Economic Growth Current Affairs - 2020
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On January 18, 2020, the Industrial meet of the Asia’s largest Civil Aviation was held in Bengaluru. The Civil Aviation event is to be held at Begumpet airport, Hyderabad in March 2020. The theme of the event will be
Theme: Flying for All
The Industrial Meet was held at Bengaluru as the city is the IT Capital of India and has the potential to become an Aviation Capital of the country. The aim of the meet is to unite all the regulators and facilitators of the aviation sector. It was announced at the event that GoI has planned to set up a world class training facility for astronauts and pilots together.
Aviation Sector in India
India is the third largest domestic civil aviation market in the world. Also, it is the second fastest aviation industry in the world. Currently, India ranks 9 in terms of the civil aviation market.
The aviation sector currently contributes 72 billion USD to GDP. It provides job opportunities to 8 million Indians.
Targets set for aviation sector
- India aims to become the third largest aviation market globally by 2024
- The number of Indian carriers is to be increased to 1,100 by 2027
- The freight traffic at the airports of India is to cross 11.4 MT by 2032.
The GoI has taken several measures to improve the sector. It includes permitting 100% FDI in sea planes, helicopter services, group handling services and non-scheduled air transport services
Tags: Aviation Sector • Bengaluru • Civil Aviation • Economic Growth • FDI
On January 17, 2020, one of the world’s largest retailer Amazon announced that it has planned to invest 1 billion USD in India and generate 1 million jobs. Globally Amazon has increased its employee base four times.
The retailer has been constantly facing rage of the small and medium enterprises in India for its discounts. In order to involve small and medium businesses, a mega summit called the smBhav was organized by Amazon in the capital on January 14, 2020. Around 3000 small and medium entrepreneurs attended the summit.
According to the National E-Commerce Policy, 2019, the Indian E-Commerce market is estimated to reach 200 billion USD by 2026. As India is one of the largest markets in the world, the foreign E-Commerce giants are competing with each other to capture Indian market. This 1 trillion USD and smBhav moves of Amazon are best examples.
While it is important to allow the growth of the market, it is also equally important keep the factors influencing the growth at check. It includes
- Regulation of customer data
- Stimulating domestic digital economy
- Regulatory issues
- Export Promotion through E-Commerce. This is the most important factor as India should neither be used as dumping yard for foreign products nor be used as a service provider for foreign E-Commerce giants. Rather, local Indian goods and products should grow in terms of production making India a net exporter.
The principal legislation that is governing e-commerce in India is the IT act.