Economy and Banking Current Affairs January 2017

FICCI Launched ‘Self-regulation Code of Conduct’ for e-Pharmacy Sector

• The Federation of Indian Chambers of Commerce and Industry (FICCI) announced the launch of Self-regulation Code of Conduct for the e-pharmacy sector on November 23, 2016.
• The e-pharmacy model provides tracking and traceability of medicines, addressing the problem of counterfeit medicines, consumption of drugs without prescription, tax loss and provides value added services for consumer empowerment in healthcare, which are well aligned with Digital initiative of our Prime Minister with a vision to transform the country into a digitally empowered society.
• Accessibility, affordability and lack of awareness are the major challenges for last mile access to medicines. These barriers could be effectively overcome by adopting technology, specifically the Internet, into the healthcare system.

BSE Opened Regional Office in Shimla

• Bombay Stock Exchange (BSE) opened its regional investor service centre in Shimla as part of its efforts to expand its operations and in line with SEBI’s directives, on November 20, 2016.
• With the opening of the new service centre, the exchange now has presence in 24 cities across the country. The centre will facilitate query handling, redressal of grievances against trading members and arbitration mechanism.
• The investors can approach the services centre to enhance their awareness regarding the capital market and in particular the working of the stock exchanges.
• The services centre will also play a pivotal role in enhancing and maintaining investors faith and confidence by resolving their grievances.

Improve Ports, Logistics to Boost Exports Suggested by World Bank

• The World Bank released a report titled ‘South Asia’s Turn : Policies to Boost Competitiveness and Create the Next Export Powerhouse’ on November 10, 2016 and suggested a set of policy actions in four sectors—agribusiness, apparel, electronics and automotive.
• With the right set of productivity-enhancing policies. South’ Asia, led by India, could more than triple its share in global markets of electronics and motor vehicles and come close to doubling its already significant market share in wearing apparel (excluding textiles and leather) by 2030.
• In the farm sector, passive and non-targeted subsidies (e.g., water, fertilisers and minimum support price) have encouraged farmers to continue to produce low value crops using low productivity and unsustainable techniques while restrictions on agricultural markets have constrained productive private investments in higher value food products.
• In order to enhance the business environment in the sector, the government needs to bring out reforms including reducing subsidies and promoting competition, according to the World Bank.

India and ADB Signed $ 48 Million Loan to Improve Assam’s Power Distribution System

• The Asian Development Bank (ADB) and the government of India signed a $ 48 million loan to help Assam State continue its drive to improve access to efficient and reliable power in the national capital on November 8, 2016.
• This is the second tranche loan of the $ 300 million multi tranche financing facility for the Assam Power Sector Investment Programme that was approved by the ADB Board in July, 2014.
• The project will help Assam to enhance capacity and efficiency of its power distribution system to improve electricity service to end users. The first tranche loan of $ 50 million was signed in February, 2015.
• Increased access to reliable and modem power supply for remote communities can help meet growing demand. This loan will help strengthen the state’s distribution system, improve energy efficiency and reduce technical and commercial losses.

Read Also – Science and Technology Current Affairs

Adani Commissioned 100 MW Solar Plant in Punjab

• Adani Enterprises Limited on November 8, 2016 announced the commissioning of Punjab’s largest solar power plant of 100 MW, at an investment of Rs 640 crore.
• The plant has been set-up by its subsidiary Adani Green Energy Limited, The technology used for setting-up this plant includes Poly Crystalline Silicon PV Modules and Horizontal Single Axis Tracker (HSAT).
• This plant will be India’s biggest HSAT plant at a single location. The plant spreads over approximately ‘ 641 acres of land with the evacuation of 132 kV
• Balluana Substation through Double circuit 132 KV transmission line. The annual energy yield is expected tabe approximately 88000 Mwh/annum.