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Increased Swedish confidence in India’s business potential, markets

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4 years ago

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India and Sweden, which share more than a decade of camaraderie in terms of political, cultural, social, and economic ties, have only grown closer with the exchange of knowledge and experience. India-Sweden Innovation Summit was a perfect example of such strengthening of ties. Besides innovation and advanced technology, another sector which witnessed similar growth trajectory in network and strategies, is business and trade. Swedish companies have shown tremendous interest in the potential of Indian markets.

Similar kind of optimism was reflected in the 13th edition of the Business Climate Survey (BCS), which exhibited an increasing confidence of Swedish companies in conducting business in India. Additionally, the recent BCS report also showed a substantial increase in Swedish companies’ interest and intent of doing business in India compared to the pandemic-marred 2020.

BCS is a highly-trusted annual survey, conducted since 2008 by the Swedish Chamber of Commerce, India (SCCI), along with the Embassy of Sweden in India, the Consulate General of Sweden in Mumbai, and Business Sweden. It is undertaken every year to understand the strengths and weaknesses of India-Sweden business relations, and how long-standing and emerging obstacles can be identified, reduced and resolved.

So far, more than 220 Swedish companies are operating in India, actively contributing to various business verticals, such as Industrial Equipment; IT & Electronics; Healthcare MedTech & Pharma; Business Services; Retail Consumer Goods & Services; Automotive Heavy Vehicles & Auto Components. More companies are now entering the Environmental Technology & Energy sector (Water, waste, HVAC, etc.). These companies have had a huge impact on the Indian job market as they employ over 200,000 people directly and another 2.2 million indirectly.

Commenting on the strengthening of ties between the two nations, Anna Hallberg, Swedish Minister for Foreign Trade and Nordic Affairs, said: “Sweden and India’s bilateral cooperation has grown even stronger despite the pandemic. Swedish companies have repeatedly shown that they have a long-term commitment towards India. Therefore, I am particularly proud that the 2021-22 Business Climate Survey (BCS) has received such a massive response and highlights important areas such as green transition and women in the workforce.

“The BCS provides valuable information on the business climate in India, as perceived by Swedish companies. It is therefore of great importance to the Swedish Government and will play an important role in the preparations for the upcoming meeting of the Joint Commission for Economic, Industrial and Scientific Cooperation, and for the preparations of the upcoming trade negotiations between India and the EU.”

At the launch of this year’s BCS report, Sweden’s Ambassador to India, Klas Molin, remarked: “Swedish companies continue to thrive in India. Even in the wake of the challenges posed by the pandemic, Swedish companies have continued to invest, expand, and believe in India. As reflected in the Business Climate Survey, it is highly encouraging to see that so many Swedish companies are planning to increase their investments in India in the years ahead.”

This year’s survey, titled ‘Towards Sustainable Growth’, reflected the commitment shown by Swedish companies in their long-term association with India, given the country’s business environment, which is deemed supportive and encouraging with promising growth prospects. Interestingly, despite the pandemic adversely impacting the country’s economic growth, Swedish companies are looking forward to expanding their business and investment in India, especially in sustainable technologies, to create a greener and a lasting impact. Besides, the survey also took into account the increase in job opportunities and representation of women in the Indian workforce. These also acted as one of the key factors influencing business dealings between the two nations.

In line with the ongoing trends and key agenda of exploring business opportunities in India, a six-member delegation led by Sweden’s Ambassador to India Klas Molin will soon be visiting Sweden for a weeklong roadshow titled “Time for India”. Among diplomats accompanying Molin will be Consul General of Sweden to Mumbai Anna Lekvall, Trade Commissioner Cecilia Oskarsson, General Manager of the Swedish Chamber of Commerce to India Sara Larsson and Counsellors for Science & Innovation and Trade Per-Arne Wickström and Markus Lundgren.

The delegation will be joined by India’s Ambassador to Sweden & Latvia Tanmay Lal, and Chairman of Sweden India Business Council Hakan Kingstedt. The roadshow will start from Stockholm, followed by Lulea, Göteborg, Malmo and then back to Stockholm, where the Indian Embassy in Sweden will be organising a final seminar on Investing in India.

