1. Global Tamil Angels Platform launched
Tags: Economics/Business
Global Tamil Angels Platform has been launched during the “Global Startup Investors Summit”.
The summit was co-organized by Tamil Nadu Startup and Innovation Mission and FeTNA International Tamil Entrepreneur Network.
Hosted by StartupTN, this platform allows Tamil Nadu based start-ups to connect with potential investors from the global Tamil diaspora.
How Global Tamil Angels Platform Works?
Start-ups can be started on the Global Tamil Angels platform by creating a profile and uploading basic information about the company, pitch deck, revenue model, traction goals.
After verification by StartupTN, the profiles will be published on the portal and visible to investors.
An American Tamil Fund (ATF) was also announced at the Global Startup Investors Summit. The ATF, which is made up of investors from the Tamil diaspora in the US, has pledged to invest Rs 16 crore (about $2.2 million) in Tamil Nadu start-ups before December 2023.
2. Alibaba sells $125 million stake in Paytm through block deal
Tags: Economics/Business
Alibaba Group has sold its majority stake of 3.1% in Paytm's parent company One-97 Communications.
Ant Financial, a company of Alibaba Group, has sold shares of Paytm worth $ 125 million, or about Rs 1,125 crore, through a bulk deal.
Alibaba Group company Ant Financial has sold 2 crore shares of Indian Digital Payment and Financial Services Company Paytm at Rs 536.95 per share.
Earlier, Alibaba Group had 6.26% stake in Paytm.
Paytm shares fell 6.16%, or Rs 35.65, to close at Rs 543.50 after Alibaba's stake sale.
Paytm's IPO of $ 2.5 billion i.e. Rs 20,361 crore was presented in November 2021. At that time it was the biggest IPO in the country.
What is block deal?
Block deal refers to a trade in which 500,000 shares or shares of a particular company listed on the exchange are traded for a value of more than Rs 5 crore.
Block deals can only be conducted during a particular trading window in the opening trading hours.
3. India overtakes Japan to become third largest auto market globally
Tags: Economics/Business National News
According to the latest Nikkei Asia industry data, India has overtaken Japan to become the third largest auto market for the first time.
An overview of the news
India’s new vehicle sales were at least 4.25 million units, ahead of the 4.2 million sold in Japan, based on preliminary results.
New vehicles delivered in India between January and November 2022 totaled 4.13 million.
In December 2022 sales volume the total comes to around 4.25 million units.
India sales volumes are expected to increase further with the inclusion of pending sales figures for the fourth quarter for commercial vehicles.
Most of the new autos sold in India last year consisted of vehicles powered by gasoline, including hybrid vehicles.
Along with Maruti Suzuki, Tata Motors and other Indian automakers have seen sales growth during the last year.
According to British research firm Euromonitor, only 8.5 per cent of Indian households own a passenger vehicle in 2021, which means there is considerable scope for growth in sales.
According to data from the Japan Automobile Dealers Association and the Japan Light Motor Vehicle and Motorcycle Association, 4,201,321 vehicles were sold in Japan last year, down 5.6 percent from 2021.
World's largest auto market
In 2021, China topped the global auto market with sales of 26.27 million vehicles.
The US stood second with 15.4 million vehicles sold, followed by Japan with 4.44 million units.
According to Nikkei Asia, China overtook Japan to become the second largest auto market in 2006.
In 2009, China overtook the US to become the world's largest auto market.
4. UAE to host the 13th WTO Ministerial Meeting in 2024
Tags: Summits Economics/Business International News
The United Arab Emirates (UAE) will host the 13th World Trade Organisation (WTO) Ministerial meeting in February 2024. The African country of Cameroon had also expressed its willingness to host the 13th WTO ministerial meeting.
The WTO's 12th Ministerial Conference was held in Geneva, Switzerland, from June 12 to June 17. It was originally meant to be held in Kazakhstan in 2020, but was postponed due to the covid pandemic.
The World Trade Organisation was set up on 1 January 1995 replacing the General Agreement on Tariff and Trade (GATT). Its main purpose is to promote rule based trading systems in the world and to settles trade related disputes between the member countries.
The Ministerial Conference is the topmost decision-making body of the WTO and usually meets every two years.
It brings together all members of the WTO and takes decisions on all matters under any of the multilateral trade agreements.
The headquarters of WTO is in Geneva, Switzerland. There are 164 member countries .
Director General of WTO : Dr Ngozi -Okonjo-Iweala of Nigeria
WTO Ministerial Meeting
Number | Place | Date |
First | Singapore | 9 to 13 December 1996. |
second | Geneva, Switzerland | May 18 and 20, 1998 |
Third | Seattle, United States of America | November 30 and December 3, 1999, |
Fourth | Doha, Qatar | 9-14 November 2001 |
Fifth | Cancun, Mexico | September 10 to 14, 2003 |
Sixth | Hong Kong | December 13 to December 18, 2005, |
Seventh | Geneva, Switzerland | 30th November to 2nd December 2009, |
Eight | Geneva, Switzerland | December 15 to 17, 2011 |
Ninth | Bali, Indonesia | 3rd to 7th December 2013 |
Tenth | Nairobi, Kenya | December 15 to 19, 2015 |
Eleventh | Buenos Aires, Argentina | December 10 to December 13, 2017 |
Twelfth | Geneva, Switzerland | June 12 to June 17, 2022 |
5. India and Gulf Cooperation Council to resume FTA talks
Tags: International Relations Economics/Business
India's Industry and Trade Minister Piyush Goyal said on 24 November that India and the Gulf Cooperation Council (GCC) have agreed to resume talks on a free trade agreement.
