Bangladesh and India Launch Trade Transactions in Rupees to Reduce Dollar Dependence
Bangladesh and India have initiated trade transactions in rupees, aiming to reduce reliance on the US dollar and strengthen regional currency and trade.
This bilateral trade agreement marks a significant milestone for Bangladesh, moving beyond the US dollar for trade settlement with a foreign country.
Trade Settlement in Rupees: A Historic Step:
Bangladesh and India Launch Trade Transactions in Rupees to Reduce Dollar Dependence
Bangladesh Bank Governor Abdur Rouf Talukder describes the launch of trade settlement in rupees as the “first step in a great journey.”
The move signifies the growth and economic cooperation between India and Bangladesh, fostering mutual benefits.
Reduced Transaction Costs and Dual Currency Card:
The introduction of the Taka-Rupee dual currency card, expected to be launched from September, will further facilitate trade between the two countries.
The dual currency card will help reduce transaction costs during trade with India, enhancing convenience for traders and strengthening economic ties.
Formalizing Trade in Rupees:
While frontier trading has existed between Bangladesh and India in certain areas called “border huts,” formal trade will now be conducted in rupees.
Initially, the trade will be transacted in rupees, with a gradual shift towards using the Bangladeshi currency, Taka, as the trade gap decreases.
Nostro Accounts and Market-Based Exchange Rate:
Banks in both Bangladesh and India have been granted permission to open nostro accounts for foreign currency transactions.
The exchange rate will be determined based on market demand, ensuring transparency and efficiency in the trade process.
Trade Figures and Economic Outlook:
Bangladesh and India Launch Trade Transactions in Rupees to Reduce Dollar Dependence
According to official data, Bangladesh’s exports to India amount to USD 2 billion, while imports from India are valued at USD 13.69 billion.
Some economists express skepticism about the immediate benefits for Bangladesh due to the trade deficit. However, Governor Talukder emphasizes the broader impact on exporters and importers in both countries.
Lambani Art set Guinness World record in 3rd G20 CWC meeting
India’s G-20 Presidency recently achieved a remarkable feet by setting a new Guinness World record. The record-breaking involved the largest display of Lambani items, showcasing the rich heritage of India.
What in News?
AS per the 3rd G20 culture working group (CWG) meeting held at Hampi, Kolkata, a Guinness World record was created for the largest display of ‘Lambani Art.’
This culture working group meeting was titled with ‘Threads of Unity.’
Total 1755 items were on display in 3rd G20 culture working group.
It is an effort to popularize Lambani Art, craft and culture.
This step also expected to encourage the participation of Nari Shakti in such cultural activities.
Lambani Art:
Lambani art is an intricate embroidery art done on a piece of cloth.
Lambani art is also known as Banjara embroidery.
Lambani Art is mainly practiced by the community of Lambanis..
It is characterised by colourful threads, mirror work, and a rich array of stick patterns.
Lambani craft traditions involves skilfully stitching together small pieces of discarded fabric to create a beautiful fabric.
The rich embroidery of Lambani community, serves as a vital source of livelihood and sustenance.
Sandur Lambani Embroidery is recognised with a Geographical Indication tag in 2010.
Process involved in Lambani Art:
Lambani art comprises various processes such as:
Firstly basic tools and materials are collected like thread, needle, fabric and accessories.
Then the selection of patterns, types, shapes of stitches and colour combinations.
Accessories like beads and mirrors are added in the later stage.
Finally it is ironed to give the cloth piece a desired look.
Features of Lambani Art:
Lambani art is done on loosely woven piece of cloth.
It includes-
Around 14 types of stitches with various geometric shapes like square, triangle, diagonal lines etc.
Parallel lines of multi color threads
Patch work
Mirror work
Quilting
Applique, an ornamental needle work.
Overlaying
Most commonly used colours in this embroidery are red, yellow and blue.
Importance of Lambani Art:
Empower the lambani community.
Contribute to the economy of the country.
Preserve the rich cultural traditions in line with the constitutional provisions.
Lamabani art contribute to the improvement of biodiversity of their region.
It is considered to be as sustainable practice which works on the principle of recycle and reuse.
It has the potential to enhance India’s soft power.
About the Lambani Community:
Lambani community is also known by the name of Banjara Community.
The word ‘banjara’ is derived from the ‘Vanaj’ meaning to trade and ‘Jara’ meaning to trade.
Lambani’s are commercial nomads.
Banjaras are known by different names in different states:
Lambada or Lambadi in Andhra Pradesh.
Lambani in Karnataka.
Banjara in Rajasthan.
