India to become a 'Knowledge Economy' in 21st century: PM Modi on NEP 2020

 

The Prime Minister of India, Shri Narendra Modi, addressed the conference of governors on the topic of the National Education Policy (NEP) 2020 on September 7 at 10:30 am. He addressed several key pointers regarding the new education policy approved by the Union Cabinet. He also talked about transforming India into a ‘Knowledge Economy’ during his speech.

He addressed that to fulfil the aspirations of the nation, the education policy and the education arrangement is extremely important. The arrangement of education is the responsibility of the state, central and local bodies of the country.

 

International campuses in India

He said that there are attempts from the government to transform India into a ‘Knowledge Economy’ in the 21st century by providing opportunities to the students. Provisions will also be made to tackle the brain drain of NEP 2020 and to provide the students with the opportunity to experience the best international institutions in their campuses. He believed that everyone wants to see the change in the existing education system, which has made the acceptance of this policy easier.

The Prime Minister also talked about the jobs and careers and certain ways to empower the students.

India's agriculture technology can grow to $24.1 billion in 5 years: Report

 

India’s agriculture technology sector has the potential to grow manifold to $24.1 billion in the next five years, according to a new report. With a turnover of $204 million, India’s agri-tech sector is at under 1% of its market potential today.

A big chunk of the gains will likely be made by companies addressing supply chain and financial services solutions, driven by the availability of affordable high-speed internet and maturing of India’s digital content ecosystem, the EY report on India’s agri-tech potential said. The report has also forecast consolidation in the agri-tech space along with start-ups expanding horizontally to service the end-to-end needs of farmers within the next few years. “Attractive market opportunity, nascency in investment funding and minuscule penetration by incumbent agri-tech players offer an opportunity for established players such as institutional retailers, ecommerce players and food processing companies to create impact at scale,” said Ankur Pahwa, partner and national leader — ecommerce and consumer internet at EY India.

EY estimates that five key categories of agri-tech will control the lion’s share of the sector’s turnover, with the agri-tech market for supplying farm inputs being as big as $1.7 billion by 2025, the market for precision agriculture and farm management growing to $3.4 billion in that time, while the market for quality management and traceability could be worth $3 billion. The market for tech enabled supply chain and output market linkages will be the largest segment, which could be worth $12 billion by 2025, according to EY. The second largest segment in the overall agri-tech market could be for financial services, with a market potential of $4.1 billion in the next five years. Funding in the sector so far is also skewed towards start-ups serving these five sectors, with a bulk of the money being pumped into start-ups building agri supply chains and market linkages.

India test-fires hypersonic technology demonstrator vehicle; joins select group

 India has successfully flight-tested the indigenously-developed hypersonic technology demonstration vehicle (HSTDV), joining a select group of countries having the capability to develop the next-generation hypersonic cruise missiles, officials said. The HSTDV, based on hypersonic propulsion technologies and developed by the Defence Research and Development Organisation (DRDO), will help India develop futuristic space assets like long-range missile systems and aerial platforms, they said. The HSTDV is capable of powering missiles to attain a speed of around Mach 6 or six times the speed of sound, the officials said, adding only a very few countries like the US, Russia and China have such a capability.

Defence Minister Rajnath Singh congratulated the DRDO over the successful test-flight of the HSTDV, calling it a "landmark achievement". "I congratulate DRDO on this landmark achievement towards realising PM's vision of Atmanirbhar Bharat. I spoke to the scientists associated with the project and congratulated them on this great achievement. India is proud of them," he tweeted. A DRDO official said that with the successful test flight of the HSTDV, India has demonstrated capabilities for highly complex technology that will serve as the building block for next-generation hypersonic vehicles in partnership with the domestic defence industry. The defence ministry said the parameters of launch and cruise vehicle, including the scramjet engine, were monitored by multiple tracking radars, electro-optical systems and telemetry stations. "The scramjet engine worked at high dynamic pressure and very high temperature. A ship was also deployed in the Bay of Bengal to monitor the performance during the cruise phase of hypersonic vehicle," the ministry said. With the successful test, it said many critical technologies such as aerodynamic configuration for hypersonic manoeuvres, use of scramjet propulsion for ignition and sustained combustion at hypersonic were proven and validated.

It said the hypersonic cruise vehicle was launched using a proven rocket motor, which took it to an altitude of 30 kilometres where the aerodynamic heat shields were separated. "The cruise vehicle separated from the launch vehicle and the air intake opened as planned. The hypersonic combustion sustained, and the cruise vehicle continued on its desired flight path at a velocity of six times the speed of sound," the ministry said. It said the critical events like fuel injection and auto ignition of scramjet demonstrated technological maturity and that the scramjet engine performed in a "textbook manner".

