Indian Economic Trade Organization appoints Nutan Roongta as Director of USA East Coast

Why in news?

The Indian Economic Trade Organization (IETO) has recently announced the appointment of Nutan Roongta as the Director of the USA East Coast Chapter. This significant development highlights IETO’s commitment to expanding its presence and promoting bilateral trade and economic cooperation between India and the United States. As the Director of the USA East Coast Chapter, Nutan Roongta will play a pivotal role in leading and coordinating the organization’s activities across this vital region. With her extensive experience and expertise in international trade and business development, she is well-equipped to spearhead IETO’s efforts to enhance commercial ties between the two nations.

All about the IETO 

IETO is a renowned organization dedicated to fostering economic growth, facilitating business partnerships, and promoting investment opportunities between India and its global counterparts. Establishing USA East Coast Chapter is a strategic move that reflects IETO’s commitment to strengthening bilateral trade and economic cooperation with the United States, one of India’s key trading partners.

IETO aims to facilitate greater market access for Indian businesses in the United States, while also attracting American companies to explore investment opportunities in India. By leveraging on existing expertise and the Indian diaspora IETO, will work towards removing trade barriers, identifying potential sectors for collaboration, and promoting cross-border partnerships that create a win-win situation for both nations.

Important takeaways for all competitive exams: 

  • IETO Headquarters: Bengaluru;
  • IETO Founded: 2013.

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8th Global Pharmaceutical Quality Summit 2023 Concludes in Mumbai

Why in the News?

The 8th Global Pharmaceutical Quality Summit 2023 held in Mumbai garnered attention due to the presence of Dr. Mansukh Mandaviya, Union Minister for Chemicals and Fertilisers and Health & Family Welfare. His address highlighted India’s significant role as a global pharmacy during the COVID-19 pandemic and emphasized the importance of quality, research and development, and innovation in the pharmaceutical industry.

Theme:

The theme of the 8th Global Pharmaceutical Quality Summit 2023 was “Patient Centricity: New Paradigm of Manufacturing and Quality.” This theme aimed to explore innovative approaches to manufacturing and quality assurance in order to prioritize patient needs and enhance the overall healthcare experience.

Key Points:

  1. India’s Role as a Global Pharmacy: Dr. Mandaviya emphasized that India played a crucial role as the “pharmacy for the world” during the COVID-19 pandemic by ensuring a continuous supply of quality medicines and vaccines to various countries. He highlighted India’s ability to develop and deliver vaccines to 150 countries without any complaints regarding their quality.

  2. Indian Pharmaceutical Industry’s Success: The Health Minister acknowledged the Indian pharmaceutical industry’s achievements in terms of both quality and quantity. He stressed the importance of leveraging India’s brand power and manpower to capitalize on the global demand for medicines and vaccines.
  3. Opportunities for Manufacturing and Innovation: Dr. Mandaviya urged the industry to seize the unique opportunity presented by the world’s demand for Indian pharmaceutical products. He emphasized the need for quality, research and development, and innovation to meet the evolving healthcare challenges and maintain India’s global leadership in the pharmaceutical sector.

Also Read: President Murmu inaugurates 7th International Dharma Dhamma Conference

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Kyriakos Mitsotakis sworn in as Greek Prime Minister

Introduction

Kyriakos Mitsotakis, leader of the centre-right New Democracy party, has been sworn in as the prime minister of Greece for a second term following a resounding election victory. Mitsotakis has outlined his plans to rebuild Greece’s credit rating, create jobs, raise wages, and boost state revenues. His party secured 158 seats in the 300-seat parliament, surpassing the leftist Syriza party, which governed Greece from2015-2019 during the country’s economic crisis.

 

Conservative Kyriakos Mitsotakis sworn in as Greece’s prime minister

 

Rebuilding the Credit Rating and Economic Reforms

Mitsotakis has committed to implement significant changes during his second term to address Greece’s pressing needs. One of his key priorities is to rebuild the country’s credit rating, which suffered greatly during the debt crisis. He aims to achieve this through a series of reforms focused on improving the business environment and the health of the banking sector. Moody’s, a prominent ratings agency, has viewed New Democracy’s victory as credit-positive, ensuring continuity in fiscal and economic policies.

Job Creation and Wage Increase

To stimulate economic growth and alleviate unemployment, Mitsotakis plans to prioritize job creation. He aims to boost revenue from Greece’s vital tourism industry, which plays a significant role in the country’s economy. Additionally, he seeks to raise wages to approach the European Union average, providing better standards of living for Greek citizens.

