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INDIA’S EXCLUSIVE BI-WEEKLY NEWSPAPER
RNI NO. 56969/93
Etihad Rail construction progresses on schedule
MUMBAI: WEDNESDAY, JUNE 29, 2022
C
Our UAE Correspondent
ONSTRUCTION of
the 145-km Etihad Rail
network that connects
the borders of Dubai and Shar-
jah, going through Fujairah all
the way to Ras Al Khaimah, is
progressing well.
Etihad Rail’s passenger
services will connect 11 UAE
cities and locations from Al Sila
to Fujairah. It is expected to
serve more than 36.5 million
passengers annually across the
country by 2030. Comprising
54 bridges and 20 wildlife cross-
ing points, this stretch is the
final package of Stage Two of
the UAE National Rail Network.
Earlier this year, Etihad Rail
and Dubai Industrial City an-
nounced an advanced freight
terminal spread across 5.5 mil-
lion square feet. In March this
Saudi recruited
8,00,000 foreign
workers in 2021
M
Our Saudi Correspondent
ORE than 8,00,000
visas to recruit foreign
workers were issued in
Saudi Arabia in 2021, local me-
dia reported.
The Ministry of Human Re-
sources and Social Development
also said that the Kingdom wit-
nessed the entry of 6,600 do-
mestic workers into the labour
market and the exit of 6,400 do-
mestic workers.
The ministry said the total
dispute cases that were handled
through the Wudiya platform ex-
ceeded 1,44,000, adding that it
had collected and distributed the
dues of workers totalling
SR444.6 million. More than 73
per cent of labour cases were
solved through amicable settle-
ment. The ministry said that
through the Qiwa platform, 74
new services were launched,
while 95 per cent of customers’
needs were covered through the
Middle East container ports are
platform.
the most efficient in the world
P
AAT News Service
ORTS in the Middle East
took four of the top five
spots in the second edi-
tion of the global Container Port
Performance Index (CPPI) de-
veloped by the World Bank and
S&P Global Market Intelligence.
CPPI is a comparable index of
global container port perform-
ance intended to serve as a ref-
erence point for key stakehold-
ers in the global economy.
Saudi Arabia’s King Abdullah
Port tops the ranking in 2021,
with regional competitors Port
Salalah in Oman, Hamad Port
in Qatar and Khalifa Port in Abu
Dhabi rounding out the top five.
Saudi Arabia’s Jeddah Islamic
Port also featured strongly in
eighth place overall.
The ranking is based on time
vessels needed to spend in port
to complete workloads over the
course of 2021, a year that saw
unprecedented port congestion
and disruption to global supply
chains.
“Increasing the use of digital
technology and green fuel alter-
natives are two ways countries
can modernise their ports and
make maritime supply chains
more resilient,” said Martin
Humphreys, Lead Transport
Economist at the World Bank
and one of the researchers be-
hind the index. “Inefficient ports
represent a significant risk for
many developing countries in
VOL. XXX
year, Abu Dhabi and Dubai
were linked by a 256 km direct
railway link.
A top official said that more
than 75 per cent of Stage 2 of
the UAE National Rail Network
has been completed. Stage 1
of the network has been oper-
ational since 2016.
The National Railway Net-
work supports the growth of
the national economy with sus-
tainable transportation system,
which provides safety and effi-
ciency.
A Dh1.2 billion agreement
has been signed to design,
manufacture, supply and main-
tain passenger trains for Etihad
Rail.
The agreement between
Etihad Rail and Spain's CAF
company was signed in the
Sakamkam area, where the
first passenger train station
Time-Honoured Friendship
The Prime Minister, Narendra Modi, being welcomed by the President of the UAE,
Sheikh Mohamed bin Zayed Al Nahyan at Abu Dhabi Airport in the UAE
that they can hinder economic
growth, harm employment, and
increase costs for importers and
exporters. In the Middle East,
heavy investments in container
port infrastructure and technology
are proving to be effective.”
The new report also high-
lights the resilience of East Asian
ports and the capacity of Chinese
ports in particular to effectively
handle challenges brought about
by the pandemic.
Three of the large Chinese
gateways, Shanghai (Yangshan),
Ningbo and the southern port of
Guangzhou, feature in the top
ten, while last year’s most effi-
cient port – Yokohama in Japan
NO. 25
will be built in the heart of Fu-
jairah city.
Under the terms of the
agreement, each train will have
a seating capacity of over 400
passengers, and top speeds
of 200 kmph. The trains will
offer a “variety of seating seg-
ments”.
The trains will facilitate
transport across the cities of
the UAE, providing passengers
with a quick, efficient, safe,
comfortable, and cost-saving
travel experience.
The train will connect Al
Ruwais, Al Mirfa, Dubai, Shar-
jah, Al Dhaid, and Abu Dhabi
among other cities. Passenger
services will allow travellers to
plan their journeys between the
Emirates and cities of the UAE
more efficiently, from booking
their tickets until they reach
their final destination.
– dropped to 10th place overall.
Key port performance metrics
show large discrepancies in glob-
al port efficiency in 2021, with
top performers such as King Ab-
dullah Port achieving an average
of 97 container moves per hour
of vessel port time compared
with just 26 container moves
per hour at the main ports on
North America’s West Coast.
More than four-fifths of global
merchandise trade by volume
are carried by sea, and approx-
imately 35 per cent of total vol-
umes and over 60 per cent of
commercial value is shipped in
containers.
“The pandemic highlighted
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They will reduce commute
time by 30-40 per cent com-
pared to other modes of trans-
port. Travelling from Abu Dhabi
to Dubai, and from Dubai to
Fujairah, will take only 50 min-
utes.
Commutees from Abu Dhabi
to Al Ruwais will take 70 min-
utes, while travelling from Abu
Dhabi to Fujairah will take 100
minutes.
Currently it takes almost
two hours by road from Abu
Dhabi to Dubai, and another
one hour from Dubai to Fu-
jairah.
The network’s locomotives
incorporate the latest technol-
ogy for reducing emissions.
Carbon emissions will be re-
duced by 70-80 per cent, com-
pared to trucks. A single train
journey replaces around 300
UAE to host COP28 summit
trucks on the road.
at Expo City Dubai next year
The meet is expected to see over 45,000 participants
daily, including heads of state, government officials,
international industry leaders, academics experts
and representatives of civil society organisations
T
Our Dubai Correspondent necting Minds, Creating the Fu- country in the region to sign and
ture, the underlying theme of ratify the Paris Agreement. (The
HE 28th United Nations the Expo 2020 Dubai event. Paris Agreement, often referred
Climate Change Confer- COP28 focusses on key pil- to as the Paris Accords or the
ence of the Parties lars, including the implementation Paris Climate Accords, is an in-
(COP28) will be held at Expo of climate commitments and ternational treaty on climate
City Dubai from November 6-17, pledges, inclusion, working to- change, adopted in 2015. It cov-
2023. gether to take action and identi- ers climate change mitigation,
The conference is expected fying solutions that contribute to adaptation, and finance. The
to see over 45,000 participants overcoming challenges, and Agreement was negotiated by
daily, including heads of state, leveraging opportunities to en- 196 parties at the 2015 United
government officials, international sure a sustainable future, official Nations Climate Change Con-
industry leaders, private sector news agency WAM reported. ference near Paris, France.)
representatives, academics ex- The UAE has taken key ini- Last year, the UAE an-
perts and representatives of civil tiatives to usher in a cleaner, nounced a new Net Zero 2050
society organisations. more sustainable future. Besides Strategic Initiative to reduce car-
The selection of Expo City housing the International Re- bon emissions and plans for 50
Dubai as the venue for COP28 newable Energy Agency (IRENA) per cent of its energy to come
builds on the legacy of Con- headquarters, it remains the first from renewable sources by 2050.
in stark terms the pivotal role
port performance plays in the
timely supply of goods. The ef-
fects of the pandemic on key
global gateways and associated
supply chains are very worrying
and continue to cause severe
supply delays and shortages of
goods, leading to higher prices
and negatively impacting the fi-
nancial situation of many com-
panies,” said Turloch Mooney,
Associate Director, Maritime and
Trade at S&P Global Market In-
telligence.
The Port of Virginia is the
top ranked port in North America
(23rd worldwide), followed by Mi-
ami (29) and Halifax in Canada
(46). Cartagena in Colombia (12)
ranks highest in Latin America
and the Caribbean, while Port
Matadi in the Democratic Re-
public of the Congo (171) is the
best performing port in Sub-Sa-
haran Africa.
The Container Port Perform-
ance Index is based on total
port hours per ship call, defined
as the elapsed time between
when a ship reaches a port to
its departure from the berth hav-
ing completed its cargo ex-
change. Greater or lesser work-
loads are accounted for by ex-
amining the underlying data with-
in ten different call size ranges.
Five distinct ship size groups
are accounted for in the method-
ology given the potential for
greater fuel and emissions sav-
ings on larger vessels.
Binary supermassive
2 ASSIGNMENTS ABROAD TIMES, MUMBAI, WEDNESDAY, JUNE 29, 2022

