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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Pak asks to reconsider gas price India is offering under Indo-Pak gas trade plan

While Pakistan is keen to import gas from India through a 110-Km pipeline, it has asked India to reconsider the high price it is offering. On the other hand, India has sought sovereign payment guarantees from Pakistan before signing an export contract to supply LNG.

Indo-Pak gas pipeline project:

Pakistan with a total electricity generation capacity of 20,000 MW, is going through a serious energy and power shortage and is interested in importing gas from India to fulfill its rising energy requirements. With Iran-Pakistan gas pipeline project hanging in balance due to pressure from the U.S., the deal with India becomes quite significant. India has also conveyed its willingness to export gas to Pakistan. As per the proposed plan, GAIL India will supply natural gas through the cross border pipeline passing through Wagah-Attari border. Gas in its liquid form will be imported in Maharashtra or Gujarat and then moved through GAIL’s existing pipeline network till Jalandhar. The pipeline would start from Jalandhar in Punjab leading through Attari.  The pipeline will be 110-km long and India intends to supply 400 million cubic feet of gas per day to Pakistan. Islamabad plans to take 1-1.5 million tonnes of LNG.

The pipeline project is also viewed as a feasibility study for the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline through which both Pakistan and India propose to import natural gas from the Turkmenistan.

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Use of licensed software can add $739 billion to India’s GDP: Study

As per Global Intellectual Property Centre (GIPC), the use of licenced software can help to boost India’s Gross Domestic Product (GDP) by $739 billion.

As per GIPC:

  • The music industry alone faced an estimated total loss of $431 million in 2012 due to piracy.
  • In 2011, the software industry accounted a 63% rate of PC software piracy with a commercial value of unlicensed software estimated to be over $2.9 billion.
  • If the use of licensed software is increased by 1%, it would generate almost $1.3 billion in national production for India, compared with $554 million from a similar increase in pirated software.
  • It suggests Government, law enforcement and industry in India to take measures to realize this gain by reducing piracy and encouraging use of licensed software.
  • The physical, online and mobile piracy, illegal recording of movies from cinema screens and unlicensed use of software by enterprises, print and photocopy piracy strangulate the market for other creative sectors.
What is  Global Intellectual Property Center (GIPC)?

The Global Intellectual Property Center (GIPC) is an affiliate of the U.S. Chamber of Commerce. It is leading a worldwide effort to champion intellectual property rights as vital to creating jobs, saving lives, advancing global economic growth, and generating breakthrough solutions to global challenges.

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