1. Compulsory registration of Phones IMEI before sale from 1 January 2023
Tags: Economy/Finance
The Department of Telecommunications (DoT) has made the registration of the IMEI (International mobile equipment identity number) of all mobile phones mandatory before their first sale in India on its anti-counterfeit and lost handset blocking portal from January 1, 2023. This includes mobile handsets manufactured in India or imported.
The notification has been issued by the DoT under the Prevention of Tampering of the Mobile Device Equipment Identification Number (Amendment) Rules, 2022.
Significance of IMEI
Every mobile phone comes with a unique 15-digit IMEI number which serves as the unique ID of the device. Whenever a call is made from the phone, the IMEI number is displayed on the telecom network. This helps the law enforcement agencies to track a mobile phone which has been stolen or used by suspected criminals or terrorist. However, due to the presence of counterfeit devices with the same IMEI on telecom networks.it is becoming difficult for the law enforcement agencies to track the phone.
The government has launched the Central Equipment Identity Register (CEIR) project to block and trace lost or stolen mobile phones and added Indian Counterfeited Device Restriction (ICDR) system to curb proliferation of such handsets.
2. 13th FICCI Global Skills Summit 2022 inaugurated by Dharmendra Pradhan
Tags: place in news Economy/Finance Summits Economics/Business Person in news
Union Education and Skill Development and Entrepreneurship Minister Dharmendra Pradhan inaugurated the 13th FICCI Global Skills Summit 2022 in New Delhi on 27 September 2022.
The two-day (27-28 September) Summit has been organised by Federation of Indian Chamber of Commerce and Industry (FICCI) Skills.
Theme of the 13th FICCI Global Skills Summit 2022: “Education to Employability - Making It Happen.”
Federation of Indian Chamber of Commerce and Industry (FICCI)
It is a business lobby group of top business houses in India which was founded by Ghanshyam Das Birla.
It was set up in 1927
It articulates the views and concerns of industry and tries to influence the government to make policy which is in favour of the industry and business.
Headquarters: New Delhi
President: Sanjiv Mehta
3. Axis Bank launches cashback credit card with Samsung
Tags: Economy/Finance
India's third largest private sector bank, Axis Bank has launched a co-branded cashback credit card with Samsung India on 26 September 2022. Samsung is a South Korean Multinational company primarily engaged in the business of electronics and consumer durable goods.
The users of the credit card will receive 10% cashback on Samsung products over and above existing offers, on both equated monthly installments (EMI) and non-EMI transactions.
Axis Bank is the fourth largest issuer of credit cards in India.
According to the RBI data as per the month of August 2022, the largest issuer of credit cards in India are HDFC Bank, followed by ICICI Bank, SBI.
Axis Bank
It started its business as UTI bank in 1993. Its name was changed to Axis Bank in 2007.
Headquarters of Axis Bank : Mumbai, Maharashtra
Managing Director and Chief Executive Officer : Amitabh Chaudhary.
Tagline : Badhti Ka Naam Zindagi
4. Sahar Al Rumaih becomes the first women deputy governor of Kuwait’s Central Bank
Tags: Economy/Finance Person in news International News
Kuwait has appointed Sahar Al Rumaih as the deputy governor of its central bank, Central Bank of Kuwait.
It is for the first time that a woman has been appointed to this post in the country.
The first woman deputy Governor of the Reserve Bank of India was KJ Udeshi . She was appointed for this post in 2003.
Basel A. Al-Haroon is the governor of the Central Bank of Kuwait.
Kingdom of Kuwait
It is an Arab country situated in the Arabian Peninsula along the Persian Gulf in West Asia.
It is a small Kingdom/Emirate, situated between Saudi Arabia and Iraq.
Capital: Kuwait city
Currency: Kuwaiti Dinar
King/Emir: Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah
Prime Minister: Sheikh Ahmed Nawaf Al-Sabah
5. OECD expects India’s growth rate at 6.9% in 2022-23
Tags: Economy/Finance
Organisation for Economic Co-operation and Development (OECD) has retained its projection of 6.9% growth in India's GDP for the current financial year 2022-23.
OECD expects the Indian growth rate to be at 5.7% in the next fiscal year 2023-24.
The global rating agency Standard and Poor(S&P) has also maintained its forecast of a 7.3% growth rate of the Indian economy for the financial year 2022-23.
In its report titled Economic Outlook Asia-Pacific Q3 2022 report, has forecasted India’s growth rate to be 6.5% in 2023-24.
Earlier in a report released in September the Asian Development Bank had reduced the growth rate forecast for India to 7% for 2022-23.
RBI has forecasted a growth rate of 7.2% for the Indian economy in 2022-23.
The Indian economy grew by 8.7% in 2021-22 and in the first quarter of the current financial year (April-June 2022) it grew by 13.5%.
Organisation of Economic Cooperation and Development (OECD)
It was set upon 16 December 1960 by 18 European countries and the United States, Canada. It is a think tank which support free market economy.
The OECD publishes economic reports, statistical databases, analyses, and forecasts on the outlook for economic growth worldwide.
At present it has 38 member countries from Europe, South America, Asia and North America.
India, China are not members of OECD.
Headquarters: Paris, France.