black hole discovered

A group of astronomers from Argentina, Spain, Italy, US and
India has discovered the system using extensive optical
photometric observations carried out around the globe during
the last four decades (1982-2019). Five such periodic patterns
were detected, and it was predicted that the next such flaring
event will occur between November 2022 and May 2025

Tax literacy among children

The Union Minister for Railways, Communications, Electronics and Information Technology,
Ashwini Vaishnaw, launches Indian Railways Innovation Program, in New Delhi

A
AAT News Service server, it is called a blazar. eight years, and the separations ARIES, Nainital, an au-

through games and comics

The blazar AO 0235+164 is between two peaks of these tonomous institution of the De-
N international collabo- unique as it is gravitationally- flares are around two years. partment of Science and Tech-
ration of astronomers has lensed by intervening galaxies Five such periodic patterns nology, has participated in this
discovered a binary su- (phenomenon by which light were detected, and it was pre- study which has been recently
permassive black hole in a sys- shining from far away to be bent dicted that the next such flaring published in the journal Monthly
tem which will be a strong can- and pulled by the gravity of an event will occur between No- Notices of the Royal Astronom-
didate for future detection of object between its source and vember 2022 and May 2025. To ical Society. The study was led
gravitational waves. the observer). A group of as- confirm the next periodic pattern, by Abhradeep Roy, a PhD stu-
dent of the Department of High
Energy Physics, Tata Institute
of Fundamental Research
(TIFR), Mumbai. The other mem-
bers of the Indian team, include
Prof V R Chitnis; Anshu Chat-
terjee; and Arkadipta Sarkar from
TIFR, Mumbai.
The team detected five sets
of double-peaked flaring activities

