Category Archives: Business & Economy

INTERNATIONAL: REGIONAL: SECURITY: India to host meeting of Security Advisers (NSA’s) from Shanghai Cooperation Organisation (SCO) Countries

Secretary of Security Council of Russia Nikolai Patrushev will attend the meet chaired by NSA Ajit Doval.

India on Wednesday will host a meeting of the National Security Advisers (NSAs) of member-countries of the Shanghai Cooperation Organisation (SCO) which will be attended among others by Secretary of the Security Council of the Russian Federation Nikolai Patrushev. The meeting will be chaired by NSA Ajit Kumar Doval and will be attended in person by several high-level delegates from the Central Asian Republics. Diplomatic sources have confirmed that China and Pakistan will participate in the meeting virtually.

Mr. Doval, who has emerged as one of the core negotiators between India and Russia in the backdrop of the Ukraine war, has engaged Mr. Patrushev multiple times over the last year since the beginning of the Russian campaign in February 2022. The meeting of the NSAs of the SCO member-countries is part of the preparatory meetings for the SCO summit that will be held in India this year.

Global spotlight

The visit of Mr. Patrushev acquires special significance as Russia’s participation in the SCO and the G20 has been in the global spotlight as it shows that western strategy to isolate Russia over the military action against Ukraine has not succeeded so far. Mr. Patrushev had hosted Mr. Doval in February this year when Moscow had held a meeting of the SCO countries on Afghanistan. The two had earlier met in August 2022 when Mr. Doval had visited Moscow for bilateral consultation. It is understood that Mr. Patrushev and Mr. Doval will meet for a bilateral discussion in Delhi. Russia has been assuring that military supplies from its end will not be disrupted because of the pressure on its arms industry from the war campaign in Ukraine and Mr. Patrushev’s presence will allow India a chance to evaluate the situation further.

Wednesday’s meeting is expected to take up the developments in Afghanistan and also help in advancing consultations on Russia’s plans for the Eurasian economic bloc. The SCO consists of Russia, China, India, Pakistan, Uzbekistan, Kazakhstan, Turkmenistan and Tajikistan.

Iran is expected to become a full member of the SCO this year when India is serving as the Chair of the organisation. Apart from the presence of the Russian team, the presence of Pakistan in the SCO is a subject of interest. India has already extended invitation to Pakistan Foreign Minister Bilawal Bhutto Zardari and Defence Minister Khawaja Asif to participate in the meetings of the Foreign Ministers and Defence Ministers of the SCO. Diplomatic sources have not confirmed so far on Pakistan’s participation in the events. 

source/content: thehindu.com (headline edited)

INTERNATIONAL: WORLD BANK: Indian-American Ajay Banga poised to become World Bank Chief unopposed 

The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga.

Indian-American business leader Ajay Banga is poised to become the next President of the World Bank which has said he is the sole nominee for the post as no other candidates were nominated.

The World Bank’s Board of Executive Directors will interview Banga before he is formally appointed.

In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is “well equipped” to lead the global institution at “this critical moment in history.”

The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga.

Banga is the only application received for the position of president of the World Bank, the financial institution said on Thursday.

“The Board received one nomination and would like to announce that Mr Ajay Banga, a US national, will be considered for the position,” the bank said.

“In accordance with established procedures, the Board of Executive Directors will conduct a formal interview with the candidate in Washington D.C., and expect to conclude the Presidential selection in due course,” said a statement issued by the bank.

The bank has not announced the timing of the interview.

The former Mastercard Inc. chief, Banga currently serves as Vice Chairman at General Atlantic.

A new leader of the World Bank is expected to be chosen by early May.

Over the next few months, you will see the World Bank undergo an important transition.

We expect that Ajay Banga, President Biden’s nominee, will be elected President of the World Bank, US Treasury Secretary Janet Yellen told lawmakers at a Congressional hearing on Wednesday.

“He will be charged with accelerating our progress to evolve the institution to better address 21st-century challenges. This evolution will help the Bank deliver on its vital poverty alleviation and development goals,” Yellen said.

If confirmed, Banga would become the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.

Banga is expected to replace the current World Bank president David Malpass, who will step down in June, nearly a year before his term is scheduled to expire.

