1. NSDL buys 5.6% stake in government’s e-commerce project ONDC
Tags: Economy/Finance
India’s first depository company National Securities and Depositories Limited (NDSL) has announced on 12 October 2022 that it has bought 5.6 per cent stake in the Government of India backed Open Network for Digital Commerce (ONDC) for Rs 10 crore.
ONDC started its live beta testing on 30 September 2022 across 16 pin codes in Bengaluru, Karnataka.
National Securities Depository Limited (NSDL) invested an amount of Rs 10 crore in ONDC under the private placement route. Private placement means the shares were sold directly to the NSDL by the ONDC Company and it was not offered to the public.
ONDC was set up by the Union Commerce and Industry Ministry in 2022 to develop an open network for e-commerce in India. It is an ecommerce platform built by the government of India to enable the small kirana stores to access processes and technologies that are typically deployed by large e-commerce platforms such as Amazon and Flipkart.
Last month, state-owned Bank of India acquired over 5.5 per cent stake in ONDC for Rs 10 crore. Apart from Bank of India, many companies like Microsoft, Paytm, HDFC Bank, Kotak Mahindra Bank and Axis Bank, Punjab National Bank, State Bank of India, Phone Pe and others have invested in the project.
2. Government’s ambitious ONDC platform launched in Bengaluru
Tags: place in news Economy/Finance
The Government of India ambitious Open Network for Digital Commerce (ONDC) started its live beta testing on 30 September 2022 across 16 pin codes in Bengaluru, Karnataka.
In April 2022, the Government launched the pilot phase of the open network for digital commerce in five cities – Delhi, Bengaluru, Bhopal, Shillong and Coimbatore.
ONDC is being launched to take on the multinational e-commerce giant Amazon and Flipkart which control around 60 % of the Indian e- commerce market.
What is ONDC?
What is Open Network for Digital Commerce(ONDC)
It is an ecommerce platform built by the government of India to enable the small kirana stores to access processes and technologies that are typically deployed by large e-commerce platforms such as Amazon and Flipkart.
Unlike Amazon or Flipkart which is a closed system, ONDC is an open system with interoperability.
Who has set up the ONDC?
Open Network for Digital Commerce is a private non-profit company established by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Union Ministry of Commerce and industry to develop open networks for e-commerce. It was founded in April 2022.
Many companies like Microsoft, Paytm, HDFC Bank, Kotak Mahindra Bank and Axis Bank, Punjab National Bank, State Bank of India, Bank of India, Phone Pe and others have invested in the project.
Target of the ONDC
The government wants to raise the e-commerce reach in the country to 25% of the population in the next 2 years as compared to 8% at present. ONDC will play a key role in achieving the target.
It is targeting to sign 900 million buyers onboard and targeting 1.2 million sellers on the shared network within the next 5 years, while achieving a gross merchandise value of 48 billion dollars.
3. African swine fever confirmed in Kannur, Kerala
Tags: State News
Recently, African Swine Fever has been confirmed for the first time in a private pig farm in Kerala, in the last ten days more than 15 pigs died on the farm due to the disease.
About African Swine Fever
African swine fever is a highly contagious hemorrhagic viral disease of domestic and wild boars.
It was first found in Africa in the 1920s.
Historically, infections have been reported in Africa and parts of Europe, South America, and the Caribbean.
However, since the year 2007, the disease has been reported in domestic and wild pigs in several countries in Africa, Asia and Europe.
It has a mortality rate of around 95-100% and there is no cure for this fever, so the only way to stop its spread is to kill animals.
African swine fever does not pose a threat to humans, as it only spreads from animal to animal.
African swine fever is a disease listed in the Animal Health Code of the World Organisation for Animal Health (OIE).
World animal health organisation
It is an intergovernmental organisation responsible for improving the health of animals around the world.
It currently has a total of 182 countries as its members. India is one of its member countries.
It develops standard documents relating to the rules by which member states can protect themselves from diseases and pathogens. One of these is the Regional Animal Health Code.
Its standards are recognized by the World Trade Organisation (WTO) as reference to the organisation's International Sanitation Rules.
Its headquarter is located in Paris (France).
4. Sunil Chhetri becomes joint 5th highest goalscorer in international football history
Tags: Sports News
Indian men's football team captain Sunil Chhetri has become the joint fifth highest goalscorer in international football history.
Sunil Chhetri scored his 84th international goal against Hong Kong during the Asian Football Confederation (AFC) Asian Cup 2023 Qualifier and achieved the feat by equaling the record held by Real Madrid and Hungarian football legend Ferenc Puskas.