Blazars, which are super-
massive black holes feeding on
gas in the heart of a very distant
galaxy, are among the most lu-
minous and energetic objects in
the universe. When the jet,
composed of ionised matter
travelling at nearly the speed of
tronomers from Argentina, Spain,
Italy, US and India has discov-
ered the system using extensive
optical photometric observations
carried out around the globe
during the last four decades
(1982-2019). They discovered
periodic double-peaked flaring
a global optical photometric mon-
itoring campaign has been initi-
ated under WEBT (Whole Earth
Blazar Telescope) consortium.
The observational campaign will
be led by Alok C Gupta, Senior
Scientist from Aryabhatta Re-
search Institute of Observational
during time ranges – January
1982-October 1984; March 1989-
July 1993; April 1996-March
2001; June 2006-09; and May
2014-17. They expect the next
such two years long-flaring
episode to happen between No-
vember 2022 and May 2025. An
intensive multi-wavelength
WEBT campaign will be con-
ducted during this period to test
the persistence of this apparent
nearly-periodic oscillation in AO
0235+164.
The blazar AO 0235+164 is
the first binary supermassive
black holes gravitationally-lensed
system, which will be a strong
candidate of its kind for future
detection of gravitational waves
using the pulsar timing array
and future space-based gravi-
M
AAT News Service good and bad habits in respect pieces when connected together
of tax events and financial trans- will build a 3D structure of India
OVING beyond text- actions. The game is simple, in- Gate conveying the message
based literature, aware- tuitive and educational with good that taxes build India.
ness seminars and habits being rewarded through Digital Comic Books – The
workshops, the Central Board ladders and bad habits penalised Department of Income-Tax has
of Direct Taxes (CBDT) has by snakes. collaborated with Lot Pot Comics
adopted a novel approach to Building India – This col- to spread awareness about con-
spread tax literacy through ‘learn laborative game introduces the cepts of income and taxation
by play’ methods. The CBDT concept of the importance of among children and young
has brought out products to in- paying taxes through the use of adults. The messages are given
troduce concepts related to tax- 50 memory cards based on in- by the immensely-popular car-
ation, often perceived to be com- frastructure and social projects. toon characters of Motu-Patlu,
plicated, to high school students The game aims to convey the through their bone-tickling dia-
through board games, puzzles message that taxation is collab- logues.
and comics, said Nirmala orative in nature and not com- These products will be initially
Sitharaman, Union Minister for petitive. distributed to schools through
Finance. India Gate (3D Puzzle) – the network of income-tax offices
The novel products brought This game consists of 30 pieces, spread across India. A proposal
out by the CBDT are: each containing information to distribute these games through
Snakes, Ladders and Taxes about various terms and con- bookstores is also being worked

Finance Minister inaugurates

light, is pointed towards an ob- events at an interval of around Sciences (ARIES), Nainital. tational waves detectors. – This board game introduces cepts related to taxation. The out, said Ms Sitharaman.

J
AAT News Service the state’s summer capital, Sri- In 2022, the DRDO collabo- tals and the number of services

museum depicting artefacts

nagar and the other six months rated with Department of Ad- being offered on their state por-
AMMU and Kashmir tops in its winter capital, Jammu, said ministrative Reforms and Public tals, added Mr Singh.
among all the Union terri- the minister. Grievances (DARPG) in propa- Addressing the workshop,

seized by Indian Customs

tories of India in e-Gover- The report has been pre- gation of the use of e-Office in Secretary, DARPG, V Srinivas
nance services delivery, which pared covering the assessment DRDO and all field offices of said “currently we are monitoring
has also enabled it to save of states/UTs, and focusses on DRDO and the headquarters. adoption of e-Office on its dash-
around ` 200 crore annually that central ministries on their effec- Similarly, e-Office version 7.0 is board on a daily basis, submitting
was incurred in carriage of phys- tiveness in delivering online a significant advancement over progress reports on e-Office im-
ical files during the annual Durbar services to citizens. The report version 6.0 with a number of plementation in its monthly DO
Move between the two capital also provides suggestions for new features, enabling referen- (Demi Official) letters to the Cab-

T
cities of Jammu and Srinagar, governments to further enhance ces to external offices. This has inet Secretary and circulating
AAT News Service in Goa. The two-storey building, ficers. It contains chronicled said Jitendra Singh, Union Min- their e-Governance service de- enabled the seamless movement information to the Council of
which was earlier known as Al- seizures of antique coins, stat- ister for Prime Minister’s Office, livery systems. Twenty-eight of files to Integrated Finance Di- Ministers. Further, the DARPG

