China posts slowest growth in 28 years

China’s economy grew 6.6 per cent in 2018, the weakest annual performance since 1990, confirming a slowdown in the world’s second-largest economy that could threaten global growth, according to official data. China’s growth in 2018 was down from 6.8 per cent growth in 2017. Its economy grew 6.4 per cent in the fourth quarter from a year earlier, levels last seen in early 2009 at the height of the global financial crisis. Adding to the gloom was the ongoing trade conflict with Washington, according to the data. The uncertain outlook for Chinese exporters caused companies to delay investing and hiring and in some cases even to resort to layoffs - a practice that is often discouraged by stability-obsessed Communist Party rulers.

Choksi surrenders his Indian passport

Fugitive businessman Mehul Choksi has surrendered his Indian passport to the High Commission in Guyana, official sources said. Choksi, one of the alleged masterminds of the $2 billion scam in state-run Punjab National Bank and an uncle of fugitive diamantaire Nirav Modi, took citizenship of Antigua last year. Indian citizens are expected to surrender their passports when they acquire a foreign nationality. Choksi took the oath of allegiance to Antigua and Barbuda on January 15, 2018. India continues to pursue Choksi’s return with the government of Antigua through diplomatic and legal channels, sources said. Two weeks ago, the Enforcement Directorate attached the Thailand factory of Choksi’s Gitanjali group company, worth more than Rs 13 crore.

Nepal officially bans high-value Indian notes

Nepal’s central bank has banned the use of Indian currency notes of Rs 2,000, Rs 500 and Rs 200 denominations, a move that could affect Indian tourists visiting the Himalayan nation where Indian currency is widely used. Nepal Rastra Bank on January 20 issued a circular prohibiting Nepali travellers, banks and financial institutions from holding or carrying and trading Indian bank notes higher than Rs 100, the Kathmandu Post reported. Under the new regulation, Nepali citizens cannot carry these denominations to countries other than India. Similarly, Nepalis are also not allowed to bring such notes from other countries. Indian notes of 100 or below, however, are allowed for trading and conversion, the bank’s circular reads.

India set to surpass UK in GDP rankings

India is likely to surpass the UK in the world’s largest economy rankings in 2019, according to a report by global consultancy firm PwC. As per the report, while the UK and France have regularly switched places owing to similar levels of development and roughly equal populations, India’s climb up the rankings is likely to be permanent. PwC’s Global Economy Watch report projects real GDP growth of 1.6 per cent for the UK, 1.7 per cent for France and 7.6 per cent for India in 2019. “India and France are likely to surpass the UK in the world’s largest economy rankings in 2019, knocking it from fifth to seventh place in the global table,” the report said.

NRIs’ proxy voting Bill awaits RS test

The law ministry is looking at a small window for the passage of a key Bill to allow proxy voting rights to overseas Indians and make electoral law gender neutral for service voters. The Bill assumes importance as the general election is due in the summer. The Budget session of Parliament - the last session of the incumbent government - will have 11 sittings between January 31 and February 13. The Bill was passed by the Lok Sabha in August and has been awaiting Rajya Sabha nod. If the Bill becomes a law, NRIs eligible to vote in India will be allowed to appoint proxies who can vote on their behalf. These proxies will change for every election.

Richest Indians’ wealth swells by 39%

Indian billionaires saw their fortunes swell by Rs 2,200 crore a day last year, with the top 1 per cent of the country’s richest getting richer by 39 per cent as against a mere 3 per cent increase in wealth for the bottom half of the population, an Oxfam study said on January 21. It also said that 13.6 crore Indians, who make up the country’s poorest 10 per cent, continued to remain in debt since 2004. Globally, billionaires’ fortunes rose by 12 per cent or $2.5 billion a day in 2018, whereas the poorest half of the world’s population saw their wealth decline by 11 per cent, the rights group said in its annual study released before the World Economic Forum annual meeting in the Swiss resort town of Davos.

India to have own standard of apparel size

Union minister Smriti Irani said the Indian textiles and garments industry would soon get its own country-specific apparel size. Addressing the Textile Conclave at the Vibrant Gujarat Global Summit, Irani said a study will be carried out before introducing the Size India project for apparel measurement. “In the apparel export segment, one of the biggest challenge is that the UK has its size, the US has its size, and Europe has its size of measurement. But, India does not have it. I hereby present the Central government’s resolve that the Size India project will soon be rolled out for the entire country, the first-of-its-kind project in Indian history,” she said.

Kumbh to generate Rs 1.2 tn revenue: CII

The mega Kumbh Mela, which began on January 15 and will continue till March 4, is expected to generate a revenue of Rs 1.2 lakh crore for Uttar Pradesh, says apex industry body CII. Although the Kumbh Mela is spiritual and religious in nature, the economic activities associated with it generate employment for over six lakh workers across various sectors, CII said in a report. The Uttar Pradesh government has allocated Rs 4,200 crore for the 50-day Kumbh Mela this time, which is over thrice the budget of the Maha Kumbh in 2013, making the Mela perhaps the costliest ever. The hospitality sector aims at employing 2.5 lakh people, airlines and airports around 1.5 lakh and tour operators around 45,000. The employment numbers in eco-tourism and medical tourism are being estimated at 85,000, says a CII study.

