Category Archives: Business & Economy

GLOBAL: ECONOMY: India, China to Account for Half of Global Economic Growth in 2023: International Monetary Fund (IMF)

The period of slower economic activity will be prolonged, with the next five years witnessing less than 3 per cent growth.

The IMF chief on Thursday said that the world economy is expected to grow at less than 3 per cent this year, with India and China expected to account for half of global growth in 2023.

International Monetary Fund (IMF) managing director Kristalina Georgieva warned that a sharp slowdown in the world economy last year following the raging pandemic and Russia’s military invasion of Ukraine would continue this year.

The period of slower economic activity will be prolonged, with the next five years witnessing less than 3 per cent growth, “our lowest medium-term growth forecast since 1990, and well below the average of 3.8 per cent from the past two decades,” she said.

“Some momentum comes from emerging economies — Asia especially is a bright spot. India and China are expected to account for half of global growth in 2023. But others face a steeper climb,” she explained.

“After a strong recovery in 2021 came the severe shock of Russia’s war in Ukraine and its wide-ranging consequences — global growth in 2022 dropped by almost half, from 6.1 to 3.4 per cent,” Georgieva said.

Georgieva said slower growth would be a “severe blow,” making it even harder for low-income nations to catch up.

“Poverty and hunger could further increase, a dangerous trend that was started by the COVID crisis,” she explained.

Her comments come ahead of next week’s spring meetings of the IMF and the World Bank, where policy-makers will convene to discuss the global economy’s most pressing issues.

The annual gathering will take place as central banks around the world continue to raise interest rates to tame galloping inflation rates.

About 90 per cent of advanced economies are projected to see a decline in their growth rates this year, she said.

For low-income countries, higher borrowing costs come at a time of weakening demand for their exports, she said.

Georgieva added that while the global banking system had “come a long way” since the 2008 financial crisis, “concerns remain about vulnerabilities that may be hidden, not just at banks but also non-banks.

“Now is not the time for complacency.”

source/content: hindustantimes.com (headline edited)

INTERNATIONAL: India Elected to ‘UN Statistical Commission’ for 4-year Term Beginning January 01, 2024

External Affairs Minister said the country’s expertise in the field of statistics, diversity and demography had earned it the seat .

India has been elected to the highest statistical body of the United Nations for a four-year term beginning January 1, 2024.

External Affairs Minister S. Jaishankar tweeted, “Congrats Team @IndiaUNNewYork for coming through so strongly in a competitive election,” he said. India secured 46 out of 53 votes in the election to the UN Statistical Commission election.

Mr. Jaishankar said India’s expertise in the field of statistics, diversity and demography had earned it the seat on the UN Statistical Commission.

source/comment: thehindu.com (headline edited)

INTERNATIONAL: INDIA GLOBAL: AUTOMOBILE:  TVS Motor Company arm to buy 25% stake in Germany’s Killwatt GmbH

The shares are acquired at cash consideration of €235.29/share, translating to a total of nearly €2 mn or ₹18 cr.

TVS Motor Company on Tuesday said its Singapore-based arm will acquire a 25 per cent stake in Germany-based electric mobility products and components start-up Killwatt GmbH.

TVS Motor (Singapore) Pte Ltd, has agreed to acquire a 25 per cent stake in Killwatt GmbH by way of newly issued shares of the latter, amounting to 8,500 common equity shares, the company said in a regulatory filing. The shares are acquired at cash consideration of €235.29 per share, translating to a total of nearly €2 million (nearly ₹18 crore).

Killwatt’s business comprises development, design, manufacture, sale and distribution of high-tech products and components in the field of electric two-wheeler and three-wheeler vehicles, it added.

“Killwatt presents great potential which has been conceptualised by the company. This acquisition is aligned with our larger vision of becoming a leading player in the e-personal mobility space and providing our customers with sustainable mobility solutions, and it complements our other recent acquisitions,” TVS Motor Company said.

The company considers Killwatt as a long-term partner to establish a strong presence in the e-mobility business, it added.

