DAILY CURRENT AFFAIRS

By admin: April 23, 2022

Global sanctions on Russia may help spur Indian exports: EEPC

Tags: Russia-Ukraine Economics/Business International News

According to Engineering Exports Promotion Council (EEPC) India The Russo-Ukraine war has posed risks to economies and trade globally, but sanctions imposed by several developed countries on Russia could bring opportunities for Indian engineering exporters in the global market.

• The Russia-Ukraine conflict is currently the most sensitive issue plaguing the global economy, while the sudden rise in COVID cases in China is also a major concern on the global supply chain.

• Inflationary pressures in the US and real estate volatility in China will have an impact on business growth.

• Rising steel prices and some financial issues are also expected to act as a hindrance to exports in the coming months.

• india’s engineering exports

• India's engineering exports registered 19.7% growth in March 2022 by climbing up to $11.13 billion from $ 9.29 billion in March 2021.

• Exports during April-March stood at $112.10 billion, registering 46.12% growth over the previous year.

• In financial year 22, the share of engineering in total merchandise exports was 26.7%.

• Out of 34 engineering product panels, 32 showed positive growth during 2021-22 as compared to 2020-21.

• India’s engineering exports surpassed the target of $107.34 billion for Financial year 2021-22 set by the Government of India.

• Among the top 25 major markets for Indian engineering goods, exports to the US jumped 61 per cent to $2.02 billion in March from $1.26 billion in the same month last year.

• Engineering exports to UAE surged 78.9%  in March, 2022 to US$ 553 million. 

• The top 25 countries such as the US, UAE, China, Germany, Italy and Singapore account for about 75% of the total engineering exports from the country.

• Italy, UAE and Belgium were the top three importers of Indian Iron and Steel during 2021-22.

• The US was the largest importer of Indian 'industrial machinery' during 2021-22 in the global imports of India's product group.

• South Africa, Mexico and Nigeria were the top three importers of automobiles from India during 2021-22.

India extends duration of $400 mn currency swap facility to Sri Lanka

Tags: Economy/Finance

India has expanded a currency swap facility worth $400 million to Sri Lanka, which is facing an economic crisis.

• The government led by Sri Lankan President Gotabaya Rajapaksa on April 12 temporarily suspended repayment of various debts.

• After that this is the first time that the loan facility has been extended to Sri Lanka.

• Earlier, Sri Lanka had said that it would not be able to repay any international debt until an agreement is reached with the International Monetary Fund (IMF).

• The Reserve Bank of India (RBI) had signed a currency swap agreement with the Central Bank of Sri Lanka under the SAARC Currency Swap Framework 2019-22.

• Under the agreement, the Central Bank of Sri Lanka can withdraw a maximum of $ 400 million or its equivalent in US dollars, euros or Indian rupees.

• What is a Currency Swap?

• A currency swap is a transaction in which two parties exchange equal amounts with each other but in different currencies.

• Under this, the parties essentially lend money to each other and pay the amount on a specified date and exchange rate.

• Its purpose is to reduce the cost of borrowing in a foreign currency.

• The parties involved in currency swaps are usually financial institutions.

• SAARC currency swap facility

• The SAARC currency swap facility came into operation on November 15, 2012.

• It provides funding for short term foreign exchange liquidity requirements or short-term balance of payments stress. 

• This facility is available to all SAARC member countries, provided they sign bilateral swap agreements.

• Apart from India, the other South Asian Association for Regional Cooperation (SAARC) member countries are Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka.

Suman Bery appointed NITI Aayog vice-chairman

Tags: Person in news National News

After the resignation of Rajiv Kumar, the Government of India appointed Suman K Berry as the vice- Chairman of NITI Aayog.

• Bery will take charge from May 1, 2022.

• Kumar will be relieved on 30 March 2022.

• Noted economist Kumar took over as the Vice Chairman of NITI Aayog in August 2017.

• Berry previously served as the Director General (Chief Executive) of the National Council of Applied Economic Research, New Delhi.

• He has also been a member of the Economic Advisory Council to the Prime Minister, the Statistical Commission and the Technical Advisory Committee of the Reserve Bank of India on Monetary Policy.

