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Business & Economy Current Affairs August 3rd Week 2019

Wipro partners with IISc on robotics and 5G:

Wipro, a global information technology, consulting and business process service company, announced a strategic partnership with the Indian Institute of Science (IISc), India’s premier public establishment for research and higher education in science and engineering, to conduct advanced applied research in autonomous systems, robotics and 5G space. The two organizations have jointly set up the Wipro IISc Research and Innovation Network (WIRIN), a hybrid industry academia collaboration unit drive idea discovery, research and innovation in technology and product design.

A group of senior professors and research staff from IISc and engineers, developers, architects and researchers from the autonomous systems, robotics and 5G domains at Wipro will constitute the team at WIRIN. They will focus on the research and development of cutting-edge technologies in Artificial Intelligence, Machine Learning, Visual Computing, Human Computer Interaction (HCI) and Vehicle-to-everything communication (V2X). The insights from the research will be leveraged by Wipro for its customers and the industry ecosystem. The Institute will benefit from advancing its research goal and capacity building besides commercialization of research outcomes.

Abidali Z. Neemuchwala, Chief Executive Officer and Managing Director, Wipro Limited .  The one of the most prestigious research institutes in the world, to develop innovative solutions for autonomous systems, robotics and 5G. This is a significant step towards strengthening our position to be at the forefront of these transformative technologies.

The strong technology capabilities and capable talent from both organizations will come together to make notable strides in these domains. IISc Bangalore.

India holds 9th Session of India-Kenya Joint Trade Committee in New Delhi:

Union Minister of Commerce & Industry and Railways Shri PiyushGoyal led the Indian delegation. The delegation which is led by Peter Munya, Minister of Industry, Trade and Cooperatives, Government of the Republic of Kenya.

Bilateral trade:

The bilateral trade since the last session of the India-Kenya JTC held in August 2018 in Nairobi, Kenya .

Aim : The main aim is to co operate in the power sector, renewable energy, petroleum and natural gas, civil aviation and agricultural research.

The top items imported to india: Inorganic chemicals, pulses, coffee, drug formulations, biology, copper and products made of copper, wood products, aluminium, products of aluminium, tea and finished leather. Both sides stressed the need to enhance trade relations and also to diversify the trade basket.The top items exported from India are Petroleum products, drug formulations, biological and industrial machinery for dairy, paper, paper board and products, plastic raw materials, two and three-wheelers, iron and steel, manmade yarn, fabrics made-ups, books, publications and printing, electric machinery.

Future investment:

The proposal on investment from Indian side welcomed by Kenya and are to explore the investment opportunities in the Special Economic Zones (SEZs).

Trade in the field of housing.The 2nd meeting of India-Kenya Joint Technical Committee (JTC) on Housing, held in Nairobi on 30th May 2019 recalled.

A Conference on Housing in India and exploring partnership between Kenya Institute of Housing and Building Technology (KIHBT) and Building Materials and Technology Promotion Council (BMTPC), India is to be held in the future.

The MoU(Memorandum of Understanding) between the Ministry of Housing and Urban Affairs, the Government of the Republic of Kenya on cooperation in the field of National Housing Policy Development and Management signed on 11th July 2016 was expanded.

The cooperation in the areas of sustainable urban development including smart cities, water and waste management and urban mobility.

Kenya requested for technical assistance to support the implementation of Kenyan urban and affordable housing programmes.

 

Manufacturing, agriculture, agro-processing, floriculture, aquaculture, Information, Communication and Technology (ICT) and products such as base metals & articles thereof, textiles & textile articles, vegetables and horticultural products, plastics & rubber, chemical products and machinery & mechanical appliances.

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Business & Economy Current Affairs August 2nd Week 2019

Air India New Delhi-San Francisco flight to fly over North Pole:

The Air India (AI) announced its inaugural passenger flight over the North Pole region from August 15 between New Delhi and San Francisco. The first commercial service will be operated by Captain Rajneesh Sharma and Captain Digvijay Singh It marked the "maturing of civil aviation in India as another frontier is crossed. Air India conquered this frontier in 2007.He took delivery of the brand new aircraft and flew it over the North Pole from Seattle to New Delhi.The Passengers will benefit from the reduced fuel consumption and a better environment from the reduced carbon emissions.Air India is in a unique position to offer direct (non-stop) flights between India and North America but the Polar route between the two countries.India and North America benefit immensely by using existing North Polar routes for commercial air operations. The AI has flights to the US from the Atlantic and Pacific routes as part of its endeavor to conserve fuel, slash travel time, improve aircraft utility and reduce carbon emissions.

