The seafood Exporters Association of India – Odisha Region’s President Dr. Kamalesh Mishra mentioned that in recent years, the bilateral relationship between India and South Korea has witnessed significant growth, particularly in economic and trade sectors. Both nations have recognized the immense potential for cooperation in various industries, including fisheries and seafood export.

Highlighting the immense potential for local growth and development of MSMEs in the seafood sector through value chain development, Mr. Bibhuti Bhushana Dash, Special Secretary, Department of MSME Odisha, emphasized on bilateral collaboration on technology transfer and capacity building on best practices.

Odisha endowed with a vast coastline along the Bay of Bengal, stands as one of India’s prominent seafood hubs. The state boasts a rich marine biodiversity, offering a diverse range of fish, shrimp, crab, and other marine products. Recognizing the potential of Odisha, Andhra Pradesh and all other coastal states, India and South Korea have joined hands to harness the country’s resources for mutual economic benefit.

The International Labour Organisation (ILO) through ‘Promoting Sustainable Enterprises in India or PSEI initiative’ funded by the Korea International Cooperation Agency (KOICA) is working towards strengthening the competitiveness of the seafood sector in Odisha and Andhra Pradesh for boosting local economic development, and creating more and better quality jobs.

‘Building mutual trust is the first step in market linkages’ said Choi Byeong Dae, one of the experts visiting the state. ‘Odisha is resource-rich and there is huge potential for new product development in pharmaceuticals, beauty, and pet food, which can be explored alongside food consumption’, he further added. 

Archiman Lahiri, Deputy Director, MPEDA regional division, Bhubaneshwar emphasized on increase of exports to Republic of Korea. Citing India’s share in seafood exports to the country and its potential in shrimps, Surimi, Capholopods, Crab, and dried items in value added product basket, he added ‘ Odisha can offer quality black tiger shrimp’

The collaboration between India and South Korea in boosting seafood export from India will have multi-faceted benefits.

The new Ninja 500 was unveiled at EICMA 2023 last November.

However, the Indian-spec model gets a single standard variant; the other markets get an additional SE variant as well. The Japanese middleweight inherits a larger displacement, which is already featured in the 2024 Eliminator, and is available in a single metallic spark black colour scheme.

The Ninja 500 is powered by a 451cc, parallel-twin engine. This liquid-cooled unit produces 44.38 BHP @ 9,000 rpm and 42.6 Nm @ 6,000 rpm.

The bike is based on a lightweight trellis frame suspended by a telescopic fork at the front and a monoshock at the rear. Braking is handled by discs at the front and rear supported by dual-channel ABS.

The bike weighs 171 kg and measures 1995 mm in length, 730 mm in width, and 1120 mm in height, with a fuel tank capacity of 14 litres.

In India, Kawasaki is offering the base-spec Ninja 500. It means the bike does not get keyless ignition. That being said, the Ninja 500 comes equipped with a digital instrument console with Bluetooth connectivity.

Competing against models like the Aprilia RS 457, and Yamaha YZF- R3, and also falling in the ballpark of the KTM RC390, the new Kawasaki Ninja 500 enters the competitive sub-500 cc segment.

As per the Odisha government, the rules aim to regulate the use of common area in an apartment. It will also help create a common fund to meet the common expenses of the same. Under the rule, necessary provisions have been made relating to registration of common area in favour of association of allottees in line with the provisions of RERA Act.

It provides for registration of association of allottees with the Competent Authority to make uniform provisions for registration and its terms and conditions to be provided in the bye-laws. It also clearly spells out the accountability and responsibility of promoters. The rule provides for Rights and Responsibilities of each apartment owner in relation to the association of apartment owners and to create provisions for insurance of the apartment and ensure its structural stability.

It will ensure compliance with the relevant Act, rules and Regulations to effectively safeguard the interest of the apartment owners.

Notably, the legislation was framed and draft rules were notified in October 2023. The government then invited objections or suggestions from the stakeholders concerned to bring necessary modifications to it. After the expiry of the suggestion period and duly considering all the suggestions, the Odisha government finally notified the rules on February 16, which will come into effect on the date of its publication in the Odisha Gazette.

Before giving final shape, the Central Consumer Protection Authority (CCPA) has sought comments from the public on the ‘Draft Guidelines for Prevention of Misleading Advertisement in Coaching Sector’.

