1. India’s Pharma exports grow by 103% since 2013-14
Tags: National Economy/Finance
Indian pharma exports witnessed a growth of 103% since 2013-14, from Rs 90,415 crore in 2013-14 to Rs 1,83,422 crore in 2021-22.
The exports achieved in 2021-22 is the best ever export performance of the pharma sector.
This is a remarkable increase with exports increasing by about US$ 10 billion in 8 years.
The trade balance remains in India's favour with a surplus of USD 15175.81 million.
India’s Pharma industry
India is the world's third-largest pharmaceutical producer.
Indian pharma companies have made India a global mark with 60% of the world's vaccines and 20% of generic drugs.
The share of the drug in India's global exports is 5.92 percent.
Currently, more than 80% of the antiretroviral drugs used globally to combat AIDS (Acquired Immune Deficiency Syndrome) are supplied by Indian pharmaceutical companies.
It contributes 1.5% to the Indian GDP.
India's top five pharma export destinations are the US, UK, South Africa, Russia and Nigeria.
The pharmaceutical industry in India offers 60,000 generic brands across 60 therapeutic categories.
2. Biggest bilateral trade pact between India, UAE comes into force
Tags: International Relations Latest
The historic India-UAE Comprehensive Economic Partnership Agreement (CEPA) which was signed between the two countries on 18 February 2022, officially came into force from 1 May.
Under the agreement, domestic exporters of products of textiles, agriculture, dry fruits, gems and jewellery will get duty-free access to the UAE market.
In a symbolic start to the implementation of the agreement, Commerce Secretary BVR Subramaniam handed over the place of origin certificates to three exporters from the gems and jewellery sector.
Under the Comprehensive Economic Partnership Agreement (CEPA), these consignments sent to Dubai will not attract customs duty.
Background
CEPA, a comprehensive path-breaking trade agreement between India and the United Arab Emirates, was signed on February 18 during a virtual summit between Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan.
The agreement was signed and exchanged by Minister of Commerce and Industry Piyush Goyal and UAE Minister of Economy Abdullah bin Touq Al Marri.
Significance of the agreement
The agreement will provide significant benefits to Indian and UAE businesses, including increased market access and lower tariffs.
Through CEPA, the target is to increase bilateral trade from the current $60 billion to $100 billion in the next five years.
Overall, India will benefit from the preferential market access provided by the UAE on over 97% of its tariff lines.
3. Core Industries grow by 10.4% during FY 2021-22
Tags: National Economy/Finance
The cumulative growth rate of the Index of Eight Core Industries (ICI) posted robust growth of 10.4 percent during 2021-22 fiscal as compared to the corresponding period of previous Financial Year.
According to data from the Ministry of Commerce and Industry, the combined index of eight core industries rose 4.3% in March this year compared to the index for March 2021.
The growth in the production of natural gas stood at 7.6%, steel index appreciated 3.7%, cement index grew 8.8% and electricity stood at 4.9% during the month of March 2022.
Refinery Products grew 6.2% and fertiliser output grew by 15.3% in March this year.
ICI measures combined and individual performance of production in selected eight core industries viz Coal,Natural Gas, Crude Oil, Fertilisers, Refinery Products, Steel, Cement and Electricity.
The eight core industries comprise 40.27 per cent of the weight of the items included in the Index of Industrial Production (IIP).
4. FDA proposes ban on menthol cigarettes, flavoured cigars
Tags: Latest International News
The US Food and Drug Administration issued a long-awaited proposal to ban menthol cigarettes and flavoured cigars.
The proposal aims to ban menthol as a specific flavouring in cigarettes and all characteristic flavours in cigars.
The proposed rule will help prevent children from becoming the next generation of smokers and help in quitting adult smoking addiction.
The proposed rule will help prevent children from becoming the next generation of smokers and help in quitting adult smoking addiction.
Brazil was the first country in the world to ban menthol cigarettes in 2012.
In 2019, the Government of India banned electronic cigarettes and different states have their own rules for banning the consumption of hookah in public places.
Tobacco Consumption in India
As per the Global Youth Tobacco Survey, India has the second largest number (268 million) of tobacco users in the world.
Every year 1.3 million people in India die due to tobacco-related diseases.
One million deaths are caused by smoking.
In India, about 270 million people above 15 years of age and 8.5% of school children in the age group of 13-15 years use tobacco in some form or the other.
Tobacco consumption incurs an economic burden of Rs 1,77,340 crore annually in India.
About 27 percent of cancers in India are caused by tobacco use.
5. Govt extends Rs 820 crore financial support to India Post Payments Bank
Tags: Latest National News
In the meeting of the Union Cabinet, approval has been given to provide financial support of Rs.820 crore to India Post Payment Bank.
The project outlay for setting up of India Post Payments Bank (IPPB) has been increased from Rs 1,435 crore to Rs 2,255 crore by the Union Cabinet.
The Cabinet has also given in-principle approval for a provident fund of Rs 500 crore to meet regulatory requirements and technological up-gradation.
This additional financial support will help India Post Payments Bank meet its objective of advancing financial inclusion across India by leveraging the entire network of the Department of Posts.
About India Post Payment Bank
It is set up under the Department of Posts, Ministry of Communications with 100% equity owned by the Government of India.
Founded- 1 September 2018.