Malpass faced strong criticism over the bank’s commitment to climate action and over his personal views on climate change.

Last week, reports emerged that China sounded doubtful about backing Banga, saying it is “open” to supporting “other potential candidates” based on merit.

Banga, however, received overwhelming support from major countries across the world, including India.

Following Banga’s nomination, he has travelled to several countries for support.

A coalition of 55 advocates, academics, executives, luminaries, and former government officials — including four Nobel Laureates — wrote an open letter to welcome and support Banga’s nomination as the next President of the World Bank.

Raised in India, Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity, President Biden had said.

He has also worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America.

He was awarded the Padma Shri in 2016.

Banga is expected to take over the reins of the anti-poverty lender at a crucial time, with the US and Western nations pitching for reforms to focus on addressing a slew of wide-ranging global issues like climate change.

source/content: newindianexpress.com (headline edited)

NATIONAL: INDUSTRY / INNOVATION & TECHNOLOGY: Indian Space Research Organisation (ISRO) invites Industries to Develop 100 Technologies and Products

Interested parties were advised to submit their proposals by April 17.

Indian Space Research Organisation (ISRO) called upon Indian industries to develop 100 technologies and products, which will be required for its launch vehicles, satellites, application sectors, human space flight, and space exploration.

Inviting an Expression of Interest (EoI) from prospective industries towards self-reliance in development of technologies, products, systems for Indian space programmes, the space agency has listed 100 technologies and products.

The list includes design, realisation and flight testing of sub-scale Hybrid Drone Prototype for DroneNet, development of a Head Mount Display (HMD) for Gaganyaan crew for providing situational awareness, space debris surveillance and tracking radar, urban flooding surveillance system using multi-radar and sensor network.

ISRO is pursuing multidisciplinary R&D programmes related to its major verticals — space transportation, space infrastructure, space applications, ground systems and human space exploration.

The EoI states: “Currently, ISRO is in the need of developing certain potential technologies/ products/ systems for its programmes in a time-bound manner. In this context, an invitation for Expression of Interest (EoI) is hereby floated to identify suitable Indian industries for the development of identified technologies/ products/ systems in a time-bound manner.”

The main objective of this EoI is to engage eligible Indian industries to develop the technologies, products, systems for space programmes of ISRO.

Prospective industries were advised to submit their proposals by April 17.

source/content: thehindu.com (headline edited)

GLOBAL: SATELLITES & SPACE: The Indian Space Research Organisation (ISRO) Successfully Launches 36 Satellites for UK-based OneWeb

This batch of 36 satellites by the UK-based OneWeb will be its 18th launch to date, its third this year and the second with ISRO.

The Indian Space Research Organisation (ISRO) on Sunday successfully launched the second batch of 36 satellites for the UK-based OneWeb.

“We have lift off! Thanks to our colleagues at @isro and @NSIL_India for a successful launch. If you don’t already, make sure to follow us for more updates throughout the rest of the mission,” OneWeb tweeted at 9.04am on Sunday.

This batch of satellites by the UK-based company will be its 18th launch to date, its third this year and the second with ISRO. This will also complete the company’s first-generation LEO (low earth orbit) constellation, enabling the company to initiate global coverage in 2023.

HT on March 6 reported about ISRO’s plan to launch the second batch of OneWeb’s satellites on March 26.

On February 16, these 36 satellites reached India from the US for their launch. On March 15, the satellites were also encapsulated.

The communications satellites were launched by ISRO’s Launch Vehicle Mark-III (LVM3). In October last year, the Indian space agency successfully launched the first set of 36 satellites by OneWeb from the Satish Dhawan Space Centre in Sriharikota, marking the rocket’s entry into the global commercial launch service market.

A week after that, ISRO successfully conducted the flight acceptance hot test of the CE-20 engine in the high-altitude test facility of its propulsion complex at Tamil Nadu’s Mahendragiri for 25 seconds for the second batch of satellites that are expected to be placed on low earth orbit.

After its first launch, OneWeb had said that its partnership with NSIL and ISRO demonstrated its commitment to provide connectivity across the length and breadth of India by 2023.

