1. 26th meeting of FSDC held in Mumbai
Tags: place in news Economy/Finance Summits
The Union Finance Minister Nirmala Sitharaman chaired the 26th meeting of the Financial Stability and Development Council (FSDC) in Mumbai on 15 September 2022.
The meeting, which was attended by the chief of various financial sector regulators, discussed important financial issues which can affect the country’s financial sectors and its stability.
IMPORTANT FACTS -
Financial issues discussed :
- It discussed the Early Warning Indicators for the economy and India’s preparedness to deal with them, improving the efficiency of the existing Financial/Credit Information Systems, issues of governance and management in Systemically Important Financial Institutions including Financial Market Infrastructures, strengthening cyber security framework in the financial sector,etc.
The meeting was attended by :
- Dr. Bhagwat Kishanrao Karad, Minister of State for Finance ;
- Pankaj Chaudhary, Minister of State for Finance ;
- Dr. T. V. Somanathan, Finance Secretary and Secretary, Department of Expenditure, Ministry of Finance;
- Shri Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance;
- Shri Tarun Bajaj, Secretary, Department of Revenue, Ministry of Finance; Shri Sanjay Malhotra, Secretary, Department of Financial Services, Ministry of Finance;
- Dr. V. Anantha Nageswaran, Chief Economic Adviser, Ministry of Finance;
Head of Financial Sector Regulators :
- Shaktikanta Das, Governor, Reserve Bank of India;
- Ms. Madhabi Puri Buch, Chairperson, Securities and Exchange Board of India;
- Debasish Panda, Chairperson, Insurance Regulatory and Development Authority of India;
- Supratim Bandyopadhyay, Chairperson, Pension Fund Regulatory and Development Authority;
- Ravi Mittal, Chairperson, Insolvency and Bankruptcy Board of India, Shri Injeti Srinivas, Chairperson, International Financial Services Centers Authority, and the
- Secretary of the FSDC, Department of Economic Affairs, Ministry of Finance.
Financial Stability and Development Council (FSDC) :
- It was set up on the recommendation of the Raghu Ram Rajan committee on “Financial Sector Reform”.
- FSDC was set up by the Government of India in 2010.
Function of the FSDC :
- The Council monitors macro prudential supervision of the economy, including functioning of large financial conglomerates, and addresses inter-regulatory coordination and financial sector development issues.
- It also focuses on financial literacy and financial inclusion.
ADDITIONAL INFORMATION -
Sub-Committee of FSDC :
- The FSDC Sub-committee has also been set up under the chairmanship of Governor, RBI.
- All the members of the FSDC are also the members of the Sub-committee.
- All four Deputy Governors of the RBI are also the members of the Sub Committee.
Full Form :
- Financial Stability and Development Council
2. ANGAN 2022, International Conference held in New Delhi
Tags: place in news Summits
The three day (14-16 September) international conference ANGAN 2022 (Augmenting Nature by Green Affordable New-habitat) was held in New Delhi.
IMPORTANT FACTS -
- The international conference has been organized by the Bureau of Energy Efficiency (BEE) and the Indo-Swiss Building Energy Efficiency Project.
- The objective of ANGAN 2022 is to deliberate on various thematic tracks leading India on the road to Net Zero Energy and Low Carbon Buildings.
- India has committed itself to become net carbon zero by 2070. Globally, buildings consume 40% of energy and are responsible for 1/3rd of carbon emissions.
- Theme of the conference: Making the Zero-Carbon Transition in Buildings
- The Indo-Swiss Building Energy Efficiency Project (BEEP) is a bilateral cooperation between the Ministry of Power, Government of India and the Federal Department of Foreign Affairs of the Swiss Confederation.
3. India’s first Lithium- ion cell manufacturing plant to start its trial run
Tags: place in news National Science and Technology Economics/Business
India’s first Lithium -cell -ion cell manufacturing plant will start its trial run on 16 September 2022. It will be inaugurated by Union minister of state for electronics and IT, Rajeev Chandrasekhar.