Gwar or Gwariya in Rajasthan.
The language of Banjaras is ‘Gorboli’ or ‘Gor mati boli’ or ‘Brinjari.’
Efforts for Conservation of Lambani Art:
Exhibitions should be organised to make people interested in this art.
The artisans should provide with financial support.
There should be a formal course to learn about this art.
GI tag will help in creating a unique selling proposition.
More awareness about indigenous textiles and fashion will help in boosting the market of lambani art.
More promotion and brand engagement would help to revive this art.
NABARD Foundation Day 2023: Date, Significance and History
The National Bank for Agriculture and Rural Development (NABARD) celebrated its 42nd Foundation Day on July 12, 2023. The day was marked by a series of events across the country, including a webinar on the theme of “NABARD: 42 Years of Rural Transformation.”
The webinar was addressed by the Union Minister of Agriculture and Farmers’ Welfare, Shri Narendra Singh Tomar, who highlighted the important role that NABARD has played in the development of rural India. He said that NABARD has helped to increase agricultural production, improve rural infrastructure, and promote financial inclusion in rural areas.
The webinar also featured presentations by senior officials from NABARD, who discussed the bank’s various initiatives in the areas of agriculture, rural development, and financial inclusion.
Significance of NABARD Foundation Day
The significance of NABARD Foundation Day is to celebrate the achievements of the National Bank for Agriculture and Rural Development (NABARD) in promoting rural development in India. NABARD was established in 1982 to provide financial and developmental support to the agricultural and rural sectors. The bank has played a significant role in increasing agricultural production, improving rural infrastructure, and promoting financial inclusion in rural areas.
NABARD Foundation Day is also an opportunity to recommit to the bank’s mission of helping rural communities thrive. The bank has a long-term vision of making rural India prosperous and self-reliant. NABARD Foundation Day is a time to reflect on the bank’s progress towards this vision and to recommit to working with rural communities to achieve it.
About the NABARD:
NABARD is a national bank that provides financial and developmental support to the agricultural and rural sectors in India. It was established in 1982 by the Indian government to coordinate the activities of all rural credit institutions and to serve as the apex institution for the entire rural credit system.
NABARD has two main functions: financial and developmental. Its financial functions include refinancing agricultural loans, providing short-term loans to State Cooperative Banks and Regional Rural Banks, and making loans and advances using stocks and promissory notes as security. Its developmental functions include creating institutions, creating credit programmes, promoting science and technology, and coordinating rural credit agencies.
NABARD also has supervisory functions. It is responsible for inspecting Regional Rural Banks and Co-operative Banks, and it must be consulted by the RBI before granting permission to open a new branch.
NABARD is governed by a board of directors. The board is appointed by the Indian government, and the chairperson is appointed by the central government after consulting with the RBI.
In 2018, the Union Government passed the NABARD (Amendment Bill) 2017, which increased NABARD’s authorised capital from Rs. 5,000 crore to Rs. 30,000 crore.
Here are some key points about NABARD:
It was established in 1982 by the Indian government.
It is the apex institution for the entire rural credit system in India.
It has two main functions: financial and developmental.
It is governed by a board of directors.
Its authorised capital has been increased from Rs. 5,000 crore to Rs. 30,000 crore.
Schedule M to be Made Mandatory for MSME Pharma Firms: Health Minister Mandaviya
India’s small drugmakers in the micro, small, and medium enterprises (MSME) sector will soon be required to adhere to the good manufacturing practices outlined in Schedule M of the Drugs and Cosmetics Act. Health Minister Mansukh Mandaviya announced this decision after engaging with industry representatives, emphasizing the need for quality assurance and reducing compliance burdens. The move aims to uphold India’s reputation as the world’s pharmacy by ensuring the highest standards in drug manufacturing.
Phase-wise Implementation of Schedule M:
The adherence to Schedule M practices will be implemented gradually in MSME pharma firms.
Schedule M covers various aspects, including shop floors, quality control systems, labs, production, equipment cleaning, and housekeeping.
Enhancing Quality Assurance and Reducing Compliance Burden:
The mandatory compliance with Schedule M will improve quality assurance in the production of medicines.
Health Minister Mandaviya believes that self-regulation and adherence to good manufacturing practices are crucial for MSME pharma companies.
Safeguarding India’s Pharmaceutical Reputation:
India’s position as the “pharmacy of the world” must be upheld.
The health ministry is taking measures to prevent compromises in the quality of medicines produced in India.
Recent incidents of deaths allegedly caused by drugs made in India highlight the importance of maintaining high standards.
