Amid decline in China’s construction sector, India emerges as ‘saviour’ for global steel demand, says report

India has emerged as a saviour for the sagging global steel demand with China’s enormous construction sector still in a funk and the US and Europe probably heading into recessions.

India is experiencing a building boom and is on track to surpass China as the world’s most populated nation by the end of the year. In an effort to compete with China as a manufacturing hub, Prime Minister Narendra Modi is attempting to revamp the roadways, rail systems, and ports.

According to the World Steel Association, this will result in a 6.7% increase in steel demand, reaching over 120 million tonnes in 2023, the greatest growth rate among large nations. This year, India experienced similar growth and surpassed the US to overtake China as the world’s second-largest user of steel.

The biggest producer in the country, JSW Steel Ltd., stated that “the nation-building phase of any economy demands a lot of steel and commodities.” According to him, India is currently moving through that phase, which might increase its steel demand to more than 200 million tonnes by 2030.

What is ‘Vostro’ account, initiated by RBI to facilitate smoother trade.

Vostro accounts are accounts a bank holds on behalf of another, often foreign bank, and this forms a key part of correspondent banking.’

In July 2022, the Reserve Bank of India introduced a new mechanism for international trade settlements in rupees, aiming to promote exports and facilitate imports.

Rupee Vostro Accounts keep a foreign entity’s holdings in the Indian bank, in Indian rupees. When an Indian importer wants to make a payment to a foreign trader in rupees, the amount will be credited to this Vostro account, and when an Indian exporter needs to be paid for supplying goods or services, this Vostro account will be deducted, and the amount will be credited to the exporter’s account.

“The banks are acting in a fiduciary relationship and they share a principal-agent relationship. The correspondent foreign bank is a financial intermediary in the transactions that they are involved in. The foreign bank acts as an agent that provides services such as executing wire transfers, performing foreign exchange, enabling deposits, enabling withdrawals, expediting international trade on behalf of the domestic bank. It is most used in settlement of foreign exchanges or foreign trade. No interest will be paid on the vostro account maintained, as per the directives that have been issued by the RBI in India. An overdraft facility can only be availed if it is specifically sanctioned,” explained tax experts at Clear.

“In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR,” the RBI had said in a statement.

Medical Experts suggests of second covid booster dose amid rising concern.

In a meeting with Union Health Minister Mansukh Mandaviya, doctors of the Indian Medical Association (IMA) suggested allowing people to take another booster dose of the COVID-19 vaccine. If approved, this would be the second booster dose, with the first one having been approved in early 2022. The meeting was held virtually between doctors, health experts, and the Union Health Minister on 26^th dec to discuss preparedness as the apprehension of another COVID-19 wave seeps through the country.

In the meeting, the doctors stressed on the fact that despite the many efforts by the health system, only a small proportion of the population got their booster dose. Dr. Sahajanand Prashad Singh, President of IMA, said that only 30 percent of the population is covered with booster doses. He urged the Health Minister to take the necessary actions to vaccinate the maximum population with booster doses.

Global Economy is headed for a recession in 2023, says researcher.

The world faces a recession in 2023 higher borrowing costs aimed at tackling inflation cause a number of economies to contract, according to the Centre for Economics and Business Research.

The global economy surpassed $100 trillion for the first time in 2022 but will stall in 2023 as policy makers continue their fight against soaring prices, the British consultancy said in its annual World Economic League Table.

The report added that, “The battle against inflation is not won yet. We expect central bankers to stick to their guns in 2023 despite the economic costs. The cost of bringing inflation down to more comfortable levels is a poorer growth outlook for a number of years to come.”

The findings are more pessimistic than the latest forecast from the International Monetary Fund. That institution warned in October that more than a third of the world economy will contract and there is a 25% chance of global GDP growing by less than 2% in 2023, which it defines as a global recession.

“The consequences of economic warfare between China and the West would be several times more severe than what we have seen following Russia’s attack on Ukraine. There would almost certainly be quite a sharp world recession and a resurgence of inflation,” CEBR said.

Most favourite spritual destination, report by OYO.

Northern India has emerged as the most favoured spiritual travel destination followed by Southern, Western and Eastern regions in the country, reveals OYO Cultural Travel 2022 Roundup Report by global hospitality chain OYO.

