1. UK to issue Open General Export Licence (OGEL) to India
Tags: Economics/Business International News
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In a statement, the British High Commission said the UK will issue an Open General Export Licence (OGEL) to India to cut the delivery period for defence purchases.
The British Prime Minister arrived in India on a two-day visit in the backdrop of the Russo-Ukraine War.
The UK is creating an Open General Export Licence (OGEL) for India to reduce bureaucracy and reduce delivery times for defence procurement.
It will partner with India in the maritime domain along with new fighter jet technology to detect and respond to threats.
What is Open General Export Licence (OGEL)?
It is a type of licence that is used for the export licence that is issued by the government for domestic suppliers.
The goods exported to India are classified into three types.
They are prohibited items, restricted items and freely importable items.
These classifications are made on the basis of the nature and use of the products.
OEGL's application process and grant will be looked after by the Department of Defence Production.
The primary objective of OEGL is to boost India's defence exports.
Belgium, France, Germany, Japan, South Africa, Spain, Sweden, UK, USA, Canada, Italy, Poland and Mexico are allowed under the OGELs.
2. Global sanctions on Russia may help spur Indian exports: EEPC
Tags: Russia-Ukraine Economics/Business International News
According to Engineering Exports Promotion Council (EEPC) India The Russo-Ukraine war has posed risks to economies and trade globally, but sanctions imposed by several developed countries on Russia could bring opportunities for Indian engineering exporters in the global market.
The Russia-Ukraine conflict is currently the most sensitive issue plaguing the global economy, while the sudden rise in COVID cases in China is also a major concern on the global supply chain.
Inflationary pressures in the US and real estate volatility in China will have an impact on business growth.
Rising steel prices and some financial issues are also expected to act as a hindrance to exports in the coming months.
india’s engineering exports
India's engineering exports registered 19.7% growth in March 2022 by climbing up to $11.13 billion from $ 9.29 billion in March 2021.
Exports during April-March stood at $112.10 billion, registering 46.12% growth over the previous year.
In financial year 22, the share of engineering in total merchandise exports was 26.7%.
Out of 34 engineering product panels, 32 showed positive growth during 2021-22 as compared to 2020-21.
India’s engineering exports surpassed the target of $107.34 billion for Financial year 2021-22 set by the Government of India.
Among the top 25 major markets for Indian engineering goods, exports to the US jumped 61 per cent to $2.02 billion in March from $1.26 billion in the same month last year.
Engineering exports to UAE surged 78.9% in March, 2022 to US$ 553 million.
The top 25 countries such as the US, UAE, China, Germany, Italy and Singapore account for about 75% of the total engineering exports from the country.
Italy, UAE and Belgium were the top three importers of Indian Iron and Steel during 2021-22.
The US was the largest importer of Indian 'industrial machinery' during 2021-22 in the global imports of India's product group.
South Africa, Mexico and Nigeria were the top three importers of automobiles from India during 2021-22.
3. FATF Ministerial Meeting in Washington D.C.
Tags: Economics/Business International News
Union Minister for Finance & Corporate Affairs Nirmala Sitharaman attended the FATF Ministerial Meeting in Washington D C on April 21, 2022.
The meeting was held simultaneously with the 2022 Spring Meeting of the World Bank Group and the International Monetary Fund (IMF).
The meeting focused on providing direction to the ministers, by supporting the strategic priorities of the FATF for the year 2022-24.
This meeting focussed on the following points –
* to ensure suitable funding for the delivery of the strategic priorities which.
*FATF systems of Mutual Evaluations
*Enhancing International Beneficial Ownership Transparency,
*Increasing Capabilities to more effectively recover Criminal assets,
*Leveraging Digital Transformation
India extended support on these strategic priorities and reiterated India’s commitment to provide resources and support to FATF.
FATF Ministers will meet again in 2024.
About FATF
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing protector.
This inter-governmental body sets international standards which aim to prevent these types of illegal activities and the harm they cause to society.
It works to produce the necessary political will to bring about national legislative and regulatory reforms in these areas.
With more than 200 countries and jurisdictions it is committed to implementing them.
It was established in July 1989 by the G-7 Summit in Paris.
the FATF expanded its mandate In October 2001 to incorporate efforts for combat terrorist financing as well as money laundering.
It added efforts to counter the financing of proliferation of weapons of mass destruction in April 2012.
4. Russia test-fires ‘world’s most powerful' nuclear-capable missile
Tags: Science and Technology International News
Nearly two months after invading Ukraine, Russia tested the Sarmat missile, a new nuclear-capable intercontinental ballistic missile.
The test was conducted in Palestek, in the southwestern part of Russia.
After the test, Russian President Vladimir Putin said that this missile will make Russia's enemies stop and think.
The Sarmat missile is a new nuclear-capable intercontinental ballistic missile.
It was test-launched for the first time from Plesetsk in northwest Russia and hit targets in the Kamchatka peninsula, nearly 6,000 km (3,700 miles) away.
The missile weighs more than 200 tonnes and can transport more than ten warheads.
As per Russian media, Sarmat is a three-stage, liquid-fueled missile with a range of 18,000 km.
