1. India emerges as a top investment destination for Sovereign investors
Tags: Economy/Finance International News
According to a report of the American Asset Management company Invesco, India has emerged as the second most preferred investment market after the United States for sovereign wealth funds and public pension’s funds in 2022.
The Invesco Global Sovereign Asset Management Study is based on the opinion of 139 Chief investment officers of the sovereign wealth funds and public pension’s funds.
According to Invesco, the United States remained the top destination for the sovereign wealth funds and public pension’s funds but to balance the risk many fund manager wants to invest in the emerging markets. The most beneficiaries of this shift to the emerging market is India.
Among emerging markets India has overtaken China as the most popular emerging market. This year China has been ranked at 6th place.
One main reason has been that many funds are reducing their exposure in China and they are attracted to India due to its positive economic reforms and strong demographic profile.
According to the report Sovereign investors manage some $33 trillion in assets. Average annual returns for sovereign investors over the past decade stood at 6.5%. However, 2022 could prove to be a turning point with higher inflation and tighter monetary policy hitting long-term expected returns.
Sovereign Wealth Fund (SWF)
Sovereign means Government of a country. Thus sovereign wealth fund (SWF) is a fund owned by a Government of a country. It is normally a surplus money which a government has and it is used to invest in the stock or debt market of other countries for a better return on investment.
It is managed either by a company set up by the government or it is managed by the central bank of the country.
There has been proposal to set up an SWF in India but till date no such fund has been set up.
SWF are considered as long term investors.
Some of the famous and largest SWF are:
Norway Government Pension Fund Global, China Investment Corporation, Abu Dhabi Investment Authority.
2. Kassym-Jomart Tokayev of Kazakhstan re-elected as President
Tags: Person in news International News
President Kassym-Jomart Tokayev of Kazakhstan has been re-elected as the President of Kazakhstan. According to the Kazakhstan Election Commission he has won 81.31% of the votes polled in the Presidential election held on 20 November 2022.
Kassym-Jomart Tokayev became the President of Kazakhstan on 29 March 2019 after the resignation of the first President of Kazakhstan Nur Sultan Nazarbayev.
On 6 September 2022 the Kazakhstan constitution was amended and the term of the President was extended to 7 years from 5 years and a person can become the president of Kazakhstan only once. Since the constitutional amendment is being considered a new constitution, Tokayev became eligible to contest the Presidential election held on 20 November 2022. His earlier term as President is not being counted.
Kazakhstan was part of the Soviet Union which gained Independence on 16 December 1991, after the disintegration of the Soviet Union.
It lies in Central Asia. It is the largest country in central Asia and 9th largest country in the world.
Capital: Astana
Currency : Tenge
3. India moves up 6 place to be ranked 61st on the Network Readiness Index 2022
Tags: INDEX National Science and Technology
India has improved its rank by 6 places to be ranked at 61 place in the recently released Network Readiness Index 2022 (NRI 2022). The report prepared by the US-based non-profit body Portulans Institute compliments India and says that “India has a greater network readiness than would be expected given its income level”.
The Network Readiness Index ranks the 131 countries on 58 variables across four pillars of four different pillars: Technology, People, Governance, and Impact.
India’s Performance
- India improved its score from 49.74 in 2021 to 51.19 in 2022.
- India has secured 1st rank in “AI talent concentration”,
- 2nd rank in “Mobile broadband internet traffic within the country” and “International Internet bandwidth”,
- 3rd rank in “Annual investment in telecommunication services” and “Domestic market size”, 4th rank in “ICT Services exports” and
- 5th rank in “FTTH/Building Internet subscriptions” and “AI scientific publications”.
- India is ranked 3rd out of 36 in the group of lower-middle-income countries after Ukraine (50) and Indonesia (59).
Top three countries on the Network Readiness Index
The United States topped the list with an overall score of 80.3. It was followed by Singapore with a score of 79.35 and Sweden with a score of 78.91.
In the Asia Pacific region, the list was led by Singapore, followed by South Korea and Japan.
Full Forms
FTTH: Fiber to the Home
ICT: Information Communication Technology
AI: Artificial Intelligence
4. Government withdraws export duty on steel
Tags: Economy/Finance National News
Government has withdrawn export duty on steel with effect from 19 November, 2022.
Important facts
According to the notification of the Ministry of Finance, the export duty on iron ore and various steel products has been reduced to zero, which means that now there will be no duty on the export of steel products.
The Central Government has restored the status quo ante before May 22, 2022.
Apart from this, export duty on low iron ore lumps and fines (having iron content less than 58 per cent) has also been made zero.
