1. Piyush Goyal chair meeting of National Startup Advisory Council
Tags: Economy/Finance National News
Union Minister of Commerce and Industry Piyush Goyal chaired the sixth meeting of the National Startup Advisory Council (NSAC) in New Delhi on 11 March.
An overview of the news
The NSAC meeting deliberated on matters important for the development of the Indian startup ecosystem.
The meeting covered important topics like Tech Landscape and the way forward, Innovation in Logistics, Making India a Global Skill Market, Innovation Hub, Women Entrepreneurship, Capacity Building for Domestic Capital.
The meeting is expected to launch the Startup India Investor Connect portal, which has been conceptualized by NSAC and developed jointly by DPIIT and SIDBI.
About National Startup Advisory Council
It was formed by the Department for Promotion of Industry and Internal Trade (DPIIT).
Its objective is to advise the Government on measures needed to build a strong startup ecosystem.
Composition
Chairman - Minister for Commerce and Industry.
Convener of the Council - Joint Secretary, Department for Promotion of Industry and Internal Trade.
Ex-officio Members - Nominees of the concerned Ministries, Departments and Organisations not below the rank of Joint Secretary.
Non-Official Members - Founders of successful Startups nominated by the Government from various categories, people who have grown and expanded companies in India, persons capable of representing the interests of investors in Startups, etc.
2. India and Australia target $100 billion bilateral trade in next five years
Tags: Economy/Finance International Relations International News
Union Commerce and Industry Minister Piyush Goyal said on 11 March, Australia and India will target $100 billion trade in the next five years.
An overview of the news
Both the countries are currently dissatisfied with the $30 billion trade.
Both countries expressed their commitment to complete negotiations to expand the scope of the existing Free Trade Agreement by the end of this year.
He was addressing the media in New Delhi on the India-Australia 18th Joint Ministerial Commission along with Australian Trade and Tourism Minister Don Farrell.
On 29 December 2022 India and Australia implemented an economic cooperation and trade agreement (ECTA).
They are now negotiating to expand its scope for a comprehensive economic cooperation agreement (CECA).
Both sides are looking at firming up the ambitious CECA by 2023.
India-Australia Trade Relations
Australia is the 17th largest trading partner of India and India is Australia’s 9th largest trading partner.
India-Australia bilateral trade in goods and services is pegged at US$ 27.5 billion in 2021.
India's merchandise exports to Australia grew by 135% between 2019 and 2021.
India’s exports to Australia- Manufactured goods such as petroleum, medicaments, diamonds, jewellery, railway coaches and vehicles, milled rice and herbicides.
India’s imports to Australia - 82% of its imports from Australia are coal, gold, copper ore, aluminum oxide, liquified natural gas, manganese ore, aluminum waste, pigments, lentils, etc.
3. India and Australia target $100 billion bilateral trade in next five years
Tags: Economy/Finance International Relations International News
Union Commerce and Industry Minister Piyush Goyal said on 11 March, Australia and India will target $100 billion trade in the next five years.
An overview of the news
Both the countries are currently dissatisfied with the $30 billion trade.
Both countries expressed their commitment to complete negotiations to expand the scope of the existing Free Trade Agreement by the end of this year.
He was addressing the media in New Delhi on the India-Australia 18th Joint Ministerial Commission along with Australian Trade and Tourism Minister Don Farrell.
On 29 December 2022 India and Australia implemented an economic cooperation and trade agreement (ECTA).
They are now negotiating to expand its scope for a comprehensive economic cooperation agreement (CECA).
Both sides are looking at firming up the ambitious CECA by 2023.
India-Australia Trade Relations
Australia is the 17th largest trading partner of India and India is Australia’s 9th largest trading partner.
India-Australia bilateral trade in goods and services is pegged at US$ 27.5 billion in 2021.
India's merchandise exports to Australia grew by 135% between 2019 and 2021.
India’s exports to Australia- Manufactured goods such as petroleum, medicaments, diamonds, jewellery, railway coaches and vehicles, milled rice and herbicides.
India’s imports to Australia - 82% of its imports from Australia are coal, gold, copper ore, aluminum oxide, liquified natural gas, manganese ore, aluminum waste, pigments, lentils, etc.
4. PM Modi addresses post-budget webinar on PM Vishwakarma Kaushal Samman
Tags: Government Schemes National News
Prime Minister Narendra Modi addresses the post-budget webinar on 'PM Vishwakarma Kaushal Samman (PM VIKAS)' on 11 March.
An overview of the news
According to the Ministry of Micro, Small and Medium Enterprises, this is part of the series of 12 post-budget webinars being organized by the Government of India for ideas and suggestions for effective implementation of the initiatives announced in the Union Budget.
The Prime Minister said that through these schemes, the youth of the country are getting a lot of employment opportunities.
There is a need for a more targeted approachin the field of skill development to get better results and the PM-Vishwakarma scheme is a result of that thinking.
