Business, Economy & Banking Current Affairs - 2020

Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.

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India & World Bank sign Agreement of 210 million USD in agriculture and rural transformation

The Government of Maharashtra and World Bank signed a 210 million USD agreement to facilitate agriculture value chains, increase market access and build resilient crops.

Highlights

The Project is to be implemented in 36 districts of the state of Maharashtra. Around 43% of farmers and farm workers are expected to participate in the project. The main aim of the agreement is to facilitate small farmers compete agri-business investments and build crops resilient to flood and droughts.

It also aims in building Sanitary and Phytosanitary measures

Scenario in Maharashtra

Today, Maharashtra is the largest producer of fruits and vegetables in the country. It is also the largest exporter of pulses, fruits, cotton, vegetables and soybean. However, the area of cultivation of rice and wheat in the state has been declining constantly in the state.

Also, 43% of farm-workers and farmers participating in the project are women.

Other Programmes

India is also conducting other programmes under National Action Plan on Climate Change to promote climate smart technologies and practices and also use of less water.

Sanitary and Phytosanitary Measures

These are measures that are applied to protect animal and human life from the risks of spread of pests, diseases, toxins and contaminants in food.

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GoI launches paperless licensing of petroleum service stations

On January 20, 2020, the Department of Industry and Internal Trade (DPIIT) announced that it has launched paperless licensing process for petroleum service stations. The paperless licensing has been launched under Petroleum Rules, 2002. The implementing agency of the order would be Petroleum and Explosives Safety Organization (PESO).

Highlights

The issue of paperless license for road tankers was launched earlier this month. After its launch, 300 licenses have been issued so far. With the paperless licensing being extended for petroleum service stations, it will benefit more than 70,000 pumps and oil marketing companies. Also, the move is important because, of all the licenses the road tankers and petroleum service station licenses account to more than 85%. Therefore, this will benefit in decreasing the transit time of fuel as a greater number of vehicles can easily be employed in the process.

PESO

PESO is a department formed under DPIIT and both the bodies work under Ministry of Commerce and Industry. PESO administers the following acts

  • Explosive Act, 1884
  • Petroleum Act 1934
  • Explosive Substance Act
  • Inflammable Substance Act 1952
  • Environment Protection Act 1986

It controls the export, import, storage, transport and usage of explosive materials.

The authority has framed several rules such as Explosive rules, 2008, petroleum rules, 2002, Gas Cylinder rules 2002, Calcium carbide rules, 1987, Ammonium nitrate rules, etc.

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