Daily Archive: October 12, 2018

Delhi: 4 criminals shot dead the cashier and looted cash from Corporation Bank, Khaira Ganv in Chhawla area in Dwarka, earlier today. At least 3 persons injured. Investigation underway.

Delhi: 4 criminals shot dead the cashier and looted cash from Corporation Bank, Khaira Ganv in Chhawla area in Dwarka, earlier today. At least 3 persons injured. Investigation underway.

The Ministry will be setting up a committee of senior judicial & legal persons as members to examine all issues emanating from the #MeTooIndia movement: Ministry of Women & Child Development

The Ministry will be setting up a committee of senior judicial & legal persons as members to examine all issues emanating from the movement: Ministry of Women & Child Development

Deep Depression over Odisha; Very Severe Cyclonic Storm, ‘LUBAN’ over west central Arabian Sea

Deep Depression over Odisha; Very Severe Cyclonic Storm, ‘LUBAN’ over west central Arabian Sea

(a)   Deep Depression over Odisha

  The Deep Depression over Odisha moved east-northeastwards in past six hours with a speed of 8 kmph, and lay centred at 0530 hrs IST of today, the 12th October 2018 over Odisha near latitude 20.4°N and longitude 84.6°E, 30 km north-east of Phulbani and 70 km southwest of Angul. It is very likely to move northeastwards towards Gangetic West Bengal and weaken into a depression during next 12 hours.

Forecast track and intensity are given in the following table:

Date/Time(IST) Position

(Lat. 0N/ long. 0E)

Maximum sustained surface wind speed (Kmph) Category of cyclonic disturbance
12.10.18/0530 20.4/84.6 50-60 gusting to 70 Deep Depression
12.10.18/1130 20.7/85.1 50-60 gusting to 70 Deep Depression
12.10.18/1730 21.0/85.6 45-55 gusting to 65 Depression
12.10.18/2330 21.4/86.3 40-50 gusting to 60 Depression
13.10.18/0530 21.9/87.0 35-45 gusting to 55 Depression
13.10.18/1730 23.0/88.6 25-35 gusting to 45 Well Marked Low

(i)            Heavy rainfall warnings:

Region 12 Oct. 2018(Rainfall till 0830 IST of next day) 13 Oct. 2018(Rainfall till 0830 IST of next day)
Odisha Rainfall at most places with heavy to very heavy falls at isolated places over north Odisha.  

Nil

Gangetic West Bengal Rainfall at most places with heavy to very heavy falls at isolated places Rainfall at many places with heavy falls at Isolated Places
Assam & Meghalaya Rainfall at most places with heavy to very heavy falls at Isolated Places Rainfall at most places with heavy to very heavy falls at Isolated Places
Mizoram & Tripura Rainfall at most places with heavy to very heavy falls at isolated places Rainfall at most places with heavy to very heavy falls at isolated places

Legends: Red-Take Action; Orange- Be prepared; Yellow- be updated; Green: No warning

(i)          Wind warning

Squally wind speed of 45-55 kmph gusting to 65 kmph very likely along & off Odisha and West Bengal  and 35-45 kmph gusting to 55 kmph likely over adjoining areas of north interior Odisha during next 12 hours and adjoining areas of south interior Odisha during next 6 hours..

 (ii)         Sea condition

  • The sea condition will be rough to very rough along & off Odisha and West Bengal during next 24 hours. Sea conditions will be rough to very rough along & off West Bengal and north Odisha Coasts during next 24 hours.

(iii)        Action Suggested:

  • The fishermen are advised not to venture into Sea along and off Odisha and West Bengal coasts and north Bay of Bengal during next 24 hours.

