India’s unemployment rate in April rises to 8.11% from 7.8% in March
India's unemployment rate climbed to a four-month high of 8.11% in April 2023, according to data from the research firm Centre for Monitoring India Economy.
Investments in Infrastructure and Productive Capacity to Boost Job Creation:
India’s Unemployment Rate Rises to Four-Month High in April 2023:
India’s unemployment rate climbed to a four-month high of 8.11% in April 2023, according to data from the research firm Centre for Monitoring India Economy. The nationwide joblessness rate rose from 7.8% in March, with urban unemployment increasing to 9.81% from 8.51% in the same period. Rural unemployment, however, fell marginally to 7.34% in April from 7.47% a month ago.
Labour Participation Increases in April:
Despite the rise in unemployment, India saw its labour force participation surging by 25.5 million to 467.6 million in April, boosting the overall participation rate to 41.98%. Creating jobs for India’s burgeoning population will remain a key challenge for Prime Minister Narendra Modi’s government, particularly as he looks to a third term in office in national elections due next summer.
Graduate Unemployment Shows a Declining Trend:
Minister of State for Labour and Employment, Rameswar Teli, stated in March that the unemployment rate among graduate degree holders shows a declining trend, according to the annual Periodic Labour Force Survey reports. The data on Employment and Unemployment is collected through the PLFS, which is conducted by the Ministry of Statistics & Programme Implementation. “As per the latest available Annual PLFS Reports, the estimated unemployment rate on usual status for graduate persons of age 15 years and above was 17.2%, 15.5% and 14.9% during 2019-20, 2020-21 and 2021-22, respectively, which shows a declining trend in the unemployment rate of graduate degree holders,” Teli said.
Investments in Infrastructure and Productive Capacity to Boost Job Creation:
According to the Minister of State for Labour and Employment, investments in infrastructure and productive capacity have a large multiplier impact on growth and employment. The budget for 2023-24 proposed to increase capital investment outlay steeply for the third year in a row by 33 per cent to Rs 10 lakh crore, which would be 3.3 per cent of GDP. This substantial increase in recent years is central to the government’s efforts to enhance growth potential and job creation. As such, the government’s ability to create jobs will be crucial in the upcoming national elections as Modi looks to secure a third term in office.
Foreign Ministers of SCO member countries meet in Goa
The foreign ministers of eight member countries of the Shanghai Cooperation Organisation (SCO) are meeting in Goa on May 4 and 5.
Foreign Ministers of SCO member countries meet in Goa:
The foreign ministers of eight member countries of the Shanghai Cooperation Organisation (SCO) are meeting in Goa on May 4 and 5. This meeting will set the stage for the SCO Leaders’ Summit to be held in July in New Delhi. India, the host country, attaches special importance to the SCO in promoting multilateral, political, security, economic, and people-to-people interactions in the region.
India’s Chairmanship of SCO in 2023:
India’s theme for its Chairmanship of SCO in 2023 is ‘SECURE-SCO’. The country has been persistent in pushing for the strengthening of collaboration on issues pertaining to regional security, defence, and combating terrorism, among others. On the agenda for the SCO under India’s presidency will be the modernisation of the grouping with a focus on advanced technology and digital infrastructure. The agenda also includes discussions with regional counterparts on various regional, security, and political issues.
Adding English as an Official Language:
Since becoming a full member of the SCO in 2017, India has been pushing the bloc to add ‘English’ as an official language of communication. The first such proposal was placed in 2020, necessitated by the inclusion of India and Pakistan as full members to a grouping that has had only Russian and Mandarin as the official and working languages of the bloc. The Russian language is widely used in the six Central Asian nations that founded the bloc.