Centre should enhance

HE Central Board of Indi- fandega, during the period of ues, endangered wildlife, Personnel, and Public Griev- ministries/departments have al- vision and Department of Ex- had instituted certificates of
rect Taxes and Customs Portuguese rule in Goa, has weapons and narcotics. ances, at the national workshop ready adopted e-Office version penditure, said the minister. recognition to institutions that
had set up the Customs been standing on the banks of The museum provides the on e-Office. Releasing the sec- 7.0, along with digitisation of the India’s e-Governance poli- achieve 90 per cent of e-Office

e-Governance service
and GST Museum at the heritage the Mandovi river in Panaji for rare opportunity of having a peep ond edition of National e-Gov-
Customs building, popularly more than 400 years. The one- into the working of the depart- ernance Service Delivery As-
known as ‘blue building’, in Goa. of-its-kind museums in the coun- ment over the years, ushering sessment (NeSDA), 2021 Report
The building was selected to try, showcases not only the arte- in change in its methodologies prepared by the Department of
house the museum due to its facts seized by Indian Customs, to meet the emanating chal- Administrative Reforms, Ministry

delivery systems: Report

rich and interesting/eventful his- but also depicts various aspects lenges while at the same time
tory and quaint architecture, said of work performed by the de- providing yeomen service to the
Nirmala Sitharaman, Union Min- partment while safeguarding the nation.
ister for Finance. economic frontiers of the country, Notable among its displays
Inaugurating the revamped its heritage, flora & fauna and are the manuscript of Ain-i-Akbari
‘Dharohar: National Museum of the society. intercepted by the Indian Cus-
toms at the Indo-Nepal Border
at Raxaul, replica of Amin pillars
from Kurukshetra, Medieval pe-
riod astronomical instruments,
seized metal and stone artefacts,
ivory items and wildlife items.
GST Gallery is the brand
new addition to the museum. A
first-of-its-kind initiative in the
country, this gallery takes one
through the long and arduous
journey to GST spanning two
decades. Beginning with the Atal
Bihari Vajpayee government ini-
tiating discussions on GST in
the year 2000, the gallery chron-
icles various stages and process-
es that paved the way for intro-
duction of reformed unified indi-
rect taxation in the form of GST
on July 1, 2017.
Customs and GST’, in Goa as The museum has eight gal- An e-catalogue of the mu-
part of the Azadi Ka Amrit Ma- leries, ie Introductory Gallery; seum contains high-resolution
hotsav, the minister said, it is History of Taxation Gallery; pictures of the various items dis-
the first-of-its-kind museum in Guardians of India’s Economic played in the museum along
India that showcases the rich Frontiers Gallery; Guardians of with relevant information. This
history of the Department of India’s Art & Heritage Gallery; e-catalogue is downloadable us-
Customs and Indirect Taxes. The Guardians of Flora & Fauna ing the QR Code which will serve
inauguration was performed in Gallery; Custodians of Social as a ready reckoner for not just
a unique manner, with the min- Wellbeing Gallery; Journey of the visitors, but also for the
ister removing the golden sand Indirect taxes – Salt Tax to Goods scholars of archaeology and an-
from single rock art installed at and Services Tax (GST) Gallery; cient history.
the centuries-old heritage build- and the GST Gallery. Pankaj Chaudhary, Union
ing in which the museum is The tour de force of Dharohar Minister of State for Finance;
housed. museum is a unique ‘Battle of and Mauvin Godinho, Union Min-
Dharohar is an important ad- Wits’ Gallery which showcases ister of State for Transport,
dition to the Tourism Map of the cerebral battle between the Tourism and Panchayat, were
India and a must-see attraction smugglers and the customs of- also present at the ceremony.
of Personnel, Mr Singh said
Jammu and Kashmir achieved
this position with an overall com-
pliance of nearly 90 per cent.
The UT was assessed for
the first time in NeSDA, 2021
and scored the highest amongst
all UTs for six sectors. After com-
ing into force of the Jammu and
Kashmir Reorganisation Act,
2019, the UT is first in the country
to have Good Governance Index
and also first to launch District
Good Governance Index for 20
districts in January this year.
The operationalisation of two
Civil Secretariats in Jammu and
Kashmir was possible because
of e-Office and that has put an
end to annual Darbar Move car-
rying over 300 truckloads of files
between the two capital cities
of Srinagar and Jammu. This
also saved ` 200 crore per an-
num and led to uninterrupted
work culture in the entire UT
without any official break of six central registration units en- cies have shown improvements digitalisation”.
weeks for organisation of files abling creation of paperless and citizen satisfaction levels Around 1,400 services across
in Jammu and Srinagar, respec- secretariats where receipts, files have risen and, in many ways, all states and UTs were assessed
tively. and correspondence moves on- the technology has succeeded in NeSDA, 2021. Seventy-four
Darbar Move is the bi-annual line, he said. in bringing government and citi- respondents of the nationwide
shift of the secretariat and all The migration schedule of zens closer. In assessment of citizen survey conducted during
other government offices of the the remaining 56 ministries/de- State portals, Kerala became a the study stated that they are
Jammu and Kashmir from one partments has been drawn up frontrunner and the progress satisfied with the e-Services pro-
capital city to another. The gov- and by February 2023, all min- made by Tamil Nadu, Jammu vided by the states and UTs.
ernment functions for six months istries will have e-Office version and Kashmir, and Uttar Pradesh The e-Services of finance
each in the two capitals of Sri- 7.0. The adoption of e-Office in in NeSDA, 2021 is also com- and local governance, and utility
nagar and Jammu. Around 9,000 Defence Research and Devel- mendable. services sectors were the most
employees working in Civil Sec- opment Organisation (DRDO), In Service portals, Rajasthan, widely used by citizens. The ris-
retariats, with headquarters in represented a milestone as it Punjab, Jammu and Kashmir, ing trend of e-Services delivery
Jammu and Srinagar, would demonstrated that departments and Meghalaya have topped the shifting from single silo depart-
move along with files twice every with multiple-field offices could rankings. All states/UTs have mental portals to integrated or
year. From May to October, gov- use e-Office for real-time trans- shown improvements in the pro- centralised portals has resulted
ernmental offices are housed in fer of files. motion of Integrated Service por- in higher citizen satisfaction.
 wednesday, june 29, 2022 assignments abroad times, Mumbai 3