TVS Motor recorded a 1.97 per cent decline in sales in February with 2,76,150 units sold. The company had sold 2,81,714 units during the corresponding month of last year.

source/content: thehindubusinessline.com (headline edited)

NATIONAL: MANUFACTURING / DEFENCE EXPORTS: India’s defence exports rise ten-fold in six years, reach all-time high of Rs 15,920 crore

The Ministry of Defence in a statement said India is now exporting to over 85 countries.

India’s exports of arms and equipment have touched a new high with an increase of more than Rs 3,000 crore in the last financial year.

Defence Minister Rajnath Singh on Saturday tweeted, “India’s defence exports have reached an all-time high of Rs 15,920 crore in FY 2022-2023. It is a remarkable achievement for the country.”

Defence exports have risen by over 10 times since 2016-17. India’s defence exports in the FY 2021-22 were Rs 12,814 crore. The figures for exports in FY 2017-18 were Rs 4,682 crore and it rose to Rs 10,745 crore in 2018-19. Exports in the year 2019-20 and 2021-22 were Rs 9,115 crore and Rs 8,434 crore respectively.

Prime Minister Narendra Modi applauded the rise in defence exports. “Excellent! A clear manifestation of India’s talent and the enthusiasm towards ‘Make in India.’ It also shows the reforms in this sector over the last few years are delivering good results. Our government will keep supporting efforts to make India a defence production hub,” Modi tweeted.

The Ministry of Defence in a statement said India is now exporting to over 85 countries. “Indian industry has shown its capability of design and development to the world, with 100 firms exporting defence products at present,” it said.

Enumerating the systems, equipment, missiles and ammunitions being exported, the MoD listed “major platforms like Dornier-228, 155 mm Advanced Towed Artillery Guns (ATAGs), Brahmos Missiles, Akash Missile System, Radars, Simulators, Mine Protected Vehicles, Armoured Vehicles, PINAKA Rockets & Launchers, Ammunitions, Thermal Imagers, Body Armours, besides Systems, Line Replaceable Units and Parts & components of Avionics and Small Arms. There is growing global demand of LCA-Tejas, Light Combat Helicopters, Aircraft Carrier, MRO activities etc.”

To give a push to defence exports, the MoD said, “The government has taken a number of policy initiatives and brought reforms over the last 5-6 years. Export procedures have been simplified and made industry friendly with end-to-end online export authorisation curtailing delays and bringing Ease of Doing Business. The government has notified three Open General Export License (OGEL) for export of Parts and Components/Transfer of Technology/Major Platforms and Equipment.”

OGEL is a one-time export license, which permits the industry to export specified items to specified destinations, without seeking export authorisation during the validity of the OGEL.

The export figures are significant given India’s dependence on imported arms and equipment.

A report released by Sweden-based Stockholm International Peace Research Institute (SIPRI) in March found that India was on top among the five largest arms importers during 2018–22, followed by Saudi Arabia, Qatar, Australia and China.

source/content: newindianexpress.com (headline edited)

WORLD RECORD: TRANSPORTATION INFRASTRUCTURE: World’s Tallest Pier Railway Bridge to be part of Jiribam-Imphal railway project

The world’s tallest pier railway bridge, with a height of 141 metres, is being constructed as part of the Jiribam-Imphal railway project.

The world’s tallest pier railway bridge, with a height of 141 metres, is being constructed as part of the Jiribam-Imphal railway project which has already achieved physical progress of 93.30 per cent, officials said on Sunday.

With the completion of the 111-km-long Jiribam-Imphal railway project by December this year, Manipur capital would come onto the Indian Railways network, making Imphal the fourth capital city in the northeastern region to have a rail link.

Northeast Frontier Railway’s (NFR) Chief Public Relations Officer Sabyasachi De said that the Rs 14,322 crore project is one of the crucial connectivity projects for the northeastern region and it is at an advanced stage of completion.

He said that construction of the railway project involves multiple tunnels and bridges in tough terrain with the total length of tunnels in this project being 61.32 km, out of which 59.11 km of tunneling work has already been completed.

The project would have total 11 major bridges and 137 minor bridges, out of which work for five major bridges and 101 minor bridges have been completed so far.

