Table of Contents
PM’s 2-DAY VISIT TO RIYADH
- Expected to open a new chapter inIndo-Saudi ties by signing a number of key pacts.
- 1st visit to Saudi after abrogation ofArticle 370.
- New chapter on people-to-people ties
- Launch of the integration of India’s eMigrate and Saudi portals will alsotake place.
- The proposed alignment of the eMigrate and Saudi systems will help safeguard employment conditions for Indians working in the Arabian kingdom.
- Modi’s visit will give a fillip to the growing defence partnership.
- India recently hosted the SaudiGeneral Authority of Military Industry and Indian defence companies visited Saudi Arabia subsequently.
- The first India-Saudi Arabia joint naval exercises are scheduled to be held in December-January.
MCA on Infosys
- Ministry of Corporate Affairs (MCA) has sought information on the whistleblower complaint against Infosys management about irregularities.
- US Securities and Exchange Commission (SEC)is investigating the matter.
- “The company intends to defend itself vigorously in such a lawsuit,” Infosys had said.
Medical Devices
- At over $10 billion, India’s medical devices market is the fourth largest in Asia. 1. Japan 2. China 3. South Korea
- Projected to grow to $50 billion by2025
- Niti Aayog has rejected the health ministry’s proposal to bring medical devices under the Central Drugs Standard Control Organisation (CDSCO).
- CDSCO does not have the required expertise.
- The Aayog has instead moved a draft bill proposing biomedical devices be regulated by a separate regulator.
- Health ministry issued a draft notification that defines all medical devices as drugs from December 1 and would be regulated under the Drugs & Cosmetics Act.
- Over 6,000 biomedical devices in the country.
- Currently, only 23 categories ofmedical devices are regulated in India under the Drugs and Cosmetics (D&C) Act.
WTO Committee on India
- World Trade organization will set up a panel on India.
- India’s decision to impose retaliatoryimport tariffs on 28 American products.
- The WTO’s Dispute Settlement Bodyon agreed to the US’ second request for the establishment of a panel.
- The panel’s decision will have an important bearing on duties levied by other countries on US goods following protectionist measures by the Trump administration.
- It could be a moral victory if India wins
- The EU and China backed India, supporting the right of members to impose their own rebalancing measures against the US’ unilateral actions.
Diaspora Deposits
- Non-resident deposits in banks contributes to nearly one-third of India’s foreign exchange reserves.
- Fresh deposit flow from Indian diaspora fell 29% amid fall in deposit rates.
- Indians working in the Gulf, who contributed the maximum to the NRI deposit chunk.
- NRIs are showing preference toward mutual funds as lower returns make deposits unattractive as investments.
- NRI deposits between April and August saw an inflow of $4 billion, compared with $5.7 billion in the same period last year, according to latest Reserve Bank of India data.
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