Economy & Banking Current Affairs 2016
Programme for Supporting Women Entrepreneurs Launched
- Zone Startups India, a technology startup accelerator, set-up as an international footprint of the Toronto-based Ryerson University and the BSE Institute at the BSE launched a six-week accelerator programme for supporting women entrepreneurs on May 2, 2016.
- It aims to support women entrepreneurs to build technology ventures. It is supported by Department of Science & Technology. The Empower initiative is being launched with roadshows across Mumbai, Bengaluru and NCR, for attracting applications.
The USA put India into Priority Watch List
- The US Trade Representative’s annual Special 301 report that identifies trade barriers to US companies and products due to a foreign government’s intellectual property regime has placed India on the Priority Watch List on April 27, 2016.
- The report ranks countries depending on the inadequacy of IP protection and enforcement into two categories—Priority Foreign Country (PFC) and Priority Watch List (PWL). PFC grading obligates the US Trade Representative (USTR) to initiate unilateral measures like suspension of trade concessions in case of failure of negotiation, the PWL increases bilateral attention concerning the problem areas.
India Ranked First in FDI
- In a report released on April 22, 2016 India gained the 1st rank in the world for Foreign Direct Investment (FDI) overtaking the USA and China. It was due to wider government policies, infrastructure and programmes designed to attract investment.
- India attracts $ 63 billion value FDI projects from other countries in 2015. 98% FDI into India comes through automatic route which are not under the control of FIPB. A Foreign Direct Investment (FDI) is an investment made by a company or entity based in one country, into a company or entity based in another country.
Union Commerce Ministry Launched Twitter Seva for Startups
- The Commerce and Industry Ministry launched a new service Twitter Seva to address issues and grievances of startups, exporters and importers, and other stakeholders on April 21, 2016. The queries on matters relating to Department of Commerce (DoC) and Department of Industrial Policy and Promotion (DIPP) will be answered through this service.
- In this regard, an institutionalised mechanism with a special Twitter cell has been created in the Ministry manned by officers, who will monitor and direct all the tweets to the concerned officers.
India-US Trade Initiative Launched
- The USA launched an India-US trade initiative to strengthen economic ties and meet the two countries’ bilateral trade target of $ 500 billion on April 20, 2016.
- It was launched by Atlantic Council. The initiative has the support of US Senators—John Corny of the Republican Party and Mark Warner of the Democratic Party.
- The two are also Co-Chairs of Senate India Caucus, the only country specific caucus in the US Senate.
- It aims to generate American support for continued economic engagement in India and to forge collaboration on issues of trade and commerce.