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Industry Transition Dialogue

Focus: GS II- International Relations

Why in News?

Recently, India and Sweden hosted the Industry Transition Dialogue in Stockholm, as a part of their joint initiative i.e. Leadership for Industry Transition (LeadIT).

About LeadIT:

  • The Leadership Group for Industry Transition (LeadIT) gathers countries and companies that are committed to action to achieve the Paris Agreement.
  • It was launched by the governments of Sweden and India at the UN Climate Action Summit in September 2019 and is supported by the World Economic Forum.
  • LeadIT members subscribe to the notion that energy-intensive industry can and must progress on low-carbon pathways, aiming to achieve net-zero carbon emissions by 2050.
  • The Management Board is made up of representatives from Sweden, India, and the World Economic Forum
  • The Secretariat is responsible for managing the work of the Leadership Group and is hosted by Stockholm Environment Institute (SEI).
  • The total membership of LeadIT is 37 including countries and companies together.
  • Japan and South Africa, the latest members of the initiative.

India – Sweden Relations

  • The first India-Nordic Summit took place in the year 2018 following which King and Queen of Sweden gave a Royal Visit to India.
  • After China and Japan, India is Sweden’s third largest trade partner in Asia. The main items of Indian exports to Sweden are articles of apparel, clothing accessories; textiles yarn, fabrics, made-ups; manufactures of metals; road vehicles; general industrial machinery and equipment.
  • The main items of Indian imports from Sweden are pulp and waste paper; road vehicles; paper and paper board, general industrial machinery and equipment etc.
  • It has been argued that India can be benefited by imitating the Nordic approach to innovation systems, characterised by a strong collaboration between public sector, private sector and academia.
  • In areas like clean technologies, maritime solutions, port modernisation, food processing, health, life-sciences and agriculture, Nordic solutions have been deemed to be useful.

December 2023