Economy News-Daily Digest: 5 Key Updates
1. Centre, ADB sign 200 million dollar loan pact to upgrade state highways in Bihar
The Centre and Asian Development Bank (ADB) on Monday signed a 200 million dollar loan agreement to finance widening and upgrading of about 230 Kilometers State Highways in Bihar to all-weather standards with road safety features. This loan will help the State government to upgrade all State Highways to meet the minimum two-lane standard with better surfaces and improved road safety.
Under the Bihar State Highways-3 Project, a State-level Road Research Institute will also be established to improve the technical and management capacity of the Road Agency Staff.
2. Commerce Minister Launches Logo and Brochure of Logix India
Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, launched the logo and brochure of Logix India 2019 in New Delhi.
Logix India 2019 is scheduled to take place in New Delhi from 31stJanuary to 2nd February 2019.The mega logistics event is being organized by the Federation of Indian Export Organisations (FIEO) as a major initiative to improve logistics cost effectiveness and operational efficiencies for India’s global trade. Over 20 countries are sending delegations to explore logistics partnerships with India and FIEO is focusing on logistical solutions for difficult to reach markets. Over 100 international delegates are expected to attend Logix India 2019.FIEOwill also focus on investment opportunities in infrastructure development, warehouse consolidation, technology integration and IT enablement and skilling of manpower at the three-day meet.
India ranked 44 in the World Bank Logistics Performance Index 2018. As per the Economic Survey 2017-18, India’s logistics industry which is worth around USD 160 billion is likely to touch USD 215 billion in the next two years. This sector provides employment to more than 22 million people and is expected to grow at the rate of 10.5 per cent over the next 5 years.
3. National Projects Construction Corporation Limited (NPCC) is now a Miniratna
National Projects Construction Corporation Limited (NPCC) has been conferred with the status of Miniratna : Category –I by the Government of India. The empowerment of Miniratna Status to NPCC will help the company in taking speedy decisions by enhancing the delegation of powers to the Board.
NPCC, a schedule ‘B’ CPSE under the administrative control of Ministry of Water Resources RD & GR, has also been awarded ISO 9001:2015 Certification. The Corporation, incorporated in 1957, is a premier construction company having mandate with creation of infrastructure to provide impetus for economic development of the country. The Corporation is making continuous profit since 2009-10, having positive networth for the last six years and has ambitious business plan with enhanced order book position of Rs. 11833 crore.
4. United Nations shortlists Noida, Greater Noida for ‘global cities’ initiative
The United Nations has shortlisted Noida and Greater Noida to participate in its Global Sustainable Cities 2025 initiative. Both cities will be among 25 cities across the world which have been selected in five categories by the UN Global Sustainable Development Goals (SDG) cities initiative.
As part of this initiative, the UN will enter into an agreement with the city administration to provide multi-million dollar funding to work towards realising SDGs. The UN will also sponsor the PHDs of 51 students in Noida who contribute to the programme via research.
5. ISRO to launch India’s HysIS satellite with 30 foreign satellites
ISRO is all set to launch its workhorse rocket PSLV-C43 carrying India’s earth observation satellite HysIS and 30 co-passenger satellites, including 23 from the US.
The primary goal of HysIS is to study the earth’s surface in visible, near infrared and shortwave infrared regions of the electromagnetic spectrum.
The co-passengers of HysIS include one micro and 29 nano satellites from eight different countries, the agency said, adding, all these satellites will be placed in a 504 km orbit by PSLV-C43.
The countries comprise United States of America (23 satellites), Australia, Canada, Columbia, Finland, Malaysia, Netherlands and Spain (one satellite each).
These satellites have been commercially contracted for launch through Antrix Corporation Limited, the commercial arm of ISRO, the space agency said.
PSLV is ISRO’s third generation launch vehicle. It can carry upto 1,750 kg of payload into polar SSO of 600 km altitude.
Additionally, PSLV has been used to launch planetary missions and also satellites into Geosynchronous Transfer Orbit.