Recently, NITI Aayog held a national-level consultation on the Principles and Practices of Bhartiya Prakritik Krishi Paddhati(BPKP) -Natural Farming.
About Bhartiya Prakritik Krishi Padhati
It was introduced as a sub scheme of Paramparagat Krishi Vikas Yojana (PKVY) since 2020-21 for the promotion of traditional indigenous practices including natural farming.
The scheme mainly emphasises .... Read More
On 2nd March, 2021, the Government introduced modifications to an existing component of the PM-KUSUM scheme so as to channelize its focus on solarizing agricultural feeders instead of pumps.
Under this new sub-scheme, the Centre will bear 30 per cent of the cost of building of a small solar plant to .... Read More
On 7th March, 2021, Ministry of Agriculture and Farmers Welfare signed a Memorandum of Understanding (MoU) with the Central Silk Board under the Ministry of Textiles on a convergence model for the implementation of Agroforestry in the silk sector under the ongoing Sub-Mission on Agroforestry (SMAF) Scheme.
It aims to .... Read More
On 12th February, 2021, government approved extension of National e-Governance Plan in Agriculture (NeGPA) up to March, 2021. It was launched in 2010-11 in 7 pilot States and in 2014-15, the scheme was further extended for all the remaining States and 2 UTs.
It seeks to achieve rapid development in India .... Read More
On 27th February, 2021, the Ministry of Agriculture and Farmers Welfare in consultation with the Ministry of Food Processing Industries finalized the products for One District One Focus Product (ODOFP).
The list of products has been finalized after taking inputs from the States/UTs and Indian Council of Agricultural Research (ICAR). .... Read More
Keeping in view the importance of beekeeping as part of the Integrated Farming System in the country, government on 11th February, 2021, approved the allocation for Rs. 500 crores for National Beekeeping & Honey Mission (NBHM) for three years (2020-21 to 2022-23).
Announced as part of the AtmaNirbhar Bharat scheme, .... Read More
Agriculture Infrastructure & Development Cess (AIDC) has been introduced in the Budget 2021-22 to aid the agri sector. The cess is not uniform and varies from product to product.
AIDC is a tax that the Indian government imposes on the commercial production of agricultural produce. The rate charged depends on the .... Read More
On 13th January, 2021, the flagship crop insurance scheme- Pradhan Mantri Fasal Bima Yojana (PMFBY), completed five years of its launch.
India is an agrarian country and any losses to the livelihood of farmers due to weather vagaries during the crop cycle, makes it almost impossible for farmers to protect .... Read More
On 8th December, 2020, Lakshadweep became the first Union Territory to become 100% organic area under the Participatory Guarantee System (PGS) of India.
Earlier in 2016, Sikkim became India’s first hundred percent organic State.
The entire 32 square kilometre geographical land area of the UT was declared as organic after receiving .... Read More
On 25th December, the government released the 7th instalment of financial benefit under PM Kisan Samman Nidhi (PM-Kisan) through video conference.
Launched in February 2019, it is a Central Sector scheme which aims to augment the income of the farmers by providing support to all landholding farmers’ families across the .... Read More
World Fisheries Day is celebrated on 21st November every year to demonstrate solidarity with all fisherfolk, fish farmers and concerned stakeholders throughout the world.
It started in 1997 where “World Forum of Fish Harvesters & Fish Workers” met at New Delhi leading to formation of “World Fisheries Forum” with representatives from .... Read More
A pilot project by North East Centre for Technology Application and Reach (NECTAR), an autonomous body under the DST has yielded successful results in Yangyang village of South Sikkim, which produced its first crop of saffron.
In India, Saffron cultivation has been restricted to a limited geographical area in J&K, mainly .... Read More
NITI Aayog has released the draft model act and rules for states for regulation on conclusive land titling with an aim to reduce litigations and ease the land acquisition process for infrastructure projects.
It provides state governments power to order for establishment, administration and management of a system of title .... Read More
On the occasion of 2nd World Cotton day(7th October, 2020)the Union Ministry of Textiles and Women & Child Development launched the first ever Brand and Logo for Indian Cotton.
India’s premium Cotton would be known as ‘Kasturi Cotton’ in the world cotton trade from now onwards.
The brand will represent Whiteness, .... Read More
On 5th October, 2020, ICAR-Indian Agricultural Research Institute organized a session on “Sensors and Sensing for Precision Agriculture” as a part of the Vaishwik Bhartiya Vaigyanik (VAIBHAV) Summit 2020.It was aimed to discuss recent advances in the field agriculture.
The initiative sought to bring together the thought process, practices, R&D .... Read More
World Bamboo Day is observed on September 18 every year to increase the awareness of bamboo globally.
It was officially established by the World Bamboo organization at the 8th World Bamboo Congress held in Bangkok in 2009.
Theme of 2020: Bamboo Now
Government’s Initiatives to Promote Bamboo
On 8th September, 2020, the Union .... Read More
Farmers in West Bengal are betting on the pokkali variety of rice from Kerala to tide over a crisis-like situation created by severe seawater incursion into paddy fields in vast areas of the Sundarbans after the cyclone Amphan hit West Bengal in May, 2020.
About 80% of the rice paddies in .... Read More
On 31st July, 2020, the High Level Group (HLEG) on Agricultural Exports set up by the Fifteenth Finance Commission submitted its report to the Commission.
The HLEG was set up in February, 2020 under the Chairmanship of Sanjiv Puri(ITC Chairman) to recommend measurable performance incentives for states to encourage agricultural exports .... Read More
On 11th June, 2020, the Government allocated Rs 4,000 crores under Per Drop More Crop component of Pradhan Mantri Krishi Sinchayee Yojana for the year 2020-21.This allotment has been granted by the Ministry of Agriculture & Farmers’ Welfare.
For the current year, the annual allotment has already been done and conveyed .... Read More
In pursuance of recently announced AtmaNirbhar Bharat Abhiyan stimulus package, government approved setting up of Animal Husbandry Infrastructure Development Fund (AHIDF).
Government had earlier approved the Dairy Infrastructure Development Fund (DIDF) for incentivizing investment by cooperative sector for development of dairy infrastructure.
The MSMEs and Private companiesneed to be promoted and incentivized .... Read More
On 5th June, 2020, the government notified two key ordinances to kick in agriculture reforms and help farmers trade freely and get better prices.The ordinances have been promulgated with the aim of giving a boost to rural India for farmers engaged in agriculture and allied activities.
Farming Produce Trade and Commerce .... Read More
Kashmir saffronhas been given the Geographical Indication (GI) tag by the Geographical Indications Registry.
The spiceis cultivated and harvested in the Karewa (highlands) of Jammu and Kashmir including Pulwama, Budgam, Kishtwar and Srinagar.
The unique characteristics of Kashmir saffron are its longer and thicker stigmas, natural deep-red colour, high aroma, bitter .... Read More
Central Government is making concerted efforts to facilitate farmers in direct marketing and assure better returns for their harvested produce during lockdown period..The States have been requested to promote the concept of ‘Direct marketing’ to facilitate farmers/ group of farmers/FPOs/ Cooperatives in selling their produce to bulk buyers/big retailers/processors etc.
Various .... Read More
On 2nd April, 2020, the Centre launched new features on the electronic national agriculture market (e-NAM) platform to make it more convenient for farmers to sell their produce at warehouses and collection centres set up by farmer producer organisations (FPOs).
The features have been launched at the time when there is .... Read More
On 22nd May, 2020, the Odisha Government promulgated an ordinance allowing investors and farmers to enter into agreement for contract farming, in view of the continuing uncertainties due to the pandemic.It is aimed at facilitating both farmers and sponsors to develop mutually beneficial and efficient contract farming system.
The agreement .... Read More
Due to shortage of labourers amid the ongoing pandemic, the farmers in Punjab and Haryana are now being encouraged to adopt ‘direct seeding of rice’ (DSR) in place of conventional transplanting.
About Direct Seeding of Rice
It refers to the process of establishing a rice crop from seeds sown in the field .... Read More
On 20th May, 2020, the governmentapproved the Pradhan Mantri Matsya Sampada Yojana(PMMSY) - a scheme to bring about Blue Revolution through sustainable and responsible development of fisheries sector in India.
The PMMSY was announced recently in the third tranche of the Rs 20.97 lakh crore Atmanirbhar Bharat package by the government.
However, .... Read More
On 18th March, 2020, the Agricultural and Processed Food Products Export Development Authority (APEDA) signed an Memorandum of Understanding (MoU) with Small Farmers Agribusiness Consortium (SFAC) for the development of agriculture and allied sectors.
APEDA has been in dialog with SFAC for linking of Farmer Producer Organizations, farmer’s cooperatives to the .... Read More
On 19th February, 2020, the Union Cabinet approved revamping of “Pradhan Mantri Fasal Bima Yojana (PMFBY)” and “Restructured Weather Based Crop Insurance Scheme (RWBCIS)” to address the existing challenges in implementation of Crop Insurance Schemes. These changes are proposed to be implemented from Kharif 2020 Season throughout the country. The .... Read More
The Central government’s flagship programme- Soil Health Card Scheme completed 5 years of its implementation.
Soil Health Card Scheme: Swasth Dhara Khet Hara
It was launched on February 19, 2015, from Suratgarh (Rajasthan) to assess the nutrient status of every farm holding in the country.
Punjab became the first state in India .... Read More
On 27th December, 2019, the government set up a 7-member group of ministers (GoM) headed by defence minister to review the crop insurance scheme, Pradhan Mantri Fasal Bima Yojanaand to recommend changes to make it more farmer friendly. The GoM includes home minister, agriculture minister, and ministers of state for .... Read More
On July 1st, 2019, government constituted High-powered Committee of Chief Ministers (CMs) for Transformation of Indian Agriculture to bring structural reforms in agrarian sector in the country.
It is set up as per deliberations of 5th Governing Council meeting of NITI Aayog and in keeping with promise of Union Government for .... Read More
On 1st June, 2019, the government extended the ambit of Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Yojana to all farmers across the country irrespective of land holding limit.
Previously, all landholding farmer families having cultivable landholding up to 2 hectare, whose names appear in the land records of States/UT, were eligible .... Read More
On 20th May, 2019, Food Safety and Standards Authority of India (FSSAI) permitted small organic producers, having an annual turnover of over Rs 12 lakh, to sell their produce directly to end consumers without certification till April 2020.
A similar relaxation has been given to aggregators having an annual turnover of .... Read More
On 14th May, 2019, the National Bank for Agriculture and Rural Development (NABARD) announced a venture capital-Nabventures Fund I, for equity supportinagriculture and rural-focused startups.
This is the first time that the rural development bank has launched a fund of its own.
The fund has been launched by Nabventures, a subsidiary of .... Read More
GI Tag for Coffee Varieties
On March 1st, 2019, the Geographical Indications Registry has granted the Geographical Indication (GI) tag to Coorg Arabica Coffee, Wayanad Robusta Coffee, Chikmagalur Arabica Coffee, Araku Valley Arabica Coffee and Bababudangiris Arabica Coffee.
Tamil Nadu Erode Turmeric
After an eight-year-long process, Erode turmeric on Wednesday finally got a .... Read More
On 5th March, 2019, the government introduced a scheme for providing financial assistance for transport and marketing of agriculture products with a view to boosting exports of farm commodities to certain countries in Europe and North America.
Nodal Ministry: The Department of Commerce under the Union Ministry of Commerce & Industry.
Aim: .... Read More
Guatemala has initiated a new dispute complaint against India’s sugar subsidies at the World Trade Organization (WTO) just days after Brazil and Australia lodged their separate complaints on the matter.
Why Repeated Complaints against India?
These countries claim that the domestic support measures are inconsistent with India’s obligations under the WTO’s Agreement .... Read More
On 3rd April, 2019, the central government permitted the import of feed grade maize at a concessional import duty of 15 percent to meet the shortage of the poultry feed in the country but the import for trading purpose is not allowed
Poultry sector is facing an unprecedented shortage of feed .... Read More
India has asked the European Union (EU) to reduce the sampling frequency and clearance time of marine exportsat the Customs in order to make its market friendlier for Indian exporters of fisheries.
Problems to Indian Fish Export
Quality Measures: Fearing that there were inadequate measures in some Indian aquaculture farms the EU .... Read More
India will soon circulate at the World Trade Organisation a draft paper on granting special and differential treatment for members of developing and least-developed countries (LDCs).
WTO members are in discussions to finalise an agreement to stop subsidies that have led to unsustainable fishing practices across the globe.
India agrees on the .... Read More
On March 2, 2019, Government of India launched “Pradhan MantriJI-VAN (Jaiv Indhan- Vatavaran Anukool Fasal Awashesh Nivaran) Yojana” for providing financial support to Integrated Bioethanol Projects using lignocellulosic biomass and other renewable feedstock.
Centre for High Technology (CHT), a technical body under the aegis of Ministry of Petroleum and Natural Gas, .... Read More
On April 3rd, 2019, European Union (EU), Russia, and Costa Rica have expressed their interest to join consultations sought by Guatemala under the World Trade Organization’s (WTO) dispute settlement mechanism against India’s sugar subsidies.
Thailand, Brazil and Australia too have sought consultations from India under the dispute settlement mechanism, alleging that .... Read More
The Ministry of Commerce has laid out a detailed procedure for claiming benefits under the Transport and Marketing Assistance (TMA) scheme, which aims at boosting agricultural exports.
Presently, it will be available for exports from March 1 this year to March 2020.
Details of Procedure
Reimbursement Benefit: Under the TMA plan, the government .... Read More
The National Stock Exchange (NSE) plans to enter trading in agricultural commodities with eight new contracts that are not currently traded on any other exchanges.
The proposed new contracts for which the exchange has sought permission from the Securities and Exchange Board of India (SEBI) include almonds, castor oil, soya .... Read More
Punjab Food and Civil Supplies Department has recently directed all government procurement agencies to link the bank accounts of farmers with the Public Finance Management System (PFMS) portal before the procurement of paddy begins.
Department has announced that if accounts are not linked with the PFMS portal, their commission, which is .... Read More
The Ministry of Agriculture has prepared an amendment law to the Seeds Act, 1966 recently.
Features of the Amendment
It aims to bring uniformity to the process of seed quality regulation.
The current law provides for regulation of the quality of ‘certain’ seeds for sale. The new Bill removes the word “certain”, and .... Read More
A study ‘Linking farmers to futures market’ published on 8th August by the Indian Council for Research on International Economic Relations (ICRIER) highlighted the need to link small farmer organizations with futures market. Even the Finance Minister’s budget speech this year announced plans to create 10,000 new farmer producer organisations .... Read More
Union government, on 2 July, extended the facility of Kisan Credit Card (KCC) to fisheries and animal husbandry farmers to help them meet their working capital needs.
The KCC facility will help fisheries and animal husbandry farmers to meet their short term credit requirements for rearing of animals, poultry birds and .... Read More
Union Finance Minister during her recent budget speech called for promotion of zero-budget natural farming (ZBNF) in India for achieving the target of doubling farmer’s incomes.
Finance Minister referred to several states, including Andhra Pradesh and Himachal Pradesh, which have been aggressively driving a shift towards this model.
In June 2018, Andhra .... Read More
The share of distressed agriculture sector in non-food credit offtake has remained stagnant and the banks’ exposure declined even as non-performing assets in the sector zoomed by over 40 per cent as of September 2018, the RBI said in a study on ‘Sectoral Deployment of Bank Credit’.
Credit Growth to the .... Read More
The Union Cabinet on February 6 approved the proposal for establishment of Rashtriya Kamdhenu Aayog for Conservation, protection and development of cows and their progeny.
The setting up of Rashtriya Kamdhenu Aayog will lead to conservation, protection and development of cattle population in the country including development and conservation of indigenous .... Read More
Prime Minister Narendra Modi on February 24 launched the PM-Kisan scheme, transferring the first instalment of Rs 2,000 each to 1.01 crore farmers, totalling Rs 2,021 crore.
About the Scheme
The fully centrally funded scheme called PM-KISAN was announced by the government in its interim budget for 2019-20 on February 1.
Under the .... Read More
Maharashtra Government on November 28 withdrew a bill to amend the Agricultural Produce Marketing (Development and Regulation) Act from the legislative council, a day after it was passed.
About the Bill
An ordinance by the state government on October 25 amended the Maharashtra Agriculture Produce Marketing (Development and Regulation) Act, 1963.
