The Ministry of Electronics and Information Technology (MeitY), Government of India has recently launched the Electronics Repair Services Outsourcing (ERSO) Pilot initiative. The primary goal is to establish India as the ultimate global destination for repairing Information and Communication Technology (ICT) products. The ERSO industry could potentially add up to USD 20 billion in revenue to India’s economy within the next five years, while creating a myriad of job opportunities.
Bengaluru as the Location for ERSO’s Pilot Project
The initial phase of the ERSO initiative will be implemented in Bengaluru over a span of three months. This initiative is aligned with Mission LiFE, aiming to promote global environmental sustainability by providing affordable and reliable repair services for ICT products. The intention is to prolong the lifespan of these devices around the world.
Reduction in Fiscal Deficit to 6.4% in 2022-23
The Centre’s fiscal deficit in the financial year 2022-23 declined to 6.4% of the Gross Domestic Product (GDP), according to the budget announced in February. The government is determined to decrease the fiscal deficit further to 5.9% of GDP during the ongoing financial year, 2023-24.
Distribution of Tax Revenues in 2022-23
In the last fiscal year, the central government transferred ₹9.48 lakh crore to the State governments as part of the tax devolution process. This marked an increase of ₹50,015 crore compared to the previous fiscal year. Despite a contraction in non-tax revenues by 17.8%, net tax revenues witnessed a robust growth of 15.2%.
Growth in India’s GDP in 2022-23
India’s GDP growth experienced an upswing to 6.1% in the January-March 2023 quarter, raising the economic surge for 2022-2023 to 7.2%, higher than the initial estimation of 7%. India’s GDP growth was the quickest among major economies in the last quarter.
Performance of Various Economic Sectors in 2022-23
Although the Gross Value Added (GVA) increased by 7% in 2022-23 compared to 8.8% in 2021-22, manufacturing GVA growth fell to a mere 1.3%. Despite this, there was a rebound by 4.5% in the final quarter after six months of contraction. Only three of eight broad economic activity segments reported higher GVA growth than in 2021-22.
Establishment of Regional Office of the Universal Postal Union (UPU) in New Delhi
The Union Cabinet of India has approved the establishment of a Regional Office of the Universal Postal Union (UPU) in New Delhi. This decision enables India to actively participate in multilateral organizations within the postal sector, with a special emphasis on South-South and Triangular cooperation.
UPU’s Role and Objectives
India will contribute staff and provide the requisite office setup for the UPU’s regional office. The office will embark on various projects to improve the capacity, efficiency, and quality of postal services, while advancing postal technology, e-commerce, and trade promotion. India’s goal is to expand its diplomatic presence, fortify relationships with other countries, particularly in the Asia-Pacific region, and enhance its participation in global postal forums.