Exp. Indian export to 115 countries shows positive growth in 2023-24

According to data released by the Union Ministry of Commerce, India’s exports have recorded positive growth in 115 countries out of the total 238 countries/territories it exported in 2023-24.

These 115 export destinations, which account for 46.5 per cent of India’s export basket, include the US, UAE, Netherlands, China, UK, Saudi Arabia, Singapore, Bangladesh, Germany and Italy.

The country’s merchandise exports decreased by 3 per cent to $437.1 billion in the last fiscal. However, services exports rose to $341.1 billion in 2023-24 as against $325.3 billion in 2022-23.

Overall exports reached $778.2 billion in 2023-24 as compared to $776.4 billion in 2022-23, registering a marginal growth of 0.23 per cent.

The share of India’s merchandise exports has also increased marginally from 1.70 per cent in 2014 to 1.82 per cent in 2023. India’s rank in world merchandise exporters too has improved from 19th to 17th during the same period.

The UAE has emerged as the primary destination, with a substantial 12.71 per cent growth in export value at $35.6 billion.

Similarly, exports to Singapore that surged by 20.19 per cent to $14.4 billion, to the UK (up 13.30 per cent to USD 13 billion), and to China (up 8.70 per cent to USD 16.7 billion) also recorded healthy growth indicating a sustained demand for Indian products.

The top 10 source countries, which constitute 59.3 per cent of India’s import basket, include China, USA, Saudi Arabia, Indonesia, Russia, and Switzerland.

Exp. India and Oman to jointly undertake research on sharks and rays in Arabian Sea

A joint initiative between India and Oman to boost research and conservation of sharks and rays in the Arabian Sea will be launched at an upcoming workshop at ICAR-Central Marine Fisheries Research Institute (CMFRI).

Experts from both countries will take part in the workshop which is expected to take place shortly, here, which will take up the collaborative research works and capacity building in elasmobranch research.

The workshop will lay the foundation for a collaborative future in marine research between the two countries and open avenues for regional management and conservation of iconic resources such as sharks and rays in the Arabian Sea.

Recently India signed MoUs with others countries

• India to train Bangladeshi’s civil servants for the next 5 years
• India signs MoU with Bulgaria to enhance collaboration, exchange auditing expertise
• India and Nepal agree to promote Sanskrit research and education
• India & Singapore sign MoU on Law and Dispute Resolution

• India and Bhutan signed MoU in the field of Energy Efficiency and Energy Conservation Measures

Exp. India, and Moldova sign agreement for Visa Waiver on Diplomatic Passports

India and Moldova signed an agreement allowing holders of diplomatic and official passports from either country to travel to the other without requiring a visa.

This Agreement will add further momentum to the friendly and cordial relations between the two countries.

Diplomatic relations between India and Moldova were established on March 20, 1992.

About Moldova

• Capital – Chisinau
• Currency- Moldovan Leu
• Official language- Romanian
• President- Maia Sandu

Exp. India contributes $5,00,000 to U.N. Counter-Terrorism Trust Fund

India has contributed $500,000 to the U.N. Counter-Terrorism Trust Fund, underscoring its unwavering commitment to support multilateral efforts in the global fight against the scourge of terrorism.

India’s Permanent Representative to the UN Ambassador Ruchira Kamboj handed over to Under Secretary General, UN Office of Counter-Terrorism (UNOCT) Vladimir Voronkov the country’s voluntary financial contribution of half a million dollars towards the U.N. Counter-Terrorism Trust Fund (CTTF).

The contribution is a testament to India’s commitment to international cooperation on countering terrorism and continued implementation of the announcement made by External Affairs Minister S. Jaishankar to contribute to the trust fund during the special meeting of the counter-terrorism committee held in New Delhi in October 2022 under India’s presidency of the body.

About United Nations (UN)

• Founded – 24 October 1945
• Headquarters – New York, US
• Official languages – Arabic, Chinese, English, French, Russian & Spanish
• Membership – 193 member states
• 1st Secretary General – Trygve Halvdan Lie (Norway)
• 9th Secretary‑General – António Guterres (Portugal)
• Deputy Secretary-General – Amina J. Mohammed (Nigeria)
• United Nations Day is celebrated on October 24 every year

Exp. Zeta launches digital credit as service for banks in India

Fintech platform Zeta has launched its ‘Digital Credit’ as a service for bank in India.

Zeta’s offering is underpinned by the National Payments Corporation of India’s (NPCI) credit line on UPI scheme – which harnesses the power of the UPI network to turbo-charge credit issuance in India.

Zeta estimates that the transaction volume on this scheme will exceed $1 trillion by 2030 and aims to capture 50% of this market opportunity with its end-to-end solution that can help banks conceive and rapidly launch multi-form credit products.

Exp. RBI appoints R. Lakshmi Kanth Rao as Executive Director

The Reserve Bank of India (RBI) has appointed R Lakshmi Kanth Rao as executive director (ED).

As executive director, Rao will handle the Deposit Insurance and Credit Guarantee Corporation (DICGC), the Right to Information Act (FAA), and the Department of Communication.

Rao was previously serving as chief general manager in charge in the Department of Regulation.

He has over 30 years of experience at the RBI and has worked in several areas, including regulation of banks and non-banking financial companies (NBFCs), supervision of banks, and consumer protection.

He also served as a banking ombudsman at RBI Chennai and as regional director of Uttar Pradesh in Lucknow.