The following rules will be effective from November 19, 2022 -
Zero export duty on export of iron ore lumps and fines (58 percent iron content).
Export of iron ore lumps and fines (58 percent iron content) will attract 30 per cent lower export duty.
Export duty on export of iron ore pellets will be zero.
Export duty on export of pig iron and steel products classified under HS 7201, 7208, 7209, 7210, 7213, 7214, 7219, 7222 and 7227 shall be zero.
Anthracite/PCI and coking coal and ferronickel will attract an import duty of 2.5 per cent.
Coke and semi coke will attract 5 percent import duty.
What is Export Duty?
Export duty is a type of indirect tax levied on goods imported into India as well as goods exported from India.
Export means taking goods out of India to other countries.
5. MoS for Education Subhash Sarkar confers National Swachh Vidyalaya Puraskar 2021-22
Tags: Awards National News
Minister of State for Education Dr Subhash Sarkar on 19 November, 2022 conferred National Swachh Vidyalaya Puraskar 2021-22 in Akashwani Bhawan, Delhi.
Important facts
A total of 39 schools have been given this award, including five in the national category and 34 in the overall category.
The winners of the national category were given Rs 60,000 and the other categories were given Rs 20,000.
The National Commission Committee has selected these schools for the awards.
The Swachh Vidyalaya Puraskar has been instituted by the Ministry of Education to recognize excellence in water, healthcare and sanitation in schools.
The awards were presented to rural and urban government schools, government aided schools and private schools.
Drinking water, toilets, handwashing with soap, operation and maintenance, capacity building and COVID-19 (preparedness and response) parameters have been used to measure the performance of schools.
In 2014, the Swachh Bharat Swachh Vidyalaya (SBSV) initiative was launched to ensure that all schools in India have access to separate functional toilets for boys and girls.
About National Swachh Vidyalaya Puraskar
It has been established by the Ministry of Education to recognise, inspire and celebrate excellence in cleanliness and hygiene practices in schools.
The main objective of the award is to honour those schools which have taken steps to fulfil the requirement of Swachh Vidyalaya Abhiyan.
The award is based on IT-enabled assessment of WASH infrastructure, hygienic practices and COVID-19 appropriate behaviour.
The award is based on IT-enabled assessment of WASH infrastructure, hygienic practices and COVID-19 appropriate behaviour.
6. India launches official website of SCO 2023 with a theme of ‘For a SECURE SCO’
Tags: International News
The Ministry of External Affairs (MEA) has launched the official website of the Shanghai Cooperation Organisation (SCO) with the theme of a SECURE SCO. The website will highlight the events that will be undertaken under the chairmanship of India next year.
During the 22nd Head of State summit meeting 2022 of the SCO at Samarkand, Uzbekistan in September, India formally received the SCO rotating presidency. India will hold the presidency of the grouping for a year until September 2023.
Prime Minister Narendra Modi had floated the concept of SECURE at the Shanghai Cooperation Organisation (SCO) summit in China in 2018. Explaining the SECURE concept, the Prime Minister said ‘S’ for security for citizens, ‘E’ for economic development, ‘C’ for connectivity in the region, ‘U’ for unity, ‘R’ for respect of sovereignty and integrity, and ‘E' for environment protection.
The Shanghai Cooperation Organization is a regional group of 8 countries of Russia, China, Kazakhstan, Kyrgyzstan and Tajikistan, Uzbekistan, India and Pakistan .
7. India participates in ‘4th meeting of Moscow Format Consultations on Afghanistan’ held in Russia
Tags: place in news Summits International News
India participated in the fourth meeting of the Moscow Format Consultations on Afghanistan held in Moscow on 16 November 2022. Special Envoys and Senior Officials from Russia, China, Pakistan, Iran, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan also participated in the meeting.
According to the External Affairs Ministry, the participants discussed issues related to Afghanistan. These include the current humanitarian situation and the ongoing efforts of various stakeholders to provide assistance, intra-Afghan talks, formation of an inclusive and representative government, efforts to counter threats of terrorism and ensuring regional security.
Moscow Format Consultations on Afghanistan
The Moscow Format Consultations on Afghanistan, launched in 2017, is a regional platform on Afghanistan involving the special envoys of Russia, Afghanistan, India, Iran, China, and Pakistan.
Its mandate is to facilitate political reconciliation between the then-internationally backed Kabul government and the Taliban, establish peace, and ensure regional security.