Tentative Program:
The foreign ministers and their delegations arrived in Goa on May 4. All the delegations are staying at the Taj Exotica in Benaulim, where the meetings are taking place. S Jaishankar, India’s External Affairs Minister, is hosting a dinner for the visiting dignitaries. The official engagements began on May 5 with the arrival of foreign ministers and heads of delegations at the meeting venue, followed by a group photo. The meeting of the council of foreign ministers (CFM) began in the morning, and by noon the ‘decision document’ was signed, followed by a working lunch. The event concluded with the signing of a Memorandum with New Dialogue Partners. The leaders then held various bilateral meetings with their respective counterparts from other nations.
SCO Council of National Coordinators Meet:
The SCO Council of National Coordinators met from April 29 to May 3 in Panaji, India, chaired by India. They exchanged views on the preparations for the meetings of the SCO Heads of State Council and the SCO Heads of Government Council, as well as on other aspects of the organisation’s activities. The parties reviewed and agreed on the main draft documents to be submitted for signature at the Ministerial Council meeting.
About Shanghai Cooperation Organisation (SCO):
The Shanghai Cooperation Organisation (SCO) is a regional intergovernmental organization established in 2001 in Shanghai, China.
Key points about SCO include:
Members: The SCO comprises eight member states – China, India, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, and Uzbekistan.
Observer States: The SCO also has four observer states – Afghanistan, Belarus, Iran, and Mongolia.
Goals: The SCO aims to promote cooperation among member states on issues such as regional security, economic development, and cultural exchange.
Official languages: The official languages of the SCO are Russian and Mandarin, and several member states have called for English to be added as an official language.
Decision-making: The SCO makes decisions through consensus among member states, and does not interfere in each other’s internal affairs.
Focus areas: The SCO has focused on a range of issues, including combating terrorism, separatism and extremism, promoting economic cooperation, and developing transport and communication infrastructure.
Expansion: The SCO has expanded since its founding, adding India and Pakistan as full members in 2017.
Leadership: The chairmanship of the SCO rotates annually among member states, and India is holding the chairmanship in 2023.
Uttar Pradesh govt plans ‘Ramaland’ in Ayodhya modelled on Disneyland
Ayodhya as a global tourism hotspot, the Uttar Pradesh government is planning to develop a theme park ‘Ramaland’ modelled on Disneyland to narrate the story of Lord Ram.
Ayodhya as a global tourism hotspot, the Uttar Pradesh government is planning to develop a theme park ‘Ramaland’ modelled on Disneyland to narrate the story of Lord Ram. With Ramaland, the tourism department is looking to attract children and adults alike to showcase the legendary tales from Ramayan in the template of ‘learning with entertainment’.
The deliberate transformation of Ayodhya is estimated to value Rs 30,000 crore to the exchequer below ‘Ayodhya Imaginative and prescient 2047’ theme. These funds are targetted to be invested in about 260 initiatives pertaining to tourism, aviation, infrastructure, housing, medical, vitality, tradition, city improvement, transport and so on. The expenditure will likely be incurred collectively by the central and the UP governments. These initiatives embrace Sensible Metropolis Mission, widening of roads, fashionable bus terminals, unclogging the overhead electrical energy provide cables, beautification of ghats, cultural centres and so on.
New Projects in Ayodhya
Besides, river Saryu cruise is in the works and will be launched in the coming months.
The state has also planned to set up six grandiose arched gateways at the roads leading from other districts to Ayodhya.
There are six different roads leading to Ayodhya from Lucknow, Gorkahpur, Gonda, Ambedkarnagar etc. Each gateway complex will be named after characters from Ramayan and comprise tourism facilities such as yoga centre, food court, dormitory etc.
Moreover, the private hotel chains are in talks with the erstwhile royal family of Ayodhya to convert palaces into heritage properties to offer a regal experience to discerning tourists and backpackers.
With the construction of the Lord Ram temple fast nearing completion, the government is expediting the ongoing and proposed projects in Ayodhya.
The proposed Ayodhya worldwide airport is below development and is predicted to catalyse the metamorphosis of the sleepy spiritual city into a serious tourism hub in India.
