financetom
Business
financetom
/
Business
/
India becomes 13th country to issue globally recognised certificates for weights & measures
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
India becomes 13th country to issue globally recognised certificates for weights & measures
Sep 14, 2023 1:00 PM

In a big boost to manufacturers of weights, measures and other equipment used for measurements, the International Organization of Legal Metrology (OIML) has authorised India to issue globally recognised certificates for legal metrology.

Share Market Live

NSE

India will now be able to grant OIML certification to domestic as well as foreign manufacturers of certain products, and is the 13th country in the world to be given this authorisation. Australia, China, Czech Republic, Denmark, France, Germany, Japan, Netherlands, Slovakia, Sweden, Switzerland and the United Kingdom are the other countries that are authorised to grant this certification.

The South Asian country can also confer the mandatory OIML Pattern Approval certificates to weights and measures for sale in the international market, as the reports prepared by the Legal Metrology’s Regional Reference Standards Laboratories (RRSL) are now acceptable to the OIML issuing authorities. This implies that India's domestic manufacturers can now export their weighing and measuring instruments worldwide without incurring any additional testing fees, hence saving on the costs incurred till now.

India's Department of Consumer Affairs (DCA) defines Legal Metrology as the application of legal requirements to measurements and measuring instruments.

Consumer Affairs Secretary Rohit Kumar Singh told CNBC-TV18 that India can also earn foreign exchange as fees for evaluating and issuing OIML pattern approval certificates from its certified RRSLs to foreign manufacturers. Initially, India will start providing certification for eight sets of equipment and will expand the ambit further with OIML's due diligence for more types of equipment.

With RRSL labs already functional in Ahmedabad, Varanasi and Guwahati. India has already been approached by many European manufacturers for certification. The Secretary explained that many overseas manufacturers are approaching India for certification due to lower costs and shorter queues for approval.

Despite needing OIML certification from abroad, India has exported measuring instruments worth Rs. 600 crores in the last three years. The Department of Consumer Affairs expressed confidence that OIML certification will help boost India's global trade with better harmonisation of standards, lower redundancy and lesser compliance costs.

OIML is an intergovernmental organisation established in 1955 with 63 member states and 64 corresponding members. India is slated to host an OIML meeting in March 2024.

Also Read:India reduces wheat stock limit to 2,000 tonnes; assures of ample stocks of wheat, rice, sugar, edible oil

(Edited by : Sangam Singh)

First Published:Sept 14, 2023 10:00 PM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Seacoast Banking of Florida Q4 Adjusted Earnings, Revenue Rise
Seacoast Banking of Florida Q4 Adjusted Earnings, Revenue Rise
Jan 27, 2025
04:55 PM EST, 01/27/2025 (MT Newswires) -- Seacoast Banking of Florida (SBCF) reported Q4 adjusted earnings late Monday of $0.48 per diluted share, up from $0.37 a year earlier. Analysts polled by FactSet expected $0.34. Revenue in the quarter ended Dec. 31, expressed as the sum of net interest income and noninterest income, rose to $132.9 million from $128.2 million...
Nasdaq, S&P 500 Retreat Amid AI Competition Concerns From Chinese Startup
Nasdaq, S&P 500 Retreat Amid AI Competition Concerns From Chinese Startup
Jan 27, 2025
04:55 PM EST, 01/27/2025 (MT Newswires) -- The S&P 500 and Nasdaq Composite declined on Monday as concerns regarding potential artificial intelligence competition from a Chinese startup rattled the US technology sector. The tech-heavy Nasdaq declined 3.1% to 19,341.8, while the S&P 500 lost 1.5% to 6,012.3. The Dow Jones Industrial Average rose 0.7% to 44,713.6. The tech sector sank...
Housing Stocks Are On The Rise Today: What's Going On?
Housing Stocks Are On The Rise Today: What's Going On?
Jan 27, 2025
Shares of housing stocks including NVR Inc. ( NVR ) and D.R. Horton Inc. ( DHI ) traded higher on Monday, likely driven by a better-than-expected report on U.S. new home sales for December. What To Know: According to Reuters, the U.S. Commerce Department reported new home sales increased 3.6% to a seasonally adjusted annual rate of 698,000 units in...
Everest Group Full-Year 2024 Net Income Expected to Decline
Everest Group Full-Year 2024 Net Income Expected to Decline
Jan 27, 2025
04:55 PM EST, 01/27/2025 (MT Newswires) -- Everest Group ( EG ) said Monday preliminary data showed full-year 2024 net income of $1.3 billion to $1.4 billion and non-GAAP net operating income of $1.2 billion to $1.3 billion. The results include unfavorable development of prior-year loss reserves of $1.5 billion, the company said. In 2023, the company reported a net...
Copyright 2023-2026 - www.financetom.com All Rights Reserved