The draft guidelines have been formulated to curb misleading assertions about success rates, number of selections, etc. by those engaged in coaching who define ‘coaching’ as tuition, instructional academic support, learning programmes, or guidance provided by any individual.

The guidelines outline criteria for identifying misleading advertisements. The draft guidelines have been released weeks after the Centre tightened regulations on coaching centres. The guidelines stipulate that coaching centres can’t enrol students under 16 years of age, make deceptive assurances, or promise specific ranks or high marks.

Anyone involved in coaching will be deemed to be using misleading advertising if they employ any of the following practices:

• Failure to disclose crucial information regarding the course name (whether it’s free or paid) and the duration of the course selected by a successful candidate or any other significant details that could impact a consumer’s decision to select their services.
• Provide inaccurate assertions regarding success rates, the number of selections, or the rankings of students in any competitive examination without furnishing verifiable evidence.
• Misrepresent that students’ success is solely attributed to the coaching, without acknowledging the individual efforts of the students. Clearly delineate the extent of coaching involvement in their success.
• Generate an artificial sense of urgency or instil fear of missing out that could exacerbate anxieties among students or parents. Employ any other tactics that might deceive consumers or undermine consumer autonomy and choice.

Development of Guidelines and Accessing Procedures

• Draft guidelines available on the website of the Department of Consumer Affairs, allowing the public to submit feedback within a 30-day period ending on March 16, 2024.
• CCPA organised a stakeholder consultation on Misleading Advertisement in the Coaching Sector on January 8, 2024. The event was attended by representatives from the Department of Personnel and Training (DoPT), Ministry of Education, Lal Bahadur Shastri National Academy of Administration (LBSNAA), National Law University (NLU) Delhi, FIITJEE, Khan Global Studies, and Ikigai Law.

During the meeting, it was unanimously agreed that the Central Consumer Protection Authority should formulate guidelines to prevent misleading advertisements in the coaching sector.

Addressing a press meet in Bhubaneswar, BJD’s national spokespersons Dr Santrupt Misra and Dr Sasmit Patra said that Odisha has recorded phenomenal growth in all areas ever since the regional party came to power in the state.

Claiming that the state has posted spectacular growth in industrial as well as farm sector, they said this has been possible due to the able leadership, vision, and strong will of the Chief Minister.

The flow of investment has also increased phenomenally due to infrastructure development in the state, the BJD leaders said.

Speaking on the performance in different spheres, Misra said that the contribution of the industrial sector to the state’s economy has gone up to 41.3 per cent, compared to the national average of 28.5 per cent. This shows that the performance of Odisha is around 50 per cent ahead of other states in the industrial sector.

Similarly, the share of exports has increased from 2.2 per cent in 2016-17 to 4.1 per cent, a jump of almost 1.8 per cent, he said, adding that the gross manufacturing value add has gone up from 2.99 per cent in 2011-12 to 4.2 per cent.

Noting that 1860 industrial projects were approved in the last five years, Misra said the state received investments to the tune of Rs 11.63 lakh crore creating employment opportunities for over 7.33 lakh people during the period.

Huge employment opportunities have been created in districts like Khurda, Balasore and Jajpur as the new investors setting up ventures in Odisha are hiring from within the state, the BJD leaders said.

Foreign investment flow is increasing because of trust in the state government, they said, adding that the state has attracted investments to the tune of Rs 1.85 lakh crore in the last seven years, while more than one lakh employment opportunities have been created. More employment opportunities have been created in Khurda, Jajpur and Balasore.

As per a report of the Reserve Bank of India (RBI), Odisha has received investment of over Rs 20 lakh crore, highest in the country after Maharashtra.

Repo is the rate at which the RBI lends short-term funds to banks.

“Uncertainty in food prices continue to impinge on headline inflation. Momentum in domestic activities continues to be strong,” RBI Governor Shaktikanta Das said in the briefing.

He emphasised on the necessity for the monetary policy to remain actively dis-inflationary. Five out of the six members voted in favour of the rate decision. The panel also retained the monetary policy stance unchanged at withdrawal of accommodation.

“Global growth is expected to remain steady in 2024, with heterogeneity across regions. Though global trade momentum remains weak, it is exhibiting signs of recovery and is likely to grow faster in 2024. Inflation has softened considerably and is expected to moderate further in 2024,” Das added.

Since the April monetary policy in 2023, the RBI has kept the repo rate unchanged at 6.5 per cent.

