Govt shuffles cabinet: Kiren Rijiju exited as Union Law Minister
Kiren Rijiju has exited as Union Law Minister and will now take up the portfolio of Ministry of Earth Sciences. Arjun Ram Meghwal has been assigned the independent charge as Minister of State in the Ministry of Law and Justice in addition to his existing portfolios. Rijiju took over as the Law and Justice Minister on July 8, 2021. Prior to this, he served as the Minister of State (Independent Charge) of Youth Affairs and Sports from May 2019 to July 2021. Union Minister Jitendra Singh was holding charge of the Ministry of Earth Sciences.
The President of India, as advised by the Prime Minister, has been pleased to direct the following reallocation of portfolios among Ministers in the Union Council of Ministers :
The portfolio of Ministry of Earth Sciences be assigned to Shri Kiren Rijiju.
Shri Arjun Ram Meghwal, Minister of State be assigned the independent charge as Minister of State in the Ministry of Law and Justice in addition to his existing portfolios, in place of Shri Kiren Rijiju.”
Kiren Rijiju is an Indian politician from Arunachal Pradesh who has served in various ministerial positions in the Government of India. Rijiju’s past portfolios include:
Minister of State for Home Affairs (2014-2019)
Minister of State for Minority Affairs (2019-2021)
Minister of State (Independent Charge) for Youth Affairs and Sports (2019-2021)
Cabinet Minister of Law and Justice (2021-2023)
Tata Sons Chairman N Chandrasekaran Conferred With France’s Highest Civilian Award
Tata Group Chairman N Chandrasekaran has been given France’s highest civilian award Chevalier de la Legion d’honneur for his contributions to strengthen the trade relationship between India and France. French Minister for Europe and Foreign Affairs Catherine Colonna gave the award to Chandrasekaran on behalf of the French President.
Earlier this year, Tata Group-owned Air India had inked a multi-billion dollar deal with Airbus to buy 250 aircraft from Airbus, which included 210 A320 neo planes and 40 A350 aircraft. Last year in December, Tata Technologies inaugurated its innovation centre in Toulouse, France, to cater for the new-age product engineering and digital requirements of the global aerospace and defence sector.
About the National Order of the Legion of Honour
France’s highest civilian award is the National Order of the Legion of Honour (French: Ordre national de la Légion d’honneur). It was established by Napoleon Bonaparte in 1802 and is awarded to French citizens and foreigners for their outstanding service to France in the fields of military, civil, and cultural affairs. The Legion of Honour is a symbol of France’s national pride and is a testament to the country’s commitment to excellence. It is an honor that is bestowed upon those who have made significant contributions to France and to the world.
Government establishes the Accelerated Corporate Exit Processing Centre
The Ministry of Corporate Affairs (MCA) has taken a significant step towards making the process of striking off defunct companies easier and more efficient. This has been achieved through the establishment of the Centre for Processing Accelerated Corporate Exit (C-PACE), which will centralize the process of striking off companies.
Government establishes the Accelerated Corporate Exit Processing Centre: Key Points
The establishment of the C-PACE will not only relieve the stress on the Registry, but it will also ensure that the Registry is kept clean, providing stakeholders with more meaningful and accurate data.
By providing a hassle-free filing system and following a timely, process-bound approach to striking off company names from the Register, stakeholders will benefit from an enhanced experience.
The creation of the C-PACE is a part of the MCA’s commitment to promote Ease of Doing Business and the ease of exit for companies. Under sub-section (1) of section 396, the C-PACE will operate under the Registrar of Companies (RoC) to process and dispose of applications.
The Office of C-PACE was inaugurated on 1st May 2023 and will be supervised by the Director General of Corporate Affairs (DGCoA) in New Delhi. Shri R.K. Dalmia, Director of Inspection and Investigation at MCA, inaugurated the office, and Shri Harihara Sahoo, ICLS, was appointed as the first Registrar of the C-PACE office.
About C-PACE:
C-PACE was established on March 17, 2023 through MCA Notification No. S.O. 1269(E).
It is located on the 7th floor of the Indian Institute of Corporate Affairs (IICA) in IMT Manesar, Gurgaon.
The Ministry further amended the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2023 with notification No. G.S.R. 298(E) on April 17, 2023 which became effective on May 1, 2023.
Union Cabinet Approves Rs 17,000 Crore PLI 2.0 Scheme for IT Hardware
In a significant development, Prime Minister Narendra Modi-led Union Cabinet has given its approval to the Production Linked Incentive (PLI) Scheme for the IT hardware segment, with a substantial budget allocation of Rs 17,000 crore. This PLI Scheme 2.0 for IT Hardware aims to leverage the achievements of the PLI scheme implemented for mobile phones, which played a pivotal role in establishing India as the world’s second-largest mobile phone manufacturer. Notably, the exports of mobile phones have also surpassed a significant milestone of $11 billion (equivalent to around Rs 90 thousand crores) this year.
Context:
Over the past 8 years, the electronics manufacturing industry in India has experienced consistent growth, achieving a commendable Compound Annual Growth Rate (CAGR) of 17%. This year, it has surpassed a significant production milestone, reaching 105 billion USD (equivalent to about Rs 9 lakh crore).
India has successfully emerged as the world’s second-largest manufacturer of mobile phones, highlighting its prowess in the electronics manufacturing sector. Notably, the exports of mobile phones have also reached a remarkable milestone of 11 billion USD (about Rs 90 thousand crores) this year.
India is attracting the attention of the global electronics manufacturing ecosystem, positioning itself as a prominent player in the field. The country is rapidly emerging as a major hub for electronics manufacturing, capitalizing on the opportunities presented by the industry.
