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PIB News Analysis 04/06/2020

1)Global Economic Prospects Report, 2020 by World Bank:- The World Bank recently launched the Global Economic Prospects Report, 2020. The report highlighted the impact of COVID-19 on countries.

The report says that the Emerging Market and the Developing Economies are highly vulnerable. They face health crisis, external shocks, restrictions, tourism, falling trade, capital outflows and commodity prices. These countries according to the report are expected to have 3% to 8% output loss.

2)India to hold first ever virtual bilateral summit with Australia:- On June 4, 2020, PM Modi will hold a virtual bilateral summit with the Australian PM Scott Morrison. This is the first ever virtual bilateral summit to be held by India.

The leaders are to discuss a broad framework on the relation of India and Australia. The leaders will also sign several agreements.

The major agreement is the one to be signed on mutual sharing of military logistics facilities.

3)Union Cabinet approved MoUs signed between India and Bhutan:- On June 3, 2020, the Union Cabinet chaired by PM Modi approved the Memorandum of Understanding signed between India and Bhutan. The agreement between the countries was signed to improve cooperation in the field of environment.

The agreement will help to promote long term cooperation between India and Bhutan. Also, it will help to protect and manage natural resources based on reciprocity, equity and mutual benefits.

4)June 4: International Day of Innocent Children Victims of Aggression

5)

.Cabinet sets up Secretaries’ group to attract investment

News: Union Cabinet has approved the setting up of an empowered group of secretaries(EGoS) and project development cells(PDCs) in Ministries and departments for attracting investments to India.

Facts:

Empowered Group of Secretaries(EGoS):

  • Composition:
    • Cabinet Secretary (Chairperson)
    • Secretary, Department for Promotion of Industry and Internal Trade (Member Convenor)
    • CEO, NitiAayog (Member), Secretary, Department of Commerce (Member), Secretary, Department of Revenue (Member), Secretary, Department of Economic Affairs (Member), Secretary of Department concerned (to be co-opted).
  • Objectives:
    • To bring synergies, ensure timely clearances from different departments and Ministries and provide investment support and facilitation to global investors.
    • To evaluate investments put forward by the departments on the basis of their (i) project creation (ii) actual investments that come.

Project Development Cell(PDC):

  • Composition: The cell will be under the guidance of the Secretary, an officer not below the rank of Joint Secretary of each relevant central line Ministry.
  • Objectives::
    • To develop investible projects with all approvals in coordination between Central Government and State Governments and in turn increase FDI inflows.
    • To identify issues that need to be resolved in order to attract and finalise the investments and put forth these before the Empowered Group.

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