Banking, Financial and Economic Awareness of 25, 26 and 27 February 2021

Topic: World Economy

1. Support for the proposal of India and South Africa at WTO is growing and developing countries are under pressure.

• Commerce & Industry Minister Piyush Goyal said that support for the proposal of India and South Africa at WTO is growing and this has put developing countries under pressure.
• He was addressing 6^th International Conference on Pharmaceutical & Medical Devices Sector.
• The proposal for TRIPS (Trade-Related Aspects of Intellectual Property Rights) waiver during the COVID-19 pandemic was introduced by India and South Africa in TRIPS Council of WTO.
• The proposal was co-sponsored by 57 countries and many other members such as ACP Group (African, Caribbean and Pacific Group of States) supported the proposal. Total support for the proposal crossed 100. 
• The proposal is being opposed by US, EU, Australia, Switzerland, Japan, China, Chile and others.
• TRIPS (Trade-Related Aspects of Intellectual Property Rights) is a WTO agreement. It became effective in 1995.  
• TRIPS Council monitors and administers working of TRIPS agreement. It acts as a forum for discussion between WTO members and observers.

Topic: Regulatory Bodies

2. Ministry of Corporate Affairs and CBIC signed an MoU for Ease of Doing Business in India.

• The Ministry of Corporate Affairs has signed an MoU with the Central Board of Indirect Taxes and Customs for data exchange.
• Both organisations will share their database for promoting ease of doing business in India and improving overall regulatory enforcement.
• Both organisations will also share the details of import-export transactions and consolidated financial statements of companies registered in the country.
• A Data Exchange Steering Group is also formed for further improvement in the data exchange mechanism.
• Central Board of Indirect Taxes & Customs (CBIC):
  • It was established on 1 January 1964. It is headquartered in New Delhi. It is headed by Muttoli Ajit Kumar (M. Ajit Kumar).
  • It is a part of the Department of Revenue under the Ministry of Finance.
  • After GST, the Central Board of Excise and Customs (CBEC) has been renamed as Central Board of Indirect Taxes and Customs.
  • It formulates and implements policies for Central GST, Central Excise Duty and Custom/Import Duty.
• Ministry of Corporate Affairs: It is responsible mainly for the regulation of Indian enterprises in the Industrial and Services sector. Nirmala Sitharaman is the current head of the Ministry of Corporate Affairs.

(Source: News on AIR)

Topic: Indian Economy

3. Government issued guidelines and code of ethics for social media channels and OTT platforms.

• Central Government has declared guidelines and digital media ethics code for social media platforms, digital channels and OTT platforms.
• The Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021 are framed under section 87 (2) Information Technology Act, 2000.
• The guidelines related to Social Media will be administered by the Ministry of Electronics and IT, while the digital media ethics code will be administered by the Ministry of Information and Broadcasting.
• Salient features of Guidelines Related to Social Media:
  • A grievance redressal mechanism will be established for resolving complaints from the users or victims.
  • Social media platforms have to remove the content related to nudity or morphed images of women within 24 hours of complaints.
  • Significant Social Media Intermediary will have to appoint a Chief Compliance Officer, a Nodal Contact Person and Resident Grievance Officer for grievance redressal.
  • Social media intermediaries must identify the “first originator” of the information.
• Salient features of Digital Media Ethics Code related to Digital Media and OTT Platforms:
  • The digital Code of Ethics must be followed by OTT platforms and online news and digital media entities.
  • OTT platforms must categorize their content into five categories of - U (Universal), U/A 7+, U/A 13+, U/A 16+, and A (Adult).
  • A three-level grievance redressal mechanism has been established with different levels of self-regulation.

Topic: Indian Economy

4. Government includes publishers of news, current affairs content and online curated content in definition of digital media.

• Government has included publishers of news, current affairs content and online curated content in the definition of digital media.
• On 25^th February 2021, Central government has released Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021.
• As per the rules, publishers of news and current affairs content will be required to adhere to norms of journalistic conduct of Press Council of India.
• The rules contain a three-tier structure to ensure adherence to the Code of Ethics and grievance redressal.
• This structure consists of self-regulation by the publishers, self-regulation by the self-regulating bodies of the publishers and oversight mechanism by the Central Government.
• A retired judge would head self-regulatory body of publishers. If this body is not able to address complaints, the oversight committee will look at the complaint.
• Ministry of Electronics and Information Technology will set up an inter-departmental committee for hearing grievances.
• The rules define ‘digital media’ as digitized content that can be sent over the internet or computer networks.
• This includes an online paper, news portal, news aggregator, and news agency. This does not include user generated content.
• Press Council of India regulates print. Cable Networks Regulation Act (2005) regulates Television, both News and Entertainment.

