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.

GoI to launch Purvodaya to accelerate Eastern India Development

On January 10, 2020, the Ministry of Steel announced that it will launch “Purvodaya”, a world class steel hub. The hub aims at an accelerated development programme of eastern states. The Ministry will be joined by CII (Confederation of India Industries) in the implementation of “Purvodaya”.

Highlights

The initiative aims at developing the eastern states through an integrated steel hub. The steel hub will create 2.5 million jobs in the region. It will create world-class logistics and infrastructure. This will also help in achieving India’s steel policy target of 300 MT by 2030.

The Steel Hub

The Steel Hub will develop steel clusters in the region. It will transfer the utilities and logistics infrastructure into socio-economic landscape. So far, 12 major steel zone has been identified under the initiative in the region.

Why Eastern States?

The 5 Eastern states namely West Bengal, Chhattisgarh, Jharkhand, Odisha and Northern Andhra Pradesh are extremely rich in coking coal, bauxite and dolomite reserves. The region also has major ports such as Haldia, Paradip, Kolkata and Vizag. Therefore, setting up a steel hub in the region will help India achieve its 5 trillion-dollar economy target fast.

The region also has potential to add 75% of country’s incremental steel capacity.

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Cabinet approves North East Natural Gas Pipeline Grid

On January 8, 2020, the Cabinet Committee on Economic Affairs approved the North East Gas Pipeline Grid. The pipeline is to be constructed for around 1,656 km.

Highlights

The gas pipeline grid is to be developed in eight states of the North East Region namely Manipur, Meghalaya, Assam, Arunachal Pradesh, Mizoram, Sikkim, Nagaland and Tripura. The project is a joint venture of 5 Public sector units namely ONGC (Oil and Natural Gas Corporation Limited), IOCL (Indian Oil Corporation Limited), OIL (Oil India Limited), GAIL (Gas Authority of India Limited) and NRL (Numaligarh Refinery Limited). The Joint Venture has been named IGGL (Indra Dhanush Gas Grid Limited).

The Government of India has approved Rs 5,559 crores funding for the construction of the grid. The grid will connect major cities of the North East namely Guwahati, Itanagar, Kohima, Dimapur, Aizwal, Imphal, Shillong, Agartala, Silchar, Numaligarh and Gangtok.

About the Grid

The Grid will supply CNG to automobiles, cooking gas to households and fuel to industry. The Group Consortium will receive 60% of the funding for the project and the rest has to be raised via debts and equity. The project will be monitored by the Ministry of Petroleum and Natural Gas. The Ministry will also release capital for the project in further stages.

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