Government approves proposal to export made in India mobile phones worth $100 billion

 

The government has reportedly cleared a USD 100 billion proposal that allows manufacturers to export smartphones made in India to other parts of the world. Smartphone brands such as Samsung, Lava, Karbonn and contract manufactures Foxconn, Wistron, Pegatron are cleared to export smartphones made in India.

A senior government official quoted that the empowered committee which includes Niti Aayog CEO, secretaries of economic affairs, expenditure, revenue, the Ministry of Electronics and Information Technology (MeitY), Department for Promotion of Industry and Internal Trade (DPIIT) and Directorate General of Foreign Trade (DGFT) has approved applications estimated to export around USD 100 billion worth mobile phones under the production linked incentive scheme (PLI) and all the applications will be placed before the cabinet probably this week.

The applicants include seven Indian and five overseas manufacturing companies, along with six applicants from the components manufacturing scheme.

According to the applications, Foxconn, Wistron, Pegatron, and Samsung have submitted production estimates worth USD 50 billion each in the next five years

The government had launched the PLI scheme to boost the manufacturing of smartphones in India and several brands and suppliers showed interest by applying for the scheme and gain benefits worth Rs 41,000 crore.

Samsung is looking to manufacture mobile phones worth Rs 3.7 lakh crore in India over the next five years. Out of this, smartphones worth USD 30 billion, or Rs 2.2 lakh crore will be produced under the PLI scheme.

Good monsoons, record sowing key positives for Agri sector: CARE Ratings

 

The credit ratings agency CARE Ratings in their report said that the favorable monsoon, record kharif crop sowing and high reservoir levels are positive for the agriculture sector that contributes nearly 15% of India’s GDP.

The above factors could push up rural demand at the onset of the festive quarter, can prove to be silver lining for economic growth. The economy is banking on the farm sector to grow by 3.5 to 4 percent across all quarters to prop up GDP growth

Price realisation would be important, to translate into spending power of farmers and all indications are that kharif output would be higher than last year for almost all major crops and will be a critical factor to determine how prices would shape up during harvest time.

Companies associated with consumer goods, appliances and durables and automobiles are hoping on rural growth backed by higher farm incomes, good monsoons and government stimulus.

CARE also quoted that nearly 88 percent of the country received excess to normal rainfalls while 12 percent have had deficient rainfalls so far.

Indian companies raise record $31 billion equity capital in shrinking economy

 Indian companies have raised a record $31 billion in equity capital in 2020, as banks strengthen their balance sheets to prepare for future economic uncertainty and corporates tap into the elevated global liquidity levels. The record raising comes despite India’s economy contracting 23.9% in the June-quarter, year on year, which puts it on track for the first annual contraction since 1980.

Banks have been the most active issuers, raising $13.68 billion, followed by the energy and power sector with $7.05 billion, and consumer products with $3.41 billion. Reliance Industries’ $7-billion raising in June was the country’s largest, as the company turned net debt-free and is now looking to expand its consumer business by acquiring Future Group’s retail arm.

Real estate companies were identified by corporate advisors as the most likely candidates to tap the markets further in 2020 as property demand is expected to return after the disruption caused by the coronavirus crisis.

Surging cash levels – helped by $15 trillion of stimulus made available for economies to withstand the fallout of the pandemic was primarily responsible for the raising rush, advisors said.

“We expect issuance to expand further to growth capital in the coming weeks and months, and the pipeline is developing across sectors,” said Citigroup’s India head of banking and capital markets Ravi Kapoor.

EY India partner Sandip Khetan said the banks’ raisings helped created “a cushion to the potential losses on account of credit losses” that could occur in the future.

Foreign appetite to buy Indian equities has risen sharply, with investors outside India buying $10.3 billion of new shares in the three months to August, the Refinitiv data showed.

“The interest from foreign investors has been very strong and that reflects the fact that the quality of issuers that have come to market have been from the Top 100 companies.” said Morgan Stanley’s executive director Samarth Jagnani.

Japan to subsidise manufacturers if they shift to India from China: Report

 A Nikkei Asian Review report has stated that Japanese manufacturers will be eligible for government subsidies if they shift production out of China to India or Bangladesh. The subsidy aims to diversifying Japan's supply chains. Manufacturers can receive subsidies for feasibility studies and pilot programs. The total amount granted is expected to run into the tens of millions of dollars.