According to AI, the fuel-saving on the Polar route is expected to be in the region of 02 to 07 tonnes with a resultant decrease in carbon emission of 06 to 21 tonnes per flight. The North Pole region gave airlines an opportunity to reach destinations previously not available for non-stop services and reduce flying times on existing routes and city pairs. The increased route resulted in major improvements in areas of aviation infrastructure like communications, air traffic control, and services supplies at remote airports. The Polar region still falls short of the infrastructure and the logistics standards of the more widely used air-spaces, thereby offering unique opportunities laced with distinct challenges. The area of Magnetic unreliability, limited choices for diversion to alternative airports, solar radiation, fuel freezing, passenger and aircraft retrieval in case of diversions, are some specific factors requiring active mitigation to ensure equivalent levels of safety.

The Directorate General of Civil Aviation (DGCA)`s Operations Circular 02.2019 on `Polar Operations` clearly defines the requirements for airlines to operate in the Polar region with sufficient documentation and clear guidelines.

The AI has secured approvals from the DGCA and FAA, crew training, weather monitoring, alternate selection, and aircraft serviceability are enhanced to ensure safety in operations.

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Business & Economy Current Affairs August 1st Week 2019

India slips to 7th spot in Global GDP Rankings of 2018, France, UK push ahead: World Bank:

India has slipped down to the 7th place in the global GDP rankings of 2018, reveals data compiled by the World Bank. According to the 2017 World Bank report, India had become the fifth largest economy, displacing UK and France.

According to the 2018 data, the UK and France once again moved ahead of India to reclaim their 5th and 6th spots respectively in the global GDP rankings.

Global GDP rankings 2018:

The United States continues to top the list with a GDP of $20.5 trillion, followed by China at second place with GDP of $13.6 trillion and Japan at third place with a GDP of $5 trillion.

India recorded a GDP of $2.73 trillion in 2018, which is less than that of the UK and France, which had a GDP of $2.82 trillion and $2.78 trillion respectively in the same year.

Global GDP rankings 2017:

India had emerged as the fifth largest economy in 2017, pushing ahead of the UK and France in the global GDP table. While the UK was pushed to sixth place, France was pushed to the seventh position. In the Global GDP rankings of 2017, India had recorded a GDP of $2.65 trillion, while the UK’s GDP was $2.64 trillion and France’s $2.59 trillion.

India’s economic slowdown:

The drop in India’s position on the global GDP table reflects the slump in India’s overall economic growth. India’s GDP in 2018 shows a growth of mere 3.01 percent in dollar terms in 2018, as against 15.72 percent in 2017. On the other hand, the UK’s GDP grew by 6.81 percent and France’s economy expanded by 7.33 percent.

India’s economic slowdown- Key Reasons:

According to economists, India has slipped to the 7th place in Global GDP ranking due to currency fluctuations and a slowdown in economic growth.

While in 2017, the Indian rupee had appreciated by 3 percent against the dollar, in 2018 it depreciated by 5 percent against the dollar.

The Indian economy grew by 11.2 percent in 2018-19 in rupee terms, while it grew by 11.3 percent in 2017-18.

India is, however, still the fastest-growing major economy in the world. According to a research firm, IHS Markit, India will overtake the UK as the fifth-largest economy in the world in 2019 and is likely to even overtake Japan and emerge as the third-largest economy by 2025.

In the Union Budget 2019-20, the Indian government set a goal of becoming a $5 trillion economy by 2025. To achieve this goal, India will need to sustain a GDP growth rate of 8 percent. India has identified certain key areas to boost work upon such as Indian MSMEs, increasing focus on private investment, introducing people-centric policies and invoking a behavioral change to address issues such as gender equality, a healthy and a beautiful India, savings, tax compliance and credit quality.

Flipkart set to take on Amazon with free video streaming service:

  • Walmart’s Flipkart unit to introduce a free video streaming service to draw new users from small towns and cities in India. 
  • Flipkart is the next 200 million consumers who are coming online. 
  • The company believes that most consumers are introduced to the internet through online videos. 

The video content offering is focused on three primary aspects: 

  • It’s free, curated and personalized. The content market is still evolving, considering the number of customers paying partly or fully for subscriptions to Netflix, Amazon Prime and Hotstar.
  • The pricing is too high for a customer base that is accustomed to free or cheap content.
  • Amazon India started its Prime video service in December 2016 since developed a strong fan base with hit shows such as Made in Heaven and Mirzapur.The main aim to ensure that the consumer is hooked to Flipkart.
  • It may be less expensive or more profitable to service existing customers by expanding the share of wallet than to acquire new customers.
  • India’s video streaming industry is set to grow at an annual average pace of 21.8% to reach ?11,977 crore by 2023The video-on-demand platforms are projected to grow at an average yearly rate of 23.3% to reach ?10,712 crore between 2018 and 2023.The 34 companies present in the cluttered market comprise US platforms such as Netflix and Amazon Prime Video, as well as Indian services such as ZEE5, Voot, Eros Now and ALTBalaji.
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