Business, Economy & Banking Current Affairs - 2019
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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After a meeting held between Commerce Secretary of both India and China, the two countries signed a protocol for exporting of Indian Chilli Meal from India to China.
Key Highlights of Meeting
- The meeting was held between India’s Commerce Secretary Anup Wadhawan and China’s General Administration of Customs of China (GACC) Vice Minister Li Guo, in New Delhi.
- This was 4th protocol signed between India and China from 2018 (and overall 9th protocol in number) that allows export of farm commodities from India to China.
- Both countries agreed to resolve their market access issues expeditiously in order to promote a more balanced trade.
- Issues Discussed: Key area of discussion of meeting was,
- The persisting trade deficit between India and China because Indian exporters face certain non-tariff barriers in Chinese market which restrict their exports.
- Trade-related issues regarding pending Indian request for clearance of agricultural products.
- Significance: As India is looking for a greater market access for its agricultural and manufactured products in Chinese market, therefore increasing exports of these products to China will help India narrow its widening trade deficit with China, which stood at US $50.12 Billion during April-February 2018-19.
- Way Forward: Recently, India has identified and also shared with China a list of about 380 products, which includes textiles, horticulture, chemicals and pharmaceutical products. The shipments products are chosen keeping in mind their shipments huge export potential. To improve the trade imbalance China must accede to India’s demand of lower barriers for exports of meat, rice, medicines and IT services,
- China is India’s second-biggest trading partner but since 2014 the trade deficit has widened in favor of China by nearly 75% which is about $63 billion worth of goods imported from China (while India exported only $15.07 billion worth of goods to China).
- The Protocols signed between India and China on Agricultural Commodities (With years of Signing):
- Mango (2003)
- Bitter Gourd (2005)
- Grapes (2005)
- Rapeseed meal (2015)
- Basmati Rice (2006)
- Basmati Rice & Non-Basmati Rice (2018)
- Fish meal/ Fish oil (2018)
- Tobacco Leaves (January, 2019)
- Chilli Meal (May, 2019)
The South Korean Tech Giant, Samsung Electronics Co unveiled world’s highest-resolution image sensor, with 64 megapixels for smartphones. This is a step to meet increasing demand for mobile devices with better image quality.
About Image Sensor
- Samsung expanded its 0.8-micrometer pixel image sensor (smallest pixel size currently available in global market) lineup by introducing two new 0.8-micrometer pixel image sensors:
- 64-megapixel ISOCELL Bright GW1 (for advanced handsets)
- 48-megapixel ISOCELL Bright GM2 (for flagship phones)
- The two image sensors are currently being sampled and its mass production will soon start in second half of 2019.
- The image sensor market is expected to grow exponentially by 2030 in line with advancements in about to be introduced 5G technologies and artificial intelligence (AI).
- Applications: Apart from Smart Phones, Vehicle components are next market for image sensors, ranging from parking assistant system to autonomous driving (self-driving cars).
Note: In Global market share of Image Sensor shipments, Japan’s Sony comapany accounted for 26.1% of global market in 2018, followed by Samsung’s 23.2%.