ISRO’s LVM3 rocket is capable of launching four-tonne class of satellites to geosynchronous transfer orbit. It is a three-stage vehicle with two solid motor strapons, a liquid propellant core stage and a cryogenic stage. The OneWeb satellites will be placed in orbit at an altitude of 1,200km above the earth’s surface.

“This mission marks OneWeb’s second satellite deployment from India, highlighting the collaboration between the UK and Indian space industries. Across India, OneWeb will bring secured solutions not only to enterprises but also to towns, villages, municipalities and schools, including the hardest-to-reach areas across the country,” the company said last week.

source/content: hindustantimes.com (headline edited)

INTERNATIONAL: AVIATION: 67 Foreign Pilots Employed by Indian Airlines: Govt informs Parliament

According to the Directorate General of Civil Aviation (DGCA), there are around 10,000 pilots including 67 foreign nationals employed with various airlines of India.

As many as 67 foreign pilots are employed by different Indian airlines, the government said on Thursday.

This development comes two days after the civil aviation ministry said there was a shortage of pilots forcing them to allow airlines to hire foreign pilots.

“According to the Directorate General of Civil Aviation (DGCA), there are around 10,000 pilots including 67 foreign nationals employed with various airlines of India,” Dr Gen VK Singh (Retd), minister of state (Mos) for civil aviation, stated in a written reply to Kanimozhi Karunanidhi of DMK.

According to industry projections, there may be a need for 1000 pilots per annum in India over the next five years, Singh said.

“The annual requirement of commercial pilots depends upon various factors such as financial health of an airline, airline expansion plan and growth in the aviation sector,” he added.

Singh stated that 15% of pilots in India are women which is almost three times the global average of 5%. He, however pointed out that currently, there is no special program in the government to encourage pilot training for women and backward classes including SC/STs.

“There are 35 DGCA approved flight training organisations (FTOs) in India operating at 53 bases,” he said.

He also said that data from the Indian scheduled airlines showed that a total of 244 pilots were recruited in 2021 and as on March 1 this year, a total of 15,896 regular officials are employed in Airports Authority of India (AAI) posted across various airports and stations.

In yet another response, Singh stated that the air traffic data for 2022-23 is estimated to be 12.3 million.

Meanwhile, civil aviation secretary Rajiv Bansal had, on Tuesday, stated that the demand of Boeing 777 aircraft pilots is such that for the first time, after years, the government is allowing Foreign Aircrew Temporary Authorization (FATA) pilots.

“Normally we don’t allow foreign pilots. But currently there is demand but there is no skilled competency available. I would go to the extent of saying that this demand has happened since the Air India privatisation took place a year ago. That is why, today we don’t have any Boeing 777 aircraft pilots available in the country and hence we are resorting to taking foreign pilots for a short time” he had said speaking in an aviation summit organised by CAPA India.

source/content: hindustantimes.com (headline edited)

INTERNATIONAL: TELECOMMUNICATIONS: UN telecom body ‘The International Telecommunication Union'(ITU) Opens Area Office and Innovation Centre in New Delhi, India

The area office will work with local stakeholders and develop connectivity in South Asia, ITU’s secretary-general said.

The International Telecommunication Union (ITU) opened an area office and innovation centre in New Delhi on Wednesday. The facility will be funded by the Union government, and located within the Centre for Development of Telematics (C-DOT), a government body for telecom research, the specialised agency of the United Nations said in a press release.

“Meaningful connectivity and innovation are tightly linked, and we will use our new presence in South Asia to expand the benefits of digital technology for everyone, everywhere,” ITU secretary-general Doreen Bogdan-Martin said in a statement.

The Host Country Agreement (HCA) to set up the area office, was signed in March 2022. A brief published by the ITU indicated that the office would work towards introducing advanced technologies, contributing to telecom development in South Asia, and promoting connectivity overall.

The innovation centre would be a test-bed for experimental technology and promote growth of small and medium enterprises (SMEs), the ITU said.

At the launch event, Prime Minister Narendra Modi unveiled the “6G Vision Statement”, a 34-page document, outlining some ideas for the next generation of telecommunications, even as telcos work to roll out 5G networks in more and more districts.

source/content: thehindu.com (headline edited)

INTERNATIONAL – ASIA REGION: SPORTS / CHESS: Asian Chess Federation (ACF)Confers a Plethora of Awards to India – Grandmaster D Gukesh with Player-of-the-Year award, the AICF – ‘Most Active Federation Award, the Tamil Nadu Chief Minister M K Stalin with the Man-of-the-Year award and many more read on….

