LIC to acquire 51% stake in IDBI Bank

The Life Insurance Corporation (LIC) gave approval to the acquisition of up to 51% stake in debt-ridden IDBI Bank. This was informed by Economic Affairs secretary S C Garg. Now, the state-owned LIC will approach market regulator SEBI on the matter. The LIC stake buy will help the IDBI get a capital support of 10,000 to 13,000 crore rupees.

1st land-based comm. link between Pak and PRC

An optical fiber cable project that would be the first land-based communication link between China (PRC) and Pakistan has been launched. It will help develop the telecom sector in the Gilgit-Baltistan region and enhance the security of the China-Pakistan Economic Corridor. The project includes an 820-km-long underground optical fiber cable from Rawalpindi to Khunjerab.

Australia releases India economic strategy

The Australian govt has released an India Economic strategy report recommending to lift India into its top three export markets. The strategy prioritizes economic and trade opportunities in India covering 10 sectors such as health, energy, infrastructure etc. This would also boost Australia’s investment in India to $100 billion. The Author of this report is Australia’s PM Malcolm Turnbull

Seema Darshan project

Gujarat CM Vijay Rupani has approved the ` 39 Cr Seema Darshan project for developing more infrastructure facilities at Nadabet near Suigam in Banaskantha district. The project is being developed on Wagah Border pattern & entails a parade ground with an amphitheatre. The project will encourage local economic activity in the Rann region & tourists can have a good view of the coastline.

China pledges 20 bn in loans for Arab states

China will provide Arab states with $20 billion in loans for economic development, as China seeks to build its influence in Middle East. The money will be earmarked for projects that will produce employment opportunities & positive social impact in Arab States. China is also prepared to provide another 1 billion yuan to countries in the region to build capacity for stability maintenance.

Tenth edition of Delhi dialogue

India will held the 10th edition of Delhi Dialogue on 19-20 July 2018. It is a premier annual event to discuss politico-security, economic and socio-cultural engagement with ASEAN members. RCEP is a free trade area consisting of 10 ASEAN members and six FTA partners which includes India.

Boost to Higher Education

The Cabinet Committee on Economic Affairs approved the proposal for expanding the scope of Higher Education Financing Agency (HEFA). HEFA’s scope expanded to meet the rising financial requirements of educational infrastructure in the country. HEFA is a Non ­Profit, Non Banking Financing Company for mobilising extra-budgetary resources.

NCST presents special report on “ISPPATP”

Dr. Nand Kumar Sai, Chairperson, NCST presented a report on “Indira Sagar Polavaram Project Affected Tribal People”. The report and recommendations are under Article 338A(5)(e) of the Constitution. This is for the effective implementation of constitutional safeguards, welfare and socio-economic development of the Scheduled Tribe affected by Polavaram Irrigation Project, Andhra Pradesh.

Bhutan PM to visit India

Bhutan PM Tshering Tobgay would be arriving in Delhi for a 3-day visit to India. Both the nations would be discussing about host issues such as security ties and economic cooperation. This visit is expected to advance the ‘exemplary ties of friendship’ between both the nations. Thimphu is the capital of Bhutan.

RCEP trade bloc at Tokyo meet 2018

Asian trade ministers from the 16-nation Regional Comprehensive Economic Partnership, which includes China, Japan and India but not the US, met in Tokyo on 1st July. The partnership would include the 10 members of the ASEAN as well as South Korea, Australia & New Zealand. The development in RCEP could put pressure on the US to consider rejoining the TPP, as the US-China trade war continues.