RAJASTHAN
Rajasthan: Gem & jewellery industry frets over new tax by US on exports
The proposal of the United States Trade Representative (USTR) to impose retaliatory tariffs on 41 Indian products including 17 items in the gem and jewellery category has worried the exporters who are yet to recover fully from the Covid blows.
The industry representatives in the state said if the proposals go unchallenged and get implemented, the gem and jewellery industry will have a crippling impact as the US has proposed to levy tariffs up to 25% on the products.
Last year, India levied an equalisation tax on ecommerce companies that have no physical operation in the country. The 2% digital service tax (DST) on purchases through these companies came into effect from April 2020. The Indian government is currently examining the USTR proposals and may knock the doors of the WTO if it is levied. The USTR list includes other products like shrimps, basmati rice, bamboo items, wood furniture, and cigarette paper, etc.
INTERNATIONAL
Annual Conference – Boao Forum for Asia
The opening ceremony of the Boao Forum for Asia (BFA) Annual Conference was held in Boao. Boao is the Hainan Province of South China. This year’s BFA will celebrate its 20th anniversary.
The forum witnessed more than 2500 participants from more than 60 countries. The theme for the year is A Changing World: Join Hands to Strengthen Global Governance and Promote Belt and Road Cooperation.
The main agenda is to strengthen mutual understanding in the post-pandemic era and create more incentives for overall socioeconomic growth and effective global governance.
An annual report on the Asian economy was released at that time, which emphasized the importance of the Asian economy that continues to develop despite the epidemic.
The Boao Forum for Asia (BFA) is an international non-profit organization that was co-sponsored by 26 member states in 2001. Now the number of members has increased to 29. India is also a member of the BFA.
NATIONAL
Establishment of 5th Session of Codex Committee on Spices and Culinary Herbs
The fifth session of the Codex Committee on Spices and Culinary Herbs (CCSCH) established by the Food Safety and Standards Authority of India (FSSAI) under the Codex Alimentarius Commission (CCSCH) opened.
The Codex Committee on Spices and Culinary Herbs was established in the year 2013. India is the host country, and the Indian Spice Committee is the secretariat that organizes the meetings of the committee. The Spices Board is the flagship agency for the development and global promotion of spices in India.
The Codex Alimentarius Commission is an intergovernmental organization established by the Food and Agriculture Organization and the World Health Organization (WHO) in 1963 within the framework of the Joint Food Standards Program.
Launch of Global Youth Mobilization Initiative
Aiming at young people in communities affected by the Covid-19 pandemic, a program called “Global Youth Mobilization” was launched. The Global Youth Summit (GYS), to be held from April 23 to 25, 2021, is the starting point for young people to participate in mobilization.
GYS aims to provide young people aged 14 to 30 with new insights, skills and contact information, as well as a platform for interaction with peers, leaders and decision-makers.
State of the Economy Report by RBI
The resurgence of COVID-19 may convey back inflationary pressures. Also, the restrictions and disruptions in supply chains may add up to the inflationary pressures.
Under the G-Sec Acquisition Programme, RBI goals to purchase 1 trillion well worth of bonds from the secondary market in the June quarter.
Solutions to take care of the issue: The Reserve Bank of India has supplied the following options in its State of Economy Report to handle the COVID-19 disaster in the country:
Pandemic protocols: To ramp up a sanatorium and ancillary capacity, Speedier Vaccination, To continue to be centred on publishing pandemic future of strong and sustainable boom with economic stability
Current Pace of Vaccination in India: According to the report, India has set a vaccination goal of 300 million with the aid of August 2021. This will require 3.5 million photographs per day. It is 13% greater than the present-day pace noted. However, RBI expects that the vaccination pace will increase due to the improvised and accelerated Vaccination phase in the country.
Foundation Stone for Project Parasol
The foundation stone for the integrated Solar Dryer and Pyrolysis pilot plant was currently laid at Chennai.
The pilot is a section of the Indo-German challenge ‘Pyrasol’, launched to transform urban natural waste into biochar and energy in clever cities.
It used to be awarded to CSIR-CLRI with the aid of the Indo-German Science & Technology Centre.
The task will in the end lead to technology improvement for the joint processing of Fibrous Organic Waste (FOW) and Sewage Sludge (SS) of Indian smart cities into hygienic and especially valuable biochar associated with power recovery, carbon sequestration and environmental improvement.
Project Pyrasol: The project focuses on managing and organising collection, treatment, and disposal systems of city wastes in Indian Smart Cities as nicely as in other city centres with an built-in and interactive approach.