  (b) Very Severe Cyclonic Storm, ‘LUBAN’ over westcentral Arabian Sea 

The Very Severe Cyclonic Storm ‘LUBAN’ over westcentral Arabian Sea moved slightly northward during past 06 hours with a speed of 02 km/hour and lay centered at 0530 hrs IST of today, the 12th October 2018 over westcentral Arabian Sea, near latitude 14.7°N and longitude 57.6°E, about 450 km east-southeast of Salalah (Oman), 460 km east-northeast of Socotra Islands (Yemen) and 610 km east-southeast of Al-Ghaidah (Yemen). It is very likely to move west-northwestwards towards and cross Yemen & adjoining South Oman Coasts around 15 degree north during noon of 14th October 2018 as a severe cyclonic storm.

Date/Time(IST) Position

(Lat. 0N/ long. 0E)

Maximum sustained surface

wind speed (Kmph)

Category of cyclonic disturbance
12.10.18/0530 14.7/57.6 120-130 gusting to 145 Very Severe Cyclonic Storm
12.10.18/1130 14.8/57.2 110-120 gusting to 135 Very Severe Cyclonic Storm
12.10.18/1730 14.9/56.8 110-120 gusting to 135 Very Severe Cyclonic Storm
12.10.18/2330 14.9/55.9 110-120 gusting to 135 Very Severe Cyclonic Storm
13.10.18/0530 14.9/55.2 110-120 gusting to 135 Very Severe Cyclonic Storm
13.10.18/1730 15.0/54.1 100-110 gusting to 125 Severe Cyclonic Storm
14.10.18/0530 15.1/52.3 100-110 gusting to 125 Severe Cyclonic Storm
14.10.18/1730 15.3/50.6 80-90 gusting to 100 Cyclonic Storm
15.10.18/0530 15.5/48.9 50-60 gusting to 70 Deep Depression

(i)    Wind warning

Gale wind speed reaching 120-130 kmph gusting to 145 kmph is prevailing over westcentral Arabian Sea. It is very likely to decrease gradually becoming 110-120 kmph gusting to 135 during next six hours and 100-110 kmph gusting to 125 kmph by 14th October 2018 morning along and off south Oman and Yemen coasts and over adjoining westcentral Arabian Sea and adjoining Gulf of Aden .

 (ii)   Sea condition

The sea condition is phenomenal around the system centre. It will become very high  ll is very likely become very high over westcentral Arabian Sea and adjoining Gulf of Aden till 14thOctober 2018 noon.

(iii)   Fishermen Warning

The fishermen are advised not to venture into westcentral Arabian Sea & Gulf of Aden till 14thOctober.

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India emphasis on the need for G-20 Nations to take co-ordinated action

India emphasis on the need for G-20 Nations to take co-ordinated action to ensure that the negative spillover effects of global risks on Emerging Market Economies (EMDEs) are minimized;. India gives unequivocal support for New Development Bank (NDB)’s Membership expansion and need for setting-up of an Independent BRICS Rating Agency-

Posted On: 12 OCT 2018 11:28AM by PIB Delhi

The Final G-20 Finance Ministers and Central Bank Governors Meeting under the 2018 Argentine Presidency and the final BRICS Deputies Meeting under the 2018 South African Chairmanship were held on 11th -12th October 2018 in Bali, Indonesia on the sidelines of the IMF/Fund Bank Annual Meetings.

G-20 Finance Ministers and Central Bank Governors (FMCBG) Meeting

The deliberations in the G-20 FMCBG meeting centered on key risks facing the global economy, enhancing a resilient international financial architecture, financing infrastructure development, progress on compact with Africa as well as streamlining of the GPFI process.

Secretary, Department of Economic Affairs (DEA), Ministry of Finance, Government of India, Shri Subhash Chandra Garg in his interventions indicated that the risks related to trade tensions, financial vulnerabilities and oil prices have materialized and are having major impact on the Emerging Market Economies. Secretary (EA) emphasized on the need for G-20 nations to take co-ordinated action so as to ensure that the negative spillover effects of global risks on EMDEs are minimized. Secretary (EA) also appreciated the progress of work under the Argentine Presidency on developing infrastructure as an asset class. He indicated the importance of developing global standards and protocols for attracting private funds to the infrastructure space and hoped that the infrastructure agenda of G-20 can contribute in this direction. Secretary (EA) also highlighted the efforts undertaken by India to attract private players in infra financing space such as creating Real Estate Investment Trust Fund, Infrastructure Debt Fund as well as undertaking efforts for monetizing brownfield assets. On Compact with Africa, Secretary (EA) indicated the importance that Government of India (GoI) has placed on undertaking investments in Africa and highlighted the USD10 billion soft loan facility announced for Africa by the Prime Minister of India, Shri Narendra Modi. He further highlighted the investment facilitating schemes that GoI has in place to encourage private players to invest in Africa and elsewhere such as National Export Insurance Fund, Concessional Financing Facility etc.

