Economy Current Affairs - 2019
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The first-ever India Russia Strategic Economic Dialogue was held at St. Petersburg in Russia. Indian side was led by NITI Aayog Vice Chairman Rajiv Kumar and Russian delegation headed by Economic Development Minister Maxim Oreshkin.
The two-day forum provided participants platform to discuss development of bilateral ties in trade, investment, technology and industry. It was aimed to bring together key business figures from both countries. Transport, agriculture and agro-processing, Small and Medium Enterprises (SMEs), digital transformation and frontier technologies and industrial cooperation were some of the key areas of focus of the forum.
Indo-Russian Strategic Economic Dialogue
It was created by PM Narendra Modi and President Vladimir Putin in their informal summit (held at Sochi in May 2018) to give big push to economic partnership between both countries that has started to gain momentum since 2017. It aims to focus on macro picture of economic partnership and also explore partnership and joint ventures in services and IT sectors. It seeks to put in place mechanism for partnership between resource-rich Russian regions and Indian states. In effort to boost bilateral trade to $30 billion by 2025, both countries have agreed to give high priority to removal of obstacles to trade in order to improve upon 21.5% growth in two-way trade recorded last year. India has already launched Strategic Economic Dialogue with China.
Tags: Asian foreign policy of the Narendra Modi government • Business • Economy • Foreign policy of the Narendra Modi government • Foreign Relations of India • Government • Government of India • India • India-Russia • National • Niti Aayog • St. Petersburg • Strategic Economic Dialogue • Trade • Vladimir Putin
Cabinet Committee on Economic Affairs (CCEA) has approved to expand the scope of mandatory packaging norms under Jute Packaging Material (JPM) Act, 1987. It has approved that 100% of the food grains and 20% of sugar shall be mandatorily packed in diversified jute bags. Initially 10% of indents of jute bags for packing foodgrains will be placed through reverse auction on GEM portal. This will gradually help to usher in a regime of price discovery.
Impact of this decision
It will give a fillip to development of jute sector and impetus to the diversification of the jute industry. It will increase quality and productivity of raw jute and also boost and sustaining demand for jute product. It will benefit farmers and workers located in Eastern and North Eastern regions of country particularly in the states of West Bengal, Bihar, Odisha, Assam, Andhra Pradesh, Meghalaya and Tripura.
Jute is one of the important natural fibers after cotton in terms of cultivation and usage. Its cultivation is dependent on climate, season, and soil. Almost 85% of world’s jute cultivation is concentrated in the Ganges Delta. India is largest producer or cultivator of jute in the world (around 60%) followed by Bangladesh and China. Top jute producing states are West Bengal, Bihar, Assam and Odisha.
This sector in India is predominantly dependent on Government which purchases jute products more than Rs. 6,500 crore every year. Government has been making concerted efforts for the development of jute sector considering that nearly 3.7 lakh workers and approximately 40 lakh farmers are dependent for their livelihood on jute sectors.
Government is also making concerted efforts for development of jute sector. It is increasing quality and productivity of raw jute, diversification of jute sector and also boosting and sustaining demand for jute product. The intensive Government support is to sustain core demand for jute sector and to support livelihood of workers and farmers dependent on sector.
Tags: CCEA • Economy • Economy of Bangladesh • Economy of West Bengal • Jute • Jute Corporation of India • Jute Industry • Jute Packaging • Jute Packaging Material (JPM) Act • Jute Sector • Jute trade • National • Pakistan Jute Mills Association • Textile Industry • West Bengal