This Act .... Read More
India witnessed a jump in the number of operational farmlands between 2010-11 and 2015-16, but the same period also saw the average size of these land holdings and the area they cover take a dip, shows the provisional Agriculture Census released by the Ministry of Agriculture and Farmers Welfare
(Note: Information .... Read More
The government’s flagship programme electronic national agriculture market (e-NAM) on January 11 started inter-state trade on its platform, facilitating traders of one state to buy agricultural produce of a different state.
How It Starts
Uttarakhand and Uttar Pradesh have allowed trading through the e-NAM platform following which farmers of Uttar Pradesh have .... Read More
The Department of Agriculture, Cooperation and Farmers Welfare on January 30 released the 2017-18 (Final) and 2018-19(1st Advance Est.) of Area and Production of Horticulture Crops. These estimates are based on the information received from different State/UTs in the country.
The following table summarizes the All-India Final Estimates: 2017-18 and 2018-19 .... Read More
On 25th March, 2021, the Securities and Exchange Board of India (SEBI) decided to introduce new requirements for sustainability reporting by listed entities.
This new report shall be called the Business Responsibility and Sustainability Report (BRSR) and shall replace the existing Business Responsibility Report (BRR).
In November 2018, the Ministry of Corporate .... Read More
On 8th March, 2021, the Sub-committee of Insolvency Law Committee (ILC) submitted its report to the Government and recommended a pre-pack framework within the basic structure of the Insolvency and Bankruptcy Code (IBC), 2016.
In June 2020, the Government constituted a sub-committee of Insolvency Law Committee (ILC) under the chairmanship of .... Read More
On 25th March, 2021, the Parliament passed the National Bank for Financing Infrastructure and Development Bill, 2021, which seeks to establish the National Bank for Financing Infrastructure and Development (NBFID) to support the infrastructure financing in the country.
Development finance is highly risky and takes a long time as gestation periods .... Read More
In the Budget 2021-22, Asset Reconstruction Company (ARC) have been proposed to be set up by state-owned and private sector banks, and there will be no equity contribution from the government.
The ARC, which will have an Asset Management Company (AMC) to manage and sell bad assets, will look to resolve .... Read More
In the Union Budget 2021, the government announced a decision to tax interest incomes on annual Employees’ Provident Fund (EPF) and Voluntary Provident Fund (VPF) contributions of over Rs 2.5 lakh.
It seeks to exclude high net-worth individuals (HNIs) from the benefit of high tax-free interest income on their large contributions .... Read More
On 8th February, 2021, the Reserve Bank of India (RBI) released the Annual Report of the “Ombudsman Schemes of the Reserve Bank for the year 2019-20”.
There was an increase of 64.97 per cent in the receipt of complaints under the three Ombudsman Schemes. Of these, 86.19 per cent .... Read More
The RBI has proposed a tighter regulatory framework for non-banking financial companies (NBFCs) by creating a four-tier structure with a progressive increase in intensity of regulation.
In addition, RBI has also proposed classification of non-performing assets (NPAs) of base layer NBFCs from 180 days to 90 days overdue.
Its aims is to .... Read More
With the country going through a pandemic-driven slowdown, the Economic Survey 2020-21 has pushed for the adoption of counter-cyclical fiscal policy to enable growth.
About Counter-Cyclical Fiscal Policy
It refers to a strategy by the government to counter boom or recession through fiscal measures.
It works against the ongoing boom or recession .... Read More
One of the most sought-after details in any Union Budget is the level of fiscal deficit. Fiscal deficit is essentially the gap between what the central government spends and what it earns. In other words, it is the level of borrowings by the Union government.
It is keenly watched by rating .... Read More
On 7th January, 2021, the RBI issued a Risk Based Internal Audit (RBIA) framework with a view to bring uniformity in the approach of banks and to align the expectations of internal audit function with best practices.
To help the management function of the bank by providing assurance about the risk .... Read More
On 5th January, 2021, the RBI announced creation of a Payments Infrastructure Development Fund (PIDF).
The setting up of PIDF is in line with the measures proposed by the Payment and Settlement Systems in India: Vision 2019 – 2021.
Over the years, payments ecosystem in the country has evolved with a wide .... Read More
On 1st January, 2021, the RBI launched composite Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country.
In recent months, digital transactions have picked up significantly in the country.
According to the latest RBI data, in retail segment, national electronic funds transfer (NEFT) transactions volume .... Read More
Taking note of reports about individuals and small businesses falling prey to a growing number of unauthorised digital lending platforms/mobile apps, the central bank on 24th December, 2020 issued advisory cautioning against unauthorised Digital Lending Platforms.
The advisory comes in the backdrop of at least three borrowers in Telangana committing suicide .... Read More
On 9th December, 2020, the Union Ministry of Finance and UN-Based Better Than Cash Alliance (BTCA) organized a joint Peer learning exchange on fintech solutions for responsible digital payments at the last mile.
Created in 2012, the BTCA is a global partnership of 75 governments, companies, and international organizations that .... Read More
On 2nd December, 2020, Gujarat International Finance Tech (GIFT) City regulator International Financial Services Centres Authority (IFSCA) obtained the membership of the International Association of Insurance Supervisors (IAIS).
With this membership IFSCA would have access to IAIS’s global network and would be able to exchange ideas and information with other global .... Read More
Recently, Google India paid more than six hundred crore equalization levy in FY20.
About Equalization Levy
Also Known as Google Tax or Digital Tax, it was introduced in India in 2016, with the intention of taxing the digital transactions i.e. the income accruing to foreign e-commerce companies from India.
It was charged at .... Read More
The Centre, in a first move of its kind, issued Rs 5,500 crore in zero-coupon bonds for recapitalising Punjab and Sind Bank (P&SB) and allowed it to park the paper in its held-to-maturity (HTM) category at face value rather than the discounted market rate.
The move is seen as raising concern .... Read More
The recent collapse of Chennai-based Lakshmi Vilas Bank (LVB) marks the failure of the fifth financial institution in recent time.India’s bad bank problem has aggravated over the past few years and the economic slowdown triggered by the pandemic could make matters worse, with defaults on the rise.
Earlier, Infrastructure Leasing .... Read More
In its latest monthly bulletin for November 2020, the Reserve Bank of India has dedicated a chapter on the “State of the economy”. The idea is to provide a monthly snapshot of some of the key indicators of India’s economic health.
As part of the exercise, the RBI has started .... Read More
The Insurance Regulatory and Development Authority of India (IRDAI) has advised public sector general insurers to appoint a nodal officer each for the 17 insurance ombudsman offices to ensure proper and timely disposal of complaints.
About Insurance Ombudsman
The institution of Insurance Ombudsman was created by a Government of India Notification dated .... Read More
On 19th October, 2020, the International Financial Services Centres Authority (IFSCA) introduced a framework for regulatory sandbox to tap into innovative financial technology (fintech) solutions.
The Regulatory Sandbox shall operate within the IFSC located at GIFT City.
Under this sandbox framework, entities operating in the capital market, banking, insurance and financial .... Read More
On 21st September, 2020, State Bank of India raised Rs 7,000 crore by issuing Basel III compliant bonds.
Bonds issued qualify as tier II capital of the bank, and have face value of Rs 10 lakh each.
They bear coupon rate of 6.24 per cent per annum payable annually for a .... Read More
On 22nd September, the Rajya Sabha passed the Banking Regulation Amendment Bill, 2020 to bring the cooperative banks under the supervision of the Reserve Bank of India.
The Bill will replace the Banking Regulation (Amendment) Ordinance, 2020 brought in June, 2020.
Need of the Bill
Co-operative banks are exempted from several provisions of .... Read More
The Reserve Bank of India (RBI) has decided to introduce a mechanism of Positive Pay for all cheques of value Rs 50,000 and above as a measure to enhance the safety of cheque payments.
Positive Pay will cover approximately 20% and 80% of total cheques by volume and value, respectively.
At present, .... Read More
On 6th August, 2020, the Reserve Bank of India (RBI) gave the green signal to a loan restructuring scheme for stressed borrowers.
The ‘Resolution Framework for Covid19-related Stress’, has been announced as a special window under the Prudential Framework on Resolution of Stressed Assets issued on June 7, 2019.
Only .... Read More
On 3rd July, 2020, Insurance Regulatory and Development Authority(IRDAI) formed a panel under G Srinivasan(Director, National Insurance Academy)to assess the suitability of the Indian insurance industry or any other sector to offer Surety Bonds for road contracts in the country.
Due to the pandemic and consequent economic impact on liquidity and .... Read More
On 20th July, 2020, the audit regulator, National Financial Reporting Authority (NFRA), has constituted a Technical Advisory Committee (TAC) under the Chairmanship of R Narayanaswamy, Professor, Indian Institute of Management, Bengaluru. It comprises of seven members, including the Chairman.
To aid and advise the Executive Body of the NFRA on issues .... Read More
In a bid to help Non-Banking Financial Company (NBFCs) and Housing Finance Companies (HFCs) tide over the near-term cashflow crunch, the RBI, on 1st July, 2020, announced a special liquidity scheme for NBFCs/HFCs through a Special Purpose Vehicle (SPV).
The Scheme will be administered by the Department of Financial Services (Ministry .... Read More
On 15th June, 2020, governmentof India launched the Indian Gas Exchange (IGX)–first nationwide online delivery-based gas trading platform.
Domestically produced natural gas currently accounts for less than half the country’s natural gas consumption; imported Liquefied Natural Gas (LNG) accounts for the other half.
LNG imports are set to become a larger proportion .... Read More
On 25th April, 2020, the Reserve Bank of India (RBI) on announced a special liquidity facility of Rs 50,000 crore to ease the liquidity strain on mutual funds, which had intensified due to redemption pressures sparked by the closure of some debt schemes.
Need for Special Liquidity Facility
The trigger for the .... Read More
The rate-setting Monetary Policy Committee (MPC) will be meeting five times in FY21, against seven in FY20. Usually, the MPC meets six times a year. But, in FY20, it had an extra meeting in view of the pandemic and the urgent need to assess the current and evolving macroeconomic situation.
About .... Read More
On 16th April, 2020, the Government of India in consultation with the Reserve Bank of India has decided to issue Sovereign Gold Bonds.
About the SGB Scheme
The Sovereign Gold Bond Scheme was launched under the Gold Monetisation Scheme in the year 2015.
The Gold Monetisation Scheme was introduced to replace the existing .... Read More
In the wake of the coronavirus pandemic, India is working with the United States to secure a dollar swap line that would help in better management of its external account and provide extra cushion in the event of an abrupt outflow of funds.
Current Status of India’s Foreign Exchange Reserves
As .... Read More
With no quick escape in sight for Covid-ravaged economies, authorities the world over are going back to the drawing board to find strategies to deal with this nightmare. In India, Telangana chief minister suggested printing of currency and called for implementing a ‘Helicopter Money’ scheme.
Telengana CM urged theCentre to .... Read More
On 20th May, 2020, the government announced a new Special Liquidity Scheme for Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) to improve liquidity position of the NBFCs/HFCs.This facility would supplement the liquidity measures taken so far by the Government and RBI.
The Government has proposed a framework .... Read More
On 5th May, 2020, in a significant verdict, the Supreme Court held that all co-operative banks in the country could make use of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) to make recovery against defaulting persons.
The case had been referred to the constitution .... Read More
The merger of 10 public sector undertaking banks into four came into effect from 1st April, 2020. The Cabinet Committee on Economic Affairs (CCEA) had approved consolidation of 10 state-run banks into four on 4th March, 2020.In 2019, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior .... Read More
On 12th March, 2020, after an incessant selling, NSE Nifty index entered into ‘bear market’ territory. This happened after the World Health Organisation (WHO) declared the coronavirus outbreak a pandemic.
A ‘bear market’ is a condition during which a security or index plunges more than 20 percent from a recent .... Read More
Recently, the reserve Bank of India, under the scheme of reconstruction of Yes Bank, decided to write down Yes bank’s additional tier 1 (AT1) bonds worth Rs. 8,415 crore.
About AT-1 Bonds
Additional Tier-1 (AT-1) bonds are unsecured perpetual bonds — with no maturity — issued by banks to shore up their .... Read More
On 25th March, 2020, the Centre approved a ,340-crore recapitalisation plan for regional rural banks (RRBs) to improve their capital-to-risk weighted assets ratio (CRAR).The reason for the infusion was to ensure financially stronger and robust RRBs with improved CAR to enable them to meet the credit requirement in the rural .... Read More
On 25th February, 2022, Asian Development Bank (ADB) listed its 10-year Masala Bonds worth Rs 850 crore on the Global Securities Market (GSM) of the India International Exchange (INX) at GIFT City, Gujarat.
The proceeds would be used to support local currency lending and investment in India.
ADB’s Masala Bonds are listed .... Read More
On 15th February, 2020, the Reserve Bank of India (RBI) decided to align its July-June accounting year with the government’s April-March fiscal year in order to ensure more effective management of the country’s finances.
The Bimal Jalan Committee on Economic Capital Framework (ECF) of the RBI had proposed a more transparent .... Read More
On 5th February, 2020, government introduced the Direct Tax Vivad se Vishwas (from dispute to trust) Bill, 2020, in order to provide for a mechanism to settle disputed direct tax cases across the country in a speedy manner. Subsequently, Cabinet decided to introduce amendments which increase its scope to cover .... Read More
On 23rd January, 2020, the Reserve Bank of India (RBI) decided to reopen allotment of the investment limit under the revised Voluntary Retention Route (VRR) for debt investments by Foreign Portfolio Investors (FPIs) from January 24th, 2020.
Important Changes Introduced
The Investment Cap is increased from 75,000 crores to 1,50,000 crore, with .... Read More
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 was promulgated on December 28, 2019, which amended the Insolvency and Bankruptcy Code (IBC), 2016.
The Amendment Act has brought amendment, omission or addition in Sections 5(12), 5(15), 7, 11, 14, 16(1), 21(2), 23(1), 29A, 227, 239, 240. It also inserted a new .... Read More
In the wake of recent failure of Punjab and Maharashtra Co-operative (PMC) Bank,the Finance Ministry is looking forward to increase the deposit insurance limit to Rs 5 lakh from the current Rs 1 lakh. If this hike comes into effect, it will be the first upward revision in deposit insurance.
The .... Read More
Keeping in view the response of the taxpayers to the Scheme, the Central Government on 30th December, 2019, extended the Sabka Vishwas Scheme, by 15 days till January 15th , 2020. The Scheme has received a huge response with almost 73% of the total eligible taxpayers availed the Scheme and .... Read More
On 12th December, 2019, the Rajya Sabha passed the International Financial Services Centres (IFSCs) Authority Bill, 2019, which provides for the establishment of an Authority to develop and regulate the financial services market in the International Financial Services Centres in India.The first IFSC in India was set up at Gujarat .... Read More
Recently, the President of India gave assent to the Taxation Laws (Amendment) Act, 2019 which enables lowering of the corporate tax rate. The Act shall be deemed to have come into force on the 20th day of September 2019. It replaces an ordinancethat was promulgated on 20thSeptember, 2019to amend the .... Read More
The Reserve Bank of India (RBI) conducted two rounds of Operation Twist on 23rd and 30th December, 2019, under which it sold short-term securities worth Rs 10,000 crore through the Open Market Operations (OMO) and purchased long term securities of the same value. The concept was drawn from US Federal .... Read More
On 7th June, 2019, RBI issued the Prudential Framework for Resolution of Stressed Assets.
This was issued following the quashing of its revised framework for resolution of stressed assets by the Supreme Court in April, 2019.
Gives lenders a breather from the one-day default rule whereby they had to draw up an .... Read More
On 28th June, 2019, Reserve Bank of India (RBI) relaxed leverage ratio (LR) for banks to help them boost their lending activities and to harmonise LR in line with Basel III standards keeping in mind financial stability of financial firms.
The LR now stands reduced to 4% for Domestic Systemically Important .... Read More
RBI is considering ‘on-tap’ licensing facility for small finance banks and proposed to issue the draft guidelines by the end of August, 2019 for promoting banking facility for small borrowers and encourage competition.
The ‘on-tap’ facility allows the RBI to accept applications and grant licence for banks throughout the year.
It .... Read More
Foreign direct investment (FDI) in India declined for the first time in the last six years in 2018-19, falling by 1 percent to USD 44.37 billion as overseas fund inflows subsided in telecom, pharmaceuticals and other sectors.