Debt Reduction and Financial Outlook

Moody’s Senior Vice President, Steffen Dyck, forecasts that Greece will experience one of the largest debt reductions globally. The general government debt burden is expected to decline to less than 150% of GDP by 2025, down from 171.3% at the end of 2022. This positive trajectory is anticipated to enhance Greece’s financial stability and restore investor confidence in the country’s economy.

Cabinet Appointments

Kostis Hatzidakis, Vice President of New Democracy and former labor and energy minister, is expected to be appointed as the finance minister. Hatzidakis oversaw the restructuring of Greece’s largest power utility during the previous government. Nikos Dendias, who served as foreign minister in the previous administration, is likely to be appointed as the defense minister. The foreign ministry portfolio is expected to be assigned to George Gerapetritis, a senior aide to Mitsotakis who previously held the positions of state minister and temporarily took over the transport ministry after a train crash.

Addressing Voter Concerns

While the COVID-19 pandemic and a recent rail crash exposed weaknesses in Greece’s health and public transport systems, voters have expressed greater concerns about soaring prices and economic hardships. Mitsotakis aims to address these concerns and implement measures to improve the affected sectors, ensuring better services and increased affordability for the Greek population.

Important takeaways for competitive examination

  • President of Greece is Katerina Sakellaropoulou
  • Katerina Sakellaropoulou was a former banker
  • Currency of Greece is Euro

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Govt launches Nandi portal to grant NOC for veterinary drugs, vaccines

Introduction

The Ministry of Fisheries, Animal Husbandry, and Dairying has taken a significant step towards streamlining the regulatory approval process for veterinary drugs and vaccines with the launch of the Nandi portal. The portal aims to timely process applications and grant non-objection certifications (NOC) for these essential products. With the increasing demand for veterinary products, especially due to the ongoing livestock vaccination drive, the Nandi portal will play a crucial role in expediting the approval process.

Enhancing Efficiency through Digitalization

The manual system of granting permissions for the import, manufacture, and marketing of veterinary drugs and vaccines has been replaced by the Nandi portal. This digital platform integrates seamlessly with the SUGAM portal of the Central Drug Standard Control Organization (CDSCO) and the Drugs Controller General of India, ensuring a more efficient and streamlined approval process.

Streamlined Application Process

Applicants will now be required to submit their applications for NOC through the Nandi portal. The application will be forwarded from the CDSCO SUGAM Portal to the Department of Animal Husbandry and Dairying. Applicants can conveniently submit their dossier online using the same login credentials, ensuring a seamless experience.

Thorough Review by Experts

The Empowered Committee on Animal Health, comprising experts in the field, will review the applications based on their essentiality and desirability. This committee will play a vital role in ensuring that only quality veterinary products receive approval, safeguarding the health of animals.

Efficient Generation of NOC

Once the application is approved, the NOC will be generated online and promptly issued to the applicant. This digital process eliminates the need for manual paperwork and significantly reduces the time required for obtaining the necessary certifications.

Advancing Animal Pandemic Preparedness

The Nandi portal aligns with the Animal Pandemic Preparedness Initiative (APPI) and serves as a crucial tool to strengthen the country’s preparedness for potential animal pandemics. By expediting the approval process for veterinary drugs and vaccines, the portal contributes to the timely availability of essential products during critical times.

Important takeaways for competitive examinations

  • Parshottam Rupala is the Union Minister for the Ministry of Fisheries, Animal Husbandry and Dairying.
  • SUGAM is an online e-Governance portal introduced by the government of India to build an in-depth Regulatory framework for the registration processes of the Central Drugs Standard Control Organisation.
  • Mansukh Mandavia is the minister responsible for Central Drugs Standard Control Organisation.

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S&P Retains India’s Growth Projection at 6% for FY24; Fastest Growing Economy in Asia Pacific

S&P Global Ratings, a leading credit rating agency, has retained India’s GDP growth projection at six percent for the fiscal year 2023-2024. This forecast positions India as the fastest growing economy among the Asia Pacific nations. The rating agency’s decision to maintain the growth outlook is based on the country’s domestic resilience.

India, Vietnam, and the Philippines Lead the Growth Chart

According to S&P Global Ratings’ quarterly economic update for the Asia-Pacific region, India, Vietnam, and the Philippines are expected to experience the highest growth rates, each projected at around six percent. The medium-term growth outlook for these countries remains solid. S&P emphasizes that Asian emerging market economies continue to be among the fastest growing in the global growth outlook through 2026.