 BRICS Finance Deputies 

The meeting focused on reviewing the progress achieved by the BRICS Forum in 2018 as well as deliberating on the way forward under the upcoming 2019 BRICS Chairmanship of Brazil. On the Finance Ministry track, the main issues that came-up for discussion were the membership expansion of New Development Bank (NDB), the staggering of schedule of payment of paid-in capital of NDB, the work of BRICS PPP Task Force and examining the possibility of developing a consensus on BRICS Rating Agency. On the Central Bank track, the discussions centered on the test run of the BRICS Contingent Reserve Arrangement undertaken by the Central Banks in 2018, the Fintech stocktaking exercise and the progress of work happening in the BRICS Bond Fund Working Group.

Secretary (EA) in his interventions indicated India’s unequivocal support for NDB’s membership expansion. Further, he called upon the BRICS Deputies to endorse the membership expansion plan of NDB following which the NDB Board along with the Management can continue with their work on finalizing the processes for membership expansion. Secretary (EA) also emphasized that the role of BRICS is to provide broad guidance to NDB and the decisions on managing the micro details should be left to NDB Board of Directors and Board of Governors. On the BRICS Rating Agency, Secretary (EA) indicated that the Report of the Expert Group set-up to study the feasibility of BRICS Rating Agency has envisaged the setting-up of a BRICS Rating Agency which is completely independent and private sector led. Secretary (EA) emphasized on the need felt by the emerging markets and developing economies for a rating methodology that takes into account the country circumstances of these economies. In this context, there was a need for BRICS to take lead and work together on the setting-up of a BRICS Rating Agency.

Other Meetings

Other than the G20 and BRICS Meeting, Secretary (EA) also participated in the G24 Ministerial Meeting which was its 100th Meeting. Further, Secretary (EA) also had bilateral meetings with the G-20 Italian Finance Deputy, Mr. Alessandro Riviera, the Under Secretary of US Treasury, Mr. David Melpass as well as Mr. Marco Buti, Director-General of European Commission among others.

 

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New Industrial Policy to Transform India into Global Leader in Fourth Industrial Revolution Technologies: Suresh Prabhu

Commerce & Industry Minister speaking about the challenges and opportunities of the 4th Industrial Revelation for India

The New Industrial Policy framed by the Ministry of Commerce in consultation with all Ministries of Government of India, State Governments, Industry and all stakeholders embodies the Government’s intention to align India with the emerging technologies of drones, artificial intelligence and block chain. This was stated by the Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, at the launch of the Centre for the Fourth Industrial Revolution, India, by the Geneva-based World Economic Forum (WEF) yesterday in New Delhi.

The Minister further said that the policy is in sync with the challenges and opportunities for India with the fourth industrial revolution technologies and will place the country firmly in the global supply and value chains.

Suresh Prabhu went on to state that the fourth Industrial revolution is driven by digital technology and India is on track to adopt digital technology in every aspect of governance. This will help the country to leap frog into the global supply chain. Minister gave the example of the recently launched Digi yatra by the Ministry of Civil Aviation as an example of India’s vision to transform the country into a digitally empowered society.

The WEF is setting up a Centre for the Fourth Industrial Revolution in Maharashtra. The other centres are in San Francisco, USA, Japan and China. Artificial intelligence, block chain and drones are the first three projects of the centre in India. WEF will work in collaboration with the NITI Aayog, business leaders, academia and start-ups in these projects.

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