He is now behind only Portugal's Cristiano Ronaldo and Argentina's Lionel Messi among active footballers.
He is at number three after Ronaldo and Messi in the list of active footballers with international goals.
Cristiano Ronaldo tops the list of highest goalscorers in international football.
Top 5 International Goal Scorers in the World
Cristiano Ronaldo (Portugal) - 117 goals
Ali Dei (Iran) - 109 goals
Mokhtar Dahari (Malaysia) - 89 goals
Lionel Messi (Argentina) - 86 goals
Sunil Chhetri (India) and Ferenc Puskas (Hungary) - 84 goals
5. BJP wins eight out of 16 Rajya Sabha seats while Congress bags five seats
Tags: National News
The BJP won eight of the 16 Rajya Sabha seats in four states, while the Congress won five in a tight contest.
Biennial elections to the Upper House of Parliament were held on June 10 for six seats in Maharashtra, four each in Karnataka and Rajasthan and two in Haryana.
Winners from BJP include Union Minister Piyush Goyal, former state minister Anil Bonde and party leader Dhananjay Mahadik.
NCP's Praful Patel, Congress' Imran Pratapgadi and Shiv Sena's Sanjay Raut were also elected to Rajya Sabha.
In Haryana, BJP candidate Krishan Lal Panwar and Independent candidate Kartikeya Sharma, have won the two Rajya Sabha seats.
BJP got three seats and Congress got one seat from Karnataka.
Union Finance Minister Nirmala Sitharaman, actor Jaggesh and MLC Lehar Singh Siroya have been elected to Rajya Sabha from BJP.
Jairam Ramesh of Congress won the remaining one seat.
The Congress won three of the four Rajya Sabha seats while one seat was won by the BJP In Rajasthan.
Randeep Singh Surjewala, Mukul Wasnik and Pramod Tiwari are the winners from Congress.
Ghanshyam Tiwari won a seat for the BJP in Rajasthan.
Important facts about Rajya Sabha
Article 80 of the Constitution provides provisions for members of the Rajya Sabha.
Members - 245 - including 233 elected members and 12 nominated members
Upper House of parliament strength cannot exceed 250
Nominated members - nominated by the President of India in the field of art, literature, science and social service
Chairperson of the Rajya Sabha - Vice-President
Tenure of members - six years
Elections to one-third seats are held every two years
Process of election - members are elected indirectly by the people, that is, by the MLAs.
Voting is by single transferable vote
NOTA button is available in the Upper House polls
6. India launches pilot phase of open e-commerce network
Tags: National Economics/Business
India has launched the pilot phase of Open Network for Digital Commerce (ONDC) in five cities.
ONDC is a UPI-type protocol and the entire exercise is aimed at expanding the reach of the fast-growing e-commerce sector to far-flung areas, helping small retailers and reducing the dominance of online giants.
The initiative also aims to curb the dominance of the two big multinational e-commerce players, who control more than half of the country's e-commerce business.
ONDC is a set of standards for voluntary adoption by vendors or logistics providers or payment gateways.
The pilot phase aims to connect 150 retailers across five cities – Delhi NCR, Bengaluru, Bhopal, Shillong and Coimbatore.
Presently 80 firms are working with ONDC and they are in various stages of integration.
These companies are building their apps for sellers, buyers, logistics or payment gateways.
7. Govt to launch indigenously developed e-commerce network in 100 Indian cities
Tags: Latest Economics/Business National News
The government is planning to launch an indigenously developed online e-commerce network in 100 Indian cities to provide kirana stores and consumers an alternative to multinational platforms such as Amazon and Flipkart.
Union Commerce and Industry Minister Piyush Goyal on Friday announced the trial-launch of the open-source system.
The beta launch will unveil the Open Network for Digital Commerce (ONDC) and Registry's IT applications, which were launched in Bengaluru on Friday.
UPI is another game-changing idea to democratise commerce.
The project is being prepared in a big way as it will provide a wider choice to all consumers and retailers and will be formally launched after successful testing of the system.
End-to-end testing is being done to create a playbook with an aim to launch it in 100 cities in six months.
The initial test launch, which began in Bengaluru, will also cover cities such as Coimbatore, Bhopal, Delhi and Shillong.
The system will have multiple options for both retailers and customers in terms of cataloguing, inventory, warehousing, suppliers, logistics and payments.