Inflation Expected to Soften; Interest Rate Cut Delayed

S&P Global Ratings predicts that retail inflation in India will likely ease to five percent in the fiscal year 2023-2024, down from 6.7 percent in the previous year. The agency expects a decline in fuel and core inflation due to softer crude prices and a moderation in demand, respectively. However, S&P suggests that the Reserve Bank of India (RBI) will postpone interest rate cuts until early 2024. The RBI aims to observe consumer inflation moving towards its target range of four percent.

China’s Growth Forecast Lowered; Resilience Seen in Rest of the Region

S&P Global Ratings has revised down China’s growth forecast for 2023 to 5.2 percent from the previous estimate of 5.5 percent. However, the agency has left the growth projections for the rest of the region broadly unchanged, citing domestic resilience as a contributing factor.

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Sam Manekshaw Death Anniversary 2023

Why in news?

Field Marshal Sam Manekshaw’s Death Anniversary 2023 is in the news, commemorating 15 years since his passing. Manekshaw, India’s first Field Marshal and celebrated military general, was known for his leadership and strategic brilliance. His notable achievements include leading the Indian Army to victory in the 1971 Indo-Pak War, which resulted in the creation of Bangladesh. He fought in five wars during his illustrious 40-year career and was honored with the Military Cross, Padma Bhushan, and Padma Vibhushan. Manekshaw’s wit and quotes continue to inspire, and his legacy as a war hero lives on.

About Sam Manekshaw:

  • Field Marshal Sam Hormusji Framji Jamshedji Manekshaw, popularly known as Sam Bahadur, was India’s first Field Marshal and a celebrated military general.
  • He was born on April 3, 1914, in Amritsar to a Parsi family. His father, Hormusji Manekshaw, was a doctor in the British Indian Army during World War I.
  • Despite initial resistance from his father, Manekshaw joined the Indian Military Academy (IMA) and excelled, securing the sixth rank in the entrance examination.
  • He fought in the Second World War as part of the Indian National Army’s first course, called “The Pioneers.”
  • Manekshaw married Siloo Bobde on April 22, 1939, in Bombay, and they had two daughters named Sherry and Maya.
Sam Manekshaw Death Anniversary 2023
Sam Manekshaw Death Anniversary 2023

Key Achievements:

  • Field Marshal Sam Manekshaw fought in five wars throughout his 40-year military career:

    1. World War II
    2. 1948 Kashmir War against Pakistan and Afghan tribals
    3. 1962 Indo-Sino War
    4. 1965 Indo-Pak War
    5. 1971 Indo-Pak War (where he achieved significant success)
  • Manekshaw led the Indian Army to a momentous victory in the 1971 Indo-Pak War, which led to the creation of Bangladesh.
  • He was the first Indian officer to command the Gorkhas after India gained independence.
  • Known for his courage and wit, Manekshaw survived numerous close calls, including serious bullet injuries during World War II.
  • He received the Military Cross for gallantry in 1942, the Padma Bhushan in 1968, and the Padma Vibhushan in 1972 for his exceptional service to the nation.

Quotes and Wit:

  • Field Marshal Manekshaw was renowned for his witty remarks. One of his famous quotes is, “If a man says he is not afraid of dying, he is either lying or he is Gorkha.”
  • His sense of humor and quick wit made him a respected and beloved figure among the armed forces and the nation.

Legacy and Death:

  • Sam Manekshaw, also known as Sam Bahadur, passed away on June 27, 2008, at the age of 94 in Wellington, Tamil Nadu.
  • His death anniversary in 2023 marks 15 years since his demise, reminding the nation of his invaluable contributions as a military leader and war hero.
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Times Asia Rankings 2023: IISc Tops Among Indian Universities

Why in News?

In the recently released Asia University Rankings 2023 by Times Higher Education (THE), the Indian Institute of Science (IISc) has emerged as the leading university in India. The rankings highlight the performance and reputation of universities across Asia.

Key Points About the News

  1. IISc Secures Top Position: The Indian Institute of Science (IISc) has claimed the highest position among Indian universities, securing the 48th spot in the Asia University Rankings 2023.