The section from Jiribam to Khongsang has already been commissioned earlier for train service.

After completion of the entire project, the present road journey time of about 10 hours to reach Imphal from Jiribam would be reduced to 2.5 hours by railways.

The NFR has been putting their full effort by working 24X7 for the completion of this project dealing with all the challenges including heavy rainfall and other logistic hindrances, De said.

The CPRO said that the Jiribam-Imphal rail project would provide enhanced connectivity to the people of Manipur, help grow small scale industries in the area and boost tourism of the state.

It would also help in receiving essential commodities faster by the state and help the state local producers to export their products outside the state faster.

The economy of the state would receive a boost, the official stated.

Assam’s main city of Guwahati (adjoining capital Dispur), Tripura capital Agartala and Arunachal Pradesh’s Naharlagun (adjacent to capital city Itanagar) are already on the railway network.

source/content: maritimegetaway.com (headline edited)

NATIONAL: SCIENCE & TECHNOLOGY / COMMUNICATIONS: For the 1st time in India, Raman Research Institute Researchers Successfully Demonstrate Secure Communication between Stationary Source and Moving Receiver using Quantum Key Distribution (QKD)

The technology could help India design secure communication channels, especially for defence and strategic purposes, enhance cyber security and make online transactions safer.

For the first time in India, researchers at the Raman Research Institute (RRI) have successfully demonstrated secure communication established between a stationary source and a moving receiver using Quantum Key Distribution (QKD).

Prof. Urbasi Sinha, who led the team of researchers, said that this breakthrough demonstration could pave the way for ground-to-satellite-based secure quantum communication.

The successful experimental demonstration, which was performed at the institute in March, could also help India design and provide secure communication channels, especially for defence and strategic purposes, enhance cyber security and make online transactions safer.

In order to achieve this feat, Prof. Sinha and her team at the Quantum Information and ComputingI (QuIC) lab deployed an indigenously deployed Pointing, Acquisition and Tracking (PAT) system.

This PAT system assisted the ground-based source in tracking the moving receiver, in this case, a terrestrial vehicle, a few metres apart.

Prof Sinha added that the present demonstration is in continuation to the QuIC lab’s February 2021 demonstration of QKD between two buildings using an atmospheric free space channel.

“Just like our team achieved the first secure quantum communication between two buildings for the first time in India, we are equally delighted to be the first Indian team to achieve secure quantum communication between a stationary source and a moving platform, a critical milestone in our quest towards satellite-based quantum communications,” Prof Sinha added.

Relevance of quantum technology

While present-day classical cryptography follows the encryption and decryption of messages, its security gets challenged by quantum computers and other revolutionary algorithmic breakthroughs.

According to RRI, the obvious solution then is to use quantum cryptography.

“Security based on laws of quantum mechanics is a paradigm change from the current means of security based on mathematical hardness of problems. Quantum Key Distribution is currently the most secure means of facing any threats from algorithmic breakthroughs in classical computing as well as the advent of quantum computers,” Prof Sinha said, sharing the relevance of quantum technology in the increasing online mode of transactions.

This research by Prof Sinha’s team is part of Quantum Experiments using Satellite Technology (QuEST), for which RRI has been collaborating with the U.R. Rao Satellite Centre of Indian Space Research Organisation (ISRO) since 2017.

source/content: thehindu.com (headline edited)

INTERNATIONAL: REGIONAL: SECURITY: India to host meeting of Security Advisers (NSA’s) from Shanghai Cooperation Organisation (SCO) Countries

Secretary of Security Council of Russia Nikolai Patrushev will attend the meet chaired by NSA Ajit Doval.

India on Wednesday will host a meeting of the National Security Advisers (NSAs) of member-countries of the Shanghai Cooperation Organisation (SCO) which will be attended among others by Secretary of the Security Council of the Russian Federation Nikolai Patrushev. The meeting will be chaired by NSA Ajit Kumar Doval and will be attended in person by several high-level delegates from the Central Asian Republics. Diplomatic sources have confirmed that China and Pakistan will participate in the meeting virtually.