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SHORTLISTING IN PROGRESS Be Well Exp In Automotive/ P&M (Rental, Spare Parts,
v ANALYzER TECHNICIAN v CARPENTER
CLIENT INTERVIEW IN MUMBAI ON 3RD JULY 2022 Field support-Procurement field v DOCUMENTER v DRIVER
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v
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v v INSTRUMENT TECHNICIAN
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A special section of Assignments Abroad Times WEDNESDAY, JUNE 29, 2022 ASSIGNMENTS ABROAD TIMES, MUMBAI 5

Are We Heading
T
AAT News Service ues: Economists have a rule of amid the dotcom crash and the crisis. So if the US economy is The trend implies two successive cession. Hence, some analysts Schwartz argued, made a bad
thumb: if gross domesitc product 9/11 terrorist attacks; and a cat- in trouble, the rest of the world quarters of declining GDP, the forecast a recession by the end situation much worse.
HE question many ob- (GDP) declines quarter-on-quar- astrophic one known as the will have reasons to worry. benchmark for a recession. of the Fed’s tightening cycle in The question many are ask-
servers of the world econ- ter for two successive quarters, Great Recession, between 2007 In the first quarter of 2022 Swamy attributes the crash in late 2023. ing today is, is the Fed taking
omy ask these days is, the economy is in recession. and 2009. Since 1854, the first (January-March), US GDP de- the stock market to this. Why do some say that re- the same path and leading the
are we heading into a recession? Additional benchmarks are used year for which we have official clined by 1.5 per cent. Most The inflation rate in the US, cession is already here? They country into recession although

Into A Recession?
Economists are divided over a possible recession
in the US and its effect on the world economy
While many point out the signals
of a possible recession, a few
others say that we are already
in a recession and some others
say that the talk of recession is
the argument of a pessimist.
Indian economist Swami-
nathan Anklesaria Aiyar dares
to say that “The US is already
in recession…So we are not
heading for a recession but ac-
tually we are in one.” He contin-
by the National Bureau of Eco-
nomic Research (NBER), the
authority that officially declares
recessions, to decide whether
to utter the R (recession) word.
But only rarely does the economy
decline for two successive quar-
ters without being declared a
recession.
Between 1991 and 2020, the
United States (US) had two re-
cessions, a mild one in 2001,
economic data, the US has ex-
perienced 35 recessions.
Why are we talking about
the US economy? That’s be-
cause the US economy is the
world’s biggest. Any setback
there will have a cascading effect
on the rest of the world. Re-
member, the recession of 2008
across the world started in the
US with the collapse of Lehman
Brothers following the subprime
pundits predicted a significant
increase in the second quarter
(April-June). There was a pre-
diction that in May the GDP in
the second quarter, seasonally
adjusted, would grow by 1.9 per
cent.
But by June 1, the same
model had cut the quarterly pre-
diction to 1.3 per cent growth.
On June 15, the model cut its
prediction further to just zero.
as also in many other countries,
is a high single-digit percentage
which is a significant jump from
two per cent under which the
US inflation has been in. The
US Federal Reserve could not
predict this sudden spike. When
inflation crossed its target of two
per cent in 2021, the Fed first
dismissed this as a blip, then
said the two per cent target was
an average rather than a ceiling,
then ascribed rising prices to
supply dislocations which would
soon correct themselves. It
grossly underestimated the im-
pact of the Ukraine war. The net
result was that inflation soared
to 8.7 per cent, more than four
times the Fed target of two per
cent. As an afterthought, the
Fed started raising rates steeply
in its bid to tame inflation. It is
expected to stay on that course
for some more time.
However, pundits are ex-
pressing fears that the Fed may
go too far in monetary tightening,
plunging the economy into re-
cession. The Fed hopes to
achieve a ‘soft landing,’ slowing
the economy (and inflation) with-
out creating a recession. Yet,
history shows that serious Fed
tightening usually leads to a re-
have some numbers to back
them. Consumer purchases at
mass retailers such as Walmart
and Target have crashed hard
and unexpectedly. So their stock
prices have been hammered.
Amazon complains that it is sad-
dled with huge unsold invento-
ries. Sales of autos and other
discretionary items have been
hit hard as consumers postpone
such purchases. This is not sur-
prising since high food and fuel
prices have left people with less
money to buy other things.
If we have to take lessons
from history, Milton Friedman
and Anna Schwartz, in their book
A Monetary History of the United
States: 1867-1960, famously ar-
gued that it was the US Federal
Reserve, pursuing a boneheaded
monetary policy, that ultimately
caused the Great Depression.
When the stock market crashed,
chaos spread through banks,
and America entered a defla-
tionary spiral, the Fed should
have printed money, rescued
banks, and stabilised the econ-
omy. Instead, the Fed did the
exact opposite. It tightened mon-
etary policy, failed to rescue
banks, and removed money from
the market. This, Friedman and
its professed motive is to save
the economy from inflationary
pressures? Today, there's a
growing chorus – including The
Economist magazine – blaming
the Fed again for mismanaging
the nation's money supply and
leading the country down a re-
cessionary path. The Economist,
as well as some prominent Dem-
ocratic economists, argue that
President Biden's $1.9 trillion
spending package, the American
Rescue Plan, overheated an
economy that was already run-
ning hot, jumpstarting inflation.
"As the White House hit the ac-
celerator, the Fed should have
hit the brakes," the magazine
writes.
One positive thing about the
US economy is, the unemploy-
ment rate in May was a very
low 3.6 per cent. Which is why
most analysts do not believe a
recession is possible. Perhaps
this will be a shallow recession
with unemployment rising to no
more than five to six per cent.
That will cause less pain than
most recessions. But if the
Ukraine war continues into 2023,
the pain level will shoot up. So,
we cannot but keep our fingers
crossed.