• Berry has also served as Director General of the National Council of Applied Economic Research (NCAER) from 2001 to 2011.

• about NITI Aayog

• It is the premier policy think tank of the Government of India, it provides directional and policy inputs.

• It designs strategic and long-term policies.

• It also provides relevant technical advice to the Centre, States, and Union Territories.

• The Governing Council of NITI Aayog is chaired by the Prime Minister and includes the Chief Ministers of all the States and Union Territories and the Lieutenant Governors of other Union Territories. 

• It was constituted on January 1, 2015.

• NITI stands for National Institution for Transforming India.

• The Government of India constituted the NITI Aayog to replace the Planning Commission, which was set up in 1950.

• This step was taken to better meet the needs and aspirations of the people.

UK to issue Open General Export Licence (OGEL) to India

Tags: Economics/Business International News

In a statement, the British High Commission said the UK will issue an Open General Export Licence (OGEL) to India to cut the delivery period for defence purchases.

• The British Prime Minister arrived in India on a two-day visit in the backdrop of the Russo-Ukraine War.

• The UK is creating an Open General Export Licence (OGEL) for India to reduce bureaucracy and reduce delivery times for defence procurement.

• It will partner with India in the maritime domain along with new fighter jet technology to detect and respond to threats.

• What is Open General Export Licence (OGEL)?

• It is a type of licence that is used for the export licence that is issued by the government for domestic suppliers.

• The goods exported to India are classified into three types.

• They are prohibited items, restricted items and freely importable items.

• These classifications are made on the basis of the nature and use of the products.

• OEGL's application process and grant will be looked after by the Department of Defence Production.

• The primary objective of OEGL is to boost India's defence exports.

• Belgium, France, Germany, Japan, South Africa, Spain, Sweden, UK, USA, Canada, Italy, Poland and Mexico are allowed under the OGELs.

Indian diaspora to register as Overseas Voters

Tags: National News

Chief Election Commissioner Sushil Chandra has urged members of the overseas Indian community to register as overseas voters.

• He also informed the NRI community that the extension of Electronically Transmitted Postal Ballot System (ETPBS) facility for overseas voters is being considered.

• The government is considering the matter after the Election Commission had written to the Law Ministry in 2020 to allow NRIs to vote through postal ballots.

• A delegation led by Chandra visited South Africa and Mauritius.

• During the visit, talks were held with the Election Commission of South Africa and Mauritius as well as with the NRI community in both the countries.

• South Africa has made great strides in democracy and will host the next general assembly of the Association of World Election Bodies (AWEB) in October 2022.

• India has a very intense and active engagement with AWEB.

• Both India and South Africa are founding members of this organisation.

• Electronically Transmitted Postal Ballot System (ETPBS) 

• It enables voters to cast their vote on a postal ballot received electronically from their preferred location.

• Voters can avail this service from anywhere outside their designated constituency.

• It was developed to facilitate service voters

• ETPBS is developed and managed by Election Commission of India.

APEDA signs MoU with NRDC for the implementation of the Agri Export Policy

Tags: Economics/Business

Agricultural and Processed Food Products Export Development Authority (APEDA) has signed a Memorandum of Understanding (MoU) with National Research Development Corporation (NRDC) with an aim to boost the export value chain.

• The objective of this MoU is to incorporate and disseminate technologies jointly with APEDA in the areas of climate-resilient agriculture related to zero carbon emission farming to produce residue/carbon free food for export.

• This MoU has been signed to harness the expertise of both the organisations by working together to coordinate activities in the interest of agriculture and allied sectors to bring better value to the stakeholders.

• In line with this MoU, both the organisations will collaborate on collaborative projects for commercialization of embedded technology related to agriculture and food processing at different levels of the value chain to promote export of agricultural products.

• About “APEDA”

• The Agricultural and Processed Food Products Export Development Authority (APEDA) was established by the Government of India under the Agricultural and Processed Food Products Export Development Authority Act passed by the Parliament in December 1985.

• This authority functions under the Ministry of Commerce and Industry.