Mr. Doval, who has emerged as one of the core negotiators between India and Russia in the backdrop of the Ukraine war, has engaged Mr. Patrushev multiple times over the last year since the beginning of the Russian campaign in February 2022. The meeting of the NSAs of the SCO member-countries is part of the preparatory meetings for the SCO summit that will be held in India this year.

Global spotlight

The visit of Mr. Patrushev acquires special significance as Russia’s participation in the SCO and the G20 has been in the global spotlight as it shows that western strategy to isolate Russia over the military action against Ukraine has not succeeded so far. Mr. Patrushev had hosted Mr. Doval in February this year when Moscow had held a meeting of the SCO countries on Afghanistan. The two had earlier met in August 2022 when Mr. Doval had visited Moscow for bilateral consultation. It is understood that Mr. Patrushev and Mr. Doval will meet for a bilateral discussion in Delhi. Russia has been assuring that military supplies from its end will not be disrupted because of the pressure on its arms industry from the war campaign in Ukraine and Mr. Patrushev’s presence will allow India a chance to evaluate the situation further.

Wednesday’s meeting is expected to take up the developments in Afghanistan and also help in advancing consultations on Russia’s plans for the Eurasian economic bloc. The SCO consists of Russia, China, India, Pakistan, Uzbekistan, Kazakhstan, Turkmenistan and Tajikistan.

Iran is expected to become a full member of the SCO this year when India is serving as the Chair of the organisation. Apart from the presence of the Russian team, the presence of Pakistan in the SCO is a subject of interest. India has already extended invitation to Pakistan Foreign Minister Bilawal Bhutto Zardari and Defence Minister Khawaja Asif to participate in the meetings of the Foreign Ministers and Defence Ministers of the SCO. Diplomatic sources have not confirmed so far on Pakistan’s participation in the events. 

source/content: thehindu.com (headline edited)

INTERNATIONAL: WORLD BANK: Indian-American Ajay Banga poised to become World Bank Chief unopposed 

The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga.

Indian-American business leader Ajay Banga is poised to become the next President of the World Bank which has said he is the sole nominee for the post as no other candidates were nominated.

The World Bank’s Board of Executive Directors will interview Banga before he is formally appointed.

In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is “well equipped” to lead the global institution at “this critical moment in history.”

The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga.

Banga is the only application received for the position of president of the World Bank, the financial institution said on Thursday.

“The Board received one nomination and would like to announce that Mr Ajay Banga, a US national, will be considered for the position,” the bank said.

“In accordance with established procedures, the Board of Executive Directors will conduct a formal interview with the candidate in Washington D.C., and expect to conclude the Presidential selection in due course,” said a statement issued by the bank.

The bank has not announced the timing of the interview.

The former Mastercard Inc. chief, Banga currently serves as Vice Chairman at General Atlantic.

A new leader of the World Bank is expected to be chosen by early May.

Over the next few months, you will see the World Bank undergo an important transition.

We expect that Ajay Banga, President Biden’s nominee, will be elected President of the World Bank, US Treasury Secretary Janet Yellen told lawmakers at a Congressional hearing on Wednesday.

“He will be charged with accelerating our progress to evolve the institution to better address 21st-century challenges. This evolution will help the Bank deliver on its vital poverty alleviation and development goals,” Yellen said.

If confirmed, Banga would become the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.

Banga is expected to replace the current World Bank president David Malpass, who will step down in June, nearly a year before his term is scheduled to expire.

Malpass faced strong criticism over the bank’s commitment to climate action and over his personal views on climate change.

Last week, reports emerged that China sounded doubtful about backing Banga, saying it is “open” to supporting “other potential candidates” based on merit.

Banga, however, received overwhelming support from major countries across the world, including India.

Following Banga’s nomination, he has travelled to several countries for support.

A coalition of 55 advocates, academics, executives, luminaries, and former government officials — including four Nobel Laureates — wrote an open letter to welcome and support Banga’s nomination as the next President of the World Bank.

Raised in India, Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity, President Biden had said.

He has also worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America.

He was awarded the Padma Shri in 2016.

