Current Affairs : Economy
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  • The Reserve Bank of India has appointed its former Deputy Governor, R Gandhi, on the board of private sector lender YES Bank as an additional director.
  • "This is to inform you that the RBI. in exercise of powers conferred under sub-section (1) of Section 36AB of the Banking Regulation Act, 1949, appointed R Gandhi, Ex Deputy Governor, RBI as Additional Director on the board of the bank for a period of two years with effect from May 14, 2019 to May 13, 2021 or till further orders, whichever is earlier," YES Bank said in a regulatory filing.
  • Welcoming the appointment, it said this will significantly strengthen YES Bank's board composition and the bank will immensely benefit from Gandhi's experience and wisdom.
  • The RBI has the power to appoint additional directors on the board of a bank if it feels it is in the interest of the banking company or its depositors.
  • The move comes after the bank reported a Rs 1,507 crore loss in the fourth quarter of 2018-19. The YES Bank scrip on 15th May fell over 4 per cent on BSE.
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  • Doordarshan began India's television journey. Even today, hearing Doordarshan's name brings back memories of several epic moments.
  • The attachment of viewers to the public broadcaster has prompted the Doordarshan management to launch an online souvenir store in partnership with Amazon India.
  • Though there has been a flood of programming content on TV channels in the present times, DD's reach as well as relation is with everyone.
  • Doordarshan has launched online souvenir store for its viewers on Amazon India so that one can easily access it.
  • Chairman, Prasar Bharati while launching DD souvenir store on Amazon India, said that this store is a boon for Doordarshan viewers.
  • DD Souvenir gallery was started on 21 June, 2018 and in view of its success and demand, India's public service broadcaster Doordarshan has started an online store through on Amazon India platform, for selling branded articles like cup, T-shirt and Water bottles.
  • On this occasion, Amazon India's Marketing Officer said that Amazon's connect with Doordarshan brand is a matter of immense pride for Amazon.
  • Doordarshan is India's first broadcaster which has started Souvenir store. Online souvenir store will not only strengthen the relation with viewers but also help in establishing Doordarshan brand value.
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  • The world's largest contract manufacturer Foxconn is poised to nominate the head of its chip business as chairman to succeed Terry Gou, who plans to run in Taiwan's presidential election, two people with direct knowledge of the matter said.
  • Liu Young is also a board member of Foxconn's Japanese electronics unit Sharp Corp.
  • The nomination would come after Gou told Reuters in April he planned to step down as chairman of the Apple Inc supplier so younger talent could move up the Taiwanese firm's ranks.
  • Gou is set to retain a seat on the proposed board at Foxconn, formally known as Hon Hai Precision Industry Co Ltd.
  • However, he told reporters last week he would resign as chairman of the board to demonstrate his determination to run for election.
  • A company filing last week showed proposed candidates for Foxconn's new board included Gou and Liu, as well as Sharp Chairman Tai Jeng-wu and Foxconn Interconnect Technology Ltd Chairman Lu Sung-Ching.
  • The proposed board is subject to shareholder approval at a meeting in June before a chairman can be elected.
  • The company did not immediately respond to a request for comment on Monday. The two people with knowledge of the matter declined to be identified, saying the matter was still private.
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  • The billionaire Hinduja brothers have been named as the wealthiest people in the UK for a third time, according to the Sunday Times Rich List.
  • Sri and Gopi Hinduja saw their fortune increase by 1.356 billion pounds ($1.7 billion) in the last year to 22 billion pounds, the BBC quoted the list as saying.
  • The Hinduja Group, a family business, was founded in Mumbai in 1914, and now it has interests around the world including in oil and gas, banking, IT and property.
  • British citizens Sri, 83, and Gopi, 79, who are based in London, are two of the four brothers controlling the empire. The two moved to London in 1979 to develop the export business.
  • The third brother Prakash manages the group's finances in Geneva, Switzerland while the youngest, Ashok, oversees the Indian interests.
  • Among the properties they own is the Old War Office in Whitehall, which they plan to reopen as a luxury hotel.The two brothers topped the newspaper list in 2014 and in 2017.
  • The list, which estimates the 1,000 richest people in the UK, is based on identifiable wealth including land, property, other assets such as art, and shares in companies, according to the Sunday Times.It does not include the amount contained in people's bank accounts.
