Current Affairs - Indian Economy
India Post Payments Bank (IPPB), a 100% government owned entity under Department of Posts (DoP) announced the launch of Fincluvation – a joint initiative to collaborate with Fintech Startup community to co-create and innovate solutions for financial inclusion.
On 10th November 2021, the Union Government has approved Reservation norms for mandatory use of jute in packaging for the Jute Year 2021-22 (1st July, 2021 to 30th June, 2022).
- The mandatory packaging norms approved for Jute Year 2021-22 provide for 100% reservation of the foodgrains and 20% of sugar to be compulsorily packed in jute bags.
For engaging the youth in promoting entrepreneurship leading to the economic development of the country, the Ministry of Micro, Small & Medium Enterprises (MSME) has launched “SAMBHAV”, a National Level Awareness Programme-2021.
- 42 applicants with committed investment of Rs 4,614 crore have been provisionally selected as beneficiaries under the PLI scheme.
- The selected applicants include 26 for Air Conditioner manufacturing with committed investments of Rs. 3,898 crore and 16 for LED Lights manufacturing with committed investments of Rs. 716 crore.
- On 27th September 2021, the Ministry of Food Processing Industries, in association with the Ministry of Housing and Urban Affairs, under the Pradhan Mantri Formalisation of Micro food processing Enterprises (PMFME) Scheme, virtually launched the Seed Capital Module on Deendayal Antyodaya Yojana-National Urban Livelihoods Mission (DAY-NULM) MIS Portal for seed capital assistance to members of urban Self Help Groups working in the food processing sector in India.
- The seed capital portal can be accessed by Self Help Groups to avail the seed capital assistance of Rs.40,000 per SHG member under the PMFME Scheme.
On 27th September 2021, the Ministry of Labour and Employment released the report of first quarter of Quarterly Employment Survey (QES) part (April to June 2021), of the All-India Quarterly Establishment-based Employment Survey (AQEES) prepared by the Labour Bureau.
The AQEES has been taken up by the Labour Bureau to provide frequent (quarterly) updates about the employment and related variables of establishments, in both organised and unorganised segments of nine selected sectors. These sectors altogether account for a majority of the total employment in the non-farm establishments. These nine selected sectors are Manufacturing, Construction, Trade, Transport, Education, Health, Accommodation and Restaurant, IT/ BPO and Financial Services.
On 22 September 2021, the Ministry of Commerce & Industry launched National Single Window System.
- DPIIT (Department for Promotion of Industry and Internal Trade) along with Invest India have developed the portal as a National Single Window System (NSWS) to provide a single platform to enable investors to identify and obtain approvals and clearances needed by investors, entrepreneurs, and businesses in India.
On 30th August the Department of Expenditure, Ministry of Finance has released an amount of Rs. 13,385.70 crore to 25 States for providing grants to the Rural Local Bodies. This Grant-in-aid is the 1st installment of Tied grants of the year 2021-22.
- The grants have been released as per the recommendations of the 15th Finance Commission.