Imports Current Affairs - 2019

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India International Trade Fair Begins

The 39th India International Trade Fair is to begin in New Delhi on November 14, 2019. Around 25,000 people are expected to visit the fair.

Theme: “Ease of Doing Business”

The theme is inspired from India’s 63rd rank in the World Bank’s Ease of Doing Business.

Highlights

  • The Fair is to serve as a convergence point for the government agencies, non-government institutions and private sector enterprises
  • Countries including Vietnam, UK, Turkey, Tunisia, Thailand, Nepal, Myanmar, Iran, Indonesia, Hong Kong, Egypt, China, Bhutan, Bangladesh, Australia and Bahrain are to participate in the fair
  • The preferences are given to Bihar and Jharkhand states this year
  • The fair is to offer equal opportunities to large corporations, MSME, artisans and self-help groups to promote their products

Significance

  • With India growing as a hotspot of startups, giving equal opportunities to them in these fairs will boost their growth and eventually will boost the growth of the economy. Such steps by the government shows the importance given to the startups in its governing actions. These steps fetch an increased growth rate predictions for the country in 2020-21 by organizations like IMF, World Bank, G20 though they pin down the current growth rate of the country
  • With increased importance to artisans and MSME along with large corporates will help boost GoI recent schemes aiming on increasing exports and reducing imports especially in the field of handicrafts.

GoI releases Steel Scrap Recycling Policy

The National Steel Policy that was released on November 8, 2019 aims at developing globally competitive steel industry. It aims at creating 300 million tons of steel per annum by 2030.  The policy was released by Ministry of Steel

Objectives of the Policy

  • The policy aims at promoting scientific collection and processing activities of recyclable ferrous and non-ferrous scraps.
  • The objective of the policy is to produce high quality ferrous scrap that helps to increase high quality steel production.
  • It also aims in relieving cities from Extra Low Voltages and boost the reuse of ferrous scrap. Extra Low Voltage systems are deployed in commercial and residential buildings for better security and control. It mainly consists of CCTV and Intercom.
  • It also promotes the ‘6R’ principle. It includes Reduce, Recycle, Reuse, Recover, Remanufacture and Redesign

Significance

  • The Policy provides guidelines for collection, shredding and dismantling activities in a safe and sound environment.
  • The Policy will envisage a framework to establish metal scrapping centers in the country.
  • It will help in setting up environmentally sound ferrous scrap handling systems.
  • India is currently importing metal scraps from African countries. Around 70% of the metal scraps comes from these countries. The policy will help reduce dependency on imports.