Current Affairs - Economy

The import duty on mobile phone components has been reduced by 10%, from the earlier 15% to the current 10%, in a strategic move to boost the mobile phone manufacturing industry and align with broader objectives.

The Market Access Initiative (MAI) Scheme is designed to primarily focus on consistently boosting India's exports. The scheme adopts a strategic approach, targeting specific markets and products to enhance the overall competitiveness of Indian exports.

The Cabinet approved the protocol for JETCO, strengthening economic relations between India and the Dominica Republic. A Memorandum of Understanding (MoU) was signed between the Department of Commerce, the Ministry of Commerce and Industry of India, and the Ministry of Foreign Affairs of the Dominican Republic. Currently, there is no bilateral institutional mechanism between India and the Dominican Republic on trade and commerce.

Oil and Natural Gas Corporation (ONGC) has secured approval from the Ministry of Petroleum and Natural Gas to establish 'ONGC Green Limited.' The subsidiary aims to focus on gas business and clean energy initiatives, including green hydrogen, renewable energy, and biofuels. ONGC plans to invest Rs 1 lakh crore to achieve 10 GW of renewable energy capacity and two million tonnes of green ammonia production by 2035.

Maharashtra has made a significant breakthrough in attracting investments at the WEF in Davos, securing commitments worth Rs 3.53 lakh crore across various sectors. This move is expected to create numerous job opportunities and contribute to the state's ambitious goal of becoming a USD 1 trillion economy.