The objective of the PM-Vishwakarma scheme is not only to preserve the rich tradition of traditional artisans and craftsmen but also to develop them.
Now the skill infrastructure system needs to be changed according to their needs.
PM Vishwakarma Kaushal Samman Scheme
This scheme has been announced for traditional artisans and craftsmen in the budget 2023-24.
The objective of the scheme is to improve the quality and accessibility of artisans/craftsmen by integrating them with domestic and global value chains of their products/services.
The scheme includes financial support as well as access to advanced skills, training, knowledge of modern digital technologies and efficient green technologies, brand promotion and social security.
In this scheme, more attention has been given to Scheduled Castes, Scheduled Tribes, Other Backward Classes, Women and Weaker Sections.
Under the Vishwakarma community, more than 140 castesof the country come, which cover a large population of the country.
5. PNB signs MoU with Central Warehousing Corporation (CWC) to facilitate farmers' financing
Tags: Economy/Finance National News
On 9 March 2023 Punjab National Bank (PNB) and Central Warehousing Corporation (CWC) signed a Memorandum of Understanding (MoU) to facilitate financing undere-NWR (Electronic Negotiable Warehousing Receipt).
News Overview
The main objective of this partnership is to provide easy finance to farmers, processors and traders against the pledge of agricultural produce stored in Central Warehousing Corporation (CWC) godowns.
About Punjab National Bank (PNB)
It is an Indian public sector bank based in New Delhi and it is the third largest public sector bank in India.
PNB has a banking subsidiary in the UK as well as branches in Dubai, Kabul, Kowloon and Hong Kong.
Established - May 1894
Founder - Dayal Singh Majithia, Lala Lajpat Rai
Tagline - "The Name You Can Bank Upon"
MD & CEO - Atul Kumar Goel
About Central Warehousing Corporation (CWC)
It aims to provide reliable, cost-effective, value-added, integrated warehousing and logistics services in a socially responsible and environment-friendly manner.
Established: 9 March 1957
6. Indonesia moves capital from Jakarta to Borneo
Tags: International News
Recently, the Indonesian government unveiled the site of the country's new capital.
An overview of the news
The new capital, Nusantara, is located in the East Kalimantan province of Borneo, Indonesia.
The new capital city of the country will be called Nusantara.
The new capital will be asustainable forest city which will be developed keeping in mind the environment and will aim to achieve zero carbon emissions by the year 2045.
Why is Indonesia moving its capital?
Jakarta, the capital of Indonesia, has a population of about 10 million and three times the population of the greater metropolitan area.
It has been described as the world's fastest-sinking city and at the current rate it is estimated that a third of the city could be submerged by 2050.
The main reason for this is uncontrolled groundwater extraction, but the rising Java Sea due to climate change has increased this possibility.
Its air and groundwater are highly polluted, it floods regularly and its streets are so congested that its estimated congestion costs the economy $4.5 billion a year.
In view of all these problems, President Joko Widodo has envisioned the construction of a new capital, so that the country can have a "sustainable city".
About Indonesia
It was earlier known as Dutch East Indies (Netherland East Indies) and it became Independent from the Netherlands on 17 August 1945.
It is the world's largest archipelago consisting of 17,500 islands.
Borneo island of Indonesia is the third largest island in the world after Greenland and New Guinea.
There are more than 100 active volcanoes in the country and the most famous being Krakatoa and Mount Merapi.
It has the world’s largest muslim population .
Capital : Jakarta
Currency : Rupiah
President : Joko Widodo
7. India-US 5th Commercial Dialogue meeting held in New Delhi
Tags: International Relations International News
The India-US Fifth Commercial Dialogue meeting was held in New Delhi on 10 March.
An overview of the news
The meeting was attended by Union Commerce and Industry Minister Piyush Goyal and US Commerce Secretary Gina Raimondo.
The two leaders acknowledged that bilateral goods and services trade is set to almost double since 2014, surpassing a recorded US$ 191 billion in 2022.
Both sides welcomed the steps taken to enhance their commercial cooperation and tap the market potential in several sectors.
Both sides welcomed the efforts being made to enable an environment for investment by small and medium-sized industries and startups.
Both ministers recognized that small businesses and entrepreneurs are the lifeblood of the US and Indian economies.
In this context, both sides announced the launch of a new working group on talent, innovation and inclusive growth under the Commercial Dialogue.
It will take forward cooperation on start-ups, SMEs, skill development and entrepreneurship, including digital and emerging technologies.
An MoU was signed between the two countries on establishing a semiconductor supply chain and innovation partnership under the framework of the Indo-US Commercial Dialogue.
India-US Commercial Dialogue
It aims to facilitate trade and maximize investment opportunities in a wide range of economic sectors.
The last India-US commercial dialogue was held in February 2019.
Since then, it could not be held due to the pandemic and other factors.
After a gap of three years, it is proposed to relaunch the commercial dialogue with a strategic approach with a focus on supply chain resilience and diversification and new emerging sectors.
