Weekly News 28 August - 1 September 2023
28 August 2023 – (Economic Times) Export of Basmati Rice Priced Below $1,200/T Halted.
India has halted exports of basmati rice priced below $1,200 per tonne to prevent the illegal export of non-basmati white rice disguised as premium basmati rice. This decision comes after the prohibition of non-basmati white rice exports on July 20, 2023.
A committee under the Agricultural and Processed Food Products Export Development Authority (Apeda) will assess existing contracts below $1,200 per tonne, and this sudden move has raised concerns among rice exporters about significant potential losses.
29 August 2023 – (The Hindu) Complete road development projects before monsoon: Udhayanidhi Stalin.[2]
Minister Udhayanidhi Stalin instructed officials in Cuddalore to accelerate road development projects to ensure they are completed before the northeast monsoon season.
He also chaired a meeting to review the implementation of government schemes, emphasizing the importance of addressing educational, medical, and welfare needs, with a focus on persons with disabilities and senior citizens, as well as prioritizing issues raised by MPs, MLAs, and local representatives.
30 August 2023 – (Economic Times) GST: CBIC set to roll out Aadhaar authentication for high-risk applicants.[3]
The Central Board of Indirect Taxes and Customs (CBIC) is introducing a biometric-based Aadhaar authentication system for high-risk GST registration applicants, aiming to enhance security and reduce fraudulent registrations in the Goods and Services Tax (GST) system.
This system will potentially help improve tax revenue collection by ensuring that only legitimate businesses gain GST registration, while also reducing the administrative burden associated with verifying applicant identities.
31 August 2023 – (Mint) India Q1 GDP Growth Highlights: India’s Q1 GDP growth rises to one-year high of 7.8%; RBI to maintain FY24 projection.[4]
India's gross domestic product (GDP) grew by 7.8 per cent in the April-June quarter of current fiscal (2023-2024), compared to a growth of 6.1 per cent in the previous January-March quarter of fiscal 2022-23, according to official data shared by the National Statistical Office. India remains one of the fastest growing major economies, especially as China's post-pandemic recovery has slowed.
The GDP print came largely in line with Street estimates as economists projected that the economy recorded the fastest annual pace in a year, driven by the services sector and greater capital expenditure.
1 september 2023 – (Adda 27/7)Tata Steel and ACME Group Join Forces For India’s Largest Green Hydrogen Project.[5]
ACME Group and Tata Steel are partnering for India's largest green hydrogen and ammonia project in Odisha, investing Rs 27,000 crore. It promotes sustainable growth and exports to domestic and international markets.
This project uses renewable energy for green hydrogen production, reducing carbon emissions and supporting India's shift to greener energy solutions.
1 September 2023 – (Times Travel) Thailand: Visa rules likely to ease up for Indians and Chinese.[6]
Thailand is likely to ease visa rules for travellers from India and China. The country is also planning to allow longer stays for visitors from all nations. Thailand, at present, is one of the top tourist destinations in the world. However, it would be more beneficial to scrape the visa application fee instead of extending visa exemptions to travellers from India and China.
[1]http://timesofindia.indiatimes.com/articleshow/103324303.cms?from=mdr&utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
[2] https://www.thehindu.com/news/national/tamil-nadu/complete-road-development-projects-before-monsoon-udhayanidhi-stalin/article67248701.ece
[3] https://economictimes.indiatimes.com/news/economy/policy/gst-cbic-set-to-roll-out-aadhaar-authentication-for-high-risk-applicants/articleshow/103185022.cms
[4] https://www.livemint.com/economy/q1-gdp-live-updates-india-q1-gdp-growth-likely-to-be-at-one-year-high-of-77-11693449097394.html
[5] https://currentaffairs.adda247.com/tata-steel-and-acme-group-join-forces-for-indias-largest-green-hydrogen-project-worth-rs-27000-crore-in-odisha/
[6] https://timesofindia.indiatimes.com/travel/travel-news/thailand-visa-rules-likely-to-ease-up-for-indians-and-chinese/articleshow/103261963.cms