Topic: Infrastructure and Energy

5. Seven MoUs worth Rs 1,417 crore signed by New Mangalore Port Trust at Mangaluru Innovation Conclave.

• Seven MoUs worth Rs 1,417 crore were signed by New Mangalore Port Trust at Mangaluru Innovation Conclave.
• KEONICS Ltd, a Karnataka government enterprise, has organised Mangaluru Innovation Conclave.
• The MoUs were signed with various stakeholders on various infrastructure related works.
• Under one of the MoUs, Mangalore Refinery and Petrochemicals Ltd (MRPL) will construct a desalination plant in the land leased out by New Mangalore Port Trust (NMPT).
• A pipeline from Mangalore Refinery to New Mangalore Port Trust will be laid for the supply of BS-VI diesel and petrol under an MoU signed with Mangalore Refinery and Petrochemicals Ltd (MRPL).
• One MoU has been signed between NMPT and Adani Cementation Ltd. Other MoUs have been signed with Central Warehousing Corporation, Indian Oil Corporation, Dredging Corporation of India and Ultratech Cement Ltd.
• AV Ramana is the Chairman of New Mangalore Port Trust (NMPT). He spoke about virtual Maritime India Summit 2021 (MIS 2021).
• Union Ministry of Ports, Shipping and Waterways will conduct MIS 2021 from 2-4 March.
• New Mangalore Port Trust operates New Mangalore Port. New Mangalore Port is located at Panambur, Mangalore in Karnataka.  It is a small, all-weather port and the only major port of Karnataka.

Topic: Indian Economy

6. Indian Economy will grow at 13.7% in FY22 as per Moody’s Investors Service.

• Indian Economy will grow at 13.7% in FY22 as per Moody’s Investors Service.
• This was said by Moody’s Investors Service Associate Managing Director (Sovereign Risk) Gene Fang in an online conference.
• Moody’s Investors Service and its India affiliate ICRA organized this conference on India Credit Outlook 2021.
• In November 2020, Moody’s had said that the Indian Economy would contract at 10.6% in current fiscal and grow at 10.8% in FY22.
• Moody’s expects Indian Economy to grow at 6.2% in the medium term for fiscal years that would end in March 2023 and 2024.
• ICRA Principal Economist said that the Indian Economy would be able to grow at 0.3% in October-December quarter of current fiscal.
• ICRA Principal Economist said that the recession has ended in India. Indian Economy entered into recession with contraction of 23.9% in April-June quarter and 7.5% in July-September quarters.
• As per ICRA, Indian Economy will contract 7% in the current fiscal and grow to 10.5% in next fiscal.
• As per economic survey 2020-21, Indian Economy will contract 7.7% in the current fiscal and grow to 11% next fiscal.

Topic: Corporates/Companies

7. India-based automotive manufacturer Omega Seiki is planning to establish a manufacturing plant near Dhaka, Bangladesh.

• India-based automotive manufacturer Omega Seiki is planning to establish a manufacturing plant near Dhaka, Bangladesh.
• The plant would be set up at the cost of Rs 100 crore. Omega Seiki is currently having two manufacturing plants in India. They are located at the Institute of Management & Technology (IMT) Faridabad and IMT Manesar, Haryana.
• Omega Seiki has earlier brought RAGE + Frost, an electric three-wheeler with refrigeration for delivery of Covid-19 vaccines. RAGE + Frost is also designed for food delivery.

Topic: Banking System

8. Indian Overseas Bank enters into corporate agency agreement with SBI General Insurance.

• Indian Overseas Bank has entered into a corporate agency agreement with SBI General Insurance.
• Under the agreement, SBI General Insurance will sell its insurance products to customers of Indian Overseas Bank.
• Indian Overseas Bank is a Chennai-based public sector bank. Its current MD & CEO is Partha Pratim Sengupta. Its tagline is Good People to Grow With.
• SBI General Insurance is a joint venture insurance company between SBI, Axis Bank Asset Management Co. Ltd, Premji Invest & Warburg Pincus Group.

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