Recent Appointment in Banking & Insurance Sector

• Chairman of HDFC Life – Keki Mistry
• Head of Key Relations Group in SBI General Insurance – Jaya Tripathi
• CEO of Paytm Money – Rakesh Singh
• MD & CEO of Ujjivan Small Finance Bank – Sanjeev Nautiyal (replace Ittira Davis) effect from 1 July 2024
• Executive Director of Ujjivan SFB – Carol Furtado (3 years)

Exp. Idriss Deby won Chad’s Presidential election

The Military dictator and interim president of the Central African Country of Chad, Mahamat Idris Deby Itno has won the presidential election.

Mahamat Idris Deby seized power with the support of fellow army generals in 2021 and became the interim president of the country after the death of his father, President Idriss Deby.

President Idriss Deby was killed in 2021 by rebels in Northern Chad shortly after being elected President for the sixth time.

President Idriss Deby was a dictator who ruled the country with an iron hand  for 30 years from 1990 till 2021.

The election will legitimise the rule of Mahamat Idris Deby Itno for another six years.

About Republic of Chad

• Chad is a landlocked country situated in north-central Africa.
• It is the fifth largest country in Africa in area.
• Capital: N’Djamena
• Currency: CFA franc
• President: Mahamat Idris Deby Itno

Exp. Thomas Cook India launches Digital Service TCPay for International Money Transfers

Omnichannel forex services company Thomas Cook India has launched TCPay, a new digital service that brings ease and efficiency to international money transfers.

Traditionally, sending money abroad was considered an arduous process, that involved visits to branches, cumbersome paperwork and limited operating hours.

Recognising the challenges, Thomas Cook has introduced TCPay that offers multiple benefits to transform the way individuals transfer funds.

The simple digital platform coupled with Thomas Cook’s recently launched Video KYC process, empowers customers with paperless transfers from the comfort and convenience of their home.

Recent Facilities Launched in Banking & Insurance Sector

• L&T Finance Ltd (LTF) has launched ‘The Complete Home Loan’,
• ICICI Pru Life launches ULIP having fund value-based distributor payouts
• HDFC Life launched ‘No Jhanjhat Life Insurance Fatafat’ campaign
• YES Bank collaborates with ANQ to launch Pi and Phi credit cards
• AU SFB launches 2 credit cards AU SPONT Rupay Credit Card and Secured Credit Card – NOMO (No Missing Out)
• NABARD unveils Climate Strategy 2030

Exp. India French Military Exercise Shakti 2024 to be held in Meghalaya

Joint military Exercise Shakti between the Indian and the French forces will be held at the Joint Training Node of the Indian Army in Umroi, Meghalaya, from 13 -26 May 2024.

The opening ceremony of Exercise Shakti will be attended by the French Ambassador to India, Thierry Mathou.

The exercise aims at enhancing cooperation, understanding, and interoperability between the two Armies.

This will be the seventh edition of the bilateral exercise which began in 2011 with the last edition conducted in France in November 2021.

Recent Exercise

• Exercise Poorvi Lehar by Indian Navy – East Coast of India
• 5th edition of Joint military exercise ‘Dustlik’ between India and Uzbekistan – Termez, Uzbekistan
• Coastal Security Exercise ‘Sagar Kavach’ – Lakshadweep Islands
• 2nd edition of India-Mozambique-Tanzania Trilateral Exercise (IMT TRILAT 24) – Nacala, Mozambique.
• Exercise “TIGER TRIUMPH 2024” between India and USA – Eastern Seaboard
• 10th edition of Military Exercise LAMITIYE-2024 between India and Seychelles – Seychelles

Exp. New Zealand’s Colin Munro announces retirement from International Cricket

New Zealand left-handed batter Colin Munro announced his retirement from international cricket after a career spanning 123 matches for the Blackcaps across all formats.

The 37-year-old has featured in 65 T20Is, 57 ODIs and a single Test for New Zealand, with his last appearance coming in their T20I home series against India back in 2020.

Recently Retired Players

• Bismah Maroof (Pakistan) – International Cricket
• Saurav Ghosal (India) – Professional Squash
• Kento Momota (Japan) – International badminton
• Umpire Marais Erasmus (South Africa) – ICC Elite Panel of Umpires.
• Shahbaz Nadeem (Jharkhand, India) – International Cricket
• B Sai Praneeth (Teleangana, India) – International badminton.

• Deep Grace Ekka (India) – International Hockey

Exp. 11 May – National Technology Day

National Technology Day is celebrated annually in India on 11 May.

This day is dedicated to recognizing the contributions of innovators, scientists, and engineers, and to promoting scientific and technological innovation in the country.

The day was first established in 1998 to commemorate the successful nuclear test at Pokharan. This test was a significant milestone in India’s technological advancement, and it paved the way for the country to acquire a leading position in the field of nuclear weapons technology.

The history of National Technology Day in India dates back to 1998, when Indian Army conducted five nuclear bomb tests (Pokhran- II) in Rajasthan under the surveillance of the then Prime Minister of India Atal Bihari Vajpayee.

The The Pokhran – II was lead by the Missile Man of India, Dr APJ Abdul Kalam. India was entitled as the sixth nuclear country after the huge success of Pokhran Test.

Exp. 11 May 2024 – World Migratory Bird Day

World Migratory Bird Day is observed every year on second Saturday of May. This year was celebrated on 11 May.

Objective – To raise awareness about the conservation of migratory birds and their habitats.

Theme 2024 – Insects

World Migratory Bird Day was first established in 1993 by visionaries from the Smithsonian Migratory Bird Center.

The initial celebrations were organized by the National Fish and Wildlife Foundation along with the US Fish and Wildlife Service. In 2007, the responsibility for the day was transferred to the non-profit organization ‘Environment for the Americas’.

WMBD is celebrated annually on the second Saturday in May and October to accommodate the varying migration patterns in different regions.