Ministry of Commerce and Industry Current Affairs - 2019
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The Ministry of Commerce and Industry has released the data related to the Foreign Direct Investment (FDI) inflows during April-September 2018-19. The important aspects from this data:
- The Foreign direct investment (FDI) into India was declined by 11 per cent to USD 22.66 billion during April-September period of 2018-19.
- The FDI inflows during April-September 2017-18 stood at USD 25.35 billion.
- The FDI which attracted large FDI are services (USD 4.91 billion), computer software and hardware (USD 2.54 billion), telecommunications (USD 2.17 billion), trading (USD 2.14 billion), chemicals (USD 1.6 billion), and automobile industry (USD 1.59 billion).
- Singapore with the FDI of USD 8.62 billion inflow was the largest source of FDI during April-September 2018-19.
- Singapore was followed by Mauritius (USD 3.88 billion), the Netherlands (USD 2.31 billion), Japan (USD 1.88 billion), the US (USD 970 million), and UK (USD 845 million).
The Foreign Direct Investment growth witnessed a five-year low growth of 3 per cent at $ 44.85 billion in 2017-18. The decline in the growth rate of FDI could adversely affect the country’s balance of payments and may also impact the value of the rupee.
Tags: Automobile Industry • chemicals • computer software and hardware • FDI • Foreign Direct Investment • Japan • Mauritius • Ministry of Commerce and Industry • Netherlands • Services • Singapore • Telecommunications • Trading • UK • US
The Facebook-owned messaging app WhatsApp has announced Startup India-WhatsApp Grand Challenge to encourage entrepreneurs and small businesses in India.
About the challenge
The challenge is being hosted in association with Invest India. The top 5 winners would receive a cash prize worth $250,000 (roughly Rs. 1.8 crores).
The challenge is aimed at encouraging the entrepreneurs who have innovative ideas, business models that solve for a local India problem, making a large scale socio-economic impact.
The themes for this Start-up challenge are healthcare, rural economy, financial and digital inclusion, education and citizen safety.
The applications will be evaluated by an independent evaluation committee and out of which the best 30 ideas will be shortlisted for the subsequent round and further 10 in the following round.
The selected 10 ideas would participate at the live pitch day during the grand finale and the top 5 would be awarded grants worth $250,000 (roughly Rs. 1.8 crores).
Invest India is a not for profit entity established under the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry in 2009.
It is a national investment promotion and facilitation agency focussing on sector-specific investor targeting and development of new partnerships to enable sustainable investments in India.
Tags: Department for Promotion of Industry and Internal Trade. • education and citizen safety. • financial and digital inclusion • Healthcare • Invest India • Ministry of Commerce and Industry • rural economy • Startup India • Startup India-WhatsApp Grand Challenge • WhatsApp