Workshops and Stringent Actions:
The central government conducted a workshop in Hyderabad with state drug regulators to expedite policy implementation.
The Drugs Controller General of India has been instructed to take strict action against manufacturers of spurious drugs.
The government has zero tolerance for non-compliance and the production of substandard medicines.
Risk-based Inspections and Regulatory Measures:
Regulatory authorities have initiated risk-based inspections and audits of pharmaceutical manufacturing units.
Actions have been taken against firms found to violate quality compliance.
Production has been halted at certain firms, while licenses have been canceled or suspended.
Show cause notices and warning letters have been issued to other non-compliant companies.
ONGC Becomes India’s First PSU to Achieve Anti-Bribery Management System Certification
Oil and Natural Gas Corporation (ONGC) has recently made history by becoming the first Central Public Sector Enterprise (CPSE) in India to receive certification for its Anti-Bribery Management System (ABMS). The certification was awarded by the internationally accredited certification body InterCert USA. ONGC’s commitment to combat bribery was previously demonstrated in 2005 when it became the first organization in India to adopt the Integrity Pact (IP) initiated by Transparency International.
ABMS Certification:
A Landmark Achievement: ONGC’s pursuit of an ABMS certification marks a significant milestone in its journey as an Energy Maharatna, further solidifying its position as a trusted business partner. The certification was achieved by successfully implementing the ISO 37001:2016 International Standard, following a thorough assessment and validation process conducted by InterCert USA.
Implementation Phases and Departments:
In the initial phase, ONGC has implemented the Anti-Bribery Management System across ten departments at its Corporate Office in Delhi. The organization, in collaboration with the internationally renowned consultancy firm Digital Age, has taken comprehensive measures to prevent, detect, and address bribery. While the specific departments benefiting from this implementation were not disclosed in the official statement, the company has assured that a robust framework has been established to promote anti-bribery compliance throughout the organization.
Dedicated Personnel and Oversight:
To ensure the effectiveness of the ABMS, ONGC has appointed dedicated personnel to oversee anti-bribery compliance. The Chief Vigilance Officer, Ranjan Prakash Thakur, along with key executives from corporate departments, have been actively involved in the process. Their commitment and involvement have been crucial in achieving this prestigious certification.
Recognition and Award Ceremony:
ONGC’s achievement was celebrated during an award ceremony attended by the Chairman, Directors, Chief Vigilance Officer, and key executives of the organization. A representative from InterCert, the certification body, was also present to acknowledge and commend ONGC’s dedication to combat bribery.
RBI to Introduce UPI QR Codes for CBDC Transactions
Ambitious Transaction Goals:
Currently, banks process around 5,000-10,000 transactions per day using CBDC. The RBI’s objective is to scale this up significantly, aiming for 1 million CBDC transactions per day by the end of the calendar year. With over 30 crore transactions taking place daily through UPI, achieving this target is considered feasible and will help promote the widespread adoption of CBDC.
Challenges: Anonymity and Offline Transactions:
To fulfill the purpose of CBDC, the RBI is actively addressing two major challenges: anonymity and offline transactions. Ensuring anonymity while maintaining security and compliance is crucial. Additionally, enabling offline transactions will allow users to transact seamlessly, even in areas with limited internet connectivity.
Cost-Effectiveness and Cross-Border Payments:
CBDC transactions are expected to be cost-effective, particularly for cross-border payments. Currently, the cost of cross-border transactions exceeds 6 percent, creating financial burdens. By leveraging CBDC, these costs can be significantly reduced. The RBI expects CBDC to facilitate transactions among various banks, reducing the reliance on a few institutions and promoting fair practices.
CBDC Pilot Programs and User Adoption:
The pilot programs for retail and wholesale transactions using CBDC have seen considerable success. As of June 30, the retail pilot has surpassed one million users and 262,000 merchants. The RBI has actively encouraged participation from banks and fintech firms to further increase transactions. The introduction of UPI QR codes for CBDC transactions will contribute to this growth.
Addressing Concerns: Stable Coins and Cryptocurrencies:
Deputy Governor T. Rabi Sankar expressed India’s concerns about stable coins, highlighting that they pose an “existential threat” to countries’ policy sovereignty. Sankar emphasized the importance of a global financial system built on CBDCs issued by individual countries for settling global payments, rather than relying on stable coins. He urged bankers and fintech firms to engage in informed debates to protect customers from misleading advertisements and ensure the adoption of secure and regulated digital currencies.