In the meantime, the Deepotsav competition coinciding with Diwali has been celebrated with utmost grandeur and opulence in Ayodhya lately. It has fetched an entry within the Guinness E book of World Information for lighting the biggest variety of earthen lamps (diyas) in successive Diwali.
RBI, BIS launch fourth edition of G20 TechSprint competition
The Reserve Bank of India (RBI) and the Bank for International Settlements (BIS) have announced the launch of the G20 TechSprint 2023.
RBI and BIS launch G20 TechSprint 2023 for Cross-border Payments Innovation:
The Reserve Bank of India (RBI) and the Bank for International Settlements (BIS) have announced the launch of the G20 TechSprint 2023, a global competition aimed at improving cross-border payments through innovative technology solutions. The fourth edition of the competition was unveiled on May 4, and it is open to global innovators.
Problem Statements for TechSprint 2023:
The TechSprint 2023 will focus on three problem statements formulated by the BIS Innovation Hub (BISIH) and RBI. The problem statements include the following:
Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT)
Sanctions technology solutions to reduce illicit finance risk, forex (FX), and liquidity technology solutions to enable settlement in emerging market and developing economy (EMDE) currencies
Technology solutions for multilateral cross-border central banking digital currency (CBDC) platforms.
The competition aims to showcase how technology solutions can address illicit financing risks, provide settlement solutions in other currencies, and achieve interoperability in multi-lateral CBDC platforms.
Competition Details and Timeline:
The G20 TechSprint 2023 competition is open to developers from around the world to submit their applications from May 4 to June 4, 2023. The competition will conclude around August/September 2023.
The TechSprint is a global technology competition that promotes innovative solutions aimed at improving cross-border payments. The competition is intended to encourage collaboration between financial institutions, technology providers, and other stakeholders in the global financial system to develop innovative solutions for cross-border payments.
Bank for International Settlements (BIS), key points:
The Bank for International Settlements (BIS) is an international financial institution owned by central banks that facilitates cooperation among central banks and other agencies in pursuit of monetary and financial stability.
Here are some key points about BIS:
Established in 1930, BIS is the world’s oldest international financial organization.
It is headquartered in Basel, Switzerland, and has representative offices in Hong Kong and Mexico City.
Its membership includes 63 central banks from around the world, representing countries that account for about 95% of global GDP.
The BIS’s mission is to promote international monetary and financial cooperation and to serve as a bank for central banks.
The BIS acts as a forum for central banks to share information, discuss policy issues, and collaborate on research.
The BIS also provides banking services to central banks and other international organizations, such as the International Monetary Fund (IMF).
The BIS is involved in promoting financial stability, including by conducting research on financial markets and instruments and providing assistance to central banks in managing their reserves.
The BIS is also responsible for setting global standards and guidelines for banking and financial market regulation, including through its Committee on Banking Supervision and Committee on Payments and Market Infrastructures.
Dubai becomes the host for the inaugural edition of the Global Chess League
Global Chess League (GCL), a joint venture between FIDE and Tech Mahindra, announced Dubai as the venue for the inaugural edition.
Global Chess League (GCL), a joint venture between FIDE and Tech Mahindra, announced Dubai as the venue for the inaugural edition. In the presence of key dignitaries such as Dr. Aman Puri, Consul General of India, Dubai, Viswanathan Anand, five-time world chess champion, and Deputy President, FIDE, CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra, Parag Shah, EVP & Head, Mahindra Accelo and Member, Global Chess League Board, and Jagdish Mitra, Chairperson, Global Chess League Board, in the Gulf city.
The world’s largest and first franchise-based chess league will be held in Dubai in association with Dubai Sports Council, the league’s Host Partner. FIDE and Tech Mahindra’s vision for the league will truly bring the sport of chess to a new audience and help existing fans relate to the sport more than ever before. Global Chess League is a first-of-its-kind tournament with a team vs team format that will bring together the best chess players from across the world, representing major countries and providing a unique experience to chess fans globally. The Global Chess League will draw the world’s attention to a new chess format and create an ecosystem for the sport, providing a platform for champions worldwide to showcase the potential of chess.
