Weekly News 09 - 13 October 2023
09 October 2023 - (Economic Times) Multilateral banks back reforms plan
The proposed transformation roadmap of multilateral development banks (MDBs) has secured wide backing of these entities, people familiar with the deliberations told ET. The MDB reform programme will be taken up at the G20 finance ministers and central bank governors' (FMCGB) meeting in Marrakech under India's presidency on October 12-13.
The reforms blueprint is derived from the report of the Independent Expert Group (IEG), co-chaired by 15th Finance Commission chairman NK Singh and former US Treasury Secretary Larry Summers, set up by the G20. The group recently submitted the second volume of its report outlining a roadmap for implementation of MDB reforms.
10 October 2023 - (Economic Times) Policy in works to scale up bamboo cultivation
NITI Aayog is firming up a comprehensive policy to harness the multiple benefits of bamboo, increasingly referred to as 'green gold' with potential fabric for biofuel use. The idea is to incentivise the entire bamboo value chain including cultivation, production and development as the tree-like grass gains traction for its usage in infrastructure and as biofuel among others. Several rounds of meetings have been held under NITI Aayog member Ramesh Chand to lay out a blueprint that will give a major push to bamboo cultivation and its utilization, a senior government official told ET.
The policy, expected by the end of this year, is expected to lay down of BIS standards for bamboo, food and safety standards certification for bamboo products and geographical indications (GI) tagging to enhance export opportunities for bamboo. The government is eyeing large-scale use of bamboo for producing bio-ethanol hoping that it will reduce India's dependence on imported fossil fuel. The sturdiness of the grass and its versatility are also being explored for the construction and infrastructure sectors.
11 October 2023 - (Economic Times) ONGC ready for big investments, says finance director Pomila Jaspal
ONGC's record-high profits of the past two years have turned the company's balance sheet robust and ready for making big investments, its finance chief has said, adding that the company's annual capex will rise by 10% next financial year on increased upstream activity, and double to ₹60,000 crore after three years as the new petrochemical and green energy plans shape up.
ONGC, India's largest oil and gas producer, reported a combined profit of about ₹80,000 crore in the two years to March 2023. It has zero net debt today. The company has been paying handsome dividends to its shareholders, about 30-45% of its annual profits every year for a decade. Its annual capex, however, has remained stagnant at around ₹30,000 crore for a decade.
12 October 2023 - (Economic Times) From drones to tunnel detection robots, manufacturers vie for attention at def expo
Manufacturers, from seasoned companies to start-ups, showcased their products at the first-ever defense expo in the Northeast region of India. Scandron Pvt Ltd displayed customized drones, some of which are already being tested by the Indian Army. Magellanic Cloud, the company that owns Scandron, is also working on drones to carry heavy equipment to remote areas. Start-up Defense and Space Robotics Laboratory (DSRL) showcased robots for critical activities during warfare and crime control.
Customised drones by Scandron Pvt Ltd were on display at the 'East Tech', with some of these drones already in the testing phase with the Indian Army. Joseph Sudheer Thumma, CEO of Magellanic Cloud which owns the company, said, "We have already launched drones for the cargo sector. We are currently testing payload for our cargo drones, which can carry almost 100 kg." "As per the requirements of the Army, we are working on various permutations and combinations of load, altitude and wind," he said.
13 October 2023 - (Economic Times) Nirmala Sitharaman: Domestic consumption and investment demand will drive growth
Domestic consumption and investment demand will continue to drive growth though global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in the coming months, Finance Minister Nirmala Sitharaman said Thursday. The finance minister also added that the situation warrants greater vigilance by the government and Reserve Bank.
Calling for timely consensus on the transformation of the World Bank for accelerating progress towards the achievement of the 2030 Sustainable Development Goals (SDGs), Sitharaman in her address at the meeting of the World Bank's Development Committee, said, "The government has already taken pre-emptive measures to restrain food inflation which is likely to subside price pressure in the market soon." The body is a joint ministerial committee of the boards of governors of the World Bank and the International Monetary Fund on the transfer of real resources to developing countries.
https://economictimes.indiatimes.com/news/economy/policy/multilateral-banks-back-reforms-plan/articleshow/104266684.cms
https://economictimes.indiatimes.com/news/economy/agriculture/policy-in-works-to-scale-up-bamboo-cultivation/articleshow/104293921.cms
https://economictimes.indiatimes.com/industry/energy/oil-gas/ongc-ready-for-big-investments-says-finance-chief/articleshow/104324153.cms
https://economictimes.indiatimes.com/news/defence/from-drones-to-tunnel-detection-robots-manufacturers-vie-for-attention-at-def-expo/articleshow/104364949.cms
https://economictimes.indiatimes.com/news/india/nirmala-sitharaman-domestic-consumption-investment-demand-will-drive-growth/articleshow/104381079.cms