The missile is 35.3 metres long and 3 metres in diameter.
The long-range missile has been in the works since the 2000s.
Russia's nuclear forces will start taking delivery of the new missile "in the autumn of this year" once testing is complete.
It is among Russia's next-generation missiles that Putin has called "invincible," and which also include the Kinzhal and Avangard hypersonic missiles.
It has the highest tactical and technical characteristics and is capable of overcoming all modern means of anti-missile defence.
The missile can hit any target on Earth.
5. Extreme poverty in India declined by 12.3 percentage points during 2011-2019
Tags: Economy/Finance International News
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According to the World Bank Report Poverty in India is 12.3 percentage points lower in 2019 as compared to 2011.
The poverty headcount rate has declined from 22.5 percent in 2011 to 10.2 percent in 2019.
As per a policy research working paper of World Bank, Poverty reduction was higher in rural areas as compared to urban India.
Rural poverty dropped by 14.7 percent while urban poverty declined by 7.9 percentage points during 2011 to 2019.
Study says that farmers with small landholding sizes have experienced higher income growth.
Real incomes for farmers with the smallest landholdings have grown by 10 percent in annualised terms between the two survey rounds in 2013 and 2019 compared to a 2 percent growth for farmers with the largest landholding.
Extreme poverty has been measured in terms of the number of people living on less than $1.90 a day (roughly Rs 145).
About World Bank
– The World Bank is a provider of financial and technical assistance to individual countries around the globe.
–it comprises 189 countries and five constituent institutions that work towards eradicating poverty and creating prosperity.
–Currently, the World Bank has two stated goals that it aims to achieve by 2030.
–The first is to end extreme poverty by decreasing the number of people living on less than $1.90 a day to below 3% of the world population.
–The second is to increase overall prosperity by increasing income growth in the bottom 40% of every country in the world.
–HQ : Washington DC (USA)
6. Egypt approves India as wheat supplier
Tags: Economics/Business International News
Egypt, which is one of the largest importers of wheat from Ukraine and Russia, has approved India as a wheat supplier.
Egypt is likely to lift about one million tonnes of wheat from India, of which 240,000 tonnes will be shipped in April itself.
Export was approved after a rigorous process of field visits and checks in quarantine facilities in India by Egyptian authorities.
The teams visited wheat fields in Madhya Pradesh, UP and Punjab to check for themselves the quality of wheat produced in India.
India aims to export 10-11 million tonnes of wheat in FY23 due to the surge in global demand following the Russia-Ukraine crisis.
India’s wheat export
India's wheat exports rose to $1.74 billion in April-January 2021-22 as against $340.17 million in the same period last year.
In 2019-20, wheat exports were worth USD 61.84 million, which rose to USD 549.67 million in 2020-21.
India's wheat exports are mainly to neighbouring countries with Bangladesh having the largest share of more than 54 percent.
7. Musk set to buy Twitter with $43 billion offer
Tags: International News
Elon Musk, Tesla's Chief Executive Officer (CEO) has offered to buy Twitter.
Twitter informed the stock market on April 14 that Musk sent it a letter on April 13, proposing to buy the rest of the company's shares.
Musk has offered $54.20 for each Twitter share. The offering comes in at over $43 billion.
Musk has described this price as his maximum and final offer.
It is noteworthy that Musk currently owns more than nine percent of Twitter's shares. He is the largest shareholder of the company.
8. Israel has developed the world's first laser missile defence system: Iron Beam
Tags: Defence International News
Israel has successfully test-fired a laser missile defence system for the first time in the world.
The name of this missile defence system has been given 'Iron Beam'. This laser-based missile defence system destroyed mortars, rockets and anti-tank missiles in a single blow.
Israel also has a missile defence system named Iron Dome, which has proved to be very useful for this. This is a very expensive defence system that costs thousands of dollars for repeated use.
But the best thing about this iron beam is that it will cost only Rs 267 in one blow.
9. Boris Johnson rejects calls to resign amid ‘partygate’ fine
Tags: International News
British Prime Minister Boris Johnson has refused to resign after being fined for breaking his government’s pandemic lockdown rules, saying he would instead redouble efforts to strengthen the economy and combat Russian aggression in Ukraine.
London police fined Mr. Johnson and other people on Tuesday for attending a birthday party thrown for the Prime Minister at his Downing Street offices on June 19, 2020.
The penalty made Mr Johnson the first British Prime Minister ever found to have broken the law while in office.
10. India US 2+2 ministerial dialogue
Tags: International News
India and the United States of America will hold the 4th 2+2 ministerial dialogue in the United States on 11 April 2022.
The dialogue will be held between Defence Minister Rajnath Singh and External Affairs Minister Subrahmanyam Jaishankar with US Secretary of State Antony Blinken and Secretary of Defence Lloyd Austin respectively.
India and the United States decided to start 2+2 dialogue during Prime Minister Narendra Modi Visit to the U.S in June 2017.
The first meeting was held in September 2018.
India holds 2+2 meeting with Australia and Japan also
In the United States Foreign Minister is called the Secretary of State and the Defence Minister is called the Secretary of Defence.