Since 2012-13, the inflows had been continuously growing and reached a record high in .... Read More
On 20th May, 2019, the Ministry of Corporate Affairs (MCA) planned to launch an artificial intelligence (AI) system in the MCA 21 portal in order to make the process of compliance simpler.
Started in 2006, it is an application that allows new businesses to complete onlineregistration procedures easily.
The first .... Read More
On 27th May, 2019, Commerce Ministry unveiled a comprehensive draft of the export policy which includes product- specific rules with a view to provide a ready reckoner for exporters.
It aims at consolidating the export norms for each product andhas accorded eight digit HS codes to every product.
Based on inputs .... Read More
On 4th May, 2019, RBI slapped monetary penalty on different pre-paid payment instrument (PPI) issuers for violating regulatory guidelines under Section 30 of the Payment and Settlement Systems Act, 2007.
RBI also imposed penalty on Yes Bank for violation of norms pertaining to issuance and operations of PPIs.
PPIs Charged for Violation
Vodafone .... Read More
On 21st May, 2019, the Reserve Bank of India (RBI) approved creating a specialized supervisory and regulatory structure for commercial banks, urban cooperative banks and non-banking financial companies (NBFCs).
This move will involve consolidating the different supervisory and regulatory activities and resources under a separate division, and also hiring external experts .... Read More
On 25th May, 2019, the Reserve Bank of India (RBI) released a draft circular titled-Liquidity Risk Management Framework for NBFCs and Core Investment Companies (CICs).
RBI after analysing recent developments in NBFC sector proposed a set of guidelines for large Non-Banking Financial Companies (NBFCs) to help them deal with severe liquidity .... Read More
On 16th May, 2019, the Reserve Bank of India (RBI) released a vision document for ensuring a safe, secure, convenient, quick and affordable e-payment system in country.
The ‘Payment and Settlement Systems in India: Vision 2019 - 2021’, envisages achieving a highly digital and cash-lite society through the goal posts of .... Read More
On 1st May, 2019, Central government issued a notification confirming the takeover of the National Housing Bank (NHB) after buying entire stake from the Reserve Bank of India (RBI).
The central bank now holds 100 per cent stake in the NHB, the housing finance regulator, making it a fully government-owned entity.
The .... Read More
Reserve Bank of India and Bank of Japan have signed a Bilateral Swap Arrangement (BSA).
The swap involves US Dollar besides Japanese Yen and Indian Rupee.
As part of the agreement, the Bank of Japan (Japanese central bank) will accept rupees and give dollars to the Reserve Bank of India (RBI) .... Read More
On 6th March, 2019, The Insolvency and Bankruptcy Board of India (IBBI) signed a Cooperation Agreement with the International Finance Corporation (IFC), a member of the World Bank Group (WBG).
Major Highlights of the Agreement
The agreement will enable IFC to assist IBBI to further build the capacity of insolvency professionals, and .... Read More
The Central Board of Direct Taxes (CBDT) entered into 18 Advance Pricing Agreements (APAs) which includes 3 Bilateral APAs (BAPAs).
With the signing of these APAs, the total number of APAs entered into by the CBDT in the year 2018-19 stands at 52, which includes 11 BAPAs.
18 APAS cover international .... Read More
On 3rd April, 2019, the RBI, in consultation with the Government of India, has decided that the limits for Ways and Means Advances (WMA) for the first half of the financial year 2019-20 (April to September 2019) will be Rs 75000 crore.
The RBI may trigger fresh floatation of market loans .... Read More
Crucial changes made to taxation laws i.e. Income Tax and GST come into effect from April 1, 2019.
Key Changes to Income tax
Tax rebate is available for those with a taxable income between Rs 2.5 lakh and Rs5 lakh.Currently, they pay a tax of up to Rs13,000 (including the 4 per .... Read More
On 26th April, 2019, the Supreme Courtgave the Reserve Bank of India (RBI) a last opportunity to withdraw a November 2016 Disclosure Policy to the extent to which it conceals information under the Right to Information Act, including the list of willful defaulters and annual inspection reports.
The court had held .... Read More
On 2nd April, 2019, the Supreme Court (SC) on Tuesday quashed the Reserve Bank of India’s circular regarding bankruptcy proceedings against defaulters before National Company Law Tribunal (NCLT).
The circular, issued on February 12, 2018, directed banks to refer defaulters to bankruptcy courts if they were unable to find a resolution .... Read More
Ministry of Corporate Affairs has notified a new accounting standard ‘Ind AS 116’, with effect from April 1, 2019 which will bring in more transparency in the recognition and disclosures about leases in companies’ balance sheets.
More Visibility and Quality Improvement:The new standard will bring substantial visibility of companies lease .... Read More
On 29th March, 2019, the RBI allowed non-residents to participate in the rupee interest rate derivatives market.
This decision would deepen the rupee interest rate swap (IRS) market.
Foreign portfolio investors, collectively, can transact in interest rate futures up to a limit of net long position of Rs 5,000 crore.
A non-resident has .... Read More
The Union Cabinet on February 6 approved establishment of a unified authority for regulating all financial services in International Financial Services Centres (IFSCs) in India through International Financial Services Centres Authority Bill, 2019.
Remember This: The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat.
Functions of IFSC
An .... Read More
The Union Cabinet on February 6 gave its approval to move official amendments to the Banning of Unregulated Deposit Schemes Bill, 2018, pursuant to the recommendations of the Standing Committee on Finance (SCF).
Salient FeaturesSubstantive Banning Clause
The Bill contains a substantive banning clause which bans Deposit Takers from promoting, operating, issuing .... Read More
The Government on February 21 announced that it will inject Rs 48,239 crore in 2018-19 into 12 public sector banks, including Allahabad Bank and Corporation Bank, to help them meet capital requirements and accelerate lending to boost growth.
About the Plan
Corporation Bank will get the highest capital infusion at Rs 9,086 .... Read More
The Reserve Bank of India (RBI), in consultation with the government on December 26, 2018 has set up a six-member committee to review the economic capital framework of the central bank.
Composition: Former RBI Governor Bimal Jalan will be the committee’s chairman and former Deputy Governor Rakesh Mohan deputy chairman. The .... Read More
The RBI on December 28 released the "Report on Trend and Progress of Banking in India 2017-18.
Financial Inclusion of Women: The share of women in total credit and aggregate deposits of individuals increased further to 20.4 per cent and 32.8 per cent, respectively, in March 2018 from 19.3 per cent .... Read More
The Union Cabinet on January 2 approved the scheme of amalgamation for amalgamating Bank of Baroda, Vijaya Bank and Dena Bank, with Bank of Baroda as the transferee bank and Vijaya Bank and Dena Bank as transferor banks.
The amalgamation will be the first-ever three-way consolidation of banks in India, with .... Read More
The Supreme Court on January 25 upheld the Constitutional validity of the Insolvency and Bankruptcy Code, 2016 (IBC).
Points to Remember
The apex court also dismissed the contention that the
appointments made to the National Company Law Tribunal and National Company Law Appellate Tribunal (NCLAT) were contrary to its earlier judgments and .... Read More
The Reserve Bank of India on December 31 released the eighteenth issue of the Financial Stability Report (FSR).
What Does it Reflect?
The FSR reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, as also the resilience of the financial system.
The .... Read More
Recently the government, in consultation with the RBI has decided to issue Sovereign Gold Bonds (SGBs) in order to facilitate gold purchase by people during the festive season. These bonds were first introduced by the government in 2015.
Sovereign Gold Bonds
They are government securities denominated in multiples of gram(s) of gold. .... Read More
Finance Minister on 23rd August 2019 announced and called upon the need to set up a development bank to boost the economy.
Development banks or development finance institutions are financial institutions that provide long-term credit for capital-intensive investments spread over a long period and yielding low rates of return, such .... Read More
On 13th August, 2019 two major schemes — credit guarantee scheme for NBFCs/ Housing Finance Companies (HFCs) proposed in the Union Budget and priority sector status for bank lending to NBFCs for on-lending to agriculture, small units and housing were notified.
Credit Guarantee Scheme for NBFCs
Under the scheme, banks can purchase .... Read More
Finance Minister announced in the Budget speech that India was looking to raise around $10 billion via overseas foreign currency sovereign bonds in the current fiscal year, in a first-ever such issuance. This is in line with the government’s intent to raise a portion of its gross borrowing from overseas .... Read More
The Draft Report on Pradhan Mantri Mudra Yojana Survey conducted by the Labour Bureau under the Ministry of Labour and Employment, which is yet to be made public, was analysed by experts.
Findings of the Report
Five states, Tamil Nadu, Karnataka, Odisha, Bihar and West Bengal, account for about 70% of total .... Read More
On 13th September 2019, RBI shared the report of an Internal Working Group (IWG), which was set up in February 2019 to look at, among other things, the impact of farm loan waivers on state finances.
Findings of the Report
The report highlights that once announced, the farm loans waivers are .... Read More
The Reserve Bank of India on 4th September, 2019, has made it mandatory for banks to link all new floating rate loans with an external benchmark from 1st October, 2019. Existing loans and credit limits linked to the Marginal Cost of Funds based Lending Rate (MCLR), Base Rate or Benchmark .... Read More
On 2nd September 2019, the Steering Committee on Financial technology (Fintech) has submitted its report to the Finance Ministry. The committee was formed in March 2018 under the chairmanship of the Economic Affairs Secretary to consider various issues relating to the development of the fintech sector in India, and analyse .... Read More
On 14th May, 2019, Bimal Jalan committee informed that it will submit its report in June, 2019.
Initially, the panel was supposed to submit the report in 90 days from the holding of its first meeting, before getting an extension of its term.
The committee was appointed on 26 December, 2018, .... Read More
On 24th May, 2019, the Working Group on Foreign Portfolio Investment (FPI) Regulations, under the Chairmanship of H.R. Khan, submitted its report to Securities and Exchange Board of India (SEBI).
The recommendations of the report have been incorporated by SEBI in the draft FPI Regulations.
The report contains recommendations inter-alia with .... Read More
The Southern states of Kerala, Karnataka, Tamil Nadu and Andhra Pradesh accounted for a share of 46 per cent — or $31.74 billion (Rs 2,30,900 crore) — of total remittances of $69 billion from abroad with Kerala, which received $13.11 billion (over Rs 95,000 crore), topping the list during the .... Read More
The Ministry of Statistics and Programme Implementation (MoSPI), Government of India and National Council of Applied Economic Research (NCAER) on January 29 signed a Memorandum of Understanding (MoU) to use new data technologies, knowledge generation and knowledge sharing, and capacity building in the field of Official Statistics.
Impact: The MoU would .... Read More
The Trade Unions (Amendment) Bill, 2019 was introduced in Lok Sabha on January 9. The Bill amends the Trade Unions Act, 1926, which provides for the registration and regulation of trade unions.
Recognition of Trade Unions
The Bill seeks to provide for recognition of trade unions or a federation of trade unions .... Read More
The Union Cabinet on January 23 approved the creation of National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT).
The National Bench of the Appellate Tribunal shall be situated at New Delhi.
GSTAT shall be presided over by its President and shall consist of one Technical Member (Centre) .... Read More
The Ministry of Chemicals and Fertilisers issued the Drugs (Prices Control) Amendment Order, 2019 on January 4.
New Patented Drugs Exempted
The government has exempted new drugs patented under the Indian Patent Act from the price control order for five years from the date of their marketing.
It exempts a manufacturer producing a .... Read More
The Government on January 21 constituted a standing committee headed by NITI Aayog to oversee the drug pricing regime.
Significance: This move could clip the powers of drug pricing regulator, National Pharmaceutical Pricing Authority (NPPA). The development comes in the backdrop of recent run-ins between the health and pharma ministries over .... Read More
The Central Government on January 18 released the Eighth Edition of the Status Paper on the Government Debt for 2017-18.
Remember This: It provides a detailed analysis of the Overall Debt Position of the Government of India. The Central Government has been bringing-out an Annual Status Paper on Government Debt since .... Read More
A report from the rating agency Crisil found that the inter-State disparities have widened in recent years even as the larger economy grows in size and influence on the global stage.
Big States: Richer States like Gujarat, have been able to achieve sustained economic growth and increase their gap over .... Read More
Recently, the Union Power Ministry released the State Energy Efficiency Index 2019, which tracks the progress of Energy Efficiency (EE) initiatives in 36 states and union territories based on 97 significant indicators.
Help drive EE policies and program implementation at state and local level.
Highlight best practices and encourage healthy competition among .... Read More
The Cabinet on November 8 approved filling up of the underground strategic oil storage at Padur in Karnataka by foreign oil companies, who could use it as a storage for trading in the region but will have to part with the oil in case of an emergency in India.
The .... Read More
Prime Minister Narendra Modi laid the Foundation Stones of City Gas Distribution (CGD) Projects in 65 Geographical Areas (GAs) in 129 Districts under the 9th CGD Bidding Round on November 22.
Government of India has put thrust to promote the usage of environment friendly clean fuel i.e. natural gas as .... Read More
Ministry of Food Processing Industries (MoFPI) on November 5 approved the operationalisation strategy for Operation Greens.
Price Stabilisation Measures
The strategy will comprise of a series of measures as decided by the Ministry which include:
Short term Price Stabilisation Measures
NAFED will be the Nodal Agency to implement price stabilisation measures.
MoFPI will provide .... Read More
As a 13 per cent increase in minimum support price (MSP) for paddy slows down India’s rice exports in the current financial year, the Centre has announced incentive to boost the exports of the cereal.
Subsidising the Non-Basmati Rice Exports
The non-basmati rice exports will get a 5 per cent subsidy under .... Read More
On 22nd March, 2021, the Lok Sabha passed the Insurance (Amendment) Bill, 2021 which seeks to amend the Insurance Act, 1938.
To increase the maximum foreign investment allowed in an Indian insurance company.
Foreign investment in the insurance sector was first permitted in the year 2000 up to 26%.
Subsequently, vide an .... Read More
The Ministry of Corporate Affairs (MCA) will launch data analytics driven MCA21 Version 3.0., during the fiscal 2021-22.
MCA21 system is the first Mission Mode e-Governance project of Government of India and it is a technology-driven forward-looking project, envisioned to strengthen enforcement, promote Ease of Doing Business, enhance user experience, facilitate .... Read More
On 17th February, 2021, the government rolled out the Draft Blue Economy policy for India in the public domain inviting suggestions and inputs from various stakeholders including industry, NGOs, academia, and citizens.
The Ministry of Earth Sciences prepared the draft blue economy policy framework in line with the Government of India’s .... Read More
The Ministry of Corporate Affairs (MCA) has amended the Companies (Corporate Social Responsibility Policy) Rules, 2014 through notification dated January 22, 2021. These rules may be called the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021.
Every entity that intends to undertake any CSR activity will have to register itself .... Read More
The Finance Ministry is examining avenues for affordable capital infusion in public sector banks (PSBs), including setting up of a Bank Investment Company (BIC).
The step has been taken as RBI raised concerns over the issuance of zero-coupon bonds for recapitalisation of PSBs.
Setting up a Bank Investment Company (BIC) as a .... Read More
All the States except Tamil Nadu have availed benefits of the newly announced scheme for Special Assistance to States for Capital Expenditure.
So far capital expenditure proposals of Rs. 9,879.61 crore of 27 States have been approved by the Ministry of Finance.
About Scheme for Special Assistance to States for Capital Expenditure
The .... Read More
On 9th December, 2020, the Union Cabinet gave its approval for Atmanirbhar Bharat Rojgar Yojana (ABRY) to boost employment in formal sector and incentivize creation of new employment opportunities during the COVID-19 recovery phase under Atmanirbhar Bharat Package 3.0.
An employee drawing monthly wage of less than Rs. 15000/- who was .... Read More
Recently, Himachal Pradesh government has sent a proposal to the Centre seeking grant to set up abulk drug parkin Una. It has identified around 1,400 acres in Una district and vying for the allotment of a bulk drug park under a central government scheme announced earlier this year for setting .... Read More
On 7th October, 2020, the Cabinet Committee on Economic Affairs approved ‘Natural Gas Marketing Reforms’, taking another significant step to move towards gas based economy.
To prescribe standard procedure to discover market price of gas to be sold in the market by gas producers, through a transparent and competitive process.