C
AAT News Service recovery from the stagflation of chor inflation expectations and in multiple dimensions: the dollar
the 1970s required steep in- reduce the amount of policy is strong, a sharp contrast with
OMPOUNDING the creases in interest rates in major tightening required to achieve its severe weakness in the
damage from the Covid- advanced economies, which the desired effects on inflation 1970s; the percentage increases
19 pandemic, the Russ- played a prominent role in trig- and activity.” in commodity prices are smaller;

Stagflation Risk Rises

ian invasion of Ukraine has mag- gering a string of financial crises The current juncture resem- and the balance sheets of major
nified the slowdown in the global in emerging market and devel- bles the 1970s in three key as- financial institutions are generally
economy, which is entering what oping economies. pects: persistent supply-side dis- strong. More importantly, unlike
could become a protracted pe-

Worldwide Amid Sharp

riod of feeble growth and ele-
vated inflation, according to the
World Bank’s latest Global Eco-
nomic Prospects report. This

Slowdown In Growth
raises the risk of stagflation, with
potentially harmful consequences
for middle- and low-income
economies alike.
Global growth is expected
to slump from 5.7 per cent in
2021 to 2.9 per cent in 2022 –
significantly lower than 4.1 per
cent that was anticipated in Jan-

Global growth is expected to slump from

uary. It is expected to hover
around that pace over 2023-24,

5.7 per cent in 2021 to 2.9 per cent in 2022,

as the war in Ukraine disrupts
activity, investment, and trade

significantly lower than 4.1 per cent that was

in the near term, pent-up demand
fades, and fiscal and monetary

anticipated in January
policy accommodation is with-
drawn. As a result of the damage
from the pandemic and the war,
the level of per capita income in port notes that if inflation remains expected to further moderate to tional policy action to avert the
developing economies this year elevated, a repeat of the reso- 2.2 per cent in 2023, largely re- worst consequences of the war
will be nearly five per cent below lution of the earlier stagflation flecting the further unwinding of in Ukraine for the global econo-
its pre-pandemic trend. episode could translate into a the fiscal and monetary policy my. This will involve global efforts
“The war in Ukraine, lock- sharp global downturn along with support provided during the pan- to limit the harm to those affected
downs in China, supply-chain financial crises in some emerging demic. by the war, to cushion the blow
disruptions, and the risk of stag- markets and developing Among emerging markets from surging oil and food prices,
flation are hammering growth. economies. and developing economies, to speed up debt relief, and to
For many countries, recession The report also offers fresh growth is projected to fall from expand vaccinations in low-in-
will be hard to avoid,” says World insights on how the war’s effects 6.6 per cent in 2021 to 3.4 per come countries. It will also in-
Bank President, David Malpass. on energy markets are clouding cent in 2022 – well below the volve vigorous supply responses
“Markets look forward, so it is the global growth outlook. The annual average of 4.8 per cent at the national level while keeping
urgent to encourage production war in Ukraine has led to a surge over 2011-2019. The negative global commodity markets func-
and avoid trade restrictions. in prices across a wide range of spillovers from the war will more tioning well.
Changes in fiscal, monetary, cli- “Developing economies will turbances fuelling inflation, pre- the 1970s, central banks in ad- energy-related commodities. than offset any near-term boost Policymakers, moreover,
mate and debt policy are needed have to balance the need to en- ceded by a protracted period of vanced economies and many Higher energy prices will lower to some commodity exporters should refrain from distortionary
to counter capital misallocation sure fiscal sustainability with the highly accommodative monetary developing economies now have real incomes, raise production from higher energy prices. Fore- policies such as price controls,
and inequality.” need to mitigate the effects of policy in major advanced clear mandates for price stability, costs, tighten financial conditions, casts for 2022 growth have been subsidies, and export bans,
The June Global Economic today’s overlapping crises on economies, prospects for weak- and, over the past three decades, and constrain macroeconomic revised down in nearly 70 per which could worsen the recent
Prospects report offers the first their poorest citizens,” says Ay- ening growth, and vulnerabilities they have established a credible policy especially in energy-im- cent of EMDEs (Emerging Mar- increase in commodity prices.
systematic assessment of how han Kose, Director of the World that emerging market and de- track record of achieving their porting countries. kets and Developing Against the challenging backdrop
current global economic condi- Bank’s Prospects Group. “Com- veloping economies face with inflation targets. Growth in advanced Economies), including most com- of higher inflation, weaker growth,
tions compare with the stagflation municating monetary policy de- respect to the monetary policy Global inflation is expected economies is projected to sharply modity importing countries as tighter financial conditions, and
of the 1970s — with a particular cisions clearly, leveraging cred- tightening that will be needed to to moderate next year but it will decelerate from 5.1 per cent in well as four-fifths of low-income limited fiscal policy space, gov-
emphasis on how stagflation ible monetary policy frameworks, rein in inflation. likely to remain above inflation 2021 to 2.6 per cent in 2022 – countries. ernments will need to reprioritise
could affect emerging market and protecting central bank in- However, the ongoing targets in many economies. The 1.2 percentage point below pro- The report highlights the spending towards targetted relief
and developing economies. The dependence can effectively an- episode differs from the 1970s Global Economic Prospects re- jections in January. Growth is need for decisive global and na- for vulnerable populations.