  2. Indian Universities in Top 200: India has made a notable presence in the rankings, with a total of 18 universities featured among the top 200 in Asia. These institutions showcase the growing prominence of Indian higher education on the global stage.
  3. Indian Rankings in Top 100: Among the top 100 universities in Asia, India is represented by four institutions. Alongside IISc, JSS Academy of Higher Education and Research stands at 68th, Shoolini University of Biotechnology and Management Sciences at 77th, and Mahatma Gandhi University shares the 95th spot with Xi’an Jiaotong University from China.
  4. Number of Indian Universities Listed: India secures the third position in terms of the number of universities featured in the rankings, with 75 institutions listed. Japan holds the first position with 117 universities, followed by China with 95 universities.
  5. Changes Compared to Last Year: While India has improved its representation in the top 200, some universities that were previously included have dropped out this year. Notable exclusions from the list are Jawaharlal Nehru University, which was ranked 167th in 2022, and IIT Gandhinagar, which held the 120th position last year.

Asia University Rankings 2023: Top Rankings of India

Times Asia Rankings 2023: IISc Tops Among Indian Universities
Times Asia Rankings 2023: IISc Tops Among Indian Universities

In the Asia University Rankings 2023, Indian universities have demonstrated their potential and progress. Here are the top 10 Indian universities listed in the rankings:

  1. Indian Institute of Science – Rank 48
  2. JSS Academy of Higher Education and Research – Rank 68
  3. Shoolini University of Biotechnology and Management Sciences – Rank 77
  4. Mahatma Gandhi University – Rank 95
  5. International Institute of Information Technology, Hyderabad – Rank 106
  6. Alagappa University – Rank 111
  7. Saveetha University – Rank 113
  8. Jamia Millia Islamia – Rank 128
  9. Indian Institute of Technology Ropar – Rank 131
  10. Indraprastha Institute of Information Technology Delhi – Rank 137

These rankings reflect the diverse academic disciplines and research areas represented by Indian universities.

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Mastercard CEO Michael Miebach Joins USISPF Board Of Directors

Why in news?

Mastercard CEO Michael Miebach has joined the board of directors of the US-India Strategic and Partnership Forum (USISPF). Observing that USISPF is a critical forum for business and government leaders to come together and drive the next phase of growth in the US-India partnership, Miebach said he believes the relationship between the two countries will define the future of the global economy and shape their ability to tackle the most pressing global challenges together. This strategic alliance aims to foster collaborations in various sectors and promote the growth and development of both economies.

By joining forces, both countries aim to drive innovation, promote digital transformation, and address global challenges. With Mastercard’s exemplary work in advancing the global digital economy and its alignment with India’s digital vision, this strategic partnership holds great promise for shaping the future of both nations.

About Miebach

  • Miebach, a Master of Business Administration from the University of Passau in Germany, joined Mastercard in 2010 to lead its Middle East and Africa operations.
  • He is a member of The Business Roundtable, The Business Council, the US-India CEO Forum, the International Advisory Panel of the Monetary Authority of Singapore, and The International Business Council of the World Economic Forum.

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About the USISPF

The US-India Strategic Partnership Forum (USISPF) is committed to creating the most powerful strategic partnership between the U.S. and India. Promoting bilateral trade is an important part of our work, but our mission reaches far beyond this. It is about business and government coming together in new ways to create meaningful opportunities that have the power to change the lives of citizens. We are entering a new era based on a strategic partnership between the U.S. and India – one where we will work closely together with business and government leaders to achieve our goals of driving economic growth, job creation, innovation, inclusion, and entrepreneurship.

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Centre Approves Rs. 56,415 Crore to 16 States under ‘Special Assistance to States for Capital Investment 2023-24’ Scheme

Why in News?

The Department of Expenditure, Ministry of Finance, Government of India, has granted approval for capital investment proposals totaling Rs. 56,415 crore to 16 States in the current financial year. This significant allocation falls under the ‘Special Assistance to States for Capital Investment 2023-24’ scheme, aiming to provide timely impetus to capital spending by States. The approved funds will support a range of projects in sectors such as health, education, irrigation, water supply, power, roads, bridges, and railways.

About the Scheme

The ‘Special Assistance to States for Capital Investment 2023-24’ scheme was introduced in the Union Budget 2023-24. Its objective is to enhance capital expenditure by providing special assistance to State Governments. Under this scheme, States are granted a 50-year interest-free loan, with an overall budget of Rs. 1.3 lakh crore for the financial year 2023-24. The scheme comprises eight parts, with Part-I constituting the largest allocation of Rs. 1 lakh crore. The distribution of funds to States is based on their share of central taxes and duties as per the 15th Finance Commission’s award.

