Banking, Financial and Economic Awareness of 16 November 2019

1. India will host 8^th Global Conference on Agri-statistics

• A four-day global conference on agriculture statistics will be hosted in India from 18^th November 2019.
• The conference will be organized by the Agriculture Ministry in collaboration with FAO, the US Department of Agriculture, the World Bank, the Bill & Melinda Gates Foundation and others.
• Theme: “Statistics for transformation of agriculture to achieve the Sustainable Development Goals (SDGs)”
• The first conference was held in 1998 in Washington, while the 7^th conference was held in Brazil in 2016.
• The conference on agriculture statistics is held every three years.

2. US not complying with WTO’s ruling on India steel dispute

• The United States is not complying fully with the World Trade Organization’s (WTO) ruling on India steel dispute as confirmed by the WTO panel.
• India filed the complaint in 2012 after the heavy import duties of around 300% were imposed on the Indian steel products by the US.
• In 2014, WTO ruled in favour of India and asked the US to bring the practices in line with global trade rules.
• World Trade Organization (WTO):
  • It is the only international organization that deals with the rules of trade between nations.
  • It was formed in 1995 under the Marrakesh Agreement (April 1994) and replaced the General Agreement on Tariffs and Trade (GATT).
  • Headquarters: Geneva, Switzerland
  • Director-General: Roberto Azevêdo
  • Members: 164

3. Alstom to provide 10 electric locomotives to the Indian Railways

• Alstom, French MNC, will be delivering 10-high-powered electric locomotives through Madhepura Electric Locomotive Private Limited to the Indian Railways.
• The company was supposed to supply four locomotives after rolling out the first prototype last year, 35 in the financial year 2020, 60 in next financial year and 100 after that until the order of 800 locomotives is delivered, as per the initial agreement.
• Madhepura Electric Locomotive Private Limited (MELPL)- It is a joint venture of Alstom and the Indian Railways holding equity share of 74% and 26%, respectively. The facility is located in Bihar, India.
• Chairman of Indian Railway Board- Vinod Kumar Yadav

4. 1^st ever international buyer-seller meet held in Arunachal Pradesh

• The first-ever international buyer-seller meet on agriculture and horticulture produce was held in Arunachal Pradesh on 14^th November 2019.
• The conference was organized by the Agricultural and Processed Food Products Export Development Authority (APEDA).
• Ten international buyers from countries like Bhutan, Bangladesh, Nepal, Indonesia, UAE, etc. participated in the event. 
• The conference provided a platform for B2B and B2G meetings of international buyers with importers, exporters and farmers of the North East region.
• APEDA: The Agricultural and Processed Food Products Export Development Authority (APEDA) was established by the Government of India under the Agricultural and Processed Food Products Export Development Authority Act passed by the Parliament in December 1985. The Authority replaced the Processed Food Export Promotion Council (PFEPC). (Source: APEDA official website)

5. Supreme Court paves way for Arcelor’s takeover of Essar Steel

• The Supreme Court has made a major judgement by paving the way for Arcelor Mittal to acquire Essar Steel for Rs 42,000 crore. The court also said that the Committee of Creditors (CoC) would finally approve the resolution plan under the Insolvency and Bankruptcy Code (IBC).
• The commercial decisions taken by CoC are not be intervened by National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT).
• Arcelor-Mittal won the bid for acquiring Essar Steel after a long legal battle, but in July 2019, the NCLAT ordered an equal recovery plan for all creditors, which has been overturned by the Supreme Court.
• The Supreme Court upheld the primacy of creditors to distribute the funds received under the insolvency scheme.