the United Arab Emirates Current Affairs - 2019

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India becomes Second Largest LPG Consumer and Importer

India is now the second largest consumer and importer of the LPG in the world. This is attributed to government initiatives to push for cleaner alternatives to traditional cooking fuels such as firewood and cow dung.

Import of LPG

The import of LPG grew by 12.5 per cent over the past five years to 12 million metric tons (13 million tons) in 2018-19. India now stands at the second position when it comes to the import of LPG surpassing Japan. India is at second place behind China. The exporters of LPG to India include Saudi Arabia, Qatar, the United Arab Emirates, Kuwait and Iran.

Consumption of LPG

The number of active LPG consumers in India has grown at a compounded annual growth rate (CAGR) of 15 per cent – from 14.8 crore in 2014-15 to 22.4 crore in 2017-18.

Increase in population combined with LPG penetration in rural areas has resulted in an average growth of 8.4 per cent in LPG consumption, making India the second largest consumer of LPG in the world at 22.5 million tonnes.

The Ministry of Petroleum and Natural Gas estimates that LPG consumption would grow to 30.3 million tonnes by 2025 and 40.6 million tonnes by 2040.

The flagship scheme of the government Pradhan Mantri Ujjwala Yojana (PMUY) has made a significant contribution towards enhancing the penetration of LPG, especially in rural areas. The renewed targets under the Pradhan Mantri Ujjwala Yojana (PMUY) aims to provide LPG connections to 8 crore households before March 31, 2020.

Month: Categories: Business, Economy & Banking

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IOR countries to pursue open regionalism to stimulate growth

Trade and industry ministers of Indian Ocean Rim Association for Regional Cooperation (IORARC) member nations agreed to promote trade within the grouping to encourage economic cooperation and development in the strategic Indian Ocean region. India (Gurgaon) and Mauritius co-hosted the first economic and business conference under the theme of “Deepening Economic Linkages for Balanced, Inclusive & Sustainable Growth”.

They decided to encourage “open regionalism” and reconcile trade practices in line with international norms and lower trade barriers. The group also agreed to build on the complementarities and identify key growth sectors.

The members also expressed concern over the debilitating global economic environment and how low rates of growth in advanced economies have affected developing economies through slower international trade and lesser FDI inflows and urged member nations to adopt measures, consistent with their WTO obligations to boost growth and development in the region.

What is IORARC?

IORARC is Indian Ocean Rim Association for Regional Cooperation (IORARC) is an association of 20 member countries. The group came into being in March 1995 in Mauritius. Through it pass some of the most important energy transport routes from Middle East to South-East and East Asia, and securing these routes has become a global priority.

Who are the 20 members?

The IOR-ARC, which is the only pan-Indian ocean grouping, has 20 members, namely Australia, Bangladesh, Comoros, India, Indonesia, Iran,Kenya, Malaysia, Madagascar, Mauritius, Mozambique, Oman, Seychelles,Singapore, South Africa, Sri Lanka, Tanzania, Thailand, the United Arab Emirates, and Yemen.

And there are six dialogue partners, namely China, Egypt, France,Japan, and Britain, and the United States, and two observers, namely, the Indian Ocean Research Group and the Indian Ocean Tourism Organization.

Objectives of IORARC:

1.    To promote sustainable growth and balanced development of the region and Member States

2.    To focus on those areas of economic cooperation which provide maximum opportunities for development, shared interest and mutual benefits

3.    To promote liberalization, remove impediments and lower barriers towards a freer and enhanced flow of goods, services, investment, and technology within the Indian Ocean rim.

What was India’s point at this conference?

India called for a common maritime security enforcement regime and liberal visa regimes to boost trade and investment. India looked for deeper relationships with the member nations and intends to play an enhanced role on the high seas to boost trade without militarising the region.

Month: Categories: International

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