The 6th ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee and related meetings for discussions on the review of the AITIGA were held from 15-22 November 2024 in Vanijya Bhawan, New Delhi.
There are 8 Sub-Committees under the AITIGA Joint Committee to negotiate aspects related to market access, rules of origin, SPS measures, standards and technical regulations, customs procedures, economic and technical cooperation, trade remedies, and legal and institutional provisions. All the 8 Sub-Committees met during this round of negotiations.
ASEAN as a group is one of the major trade partners of India with about 11% share in India’s global trade. The bilateral trade in 2023-24 was USD 121 Bn and reached USD 73 Bn during April-October 2024 with a 5.2% growth. The review of AITIGA will be a step forward in enhancing trade with the ASEAN region in a sustainable manner.
The Labour and Employment Ministry has directed EPFO to work in a campaign mode with employers to ensure that the maximum number of employers and employees benefit from the Employment Linked Ince
The Ministry said that in the first stage, employers are required to complete the process of UAN activation through Aadhaar-based OTP for all their employees joining in the current financial year by the 30th of this month. The employers must then complete the process for all employees working with them.
Rating agency S&P Global on Friday revised its outlook on three Adani Group entities to ‘negative’, a day after the news that US department of justice has levelled corruption charges against chairman Gautam Adani and seven others broke out.
S&P Global cut the outlook on Adani Electricity Mumbai Ltd (Adani Electricity), Adani Ports and Special Economic Zone Ltd (Adani Ports) and Adani Green Energy Ltd Restricted Group 2 (AGEL RG2), which is a subsidiary of Adani Green Energy Limited (AGEL).
The firm affirmed rating on three Adani group entities. Adani Electricity and Adani Ports carry 'BBB-' rating, while AGEL RG2 has ‘BB+’ issue rating. It also affirmed “BB” rating on North Queensland Export Terminal Pty Ltd. (NQXT) and “BBB-” rating on Adani International Container Terminal Private Ltd. (AICTPL).
India’s largest lender State Bank of India (SBI) has launched a low-cost customised vehicle loan product for Uber’s fleet partners. The customised loan will enable low-cost, tailored financing solutions as well as hassle free disbursement. The collaboration is aimed at supporting both new and existing Uber fleet partners, helping them expand their businesses.
The partnership between SBI and Uber aims to leverage SBI’s extensive financial services network and Uber’s technology to ensure that the fleet partners effectively expand their fleet and scale-up their operations. SBI accounts for 19.2 per cent market share of auto loans in the country.
The 2024 Network Readiness Index (NRI), published by the Portulans Institute and Saïd Business School at the University of Oxford, has ranked the United States as the world leader in network readiness for the third consecutive year. The report highlights the US's dominance in artificial intelligence (AI) development, digital business transformation, and technology adoption.
Singapore has retained the second position, while South Korea has risen to fifth, making them the only Asian countries in the top 10. India is ranked 49th globally, maintaining its position as a rising digital powerhouse. Among lower-middle-income countries, India is second only to Vietnam (45th).
Writer Ashok Gopal has won the Kamaladevi Chattopadhyay NIF Book Prize for his biography “A Part Apart: The Life and Thought of B R Ambedkar“, the New India Foundation. Published by Navayana, the book delivers a vivid account of Ambedkar’s life journey from facing systemic oppression to shaping India’s constitution as an advocate for marginalised communities.
Other books in the shortlist included “How Prime Ministers Decide” by Neerja Choudhry, “Fire on the Ganges: Life Among the Dead in Banaras” by Radhika Iyengar, “H-Pop: The Secretive World of Hindutva Pop Stars” by Kunal Purohit, and “Sheikh Abdullah: The Caged Lion of Kashmir” by Chitralekha Zutshi.
The winning author has been presented with the award, which includes a cash prize of Rs 15 lakhs, a trophy, and a citation.
About 10 months after stepping down from the Flipkart board, its co-founder Binny Bansal on Friday exited from the board of PhonePe, a payments company incubated by the e-commerce giant. Bansal had quit Flipkart in January this year citing conflict of interest, after he had launched his new venture, OppDoor.
In 2022, Flipkart and PhonePe announced the complete ownership separation of the fintech company allowing both companies to operate as individual entities.
The Asian Cricket Council (ACC) announced that Sony Pictures Networks India (SPNI), a part of Japan’s Sony Group Corporation, had bagged the media rights for all ACC tournaments from 2024 to 2031. The deal includes broadcasting and digital rights for all ACC tournaments over the next eight years.
Star India had the media rights till 2023. The deal encompasses all editions of men’s and women’s Asia Cups, men’s and women’s Under-19 Asia Cups, and the men’s and women’s Emerging Teams Asia Cups. It marks over a 70 per cent increase from the previous media rights cycle and highlights the growing global stature and appetite for ACC Asia Cup tournaments.
At COP29 in Baku, Azerbaijan, world leaders agreed on the Baku Finance Goal, committing 1.3 trillion dollars in climate finance for developing countries by 2035. This includes a core annual target of 300 billion dollars, tripling the previous 100 billion dollars goal.
The major key outcomes of the Baku Finance Goal included, Finalization of Article 6 on carbon markets, potentially channeling 1 trillion dollars annually by 2050 and Steps to operationalize the Loss and Damage Fund, with distribution set to begin in 2025 with Commitments to enhanced transparency and adaptation measures.
UN Climate Chief Simon Stiell acknowledged significant work remains, urging nations to strengthen their climate plans next year. Critics argue the agreement offers inadequate support to vulnerable nations. The summit concluded with calls to sustain momentum ahead of COP30 in Belém, Brazil, in 2025.
Recognizing that the case of conjoined twins is a rare condition where the estimated incidence can be 1 in 50,000 births, the General Assembly decided to proclaim 24 November as World Conjoined Twins Day.
The Assembly emphasized the need to address the condition of conjoined twins, by raising awareness of their cases at all levels and through a life-course approach, in cooperation with relevant United Nations agencies and other stakeholders, as well as by advocating for their well-being and social inclusion, while taking into account relevant agreed international standards.
Despite the fluctuations, majority 55 per cent of the Indian economy continue to grow positively, a report by HSBC Global Research said. The report added that after a period of rapid stock market gains and impressive GDP growth, the Indian economy appears to be settling into a more moderate phase.
The report which analysed 100 indicators of growth added that while a majority, represents a decline from 65 per cent just a quarter ago, hinting at a cooling of sentiment. Recognising the growth in some sectors, the report adds that agriculture which accounts for 15 % of the GDP witnessed a sign of improvements, with 60 % of its indicators exhibiting a positive trend.
