UNCTAD Current Affairs
Invest India, the country’s investment promotion body, has won United Nations (UN) Award for excellence in promoting investments in sustainable development. The award was presented by Armenian President Armen Sarkissian to CEO of Invest India Deepak Bagla at the World Investment Forum, Geneva.
Invest India received this award for excellence in servicing and supporting major global wind turbines company in establishment of blade manufacturing plant in India while committing to train local staff and produce 1 gigawatt (GW) of renewable energy. Implementation of this project is expected to reduce India’s wind energy cost significantly.
Apart from Invest India, agencies from Lesotho (Lesotho National Development Corporation -LNDC), Bahrain (Bahrain Economic Development Board-EDB Bahrain) and South Africa (Invest South Africa) also won top honours at UN Investment Promotion Awards for excellence in boosting investment into sectors having social and economic benefits and will help meet Sustainable Development Goals (SDGs).
UN Investment Promotion Award
The awards are given annually by United Nations Conference on Trade and Development (UNCTAD) since 2002 as part of its investment promotion and facilitation programme. It honours investment promotion agencies (IPAs) and their governments for their achievements. It also seeks to showcase best practices in attracting investment into Sustainable Development Goals (SDGs)-related projects that can inspire investment promotion practitioners in developing and developed countries. The 2017 winners were Ethiopian Investment Commission, COFIDES of Spain, and Board of Investment of Mauritius.
It is official Investment Promotion and Facilitation Agency of Central Government. It is mandated to facilitate investments in the country. It is first stop for potential global investors in country. It has been set up as non-profit venture under Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industries.
It serves as first stop for potential global investors in India. It provides sector and state-specific inputs and other supports to investors through entire investment cycle. Moreover, all efforts like hand-holding and facilitation support are made by Invest India under Make in India programme.
The First International Consumer Protection Conference on empowering consumers in new markets for South, South East and East Asian Countries was held in New Delhi from 26 to 27 October 2017. The theme of the conference was “Empowering Consumers in New Markets”. It was inaugurated by Prime Minister Narendra Modi.
The two day conference was organised by Department of Consumer Affairs, Ministry of Consumer Affairs, Food & Public Distribution in association with UNCTAD. The conference was attended by 1600 participants that included delegates from 19 countries from East, South and South-East Asia which account for majority of global consumers and share common challenges and experiences participated in it.
New Consumer Protection Bill
During inauguration of the conference PM Narendra Modi announced that new consumer protection law is on anvil to crack down on misleading advertisements and simplify grievance redressal mechanism. The main objective of new law will be to protect the rights of consumers.
It will replace previous Consumer Protection Act of 1986 by incorporating amended 2015 UN guidelines on consumer protection. It proposes to have Central Consumer Protection Authority with executive powers will be constituted for quick remedial action. It also establishes Consumer Dispute Redressal Commissions at every district, state and national levels.
United Nations Conference on Trade and Development (UNCTAD)
UNCTAD is principal organ of United Nations General Assembly (UNGA) dealing with trade, investment, and development issues. It was established in 1964 and its permanent secretariat is in Geneva. Its primary objective is to formulate policies relating to all aspects of development including trade, aid, transport, finance and technology. It ordinarily meets once in four years.