6. Union Commerce Ministry extends Foreign Trade Policy by six months till March 2023
Tags: Economy/Finance
The Union ministry of commerce has decided to extend the validity of the current Foreign Trade Policy (FTP) for another six months till March 2023. The government had planned to release the FTP on September 29 and it was to come into force from 1 October 2022.
The validity of the current FTP was for 2015-2020 and has been extended by three times till September 2022. This was done by the government in the wake of the Covid-19 pandemic, to provide policy stability and help the exporters.
According to the commerce ministry this has been done after demands from various industry associations and state-backed export promotion councils due to the uncertain external environment.
Reasons for extending FTP
According to the government the export bodies in India wanted the government to implement the policy from the start of a financial year and not in the mid-year.
The external situation is presently very uncertain due to the situation in Ukraine, currency volatility and fear of recession in the major markets of the United States of America and Europe. Government hopes that the external situation will become clearer in the next six months.
The latest extension will lend predictability to the policy regime for exporters and enable them to continue to get incentives under a clutch of extant programmes.
Foreign Trade Policy
The Foreign Trade Policy is formulated by the Union Ministry of Commerce and Industry.
The policy provides a set of guidelines regarding the Import and export of goods from India.
The Foreign Trade Policy is normally of five year duration.
The FTP is administered by DGFT (Directorate General of Foreign Trade)
Trade Data of India
The total export of goods from India in 2021-22 was $417.81 billion
The total export of goods from India in April to July 2022 was $ 253.84 billion.
Union Minister for Commerce and Industry: Piyush Goel
7. Apple to manufacture its latest iPhone 14 in India
Tags: Economy/Finance
The American technology giant Apple has announced on 26 September 2022 that it will manufacture its latest iPhone 14 in India, as the tech giant moves some of its production away from China.
Many analyst expect Apple to move about 5% of iPhone 14 production from late 2022 to India, which is the world's second-biggest smartphone market after China.
Apple does not manufacture its iconic iPhone models .It rather designs the phone and the manufacturing is mainly done by Taiwanese company Foxconn.
Foxconn, is currently manufacturing the devices at its Sriperumbudur factory on the outskirts of Chennai.
Apple has been manufacturing iPhones in India since 2017 but these were usually older models. This time with the iPhone 14, Apple is producing its latest model in India for the first time.
Apple’s focus on manufacturing in India highlights the tech giant’s desire to diversify production away from China and boost customers in India, which is currently a small market for the company.
Apple Company
Apple is an American multinational technology company that specializes in consumer electronics, software and online services headquartered in Cupertino, California, United States.
Apple was founded as Apple Computer Company on April 1, 1976, by Steve Jobs, Steve Wozniak and Ronald Wayne.
It is known for its iconic smartphone iPhone and tablet IPad.
CEO: Tim Cook
Headquarters: Cupertino, California, United States
8. Sanjai Kumar appointed as the CMD of RailTel
Tags: Economy/Finance Person in news
The Government of India owned RailTel Corporation of India has appointed Sanjai Kumar as Chairman & Managing Director (CMD) of the company.
He is an officer of the Indian Railway Service of Signal Engineers.
RailTel, a "Mini Ratna (Category-I)" Central Public Sector Enterprise is an information and communications technology (ICT) provider. It is the one of the largest telecom infrastructure providers in the country owning a pan-India optic fiber network along Railway track.
Headquarters: New Delhi
9. Government of India’s flagship programme ’Make In India’ completes 8 years
Tags: National Economy/Finance Government Schemes
The flagship program of the Government of India, 'Make in India’ completed 8 years on 25 September 2022. The programme was launched by the Prime Minister Narendra Modi in 2014 to transform the country into a leading global manufacturing and investment destination.
The initiative is an effort of the government to attract foreign investors to invest in India.
Giving the accomplishment of the Make in India Initiative the Union Commerce Ministry highlighted the following accomplishment of the programme.
- Production Linked Incentive (PLI) scheme across 14 key manufacturing sectors, was launched in 2020-21 as a big boost to Make in India initiative. The PLI Scheme incentivises domestic production in strategic growth sectors where India has comparative advantage.
- Recognising the importance of semiconductors in the world economy, the Government of India has launched a USD 10 billion incentive scheme to build a semiconductor, display, design ecosystem in India.
- The Ministry highlighted that India's export of toys increased to Rs 2601.5 crore in 2021-22 as compared to Rs 1612 crore in 2018-2019, an increase of 61%.
- The Foreign Direct Investment has increased from US $ 45.15 billion in 2014-2015 to record $83.6 billion in 2021-22.
10. RBI felicitate banker’s for making Leh achieves 100 percent digitization of banking operations
Tags: place in news Economy/Finance
The Reserve Bank of India (RBI) has felicitated the bankers of the Leh district for achieving 100 percent digitization of banking operations.
Digital Banking refers to the electronic banking service provided by a bank for its financial, banking and other transactions through electronic devices online.
Leh is the capital of the union territory of Ladakh and is the highest located district of India.
In 2019 RBI put forward a proposal to make at least one district of every state in the country have 100 percent digitization of banking operations.
Thrissur district of Kerala became the first fully digital banking district of the country in August 2021.
Kerala is also the first state in India to achieve the target of Financial Inclusion of having at least one bank account in a family.