  • Meanwhile, chemicals firm founder Jim Ratcliffe, who topped last year's list, has slipped to third place. His net worth dropped by 2.9 billion pounds since last year, the paper says.
  • For the sixth year in a row, Scotland's richest person was named as Glenn Gordon and his family, the Jersey-based tycoon behind distillers William Grant & Sons. The group produces whiskey including Grant's, Glenfiddich and The Balvenie, as well as Hendrick's gin.
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  • US President Donald Trump ordered a tariff hike on almost all remaining imports from China on 10th May.
  • This comes less than 24 hours after Washington raised tariffs on approximately 200 billion US dollars of Chinese goods.
  • he US President ordered the process of raising tariffs on essentially all remaining imports from China, valued at approximately 300 billion dollars, to begin.
  • President Trump had said on 10th May that US and Chinese negotiators held two days of "candid and constructive" trade talks and discussions will continue.
  • Meanwhile, China's top trade negotiator Liu He said in Washington that trade talks with the US will continue in Beijing.He, however, warned that there will be no concessions on important principles.
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  • China on 9th may allowed India to export Chilli meals to its market, providing the crop with a much-needed export outlet. A protocol to this extent has been signed with Chinese customs officials.
  • Chilli meal is the residue left after the oil is extracted from chillies. It is widely used as an industry input in the manufacturing of chilli sauce and other products.
  • Chilli is the largest exported spice from India and China has emerged as a major buyer in the last few years.
  • India is the world’s largest producer, consumer, and exporter of chilli. Official statistics show that red chillies are grown across India on 792,000 hectares of land in Andhra Pradesh, Karnataka, Madhya Pradesh and Maharashtra.
  • The crop is planted in August and September, and harvested in March and April. India produced nearly 3 million tonnes of dried chilli and peppers, according to the Food and Agriculture Organization of the United Nations.
  • “Of the more than 1.3 mt of red chilli produced in India every year, 70 per cent are consumed domestically, with the rest being exported. Dried chilli exports make up 22 per cent of all the spices exported from India,” according to Mumbai-based Agro Crops.
  • India has persistently pushed for market access for agricultural and processed food products to China. India’s firm stance on the issue has led China to commit to providing market access after a gap of 13 years. Last year, Beijing had allowed market access to three Indian food products mangoes, grapes and rice.
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  • India’s Reliance Industries has acquired British toy retailer Hamleys, the energy-to-telecoms conglomerate said on 9th May.
  • Reliance Industries, which runs the world’s biggest single-location crude oil refinery in western India, has been gradually transforming itself into a consumer-facing behemoth through its retail and telecoms ventures.
  • Through its Reliance Brands subsidiary, the company signed an agreement to buy Hamleys from Hong Kong-listed C Banner International Holdings.
  • Reliance did not disclose the price, but in 2015 C Banner had bought it for 100 million pounds ($130.2 million) from France’s Groupe Ludendo.
  • The acquisition marks the first foray of billionaire Mukesh Ambani-owned Reliance Industries in an overseas retail brand.
  • “The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail,” said Darshan Mehta, chief executive of Reliance Brands. Reliance Retail has the licence to sell Hamleys products in India.
  • Founded in 1760, Hamleys resonates with a sense of nostalgia for adults and children alike, with its flagship Regent Street store in Central London recognised around the world
  • Hamleys has withstood global recessions, and world war bombings and has changed hands several times, the latest being the 2015 sale by Groupe Ludendo.
  • The toy seller runs 167 stores across 18 countries, the majority of which are in India. Reliance, which owns the master franchise, operates 88 Hamleys stores across 29 Indian cities.
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  • India and the United States have agreed to strengthen economic co-operation and bilateral trade by ensuring greater collaboration amongst stakeholders, including government, businesses and entrepreneurs.
  • A bilateral trade meeting was held between the two countries in New Delhi on 6th May. Commerce and Industry Minister Suresh Prabhu and US Secretary of Commerce Wilbur Ross co-chaired the meeting.
  • An official release said, both leaders appreciated the strong, robust and growing bilateral ties across the entire spectrum of trade and commerce.
  • Both sides also expressed satisfaction over
  • last year's progress, with bilateral trade in Goods and Services registering a growth of 12.6 per cent.
  • India and US also discussed various outstanding trade issues.
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  • Dairy major Amul will be the principal sponsor of the Afghanistan cricket team for the upcoming ICC World Cup hosted by England and Wales, its Managing Director R S Sodhi said on 7th May.
  • Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets dairy products under Amul brand, exports around ₹200 crore worth of products annually to the neighbouring country.
  • “Amul will be the principal sponsor of Afghanistan cricket team in the coming ICC World Cup. We believe that Afghanistan will be a strong contender as it is fastest-growing team,” Sodhi said.
  • This is the third time that Amul is sponsoring a cricket team in the World Cup, he said adding that the company had associated with New Zealand and Holland teams in earlier World Cup tournaments.
  • When asked about the sponsorship deal with the Afghanistan cricket team, he declined to comment.However, Sodhi said the company annually spends only 0.8 per cent of its annual turnover on advertisements.
  • GCMMF posted a 13 per cent increase in turnover at Rs 33,150 crore during the last fiscal year driven by strong growth in volume.
  • Elaborating more on the tie-up, Sodhi said the logo of brand Amul will appear on the team jerseys as well as on training kits throughout the World Cup.
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  • The RBI has announced that it will shortly issue Rs 20 denomination banknotes, in the Mahatma Gandhi (New) series, bearing the signature of the central bank's governor Shaktikanta Das.
  • The RBI clarified that all the banknotes in the denomination of Rs 20 issued by it in the earlier series will continue to be legal tender.
  • The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.
  • The obverse (front) side of the note contains a see-through register with denominational numeral 100, a latent image with the numeral and also a Devanagari version of the same
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  • UAE's flag carrier Etihad Airways has become the first airline in the Gulf region to operate a flight without any single-use plastics on board, in a bid to raise awareness about pollution on Earth Day (April 22)
  • According to the Abu Dhabi-based national airline of the UAE, the flight EY484 landed in Brisbane on the day.
  • The milestone flight is part of Etihad's pledge to reduce single-use plastic usage by 80 per cent not just in-flight, but across the entire organisation by the end of 2022, the airline said in a statement.
  • Etihad identified that over 95 single-use plastic products are used across its aircraft cabins. Once removed from the Earth Day flight, Etihad prevented over 50 kilograms of plastics from being landfilled.
  • Guests on board enjoyed replacement products including sustainable amenity kits, award-winning eco-thread blankets made out of recycled plastic bottles, tablet toothpaste and edible coffee cups while children were treated to eco-plush toys.
  • As a result of planning the Earth Day flight, Etihad additionally committed to remove up to 20 per cent of the single-use plastic items on board by June 1, the statement said.
  • By the end of this year, Etihad will have removed 100 tonnes of single-use plastics from its inflight service, the airline announced.
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  • TikTok said it remains committed to "continuously enhancing" safety features for its 120 million users in India after the Madras High Court on Wednesday lifted ban on the short-video app.
  • The Madras HC has lifted its earlier ban on the Chinese short-video app with the condition that the content hosted using it should be free from obscene videos of children and women.
  • It also warned the company that if any controversial video violating its conditions is found posted using the app, it would be considered as contempt of court.
  • The Madras HC had on April 3 directed the Centre to ban the Chinese app voicing concern over "pornographic and inappropriate content" being made available through such apps. After the Supreme Court refused to stay the Madras HC order, tech giants Google and Apple had removed TikTok from their app stores in India to prohibit further downloads of the app.
  • "The work is never done on our end. We are committed to continuously enhancing our safety features as a testament to our ongoing commitment to our users in India," it said.
  • E-mails sent to Apple and Google enquiring the duration it would take for the app to be restored on the app stores did not elicit any response.
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  • The US announced on 22nd April it is ending the waiver given to India to buy Iranian oil and has threatened sanctions if it did not comply with the embargo.
  • Announcing the end of the waivers, White House Press Secretary Sarah Huckabee Sanders said: “Trump has decided not to reissue Significant Reduction Exceptions (SREs) when they expire in early May.
  • This decision is intended to bring Iran’s oil exports to zero, denying the regime its principal source of revenue.”
  • When the US imposed sanctions on Iran in November, India and seven other countries were given exemptions that will expire May 2.
  • US Secretary of State Mike Pompeo later told reporters that countries that do not abide by the embargo will face sanctions. They will encounter sanctions that will affect their international financial transactions, he said.
  • The US was increasing oil production and was working with Saudi Arabia and the United Arab Emirates to ensure that there will be no disruptions in oil supplies as a result of the ending of the waivers, according to Pompeo.