Important facts
Both sides have agreed to expedite the necessary legal and technical requirements for the formal resumption of FTA negotiations.
The FTA will be a comprehensive economic partnership that will cover different aspects of trade.
Goyal said the GCC is currently India's largest trading partner bloc with bilateral trade expected to exceed USD 154 billion in the financial year 2021-22.
bilateral trade in services between India and the GCC was worth 14 billion US dollars in the last financial year.
GCC countries contribute almost 35 per cent of the country's oil imports and 70 per cent of gas imports.
About Gulf Cooperation Council (GCC) :
It is a political and economic alliance of six Middle Eastern countries—Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.
It was established in Riyadh, Saudi Arabia, in May 1981.
Its aim is to achieve coordination, cooperation and integration and Arab regional unity among these countries.
The GCC member states have a total GDP of over USD 3.464 trillion and a total population of 54 million.
6. Ministry of Corporate Affairs organises an Investor Education, Awareness and Protection Conference in Srinagar
Tags: place in news Summits Economics/Business State News
The Investor Education and Protection Fund Authority (IEPFA) under the Ministry of Corporate Affairs organised an Investor Education, Awareness and Protection Conference in Srinagar, Jammu & Kashmir on 28 October 2022. The Conference was inaugurated by Chief Guest, Union Minister of State for Ministry of Corporate Affairs Rao Inderjit Singh.
During the conference the minister launched various initiatives of the IEPFA.
- The IEPFA Mascot “Fundoo” was released.
- “Niveshak Didi” or female dakiya, is a joint venture of IEPF Authority with India Post Payment Bank wherein Investor Education will be promoted in “By the women, for the women” concept.
- “Niveshak Sarathi”, an investor awareness van was flagged by the minister. It is an initiative by IEPFA to promote financial literacy among people in far-flung areas by spreading knowledge through dedicated audio-visual and print material & a specially designed Van.
- “Investors’ Handbook” - a concise compilation of information on savings, budgeting, and investments which provides a vast knowledge of financial instruments.
The Investor Education and Protection Fund Authority (IEPFA)
It was set up by the Government of India on 7 September 2016 under the Companies Act 2013, to administer the Investor Education and Protection Fund.
Investor Education and Protection Fund
The fund was set up under the Companies act in 1999 under the Union Ministry of Corporate Affairs. The main aim of the Fund is to promote investors’ awareness and protection of the interests of investors. Here investor means those who have invested in companies shares, debentures, fixed deposits etc.
Source of Fund
The following amounts that remained unpaid and unclaimed by the investor for a period of seven years from the date they became due for payment are credited to the Fund:
- Amounts in the unpaid dividend accounts of the companies
- The application moneys received by companies for allotment of any securities and due for refund
- Matured deposits with companies
- Matured debentures with companies
- Grants and donations given to the fund by the Central Government, State Governments, companies or any other institutions for the purposes of the Fund;
- And, the interest or other income received out of the investments made from the fund.
7. Barauni Plant of HURL commences Urea production
Tags: National Economics/Business National News
Barauni Plant of Hindustan Urvarak and Rasayan Limited (HURL) commenced urea production on 19 October, 2022.
Important facts
The country has achieved another milestone by setting up a new Ammonia Urea Plant at Barauni, Bihar which started urea production.
The gas-based Barauni plant is part of the government's initiative to revive the closed urea units of Fertilizer Corporation of India Limited (FCIL) and Hindustan Fertilizers Corporation Limited (HFCL) to achieve self-reliance in the urea sector.
Revival of closed units of FCIL and HFCL has been the top priority of the Government to increase the availability of domestically produced urea.
The government has approved an estimated investment of Rs 8,387 for the revival of the Barauni unit of Hindustan Fertilizers and Rasayan Limited (HURL).
The plant will have a urea production capacity of 12.7 LMTPA.
About Hindustan Urvarak and Rasayan Limited (HURL)
It is a Joint Venture Company authorised with effect from 15th June, 2016.
It has been authorised to revive Gorakhpur, Sindri and Barauni units in association with Coal India Limited (CIL), NTPC Limited (NTPC), Indian Oil Corporation Limited (IOCL) and FCIL/HFCL.
An investment of Rs 25,000 crore has been made for this work.
The commissioning of all three HURL plants will increase indigenous urea production to 38.1 LMTPA in the country and help make India 'self-reliant' in urea production.
It is one of the largest fertilizer manufacturing units in India, the foundation stone of which was laid by Prime Minister Narendra Modi.
8. Global Hunger Index 2022
Tags: Economics/Business International News
India ranked 107 out of 121 countries in the Global Hunger Index (GHI) 2022 that was released on 14 October 2022.
