Japan Dragged India to WTO against Steps on Iron, Steel Imports
- Japan dragged India to the World Trade Organisation (WTO) against certain measures taken by India on imports of iron and steel products.
- India has imposed Minimum Import Price (MIP) on imports of certain iron and steel products.
- In February, India imposed MIP of 173 products for six months, which was later extended twice for two months. Earlier this month, the government extended MIP on 19 products till February 4, 2017.
- WTO-compliant measures like anti-dumping duty should be used to overcome the issue of cheap imports of commodities like steel as MIP is not compliant with the global trade norms.
NEIIP, 2007 Revised
- The Union government revised the North-East Industrial and Investment Promotion Policy (NEIIP), 2007, stipulating that all the subsidies to industrial units will be disbursed through the DBT mechanism, on December 20, 2016.
- The government has decided that henceforth subsidies payable to all industrial units will be disbursed through DBT mechanism by the Chief Controller of Accounts (Industry) for which the units would need to get themselves registered on the e-payment portal by providing required bank details.
Amazon Launched its Startup Programme ‘Launchpad’ in India
- Amazon announced the launch of its global programme called Amazon Launchpad in India, which will help startups in the country on December 4, 2016.
- According to the company, the programme will help startups launch, market, and distribute their products to Amazon customers across India and around the world via a dedicated store. Amazon Launchpad store will be an exclusive comer with products from Indian startups.
- Amazon India has tied-up with Department of Industrial Policy and Promotion (DIPP)’s Startup India and Nasscom for its initiative. It will offer startups access to custom product pages, marketing support, and access to Amazons global customer base and their fulfillment network.
- The subsidy for the new industrial units/existing industrial units going for substantial expansion will be limited to Rs 5 crore per industrial unit operating in manufacturing sector and Rs 3 crore per industrial unit operating in services sector.
Approval for Creation of Indian Enterprise Development Service (IEDS)
- Te Union government, on December 20, 2016, approved the institution of IEDS in the Office of Development Commissioner (MSME) under the Ministry of Micro, Small and Medium Enterprise.
- The creation of the new cadre and change in structure will not only strengthen the organisation but will also help to achieve the vision of ‘Startup India’, ‘Stand-up India’ and ‘Make in India’.
- The measure will enhance the capacity and efficiency of the organisation and also help in achieving growth in MSME sector through a focused and dedicated cadre of technical officers.
KPMG, Microsoft Joined Hands to Boost Digital Transformation
- KPMG and Microsoft India on December 4, 2016 announced a strategic Internet of Things (IoT) Advisory partnership to accelerate the digital transformation of large and mid-market enterprises in the country.
- The IoT Advisory will help provide better customer relationship management and analytics, improve organisational agility and increase workforce mobility.
- KPMG in India will also extend its services to the entire spectrum of Microsoft productivity tools, intelligent Cloud, blockchain technology and cyber security amongst others.
- Enterprises deploy solutions that can drive Cloud-based automation, generate operational insights through IoT.
RBI’S RECENT ACTIVITY
RBI Opposed Proposal Set-up Separate Payments Regulator
- The RBI on December 18, 2016 opposed a move to establish a separate entity to regulate payments and settlements.
- One of the panel’s terms of reference was to study and recommend changes in the regulatory mechanism under various acts such as the Payments and Settlement Act, the RBI Act, and the Information .Technology Act among others.
- The Committee had suggested that the PRB be an independent body. The Committee’s report, which also contains the RBI’s views.