Building upon the achievements of the Production Linked Incentive (PLI) scheme implemented for mobile phones, the Union Cabinet has given its approval to PLI Scheme 2.0 for IT hardware. This decision further strengthens the government’s commitment to promoting and supporting the growth of the IT hardware manufacturing sector in India.
Salient features:
The PLI Scheme 2.0 for IT hardware encompasses a wide range of products including laptops, tablets, all-in-one PCs, servers, and ultra-small form factor devices.
The scheme has a budgetary allocation of Rs. 17,000 crores, signifying a significant financial commitment toward promoting the IT hardware sector.
The duration of this scheme is set for 6 years, providing a long-term framework to drive growth and development in the IT hardware industry.
It is anticipated that the implementation of this scheme will result in an incremental production value of Rs. 3.35 Lakh crore, showcasing the potential for substantial growth and expansion within the sector.
The scheme aims to attract incremental investments amounting to Rs. 2,430 crores, facilitating the infusion of capital into the IT hardware manufacturing ecosystem.
As a consequence of the scheme’s implementation, it is projected that there will be an incremental direct employment generation of 75,000 jobs, contributing to the enhancement of employment opportunities within the IT hardware sector.
Significance:
India is rapidly gaining recognition as a reliable supply chain partner for prominent global companies. Leading IT hardware corporations have expressed significant interest in setting up manufacturing units within the country. This positive trend is reinforced by the robust IT services industry, which experiences substantial demand domestically. Major companies aspire to serve both the domestic market in India and utilize the country as an export hub for their products.
Mumbai Ranks Sixth In Annual Housing Price Growth Among 46 Cities Globally
Mumbai has moved up to the sixth rank among 46 global cities in terms of annual price growth of high-end residential properties, with an appreciation of 5.5%, according to a report by real estate consultant Knight Frank India.
The report, titled ‘Prime Global Cities Index Q1 2023‘, notes that Bengaluru and New Delhi have also registered an increase in average annual prices in the first quarter of 2023.
Annual Housing Price Growth Among 46 Cities Globally: Key Points
Mumbai moved up significantly from its 38th rank in Q1 2022, and Bengaluru and New Delhi also witnessed an upward movement in index ranking.
Mumbai’s rise on the international index is largely attributed to the rise in demand in the city.
The report emphasizes that while the demand has been strong for all segments, it has seen a rise in the sale of higher value products.
What is the Prime Global Cities Index?
The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 46 cities worldwide, tracking nominal prices in local currency. Dubai clinched the top position globally in terms of the increase of 44.2% in prime residential properties values.
Knight Frank India CMD Shishir Baijal noted that the Indian real estate markets have displayed continued momentum in demand despite concerns of an inflationary environment and a steep rise in home loan rates over the past 12 months.
METRO sells India Cash & Carry to Reliance Retail for Rs 2,850cr
The German retailer, METRO AG, has announced the full completion of the sale of its Indian cash and Carry business to Reliance Retail Ventures Ltd (RRVL), which operates the retail empire of Reliance Industries Ltd.
As part of the deal, RRVL has acquired all 31 wholesale stores that were operated by METRO Cash & Carry India and the entire real estate portfolio, which includes six store-occupied properties.
METRO sells India Cash & Carry to Reliance Retail for Rs 2,850cr: Key Points
“METRO India will complement Reliance Retail’s retail network in the future”, said a statement from METRO AG.
During an agreed transition period, all METRO India stores will continue to operate under the METRO brand.
However, there will be no noticeable changes for METRO employees and customers for the time being.
The deal, which was announced in December 2022, is reportedly worth ₹2,850 crore and will help Reliance Retail strengthen its dominant position in India’s massive retail sector, which is one of the fastest-growing markets globally.
METRO is committed to maintaining its strong growth momentum and taking decisive strides towards achieving its medium- and long-term goals.
Metro Revenue:
According to the statement, the reduction of net debt in Q1 due to the reclassification of the Indian business as an “Asset held for sale” (€0.15 billion) and the receipt of €0.3 billion in cash proceeds will further decrease METRO’s net debt (total effect on net debt over €0.4 billion) and support the implementation of METRO’s sCore strategy.
Reliance Retail’s revenue from operations for the financial year ended March 31, 2023, was ₹2.30 lakh crore.
The holding company for Reliance Industries’ retail operations, RRVL, is looking to expand its distribution network across regions and broaden its product offerings in the Consumer Brands sector.
METRO is a prominent international food wholesaler with operations in over 30 countries. In the 2021/22 fiscal year, the company boasted sales of 29.8 billion Euros.
Indian-Origin Cop Is Highest-Ranking South Asian Woman In New York
Indian-origin Captain Pratima Bhullar Maldonado has become the highest-ranking South Asian woman in the New York Police Department (NYPD). She was promoted to the rank of Captain last month. Maldonado, 45, was born in Punjab, India, and moved to the United States with her family when she was 9 years old. She joined the NYPD in 1999 and has served in a variety of roles, including patrol officer, detective, and sergeant.
Maldonado’s promotion is a positive step for the NYPD and for the South Asian community in New York City. She is a role model for young South Asian women and she is an inspiration to all who strive to achieve their dreams. She is currently the commanding officer of the 102nd Police Precinct in South Richmond Hill, Queens. The precinct is home to a large South Asian community, and Maldonado said she is committed to building relationships with the community and working to keep it safe. Maldonado’s promotion is a significant milestone for the NYPD and for the South Asian community in New York City. She is a role model for young South Asian women and she is an inspiration to all who strive to achieve their dreams.
Noted: Earlier this year, Lt Manmeet Colon, a 37-year-old Indian-origin Sikh woman officer, assumed charge as the assistant police chief in the state of Connecticut, becoming the department’s first-ever second-in-command of Asian descent.