India- US trade relation
According to the Ministry of Commerce and Industry, India is the ninth largest trading partner for the US, while the US is India's largest trading partner and largest export destination.
During the calendar year 2022, bilateral trade in goods is expected to increase significantly, crossing USD 131 billion, thus doubling from 2014 (in 8 years).
The US is also the third largest source of foreign direct investment (FDI) for India, and the US is among the top five investment destinations for India.
8. India-US 5th Commercial Dialogue meeting held in New Delhi
Tags: International Relations International News
The India-US Fifth Commercial Dialogue meeting was held in New Delhi on 10 March.
An overview of the news
The meeting was attended by Union Commerce and Industry Minister Piyush Goyal and US Commerce Secretary Gina Raimondo.
The two leaders acknowledged that bilateral goods and services trade is set to almost double since 2014, surpassing a recorded US$ 191 billion in 2022.
Both sides welcomed the steps taken to enhance their commercial cooperation and tap the market potential in several sectors.
Both sides welcomed the efforts being made to enable an environment for investment by small and medium-sized industries and startups.
Both ministers recognized that small businesses and entrepreneurs are the lifeblood of the US and Indian economies.
In this context, both sides announced the launch of a new working group on talent, innovation and inclusive growth under the Commercial Dialogue.
It will take forward cooperation on start-ups, SMEs, skill development and entrepreneurship, including digital and emerging technologies.
An MoU was signed between the two countries on establishing a semiconductor supply chain and innovation partnership under the framework of the Indo-US Commercial Dialogue.
India-US Commercial Dialogue
It aims to facilitate trade and maximize investment opportunities in a wide range of economic sectors.
The last India-US commercial dialogue was held in February 2019.
Since then, it could not be held due to the pandemic and other factors.
After a gap of three years, it is proposed to relaunch the commercial dialogue with a strategic approach with a focus on supply chain resilience and diversification and new emerging sectors.
India- US trade relation
According to the Ministry of Commerce and Industry, India is the ninth largest trading partner for the US, while the US is India's largest trading partner and largest export destination.
During the calendar year 2022, bilateral trade in goods is expected to increase significantly, crossing USD 131 billion, thus doubling from 2014 (in 8 years).
The US is also the third largest source of foreign direct investment (FDI) for India, and the US is among the top five investment destinations for India.
9. Arun Subramanian becomes first Indian-American to be Judge of Manhattan Federal District Court in New York
Tags: Person in news International News
The United States Senate has confirmed the appointment of Indian-American Arun Subramanian as the District Judge for the Southern District of New York.
An overview of the news
With this, Subramanian has become the first South Asian judge to serve on this bench.
The Senate confirmed Subramanian's nomination on March 7 by a vote of 58–37.
Earlier, in September 2022, US President Joe Biden had announced Subramanian's nomination to the United States District Court for the Southern District of New York.
President Biden's announcement brings the number of announced federal judicial officers to 143, according to an official White House statement.
Subramanian received his Juris Doctor (J.D) from Columbia Law School in 2004 and his BA from Case Western Reserve University in 2001.
He is a partner at Susman Godfrey LLP in New York where he has worked since 2007.
Subramanian has taken up matters relating to false claims, victims of child pornography trafficking, consumers and persons injured by unfair means.
10. Central Government launches High Price Day Ahead Market and Surplus Power Portal
Tags: National National News
The Central Government has launched a High Price Day Ahead Market and Surplus Power Portal (PUShP)– an initiative to ensure greater availability of power during the peak demand season recently.
An overview of the news
Power Minister R K Singh virtually launched the portal in New Delhi on 9 March 2023.
Last year, prices in the power exchange had shot up to Rs 20on a few days, prompting the CERC to impose a cap of Rs 12 on the exchange, so that there was no profiteering.
This limit was applicable in day ahead market and real time market from April 1, 2022 and May 6, 2022 across all segments.
This move made the price reasonable for the buyers. Due to high gas prices in the international market; The electricity generated using the gas was expensive – more than Rs 12 per unit – and could not be sold in the market at this price.
Similarly, renewable energy stored in imported coal-fired plants and battery-energy storage systems could not be put into operation because of their high production costs.
High Price Day Ahead Market and Surplus Power Portal
This portal is one of its kind initiatives, which reflects the ingenuity of the Ministry of Power and the regulator.
Distribution companies have entered into long term PPA agreements for power supply.
They have to pay fixed charges even if they do not fix the electricity schedule.
Now discoms will be able to quote their surplus power in block time/days/months on the portal.
Discoms that need power will be able to demand surplus power.
New buyers will pay both variable cost (VC) and fixed cost (FC) as prescribed by the regulators.
Once the power is reassigned, the original beneficiary will have no right of withdrawal, as the entire FC liability will also be transferred to the new beneficiary.
This will reduce the burden of fixed cost on DISCOMs and enable utilization of all available generation capacity.