“Time for India” will have a series of breakfast seminars, which will provide a comprehensive insight into different sectors and markets linked to the Indian trade industry and their business potential. The trade roadshow will focus on analysing and availing the opportunities available to Swedish companies in India and for Indian companies in Sweden and forming required strategies to strengthen trade ties between the two nations, keeping in mind the current economic developments.

Speaking about the ambitious business campaign, Ambassador Klas Molin said: “Time for India is a part of an ambition shared by Sweden and India to strengthen and increase bilateral trade and investments. The plan that has been tasked us to perform has been backed by our Prime Ministers as well as Indian and Swedish Ministers of Commerce, Piyush Goyal and Anna Hallberg, respectively. Our goal is to increase investments, opportunities, employment and the flow of goods and services between our countries.”

Molin added that the roadshow’s roadmap includes exploring business opportunities, holding talks with private sector representatives, government, and other decision makers to discuss trade and investment-related issues. The delegation will also look at the next steps to further facilitate business collaborations and means to assist Team Sweden and Team India in the process.

Expressing optimism about the upcoming talks, Trade Commissioner Cecilia Oskarsson said: “In the last few months as Trade Commissioner for Business Sweden in India, I have seen the potential for collaboration and investments substantial. The Indian government has brought most of the key infrastructure sectors in India under the automatic route which allows 100% foreign direct investment (FDI).

“The new master plan aims to boost employment opportunities, make interconnectivity easier between road, rail, air and waterways to boost efficiency, and improve industrial productivity. It also aims to help India become a manufacturing hub, attract foreign investors and raise the possibility of future economic zones through multimodal connectivity that provides manufacturers faster access to domestic and international markets. It’s certainly time to invest in India.”

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Business

‘Make attractive fuel option’: Govt panel favours scrapping excise duty on CNG

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4 days ago

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April 17, 2026

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New Delhi, April 17: A high-level government committee, supported by the Petroleum and Natural Gas Regulatory Board (PNGRB), has recommended removing excise duty on Compressed Natural Gas (CNG) to lower prices and promote consumption of the green fuel to meet India’s target of achieving a 15 per cent share of natural gas in the fuel mix by 2030.

The key recommendations include removing the 14 per cent excise duty to make CNG a more attractive fuel option and also lowering GST on CNG vehicles to 5 per cent to bring them on par with electric vehicles to accelerate adoption.

The recommendations favour maintaining a competitive price difference between CNG and petrol so that consumers are encouraged to switch to the green fuel.

The tax relief on natural gas is anticipated to impact roughly 1.9 crore households and 38.41 lakh potential users.

These proposals aim to address the currently high taxes, such as the 14 per cent excise duty and state VAT, which have made CNG less competitive in certain regions, particularly in the southern states.

Meanwhile, the government has also been encouraging households to switch to piped natural gas (PNG) from LPG as the West Asia crisis has disrupted supply chains. The expansion of piped natural gas (PNG) has gained momentum, with about 4.58 lakh new PNG connections being gasified and about 5.1 lakh additional customers registering for new connections since March this year.

Till April 15, about 35,000 PNG consumers have surrendered their LPG connections via MYPNGD.in website. States have been advised to facilitate new PNG connections for domestic and commercial consumers.

The government is encouraging natural gas adoption through synergy between the PNGRB and states as part of India’s transition toward a cleaner and more sustainable energy future. As part of the strategy to increase the share of natural gas in the country’s energy mix, the expansion of the City Gas Distribution (CGD) network through Piped Natural Gas (PNG) connections has emerged as one of the key performing areas.

Spearheaded by entities authorised by the PNGRB, the CGD network now spans 307 geographical areas (GAs), covering nearly 100 per cent of the country’s geographical area except islands, touching around 784 districts across 34 states and Union Territories. The government has undertaken a series of policy and regulatory measures to catalyse growth in this sector.

These measures range from allocating administered price domestic gas and easing supply mechanisms to mandating PNG provisions in government and defence residential complexes, granting Public Utility status to CGD projects, and directing the CPWD and the NBCC to include PNG provisions in all government residential complexes.