  • In May 2018, Trump withdrew from the 2105 international agreement with Iran on de-nuclearisation that had ended sanctions on that country.
  • In November, Trump re-imposed tough sanctions on Iran but gave India, China, Japan, South Korea, Taiwan, Turkey, Italy and Greece six-month temporary waivers to continue buying oil.
  • India was reportedly importing about 1.25 million tonnes of oil per month from Iran.
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  • India''s first nocturnal zoo, Kankaria, has recorded over Rs. 3 crore yearly income.
  • The two-floor zoo is designed to create a night-like environment in the day time and vice versa.
  • "Total investment on this zoo was Rs. 17 crore and we get around Rs. 3.6 crore annual return a year," said RK Sahu, director.
  • It was built in 2017, housing nocturnal animals such as Hedgehog, Jungle cat, and Striped Hyena, who are active in dark.
  • It has got a geothermal system for aeration, introduced first time in India for animals as well as visitors.
  • It is also provided with a special lighting system to give it a night-like look, said Sahu.
  • The whole property is designed in a way to give it a jungle-like texture also.
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  • To identify, demarcate wetlands and restore the degraded wetlands through suitable livelihood programmes
  • In a major attempt to build resilience against the impact of climate change, the Central Marine Fisheries Research Institute (CMFRI) and the Indian Space Research Organisation (ISRO) have joined together to map, validate and protect smaller wetlands in the coastal region aimed at restoring them through coastal livelihood programmes.
  • An MoU was signed between the CMFRI and the Space Applications Centre (SAC) of ISRO to develop a mobile app and a centralised web portal with a complete database of wetlands that are smaller than 2.25 hectares in the country.
  • Such smaller wetlands cover an area of more than five lakh hectares across the country, while Kerala having as many as 2,592 smaller wetlands.
  • As per the MoU, the two scientific institutes aim to identify and demarcate wetlands and restore the degraded wetlands through suitable livelihood options like coastal aquaculture.
  • The app will be used for real-time monitoring of the wetlands and giving advisories to stakeholders and coastal people.
  • The collaborative move is part of a national framework for fisheries and wetlands recently developed by the National Innovations in Climate Resilient Agriculture (NICRA) project of CMFRI.
  • The NICRA project aims to find ways and means to mitigate the impact of climate change in marine fisheries and coastal region.
  • According to the MoU, the National Wetland Atlas, already developed by the SAC, will be updated with real-time data of physical, chemical and biological parameters of the wetlands to be provided by the CMFRI.
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  • The city’s equity market has overtaken Japan to be the world’s third largest in value, behind only the U.S. and mainland China, courtesy of a rebound in Hong Kong stocks after their worst year since 2011.
  • Hong Kong’s market cap was $5.78 trillion as of Tuesday, compared with $5.76 trillion for Japan, according to data compiled by Bloomberg based on where primary securities are listed.
  • The Asian city’s Hang Seng Index climbed 17 per cent this year through 9th April, when it closed at its highest since June 15. Internet giant Tencent Holdings Ltd. has been the main driver with a 22 per cent gain. Japan’s Topix Index advanced 8.3 percent in that period.
  • Both markets declined Wednesday, as an economic outlook from the International Monetary Fund renewed concern about a slowdown in global growth and after the US threatened tariffs on the European Union.
  • The Hang Seng Index slipped 0.1 per cent, still closing above the 30,000-point level that it broke through earlier this month. The Topix fell 0.7 per cent.
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  • India's 12 major ports recorded 2.90 per cent growth in cargo handling at 699.04 million tonnes (MT) in the just concluded fiscal, as per ports body IPA.
  • The growth at these ports, that had handled 679.37 MT cargo in 2017-18, was driven mainly by higher handling of coal, fertilizers and containers.
  • These ports, under the command of the Centre, had recorded 4.77 per cent growth in 2017-18 over the previous fiscal.
  • The 12 major ports, Deendayal (erstwhile Kandla), Mumbai, JNPT, Marmugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V O Chidambarnar, Visakhapatnam, Paradip and Kolkata (including Haldia) handled 699.04 MT of cargo during 2018-19, as per latest data by the Indian Ports Association (IPA).
  • Increased demand from various sectors including coal, containers, fertilisers and POL (petroleum, oil and lubricant) was the main reason behind the growth in traffic, IPA said.