Permit Affiliates .... Read More
The Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (CAROTAR, 2020) came into force on 21st September, 2020.
These aim to protect the domestic industry from misuse of Free Trade Agreements.
About CAROTAR Rules
These rules apply to import of goods into India where the importer makes a claim of .... Read More
On 7th August, 2020, Gujarat government announced the new Industrial Policy 2020 for the State.
The earlier industrial policy of the state was published in 2015 that came to an end in December 2019.
It has been extended up to the release of a new policy or December 31, 2020, whichever is .... Read More
On 24th July, 2020, the Government amended the General Financial Rules 2017 to enable imposition of restrictions on bidders from countries which share a land border with India on grounds of defence of India, or matters directly or indirectly related thereto including national security.
For this, Rule 144 of the General .... Read More
On 1st June, 2020, the Ministry of Housing and Urban Affairs has launched a Special Micro-Credit Facility Scheme - PM SVANidhi (PM स्वनिधि) - PMStreetVendor's AtmaNirbharNidhi, for providing affordable loans to street vendors.Earlier, the Scheme was announced as a part of the Economic Stimulus-II under the Atmanirbhar Bharat Abhiyan.
It is .... Read More
On 20th June, 2020, the government launched a massive employment -cum- rural public works Campaign named Garib Kalyan Rojgar Abhiyaan in order to boost employment and livelihood opportunities for migrant workers returning to villages, in the wake of COVID-19 outbreak.The Abhiyaan was flagged off from village Telihar, Block Beldaur, district .... Read More
On 1st May, 2020, the Central Government included Punjab, Uttar Pradesh, Bihar, Himachal Pradesh and Dadra and Nagar Haveli in ‘one nation, one ration card’ plan, taking the ration card portability to beneficiaries of the National Food Security Act in 17 states and UTs.
The move comesafter the Supreme Court .... Read More
On 17th March, the Companies (Amendment) Bill 2020 was introduced in the Lok Sabha. This is the second amendment being made to the companies Act in the last one year. The Act was amended in July, 2019,to tighten Corporate Social Responsibility (CSR) norms and ensure stricter action for non-compliance of .... Read More
On 28th March, Kerala Government urged the Centre to providerelaxationunder the Fiscal Responsibility and Budget Management (FRBM) Act so as to ensure that the State’s finances are not adversely impacted in the rest of the financial year starting on April 1st, 2020. In order to help fund the emergency relief .... Read More
On 5th March, 2020, the Centre introducedLLP Settlement Scheme 2020 to help non-compliant Limited Liability Partnership(LLP) firms turn compliant and enable ease of doing business for such entities.
Key Features of the Scheme
It provides a one-time relaxation in additional fee to the defaulting LLPs by allowing filing of pending documents and .... Read More
On 13th March, 2020, the Cabinet Committee on Economic Affairs gave its approval for introducing the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP).
The scheme which will gradually replace the existing Merchandise Exports from India Scheme (MEIS) is compatible with World Trade Organization (WTO) rules and aims .... Read More
On 12th February, 2020, the Union Cabinet approved the Pesticides Management Bill, 2020, which seeks to replace the Insecticides Act, 1968, for regulating the pesticide sector by fixing prices and setting up an authority. Its objective is to regulate the business of pesticides and to promote the use of organic .... Read More
In the Budget 2020, the government announced abolition of anti-dumping duty on the import of Purified Terephthalic Acid (PTA) from seven countries, in order to make domestic market more competitive.
Need for Abolition of Anti-Dumping Duty
PTA attracts anti-dumping duty ranging between $27 and $160 per tonne, depending upon the country of .... Read More
On 3rd January, 2020, in a bid to push electric vehicle (EV) adoption in the country, the government approved the setting of 2636 charging stations in 62 cities across 24 States/UTs under FAME India (Faster Adoption and Manufacturing of Electric Vehicles in India) scheme phase II.
Out of these 2636 charging .... Read More
On 20th November, 2019, the Union Cabinet approved the Industrial Relation Code(IRC) Bill, which is the third code under labour reforms. It merges the Trade Unions Act, 1926, the Industrial Employment (Standing Orders) Act, 1946 and the Industrial Disputes Act, 1947. It aims to streamline industrial relations and help India .... Read More
Recently, the Standing Committee on Labour invited suggestions on the Occupational Safety, Health and Working Conditions ( OSHW) Code, 2019.
Objective of the Code
To consolidate and amend the laws regulating the occupational safety, health and working conditions of the persons employed in establishments across the country.
It amalgamates simplifies and rationalises the .... Read More
On 12th December, 2019, the Code on Social Security, which is the last of the four labour codes, was introduced in Lok Sabha.It proposes universalisation of social security benefits for the country’s around 50 crore workforce, along with offering benefits such as medical, pension, death and disability to them.
It seeks .... Read More
On 27th June, 2019, the government approved a new pilot scheme on fortification of rice and its dispersal through PDS to fight malnutrition for all age group especially children.
Under this, the addition of key vitamins and minerals such as iron, iodine, zinc, vitamins A & D to staple foods such .... Read More
On 5th June, 2019, Prime Minister set up two new cabinet committees under his chairmanship to focus on two key concerns - investment and employment.
The new committees will finalise policies to push growth, investment and employment with special focus on skill development.
Cabinet Committee on Investments
It will be chaired by Prime .... Read More
On 25th June, 2019, government kicked off a water conservation scheme, Jal Shakti Abhiyan, to deal with the water crisis in India.It will focus on five aspects:Water conservation and rainwater harvestingRenovation of traditional and other water bodiesReuse of water and recharging of structures, watershed developmentIntensive afforestationDrinking water sanitationOver the next .... Read More
On 29th June, 2019, government came out with One nation-One Ration card scheme to be implemented throughout India by 30th June, 2020.
This is one of the 100-days agenda of the new government.
Portability of Food Security Benefits: It will allow portability of food security benefits, which will be available across the .... Read More
On June 2nd, 2019, government approved a new scheme which assures minimum monthly pension of Rs. 3000 per month to small shopkeepers, retail traders and the self-employed people after attaining the age of 60 years.
This is being done as part of the government’s efforts to offer universal social security.
Salient Features .... Read More
On 13th March, 2019, the Cabinet approved the proposal for India’s Accession to the Nice, Vienna and Locarno Agreements that would harmonise the classification systems for examination of trademark and design applications, in line with the systems followed globally.
Benefits to India
Protection of Intellectual Property: The accession is expected to instill .... Read More
The government has decided to re-classify large hydroelectric projects as renewable energy under the New Hydroelectricity Policy.
Earlier only small hydro projects of a capacity of less than 25 MW were treated as renewable energy. Large hydro projects were treated as a separate source of energy.
It is a reclassification of .... Read More
The Union Cabinet has given clearance to the FAME-II scheme, with an eye on promoting electric and hybrid vehicles in the country.
The scheme will be implemented over a period of three years with effect from April 1, 2019.
It is the expanded version of the present scheme FAME India I .... Read More
In March 2019, the Union Cabinet approved the National Mineral Policy (NMP), 2019 to replace the National Mineral Policy 2008.
The move to introduce new Mineral Policy is to comply with Supreme Court’s direction in Common Cause vs. Union of India and others case.
In August 2017, following the SC direction, a .... Read More
Recently, the Cabinet Committee on Economic Affairs approved the proposal of the Department of Fertilizers to extend the duration of New Urea Policy-2015 for existing gas based urea unit from Apr 1, 2019 until further orders.
The move will facilitate continuation of operations and regular supply of urea to farmers.
At present .... Read More
The Union Cabinet on February 19 gave its approval to the National Policy on Electronics 2019 (NPE 2019), proposed by the Ministry of Electronics and Information Technology (MeitY).
The Policy envisions positioning India as a global hub for Electronics System Design and Manufacturing - (ESDM) by encouraging and driving capabilities in .... Read More
The government on February 19 exempted startups from ‘angel tax’ on funds they have raised from investors in the last up to seven years.
The Commerce and Industry Ministry issued a notification to simplify the process for startups to receive tax exemptions under an anti-evasion provision of the Act. This .... Read More
The Government on February 22 issued a notification refreshing the categorisation of currency printing presses and mints as ‘public utility service’ under the Industrial Disputes Act, 1947.
Upon declaration of a service as public utility service as per the law, employees need to comply with certain conditions for strikes and .... Read More
The US Chamber of Commerce’s Global Innovation Policy Centre (GIPC) has released its annual International IP Index.
Top Five Countries: 1. US, 2. UK, 3. Sweden, 4. France, 5. Germany
Inspiring Tomorrow: The latest report is titled Inspiring Tomorrow. It analyses the IP climate in 50 world economies, based on 45 indicators .... Read More
A Comptroller and Auditor General (CAG) report on Compliance of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003 for fiscal 2016-17, tabled in Parliament on January 8, claimed that the government could have miscalculated its adherence to 3.5 per cent fiscal deficit and 2.1 per cent revenue deficit targets.
Off-budget .... Read More
India recently joined the league of 15 of the world’s leading city networks and technology governance organisations that will work towards advancing the responsible and ethical use of smart city technologies.
G20 Global Smart Cities Alliance on Technology Governance
It will create global norms and policy standards for the use of connected .... Read More
On 21 August, 2019 a report on the micro-credit culture in India highlighted certain flaws in microcredit transactions which have led to reduced outcomes in the lives of its beneficiaries in a meaningful way.
It refers to the granting of very small loans to poor borrowers, to enable them for self-employment .... Read More
On 13th August 2019, a government-constituted high-level committee submitted its recommendations. The panel was set up in October 2018 under the chairmanship of Corporate Affairs Secretary Injeti Srinivas to review the existing CSR framework and make recommendations on strengthening the CSR ecosystem, including monitoring implementation and evaluation of outcomes.
Corporate Social .... Read More
Union Finance Minister announced a slew of measures on 23rd August to stimulate the slowing economy.
State of the Economy
India’s GDP growth in January-March slid to a near five-year low of 5.8% and the growth in April-June quarter is expected to falter even further.
Domestic passenger vehicle sales, a key economic indicator, .... Read More
On July 12, the Meghalaya Cabinet approved a draft water policy to address water usages, issues of conservation and protection of water sources in the State.
About the Policy
Meghalaya is the first state in the country to adopt a water policy.
The primary aim if the policy is to recognise water as .... Read More
On 11 July, the Ministry of Housing and Urban Affairs (MHUA) released the draft Model Tenancy Act, 2019, in public for consultation. The law aims to regulate rental housing by a market-oriented approach.
It envisages to balance the interest and rights of both the owner and tenant and to create an .... Read More
Economic Survey 2019 has recommended that governments can create data as a public good within the legal framework of data privacy.
A closer attention needs to be paid by the government towards data revolution and processing because of push and pull factors related to data.
On the one hand, the decreasing marginal .... Read More
The central government has drawn up a plan recently to bring down its stakes in a clutch of large central public sector undertakings (CPSEs) to below 51% in Financial Year 2020.
Seven PSEs have been identified by the government which includes Engineers India (EIL), Container Corporation (ConCor), Nalco and four Maharatna .... Read More
According to the International Energy Agency, India’s energy demand outpaced global demand growth in 2018.
Country’s primary demand rose 4% in 2018 Vs 2.3% growth seen worldwide.
India saw primary energy demand increase 4 per cent or over 35 million tonne of oil equivalent. This accounts for 11 per cent of .... Read More
On 25th March, 2019, Word Economic Forum (WEF) released the Energy Transition Index.
The report titled Fostering Effective Energy Transition, ranks countries on how well they are able to balance energy security and access with environmental sustainability and affordability.
The index takes into account six individual indicators:
Capital and Investment
Regulation and Political Commitment
Institutions .... Read More
According to the Global MPI 2018 Report, prepared by the United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative, India has reduced its poverty rate drastically from 55% to 28% in 10 years, with 271 million people moving out of poverty between 2005-06 and 2015-16.
Key Findings .... Read More
According to the latest Monster Salary Index (MSI), Gender pay gap is still high in India, as women in the country earn 19 per cent less than men and wage inequalities in favour of men are present in all the relevant sectors.
Key Findings of Report
The current gender pay gap in .... Read More
United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) report flags concern regarding India’s rising non-performing assets (NPA), which can potentially derail the country’s efforts to achieve Sustainable Development Goals(SDGs).
About the Report
India needs to spend nearly Rs140 per day per person to remove poverty, while rest Asia-Pacific .... Read More
On 5th April, 2019, NITI Aayog, together with Rocky Mountain Institute (RMI), released a report on opportunities for the automobile sector and government under the ‘Faster Adoption and Manufacturing of Electric Vehicles II’ (FAME II) scheme.The report titled ‘India’s Electric Mobility Transformation: Progress to Date and Future Opportunities’, quantifies the .... Read More
The World Health Statistics 2019 Report released on April 4, 2019,shows that while there have been improvements in 24 of the 43 health-related Sustainable Development Goal (SDG) indicators, progress has stalled or worsened for 5/ 43 indicators.
The report is published annually since 2005 by the World Health Organization (WHO) and .... Read More
According to International Renewables Energy Agency (IRENA), a third of global power generation capacity is now being fueled by renewable energy sources.
Asia accounted for 61% of new capacity in 2018 and continued to dominate the global solar capacity expansion.China, India, Japan and Republic of Korea accounted for most of this.
Indian .... Read More
On 3rd April, 2019, Asian Development Bank (ADB) has published its Asian Development Outlook 2019.
Findings of the Report
Growth in developing Asia is projected to soften to 5.7% in 2019 and 5.6% in 2020.
Excluding Asia’s high-income newly industrialized economies, growth is expected to slip from 6.4% in 2018 to 6.2% in .... Read More
On 22nd March, 2021, the Parliament passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2021, bringing in many reforms to India’s untapped mining industry.
The Bill amends the Mines and Minerals (Development and Regulation) Act, 1957.
Untapped Mining Potential: Mining in India contributes to only 1.75 per cent of .... Read More
The final report of the Fifteenth Finance Commission of India for FY 2021-22 to FY 2025-26 was tabled in the Parliament on 1st February, 2021 alongside the Union Budget 2021-22.
The 15th Finance Commission was constituted by the President of India in November 2017, under the chairmanship of NK Singh. Its .... Read More
On 20th January, 2021, NITI Aayog along with the Institute for Competitiveness released the second edition of India Innovation Index.
The first edition of the India Innovation Index, released in October 2019, was a first-of-its-kind metric for assessing the innovation capabilities of Indian states and union territories.
India Innovation Index
The 2020 edition .... Read More
On 2nd December, 2020, the International Labour Organization(ILO) published the Global Wage Report 2020-21, which revealed the shocking facts of wage impact due to Covid-19 pandemic.
The Global Wage Report – the seventh in the series – looks at recent trends in wages, the global economic and labour market context, and .... Read More
On 12th November 2020, Government launched Atmanirbhar Bharat 3.0 to boost Covid-hit economy.
It seeks to boost job creation, provide liquidity support to stressed sectors and encourage economic activity in housing and infrastructure areas.
Key Measures under AatmaNirbhar Bharat 3.0
1.Atmanirbhar Bharat Rozgar Yojana
It aims to incentivise the creation of new employment opportunities .... Read More
On 15th October, 2020, the central government notified the Directorate General (DG) of Shipping as National Authority for Recycling of Ships under section 3 of the Recycling of Ships Act, 2019.
About National Authority for Recycling of Ships(NARS)
NARS will be set up in Gandhinagar, Gujarat.
The location of the office will benefit .... Read More
On 25th September, 2020, the Permanent Court of Arbitration(PCA) at The Hague (Netherland) ruled in favour of the Vodafone Group in its long pending case against the Indian income tax department’s tax liability demand for Rs 22,100 crore that dates back to a transaction in 2007.
Timeline of the Case
In May .... Read More
On 7th September, 2020,the Reserve Bank of India (RBI) released a report by the K V Kamath Committee which was formed to make recommendations on the required financial parameters to be factored in the resolution plans under the ‘Resolution Framework for Covid-related Stress’,along with sector specific benchmark ranges for such .... Read More
On 20th August, 2020, the Reserve Bank of India (RBI) released the National Strategy for Financial Education(NSFE): 2020-2025 document in order achieve the vision of creating a financially aware and empowered India.
This is the second national strategy; the first was launched in 2013.
