1. 25th Energy Technology meet held in Mumbai
Tags: place in news Economy/Finance Summits
The 3 day (15-17 September 2022) , 25th Energy meet organised by the Centre for High Technology (CHT), under the aegis of Ministry of Petroleum & Natural Gas ,Government of India, in association with Hindustan Petroleum Corporation Ltd is being held in Mumbai .
The Energy meet was earlier called the Refining and Petrochemicals Technology Meet.
IMPORTANT FACTS -
- Theme of the 25th Energy meet: Refining in the new Energy era”
- The 25th Energy meet was addressed by the Union Minister for Petroleum and Natural Gas Hardeep Singh Puri and Union Minister of State for Petroleum and Natural Gas, Rameshwar Teli on 15 September 2022.
- Speaking on the occasion Rameshwar Teli said that the Government is committed to raise the share of Natural Gas in the country’s energy mix to 15% by 2030 from its current share of just above 6%.
- He added that the Government has decided to set up 18 thousand Compressed Natural Gas (CNG) stations in the country by 2030.
2. 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
3. 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.
4. 6th CICA summit to be held in Kazakhstan
Tags: Summits International News
Kazakhstan will be host the 6th Conference on Confidence Building Measures and Interaction in Asia (CICA) summit in October 2022.
The summit meeting will be held on 12-13 October 2022 at the Kazakhstan capital, Nur-Sultan.
The Conference on Interaction and Confidence Building Measures in Asia (CICA) is a multi-national forum for enhancing cooperation towards promoting peace, security and stability in Asia.
The idea of convening CICA was first proposed by the President of the Republic of Kazakhstan Nursultan Nazarbayev, on 5 October 1992, at the 47th Session of the United Nations General Assembly.
27 countries including India, China, and Pakistan are members of CICA.
IMPORTANT FACTS -
Summit meetings of CICA :
- The First summit meeting was held in Almaty, Kazakhstan on 4 June 2022. It was attended by Prime Minister Atal Bihari Vajpayee.
- The second CICA summit was held in Almaty, Kazakhstan on June 17, 2006
- The third CICA Summit was held in Istanbul, Turkey on 8 June 2010
- The Fourth CICA Summit, was held in Shanghai, China on 21 May 2014
- The Fifth CICA Summit was held in Dushanbe, Tajikistan, on 15 June 2019.
Full Form :
CICA : Conference on Interaction and Confidence Building Measures in Asia
5. 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).
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. India to invite Bangladesh and other friendly as guest country during its G-20 presidency
The Ministry of External Affairs on 13 September 2022, said that India will invite a number of friendly countries and International Organisation to the G-20 summit as Guest countries to the G-20 Summit meeting being hosted by India on 09 and 10 September 2023 in New Delhi.
IMPORTANT FACTS -
Guest Countries :
- India will invite Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and UAE as Guest Countries.
International Organisations to be invited :
- India will invite the United Nations, International Monetary Fund(IMF),World Bank, World Health Organisation (WHO),World Trade Organization (WTO),International labour organization(ILO),Organisation of Economic Cooperation and Development (OECD), Financial Stability Board(FSB), Head of African Union, International Solar Alliance ,Association of South-east Asian Nation(ASEAN) , African Union Development Agency (AUDA-NEPAD ) CDRI (Coalition for Disaster Resilient Infrastructure) and ADB (Asian Development Bank).
- 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).
9. Gadkari calls for joint effort to achieve 5 trillion dollar economy goal
Tags: place in news Economy/Finance Summits Person in news State News
While addressing the 41st Meeting of the Transport Development Council at Bengaluru ,Karnataka on 9 September 2022 ,Union Minister for Road Transport and Highways Nitin Gadkari said that both the Centre and the States should work together to transform the transport sector.
IMPORTANT FACTS -
- The 41st Transport Development Council meeting was held as part of the 3 day ‘Manthan’ organised by the Union Ministry of Road Transport and Highways at Bengaluru.
- Gadkari said that” In the next five years, both the Centre and the states should work together to transform the transport sector of the country to become a five trillion-dollar economy,”
- In 2019, Prime Minister Narendra Modi envisioned making India a $5 trillion economy and global powerhouse by 2024-25.
- He further said that efforts should be made to increase the automobile industry from 7.5 lakhs crore to 15 lakhs crore in the next 5 years enabling India as a top automobile manufacturing hub in the world.
- Ministers of Transport from Uttar Pradesh, Madhya Pradesh, Uttarakhand, Himachal Pradesh, Manipur, Goa, Karnataka, Delhi and Tamil Nadu participated in the 41st Transport Development Council.
10. Piyush Goyal attends the first in-person Ministerial meeting of the Indo-Pacific Economic Forum in Los Angeles
Tags: place in news Summits Economics/Business International News
Union Commerce and Industry Minister Piyush Goel is attending the two day (8-9 September) first in person Ministerial meeting of the Indo-Pacific Economic Forum in Los Angeles, United States.
The meeting is being co- hosted by the U.S. Trade Representative Katherine Tai and the US Commerce Secretary Gina Raimondo.
The first Virtual meeting was held on 26 June 2022 which was hosted by the United States.
The meeting hopes to work out an agreement on the four pillars of the IPEF.
IMPORTANT FACTS -
Indo-Pacific Economic Framework for Prosperity (IPEF) :
- The United States of America President Joe Biden launched the Indo-Pacific Economic Framework for Prosperity (IPEF) on 23 May 2022 in Tokyo, Japan.
- 14 countries Australia, Brunei, Fiji, Indonesia, India, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam along with the United States are members of IPEF.
- Together, these countries represent 40% of world GDP.
Aim of the IPEF :
- It is not a trade bloc where tariffs on goods and services amongst the member countries are reduced to boost trade.
- IPEF is an attempt by the US to offer an alternative supply chain to the countries of Asia-Pacific region against China.
- IPEF will focus on improving the supply chain in the economy so that it can withstand disruption as witnessed during covid pandemic and will make the economy stronger and lower the cost of production .
- To reduce over reliance on China and to diversify the supply chain, the United States is promoting IPEF.
ADDITIONAL INFORMATION -
There are four pillars of IPEF :
- fair and resilient trade (including digital, labour, environmental and other standards);
- supply chain resilience;
- infrastructure, decarbonisation and clean energy; and
- Tax and anti-corruption.
- The Indian government feels that this initiative of the US will help India become a part of the global supply chain. It hopes to attract a sizable global investment in the manufacturing sector as the world moves away from China.