  • Coking coal volumes handled by the 12 ports surged by 14.25 per cent to 57.50 MT during the last fiscal, while thermal coal volumes rose 9 per cent.
  • Finished fertiliser volumes saw a growth of 9.69 per cent during the fiscal. Containers recorded a growth of 8.84 per cent in terms of tonnage.
  • As per the figures, Kandla port handled the highest traffic volume at 115.40 MT during 2018-19, followed by Paradip (109.27 MT), JNPT (70.70 MT), Visakhapatnam (65.30 MT), Kolkata with Haldia (63.71 MT) and Mumbai (60.58 MT).
  • Chennai port handled 53.01 MT of cargo while New Mangalore handled 42.50 MT.
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  • The European Union will tell a meeting of finance leaders from the world’s 20 biggest economies next week that they must all tackle the root causes of global trade tensions because they are putting global growth at risk, an EU document showed.
  • Finance ministers and central bank governors of the Group of 20 (G20) major economies are to meet in Washington on April 11-12 to discuss the main challenges to the world economy.
  • “Current trade tensions put the ongoing expansion at risk and are therefore a source of concern,” a joint position paper agreed by EU finance ministers on Saturday said.
  • The United States and China are engaged in intense negotiations to end a months-long trade war that has rattled global markets. Hopes of a resolution soared after both sides expressed optimism following talks in Beijing last week.
  • The International Monetary Fund said in its April World Economic Outlook this week that an escalation of the U.S.-China trade war could reduce U.S. growth by up to 0.6 percent and China’s by up to 1.5 percent.
  • “The international community has to tackle the root causes of the ongoing trade tensions by ensuring a level playing field for open and free trade in goods and services, investment and intellectual property rights,” the joint EU statement said.
  • The United States is also in talks with the European Union on a trade deal after imposing tariffs on European steel and aluminum last year and threatening to impose tariffs on European cars.
  • “We reaffirm our commitment to keep the global economy open as well as rules-based, to support an inclusive multilateral trading system with the World Trade Organization (WTO) at its center and to keep international economic cooperation on track,” the EU said.
  • Washington has reservations about the WTO which it believes is unable to tackle modern trade challenges and issues such as intellectual property theft.
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  • Egypt will remove subsidies on most energy products by June 15, it told the International Monetary Fund in a January letter released by the IMF on Saturday as part of a review of Cairo’s three-year, $12 billion loan programme with the lender.
  • This will mean increasing the price to consumers of gasoline, diesel, kerosene and fuel oil, which are now at 85-90 percent of their international cost, said the letter, which is dated Jan. 27.
  • The letter from Egypt’s finance minister and central bank governor was included in an IMF staff report dated Jan. 28 and published following the disbursement in February of the fifth out of six tranches of the loan.
  • The loan programme began in 2016 and is tied to reforms that have included a sharp devaluation of the Egyptian pound and the introduction of a value-added tax. They have helped steady Egypt’s economy but also put millions of Egyptians under increased economic strain.
  • Fuel prices have increased steadily over the past three years. LPG and fuel oil used for electricity generation and bakeries are not included in the commitment to reaching full cost recovery through subsidy cuts, the letter said.
  • The government said in its letter that after starting to link less-used Octane 95 petrol to international prices - which it accomplished in April - it would introduce similar indexation mechanisms for other products in June, with the first price adjustments expected in mid-September.
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  • Senior US Treasury official David Malpass selected as World Bank President. Mr. Malpass was a senior economic adviser to the U.S. President during his 2016 election campaign.
  • Senior US Treasury official David Malpass has been selected as President of the World Bank.
  • The World Bank's executive board unanimously selected 63-year-old Malpass as the bank's 13th President for a five-year term last night.
  • The World Bank President is Chair of Boards of Directors of the International Bank for Reconstruction and Development and International Development Association.
  • Malpass has served on the boards of the Council of the Americas, Economic Club of New York, and the National Committee on US-China Relations.
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  • South Korea launched the world's first nationwide 5G mobile networks two days early, giving a handful of users access in a late-night scramble to provide the super-fast wireless technology.
  • Three top telecom providers SK Telecom, KT and LG Uplus began their 5G services at 11pm local time 3rd April, despite previously announcing the launch date would be April 5.
  • South Korea has long had a reputation for technical prowess, and Seoul had made the 5G rollout a priority as it seeks to stimulate stuttering economic growth.