The subsidy aims to reduce Japan's reliance on a handful of links in its supply chains, particularly China, and ensure a steady flow of such products as medical supplies and electrical components in an emergency, said the Nikkei report.

Prime Minister Narendra Modi, while to speaking to an Indo-American business summit, on Thursday called for a coordinated global effort to get back growth in the coronavirus pandemic.

"This pandemic has also shown the world that the decision to base global supply chains should not only be based on cost but also on trust. Along with affordability of geography, companies are now also looking at reliability and policy stability. India is the location that has all these qualities. As a result, India is also becoming one of the leading destinations of foreign investment," Modi said.

The Nikkei report said Japan’s first round of subsidies announced in July granted more than 10 billion yen to 30 companies relocating manufacturing to Southeast Asia, such as Hoya, which is moving production of electronic components to Vietnam and Laos. Another 57 are receiving support for shifting production facilities to Japan.

Introduction of the National Education Policy 2020 a landmark decision toward rectifying all education anomalies: Dr.Jitendra Singh

 

Union Minister of State (Independent Charge), Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh said that introduction of the National Education Policy 2020 was a landmark step by the Modi Government in clearing several  anomalies prevailing in the education system of the country.

Addressing a webinar on “National Education Policy-2020:Health Education Perspective” organised by Shri Vishwakarma Skill University(SVSU), Haryana in association with Indira Gandhi National Open university (Ignou) here today, MoS Dr. Jitendra Singh said that it was the strong political will of Modi Government to take out of the box decision of introducing the National Education Policy-2020 which focuses more on skill and vocational education. The Minister said that the National Education Policy-2020 is an aptitude based rather than score-based policy.  He said that this Policy will rectify all the previous anomalies prevailing the system.

MoS, Dr Jitendra Singh said that major reforms were introduced in higher education including a target of 50% gross enrolment ratio by 2035 and provision for multiple entry and exit in the National Education Policy 2020.

Speaking on the Health Education perspective, the Minister said that Corona (Covid-19) pandemic has taught us how to consider the importance of the integrity in the health education. He further said that integrity in health education will make people act like an individual health worker.

The Minister said that as the human life is at stake in health education, the changes in its curriculum should be an evolving process according the needs. Mentioning about the problem of the uneducated medical practitioners in the country, they are giving tough time to the legitimate medical practitioners and they should get their due.

Union Minister Jitendra Singh said the government's decision to set up the National Recruitment Agency (NRA) is also a game-changer in the recruitment sector. He said that it is not only a governance reform but also a socioeconomic reform and brings recruitment to the villages and towns.

While mentioning about the passage of Mission Karmayogi-a National Programme for Civil Services Capacity Building (NPCSCB) by the Union Cabinet he said that it will go a long way in creating a new future ready civil service for a New India. It is an endeavor to incarnate civil services into a real Karmayogi who is Creative, Constructive, Pro-active and Technically Empowered to face the future challenge and  this is also aimed at ending the culture of working in silos and to overcome the multiplicity of training modules, the Minister added.

He said, after the historic passage of National Recruitment Agency on 19th August 2020, the Mission Karmayogi will prove to be the largest Civil Services Reform in the world in terms of depth and spread. He added that mid-career training will be available to all services at all levels in all languages and underlined that this will help in professional delivery of services at all levels of Government of India.

Those who took part and addressed the webinar included Prof. Nageshwar Rao, Vice Chancellor, IGNOU, Shri Raj Nehru, Vice Chancellor, SVSU, Haryana, Prof. Amit Benerjee, Pro Vice Chancellor, SOA University, Bhubaneshwar, Prof. Rajendra Prasad Das, Pro Vice Chancellor, IGNOU, Dr. R. Salhan and Prof. RS Rathore, Registrar and Dean SVSU, Haryana.

Shri Piyush Goyal says country's Exports and Imports are showing positive trends; Trade deficit is narrowing

 

Union Minister of Commerce and Industry Shri Piyush Goyal met the Office-bearers of various Export Promotion Councils (EPCs), to discuss the issues concerning the country’s global trade, ground level situation, and problems being faced by the exporters. Shri Goyal has been holding a series of discussions with the EPCs, particularly since the lockdown. The Commerce Secretary Dr Anup Wadhawan, DGFT Shri Amit Yadav and other senior officers of the Ministry were present in the meeting.

