Nordic-India Connect to Power a Green Transition

The Hindu Editorial Analysis: The editorial analysis of The Hindu Newspaper Editorial Articles aimed at simplifying various concepts relevant to the UPSC and other State PSC Exams. The Editorial Analysis helps in expanding the knowledge base as well as framing better quality mains answers.

India Nordic Relations in News

The Trade Ministers of Norway and Finland, are currently visiting India together (February 9-10). During the visit, these Nordic countries aim to showcase the added value to the partnership they can bring to India and learn from the impressive innovations and digital solutions being developed in India. There are now 240 Norwegian and Finnish companies in India.

India Nordic Potential in Green Technologies

Over the last decades, Nordic countries have been pioneering green technologies. Together, the Nordics and India can power the green transition the world needs.

  • Over the last decades, India has also been at the forefront of developing new green technologies and solutions such as hydrogen, offshore wind, batteries and carbon capture and storage — solutions.
  • These green technologies are essential for the world to succeed in the green transition it desperately needs.
  • The Nordics have succeeded in building stable, secure, welfare-based societies that, to a large extent, manage to meet the needs and the wishes of their inhabitants.
  • However, the Nordic countries alone cannot deliver the green transition the world requires. Together, the Nordics and India can deliver key technologies and solutions to stop climate change and boost green growth.

Nordic-India Summit 2022, Connecting with India

The five Nordic Prime Ministers and India’s Prime Minister Narendra Modi participated in the Nordic-India Summit held in Copenhagen in May 2022.

  • They agreed to intensify cooperation on digitalisation, renewable energy, maritime industries, and the circular economy.
  • Indian Prime Minister expressed an interest in joint Nordic solutions that can support India’s green transition.

India Nordic Trade Relations Trade links that can grow

India-Finland Trade Relation: The past year has seen a significant rise in trade and investments between Finland and India, and India has grown to become a priority country for Finland.

  • A great illustration of this is that Finland opened a new Consulate General in Mumbai, which will be inaugurated tomorrow (February 10).
  • This further increases the number of Nordic representations in India’s commercial capital and will contribute to strengthening India-Finnish ties.
  • Several Indian companies are looking towards Finland for its expertise in areas of technology and innovation, sustainability, digitalisation, carbon neutrality and more.
  • An increasing number of Indian students, researchers, and experts have been moving to Finland as well.
  • Finnish companies such as Nokia and Fortum see India as their largest growth market now and have some of their most significant investments in India.

India- Norway Trade Relations: Trade between Norway and India has doubled in the last three years. The Norwegian Sovereign Wealth Fund is likely to become one of India’s largest single foreign investors (around $17.6 billion).

  • The Norwegian government has also recently established a new Climate Investment Fund for investments in renewables abroad, and India has been defined as a focus country.
  • Almost ₹1,500 crore have been invested so far in India through the climate investment fund, and the number of investments is increasing rapidly.

Trade Potential of India Nordic Relations

Despite growing trade relations, there is still significant untapped potential for trade and further collaboration b/w India and other Nordic countries.

  • Both Norway and Finland have ongoing free trade agreement and investments negotiations (FTA) with India.
  • Finland, as a member of the European Union (EU), is a part of the EU-India FTA negotiations, and Norway is negotiating through the European Free Trade Association.
    • Finalising the free trade and investments agreements with India is a priority for us.

Way Forward

  • Ensuring Fair & Balanced Trade agreements: trade agreements must be fair, equitable and balanced. India and trade agreements with Nordic countries aim to be comprehensive and mutually beneficial.
  • Ensuring Complementarity: There is a great deal of complementarities in our trade relations, as our exchange in goods is of a different nature.
    • In addition, trade in services is an area of significant potential, especially with tourism, education, IT, energy, maritime and financial services.
  • Cooperation in Green Technologies: As India takes rapid strides into a green, digital, and innovative future, Nordic countries such as Finland and Norway stand ready to share experiences and be a part of India’s transition.
    • Nordic countries also have world-leading technologies and expertise to offer.
    • Technologies and innovations that are successful and are scaled-up in India can easily be transferred to other parts of the world.
    • Together, the Nordics and India can be the powerhouse of the green transition globally.

India- Norway Joint Working Group on S&T

India- Norway Joint Working Group on S&T

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What is the importance of The Hindu Editorial Analysis?

The editorial analysis of The Hindu Newspaper Editorial Articles aimed at simplifying various concepts relevant to the UPSC and other State PSC Exams.

Where was the Nordic-India Summit 2022 held?

The Nordic-India Summit 2022 was held in Copenhagen in May 2022.

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