TN defence industrial corridor launched

Defence Minister Nirmala Sitharaman on January 20 launched a mega corridor to link leading military manufacturing units in five cities in Tamil Nadu. The project, christened the TN Defence Industrial Corridor, will link Chennai, Hosur, Coimbatore, Salem and Tiruchirappalli. It is the second defence corridor being set up to support defence manufacturing units. The first one is being established in Uttar Pradesh. Total investments worth over Rs 3,038 crore in this corridor were announced during the launch. A majority of the investments would come from public sector undertakings with Ordnance Factory Board, Bharat Electronics Ltd and Bharat Dynamics Ltd committing to invest Rs 2,305 crore, Rs 140.5 crore and Rs 150 crore, respectively.

No e-way bill if GST returns not filed

Non-filers of GST returns for six consecutive months will soon be barred from generating e-way bills for movement of goods. The Goods and Services Tax Network (GSTN) is developing such IT system that businesses who have not filed returns for two straight return filing cycle, which is six months, would be barred from generating e-way bills, an official said. “As soon as the new IT system which will ensure barring of e-way Bill generation if returns are not filed for six months is put in place, the new rules will be notified,” an official said. The move, officials believe, would help check GST evasion. Taxmen have detected 3,626 cases of GST evasion/violations cases, involving Rs 15,278.18 crore in the April-December period.

India nears 100% household electrification

India is all set to achieve 100 per cent household electrification by the month end, with 2.44 crore families having received power connections out of the targeted 2.48 crore under the Rs 16,320 crore Saubhagya scheme, an official said. The Pradhan Mantri Sahaj Bijli Har Ghar Yojana (Saubhagya) was launched in September 2017. “Around 30,000 families are being provided electricity connection every day. Therefore, the remaining around 4 lakh households could be energised by the end of this month itself,” an official said. Achieving 100 per cent household electrification was one of the aims of the incumbent government. However, it could not meet the self-imposed deadline of December 2018 for the scheme.

Aadhaar added to valid travel documents

Aadhaar cards are now valid travel documents for Indians under 15 and over 65 travelling to Nepal and Bhutan, according to a home ministry communique. Indians other than those in the two age brackets will not be able to use Aadhaar to travel to the two countries, for which no visas are needed, clarified the communique. Indian citizens going to Nepal and Bhutan don’t need a visa if they have a valid passport, a photo identity card issued by the Centre or an election ID card. Earlier, persons over 65 and under 15 could show their PAN card, driving licence, Central Government Health Service card or ration card, but not the Aadhaar, to prove their identity and visit the two countries. The Aadhaar card has now been added to the list, explained a senior ministry official.

Novel way to produce power from CO2

Scientists have developed a system that can produce electricity and hydrogen fuel from carbon dioxide - the main contributor of global warming. The hybrid Na-CO2 system can continuously produce electrical energy and hydrogen through efficient CO2 conversion with stable operation for over 1,000 hours, South Korean researchers said. Much of human CO2 emissions are absorbed by the ocean and turned into acidity. The researchers focused on this phenomenon and came up with the idea of melting CO2 into water to induce an electrochemical reaction. If acidity increases, the number of protons increases, which in turn increases the power to attract electrons. If a battery system is created based on this phenomenon, electricity can be produced by removing CO2.

NASA, CNSA plan lunar collaboration

NASA is set to collaborate with China’s space agency for moon exploration, in a bid to prepare for setting up a human colony on the lunar surface, as well as future missions to deep space. The US space agency held discussions with the China National Space Administration (CNSA) last month to explore the possibility of observing a signature of the landing plume of their lunar lander, Chang’e 4, which touched down on the moon on January 3. As NASA works towards its plan to sustainably return to the moon, it will be critical to collaborate with both commercial and international partners along the way, the US space agency said. This approach will enable human expansion across the solar system and bring back to Earth new knowledge and opportunities, it said.

Newsmakers

Eminent scientist and Bharat Ratna recipient C.N.R. Rao has been chosen for the first Sheikh Saud International Prize for Materials Research, given by the Centre for Advanced Materials of the UAE.

Bengali writer Atin Bandyopadhyay died of brain stroke in Kolkata on January 19. Winner of the 2001 Sahitya Akademi award for his short story compilation Panchashati Galpo, he had also penned popular fiction such as  Nilkantha Pakhir Khonje and Aloukik Jaljaan.

Karnataka’s 111-year-old revered seer, Shivakumara Swami of Siddaganga Mutt at Tumakuru, passed away on January 21. Known among his followers as a ‘walking god’ and an incarnation of the 12th-century social reformer Basava, the Lingayat seer also heads the Sree Siddaganga Education Society.