Background and Rationale of NSFE
India has a large .... Read More
In a bid to reward the taxpaying citizens of India, the government on 13th August, 2020, launched a new platform to“Transparent Taxation – Honoring the Honest”, to honour the honest taxpayers of the country.
This new scheme is an extension of E-assessment scheme- 2019 launched by Government in September 2019.
The aims .... Read More
The Ministry of Corporate Affairs (MCA) has set up a committee to look into the possibility of including “pre-packs” to offer faster insolvency resolution under the Insolvency and Bankruptcy Code (IBC).
Since the start of the year 2019, the Government has been planning to introduce the concept of Pre-Package Insolvency Schemes .... Read More
On 3rd June, 2020, the Union Cabinet approved an ordinance to amend the Essential Commodities Act, 1955, to deregulate price of certain agricultural commodities.
The law was enacted at the time when India was dependent on imports for food items and hoarding and black marketing of food items was rampant. However, .... Read More
On 29th April, 2020, the Task Force on National Infrastructure Pipeline (NIP), headed by the economic affairs secretary Atanu Chakraborty submitted its Final Report on NIP for FY 2019-25 to the government.
The Summary Report of the Task Force on National Infrastructure Pipeline for 2019-2025 has already been released by the .... Read More
As the economy struggles with the lockdown and thousands of firms and workers stare at an uncertain future, the states of Uttar Pradesh , Madhya Pradesh and Gujarat made key changes in the application of labour laws. Labour is a concurrent subject under the Constitution of India and states can .... Read More
While addressing the nation on 12th May, , 2020, Prime Minister of India announced an “Atmanirbhar Bharat Abhiyan” worth Rs 20 lakh crores($265 billion) to tide over the economic downturn induced by the coronavirus crisis and emphasised on the need for India to become “self-reliant” as the pandemic sweeps across .... Read More
On 18th March, 2020, the Ministry of Food Processing Industries (MoFPI) sanctioned 37 mega food parks and 298 integrated cold chain projects throughout the country to fill in the gaps across the value chain and establishing the cold chain grid.
The MoFPI is focusing on building cold chain infrastructure across the .... Read More
On 17th March 2020, the Reserve Bank of India (RBI) released guidelines for regulating the activitiesof Payment Aggregators (PAs) and provide baseline technology-related recommendations to Payment Gateways (PGs) in the country.
These guidelines issued under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007aim to make .... Read More
On 26th February, 2020, the Cabinet Committee on Economic Affairs gave its approval to set up a National Technical Textiles Mission. The Mission would have a four year implementation period from FY 2020-21 to 2023-24.
Objectives of National Technical Textiles Mission
To promote research, export and skill development
Reduce Technical Textiles imports .... Read More
In order to increase the attractiveness of the Indian Equity Market, to provide relief to large class of investors and to make India an attractive destination for investment, the Union Budget proposed to remove the Dividend Distribution Tax (DDT).
The dividend distribution tax (DDT) has been abolished at both the .... Read More
On 10th January, 2020, the Reserve Bank of India (RBI) released the five year (2019-24) National Strategy for Financial Inclusion (NSFI) with an objective to include all under formal access to finance - a key goal of the government.
The NSFI sets forth the vision and key objectives of the financial .... Read More
On 8th January, 2020, the Union Cabinet approved an ordinance to amend the Mines and Minerals (Development and Regulation) Act, 1957 and the Coal Mines (Special Provisions) Act, 2015, to open up coal mining in the country to non-coal companies while removing theend-use restrictions of the mining blocks in the .... Read More
On 15th November, 2019, in a landmark decision, the Supreme Court allowed the appeal by Committee of Creditors in Essar Steel Insolvency Case to set aside the order of the National Company Law Appellate Tribunal (NCLAT).
The judgement has paved the way for Arcelor Mittal and Nippon Steel to take over .... Read More
The Ministry of Steel on 8th November, 2019, came out with a Steel Scrap Recycling Policy in a bid to ensure quality scrap for the steel industry in India.
To reduce imports, conserve resources and save energy.
To help all stakeholders engaged in collection, dismantling, processing, and transportation in order to ensure .... Read More
On 4th December, 2019, the government unveiled the Bharat Bond Exchange Traded Fund (ETF), India’s first exchange-traded fund housing corporate bonds issued by state-run companies.
Bharat Bond ETF, India’s first corporate bond ETF, has garnered Rs 12,400 crore from its maiden offer that opened for subscription on December 12, 2019.
The bond .... Read More
On 24th December, 2019, the Union Cabinet approved a transformational organisational restructuring of the Indian Railways. The reforms announced are in continuation with the series of decisions under which the Railway Budget was merged with the Union Budget, delegation of powers to empower GMs and field officers, allowing competitive operators .... Read More
Why in News?
Non-banking financial companies (NBFCs) in India are going through a rough phase following defaults by once a blue-chip infrastructure lender, Infrastructure Leasing and Financial Services (IL&FS), on short-term debt instruments like commercial papers and non-convertible debentures (NCDs).
How this Crisis begun?
The ongoing liquidity crisis in the NBFC industry is .... Read More
Why in News?
The RBI constituted a committee under Nandan Nilekani in January, 2019, to review the existing status of digitisation of payments in the country, identifying the current gaps in the ecosystem and suggesting ways to bridge them.
Need for Digitisation
Digital Payment Lags Behind Cash Payment: Debit and credit card payments .... Read More
Why in News?
Recently, American multinational corporation PepsiCo sued 11 Gujarati farmers for ‘infringing its Intellectual Property Right ‘ by growing the potato variety, FL 2027, which is used in its Lay’s chips.
The company had applied for the registration of two hybrid potato varieties FL 1867 and FL 2027 in February .... Read More
Why in News?
On 22nd May, the high-level advisory group headed by Surjit Bhalla , on ways to boost Indian export, submitted its report to Union Ministry of Commerce and Industry.
It has given various non-industry specific recommendations which also include building a comprehensive export strategy and rationalization of tariff structure.
It has .... Read More
What is GSP?
The Generalized System of Preferences (GSP) is a U.S. trade program designed to promote economic growth in the developing world by providing preferential duty-free entry of products from 129 designated beneficiary countries and territories.
GSP was instituted on January 1, 1976, by the Trade Act of 1974.
GSP had expired .... Read More
The Insolvency and Bankruptcy Code, 2016 (IBC) passed by the Parliament on 11 May 2016, received Presidential assent on 28 May 2016 and was notified in the official gazette on the same day.
Reasons for Introduction
It was introduced for two mains reasons:
To consolidate and de-fragment the insolvency and bankruptcy laws of .... Read More
Recently, World Trade Organization decided to end fisheries subsidies provide to India and other countries, which according to WTO, has led to unsustainable fishing across the globe.
Fisheries sector in India
Fisheries sector provides employment to millions of people and is a major contributor towards food security of the country. This sector .... Read More
Q. Consider the following statements vis-à-vis policy stance of RBI:
Under the Neutral stance, RBI has flexibility to increase or decrease the Repo Rate or Policy rate.
Accommodative stance would mean RBI would keep the policy rate constant or increase it.
(a) Only 1 (b) Only 2
(c) Both 1 and 2 .... Read More
Between 1997 and 2017, India’s per capita national income increased more than four-fold. The pace of poverty reduction accelerated, with a three-to-four-fold increase after 2000. To progress further, India needs a large, productive, and healthy middle class. This requires sustained expansion of good jobs, human capital, and equal opportunities. While .... Read More
India’s per capita expenditure on health remains among the lowest in the world. It’s a fact that sticks out starkly: 10.6% of the total amount in the Interim Budget is allocated to defence, while only 2.2% is allocated to healthcare. Funding need not be redirected from current allocations to preventive .... Read More
An expert committee set up by the government has recommended setting the minimum wage at Rs 375 a day, higher than the existing rate of Rs 321 for agriculture or unskilled workers and Rs 371for semi-skilled workers.
Anoop Satpathy Committee: The ministry of labour and employment had constituted the committee under .... Read More
The Food and Agriculture Organization (FAO), in its latest report, titled, The State of the World’s Biodiversity for Food and Agriculture 2019, has flagged the growing practice of monoculture in food production around the world.
What is Monoculture?: It is cultivation of a single crop at a given area.
Of more .... Read More
The recent controversy on the independence of the RBI from the government raised important issues of principle. Some analysts said that the government was elected while the RBI was not, and in a democracy the elected body must take precedence over the unelected one. This is at best a partial .... Read More
In the recent global RTI ratings, a programme founded by the Centre for Law and Democracy (CLD), a Canada-based non-governmental organisation, along with Access Info Europe, India has slipped a rung further this year to the sixth position. Ironically, India ranks lower than smaller nations like Afghanistan — which adopted .... Read More
For the past seven decades, the world has been moulded by a strong, transatlantic relationship with the US and EU underwriting the terms of peace, stability and economic prosperity.
The success of this order has created its own existential challenge. Its rising beneficiaries in Asia and elsewhere increasingly challenge the validity .... Read More
In a landmark move that can reduce antibiotics use in farming significantly, the European Parliament on October 25th approved a ban on preventive mass medication in animals using antibiotics or other drugs. This new legislation, targeted to bring down the overuse of antibiotics in animal production and ultimately halt the .... Read More
What is the Difference between Hurricane, Typhoon and Cyclone?They are all tropical cyclones, but different basins use different nomenclature. Tropical cyclones are formed in eight basins — Northern Atlantic, Northeastern Pacific, North Central Pacific, Northwestern Pacific, Northern Indian Ocean, Southwestern Indian Ocean, South and Southwestern Pacific and Southeastern Indian Ocean. .... Read More
A judge may hold his court in Hindi, but he must speak in English when addressing the Supreme Court, Chief Justice of India Ranjan Gogoi recently told a judge. Several persons have expressed opinion criticizing the Court as ‘snobbish’ and ‘elitist’. But has the Court committed any wrong by its .... Read More
What is It?
Recently, companies from around the world scrambled to comply with the RBI’s deadline for localisation of all sensitive data belonging to Indian users of various digital payment services. Data localisation is the act of storing data on any device physically present within the borders of a country. As .... Read More
The report, Human Acceleration of the Nitrogen Cycle: Managing Risks and Uncertainty — produced by the OECD in collaboration with the UNECE Task Force on Reactive Nitrogen (TFRN), revealed that pollution caused by nitrogen is being overlooked as governments continue to focus simply on carbon emissions, ignoring the growing risks .... Read More
The Living Planet Report is published every two years by the World Wide Fund for Nature since 1998. It is based on the Living Planet Index and ecological footprint calculations.
The ‘Living Planet Report 2018: Aiming Higher’ presents a comprehensive overview of the state of the natural world, through multiple indicators, .... Read More
Around 80 per cent of seasonal migrant children in seven Indian cities lack access to education near worksites, and 40 per cent of children from these households are likely to end up in work rather than school, facing exploitation and abuse, according to the Global Education Monitoring (GEM) Report 2019 .... Read More
Recently, a US citizen was allegedly killed by Sentinelese tribesmen, one of the last remaining uncontacted tribal groups in the world. This episode yet again underlines the fact that Sentinelese need to be out of bounds of Indian citizens, as had been the case earlier.
For a long time, North Sentinel .... Read More
India’s soil biodiversity is in grave peril, according to the Global Soil Biodiversity Atlas, prepared by the World Wide Fund for Nature.
The WWF’s ‘risk index’ for the globe — indicating threats from loss of above-ground diversity, pollution and nutrient over-loading, over-grazing, intensive agriculture, fire, soil erosion, desertification and climate .... Read More
The Prime Minister on November 2 launched a historic support and outreach programme for the Micro, Small and Medium Enterprises (MSME) sector. As part of this programme, the Prime Minister unveiled 12 key initiatives which will help the growth, expansion and facilitation of MSMEs across the country.
The Prime Minister said .... Read More
Crops, plantations, even livestock in 151 districts, or slightly more than one-fifth of the total districts in India, are susceptible to the impact of climate change, according to an annual review by the Indian Council of Agricultural Research (ICAR), a wing of the agriculture ministry.Using data sets created by the .... Read More
Prime Minister Narendra Modi recently said that the country will be shifting to a gas-based economy in a few years. His remarks came while laying the foundation for the ninth bidding for city gas distribution (CGD) projects, under the Petroleum and Natural Gas Regulatory Board (PNGRB), covering 129 districts and .... Read More
1. Two Years of DroughtTwo successive years of drought (2014, 2015) have taken a toll on the farm sector. The government has allocated significant funds for the sector but slow implementation of projects has not eased the pain. Drought in Maharashtra, Gujarat and Karnataka have also added to farmers’ woes.2. .... Read More
Gender parity is fundamental to whether and how economies and societies thrive. Ensuring the full development and appropriate deployment of half of the world’s total talent pool has a vast bearing on the growth, competitiveness and future-readiness of economies and businesses worldwide. The Global Gender Gap Report, 2018 benchmarks 149 .... Read More
The Himalayas support about 20 per cent of the world’s population. But the ecologically fragile region, the storehouse of the third highest amount of frozen water on earth, is highly vulnerable to climate change. Among the 12 states in the Indian Himalayan Region (IHR), Assam is found to be the .... Read More
The NITI Aayog on December 21 released the Baseline Report of the Sustainable Development Goals (SDG) India Index, which comprehensively documents the progress made by India’s States and Union Territories towards implementing the 2030 SDG targets.
The SDG India Index has been developed in collaboration with the Ministry of Statistics & .... Read More
The Union Micro, Small and Medium Enterprises Sector (MSME) Ministry will soon launch Enterprise Development Centres (EDCs) for developing a cadre of indigenous entrepreneurs in the MSMEs.
Enterprise Development Centres
They will be aimed at developing a cadre of indigenous entrepreneurs in the MSMEs. The EDCs will be similar to incubators for .... Read More
On 17th October, 2019, the first-ever India Innovation Index was launched by NITI Aayog in collaboration with the Institute of Competitiveness in order to promote competitiveness among the states. The index examines the innovation capabilities and performance of 29 states and seven union territories.
Findings of India innovation Index 2019
Karnataka has .... Read More
RBI on 26th August approved the transfer of Rs 1.76 lakh crore dividend and surplus reserves to the government. This amount will help government in stimulating the slowing economy without widening fiscal deficit. The excess reserve transfer is in line with the recommendation of former RBI governor Bimal Jalan-led panel .... Read More
On 29 July the Banning of Unregulated Deposit Schemes Bill, 2019 has been passed by the parliament. The Bill seeks to prevent unregulated entities from collecting deposits and duping the poor and the gullible of their hard earned savings. It seeks to amend three laws, namely, the Reserve Bank of .... Read More
The Economic Survey 2019 has called for Redesigning a Minimum Wage System in India for Inclusive Growth.
India enacted the Minimum Wages Act way back in 1948 which protects both regular and casual workers. The minimum wage system in India is extremely complex with a plethora of minimum wages. Minimum .... Read More
The Government in June 2019 has allowed the direct sale of biodiesel (B100) for blending with high speed diesel to all consumers in accordance with the specified blending limits and the standards specified by the Bureau of Indian Standards, with effect from 29th June, 2017.
This step is in line with .... Read More
On 24 July, PayPal, an American digital payments company, declared that it is working on localization of data as mandated by the Reserve Bank of India.
Data and its Localization
Data is distinct information that is formatted in a special way. Data exists in a variety of forms, like text on paper .... Read More
On 14th September and on 20th September 2019 Union Finance Minister announced separate measures to boost the flailing economy.
Measures announced by the government to boost various sectors are as follows:
Scheme for Remission of Duties or Taxes on Export Products: The scheme includes a refund of duties and taxes on exports .... Read More
The outstanding dues of distribution utilities from power producers have risen by more than 57% to Rs 73,748 crore in July 2019 compared to the same month last year (it was Rs 46,779 crore in 2018, as per PRAAPTI portal), showing stress in the sector.
In July this year, total .... Read More
On 30th August 2019, Union Finance Minister announced the merger of 10 public sector banks into 4 larger banks. This would take the number of public sector banks in the country from 27 in 2017 to 12. The date of merger is yet to be .... Read More
On 31st March, 2021, the Union Cabinet approved the Central Sector Scheme - Production Linked Incentive Scheme for Food Processing Industry (PLISFPI) to support food manufacturing entities with stipulated minimum Sales and willing to make minimum stipulated investment for expansion of processing capacity and Branding abroad to incentivise emergence of .... Read More
On 13th Match, 2021, the Centre has issued a framework for scrap recycling of non-ferrous metals, including aluminium and copper, in a bid to cut down the scrap imports.