Pvt sector plays pivotal
6 MUMBAI, WEDNESDAY, JUNE 29, 2022
role in logistics industry
Government will create separate category to recognise
MSMEs in the logistics sector. Increased infra spending
and GatiShakti will immensely help the sector: Goyal
T
AAT News Service
HE Union Minister for
Commerce & Industry,
Consumer Affairs, Food
and Public Distribution and Tex-
tiles, Piyush Goyal urged the in-
dustry to work with the govern-
ment to bring down the logistics
cost from 12-14 per cent to
seven to eight per cent as pre-
vailing in the developed coun-
tries.
The government hosted the
first-ever National Logistics Ex-
cellence Awards in New Delhi.
Mr Goyal along with the Union
Minister of State for Commerce
and Industry, Som Parkash Shar-
ma gave away the awards in 12
categories.
The National Logistics Ex-
cellence Awards aim to acknowl-
edge the many logistics service
providers in the country that
have been able to display inno-
vation, diversity and efficiency.
With 169 entries and 12 cat-
egories for awards in its first
edition, the Ministry of Commerce
and Industries undertook a year-
long process of identifying, cat-
egorising, and selecting qualified
applications. An Expert Screen-
ing Committee of 18 diverse ex-
perts and a National Jury of nine
senior dignitaries was formed to
make the final deliberations.
Mr Goyal emphasised that
the expansion of infra spending
from ` 2.5 lakh crore to ` 7.5
lakh crore and GatiShakti will
benefit the logistics sector most
Fashion Corner
with investment across roads,
Printed by Dr. N.R.K. Pillai, CMD and published by him on behalf of Aishwarya Publications Pvt. Ltd. and printed at M/s. Dangat Media Pvt. Ltd., 22, Digha, MIDC, TTC Industrial Area, Vishnu Nagar, Digha, Navi Mumbai-400 708 and published from 302, Eruchshaw Building, 3rd Floor, 249 Dr. D.N. Road, Fort, Mumbai 400 001. Editor: Dr. N.R.K. Pillai.
highways, ports, airports, multi-
modal terminals etc. GatiShakti
will help in efficient planning and
implementation, thereby ensuring
that last-mile connectivity related
issues are not there. He also in-
formed that the government is
actively thinking of promoting
manufacturing of containers and
shipbuilding.
The minister appreciated the
role played by the logistics sector
during the Covid-19 pandemic.
He said the resilient and efficient
supply chains developed by the
operators in the logistics sector
helped India overcome the chal-
lenges of the Covid-19 pandemic
and supported the growth in
trade seen over the last two
years.
Mr Goyal asked the industry
to involve start-ups to become
more transparent and efficient.
Going forward, a separate cate-
gory of awards should be created
for Micro, Small and Medium
Enterprises (MSMEs) in the lo-
gistics sector given the role
played by them, he said.
Mr Sharma said, the avail-
ability of cost-effective logistics
is critical for growth of the in-
dustries and Indian economy
and that adoption of technologies
and upgradation of skill levels
of human resources engaged in
the sector is a must.
Anurag Jain, Secretary of
the Department for Promotion
of Industry and Internal Trade,
acknowledging the excellence
portrayed by the logistics sector,
shared that GatiShakti, Aat-
manirbhar Bharat, driven by
250 birth anniversary celebration
many MSME and start-ups of
the country, make the logistics
th
sector very crucial to India’s eco-
of Raja Ram Mohan Roy begins
The Union Minister for Culture, Tourism and Development of North
Eastern Region, G Kishan Reddy, unveils iconic statue of Raja Ram
Mohan Roy at Raja Ram Mohan Roy Library Foundation, in Kolkata
R
AAT News Service
AJA Ram Mohan Roy,
an independent and vi-
sionary thinker was not
only a great social reformer but
was also a great philosopher,
an educationist and a great jour-
nalist. The work he did for edu-
cation and the improvement of
conditions of women is incom-
parable. In true sense he was
the architect of modern India
and the father of Bengal Ren-
aissance.
Azadi Ka Amrit Mahotsav
is an occasion to pay respect
and remember the country’s
great men and heroes who sac-
rificed their lives for the inde-
pendence of the country. The
installation of the idol of Raja
Ram Mohan Roy at Raja Ram
Mohan Roy Library Foundation,
Kolkata is the country’s way of
paying a true tribute to him,
said the Union Minister for Cul-
ture, Tourism and Development
of North Eastern Region (DoN-
ER), G Kishan Reddy. He was
attending the virtual ceremony
to mark the year-long celebra-
tion of the 250th birth anniver-
sary of Raja Ram Mohan Roy
on May 22, in Kolkata. The
year-long celebration will con-
tinue till next year.
The ceremony took place at
Raja Ram Mohan Roy Library
Foundation, Salt Lake, Kolkata,
and at Science City Auditorium,
Kolkata. The programme was
organised by Eastern Zonal Cul-
tural Centre, Ministry of Culture,
Government of India.
Unveiling the statue in virtual
nomic ambitions.
In addition to the Logistics
Ease Across Different States
(LEADS) report that measures
and appreciates the endeavours
