Global infra hub soon

November 17, 2014

Brisbane1Brisbane, Nov 16: Leaders of the G20 nations on Sunday decided to set up a Global Infrastructure Hub which will help reduce barriers to investment and improve information sharing for channelising funds into the sector.

Located in Sydney, the Hub will contribute to developing a knowledge-sharing platform and network between governments, the private sector, development banks and other international organisations.

“The Hub will foster collaboration among these groups to improve the functioning and financing of infrastructure markets,” said the communique released at the end of two-day G20 meeting here. “With a four year mandate, the Hub will work internationally to help countries improve their general investment climates, reduce barriers to investment, grow their project pipelines and help match investors with projects,” according to Australia, which holds the G20 Presidency.

The B20, a grouping of business leaders of G20 nations, have estimated that the Hub could help unlock an additional $2 trillion in global infrastructure capacity by 2030.

Countries like the UK, China, Saudi Arabia, New Zealand, Korea, Mexico and Singapore have given their financial commitment for establishing the Hub. Stressing on the need for global investment in infrastructure to boost growth and job creation, the G20 said it will work with the multilateral lending agencies and encourage national banks to provide additional lending to the sector.

Earlier in the day, US President Barack Obama, Australian Prime Minister Tony Abbott and Japanese premier Shinzo Abe lined up against Russia, vowing to oppose what they called Moscow’s efforts to destabilise Ukraine. “At this point the sanctions we have in place are biting plenty good,” Obama said.

India’s infrastructure sector will require an estimated $1 trillion in 12th Plan period ending 2017 and half of it is expected to come from the private sector.

On climate change, the US and other nations overrode Australia’s attempts to keep climate change off the formal agenda. Australia is one of the world’s biggest carbon emitters per capita. The final communique called for strong and effective action to address climate change with the aim of adopting a protocol, with legal force, at a UN climate conference in Paris in 2015.

“The most difficult discussion was on climate change,” an EU official told reporters on condition of anonymity.

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News Network
May 6,2020

May 6: The government on Tuesday said that the Food Corporation of India, the nodal agency for procurement and distribution of foodgrains, has sufficient stocks in its godowns, even after meeting the requirement of additional wheat and rice provided free of cost during the lockdown period.

Food Minister Ram Vilas Paswan has given detailed information about the various steps taken by the government and the total stocks of food grains and pulses available with the government and sent to the states till now, an official statement said.

"FCI currently has 276.61 lakh tonnes rice and 353.49 lakh tonnes wheat. Hence a total of 630.10 lakh tonnes food grain stock is available," it said.

As against this, about 60 lakh tonnes of food grains is required for a month under the NFSA (National Food Security Act) and other welfare schemes.

Paswan said FCI stocks are comfortable even after fulfilling extra commitments during the lockdown.

Under the 'Pradhan Mantri Garib Kalyan Ann Yojana', the Centre is providing 5 kg of free food grains per month to 80 crore ration card holders. This free of cost wheat and rice will be provided for three months. Besides, 1 kg of pulses will also be supplied per family.

This is over and above the normal quota of 5 kg of food grains provided per month per person to about 80 crore people under the food law.

The minister informed that since the lockdown, about 69.52 lakh tonnes of food grains have been transported through 2,483 rail rakes.

Apart from rail route, transportation was also done through roads and waterways. A total of 137.62 lakh tonnes has been transported.

During the lockdown, NGOs and social institutions running relief camps can purchase wheat and rice directly from FCI Depots at Open Market Sales Scheme (OMSS) rate.

The state governments can also purchase food grains directly from FCI. Under the OMSS, the rate of rice is fixed at Rs 22 per kg and wheat at Rs 21 per kg.

Under the 'Pradhan Mantri Garib Kalyan Ann Yojana', for the next 3 months a total of 104.4 lakh tonnes rice and 15.6 lakh tonnes of wheat is required of which 59.50 lakh tonnes rice and 8.14 lakh tonnes wheat have been lifted by various states and UTs.

The Government of India is bearing 100 per cent financial burden of approximately Rs 46,000 crore under the scheme, the statement said.

For pulses, the total requirement for the next three months is 5.82 lakh tonnes.

So far, 2,20,727 tonnes of pulses have been dispatched, while 1,47,165 tonnes of pulses have reached the states/UTs and 47,490 tonnes have been delivered, it said.

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News Network
June 8,2020

New Delhi, Jun 8: India on Monday reported the highest single-day spike of 9,983 more COVID-19 cases and 206 deaths in the last 24 hours.

With this, the country's coronavirus count has reached 2,56,611, including 1,25,381 active cases, according to the Ministry of Health and Family Welfare.

1,24,094 patients have been cured/discharged so far and 7,135 succumbed to the deadly virus. While one patient has migrated.

With 85,975 cases, Maharashtra is the worst-affected state in the country followed by Tamil Nadu at 31,667 cases.

A total of 1,08,048 samples were tested for coronavirus in the last 24 hours and overall 47,74,434 samples have been tested till now.

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News Network
February 18,2020

New Delhi, Feb 18: India emerged as the world's fifth-largest economy by overtaking the UK and France in 2019, says a report.

A US-based think tank World Population Review in its report said that India is developing into an open-market economy from its previous autarkic policies.

"India's economy is the fifth-largest in the world with a GDP of $2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot," it said.

The size of the UK economy is $2.83 trillion and that of France is $2.71 trillion.

The report further said that in purchasing power parity (PPP) terms, India's GDP (PPP) is $10.51 trillion, exceeding that of Japan and Germany. Due to India's high population, India's GDP per capita is $2,170 (for comparison, the US is $62,794).

India's real GDP growth, however, it said is expected to weaken for the third straight year from 7.5 per cent to 5 per cent.

The report observed that India's economic liberalisation began in the early 1990s and included industrial deregulation, reduced control on foreign trade and investment, and privatisation of state-owned enterprises.

"These measures have helped India accelerate economic growth," it said.

India's service sector is the fast-growing sector in the world accounting for 60 per cent of the economy and 28 per of employment, the report said, adding that manufacturing and agriculture are two other significant sectors of the economy.

The US-based World Population Review is an independent organisation without any political affiliations.

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