In March last year, Gukesh became only the sixth Indian to break the 2700 Elo-rating mark, and the youngest Grandmaster from the country to be rated above 2700.

Indian Grandmaster D Gukesh has been honoured with the Player-of-the-Year award by the Asian Chess Federation (ACF) for clinching the gold medal with a record-breaking score of 9/11 in the 44th Chess Olympiad at Mahabalipuram last year.

In March last year, Gukesh became only the sixth Indian to break the 2700 Elo-rating mark, and the youngest Grandmaster from the country to be rated above 2700.

The All India Chess Federation (AICF) bagged the ‘Most Active Federation’ award conferred during the ACF annual summit, which is underway here.

Tamil Nadu Chief Minister M K Stalin has been conferred with the Man-of-the-Year award for his effort in the successful hosting of the FIDE Chess Olympiad in August last year within a short notice of four months.

The Indian women’s team, comprising of Koneru Humpy, D Harika, R Vaishali, Tania Sachdev, and Bhakti Kulkarni, was adjudged the ‘Best Women’s team of the Year’ for its bronze-winning effort, while Grandmaster R B Ramesh bagged the men’s Coach-of-the-Year award and Grandmaster Abhijit Kunte won the Women’s Coach-of-the-Year awards.

source/content: newindianexpress.com (headline edited)

INTERNATIONAL: LEADERS: Joe Biden Appoints 02 Prominent Indian-American Corporate Leaders Punit Renjen and Rajesh Subramaniam to his Export Council, the Principal National Advisory Committee on U.S. International Trade

President Joe Biden on February 28 announced a list of members he intends to appoint to the Council, according to a White House press release.

Washington U.S. President Joe Biden has announced his intent to appoint two prominent Indian-Americans corporate leaders, Punit Renjen and Rajesh Subramaniam, to his powerful Export Council which is the principal national advisory committee on international trade.

The President on February 28 announced a list of members he intends to appoint to the Council, according to a White House press release.

Mr. Renjen, the former CEO of Deloitte Consulting and Mr. Subramaniam, CEO and president-elect of FedEx, have their names on the list of members the president intends to appoint as members of the influential President’s Export Council.

The Council will be headed by Mark Edin, chairman of Kastle Systems.

More than two dozen leaders from the corporate sector, labour, real estate, national security and law, have been tapped into the President’s Export Council.

Prominent among them are Karen S. Lynch, president and CEO of CVS Health; John Lawler, the chief financial officer of Ford; Gareth Joyce, CEO at Proterra; Brett Hart, president of United Airlines; Beth Ford, president and CEO of Land O’Lakes; and Qualcomm CEO Cristiano R. Amon.

“The Council advises the President on government policies and programmes that affect U.S. trade performance; promotes export expansion; and provides a forum for discussing and resolving trade-related problems among the business, industrial, agricultural, labour, and government sectors,” the White House said.

On December 31 last, 62-year-old Mr. Renjen retired as Deloitte Global CEO after having served in the role since June 2015.

He now serves as Deloitte Global CEO Emeritus. Under his leadership, Deloitte launched WorldClass — a global effort to prepare 100 million underprivileged people for a world of opportunity — based on the belief that business thrives when society thrives, the White House said.

Recently, Deloitte made a commitment to be net zero by 2030 under its WorldClimate initiative and joined the First Movers Coalition.

Mr. Renjen is deeply committed to advancing diversity and inclusion at Deloitte through measurable actions toward gender balance.

Over his career, Mr. Renjen has been recognised by numerous organisations for his leadership, business acumen and commitment to societal impact.

In 2022, Mr. Renjen was recognised by the Economic Times as “Global Indian of the Year” and the Carnegie Corporation of America as one of 34 “Great Immigrants. Great Americans”. In 2021, the U.S.-India Strategic Partnership Forum recognised Mr. Renjen with its Global Achievement Award. In 2020, Mr. Renjen was awarded the Oregon History Makers Medal.

Mr. Renjen is being considered to be the next chairman of SAP SE, a Germany-based European multinational software company.

