Interaction between 15th Finance Commission with Chairmen of previous Finance Commissions
On 28 October, the Chairman Shri N.K Singh and Members of the 15th Finance Commission (XVFC) held a meeting virtually with the Chairmen of previous Finance Commissions- Dr C. Rangarajan and Dr Vijay Kelkar. The previous Finance Commissions appreciated the challenges faced amid covid-19 pandemic by the 15th Finance Commission.
XVFC members must make the final report for 2021-26 that will be available by 30th October 2020.
Meeting of SCO ministers responsible for economy and foreign trade
On 28 October 2020, India hosted the 19th meeting of the Shanghai Cooperation Organisation (SCO) Ministers handling the foreign economy and foreign trade activities. Shri Piyush Goyal, the Minister of Commerce and Industry said that it is the best time to enhance partnerships for trade and investment for the speedy recovery after the pandemic.
The four documents adopted in the meeting were statements on the response to covid-19, multilateral trading system of SCO ministers who are WTO members, SCO cooperation on Intellectual Property Rights, and an action plan for MoU implementation.
Finance Minister leads Indian delegation in 10th round of Ministerial in UK-India Economic and Financial Dialogue
Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman led the Indian delegation in the 10th round of ministerial UK-India economic and financial dialogue through a virtual meeting on 28th October 2020.
India and the United Kingdom have close bilateral relations. The dialogue covered their experiences and issues related to the international textile agenda. Also, deliberations on proceeding financial services collaboration and reforming financial markets. Other topics included infrastructure development and establishing bilateral India-UK sustainable finance forum.
The dialogue ended with signing the joint statement by Smt Nirmala Sitharaman and Mr Rishi Sunak, the Chancellor of Exchequer of UK.
The regulatory framework for listing of Depository Receipts
The International Financial Services Centres Authority (IFSCA) has prescribed the regulatory framework to list the Depositary Receipts (DRs) to develop the financial products and services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC).
The framework enables the companies listed in FATF compliant jurisdictions to list and trade on the stock exchanges in GIFT IFSC to raise capital.
For the release of all the disclosures made in the home jurisdiction to the stock exchange in GIFT IFSC, the listed companies will be in need.
“Dr.Tulsi Das Chugh Award-2020” to Dr Satish Mishra by National Academy of Medical Sciences(India)
The Orations and Awards Committee of the National Academy of Medical Sciences, India has selected the Principal Scientist, Division of Molecular Parasitology and Immunology, CSIR-CDRI, Lucknow- Dr Satish Mishra for the award ” Dr Tulsi Das Chugh Award”. He is awarded for his research work on malaria parasite’s life cycle. It involved two hosts and three invasive stages. His study focuses on the establishment of blood-stage infection and dispensability of SPATR in P. berghei.
Zero growth of India’s GDP but expected to recover next year
Finance Minister Nirmala Sitharaman said India’s GDP is noticed with zero or negative growth but there would be sustainable recovery as India is emerging in the list of the fastest-growing economies. Agriculture and rural India are showing improvements and festival season is also coming up.
The IMF predicts that Indian GDP will be down with 10.3% in 2020-21 but will grow with 8.8 % in the next year.
For the recovery, the suggestion is to set roles of global fuel prices as it is the largest energy consumption area.