Regarded as the spiritual capital of India, Varanasi, which is also one of the oldest cities in the world, emerged as the top religious destination for bookers across India. This was followed by Tirupati, Puri, Amritsar and Haridwar, as per the report.

In the North zone, Varanasi emerged as the most popular destination due to its favored status among Hindus and Buddhists. This was followed by Prayagraj, Amritsar, Haridwar, Katra, and Rishikesh.

The cultural cities of Vijayawada, Mysore, Tirupati, Madurai and Vellore were most favored in South India. In the West zone, Shirdi received the maximum traction from travellers followed by Mahabaleshwar, Nashik, Ujjain, and Pushkar. Goa, which has always been a popular tourist spot, was the most favoured destinations in East India, along with Puri.

A report released by Taste Atlas, that ranks cuisine all around the world.

According to an online survey done by Taste Atlas, Indian cuisine was termed as the fifth best cuisine in the world. In the global list of best cuisines in the world for the year 2022, Italy was ranked first followed by Greece and Spain on second and third spot respectively. India ranked fifth on the ranking which is based on votes by the audience for ingredients, dishes and beverages while Japanese cuisine earned the fourth spot.

Overall, India got 4.54 points as per the TasteAtlas Awards 2022 results and the best-rated foods in India were Garam Masala, Ghee, Malai, Butter Garlic Naan, and Keema among other more than 400 items.

There are a total of 465 Indian food items on the list, including dishes, stews, drinks, snacks, flatbreads and desserts.

The website also came out with a list of 464 restaurants selling Indian cuisine. The list includes: Shree Thaker Bhojanalay (Mumbai), Karavalli (Bangalore), Bukhara (New Delhi), Dum Pukht (New Delhi), Comorin (Gurugram).

Which is the most favourite beach destination for Indians?see report.

A new search report from US-based vacation rental firm Airbnb reveals that for domestic travellers, Kerala is a more popular beach destination than Goa, apart from the hills of Himachal Pradesh and Uttarakhand, as well as the North-Eastern regions.

Under these categories, Airbnb saw over 375 percent increase in searches for Kerala from Q3 2021 to Q3 2022, followed by Goa (almost 275 percent increase in searches) and Pondicherry (over 200 percent increase).

The report, which compared search data from Q3 2021 to Q3 2022, also stated that hill stations of Uttarakhand witnessed over 100 percent increase in searches, while Himachal Pradesh saw over 50 percent rise in the same period.

More importantly, the North Eastern region has proved to be a trending destination among travellers. Airbnb’s search data showed an increase of over 450 percent in searches for stays in Meghalaya, over 400 percent increase in searches for Assam, and almost 300 percent increase in searches for Nagaland from Q3 2021 to Q-3 2022.

‘Right to repair’ portal launched to handle repair related issues among consumers.

Food and Consumer Affairs Minister Piyush Goyal on Saturday introduced a host of new initiatives, including a right to repair portal and an NTH mobile app and opened new premises of the National Consumer Helpline centre in the national capital.

On the ‘right to repair’ portal, manufacturers will share the manual of product details with customers so that they can either repair by self, by third parties, rather than depend on original manufacturers. Initially, mobile phones, electronic, consumer durables, automobile and farming equipments will be covered.

Speaking on the theme “Effective disposal of cases in consumer commission” on the occasion of National Consumer Day, Mr. Goyal lauded the consumer commissions for disposing of higher number of pending cases in last six months and expressed confidence of eliminating the backlog of cases across the country.

“In a short span of six months, we have doubled disposal of pending cases. About 90,000 pending cases were disposed (between July and November this year),” he said. About 38,000 pending cases were disposed of by consumer courts in the year-earlier period.

Center to introduce Bhagavad Gita in NCERT syllabus.

On Monday, 19 December, the Centre informed the Lok Sabha that the National Council of Education Research and Training (NCERT) should include Shlokas from Shrimad Bhagavad Gita and knowledge from Vedas in textbooks in Sanskrit from classes 11th to 12th. Besides, references from Bhagavadgita should be incorporated in NCERT textbooks of classes 6th to 7th.

Annapurna Devi, Minister of State for Education, stated in a written response that the ministry formed the Indian Knowledge System (IKS) Division in the All India Council for Technical Education (AICTE) in 2020 with the goal of promoting interdisciplinary and trans-disciplinary research on all facets of Indian Knowledge Systems (IKS), preserving and disseminating IKS knowledge for further research and societal applications.