Headquarters- New Delhi
Secretary- Vineet Pandey
MD & CEO- J. Venkataramu.
In January 2022, IPPB had crossed 5 crore customers
6. Reliance Industries 1st Indian firm to touch Rs 19 lakh crore m-cap
Tags: National Economics/Business
Reliance Industries Limited (RIL) has become the first Indian company to cross the Rs 19 lakh crore mark by market cap.
RIL shares rose 1.85 per cent to a record high of Rs 2,827.10 on the Bombay Stock Exchange (BSE) recently, due to which the company's market valuation also increased to Rs 19,12,814 crore.
The 2 billion dollar deal between Reliance and Abu Dhabi's chemical company Tajiz is the main reason behind the rise in Reliance's shares.
TCS is the second largest IT company by market cap among the listed companies in the Indian stock market after Reliance Industries.
About Reliance Industries
Reliance operates across India in the fields of energy, petrochemicals, textiles, natural resources, retail and telecommunications.
Reliance has 123 subsidiaries and 10 associate companies.
Establishment- 1966
Founder- Dhirubhai Ambani
Headquarters- Mumbai, Maharashtra
Chairman and MD- Mukesh Ambani.
Reliance Industries Chairman Mukesh Ambani is at the eighth position with a net worth of $103.70 billion in the list of world's richest people recently released by Forbes.
7. Agra becomes first city in the country to have vacuum based sewer system
Tags: National News
Agra in Uttar Pradesh has become the first city in the country to have a vacuum based sewer system.
The Agra Smart City Company has connected 240 homes with vacuum sewers in Tajganj, near the Taj Mahal, where conventional sewer systems could not be used.
The Smart City Company has prepared the vacuum sewer line and network from the Netherlands company Quavek and has also entrusted the maintenance work for 5 years.
Sensors have been installed in the sewer chambers that will issue sensor alerts if the vacuum sewer network is choked or other problems..
Vacuum sewer network of 240 houses has been built for Rs 5 crore.
After Agra, Kochi Municipal Corporation is also planning to install a vacuum based sewer system.
8. LG Baggavalli Somashekar Raju to take over as Vice Chief of Army Staff
Tags: Popular Defence Person in news National News
Lieutenant General Baggavalli Somashekar Raju will take over as the Vice Chief of the Army Staff on 1 may.
An alumnus of Sainik School Bijapur and National Defence Academy, Raju was commissioned into the Jat Regiment on 15 December 1984.
He commanded his battalion during OP Parakram in the Western Theatre and in Jammu and Kashmir.
Raju also has the distinction of commanding the Uri Brigade on the Line of Control, a counter insurgency force and the Chinar Corps in the Kashmir Valley.
Raju has also served as the Commandant of the Indian Military Training Team in Bhutan.
During his illustrious career spanning 38 years, BS Raju has been involved in several important regimental, staff and instructional appointments at Army Headquarters.
Before taking over as the co-chief of the Army, Lt Gen Raju was the Director General Military Operations during the standoff with China on the LAC.
He is also a qualified helicopter pilot. He has flown in the UNOSOM-2 operation in Somalia.
9. Union Minister Sarbananda Sonowal inaugurated Golden Jubilee Celebrations of Cochin Shipyard Ltd
Tags: National News
Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal inaugurated the Golden Jubilee Celebrations of the Cochin Shipyard Ltd on 30th April.
He also unveiled a Golden Jubilee statue and launched the Startup Engagement Framework of Cochin Shipyard on the occasion.
He also initiated work for development of the Ro-Ro (roll-on, roll-off) jetty near Mattancherry Wharf of Cochin Port and unveiled the new logo of Cochin Port Authority.
He also inaugurated a workshop on "Green Shipping in India --Keeping Pace with the Global Maritime Green Transitions" in Kochi.
The event has been organised by the Union Ministry of Shipping, Ports and Waterways in association with Cochin Shipyard and Institute of Energy and Resources.
About Cochin Shipyard Ltd
Cochin Shipyard was incorporated in the year 1972 as a wholly owned Government of India company.
Over the past three decades the company has emerged as a forerunner in the Indian shipbuilding and ship repair industry.
This yard can build and repair the largest ships in India.
It can build ships up to 1,10,000 DWT and repair ships up to 1,25,000 DWT.
Shipyard commenced ship repair operations in 1982.
10. Star9 Mobility Private Limited to buy 51 percent of govt share in Pawan Hans Limited
Tags: Popular Economics/Business National News
The Government has approved the highest bid of Star9 Mobility Pvt Ltd for sale of Government's entire 51 per cent stake in Pawan Hans Limited (PHL) and transfer of management control.
PHL is a 51:49 joint venture between the government and ONGC that provides helicopter and aero mobility services.
ONGC earlier decided to offer its entire shareholding to the successful bidder identified in the GoI strategic disinvestment transaction, on the same price and terms as the government.
The reserve price for the sale of 51% stake of PHL was fixed at Rs 199.92 crore based on the valuation done by the transaction advisor and asset valuer.
The alternative mechanism comprises Nitin Gadkari, Road Transport and Highways Minister, Nirmala Sitharaman, Finance Minister and Jyotiraditya Scindia, Civil Aviation Minister.
Pawan Hans Limited has incurred losses in the last three financial years. The company has a fleet of 42 helicopters.