Increased Import Dependency: One of the key challenges faced by the non-ferrous metals industry is its heavy dependence on import of .... Read More
On 15th February, 2021, the Ministry of Textiles launched a Certified Jute Seed Distribution Plan under Jute ICARE Program.
Jute Corporation of India (JCI) had in 2019, signed an MoU (Memorandum of Understanding) with National Seeds Corporation for commercial distribution of 1,000 Metric Tonne certified jute seeds for the year 2021-22.
Certified .... Read More
On 24th February, 2021, the Union Cabinet approved Production Linked Incentive (PLI) Scheme for Pharmaceuticals over a period of Financial Year 2020-21 to 2028-29.
The scheme will be part of the umbrella scheme for the Development of Pharmaceutical Industry.
It seeks to enhance India's manufacturing capabilities by increasing investment and production .... Read More
In the Union Budget 2021-22, the Government has proposed a scheme of Mega Investment Textiles Parks (MITRA) Scheme.
It seeks to enable the textile industry to become globally competitive and boost exports.
India has already sanctioned 59 textile parks under the Scheme for Integrated Textile Parks (SITP), but due to .... Read More
On 7th January, 2021, the Centre unveiled the newly formulated New Industrial Development Scheme for Jammu & Kashmir (J&K IDS, 2021) as Central Sector Scheme for the development of Industries in the UT of Jammu & Kashmir.
The scheme is approved with a total outlay of Rs. 28,400 crore up to .... Read More
On 16th January, 2021, the Ministry of Railways issued Iron-ore policy 2021 that will govern the allocation of rakes (train) and transportation of iron-ore across the country.
It aims to provide complete logistics support to iron and steel industry to meet the competitive challenges domestically and globally.
The production of steel .... Read More
National Consumer Rights Day was observed on 24 December, 2020, under the theme -New features of Consumer Protection Act, 2019.
The day aims to highlight the importance of the consumer movement as well as the need to make them aware and informed of their rights and responsibilities.
On this day in the .... Read More
On 15th December, 2020, the Quality Council of India (QCI) launched a Scheme for approval of Hygiene Rating Audit Agencies to increase the number of recognised Hygiene Rating Audit Agencies for scaling up the Food Hygiene Rating across the country.
QCI initiated this scheme after the FSSAI launched a certification .... Read More
On 24th December, 2020, the government approved changes to the guidelines for providing Direct to Home (DTH) services to bring it in line with the existing policy that allows 100 percent FDI in the DTH broadcasting services sector.
Licences will now be issued for 20 years with a renewal provision .... Read More
On 1st December, 2020, the government invited proposals from industry to set up a dedicated export promotion council (EPC) for technical textiles to promote international trade of these products.
Constitution of such an EPC is part of one of the components of the National Technical Textiles Mission.
The Council shall abide by .... Read More
On 16 November, 2020, the Department of Investment and Public Asset Management (DIPAM) signed an agreement with the World Bank to provide advisory services for asset monetization.
The project aims at supporting the development of operational guidelines and capacity building for its implementation.
The central government has set a target .... Read More
On 28th October, 2020, the Commerce and Industry Ministry released the next edition of its consolidated foreign direct investment policy document, incorporating all the changes made over the past year.
The last FDI circular was released in 2017.
The whole exercise is aimed at providing an investor-friendly climate to foreign players and, .... Read More
On 22nd October, 2020, the Labour and Employment Ministry revised the base year of the Consumer Price Index (CPI) for Industrial Workers (CPI-IW) from 2001 to 2016, giving more weight to spending on housing, education and health in inflation index calculation.
Earlier, the series were also revised from 1944 to 1949; .... Read More
On 9th September, 2020, Atal Innovation Mission (AIM) along with NITI Aayog launched the Aatmanirbhar Bharat ARISE-Atal New India Challenges to spur applied research and innovation in Indian MSMEs and startups.
The programme will be driven by Indian Space Research Organization (ISRO), four ministries—Ministry of Defence; Ministry of Food Processing .... Read More
The 6th National Handloom Day was celebrated on 7th August, 2020, to honour the handloom community, and acknowledge their contribution towards India’s socio-economic development.
The first National Handloom Day was organised in 2015 by the government in Chennai.
This day seeks to highlight the contribution of handloom to the socioeconomic development of .... Read More
On 31st July, 2020, Ministry of Micro Small and Medium Enterprises (MSME) approved a programme for the benefit of artisans involved in manufacturing of agarbatti under the ‘Gramodyog Vikas Yojana’
It aims at the development of domestic agarbatti industry as a whole by mitigating the gap between the indigenous ‘production and .... Read More
On 20th July, 2020, the government inaugurated the Zoram Mega Food Park (MFP) in Mizoram.
Located in Khamrang village in Kolasib District, this is the first Mega Food Park operationalized in the State of Mizoram.
It is an integrated project which provides infrastructure and services for food processing across the value .... Read More
On 23rd June, 2020,government made it mandatory for sellers on the Government e-Marketplace (GeM) portal to clarify the country of origin of their goods when registering new products. The move aims to promote Aatmanirbhar Bharat (self-reliant India) and push India’s ‘Make in India’ initiative.
Percentage of National Content of Products: .... Read More
On 24th June, 2020, Union Cabinet approved a scheme for interest subvention of 2%for a period of 12 months, to allShishu loan accounts under Pradhan Mantri Mudra Yojana (PMMY) to eligible borrowers.
The ongoing COVID-19 crisis and the consequent lockdown has led to severe disruption of business for micro and small .... Read More
On 24th June, 2020, Union Cabinet approved a scheme for interest subvention of 2%for a period of 12 months, to allShishu loan accounts under Pradhan Mantri Mudra Yojana (PMMY) to eligible borrowers.
The ongoing COVID-19 crisis and the consequent lockdown has led to severe disruption of business for micro and small .... Read More
On 30th April, 2020, the government launched the Bank of Schemes, Ideas, Innovation and Research portal on Micro, Small & Medium Enterprises(MSMEs).
About the Portal
The Portal gives access to all Schemes of Union, State and UT Governments.
It has the provision for uploading Ideas, Innovations & Researches in the sector.
The portal .... Read More
On 20th May, 2020, the Union Cabinet approved a new Centrally Sponsored Scheme - "Scheme for Formalisation of Micro food processing Enterprises (FME)” for the Unorganized Sector on All India basis.
There are about 25 lakh unregistered food processing enterprises which constitute 98% of the sector and are unorganized and informal.
This .... Read More
On 23rd January, 2020, Indian Railways commissioned the country’s first governmental waste to energy plant in Mancheswar Carriage Repair Workshop at Bhubaneswar, Odisha under the East Coast Railway zone.
The plant will use Polycrack technology to process the scrap and convert waste into energy to produce light diesel oil in 24 .... Read More
On 11th January, 2020, the government launched Mission Purvodaya in order to strengthen steel sector in the Eastern region.
Objective: Accelerated development of eastern India through establishment of Integrated Steel Hub.
Need: Despite being endowed with rich natural resources (iron ore, bauxite, coking coal, etc.), eastern region of the country has lagged .... Read More
On 20th November, 2019, the Union Cabinet approved the proposal for enactment of Recycling of Ships Bill, 2019 as well as accession to the Hong Kong International Convention for Safe and Environmentally Sound Recycling of Ships, 2009. It aims to provide boost to the ship-wrecking industry in India
When the Hong .... Read More
On 2nd December, 2019, the Ministry of Corporate Affairs (MCA) launched the Independent Director’s Databank in accordance with the provisions of the Companies Act, 2013. It aims to strengthen the institution of Independent Directors.
Need for Databank
In recent times, many individuals have come under the regulatory lens in connection with failure .... Read More
On 18th June, 2019, Expert Committee under U K Sinha On Micro Small and Medium Enterprises(MSMEs) submitted its report to RBI.
It was set up in January, 2019 to suggest long-term measures for the economic and financial sustainability of the MSME sector.
Establishing a Rs 5,000-crore distressed assets fund to make .... Read More
The government proposed a World Trade Organization (WTO)-compliant export promotion scheme along with a production based support scheme to boost Make in India.
It is one of the 100-days agenda of the new government.
Under the special and differential provisions of the WTO’s Agreement on subsidies and countervailing measures, so-called least-developed countries .... Read More
On 13th June, 2019, SEBI introduced a probability of default mechanism to keep credit rating agencies (CRAs) in check.
Rating companies, in consultation with SEBI, will now create a uniform probability of default benchmark for each rating category on their website, for one-year, two-year and three-year cumulative default rates, both .... Read More
On 10th June, 2019, the Securities and Exchange Board of India (SEBI) proposed a whistleblower mechanism to tackle insider trading cases.
The proposed policy would be implemented by amending SEBI (Prohibition of Insider Trading) Regulations, 2015.
Absolute Confidentiality: The mechanism would provide near absolute confidentiality along with appropriate safeguards, and it .... Read More
On 1st May, 2019, Securities and Exchange Board of India (SEBI) barred National Stock Exchange (NSE) from accessing the securities market for a period of six months in co-location case.
The case pertains to complaints made in 2015 that the NSE gave preferential access to some co-location clients, thereby giving them .... Read More
On March 5th, 2019, United States announced to end the preferential trade terms for India under the U.S.’s Generalized System of Preferences (GSP) program.
Under this program, US provides duty-free access to 4800 different products from goods from 129 designated countries in order to foster trade and economic development.
A mandatory 60 .... Read More
On 5th March, 2019, the Prime Minister launched the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Yojana for unorganized sector at Vastral in Gandhinagar, Gujarat.
The National pension scheme announced in the interim budget in February, 2019 comes under the purview of Ministry of Labour and Employment.
To provide regular pension to those .... Read More
The NuGen Mobility Summit 2019 will be held during November 27 – 29, 2019 at Manesar, National Capital Region.
The Summit will be organised by the International Centre for Automotive Technology (ICAT).
Exchange of Ideas and Technology:To share new ideas, global experiences, innovations and future technology trends for faster adoption, and development .... Read More
The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
The combined Index of Eight Core Industries stood at 125.8 in February, 2019, which was 2.1per centhigheras compared to the index of February, 2018.
Coal production (weight: 10.33 per cent) .... Read More
On 29th March, Coffee Board, under the Ministry of Commerce and Industry, launched blockchain based coffee e-marketplace.
With this, the Coffee Board of India has taken the third spot in launching a blockchain coffee trading app, after France and Ethiopia.
To Bring More Transparency: Blockchain will reduce the number of layers between .... Read More
On 26th April, 2019, United States Trade Representative’s (USTR) placed India again in Special 301 Report’s Priority Watch List.
Reasons behind India’s Inclusion
India has been included in the list for the ‘long-standing IP challenges facing US businesses in India’and includesthe challenges that make it difficult for innovators to receive and maintain .... Read More
On 2nd April, 2019,Department of Revenue under Ministry of Finance imposed anti-dumping duty on imports of Ethylene Vinyl Acetate sheet used in solar cell making from China, Malaysia, Saudi Arabia and Thailand for a period of five years.
The anti-dumping duty has been imposed after considering the recommendations of the commerce .... Read More
On 2nd April, 2019, the European Union (EU) dragged India into WTO’s dispute settlement mechanism over imposition of import duties on certain‘Information and Communications Technology’ (ICT) products, including mobile phones, alleging breach of global trade norms.
Reasons for the Dispute
Import Duties on Various Products: The EU is challenging the introduction of .... Read More
The automotive industry has been facing a slowdown in India. As per Society of Indian Automobile Manufacturers (SIAM) data, there was a 26% dip in car sales in May 2019 versus last year, and consequently a nearly 8% fall in overall vehicle production. The current sales of vehicles have been .... Read More
In the last session of Parliament, the government acknowledged that only one-fourth of the air routes granted under the Regional Connectivity Scheme (RCS) or UDAN (Ude Desh ka Aam Nagrik) have become operational. Flights have commenced so far on merely 186 out of 705 RCS routes it had offered to .... Read More
Telecom Ministry announced on 8 July that it would launch the Central Equipment Identity Register (CEIR) next month.
The National Telecom Policy of 2012 calls for the establishment of a National Mobile Property Registry to address the issue of “security, theft, and other concerns including reprogramming of mobile handsets”
Based on this, .... Read More
On 11 September 2019 Commerce Ministry released a report containing the Logistics Ease Across Different States (LEADS) Index in which Gujarat has topped the list. It is followed by Punjab and Andhra Pradesh; Himachal Pradesh stands last on the index.
Logistics Sector in India
As per the Economic Survey 2017-18, the .... Read More
Rajasthan Government has been strongly demanding national project status for the Eastern Rajasthan Canal Project (ERCP).
About Eastern Rajasthan Canal Project
Envisaged on the lines of the Indira Gandhi Canal in western Rajasthan, the project aims to harvest surplus water available during the rainy season in rivers in southern Rajasthan such .... Read More
On 2nd December, 2020, the municipal bonds issued by the Lucknow Municipal Corporation got listed on the Bombay Stock Exchange (BSE).
With this, Lucknow became the 9th city in the country and first city from Uttar Pradesh to have raised municipal bonds, which have been incentivized by the Ministry of Housing .... Read More
On 16th December, 2020, the Cabinet Committee on Economic Affairs approved the Revised Cost Estimate (RCE) of North Eastern Region Power System Improvement Project (NERPSIP).
The main objective of the project is Government commitment for the total economic development of North Eastern Region and to strengthen the Intra-State Transmission & Distribution .... Read More
On 29th December, 2020, the Centre inaugurated the 351-km ‘New Bhaupur- New Khurja section’ in Uttar Pradesh of the Eastern Dedicated Freight Corridor (EDFC) via video conferencing. A state-of-the-art Operation Control Centre (OCC) at Prayagraj will act as the command centre for the entire route length of the EDFC.
The section .... Read More
On 22nd December, 2020, the Government signed a $500 million loan agreement with the World Bank to build safe and green national highway corridors in the states of Rajasthan, Himachal Pradesh, Uttar Pradesh and Andhra Pradesh.
The $500 million loan from the International Bank for Reconstruction and Development (IBRD) has a .... Read More
On 4th November, 2020, the Cabinet Committee on Economic Affairs approved 210 MW Luhri Stage-I hydro-electric project in Himachal Pradesh.
The project is located on River Satluj in Shimla and Kullu districts of Himachal Pradesh.
It is being implemented by state-run Satluj Jal Vidyut Nigam (SJVNL) on Build-Own-Operate-Maintain (BOOM) basis with active .... Read More
Gujarat Maritime Board (GMB) is in the process to develop Gujarat Maritime Cluster at GIFT City in the state capital Gandhinagar in order to address logistics of ports and seaways.
This cluster will initially consist of Gujarat-based shipping lines, freight forwarders, shipping agents, bunker suppliers, stevedores, and ship brokers with chartering .... Read More
On 11th November, 2020, the Cabinet Committee on Economic Affairs approved the Continuation and Revamping of the Scheme for Financial Support to Public Private Partnerships (PPPs) in Infrastructure Viability Gap Funding (VGF) Scheme till 2024-25.It seeks to mainstream private participation in social infrastructure.
The earlier VGF scheme was limited to projects .... Read More
The fourth anniversary of the UDAN scheme was commemorated as UDAN Day on 21 October, 2020 by the Ministry of Civil Aviation.
About UDAN Scheme
It was launched as a regional connectivity scheme (RCS) under the Ministry of Civil Aviation in 2016.
The scheme envisages providing connectivity to un-served and under-served airports of .... Read More
On 31st October, 2020, India's first seaplane service was launched by Prime Ministerfrom Kevadia in Narmada district, the home to the world's tallest statue- Statue of Unity to the Sabarmati Riverfront in Ahmedabad.
The seaplane will be operated by SpiceJet. It is a 19-seater seaplane, which will be able to accommodate .... Read More
On 28th October, 2020, NITI Aayog and Quality Council of India launched the National Program and Project Management Policy Framework (NPMPF).
This framework aims to formulate radical reforms in the way large and mega infrastructure projects are managed in India, with an action plan to:
oAdopt a program and project management .... Read More
On 29th October, 2020, the Cabinet Committee on Economic Affairs approved the Dam Rehabilitation and Improvement Project (DRIP) Phase II & Phase III.
