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Fed report shows US loan officers see tighter credit, weaker demand
Banks tightened lending standards for U.S. businesses and households in the third quarter, but the pace of change appeared to ease, and demand for loans fell broadly in a sign of the impact higher interest rates are having on the economy, the Federal Reserve reported on Monday. Key Points
ReutersGovt making efforts to ensure consumers get out of mindset of 2 standards -- local & export quality: Piyus
The minister mentioned that India is making rapid strides to encourage more consumers to become demanding consumers, asking for high-quality goods and services. At the same time, a reasonable time is being given for producers to adopt the new quality standards and ensure India is recognised as a provider of good quality products. Key Points
Economic TimesGovt aims to bring 1,500-2,000 products under mandatory quality certification in next 2-3 years: Goyal
The Indian government plans to expand the mandatory quality standard certification to include 1,500-2,000 products in the next 2-3 years, according to Food and Consumer Affairs Minister Piyush Goyal. Currently, over 500 products are covered by mandatory certification, compared to just 106 products prior to 2014. Goyal highlighted the importance of setting and maintaining quality standards, stating that they are crucial for sustainable development. The theme of this year's World standards Day, celebrated on October 14, is A shared vision for a better world with a focus on standards for sustainable development goals (SDGs). Key Points
Economic TimesGovt revises nutritional standards in its food safety schemes for kids
The amendment has been done on the recommendations of an inter-ministerial committee, which, in its draft report, had also recommended that the serving of eggs as part of government food safety programmes be also made mandatory. However, that proposal has been shelved for now. Key Points
The Indian ExpressDGCA to collaborate with EASA on unmanned aircraft systems
The Directorate General of Civil Aviation (DGCA) has entered into a pact with European regulator EASA for cooperation in the areas of unmanned aircraft systems and innovative air mobility. This will cover licensing of personnel, training, air traffic management and infrastructure, including Unmanned Aircraft System Traffic Management standards and services. Key Points
Economic Times
India orders new drug-making standards after overseas deaths
The Indian government has issued a notification requiring pharmaceutical companies to adhere to new manufacturing standards in response to concerns over the quality and safety of drugs. The move comes in the wake of overseas deaths linked to Indian-made drugs since 2022, prompting increased scrutiny of the $50 billion pharmaceutical industry. Key Points
Economic TimesThe great AI debate: Open-source vs proprietary models in global showdown
The development and regulation of AI technologies, such as chatbots, GPTs, and search engines, are causing concern and debate. Geopolitical tensions arise as open-source AI models from China compete with proprietary models from the US and EU. Data privacy laws, consumer data protection, and standardized definitions and regulations for AI are seen as essential. Key Points
Economic TimesGovt to bring more products under mandatory quality norm: Piyush Goyal
Consumer Affairs Minister Piyush Goyal has announced that the government plans to expand the range of products covered by mandatory quality regulations as part of India's goal to become a developed nation by 2047. Speaking at the 77th foundation day of the Bureau of Indian standards (BIS), Goyal emphasized the importance of adhering to high quality standards in both products and services towards achieving India's developmental aspirations. Key Points
Economic TimesVehicles to soon drive around with 'shields' to fend off cyberattacks
The Ministry of Road Transport and Highways (MoRTH) has put forth a proposal for uniform Cyber Security and Management Systems (CSMS) provisions, specifically targeting certain categories of four-wheelers, encompassing both passenger and commercial vehicles. The objective is to fortify these vehicles against potential cyber threats that could compromise their functions. Key Points
Economic TimesDPIIT to roll out mandatory quality norms for home electrical appliances; one order to cover 85 standards
These products, which are divided under six categories, include Vacuum Cleaners, Electrical Shavers Hair, Massage Appliances, Electric Steam Cookers, Electric Heating Tools, Electric Coffee Makers, and Electric Food Processors. Most of the imports are coming from China. As many as 85 standards will be covered under one quality control order for safety of household, commercial and similar electrical appliances, Joint Secretary in the DPIIT Sanjiv told PTI. Key Points
Economic Times
Govt rolls out mandatory quality norms for smart meters, welding rods
Smart meter is an electronic device that records information such as consumption of electric energy, voltage levels, current and power factor. It communicates the information to the consumer for greater clarity of consumption behaviour and electricity suppliers for system monitoring and customer billing. Key Points
Economic TimesNvidia releases software tools to help chatbots watch their language
Nvidia released a set of software tools aimed at helping chatbots watch their language. To learn more, read the full story on The Hindu. Key Points
The HinduExplainer | How U.S. President Joe Biden is pushing a switch to electric vehicles in the U.S.