During its previous MPC meeting on December 8, the RBI had revised the growth projection for the current fiscal to 7 per cent, up from the earlier estimate of 6.5 per cent while maintaining the repo rate unchanged for the fifth consecutive time.

The MPC is determining the policy repo rate to achieve the inflation target, while it is also considering the goal of fostering an economic growth.

While retail inflation in the current fiscal has decreased since reaching a peak of 7.44 percent in July 2023, it remains elevated, standing at 5.69 percent in December 2023. However, it is within the Reserve Bank’s target range of 4-6 percent, thus staying within the central bank’s comfort zone.

The central bank governor last month, stated that the Indian economy is projected to achieve a growth rate of 7 per cent in the upcoming fiscal, with expectations of further easing in inflation. Das also acknowledged the Centre for the structural reforms it has implemented in recent years, noting that these reforms have enhanced the medium and long-term growth outlook for the Indian economy.

In a blow to petitioners, the apex court dismissed reliance on a third-party report and affirmed faith in SEBI’s handling of the case. The Govt of India and the SEBI will look into whether there is any infraction of law by the Hindenburg report on short selling and if so, take action in accordance with the law, according to the judgement.

The Supreme Court (SC) pronounced its verdict today, on a batch of petitions seeking examination of allegations of fraud made against Adani Group of companies in the Hindenburg Research report. The pleas claimed the allegations that the Adani Group, considered close to the Modi government, inflated its share prices and, after the report of the short seller Hindenburg Research, the share value of various group entities fell sharply.

Notably, SEBI has completed an investigation in 20 out of 22 matters. Taking into account the assurance of the Solicitor General, we direct the SEBI to complete the investigation in the other two cases within 3 months, said CJI as quoted by LiveLaw.

AMG Media Networks acquired 50.5% stake constituting equity shares, with voting rights and without voting rights each, of IANS India, the company said in an exchange filing. After the acquisition, IANS will be a subsidiary of AMNL.

AMNL has also signed a shareholders’ agreement with IANS and Sandeep Bamzai, a shareholder of IANS, to record their inter-se rights with respect to IANS, the company said. The acquisition of the media network is strategic in nature, the company said. IANS has an authorised share capital of Rs 20 lakh. The company reported a turnover of Rs 11.86 crore for fiscal 2023.

The October consumer price index (CPI) came at a four-month low of 4.87 per cent against 5.02 per cent the previous month. “…CPI inflation is projected at 5.4% for the current year 2023-24, with Q3 at 5.6% and Q4 at 5.2%. CPI inflation for Q1 of 2024-25 is projected at 5.2%, Q2 at 4% and Q3 at 4.7%. The risks are evenly balanced,” he further said.

Das said the MPC also decided to remain focused on the withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.

The committee also raised the GDP growth projection for the current fiscal to 7 per cent from 6.5 per cent on buoyant domestic demand and higher capacity utilisation in the manufacturing sector. For the third quarter of the current financial year (Q3FY24), the projection has been hiked to 6.5 per cent from 6 per cent. For Q4FY24, the GDP projection has been hiked to 6 per cent from 5.7 per cent earlier. For Q1FY25, the projection has also been hiked to 6.7 per cent from 6.6 per cent earlier. In Q2FY25 and Q3FY25, the GDP projections have been kept at 6.5 per cent and 6.4 per cent, respectively.

The Indian economy grew 7.6 per cent during the July-September quarter of the current financial year 2023-24, much faster than the polled median of 6.8%. India’s GDP growth for the April-June quarter grew 7.8 per cent.

Das, however, flagged protracted geopolitical turmoil and global economic fragmentation as risks to the growth outlook.

RBI also raised the UPI payment limits for hospitals and educational institutions to Rs 5 lakh from Rs 1 lakh per transaction.

Mishra will look after three Departments — Enforcement, Risk Monitoring, and External Investments & Operations.

Prior to being promoted as ED, he was serving as Chief General Manager in the Department of Regulation.

According to the central bank statement, Mishra has over three decades of experience in the Reserve Bank having worked in the areas of regulation of banks and NBFCs, supervision of banks, and currency management. He has served as a member in several Working Groups at the national and international levels contributing to formulation of regulatory/supervisory policies

Mishra is a post graduate in Economics and MBA (banking and finance). He also holds a master’s degree in Finance and Financial Regulation from Aston Business School, UK, it added.

Radha Shaym Ratho is the other Odia serving as an ED in RBI since 2020.