8. Russia and Ukraine agree to further extend the Black Sea grain deal by four months
Tags: Russia-Ukraine International News
Russia and Ukraine have agreed to extend the Black sea grain deal brokered by the United Nations and Turkiye by another 120 days. The agreement which was originally signed on 22 July 2022 was set to expire on 19 November 2022. The deal allows grain exports from the designated Ukrainian Black Sea port through a safe corridor in the Black Sea.
The agreement was reached between Russia, Ukraine, Turkiye and the United Nations at Istanbul, Turkiye.
The deal faced its first major crisis when Russia announced that it was suspending the agreement on 29 October 2022 after Ukraine attacked the Russian Black Sea Fleet near Sevastopol. However later Russia agreed to continue the deal.
The deal will continue with the existing provisions. Ships will carry grain from three Ukrainian ports of Chornomorsk, Odesa and Yuzhny .They will travel through the humanitarian corridor set up in the Black Sea and stop in Istanbul for inspection before continuing to the final destination.
The grain deal is vital for many African countries as they face crop failure due to weather extremes and internal conflicts. The nations that will benefit from the deal include Egypt , Djibouti, Somalia and Sudan Senegal, Rwanda, Congo, Libya, Tanzania and Namibia.
9. Indians no longer need police clearance for Saudi Arabia visas
Tags: National International News
The Saudi Arabian embassy in India has announced that it will exempt Indian nationals from submitting a police clearance certificate (PCC) while applying to travel to the country. Over two million Indian citizens live in Saudi Arabia. The new rule would make visa application processing faster and easier for the Indians visiting Saudi Arabia.
According to the Saudi embassy this decision was taken as a part of the efforts of the two countries to further strengthen their relations.
A police clearance certificate is a document that Indian nationals willing to go abroad for employment, residential status, or long-term visa need to apply for if required by the visa of the destination country. The document helps in knowing the criminal record of the person.
Kingdom of Saudi Arabia
Saudi Arabia is a West Asian kingdom founded by Ibn Saud in 1923. The country is known for its oil and Islam.
- According to the BP Statistical Review of World Energy 2020, Saudi Arabia has the world’s 2nd largest oil reserves in the world after Venezuela.
- At present it is the world's largest exporter of crude oil.
- It has two of the holiest shrine of Islam, Mecca and Medina mosque
- The world's largest mosque Al-Haram or forbidden mosques is in Mecca.
- The world's second largest mosque, Mosque of the Prophet, or Masjid al-Nabawi is in Medina.
- The Organisation of Islamic Countries (OIC) headquarters is also in Jeddah, Saudi Arabia.
- The world’s largest sand area, the Rub al-Khali (“Empty Quarter”) which is spread around 647,500 square km, is also in Saudi Arabia.
Capital of Saudi Arabia: Riyadh
Currency: Saudi Riyal
King of Saudi Arabia: King Salman bin Abdulaziz Al Saud
Prime Minister of Saudi Arabia: Mohammed bin Salman
10. Indians no longer need police clearance for Saudi Arabia visas
Tags: National International News
The Saudi Arabian embassy in India has announced that it will exempt Indian nationals from submitting a police clearance certificate (PCC) while applying to travel to the country. Over two million Indian citizens live in Saudi Arabia. The new rule would make visa application processing faster and easier for the Indians visiting Saudi Arabia.
According to the Saudi embassy this decision was taken as a part of the efforts of the two countries to further strengthen their relations.
A police clearance certificate is a document that Indian nationals willing to go abroad for employment, residential status, or long-term visa need to apply for if required by the visa of the destination country. The document helps in knowing the criminal record of the person.
Kingdom of Saudi Arabia
Saudi Arabia is a West Asian kingdom founded by Ibn Saud in 1923. The country is known for its oil and Islam.
- According to the BP Statistical Review of World Energy 2020, Saudi Arabia has the world’s 2nd largest oil reserves in the world after Venezuela.
- At present it is the world's largest exporter of crude oil.
- It has two of the holiest shrine of Islam, Mecca and Medina mosque
- The world's largest mosque Al-Haram or forbidden mosques is in Mecca.
- The world's second largest mosque, Mosque of the Prophet, or Masjid al-Nabawi is in Medina.
- The Organisation of Islamic Countries (OIC) headquarters is also in Jeddah, Saudi Arabia.
- The world’s largest sand area, the Rub al-Khali (“Empty Quarter”) which is spread around 647,500 square km, is also in Saudi Arabia.
Capital of Saudi Arabia: Riyadh
Currency: Saudi Riyal
King of Saudi Arabia: King Salman bin Abdulaziz Al Saud
Prime Minister of Saudi Arabia: Mohammed bin Salman