• Headquarters- New Delhi

• Chairman- Dr. M. Angamuthu

• About National Research Development Corporation (NRDC) 

• NRDC is an enterprise of the Department of Scientific and Industrial Research (DSIR) under the Ministry of Science and Technology, Government of India.

• It was established in 1953.

• Its primary objective is to promote, develop and commercialise technologies, technical know-how, inventions and patents.

• Chairman and Managing Director- Amit Rastogi

Indians can now make Payments using UPI in UAE

Tags: Government Schemes Economics/Business

Tourists or migrants arriving in the United Arab Emirates (UAE) with Indian bank accounts will be able to make payments through UPI to shops, retail establishments and other merchants in the Gulf country.

• NPCI and NEOPAY of UAE's Mashreq Bank have partnered for this service.

• It will be mandatory for users to have a bank account in India with UPI enabled.

• Users will also need an application like BHIM to make UPI payments.

• Payment using UPI will be accepted only to those merchants and shops who have NEOPAY terminals.

• About UPI

• Unified Payments Interface (UPI) is a single platform that brings together various banking services and facilities.

• A UPI ID and PIN are enough to send and receive money.

• Real-time bank-to-bank payment can be done using a mobile number or virtual payment address (UPI ID).

• It is developed by National Payments Corporation of India (NPCI).

•  It is regulated by the Reserve Bank of India (RBI) and transfers funds instantly between two bank accounts on a mobile platform.

Manipur celebrates Khongjom Day at Khongjom War Memorial Complex

Tags: State News

Khongjom Day was celebrated on 23rd April at Khongjom War Memorial Complex at Khebaching in Thoubal District of Manipur.

• Khongjom Day is celebrated every year on 23 April in Manipur.

• This day is observed in the memory of the brave Manipur warriors who made the supreme sacrifice against the British in the battle of Khongjom during the Anglo-Manipuri War of 1891.

• The day is celebrated annually by the Government of Manipur at Khongjom War Memorial Complex located in Thoubal district.

• The Khongjom War Memorial Complex, a historic war memorial site, houses the world's tallest sword statue built in memory of the soldiers who fought in the war.

• Anglo-Manipur War 

• The Anglo-Manipur War was an armed conflict between the British Empire and the Kingdom of Manipur, which was fought from 31 March to 27 April 1891.

• This historic war started due to jealousy, discontent, distrust and discord among the princes of Manipur.

• This war was fought at Kheba hills of Khongjom in Manipur and hence the name of this day is Khongjom Day.

• After the war ended on 27 April 1891, Manipur was under direct control of the British.

• After this war, the British government prosecuted many people and sentenced them to death.

World Book and Copyright Day 2022

Tags: Important Days

To raise awareness about the benefits of reading books, World Book Day, also known as World Book and Copyright Day 2022, is observed every year on 23 April.

• This day is specially celebrated to show the importance of reading, writing, translating, publishing and copyright of books.

• This annual event is organised by the United Nations Educational, Scientific and Cultural Organisation (UNESCO).

• The theme of the Day in 2022 is 'Read, so you never feel low'.

• Guadalajara’s Mexican city has been selected as the World Book Capital for 2022.

• History of the day

• World Book Day has been celebrated every year since 1995.

• The date holds a special significance as it marks the death anniversaries of two of the world's great writers William Shakespeare and well-known Spanish chronicler Inca Garcilaso de la Vega.

Fresh advisory to private satellite TV channels

Tags: National Science and Technology

The Ministry of Information and Broadcasting has advised all private satellite TV channels to refrain from publishing and broadcasting any material that violates the provisions of the Cable Television Networks (Regulation) Act, 1995.

• In recent times, several satellite TV channels have presented incidents and their coverage in a manner that is unauthentic, misleading, sensational.

• In addition, several media reports were found using socially unacceptable language and comments.

• Channels reporting on the Ukraine-Russia conflict made exaggerated headlines, journalists made baseless and fabricated claims, and exaggerations were used to provoke viewers.

• In the case of Delhi violence also some TV channels broadcast provocative headlines and videos of violence.

• This can incite communal hatred between communities and disturb peace and law and order.

• According to the Cable Television Networks (Regulation) Act, cable service should not carry any program that criticises friendly countries and threatens to attack religions or communities.