IMPORTANT FACTS -
- The lithium cell -ion cell manufacturing plant has been set up by the Chennai based Munoth Industries limited (MIL) at Tirupathi in Andhra Pradesh.
- MIL has tied up with China-based Tianjin Lishen, BPI and Amprius for technology and the end product for its Lithium cell manufacturing plant.
- MIL will invest Rs 799 crore in three phases.
- In the first phase it will produce lithium-ion cells for the consumer electronics segment such as mobile phones, hearable and wearable devices, followed by an energy storage system and two-and-three wheel electric vehicles.
- According to the company India imports Rs 15,000 crore-Rs 20,000 crore of lithium-ion cells from China, South Korea, Vietnam and Hong Kong. With the establishment of the new facility, it would take care of 60% of India’s requirements.
4. Bhupendra Yadav advocates improving the conditions workers at G20 Labour minister meeting
Tags: place in news Summits International News
Union Minister of Labour and Employment Bhupender Yadav attended the G20 Labour and Employment Ministers’ meeting at Bali, Indonesia. The G-20 Labour and Employment Ministers meeting was held on 13-14 September 2022.
IMPORTANT FACTS -
- Speaking on the occasion the minister emphasized the need to focus on improving the employment conditions of the workers for a strong and resilient economic recovery.
- Indonesia is currently the chairman of the G-20 group and it will host the G-20 summit meeting on 15-16 November 2022 at Bali, Indonesia.
- India will take over the chairmanship of G-20 from Indonesia at the Bali Summit.
- The G20, or Group of Twenty, is an intergovernmental forum of the world’s major developed and developing economies. It comprises 19 countries including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, UK, USA and the European Union (EU).
5. Chinese President Xi Jinping on a first trip outside China in over two years
Tags: place in news Person in news International News
China has announced that the Chinese President Xi Jinping will be on an official visit to Kazakhstan and Uzbekistan from Sep 14 - 16 and attend the summit meeting of Shanghai Cooperation Organization (SCO) in the Uzbek city of Samarkand.
IMPORTANT FACTS -
- India will take over the SCO Presidency from Uzbekistan at the summit.
- It is for the first time that President Xi is leaving China for abroad in the last two years since the onset of covid in China.
- It is not clear whether he will meet Indian Prime Minister Narendra Modi. Prime Minister Narendra Modi will visit Uzbekistan on September 15-16 to attend the SCO Summit.
- Samarkand Summit would be the first in-person SCO summit since 2019.
Shanghai Cooperation Organization (SCO) :
- The Shanghai Cooperation Organization came into existence on June 15, 2001 after the expansion of the 'Shanghai Five'.
- The Shanghai Five was formed in 1996 by Russia, China, Kazakhstan, Kyrgyzstan and Tajikistan.
- After the entry of Uzbekistan into the organization in the year 2001, 'Shanghai-5' was named SCO.
- In the year 2017, India and Pakistan got the status of its member.
- SCO has four observer states ;Iran, Mongolia, Belarus and Afghanistan
- It has six dialogue partner states; Armenia, Azerbaijan, Cambodia, Nepal, Turkey and Sri Lanka.
Full From :
SCO : Shanghai Cooperation Organization
6. India, Vietnam holds second security dialogue in New Delhi
Tags: place in news Summits
India and Vietnam held their 2nd security dialogue on 13 September 2022 in New Delhi and discussed ways to enhance maritime security cooperation. The first Security Dialogue was held in Hanoi in 2018.
The Second India-Vietnam Security Dialogue was held at the level of Deputy National Security Advisor/Deputy Minister.
The Indian side was led by Vikram Misri, Deputy National Security Adviser, and the Vietnamese side was led by its Deputy Minister of Public Security, Senior Lieutenant General Luong Tam Quang.