The Project will be implemented over a period of 10 years in two Phases, each of six years duration with two years overlapping from April, 2021 to March, .... Read More
On 10th September, 2020, the Union Ministry of Shipping launched dispute redressal mechanism-SAROD (Society for Affordable Redressal of Disputes)-Ports, to facilitate affordable and timely resolution of disputes for the maritime sector.
In January, 2018, the government approved amendments in the Model Concession Agreement (MCA).The amendments in the MCA, envisaged constitution of .... Read More
The Mumbai-Ahmedabad bullet train project may face a delay due to issues such as disruptions caused by the coronavirus pandemic to low participation by Japanese companies and tenders cancelled because of steep rates quoted by bidders.
The project was scheduled to be completed by December 2023.
About the Bullet Train .... Read More
On 24th August, 2020, Assam government inaugurated a ropeway across the river Brahmaputra and described it as the country’s longest river ropeway.
The project was cleared by the state government in March 2006 at a cost of Rs28 crore and work on it started in December 2009.
However, the work came .... Read More
On 7th August, 2020, the Railways began the first Kisan Rail train service from Devlali in Maharashtra to Danapur in Bihar.
The announcement regarding the "Kisan Rail" was made in the current year's Budget.
Indian Railways aims to help double farmers’ income with the launch of Kisan Rail.
It is aimed .... Read More
On 6th July, 2020, in an effort to improve the quality of roads, the National Highways Authority of India (NHAI) decided to undertake performance assessment and ranking of the highways in the country.
The assessment audit and ranking of the NHs is aimed to take corrective recourse, wherever needed, to improve .... Read More
To draw more cargo to waterways, Ministry of Shipping has waived waterway usage charges for three years with immediate effect.
The move comes in the backdrop of cargo moved on waterways stagnating in fiscal 2020 against the previous fiscal.
Water usage charge was applicable on vessels using the national waterways.
Currently only .... Read More
On 9th July, 2020, the Union cabinet approved a scheme to provide budget rental accommodation to poor and migrant workers in urban areas.
Need for Rental Housing Scheme
COVID-19 pandemic has resulted in massive reverse migration of workers/ urban poor in the country who come from rural areas or small towns for .... Read More
The Ministry of Shipping reviewed the development activities of Vallarpadam Terminal of Cochin Port, Kerala recently.
About the Terminal
The Kochi International Container Trans-shipment Terminal (ICTT), locally known as the Vallarpadam Terminal, is located on Vallarpadam Island.
It is envisaged as first trans-shipment port of India, managed by DP World.
Opened in February 2011, .... Read More
Recently, the government inaugurated the 750 MW solar project inthe Gurh tehsil ofRewa district , Madhya Pradesh.
It is Asia's largest solar power project.
The project has also received the World Bank Group President’s Award for innovation and excellence and was included in the book ‘A Book of Innovation: New Beginnings’.
About Rewa .... Read More
Union Cabinet has approved the proposal to declare Kushinagar Airport in Uttar Pradesh as an International Airport.
On any given day, around 200-300 devotees from Thailand, Cambodia, Japan, Burma, etc are coming and offering their prayers at Kushinagar.
However, this International tourist destination has no direct connectivity, which has been a .... Read More
Recently, several states like West Bengal, Punjab, Puducherry, Kerala, Rajasthan, Jharkhand, Chhattisgarh, Maharashtra, Delhi, Telangana and Andhra Pradesh have voiced their concerns against the proposed Draft Electricity(Amendment) Bill.
Need of Amendment
The amendment bill was brought to deal with the current challenges plaguing the Indian power sector seem to be derived from .... Read More
The Ministry of New and Renewable Energy (MNRE) has urged states to set up renewable energy (RE) equipment manufacturing parks to meet domestic demand as well as make India a global production hub.
To meet the domestic demands as well as to attract firms shifting base from China amid COVID-19 pandemic .... Read More
The government is fast tracking a plan to implement electronic Bill of Lading (eBL) as it looks at ways to facilitate business continuity by removing hurdles in the trade documentation process in a post-coronavirus world where the current hard-copy based format could pose a huge risk to the smooth flow .... Read More
Coir Geo textiles will be used for construction of rural roads under the Pradhan Mantri Gram Sadak Yojana (PMGSY-III).The project will be implemented by theNational Rural Infrastructure Development Agency(NRIDA)under UnionMinistry of Rural Development.
In March, 2020, the government had announced National Technical Textile Mission and the use of geo-textiles in highways, .... Read More
On 27th February, 2020, the National Council of Applied Economic Research(NCAER)released India’s firstLand Records and Services Index (N-LRSI 2020), which evaluates the quality of land records in the country and the extent of their digitalization.The Index aims at filling the gaps in economic research, policy analysis, and systematic data on .... Read More
On 6th February, 2020, the Union Cabinet approved the setting up of country’s 13th major port at Vadhavan near Dahanu in Maharashtra.
The port will be developed on “landlord model” (where infrastructure is leased to private firms or industries and chemical plants).
A special purpose vehicle (SPV) will be formed, with .... Read More
On 11th February, 2020, Union Cabinet gave its nod to Major Ports Authority Bill that will replace the Major Port Trusts Act, 1963, governing country’s 12 major ports. Currently, most major port trusts in India carry out terminal operations as well, resulting in a hybrid model of port governance.
Major Ports .... Read More
On 31st December, 2019, the government unveiled Rs 102 lakh crore of infrastructure projects, under National Infrastructure Pipeline (NIP), that will be implemented in the next five years as part of the government’s spending push in the infrastructure sector.
To achieve this objective, a Task Force was constituted in September, 2019, .... Read More
On 6th November, 2019, the government approved the creation of an Alternative Investment Fund (AIF) consisting Rs. 25,000 crorefor housing projects in the country.It aims to provide last-mile funding for stalled affordable and middle-income housing projects across the country.
All affordable and middle-income housing projects that are net worth positive .... Read More
On 19th November, 2019, the Ministry of Road Transport and Highway released the Road Accidents in India- 2018.
It is an annual publication brought out by the Transport Research Wing of the Ministry of Road Transport and Highways which reports on accidents, related deaths and injuries, calendar year-wise, based on information .... Read More
On 11th December, 2019, the Union Cabinet gave its approval to the proposal of Ministry of Road Transport and Highways, authorizing National Highways Authority of India (NHAI) to set up Infrastructure Investment Trust(s) (InvIT) as per InvIT Guidelines issued by SEBI. NHAI’s InvIT will be a Trust established by NHAI .... Read More
On 17th December, 2019, the Ministry of Railways granted in-principle approval for the Silver Line project to be implemented in Kerala, which is scheduled to be commissioned by 2024. This semi-high rail is expected to cut travel time between Thiruvananthapuram and Kasaragod from 12 hours to 4 hours.
Need of the .... Read More
On 22nd May, 2019,Asian Development Bank (ADB) signed an agreement with Indian Railway Finance Corporation (IRFC) to provide USD 750 million equivalent in Indian rupee long-term financing to electrify railway tracks in India.
It is the largest single non-sovereign loan ever committed by ADB to IRFC to fund the railways track .... Read More
In a bid to provide seamless urban mobility to commuters across the country, the Centre on March 4 launched India’s first indigenously-developed National Common Mobility Card (NCMC).
Dubbed as ‘One Nation-One Card’, the inter-operable transport card would allow holders to pay for their bus travel, toll taxes, parking charges, retail shopping .... Read More
The World Bank, government of India and representatives of five Indian state governments have signed a loan agreement for additional financing of $137 million for the Dam Rehabilitation and Improvement Project (DRIP).
The $137 million loan from the International Bank for Reconstruction and Development (IBRD) has a three-year grace period and .... Read More
On 26th April, 2019, the Finance Ministry introduced changes in the e-way bill system to crack down on GST evaders.
Distance Calculation Based on PIN Codes: The new system would come with auto-calculation of the distance between the source and destination, based on the PIN codes. The user would be .... Read More
The National Investment and Infrastructure Fund (NIIF) and global transport infrastructure operator ‘Roadis’ would jointly set up a platform to invest up to $2 billion of equity in road projects in India.
The platform would target toll-operate-transfer (TOT) models and acquisitions of existing road concessions.
Fund Types Managed by NIIF
NIIF currently manages .... Read More
The Central government is setting up a fully-owned Special Purpose Vehicle (SPV) to house all its equity and debt investments in metro rail projects across the country. The SPV, which will be under the Ministry of Housing & Urban Affairs, will also be monitoring all metro projects.
From financial year .... Read More
With 2,069 large dams already dotting its landscape, Maharashtra has announced to build another 285 big dams, notwithstanding the fact that hardly any dam has fulfilled even half of its projected irrigation potential.
Not surprisingly, Maharashtra has one of the worst irrigation records in the country, with a mere 19 .... Read More
The Baba Kalyani led committee constituted by the Ministry of Commerce & Industry to study the existing SEZ policy of India submitted its report to the Union Minister for Commerce & Industry and Civil Aviation on November 19. The Union Commerce Ministry has begun formal consultations with the Finance Ministry .... Read More
Logistics Development Committee constituted under the Chairmanship of Dr. Bibek Debroy (Chairman EAC-PM) to assess key challenges, and suggest reforms in logistics development and associated commerce.
Composition: Other than Chairmanship of Dr. Bibek Debroy, the committee included Secretaries and heads of the concerned departments/ministries such as Revenue, Commerce, Logistics, DIPP, Civil .... Read More
Developing metro rail networks and construction of houses have been the top priority of the Central Government’s urban development plan. The Ministry of Housing and Urban Affairs’ data reveals that the Centre has allocated Rs 53,000 crore to the States in four years to implement metro projects and Rs 33,000 .... Read More
Prime Minister Narendra Modi inaugurated the Bogibeel Bridge, India’s longest rail-road bridge, connecting the north and south banks of the Brahmaputra, falling in the eastern part of Assam and Arunachal Pradesh, on December 25, 2018.
The Prime Minister flagged off an Intercity Express between Tinsukia in Assam and Naharlagun in .... Read More
The union Ministry for Civil Aviation on January 25 announced the results of Ude Desh Ka Aam Naagrik (UDAN) Scheme.
UDAN Round 3
Following two successful rounds of bidding, the Ministry of Civil Aviation launched the largest bidding round under the highly successful UDAN Scheme, also integrating a number of iconic tourism .... Read More
The Indian government not only proposes to de-nationalise public assets, but it also seeks a larger role for private wealth creators by giving them "as much opportunity" to turn India into AatmaNirbhar Bharat.
This completes a circle that began with the Bombay Plan of 1944 which had sought the exact opposite .... Read More
Manipur has been declared as a winner state where the government’s Van Dhan Vikas Yojana has appeared as a major source of employment for the local tribals residing in the state.
Since the time that the programme was launched in the State in October 2019, 100 Van Dhan Vikas Kendras have .... Read More
On 1st march, 2021, Union Ministry for Agriculture celebrated the first anniversary of the Central Sector Scheme on "Formation & Promotion of 10,000 Farmer Producer Organizations (FPOs)".
Formation & Promotion of 10,000 Farmer Producer Organizations
It was in February, 2020, at Chitrakoot (Uttar Pradesh) with a budgetary provision of Rs 6865 crore.
More .... Read More
The Economic Survey 2021 stated that India’s sovereign credit rating doesn’t reflect its fundamentals. The survey called for an overhaul of sovereign rating methodology, saying that the fifth-largest economy can’t be BBB- rated.
Currently, India is rated investment grade by three major CRAs – S&P, Moody’s and Fitch.
About Sovereign Credit .... Read More
Capital market regulator SEBI has approved sweeping changes to the corporate governance framework for listed companies.
The new measures are based on recommendations made by a 25 members committee headed by Uday Kotak, Executive Vice Chairman and Managing Director of Kotak Mahindra Bank.
The committee was formed in June, 2017 with .... Read More
On 22nd March, 2021, the Reserve Bank of India announced the names of the members of the Standing External Advisory Committee (SEAC) for evaluating applications for Universal Banks as well as Small Finance Banks.
Shyamala Gopinath, former Deputy Governor, RBI, has been appointed as the chairperson of the SEAC.
The constitution of .... Read More
On 4th march, 2021, the government approved the CSIR Floriculture Mission for implementation in 21 States and Union Territories of India.
Farmers have little knowledge about floriculture which can give 5 times more return than the traditional crops.
Floriculture has the potential to provide employment to a large number of people .... Read More
On 22nd March, 2021, the Ministry of Corporate Affairs (MCA) ordered for investigation and assigned to Serious Fraud Investigation office (SFIO) and Regional Directors (RDs) in the cases where there are allegations of misuse of corporate structure/ fraud.
About Serious Fraud investigation (SFIO)
It was constituted in July 2003 following the recommendations .... Read More
Participatory Notes Participatory Notes or P-Notes (PNs) are financial instruments issued by a registered foreign institutional investor (FII) to an overseas investor who wishes to invest in Indian stock markets without registering themselves with the market regulator, the Securities and Exchange Board of India (SEBI). .... Read More
The Union Budget 2021 has announced the privatisation of two public sector banks and one general insurance company in the upcoming fiscal 2021-22.
The two banks that will be privatised will be selected through a process in which NITI Aayog will make recommendations, which will be considered by a core group .... Read More
World Pulses Day is an international day established by the Food and Agriculture Organization (FAO) of the United Nations to recognize the importance of pulses (dry beans, lentils, dry peas, chickpeas, lupins) as a global food.
It has been designated on February 10 each year since 2019 by the seventy-third session .... Read More
On 3rd February, 2021, the Ministry of Corporate Affairs (MCA) amends One Person Companies (OPCs) rules vide Companies (Incorporation) Second Amendment Rules, 2021.
Now any natural person, who is an Indian citizen, whether resident in India or otherwise would be allowed to form an OPC.
For being considered as a .... Read More
Recently, Rajasthan became the twelfth state in the country to successfully undertake 'One Nation One Ration Card system' reform stipulated by the Department of Expenditure. The Union Government launched the 'One Nation, One Ration Card' scheme on a pilot basis in four states in 2019. It seeks to ensure hassle-free .... Read More
The government has stressed special focuses on 27 sectors under Make in India 2.0. The Make in India programme was launched in 2014, and it aims to encourage manufacturing in India and galvanize the economy with dedicated investments in manufacturing and services. Objectives of Make in India 2.0To increase the .... Read More
As part of the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement on February 5, 2021, the Reserve Bank of India announced setting up of an Expert Committee on primary urban cooperative banks (UCBs). The eight-member committee will be chaired by former RBI deputy governor .... Read More
The Reserve Bank's Monetary Policy Committee (MPC) members, in their recent meeting, expressed the need to continue with the accommodative monetary policy (AMC) to ensure that economic recovery gains greater traction and becomes broad-based.
Also known as easy monetary policy or loose credit policy, accommodative monetary policy occurs when a central .... Read More
On 5th February, 2021, government approved the Startup India Seed Fund Scheme (SISFS) for the period of next four years starting from 2021-22.
It seeks to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization.
It will be implemented with effect from 1st .... Read More
On 20th January, 2021, the Department for Promotion of Industry and Internal Trade (DPIIT) launched a regulatory compliance portal that will act as a bridge between citizens, industries and the government to minimize burdensome compliances.
To reduce the compliance burden, simplify further the citizen-government interface whether online or offline, and remove .... Read More
The Securities and Exchange Board of India (SEBI) has floated a discussion paper on review of ownership and governance norms to facilitate new entrants to set up stock exchanges and depositories, otherwise called as market infrastructure institutions (MIIs).
A resident promoter setting up an MII may hold up to 100% .... Read More
The first consultative meeting on asset monetization was held on 20th January, 2021, organized by Department of Investment and Public Asset Management (DIPAM) in partnership with World Bank.
Asset monetization is a stated objective of the Government and DIPAM is mandated to facilitate monetization of non-core public assets.
Asset Monetization involves creation .... Read More
On 15th January, 2021, the government launched the third phase of Pradhan Mantri Kaushal Vikas Yojana (PMKVY 3.0) in 600 districts across all states of India.
On the basis of the learning gained from PMKVY 1.0 and PMKVY 2.0, the Ministry has improved the newer version of the scheme to .... Read More
On 5th January, 2021, the Ministry of Railways has launched an exclusive portal to promote and develop the railways’ freight business - Freight Business Development Portal.