Mr. Subramaniam, as President and chief executive officer of FedEx Corporation, is responsible for providing strategic direction for all FedEx operating companies.

Mr. Subramaniam, 55, is chair of the five-person Executive Committee, which plans and executes the corporation’s strategic business activities.

He is also chair of the FedEx Strategic Management Committee, a select group of the company’s top leadership, which sets the strategic direction for the enterprise. Before being named president and CEO-elect in March 2022, he was president and chief operating officer of FedEx Corporation. Previously, Mr. Subramaniam held various leadership roles in operations and marketing across the FedEx portfolio of operating companies.

Mr. Subramaniam serves on the board of directors of FedEx Corporation, the Procter & Gamble Company, the U.S. Chamber of Commerce’s China Center Advisory Board, FIRST, U.S.-India Strategic Partnership Forum, and the U.S.-China Business Council, and a member of the U.S.-India CEO Forum.

Mr. Subramaniam is also a proud 2023 recipient of the Pravasi Bharatiya Samman Award, the highest civilian award presented by the President of India to the Indian diaspora in recognition of outstanding achievements in India and abroad, the White House said.

source/content: thehindu.com (headline edited)

INTERNATIONAL / NATIONAL: Exercise Desert Flag VIII: For the First time, India’s Indigenously-made Light Combat Aircraft ‘LCA Tejas’ to take part in a Global Air Exercise

An IAF contingent comprising of 110 Air Warriors arrived at the Al Dahfra air base in the UAE to participate in the exercise, in which five LCA Tejas and two C-17 Globemaster III aircraft would take part, the IAF said Saturday.

For the first time, India’s indigenously-made light combat aircraft Tejas will be participating in an international multilateral air exercise — Exercise Desert Flag VIll — in the UAE, reflecting India’s increasing efforts at showcasing the jet at the world stage.

An Indian Air Force contingent comprising of 110 Air Warriors arrived at the Al Dahfra airbase of the United Arab Emirates to participate in the exercise, in which five LCA Tejas and two C-17 Globemaster III aircraft would take part, the IAF said Saturday. The exercise is scheduled from 27 February to 17 March.

“This is the first occasion when the LCA Tejas shall participate in an international flying exercise outside India,” the IAF said in a statement.

As per the IAF, Exercise Desert Flag is a multilateral air exercise which will see participation from the air forces of the UAE, France, Kuwait, Australia, the UK, Bahrain, Morocco, Spain, Republic of Korea, and the US.

“The aim of the exercise is to participate in diverse fighter engagements and learn from the best practices of various air forces,” the IAF said.

India has been in talks with several countries to export LCA Tejas, including Argentina and Egypt. India was also hopeful of selling the platform to Malaysia, but the country has signed a deal with Korean Aerospace Industries for supply of 18 FA-50 light combat aircraft.

The aircraft had earlier participated in air shows at Singapore, Malaysia, Bahrain and Dubai.

The LCA Mk 2, which got a cabinet approval last year, has evinced interest from nearly 16 countries and efforts are on to identify private agencies to speed up the production of the jet.

source/content: indianexpress.com (headline edited)

NATIONAL: TRANSPORT / RAILWAYS: The 150-year-old Chennai Central becomes India’s First ‘Silent’ Railway Station

Taking a cue from airports, the station is trading the omnipresent ‘voice’ for more inquiry booths and visual display boards.  

The 150-year-old Dr MGR Ramachandran Central railway station in Chennai went silent on Sunday, making it the first in India to do so, as it bid adieu to the public announcement system that has guided passengers to their trains for decades. Taking a cue from airports, the station is trading the omnipresent ‘voice’ for more inquiry booths and visual display boards.  

In the order announcing the change, issued on Saturday by Southern railway general manager R N Singh, officials were told to ensure all visual display boards are in working condition and to deploy sufficient staff at inquiry booths for a smooth passenger experience.

Large digital screens displaying the arrival and departure of trains in Tamil, Hindi and English have been installed at all three entry points to the station, namely, EVR Periyar Salai (MTC bus stop), suburban terminus, and Wall Tax Road (gate no 5). Concourse areas have also been covered with 40-60 inch digital boards.

source/content: thehindu.com (headline edited)