IMPORTANT FACTS -
India Vietnam Relation :
- Vietnam has become an important partner in India’s Act East policy and the Indo-Pacific vision as both the countries has dispute with China.
- Vietnam is involved in a dispute with China on the South China Sea Island. China claims nearly all of the disputed South China Sea islands, though Taiwan, the Philippines, Brunei, Malaysia and Vietnam all claim parts of it. Beijing has built artificial islands and military installations in the South China Sea.
- India favours free and open navigation right in the South China Sea which is threatened by China.
- India has oil exploration projects in the Vietnamese waters in the South China Sea. India and Vietnam are boosting their maritime security cooperation in the last few years to protect common interests.
- In 2016, during Prime Minister Modi’s visit to Vietnam, the bilateral relations were further elevated to a “comprehensive strategic partnership”.
- India and Vietnam signed an important Joint Vision Statement on defence partnership during the visit of the Defence Minister Rajnath Singh to Vietnam on 8 June 2022.
- During the defence minister's visit India provided a $500 million defence loan to Vietnam.
ADDITIONAL INFORMATION -
Vietnam :
- It lies in South East Asia and it is a member of Association of Southeast Asian Nation (ASEAN)
- Capital: Hanoi
- Currency: Dong
- President: Nguyen Xuan Phuc
7. India’s biggest telecom flagship event DIPA Annual 2022 to be held in New Delhi
Tags: place in news Science and Technology Summits
Digital Infrastructure Providers Association (DIPA), an apex industry body of digital infrastructure providers will host its Annual Flagship Event on 14 September 2022 at the New Delhi .The event is said to be the biggest event of Telecom industry of the year 2022.
IMPORTANT FACTS -
- The event is being organised by DIPA with the support of the Department of Telecommunications.
- The Minister for Communications, Electronics & Information Technology and Railways, Shri Ashwini Vaishnaw will be the Chief Guest and the Minister of State for Communications, Shri Devusinh Chauhan will be the Guest of Honour.
Theme of the Event 2022 :
The theme of the event is: “Gati Shakti vision for 5G & Beyond”.
8. JIMEX 2022: India- Japan starts joint naval exercise in Bay of Bengal
Tags: place in news Defence
According to the Ministry of Defence the sixth edition of Japan India Maritime Exercise 2022 (JIMEX 22) hosted by the Indian Navy commenced in the Bay of Bengal on 11 Sep 2022.
IMPORTANT FACTS -
- The Japanese Navy which is officially called as Maritime Self Defence Force (JMSDF) is being represented by Naval ships Izumo, a Helicopter Carrier, and Takanami, a Guided Missile Destroyer.
- The Indian Navy is being represented by three indigenously designed and built warships; Sahyadri, a multi-purpose stealth frigate and Anti-Submarine Warfare Corvettes Kadmatt and Kavaratti. Additionally, Guided Missile Destroyer Ranvijay, Fleet Tanker Jyoti, Offshore Patrol Vessel Sukanya, submarines, MIG 29K fighter aircraft, Long Range Maritime Patrol Aircraft and ship borne helicopters are also participating in the exercise.
- JIMEX 22 involves two Phases; exercises at sea and a harbour phase at Visakhapatnam.
- The 5th edition of JIMEX -21 was held in Arabian Sea from 6 to 8 October.
9. Newly Constituted Board of Trade first meeting held in New Delhi
Tags: place in news Economy/Finance
The first meeting of the newly constituted Board of Trade was held in New Delhi on 13 September 2022. The meeting was presided over by the Union Minister for Commerce and Industry Piyush Goel.
The Board of Trade meeting focused on export target setting, the new Foreign Trade Policy (2022-27), and the strategies and measures to be taken in order to take forward domestic manufacturing and exports.