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Business

Sensex, Nifty open higher as geopolitical tensions ease

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5 days ago

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April 16, 2026

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Mumbai, April 16: The Indian stock markets opened on a higher note on Thursday, with the equity benchmarks mirroring global cues amid hopes of easing geopolitical tensions between Washington and Tehran.

Sensex opened 566 points or 0.73 per cent higher at 78,677 in opening trade, while Nifty began the session at 24,385, up 154 points or 0.64 per cent. Sectorally, gains were led by realty, media, consumer durables and financial stocks.

Category-wise, small-cap and mid-cap stocks were the top gainers, with the Nifty Smallcap 100, Nifty Smallcap 250 and Nifty Midcap 100 rising up to 1 per cent in early trade.

On Wednesday, FIIs remained net buyers to the tune of approximately Rs 666 crore, while DIIs turned net sellers with outflows of around Rs 569 crore.

According to analysts, volatility could pick up again depending on global developments and upcoming triggers.

After the recent sharp rally, the market may witness some consolidation or profit booking at higher levels, they added.

In contrast, oil commodities traded on a firm note, with Brent crude futures at $94.92 per barrel, down 0.03 per cent, while US WTI crude traded at $91.52, up 0.25 per cent.

On the global front, both US and Asian markets showed positive momentum. Japan’s Nikkei was trading over 2 per cent higher, Hang Seng climbed more than 1 per cent, and South Korea’s KOSPI was up about 2 per cent.

In the US overnight, Wall Street’s major indices — the S&P 500 and the Nasdaq — ended 0.80 per cent and 1.6 per cent higher, respectively.

Meanwhile, the US President said that China is ‘very happy’ with the permanent opening of the Strait of Hormuz.

“I am doing it for them also – and the world. This situation will never happen again. They have agreed not to send weapons to Iran,” he said on his social media platform, Truth Social.

However, the war has resulted in the largest-ever disruption of global oil and gas supplies by choking traffic through the strait, pushing crude prices to nearly $120 per barrel.

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Business

Gold holds steady amid easing US-Iran tensions; silver gains on MCX

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6 days ago

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April 15, 2026

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Mumbai, Gold prices remained largely steady on Wednesday as improving prospects of easing geopolitical tensions between the United States and Iran kept investor sentiment in check.

During early trade, MCX gold May futures were marginally higher by 0.02 per cent at Rs 1,53,305 per 10 grams.

Commenting on gold technical outlook, experts said that a sustained move above Rs 1,55,000 could revive momentum toward Rs 1,57,000-Rs 1,58,000.

“On the downside, a break below Rs 1,54,000 may lead to a corrective move toward Rs 1,52,000 and further to Rs 1,50,000,” an analyst stated.

Silver prices, however, saw stronger buying interest, with MCX silver May futures rising 0.83 per cent to Rs 2,54,842 per kg.

“Resistance is placed at Rs 2,60,000–Rs 2,63,000, with further upside toward Rs 2,68,000–Rs 2,70,000,” a market expert said.

“A sustained move above these levels could strengthen momentum and support further gains. On the downside, a break below Rs 2,48,000 may lead to a corrective move toward the Rs 2,44,000–Rs 2,40,000 range,” as per an analyst.

In the previous session, gold had ended flat at Rs 1,53,216 per 10 grams, while silver futures slipped 0.1 per cent to Rs 2,25,499 per kg.

Globally, the yellow metal held on to its recent gains amid optimism that Washington and Tehran could move towards a negotiated settlement to the conflict that began on February 28.

The easing of tensions has reduced fears of a sharp energy-supply shock, which had earlier raised concerns about inflationary pressures.

Spot gold hovered near $4,850 an ounce after rising as much as 0.6 per cent during the session. The metal had surged over 2 per cent in the previous trading session on expectations that the US and Iran may soon hold a second round of ceasefire talks.

US President Donald Trump has indicated that negotiations could resume “over the next two days,” further boosting hopes of a diplomatic breakthrough.

Despite the recent stability, gold has faced pressure in recent weeks, falling nearly 8 per cent since the conflict began.

Early in the crisis, a liquidity squeeze prompted investors to offload bullion holdings to cover losses in other asset classes.

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