Banga is expected to take over the reins of the anti-poverty lender at a crucial time, with the US and Western nations pitching for reforms to focus on addressing a slew of wide-ranging global issues like climate change.

source/content: newindianexpress.com (headline edited)

NATIONAL: INDUSTRY / INNOVATION & TECHNOLOGY: Indian Space Research Organisation (ISRO) invites Industries to Develop 100 Technologies and Products

Interested parties were advised to submit their proposals by April 17.

Indian Space Research Organisation (ISRO) called upon Indian industries to develop 100 technologies and products, which will be required for its launch vehicles, satellites, application sectors, human space flight, and space exploration.

Inviting an Expression of Interest (EoI) from prospective industries towards self-reliance in development of technologies, products, systems for Indian space programmes, the space agency has listed 100 technologies and products.

The list includes design, realisation and flight testing of sub-scale Hybrid Drone Prototype for DroneNet, development of a Head Mount Display (HMD) for Gaganyaan crew for providing situational awareness, space debris surveillance and tracking radar, urban flooding surveillance system using multi-radar and sensor network.

ISRO is pursuing multidisciplinary R&D programmes related to its major verticals — space transportation, space infrastructure, space applications, ground systems and human space exploration.

The EoI states: “Currently, ISRO is in the need of developing certain potential technologies/ products/ systems for its programmes in a time-bound manner. In this context, an invitation for Expression of Interest (EoI) is hereby floated to identify suitable Indian industries for the development of identified technologies/ products/ systems in a time-bound manner.”

The main objective of this EoI is to engage eligible Indian industries to develop the technologies, products, systems for space programmes of ISRO.

Prospective industries were advised to submit their proposals by April 17.

source/content: thehindu.com (headline edited)

GLOBAL: SATELLITES & SPACE: The Indian Space Research Organisation (ISRO) Successfully Launches 36 Satellites for UK-based OneWeb

This batch of 36 satellites by the UK-based OneWeb will be its 18th launch to date, its third this year and the second with ISRO.

The Indian Space Research Organisation (ISRO) on Sunday successfully launched the second batch of 36 satellites for the UK-based OneWeb.

“We have lift off! Thanks to our colleagues at @isro and @NSIL_India for a successful launch. If you don’t already, make sure to follow us for more updates throughout the rest of the mission,” OneWeb tweeted at 9.04am on Sunday.

This batch of satellites by the UK-based company will be its 18th launch to date, its third this year and the second with ISRO. This will also complete the company’s first-generation LEO (low earth orbit) constellation, enabling the company to initiate global coverage in 2023.

HT on March 6 reported about ISRO’s plan to launch the second batch of OneWeb’s satellites on March 26.

On February 16, these 36 satellites reached India from the US for their launch. On March 15, the satellites were also encapsulated.

The communications satellites were launched by ISRO’s Launch Vehicle Mark-III (LVM3). In October last year, the Indian space agency successfully launched the first set of 36 satellites by OneWeb from the Satish Dhawan Space Centre in Sriharikota, marking the rocket’s entry into the global commercial launch service market.

A week after that, ISRO successfully conducted the flight acceptance hot test of the CE-20 engine in the high-altitude test facility of its propulsion complex at Tamil Nadu’s Mahendragiri for 25 seconds for the second batch of satellites that are expected to be placed on low earth orbit.

After its first launch, OneWeb had said that its partnership with NSIL and ISRO demonstrated its commitment to provide connectivity across the length and breadth of India by 2023.

ISRO’s LVM3 rocket is capable of launching four-tonne class of satellites to geosynchronous transfer orbit. It is a three-stage vehicle with two solid motor strapons, a liquid propellant core stage and a cryogenic stage. The OneWeb satellites will be placed in orbit at an altitude of 1,200km above the earth’s surface.

“This mission marks OneWeb’s second satellite deployment from India, highlighting the collaboration between the UK and Indian space industries. Across India, OneWeb will bring secured solutions not only to enterprises but also to towns, villages, municipalities and schools, including the hardest-to-reach areas across the country,” the company said last week.

source/content: hindustantimes.com (headline edited)