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NITI Aayog To Organise India’s First Global Mobility Summit

NITI Aayog, in collaboration with various ministries and industry partners, is organising ‘MOVE: Global Mobility Summit’ in New Delhi in September 2018.
The Government’s goals for vehicle electrification, renewable energy integration and job growth and also speed up India’s transition to a clean energy economy will be helped drive by the Summit .

PM Narendra Modi will be inaugurating the Summit, which will be the first Global Mobility Summit of its kind, with over 1,200 expected participants from across the world. The Summit will constitute three designated components – The Conclave, the Expo and the Featured Events.

RBI Licences Bank Of China To Operate In India

The Reserve Bank of India licensed Bank of China to operate in India. This decision comes as part of the commitment made by PM Modi to the Chinese leadership. Bank of China will now have operating offices in India. This will be the second Chinese bank to be operating in the country.

As on 1 January, 2018 Industrial & Commercial Bank of China Ltd was operating in India along with 45 other foreign banks. The United Kingdom’s Standard Chartered has the highest, 100 branches in India as of now.

Government Approves Hike In Minimum Support Price For Kharif Crops

The government has decided to sharply increase the Minimum Support Price (MSP) for Kharif crops, as it responds to concerns about distress in the country’s farm economy despite two years of strong monsoons.

The MSP for common variety paddy, the most important Kharif crop, will be raised by Rs 200 over last year’s Rs 1,550 per quintal. That works out a 13%t increase for the financial year ended March 2019 compared to a 5.4% increase in FY18. The year-on-year jump in MSP for most other Kharif crops has also been far steeper than the annual increases announced over the last three years.

Khareef Season MSPs: Annual Increase

Crop FY16 FY17 FY18 FY19
Paddy 3.70 4.30 5.40 12.90
Jowar 2.60 3.50 4.60 42.90
Bajra 2 3.50 7.10 36.80
Maize 1.10 3 4.40 19.30
Ragi 6.50 4.50 10.10 52.40

 

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