In his opening remarks, the Minister said that the country’s exports as well as imports are showing positive trends. The exports are approaching the last year’s levels, after making a sharp dip in April this year due to pandemic. Regarding imports, the positive thing is that the Capital Goods imports have not declined, and the reduction in imports has been seen mainly in crude, gold and fertilizers.  He added that the trade deficit is reducing drastically and our share in the global trade is improving, thanks to our resilient supply chains, and perseverance and hard work of our exporters. The minister also said that we are trying to generate more reliable and better trade data so that nation can do better planning and frame policies accordingly.

The Minister said that 24 focus manufacturing sectors have been identified which have the potential to expand, scale-up operations, improve quality, and lead enhancement of Indian share in global trade and value chain. These sectors have capacity to do import substitution and push exports. He said that India is being seen in the world as trusted and resilient partner in global value chain.

On the issue of recent changes in the Merchandise Export from India Scheme (MEIS), the Minister said that the capping of Rs 2 Crore will not affect 98% of the exporters who claim benefit under the scheme. The Government has already announced Remission of Duties or Taxes on Export Products (RoDTEP) scheme for exporters to take the place of MEIS, and a Committee has also been set up to determine the ceiling rates under the RoDTEP scheme. This new scheme would reimburse the embedded taxes and duties already incurred by exporters.

The Minister, after listening to the challenges, experiences and suggestions of the EPC office-bearers, expressed thanks for their valuable feedback, saying that Macro-numbers sometimes don’t make one realize the difficulties being faced by the Exporters. He acknowledged that certain sectors, which are primarily dependent on the discretionary spending, are under severe stress. Shri Goyal promised to help the Exporters as much as possible, and take up such issues, which fall outside the ambit of the Ministry of Commerce and Industry, with concerned departments. He said that SEZ issues are being taken up with the Finance Ministry. He called upon the exporters to engage with the Steering Committee set up to promote Indian manufacturing.

Ranking of states based on implementation of Business Reform Action Plan for the year 2019 declared. State rankings will help attract investments, foster healthy competition and increase Ease of Doing Business in each State

 Smt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs, today announced the 4th edition of Business Reform Action Plan (BRAP) ranking of states.

The announcements were made in the august presence of Shri Piyush Goyal, Minister of Railways and Minister of Commerce & Industry; Shri Hardeep Singh Puri, Minister for Commerce & Industry and Minister of State (Independent Charge) of the Ministry of Housing and Urban Affairs; Minister of State (Independent Charge) of the Ministry of Civil Aviation; and Shri Som Parkash, Minister of State in the Ministry of Commerce and Industry. Chief Ministers of Uttarakhand and Tripura, LGs of J&k and Laddakh, Industry Ministers of States and Union Territories, along with senior government officials were also present.

Ranking of States based on the implementation of Business Reform Action Plan started in the year 2015. Till date, State Rankings have been released for the years 2015, 2016 and 2017-18. The Business Reform Action Plan 2018-19 includes 180 reform points covering 12 business regulatory areas such as Access to Information, Single Window System, Labour, Environment, etc. The larger objective of attracting investments and increasing Ease of Doing Business in each State was sought to be achieved by introducing an element of healthy competition through a system of ranking states based on their performance in the implementation of Business Reform Action Plan. The ranking this time gives full weightage to the feedback from over thirty thousand respondents at the ground level, who gave their opinion about the effectiveness of the reforms. State rankings will help attract investments, foster healthy competition and increase Ease of Doing Business in each State.

“India is seen taking the reform process seriously which showed when foreign direct investment in the country increased even during the Covid-19 pandemic, amid what was called world’s strictest lockdown. Some states have shown extraordinary energy in putting together action plans and making sure that reforms happen. States have embraced the true spirit behind the State Business Reforms Action Plan," said Smt Sitharaman after release of the rankings.

"The Ease of Doing Business rankings being released today are a reflection of the efforts made by states, the rankings are competitive; India is among the very few nations which has state-specific rankings, which will in turn help the nation improve its ranking," Shri Piyush Goyal said during the event.

“I would urge States to undertake steps to minimize the regulatory burden by removing renewal of licenses or extending their periodicity, simplifying application forms, introducing risk-based inspections or introduction of third-party inspections, digitizing approvals and undertaking measures to rationalize the regulatory regime,” said Shri Hardeep Singh Puri.

The top ten states under State Reform Action Plan 2019 are:

• Andhra Pradesh
• Uttar Pradesh
• Telangana
• Madhya Pradesh
• Jharkhand
• Chhattisgarh
• Himachal Pradesh
• Rajasthan
• West Bengal
• Gujarat