of the state governments, the
Logistics Excellence Awards will
continue to be an annual exercise
recognising excellence in logistics
with the private sector in India.
Following is the list of Na-
tional Logistics Excellence
Awards 2021.
1) Best Cargo Airline & Ter-
minal Operator – FedEx Express
Transportation and Supply Chain
Services (India).
2) Best Road Freight Service
Provider – DHL Supply Chain
India. 3) Best Rail Freight Serv-
ice Provider – Adani Logistics.
4) Best Shipping &
NVOCC Service Provider –
Maersk India. 5) Best Port Serv-
ice Provider – DP World. 6) Best
Warehouse Service Provider –
Transport Corporation of India
(TCI). (Through TCI Supply
Chain Solutions). 7) Best Cold
Chain/Refrigerated Service
Provider - Transport Corporation
of India. (Through TCI Supply
Chain Solutions). 8) Best Ex-
press Logistics Service Provider
– Safexpress. 9) Best Logistics
Infrastructure and Service
Provider – Adani Logistics. 10)
Best Freight Forwarders –
Kuehne + Nagel. 11) Best Cus-
toms House Agent/Customs Bro-
ker – International Clearing &
Shipping Agency (India). 12) In-
dustry Excellence Award – Sun
Pharmaceutical Industries.
mode, Mr Reddy said, “the statue
of this great man will inspire us
and our younger generation. It
will remind all of us about the
great deeds, high ideals and the
philosophy of his life”.
The Governor of West Ben-
gal, Jagdeep Dhankhar said,the
ceremony also marks the 50th
foundation day of Raja Ram Mo-
han Roy Library Foundation.
Future generations must con-
®
OVL’s new oil discovery in Colombia
O
AAT News Service
NGC Videsh (OVL), the
wholly-owned subsidiary
and overseas arm of Oil
and Natural Gas Corporation
(ONGC), has made an oil dis-
covery in the recently drilled
well, Urraca-IX, in CPO-5 block,
Llanos Basin, Colombia. Well,
Urraca-IX was spudded on April
20, 2022 and drilled to target
depth of 10,956 ft., encountering
17 ft thick oil-bearing sands at a
depth from 10,201 ft-10,218 ft.
During initial testing with electri-
tinue to follow the ideas of Raja
Ram Mohan Roy, he said.
“On behalf of the Prime Min-
ister, Narendra Modi and the
Central government, I would
thank and pay my regards for
his great contribution for the
emancipation of our Indian so-
ciety. It is a wonderful coinci-
dence that the day marks the
250th birth anniversary of the
great social reformer and the
cal submersible pump, fluid
flowed at approximately 600
barrels per day. Oil discovery in
the lower mirador play in this
well opens up new areas for fur-
ther exploration in the northern
part of the block.
Block CPO-5 was awarded
to OVL in 2008 bid round of
Colombia. OVL holds 70% par-
ticipating interest in block along
with operatorship, remaining 30%
is held by partner Geopark. OVL
has significant presence in oil
and gas sector in Colombia, with
three other exploratory blocks
historical 50 years of Raja Ram
Mohan Roy Library Foundation
is also being completed,” said
Mr Reddy.
While remembering the con-
tribution of Raja Ram Mohan
Roy, the minister said, his schol-
arly mind can be gauged from
the fact that he learned Bengali,
Persian, Arabic and Sanskrit lan-
guages at the age of 15. Later
he also learned Hindi and Eng-
in the country and joint ownership
of oil producing company
Mansarovar Energy Colombia.
With this, OVL adds one more
feather in its cap towards ex-
tensive exploration and drilling
campaign in Colombia.
Readers are advised to make ap-
propriate enquiries before entering
into any commitment or making
payments in relation to any adver-
tisement published in this paper.
Assignments Abroad Times shall
not be held responsible for any con-
sequences thereon.
Publisher
lish. On child marriage, he clearly
believed that the age of marriage
for women should be increased
and women should get the right
of remarriage.
He hailed the efforts of the
Ministry of Culture for promoting
and upgrading the libraries
across the country. “The Ministry
of Culture provides assistance
for one state central library and
one district library under the Na-
tional Library Mission. They have
also provided more than ` 54
crore to 50 libraries across the
country. We are continuously
trying to expand and modernise
the libraries across the country,”
said Mr Reddy.
The minister appealed to the
authorities of the states and
Union territories, that the public
library system should be
strengthened more in the Azadi
Ka Amrit Mahotsav.
“Active participation in the
programmes of national model
library should be ensured and
we should also move in the di-
rection of e-book and digital li-
brary. Only knowledge and skills
will make India a strong and a
self-reliant nation. We all need
to make new resolutions and
move in the direction of making
this great nation a Vishwaguru
once again,” he said.
Several other events were
also arranged at Science City
Auditorium, Kolkata. A seminar
and quiz programme for chil-
dren were also organised. A
multimedia presentation on var-
ious facets of the life of Raja
Ram Mohan Roy was also pre-
sented.