India's Performance
India is in a worse position than all the countries of South Asia except war-torn Afghanistan.
Hunger levels in India have been placed in the "severe" category with a score of 29.1.
Neighbouring Pakistan, Sri Lanka, Bangladesh, Nepal, and Myanmar have been ranked 99, 64, 84, 81, and 71 respectively – all countries above India.
The wasting rate (underweight by height) of children in India is 19.3%, worse than the levels recorded in 2014 (15.1%).
The prevalence of undernutrition in India has increased from 14.6% in 2018-2020 to 16.3% in 2019-2021.
It is estimated that 224.3 million people in India are malnourished, out of a total of 828 million people who are malnourished globally.
India has shown improvement in two indicators – child stunting has declined from 38.7% to 35.5% between 2014 and 2022, and child mortality has fallen from 4.6% to 3.3% in the same period.
In 2021, India ranked 101 out of 116 countries, while in 2020, India stood at 94th position.
Global Scenario
According to the index, there are 44 countries that currently have "severe" or "alarming" levels of hunger.
Globally, progress against hunger has largely stalled in recent years.
For the world a GHI score of 18.2 in 2022 is considered "moderate", but 18.2 in 2022 represents a slight improvement from 19.1 in 2014.
This is due to conflicts, climate change, the economic fallout of the COVID-19 pandemic as well as crises such as the Ukraine War, which have increased global food, fuel and fertilizer prices and are expected to worsen in 2023.
About Global Hunger Index
GHI is a tool for comprehensively measuring and tracking hunger across nations.
It is an annual report jointly published by Concern Worldwide and Welthungerhilfe.
It was first released in 2006, it is released every year in the month of October. Its 2022 edition refers to the 17th edition of the GHI.
It is calculated on the basis of four indicators –
Undernutrition - a population with insufficient caloric intake
Child wasting – Children under the age of five, who are underweight for their height, show acute malnutrition.
Child stunting - children under the age of five who are underweight for their age, indicating malnutrition
Child Mortality Rate - Mortality rate of children under five years of age
9. NHIDCL signs MoU with IIT Patna for innovation in highways construction
Tags: National Economics/Business National News
National Highways and Infrastructure Development Corporation Limited (NHIDCL), a Central Public Sector Enterprise under the Ministry of Road Transport and Highways, on 14 October signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Patna for innovative solutions collaboration in highway construction.
Important facts
The Memorandum of Understanding (MoU) was signed by IIT Patna Director TN Singh and Managing Director of NHIDCL Chanchal Kumar.
NHIDCL has signed agreements with several IITs and other institutions to promote innovation in highway construction.
It has signed MoUs with CSIR-CBRI, IIT Roorkee, IIT Kanpur and NSDC during the year 2022-23.
Earlier, MoUs were signed with IIT Bombay and IIT Guwahati to share knowledge of innovative ideas and technologies in the field of Highway Engineering.
This will help NHIDCL to introduce innovative technologies and find practical solutions to the issues of highway construction in challenging hilly and border areas.
10. 10th India -UAE High Level Joint Task Force on Investments held in Mumbai
Tags: place in news Summits Economics/Business
The 10th meeting of the UAE-India High Level Joint Task Force on Investments took place in Mumbai on 11 October 2022. It was co-chaired by the Union Minister for Commerce and Industry Piyush Goyal and His Highness Sheikh Hamed bin Zayed Al Nahyan, Member of the Executive Council of the Emirate of Abu Dhabi.
The Joint Task Force was established in 2013 to promote trade, investment and economic ties between the UAE and India.
This was the first meeting of the Joint Task Force since the signing of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and unveiling of the Joint UAE-India Vision Statement in February 2022 during the virtual summit between India’s Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan.
India -UAE Trade relation
- The United Arab Emirates is the third largest trading partner of India after the United States and China in 2021-22.
- In 2021 – 22, total trade between India and the UAE was $72.8 billion, with India’s exports of $28 billion and imports of $44.8 billion.
- UAE is a major market for Indian commodities such as basmati rice, tea, electrical equipment, apparel and machinery among others.
- One of the key goals of the CEPA is to increase bilateral trade between the UAE and India over $100 billion in the next five years, including raising services trade beyond $15 billion.
- Besides trade, the UAE is a major employment destination for Indians. Of the nearly 90 lakh Indians living in West Asia, Emirates is home for 34 lakh of them, who work there in the finance industry, hospitality, medical sector, oil industry, construction and others.
United Arab Emirate (UAE)
- It is a federation of seven Emirates of Abu Dhabi, Dubai, Sharjah, Ras Khaimah, Ajmain, Fujairah, Umm -Al-Quwain. It is an Arabian country.
- Abu Dhabi is the largest of the emirates and is the centre of UAE oil business.
- It is situated in the West Asia /Middle East region of the world in the Arabian Peninsula.
- UAE in its present form came into existence in 1971.
Capital of UAE: Abu Dhabi
Currency: Emirati Dirham
President of UAE: Sheikh Mohamed bin Zayed Al Nahyan. He is the king of Abu Dhabi and the supreme commander of the UAE Armed Forces.