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  • Being part of India’s legacy and timeless traditions, handloom weaving has sustained and grown over the years by transfer of skills from one generation to another.
  • Handloom weaving is largely decentralized, and weaving families are mainly from the vulnerable and weaker sections of society, who weave for their household needs and also contribute to the production in the textile sector.
  • These weaving families are keeping alive the legacy of traditional Indian craft of different regions. The level of artistry and intricacy achieved in handloom fabrics is unparalleled and certain weaves/designs are still beyond the scope of modern machines.
  • The handloom sector can meet every consumer need ranging from exquisite fabrics, which take months to weave, to popular items for daily use. As per the 3rd Handloom report carried out in 2009-10, more than 43 lakh people are engaged in weaving and allied activities.
  • Remarkably around 77 percent of adult weavers are women and only 23 percent are men. Around 23.77 Lakhs looms of varied designs and construction are used by these weavers.
  • A total of 7200 million sq.mtrs of handloom textiles were produced in India during 2014-15 and 2246 Crores of handlooms were exported.
  • In addition to being the 2nd largest employment provider in the unorganized sector (after agriculture), the Indian handloom industry is also unique as a sector which employs over 75% women.
  • In today’s India when young people from rural/semi-rural areas are constantly tempted to desert their traditional vocations and migrate to urban areas for employment, the handloom sector provides these weavers/artisans, the opportunity to earn decent wages and at the same time preserve India’s beautiful weaving heritage.
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  • In an attempt to propel economy ahead of the general elections, the RBI on 4th April lowered the benchmark interest rate by 0.25 per cent, the second cut in a row, to the lowest level in one year on softening inflation.
  • The central bank, however, kept monetary policy stance 'Neutral' over uncertainty over monsoon.
  • It also kept GDP growth forecast for the 2018-19 at 7.2 per cent.
  • In the second policy review under Governor Shaktikanta Das, the six-member Monetary Policy Committee voted 4:2 in favour of the rate cut.
  • The benchmark interest rate was cut by 0.25 per cent to 6 per cent, a move which will result in lower cost of borrowing for banks that are expected to transmit the same to individuals and corporates.
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  • The Reserve Bank of India Monetary Policy Committee has decided to reduce its key lending rates by 0.25% to bring the repo rate down to 6%.This is the RBI's second such reduction in as many months.
  • The measure is expected to bring down EMIs for personal, home and car loans apart from boosting the economy, here's more
  • As anticipated by markets and experts, the Reserve Bank of India has slashed repo rate for a second time in as many months.
  • After a 2-day meet, the six-member Monetary Policy Committee (MPC), headed by RBI Govenor Shaktikanta Das, cut the repo rate by 25 basis points to a one-year low of 6 per cent and reverse repo rate to 5.75 per cent on prospects of benign inflation. 4 of the 6 MPC members favoured the cut, 2 favoured status quo.
  • Reduction is repo rate makes it less costly for banks to borrow from the central bank. It's expected that banks will pass on benefits to their borrowers in both the retail and corporate spheres.
  • The RBI governor also said that the central bank will soon issue an amended circular on the NPA resolution issue.
  • It was also indicated that though the RBI had asked banks to start using external benchmarks in December last year while disbursing personal or retail loans on floating rates starting the 1st of April. The move has been put off for now.
  • The MPC has also said that the demostic economy faces challenges. The situation requires close monitoring till the next MPC meet in June.
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  • The Bureau of Indian Standards (BIS) has inked a Memorandum of Understanding (MoU) with the Indian Institute of Technology in Delhi to collaborate in the field of standardisation and conformity assessment.
  • The MoU was signed by IIT Delhi Director Professor V Ramgopal Rao and Director General of BIS Surina Rajan.
  • BIS and IIT Delhi have also agreed to set up a Centre of Excellence in the field of standardization, testing and conformity assessment.
  • According to the MoU, IIT Delhi will provide infrastructure support for research and development projects of relevance to standardisation and BIS will provide financial support to IIT Delhi for projects.
  • Rao highlighted that around 50 faculty members of the institute are part of the technical committees of BIS and hoped that the memorandum would strengthen the collaboration further.
  • Rao underscored the importance of involving youngsters in standardization and discussed various possibilities of incorporating standardisation in the academic curriculum of IIT, Delhi.
  • He also emphasized that technology innovation and standards development shall be interwoven seamlessly to foster development of technology oriented products and services
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