NTPC Group’s total installed capacity reaches 72,304 MW with first overseas capacity addition in Bangladesh
State-owned power conglomerate NTPC Group has achieved a significant milestone in the power sector by expanding its installed capacity to 72,304 MW.
NTPC Limited is a public sector undertaking in the Indian power sector. Here are some key points about NTPC:
NTPC Group Expands Installed Capacity to 72,304 MW with First Overseas Addition:
State-owned power conglomerate NTPC Group has achieved a significant milestone in the power sector by expanding its installed capacity to 72,304 MW. This growth includes the recent integration of the 660 MW Unit-1 of the Maitree Super Thermal Power Plant (MSTPP) in Rampal, Bangladesh, marking NTPC’s first overseas capacity addition.
Collaboration with Bangladesh-India Friendship Power Company Pvt Ltd.:
The 1,320 MW (2×660) MSTPP project was executed in collaboration with the Bangladesh-India Friendship Power Company Pvt Ltd. (BIFPCL), a foreign joint venture of NTPC Ltd. The successful completion of the project is evidence of NTPC’s power sector expertise and dedication to innovation and excellence.
Bolstering Economic and Social Ties between India and Bangladesh:
The MSTPP, a joint venture between NTPC and the Bangladesh Power Development Board, is expected to generate electricity for the Bangladeshi population while bolstering economic and social ties between India and Bangladesh. With this latest addition, NTPC’s commitment to providing reliable and sustainable power both domestically and abroad has been further reinforced.
Commitment to Reliable and Sustainable Power:
An NTPC official highlighted the project’s successful completion as evidence of the company’s commitment to reliable and sustainable power. NTPC’s expansion of installed capacity to 72,304 MW reflects its dedication to meeting the growing demand for electricity in India and beyond.
NTPC Limited is a public sector undertaking in the Indian power sector. Here are some key points about NTPC:
Established in 1975, NTPC is headquartered in New Delhi, India.
NTPC is the largest power company in India, with an installed capacity of 72,304 MW as of 2023.
NTPC generates electricity through various sources, including coal, gas, hydro, solar, and wind.
The company has a strong focus on sustainable and clean energy sources and aims to increase the share of renewable energy in its total capacity.
NTPC has a presence in several countries, including Bangladesh, Sri Lanka, and Nepal, through collaborations and joint ventures.
Gurdeep Singh is the Chairman & Managing Director of NTPC Limited since 2016.
Polavarapu Mallikharjuna Prasad to be next Coal India chief
The Public Enterprises Selection Board (PSEB) recommended Central Coalfields CMD Polavarapu Mallikharjuna Prasad as the next Chairman and Managing Director of Coal India (CIL).
The Public Enterprises Selection Board (PSEB) recommended Central Coalfields CMD Polavarapu Mallikharjuna Prasad as the next Chairman and Managing Director of Coal India (CIL). Prasad is expected to take the charge of India’s largest coal miner accounting for almost 80 per cent of the mined commodity from July 1.
A mining engineer from Osmania university, Prasad took over as the CCL CMD on September 1, 2020, and has more than three decades of experience in the mining sector. He is credited for the diversion of Nallah at Hingula opencast area to unlock coal reserve of 26 million tonnes (MT) in FY15 and the commencement of a new railway siding at the Talcher Coalfields.
About the Polavarapu Mallikharjuna Prasad
Prasad also took over as the CMD of Bharat Coking Coal (BCCL) in August 2019. Both CCL and BCCL are subsidiaries of CIL. Prasad will take over the baton from serving CMD Pramod Agrawal, whose term ends on June 30, 2023. Agrawal is a Madhya Pradesh cadre IAS officer, who took over the charge of CMD of the mining behemoth from Anil Kumar Jha in January 2020. He is the third officer from the Indian Administrative Service to hold the top post at CIL.