The U.S. White House on Monday announced new commitments in the electric vehicles (EV) sector, in support of the country’s transition to cleaner energy Key Points
The HinduIndia-specific growth standards for kids to gauge nutrition may be far off, govt wants a study first
Last year, ICMR formed a panel to prepare these standards on Centre's directions. Now govt wants panel to assess kids' growth patterns & analyse population level data, it is learnt. Key Points
ThePrintSatcom services will become mainstream soon: Qualcomm, MediaTek among companies developing chipsets
Currently, satcom through mobile devices is primarily used for coverage in emergency situations and is limited to messages. But in a couple of years, people will be able to get calls and broadband, too. Leading chipmakers Qualcomm and MediaTek said they have already developed chipsets supporting satellite connectivity. Key Points
Economic Times
Nitin Gadkari to launch Bharat NCAP today. Why it's a 'bold step'? Top points
The programme is aimed at improving road safety by raising the safety standards of motor vehicles up to 3.5 tonnes. | Latest News India Key Points
Hindustan TimesChina backs Pakistan charge of India hand in mysterious killings
China backs Pakistan's allegations of India's involvement in the killings of Pakistan nationals and terrorists. The Chinese foreign ministry emphasizes the opposition to double standards on counter-terrorism and calls for strengthening counter-terrorism cooperation among all countries. Key Points
Times Of IndiaOur forests are under threat — here’s how they are certified
The certification industry offers a multi-layer audit system that seeks to authenticate the origin, legality, and sustainability of forest-based products such as timber, furniture, handicraft, paper and pulp, rubber, etc. There are two major standards, FSC and PEFC. Both operate in India, but the Government is also working on its own national standards. Key Points
The Indian ExpressNew accounting standard for insurance soon
The ministry of corporate affairs (MCA) has received recommendations by the National Financial Reporting Authority (NFRA) on the Indian Accounting Standard (Ind AS) 117 for insurance contracts, he told ET. The NFRA's suggestions are being evaluated. The standards will soon be notified under the Companies (Indian Accounting Standards) Rules 2015, he added. Key Points
Economic TimesGovt may bring surgical gloves under quality control order
The Indian government is set to introduce surgical gloves and single-use medical examination gloves under the Quality Control Order (QCO) to prevent imports of substandard products and ensure better standards for domestic production. The move was discussed at a meeting by the Department of Consumer Affairs (DoCA) and is being considered in consultation with the Bureau of Indian Standards. Key Points
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Tesla urges US to adopt much tougher fuel efficiency rules
Electric vehicle manufacturer Tesla (TSLA.O) on Tuesday urged the Biden administration to finalize much tougher fuel economy standards through 2032 than U.S. regulators have proposed. Key Points
ReutersGovt working with spice makers to ensure EtO norm compliance; asks Everest to take corrective action
New Delhi, May 20 (PTI) The government has found that some samples of Everest Spices were non-compliant under the strictest standards (0.1 mg per Kg) regarding presence of ethylene oxide and it has been asked to take corrective measures, an official said on Monday. In view of the reports on the recall of two Indian […] Key Points
ThePrintBharat Park to be set up in UAE: Piyush Goyal
Expressing concern on Free Trade Agreements (FTAs) with Japan, Australia, UAE, and South Korea, the minister said that utilisation of benefits are very poor in India. He also said that Bureau of Indian standards (BIS) will spend Rs. 40 crore for setting up 21 testing laboratories across the country. Key Points
Economic TimesHe frees information, one way or another: A Wknd interview with Carl Malamud
He starts by publicising paywall-protected public information, then reaches out to institutes to say, ‘Here’s what I did. It’s working. What do you think?’ Key Points
Hindustan TimesUS: India crucial in strengthening semiconductor supply chains
US committed to high standards in trade, asserts Biden. Union Commerce Minister Piyush Goyal met US President Joe Biden at the Asia-Pacific Economic Cooperation (APEC) welcome reception on Thursday. Biden specifically mentioned India, stating that it is set to play a pivotal role in the global initiative to strengthen the semiconductor supply chain. Besi Key Points
The Tribune India
India and the US condemn terror, violent extremism
The India-US 2+2 ministerial meeting on Friday condemned terrorism and violent extremism, calling for concerted action against all terrorists. The statement did not explicitly name Pakistan or Hamas. The ministers emphasized the importance of upholding international standards on anti-money laundering and combating the financing of terrorism. Key Points
Economic TimesCentre wants to bring petrol, diesel under GST but Congress adopting double standards on issue: Sitharaman
‘If Priyanka is in favour of bringing petrol and diesel under GST, she should ask every state government of Congress to agree to it in GST Council’. Finance Minister Nirmala Sitharaman on Friday said the Union government wants to bring petrol and diesel under the ambit of the Goods and Services Tax (GST), but the Congress is adopting “double standards” on the issue. Key Points
The Tribune IndiaLanka rejects int'l probe into Easter bombings
Sri Lankan President Ranil Wickremesinghe has ruled out having an international-aided independent probe into the 2019 Easter bombings by a local Islamist extremist group as he slammed the Western media for its double standards. The attacks had left nearly 270 people dead. Key Points
The Tribune IndiaTata Technologies joins AUTOSAR as premium partner
Tata Technologies has become a premium partner in AUTOSAR, a development partnership of car manufacturers, suppliers and other firms aimed at standardising software architecture for vehicle electronic control units. The move is designed to improve efficiency and integration while reducing costs across the sector. Key Points
Economic TimesBharat NCAP: New vehicle safety norms set for launch
Bharat NCAP: The Indian government will introduce the Bharat New Car Assessment Programme to enhance road safety on Tuesday. The programme will cover motor vehicles weighing up to 3.5 tonnes. The initiative provides carmakers with voluntary safety standards using the Automotive Industry Standard 197. Vehicles tested will then be awarded star ratings for their adult occupant and child occupant safety record for use by potential car customers to compare safety standards. Key Points
Economic Times
India will set its own standards on sweeteners: FSSAI
Last week, Reuters reported that the World Health Organisation (WHO)'s cancer research arm, the International Agency for Research on Cancer (IARC), will publish a report that aspartame could be declared a possible cancer risk to humans. Aspartame, an artificial sweetener, is used by soft drinks like Diet Coke, ice-cream and chewing gum. Key Points
Economic Times'Greenwashing' by brands under lens
Greenwashing is classified as an unfair trade practice by the Consumer Protection Act, 2019. The Bureau of Indian standards (BIS) too has a green product certification scheme to monitor products labelled as eco-friendly, while green labels like Energy Star and EcoMark are given to products that meet energy efficiency, water conservation and sustainable raw material sourcing. Key Points
Economic Times