IMPORTANT FACTS -
Board of Trade and its functions :
- The Board of Trade was set up by the government of India by merging Council for Trade Development and Promotion with Board of Trade,
- The Board of Trade advises the Government on policy measures connected with the Foreign Trade Policy in order to achieve the objectives of boosting India’s trade.
- It provides a platform to state governments and Union Territories (UT) for articulating state-oriented perspectives on Trade Policy.
- It also acts as a platform to the Government of India for appraising State Governments and UT about international developments affecting India’s trade.
- It is an important mechanism for deliberations on trade related issues with industry bodies, associations, export promotion councils, and state and UT governments.
10. Vedanta, Foxconn signs MoU with Gujarat government to set up a semiconductor unit in the state
Tags: place in news Economy/Finance Science and Technology
In a boost to the government’s semiconductor mission, Anil Agarwal led Vedanta Group and electronic manufacturing giant Foxconn of Taiwan signed a Memorandum of Understanding (MoU) with the Gujarat Government on 13 September 2022 to set up a FAB manufacturing unit in the state. The manufacturing unit which will include display and semiconductor facilities will be set up near Ahmedabad.
Update on 16 September 2022
The Vedanta Limited has issued a clarification on 16 September 2022 that Volcan Investments would undertake the business of manufacturing semi-conductors and not Vedanta Limited. Volcan Investments is a holding company wholly owned by the Agarwal family trust. It is also the majority shareholder of the London based Vedanta Resources and owns more than 50 percent stake in Vedanta India. However, unlike Vedanta India, Volcan Investments is unlisted.
- The agreement was signed in the presence of Union Minister for Railways, Communication, Electronics and Information Technology Ashwini Vaishnaw.
- A fab (fabrication facility) is short for fabrication plant where raw silicon wafers are processed and turned into integrated circuits.
IMPORTANT FACTS -
Joint Venture partners :
- The manufacturing giant Foxconn will be the technical partner in the Joint venture while the oil-to-metals conglomerate Vedanta is financing the project, as it looks to diversify into chip manufacturing.
- Under the Joint Venture , Volcan Investment will hold a majority stake of up to 60%, and the remaining 40% will be held by Foxconn.
- The total investment in the manufacturing unit will be Rs 1, 54,000 crore to set up the facility in Gujarat which is expected to create one lakh job opportunities.
Other Chip manufacturing proposals :
- Vedanta is the third company to announce a chip plant location in India after international consortium ISMC and Singapore-based IGSS Ventures, which are setting up in the southern states Karnataka and Tamil Nadu, respectively.
- The world chip market is dominated by China and Taiwan and India wants to be self-sufficient in this critical technology
India’s Semiconductor Mission :
- On 29 December 2022, the Information Technology Minister, Ashwini Vaishnaw, launched the India Semiconductor Mission.
- Under the policy, the government will provide Rs 76000 crore incentives for companies setting up manufacturing facilities in India.
- This was done by the government to encourage companies to set up chip manufacturing plants in India.
What is semiconductor :
- Semiconductors are materials which have a conductivity between conductors and insulators. They can be pure elements, silicon or germanium or compounds; gallium, arsenide or cadmium selenide.
- They are the basic building blocks that serve as the heart and brain of all modern electronics and information and communications technology products.
- These chips are now an integral part of contemporary automobiles, household gadgets and essential medical devices such as ECG machines.
Fabrication units in India :
- Currently, India has two fabrication facilities (fab).One is Society for Integrated Circuit Technology and Applied Research (SITAR) of the Defense Research and Development Organisation (DRDO) in Bengaluru and a semiconductor laboratory in Chandigarh, which builds silicon chips for strategic purposes like defense and space and not for commercial use.
ADDITIONAL INFORMATION -
Vedanta limited :
- It is a multinational company headquartered in Mumbai, India.
- It is in the business of Zinc-Lead-Silver, Iron ore, Steel, Copper, Aluminium, Power, Oil and Gas.
- The Chairman of Vedanta group: Anil Aggarwal