Key Points about the Scheme

  1. Capital Investment Approval: The Ministry of Finance has approved capital investment proposals amounting to Rs. 56,415 crore for 16 States. The funds will be utilized for various capital projects, including those in the fields of health, education, irrigation, water supply, power, roads, bridges, and railways.

  2. Sectoral Focus: The scheme aims to bolster investment in key sectors and infrastructural development. Additionally, it provides funds for the State share of important initiatives such as the Jal Jeevan Mission and the Pradhan Mantri Gram Sadak Yojana, thereby expediting progress in these sectors.
  3. Parts of the Scheme: The scheme is divided into eight parts, each addressing specific objectives and reforms. Part-II focuses on providing incentives to States for scrapping government vehicles, while Part-III and IV incentivize reforms in urban planning and urban finance, respectively. Part-V aims to increase housing stock for police personnel in urban areas. Part-VI promotes national integration and the “Make in India” concept through the construction of Unity Malls in each State. Part-VII is dedicated to providing financial assistance for the establishment of libraries with digital infrastructure at the Panchayat and Ward levels.
  4. Previous Year’s Performance: In the previous financial year, the Ministry of Finance executed a similar scheme, ‘Special Assistance to States for Capital Investment for 2022-23.’ Under this scheme, capital investment proposals worth Rs. 95,147.19 crore were approved, and an amount of Rs. 81,195.35 crore was disbursed to the States.
  5. Positive Response: The scheme has received commendation from Chief Ministers and Finance Ministers of States due to its flexibility and simplified design. It has played a crucial role in supporting capital spending by States, especially during the COVID-19 pandemic.

State-wise Allocation

Centre Approves Rs. 56,415 Crore to 16 States under 'Special Assistance to States for Capital Investment 2023-24' Scheme
Centre Approves Rs. 56,415 Crore to 16 States under ‘Special Assistance to States for Capital Investment 2023-24’ Scheme

The capital investment proposals approved under the ‘Special Assistance to States for Capital Investment 2023-24’ scheme have been allocated to the following States:

  1. Arunachal Pradesh: Rs. 1,255 crore
  2. Bihar: Rs. 9,640 crore
  3. Chhattisgarh: Rs. 3,195 crore
  4. Goa: Rs. 386 crore
  5. Gujarat: Rs. 3,478 crore
  6. Haryana: Rs. 1,093 crore
  7. Himachal Pradesh: Rs. 826 crore
  8. Karnataka: Rs. 3,647 crore
  9. Madhya Pradesh: Rs. 7,850 crore
  10. Mizoram: Rs. 399 crore
  11. Odisha: Rs. 4,528 crore
  12. Rajasthan: Rs. 6,026 crore
  13. Sikkim: Rs. 388 crore
  14. Tamil Nadu: Rs. 4,079 crore
  15. Telangana: Rs. 2,102 crore
  16. West Bengal: Rs. 7,523 crore

These allocations reflect the diverse range of sectors and projects that will receive funding, including health, education, irrigation, water supply, power, roads, bridges, and railways.

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DBS Bank India appoints Rajat Verma as Managing Director

Why DBS Bank in News?

DBS Bank India has appointed Rajat Verma as managing director and head of institutional banking in India. The current head of institutional banking Niraj Mittal has recently moved to a new role as country head of DBS Bank in Australia. The bank said Mittal will focus on growing the DBS franchise there, including improving linkages with South-East Asia and South Asia.

Verma was, till recently, with HSBC India where he was managing director and country head of commercial banking in India. The statement said Verma brings a wealth of knowledge and deep industry expertise to DBS. He holds an MBA from the Indian Institute of Management, Lucknow, and a Bachelor of Electrical Engineering from the Delhi College of Engineering.

About the DBS Bank

DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Development Bank of Singapore Limited, which “DBS” was derived from, before the present abbreviated name was adopted on 21 July 2003 to reflect its role as a global bank. It is one of the “Big Three” banks in Singapore, along with OCBC Bank and the United Overseas Bank (UOB).

Important takeaways for all competitive exams: 

  • DBS Bank CEO: Piyush Gupta (9 Nov 2009–);
  • DBS Bank Headquarters: Singapore;
  • DBS Bank Founder: Government of Singapore;
  • DBS Bank Founded: 16 July 1968, Singapore.

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