Chandrayaan-3: Launch Date, Mission, Live Updates
India’s lunar mission Chandrayaan 3 is going to be launched on July 14, at 2:35 P.M. from Satish Dhawan Space Centre in Sriharikota announced by the Indian Space Research Organisation (ISRO).The date was later confirmed by Secretary of Space department and ISRO Chairman S. Somnath at a press briefing on the sidelines of the G-20 Fourth Economy Leaders Meeting in Bengluru.
Chandrayaan-3 Launch Countdown Live Updates
On Tuesday, ISRO (Indian Space Research Organisation) announced via a tweet that the ‘Launch Rehearsal’ for Chandrayaan 3 had been successfully completed. The rehearsal involved a comprehensive simulation of the entire launch preparation and process, spanning 24 hours.
About the Chandrayaan 3
The Chandrayaan-3 spacecraft will be launched by the Launch Vehicle Mark-III (LVM3). Chandrayaan-3 is a follow-up to Chandrayaan-2, to demonstrate end-to-end capability in safe landing and roving on the lunar surface.
Chandrayaan-3 is a follow-on mission to Chandrayaan-2 to demonstrate end-to-end capability in safe landing and roving on the lunar surface.
Chandrayaan-3 is consists of Lander and Rover configuration.
Chandrayaan-3 will be launched by Launch Vehicle Mark-III (LVM-3) from Satish Dhawan Space Centre in Sriharikota.
Chandrayaan-3 is consists of Lander Module (LM), Propulsion Module (PM) and a Rover with an objective of developing and demonstrating new technologies required for Interplanetary Missions.
The Lander and the Rover have scientific payloads to carryout experiments on the lunar surface.
The launcher identifies for Chandrayaan-3 is GSLV-MK3.
Process of launching of Chandrayaan 3
Chandrayaan-3 is expected to soft land between August 23 and 24 at moon’s South Pole, the area which will have sunlight. The sunlight has to fall on the solar panels of the spacecraft. If these two dates were missed then the landing will be postponed to September around the time when there is sunlight on the moon. There is sunlight on the moon for 14-15 days.
Objectives of Chandrayaan-3
To demonstrate safe and soft landing on the lunar surface.
To demonstrate Rover roving on the moon.
To conduct in-situ scientific experiments.
Technologies used in Chandrayaan-3
To achieve the objectives of the mission, several technologies are used in Lander and that are:
Altimeters: Laser and RF based Altimeters.
Velocimeters: Laser Doppler Velocimeter and Lander Horizontal Velocity Camera.
Inertial Measurement: Laser Gyro based Inertial referencing and Accelerometer package.
Propulsion System: 800N Throttleable Liquid Engines, 58N altitude thrusters and Throttleable Engine Control Electronics.
Navigation, Guidance and Control: Powered descent trajectory design and associate software elements.
Hazard Detection and Avoidance: Lander hazard detection & avoidance camera and processing algorithm.
Landing Leg Mechanism.
Test carried out for soft landing of Chandrayaan 3
Integrated Cold Test: For the demonstration of integrated sensors and navigation performing test using helicopter as test platform.
Integrated Hot Test: For the demonstration of closed loop performance test with sensors, actuators and NGC using tower crane as test platform.
Lander Leg Mechanism performance test on a lunar stimulant test bed simulating different touch down conditions.
Importance of the Chandrayaan 3 Mission
Missions like Chandrayaan hold great significance as they involve the participation of multiple countries. These collaborative endeavors contribute to scientific exchange and foster camaraderie among nations.
There is a potential for future international cooperation in exploring the south-polar region of the Moon. This region contains craters that are perpetually shadowed and devoid of sunlight. These cold, shadowed sites are believed to contain hydrogen, water, ice, and possibly even primordial material that can provide insights into the origins of our Solar System. Additionally, the largest lunar crater is located in the south polar region, and its formation around 4 billion years ago remains a mystery. Exploring and understanding our celestial neighbor will greatly contribute to our understanding of the cosmos.
The question may arise as to why India should invest in such high-tech endeavors instead of focusing on readily available technologies for the public good. The answer lies in the fact that these high-tech areas can indeed be used for the public good as well. Developing countries require knowledge in these areas to enhance the quality of life for their citizens. Space technologies have become indispensable for weather prediction, marine resource assessment, forest cover estimation, communication, defense, and various other domains. It is essential for every country to have a balance between futuristic technologies and those immediately relevant, allocating resources accordingly.
R. Chidambaram, a former Principal Scientific Advisor to the Government of India, once emphasized that active participation in emerging technologies positions a nation as a leader in that field, granting it leverage in international negotiations. This, in turn, enables a country to enhance its science and technology base, ultimately improving the lives of its citizens and elevating its prestige.
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