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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Draft Rules for International Arbitration Centre issued by GoI

On February 12, 2020, Government of India issued draft rules to set up International Arbitration Centre. In order achieve institutionalized arbitration, GoI has enacted the New Delhi International Arbitration act, 2019.

Highlights

The draft rules for the arbitration centre prescribe allowances, pay of the full-time members and the chairperson. The rules have also set minimum educational qualification and method of selection of employees and officers of the centre.

Background

The Arbitration and Conciliation act, 1996 was amended to make the arbitration process simpler. The New Delhi International Arbitration Centre Act, 2019 was enacted to make Delhi an international arbitration centre.

What is International Arbitration Centre?

The International Arbitration Centre is a dispute settling body that settles arbitration between individuals and companies.

The world famous arbitration centres include

  • International Centre for Settlement of Investment Disputes funded by World Bank
  • International Court of Arbitration, Paris

United Nations Commission on International Trade Law provides set of rules for international commercial arbitration along with other investment related rules.

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Amazon invests 1.5 billion USD for two Data Centres under Data Centre Policy of Telangana

The E-Commerce Giant Amazon Web Services has planned to invest 1.5 billion USD to set up two data centres in Hyderabad. The private firm will be helped by the Telangana Government under its Data Centre Policy

Highlights

The private firm Amazon has set a target of 5 billion USD of global investments for the next four years. In 2019, the company opened 1.8 million feet office in Gachibowli, Hyderabad that can accommodate more than 15,000 employees. The office is the first largest building owned by Amazon outside US.

Data Centre Policy

The Government of Telangana has framed a dedicated policy for data centres. Under the policy, the government will provide incentives to the firms that set up data centres in the state.

Data Centres

Data Centres are dedicated spaces that are used to house computer systems that are used for data storage purposes. A data centre that is of the size of an industry (like that to be constructed in Hyderabad) will consume as much electricity as that of a small town.

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