Minister Devi stated that NCERT has begun the development of National Curriculum Frameworks (NCF) where inputs from various ministries, departments, states, and union territories are invited from grass root levels.

She added that the National Education Policy (NEP) 2022, paragraph 4.27, refers to Indian traditional knowledge that is both sustainable and strives for the welfare of all. She also laid emphasis on teaching the world the “Indian way of doing things.”

Nation to hold mock drill for covid emergency responses.

During a virtual meeting with health ministers and senior officials of states in view of the recent surge in coronavirus cases in some parts of the world, he said, “The Centre and states need to work in tandem and in a collaborative spirit as was done during the previous surges for Covid prevention and management.”

“A mock drill for an emergency response to deal with Covid 9 cases will be conducted at hospitals across the country on Tuesday, 27th December, the Union health minister Mansukh Mandaviya will also be participating in the Mock drill,” official sources told ANI.The mock drill is being conducted amid fear of a Covid surge in the country in the wake of a spurt of Covid cases reported in China and other countries. The Union Ministry in India has started taking several proactive steps in this direction.

According to officials, travel guidelines have been revised and issued. 2% random screening of international passengers to be re-initiated from Saturday, December 24, the random screening charges will be charged to the passengers.

India doubled its steel production capacity in the past 8 years, to become world 2nd largest steel producing country.

India’s steel production has reached a historic level of 120 million tonnes per year making it the world’s second-largest producer of Steel, the government informed the Rajya Sabha.

Steel Minister Jyotiraditya Scindia said India intends to double its steel production to 300 million tonnes per annum by 2030.

“There has been a doubling in the last eight years of steel production in the country, which has been historic and which is why we have become the second largest steel producer in the world today,” he informed the Rajya Sabha during question hour.

The minister informed that steel production in the country has increased at a historic level. In 2013-14, we had only close to about 60 million tonnes per annum production of steel, we are today at 120 million tonnes,” he said.

Health minister holds a meeting today on covid rising concern.

Union Health Minister Mansukh Mandaviya today reviewed the COVID-19 situation in the country in view of a sudden spurt in cases in some parts of the world, and directed officials to be alert and strengthen surveillance. “Use a mask if you are in a crowded space, indoors or outdoors. This is all the more important for people with comorbidities or are of higher age,” he said. “Only 27-28% of people have taken precaution dose. We appeal to others, especially senior citizens, to take precaution dose. Precaution dose is mandated and guided to everyone.”

In view of the rise in cases in Japan, the United States of America, Republic of Korea, Brazil and China the Union Health Ministry, urged all states and Union territories to ramp up the whole genome sequencing of positive samples of Covid to keep track of emerging variants.

In India, more than 220 crore vaccination doses have been administered, including booster shots. Many got reinfected or have already been exposed to omicron, its sub-variants, and sub-lineages. As a result, many Indians have developed ‘hybrid immunity’ or ‘super immunity’, due to a combination of extensive vaccination and natural infection. Nevertheless, in view of the sudden spurt of cases abroad, the government is reviewing the situation and has directed all relevant agencies to be alert.

Central Government raised more than 4 lakh crore trough disinvestment since 2014.

The government raised over Rs4.04 lakh crore through disinvestment and strategic sale of public-sector enterprises (PSEs) since the Modi government came into power in 2014, the Finance Ministry said on 20 decm.

Of this, the largest amount totalling over Rs1.07 lakh crore through offer for sale in 59 cases. This was followed by a stake sale through Exchange-Traded Fund (ETF) in 10 tranches, aggregating to Rs98,949 crore. Strategic sales in 10 companies, including Air India, yielded Rs69,412 crore to the exchequer in the last 8 years. Share buyback in 45 cases fetched Rs45,104 crore.

17 CPSEs were listed since 2014-15, which yielded Rs50,386 crore. Of this, the initial public offering (IPO) of LIC alone fetched the government Rs20,516 crore. The additional market capitalisation of Rs7.31 lakh crore was achieved through new listings, the ministry said. Besides, the government has sold its residual stake in Paradeep Phosphate Ltd, IPCL, and Tata Communication for Rs472 crore, Rs219 crore and Rs8,847 crore, respectively.

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