WTO's Report: Unusual Trade Dynamics

Good Morning ☕

The World Trade Organization (WTO) has been sending out signals that are more mixed up than a cosmic salad, warning us of a ninefold surge in trade concerns over the last half dozen Earthly spins!

Imagine this: newfangled industrial strategies, geopolitical tango-offs, and countries doing the hokey-pokey with export restrictions and green policies. Could this lead to a topsy-turvy world, with regional trade blocs duking it out like space cowboys? Fear not, for the WTO is here with its intergalactic wisdom, urging us all to join forces for the cosmic cause - tackling security, poverty, and climate change, all in one interstellar swoop!

Important News of the Day

1. WTO flags rising trade barriers, says time to re-globalize

The World Trade Organization (WTO) has warned of growing fragmentation in international trade, with a ninefold increase in trade concerns raised in the last six years. The rise of new industrial strategies, geopolitical tensions, and unilateral measures by countries such as export restrictions and green policies could lead to a more fragmented world dominated by regional trade blocs. The WTO urges a renewed drive towards integration to tackle security, poverty, and climate change. The report shows that trade openness is strongly linked with a reduced likelihood of conflict and has led to sharp declines in poverty for over four decades.

2. Removal of additional duty on walnut, apples won’t impact domestic growers: Govt

The Indian government has said that the removal of additional retaliatory duties on imports of US apples, walnuts, and almonds will not have an adverse impact on domestic growers as the basic duty of 50% will continue to protect them. The government is monitoring imports and has sufficient policy space to support growers if there is any implication of the move. The Commerce Ministry has stated that this measure will not result in any negative impact on domestic apple, walnut, and almond producers. The move has been criticized by the opposition party Congress, accusing the government of gifting a bonanza to American farmers at the expense of Indian growers.

3. Railways pledges to fix garbage disposal issue on trains

The Indian Railways has pledged to fix the garbage disposal issue on trains after a video of a cleaning staff throwing trash on train tracks went viral on social media. The department has asked for specific details about the time and train number to address the situation. The Indian Railways has been facing complaints from travelers on social media regarding the lackluster cuisine, filthy restrooms, and unpredictable scheduling on trains.

4. President Murmu to launch Ayushman Bhav campaign 13 September

President Droupadi Murmu will launch the 'Ayushman Bhav' campaign on September 13, 2023. The campaign is a comprehensive nationwide healthcare initiative that aims to provide saturation coverage of healthcare services, reaching every village and town in the country. The campaign will be implemented during the 'Seva Pakhwada' from September 17 to October 2, 2023. The launch will take place through a virtual event, marking a significant step towards healthcare accessibility and inclusivity across the country.

5. Govt earns ₹600 crore from scrap disposal, aims for ₹1,000 crore by October

The Indian government has earned around ₹600 crore ($134 million) by selling scrap under its 'Swacchata' campaign, which aims to generate revenue from scrap disposal. The government is aiming to earn ₹1,000 crore ($134 million) by October. The revenue generated from scrap disposal will be used to fund various government initiatives. The government is eyeing a whopping ₹1,000 crore revenue from scrap disposal after the completion of the third edition of its 'Swacchata' campaign. The revenue generated from scrap disposal is equivalent to the budget of the Chandrayaan 3-mission.

6. Russian President Putin praises PM Modi, ‘We should learn from India’

Russian President Vladimir Putin praised Indian Prime Minister Narendra Modi's "Make in India" program and emphasized the importance of using domestically made products. Putin commended India's policies under PM Modi's leadership as a positive example and said that "We should learn from our partner India." He also supported the India-Middle East-Europe Economic Corridor (IMEC) and said that it would benefit Russia. Putin's remarks came after India, the US, UAE, Saudi Arabia, France, Germany, Italy, and the European Union signed a Memorandum of Understanding (MoU) to establish the IMEC.

7. Retail inflation slows to 6.83% as vegetable prices decline

Retail inflation in India slowed down to 6.83% in August from a 15-month high of 7.44% in July due to easing vegetable prices, according to the Consumer Price Index (CPI). However, the CPI-based inflation still exceeded the Reserve Bank of India's target range of 2-6%. Vegetable prices, which had risen by 37.34% in July, rose by 26.1% in August, while prices of oils and fats declined by 15.3%. The easing of inflation offers relief to the Indian central bank and bond investors. Meanwhile, India's industrial production grew at 5.7% in July.

8. RBI rule change leaves many AIFs in the lurch

Many venture capital and private equity funds have halted new and follow-up investments due to a recent change in the Reserve Bank of India's regulations, resulting in a backlog of deals. The change to Form INVI has left many AIFs in the lurch, and the industry has approached the banking regulator for clarification. The RBI had previously clarified that AIFs interested in making overseas investments were required to only approach SEBI for approval without the need to obtain a separate permission from RBI. However, in many cases, AIFs would have to give up the opportunity to consummate these overseas deals due to protracted discussions with SEBI.

9. Cabinet to consider ₹6000 cr of incentives to gasify coal

The Union Cabinet of India is set to consider a ₹6,000-crore incentive scheme for coal gasification projects. The scheme will provide incentives for gasification under three components: those led by public sector units, those sponsored by private sector companies, and pilot projects. The proposed scheme and incentives are designed to attract government PSUs and the private sector, fostering innovation, investment, and employment. The Coal Ministry is developing a comprehensive plan to support projects for coal gasification with a budget of US$730.3 million (Rs. 6,000 crore).

10. Nipah alert in Kerala after two die of the virus in Kozhikode

The Kerala Health Department issued a health alert in Kozhikode district after two deaths were suspected to be caused by the Nipah virus infection, which was described as “unnatural." The deaths were later confirmed to have been caused by the Nipah virus. The Union Health Minister also confirmed that the two deaths in Kerala's Kozhikode were caused by Nipah. Health officials are suspecting that the virus may have been transmitted from bats to humans. The symptoms of the Nipah virus include fever, headache, drowsiness, respiratory illness, disorientation, and mental confusion.

World News 🌎

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• Queen Elizabeth was left waiting on Lilibet's birthday

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