The portal has been designed to replace physical processes with online ones to minimize the need of human to human interaction.
It will ensure that all .... Read More
On 3rd January, 2021, Tribal Cooperative Marketing Development Federation of India (TRIFED) signed a memorandum of understanding with Akhil Bhartiya vanvasi Kalyan Ashram to setup TRIFOOD parks in Madhya Pradesh.
According to the MoU, TRIFED and Akhil Bhartiya vanvasi Kalyan Ashram will together implement Van Dhan Yojana. This is to be .... Read More
On 11th January, 2021, the Union government announced a new online single window clearance portal for the coal sector to speed up the operationalisation of coal mines.
The portal is aimed at allowing successful bidders for coal blocks to be able to obtain all required clearances, including environmental and forest .... Read More
On 20th January, 2021, the Union Cabinet approved the 850 MW Ratle Hydro Electric (HE) Project located on river Chenab, in Kishtwar district of Union Territory of Jammu and Kashmir.
The Project shall be commissioned within a span of 60 months.
Government of UT of Jammu and Kashmir, to make the .... Read More
The RBI is now fully operationalising a College of Supervisors (CoS) to further strengthen supervision over regulated entities.
CoS was functioning in a limited way in virtual mode since May 2020 due to COVID-19 pandemic.
To augment and reinforce supervisory skills among its regulatory and supervisory staff both at entry level and .... Read More
On 7th January, 2021, the Central Board of Indirect Taxes & Customs (CBIC) introduced liberalised Authorised Economic Operator package for micro, small and medium enterprises (MSMEs) for swift customs clearances.
In order to attract MSMEs to become Authorised Economic Operators (AEOs) and avail the various benefits, the CBIC has relaxed .... Read More
On January 13th, 2021, the RBI constituted a working group to study digital lending, including lending through online platforms and mobile apps.
The working group will study all aspects of digital lending activities in the regulated financial sector as well as by unregulated players so that an appropriate regulatory approach can .... Read More
The International Financial Services Centres Authority (IFSCA) has become an Associate Member of the International Organization of Securities Commissions (IOSCO).
Securities and Exchange Board of India (SEBI) is an ordinary member of IOSCO.
IFSCA was established in April 2020 under the International Financial Services Centres Authority Act, 2019. It is headquartered .... Read More
The prospects of a K-shaped recovery from COVID are increasing both in India and across the world.
The “K-shaped” economic recovery is characterised by a stark split in the recovery pace of the economy— some sectors are bouncing back ahead of the rest at a much faster pace, while others .... Read More
On 10th December, Andhra Pradesh government launched the Jagananna Jeeva Kranthi scheme. The main objective of the scheme is to provide partnership and also provide more business opportunities to the people who want to be self-dependent. In this scheme, units of sheep and goat will be provided to the women .... Read More
On 1st December, 2020, Ministry of Petroleum & Natural Gas launched India’s first 100 Octane petrol under the brand XP100.
XP100 is being produced at Indian Oil's Mathura refinery using indigenous Octamax technology developed by Indian Oil's R&D division.
Presently, three octane grades are available at most of the retail stations .... Read More
Directorate of Revenue Intelligence (DRI) celebrated its 63rd founding day on 4th December, 2020. The Directorate of Revenue Intelligence (DRI), under the Central Board of Indirect Taxes and Customs (CBIC), Department of Revenue, Ministry of Finance, Government of India, is the apex agency of the Indian Customs in the field .... Read More
On 21st December 2020, the Union Ministry of Power has for the first-time promulgated rules laying down the rights of power consumers in the country.
According to the government, Distribution Companies across the country are monopolies – whether government or private – and the consumer has no alternative – therefore .... Read More
Ministry of Ports, Shipping and Waterways came out with draft of Indian Ports Bill 2020 for public consultation which will repeal and replace the Indian Ports Act, 1908.
It seeks to enable the structured growth and sustainable development of ports to attract investments in the Port sector for optimum utilisation .... Read More
In an endeavour to address the inadequacies of capacity constraints and improve its modal share in total freight ecosystem of the country, Indian Railways has come up with Draft National Rail Plan.
To create capacity ahead of demand by 2030, which in turn would cater to growth in demand right .... Read More
On 15th December, 2020, the Department of Posts and the India Post Payments Bank (IPPB) unveiled a new digital payment application “DakPay” as part of its ongoing efforts to provide digital financial inclusion at the last mile across the country.
Through the application the customers can send money by implementing domestic .... Read More
On 30th December, 2020, the Cabinet Committee on Economic Affairs (CCEA) approved three infrastructure proposals worth Rs 7,725 crore for setting up greenfield industrial cities with connectivity to major transportation corridors such as the eastern and western dedicated freight corridors, expressways and National Highways.
The three projects, proposed by the Department .... Read More
Arunachal Pradesh kiwis are the only kiwis in the country to have obtained organic certification.
Arunachal Pradesh has the most suitable agro-climatic conditions for Kiwi Production.In particular, the Ziro Valley (located at 1,500-2,000 metres above sea level) is the ideal location for cultivation of Kiwi.
An agricultural practise/product is considered .... Read More
The Government has been pushing for the ambitious Frontier Highway project along the “India-Tibet border” for facilitating faster movement of troops, along the border area.
In the light of the recent Indo-China face-off in Ladakh(Galwan Valley), there is now an acute urgency to focus on border infrastructure. From a policy perspective, .... Read More
China recently sold negative-yield debt for the first time, and this saw high demand from investors across Europe.At a time when the world is battling the Covid-19 pandemic and interest rates in developed markets across Europe are much lower.
A negative bond yield is when an investor receives less money at .... Read More
A total of 11 blocks in 8 sedimentary basins covering a total acreage of 19,789.04 sq km has been awarded under OALP Bid Round 5.
The OALP, a critical part of the Hydrocarbon Exploration and Licensing Policy(HELP), provides uniform licences for exploration and production of all forms of hydrocarbons, enabling contractors .... Read More
On 24th November, 2020, Ministry of Agriculture and Farmers Welfare has launched the Sahakar Pragya initiative, which will train the primary cooperative societies in the country.
It is expected to enhance the training capacity of NCDC through a network of eighteen regional training centres.
The initiative holds 45 new training .... Read More
Rajasthan government has planned two special investment regions along the Delhi-Mumbai Industrial Corridor (DMIC) to generate developmental opportunities for the State.
The move is set to give a boost to investments, employment generation and development of the State with its construction work being expedited.
About Delhi-Mumbai Industrial Corridor(DMIC)
It is one of the .... Read More
On 17th November, 2020, the Reserve Bank of India (RBI) set up an Innovation Hub for the financial sector and appointed Senapathy (Kris) Gopalakrishnan, co-founder and former co-chairman of Infosys, as the chairperson of the governing council for the entity.
The hub aims to promote innovation across the financial sector by .... Read More
Electric pottery wheels were distributed to several potter families in Maharashtra under the Kumhar Sashaktikaran Yojana (KSY) of Khadi and Village Industries Commission (KVIC).
About KumharSashaktikaran Yojana (KSY)
Launched in 2018, KSY is an initiative of the Khadi and Village Industries Commission (KVIC) for empowerment of potters’ community in the remotest of .... Read More
On 25th October, 2020, the Prime Minister launched the ‘Kisan Suryodaya Yojana’ aimed at providing day-time electricity to farmers in Gujarat for irrigation and farming purposes.
About Kisan Suryodaya Yojana
Rs. 3,500 crore will be spent over the next three years for providing solar power to farmers for irrigation during daytime (5 .... Read More
On 24th October, 2020, Prime Minister inaugurated the Girnar Ropeway in Junagadh district, Gujarat. It is the fourth ropeway in Gujarat along with Banaskantha, Pavagadh and Satpura.
About the Ropeway
Girnar ropeway is Asia's longest ropeway. First proposed in 1983, the construction for the ropeway project started only in September 2018 due .... Read More
Rashtriya Kamdhenu Aayog begins nationwide campaign to celebrate “Kamdhenu Deepawali Abhiyan” – Promoting extensive use of cow-dung/ Panchgavya products this Diwali Festival.
It aims at reaching 11 crore families to ignite 33 crore Diyas made of cow-dung during this year’s Deepawali festival.
About Rashtriya Kamdhenu Aayog
Constituted in 2019, the Aayog is a .... Read More
At the 41st meeting of the Goods and Services Tax (GST) Council, the finance ministry revealed that the Centre would not be able to make good the shortfall.
Now, the businesses are looking towards a legal provision - the Force Majeure (FMC) or “Act of God” clause to cut losses.
Back in .... Read More
e-Gopala App is a comprehensive breed improvement marketplace and information portal for direct use of farmers.
Need of the App
At present, no digital platform is available in the country for farmers managing livestock including buying and selling of disease-free germplasm in all forms. (semen, embryos, etc.)
There is no mechanism to send .... Read More
On 15th September, 2020, the Cabinet Committee on Economic Affairs approved the Haryana Orbital Rail Corridor Project.
About the project
The project will be implemented by Haryana Rail Infrastructure Development Corporation Limited (HRIDC), a Joint Venture company set up by Ministry of Railways with Government of Haryana.
The Rail Line under the project .... Read More
In order to promote digital and IT-based payment of toll fees, the Centre has proposed to make FASTag mandatory for vehicles sold before December 1, 2017.
The amended provision in Central Motor Vehicles Rules, 1989 is proposed to be put in force w.e.f 1st Jan 2021.
It is also proposed to make .... Read More
On 11th August, 2020, government virtually launched the Krishi Megh (National Agricultural Research & Education System -Cloud Infrastructure and Services) along with the KVC ALUNET (Krishi Vishwavidyalaya Chhatr Alumni Network) and Online Accreditation System for Higher Agricultural Educational Institutions (HEI). Krishi Megh is expected to meet the services and infrastructure .... Read More
The Khadi and Village Industries Commission (KVIC) is set to open the first-of-its-kind silk training cum production centre in Arunachal Pradesh’s far-flung tribal village of Chullyu.
KVIC has also planned design intervention by engaging professional design institutes like NIFT Shillong, NID Jorhat and even local designers in Arunachal to develop new .... Read More
On 7th August, 2020, US-based Rockefeller Foundation selected Naandi Foundation, a Hyderabad based non-profit organisation, as one of the top 10 ‘Visionaries’ in the world for the Food Vision 2050 Prize.
The organisation was recognised for the application of Arakunomics model in regions of Araku (Andhra Pradesh), Wardha (Maharashtra) and New .... Read More
Recently, Finance Ministry said that two-wheelers are neither a luxury nor sin goods and so, merit a GST rate revision.
Two-wheelers currently attract 28% GST.
Last year, the country’s largest two-wheeler maker Hero MotoCorp had urged the government to consider a phase-wise reduction in GST on the segment, starting with bringing bikes .... Read More
On 6th August, 2020, Ministry of Agriculture & Farmers Welfare launched the National Cooperative Development Corporation's YouTube channel, 'SahakarCooptube NCDC India Channel.
It aims to facilitate the involvement of the youth in the cooperative movement.
The channel will act as platform to reach to the inaccessible farmers and pull them into the .... Read More
The Union Labour and Employment Ministry has published the draft rules framed for the implementation of the Code on Wages Act, 2019, that guarantees minimum wages to all, defines how the wages will be calculated and prescribes a national floor-wage for all States.
It subsumes the Payment of Wages Act, 1936, .... Read More
Union Ministry of Skill Development and Entrepreneurship has launched Atmanirbhar Skilled Employee-Employer Mapping (ASEEM) portal to help skilled people find sustainable livelihood opportunities.The portal will map details of workers based on regions and local industry demands and will bridge demand-supply gap of skilled workforce across sectors.ASEEM portal will provide employers .... Read More
Indian Council of Agricultural Research (ICAR) celebrated its 92nd foundation day on 16th July 2020.
It is an autonomous organisation under the Department of Agricultural Research and Education (DARE), Ministry of Agriculture and Farmers Welfare, Government of India.
It was established on 16th July 1929 as a registered society under the Societies .... Read More
NITI Aayog`s Atal Innovation Mission(AIM) in partnership with Bill & Melinda Gates Foundation and Wadhwani Foundation launched the AIM-iCREST (an Incubator Capabilities enhancement program for a Robust Ecosystem)focused on creating high performing Startups.
AIM iCRESThas been designed to enable the incubation ecosystem and act as a growth hack for AIM’s .... Read More
National Fish Farmers Day is celebrated on 10th July every year in remembrance of scientists Dr K. H. Alikunhi and Dr H.L. Chaudhury. Both the scientists successfully demonstrated the technology of induced breeding (Hypophysation) in Indian Major Carps on 10th July 1957 at the erstwhile ‘Pond Culture Division’ of CIFRI .... Read More
The Government is planning to rationalise tariffs for the transportation of natural gas.
It aims to cut down the cost of transportation of natural gas by setting a fixed tariff for longer distances to boost consumption.
Tariffs for transportation of gas are set separately for each pipelineby the Petroleum and Natural .... Read More
It was launched by the Union Ministry of Chemicals and Fertilizers in line with the vision and clarion call for making India AtmaNirbhar in the pharma sector.
Despite being 3rd largest in the world by volume the Indian pharmaceutical industry is significantly dependent on import of basic raw materials, viz., .... Read More
On 25th July, 2020, the Union Ministryof Rural Development released a “Financial Management Index for Rural Development Programmes”. It aims to rank states on efficient management of financial resources allocated for implementing rural development programmes.
The index will rank the States on the basis of following parameters:
Preparation of annual plan and .... Read More
On 4th July, 2020, the Ministry of Electronics & Information Technology (MeitY) in partnership with Atal Innovation Mission - Niti Aayoglaunched Digital India AtmaNirbhar Bharat App Innovation Challenge for Indian tech entrepreneurs and start-ups.
The objective is to support and build a strong ecosystem for Indian apps and helprealise the .... Read More
On 20th July, 2020, on the occasion of Hareli festival, Chhattisgarh government launched the Godhan Nyay Yojana, first state in the country to do so.
The scheme aims to put money in the pockets of people living in rural areas and also solve the problem of stray cattle.
Under the scheme, .... Read More
On 30th June, 2020, Indian Oil, NTPC and South Delhi Municipal Corporation (SDMC)signed an MoU to develop a waste-to-energy facility at Delhi’s Okhla landfill site using gasification technology.
This plant will process 17,500 tons per annum of Refuse Derived Fuel (RDF) produced from combustible components of municipal waste to generate synthesis .... Read More
Government has approved additional investment of US$ 121.27 million by ONGC Videsh Ltd (OVL) towards further development of Shwe oil & gas project in Myanmar.
ONGC Videsh (OVL) has been associated with exploration and development of Shwe gas project in Myanmar since 2002, as part of a consortium of companies from .... Read More
On 12thJune, 2020, the Union Ministry for Agriculture launched Sahakar Mitra: Scheme on Internship Programme (SIP).
The scheme is an initiative by the National Cooperative Development Corporation (NCDC), the cooperative sector development finance organization.
In line with the AtmaNirbhar Bharat (Self Reliant India), it focuses on the importance of Vocal for Local.
Key .... Read More
On 24th June, 2020, the government launched the Credit Guarantee Scheme for Subordinate Debt (CGSSD) to help the distressed Micro, Small & Medium Enterprises(MSME) sector.
Also called “Distressed Assets Fund–Subordinate Debt for MSMEs”,it is part of AtmaNirbhar Bharat package announced on 13th May, 2020.
The scheme will be operationalised through Credit Guarantee .... Read More
On 19th June, 2020, the Ministry of Mines launched SATYABHAMA (Science and Technology Yojana for AtmaNirbhar Bharat in Mining Advancement) Portal.
The portal has been designed, developed and will be implemented by the National Informatics Centre(NIC),Mines Informatics Division.
The objective is to promote research and development in the mining and minerals .... Read More
The commerce ministry has designed an online platform for issuance of Certificate Of Origin (CoO), with a view to facilitate shipments during the COVID-19 crisis.
The platform has been designed as a single-point access for all Free Trade Agreements (FTAs)/Preferential Trade Agreements (PTAs), for all designated CoOissuing agencies and for all .... Read More
On 17th April, 2020, the Central government launched the Kisan Rath Mobile App that will facilitate farmers and traders to identify suitable transport facilities for the movement of farm produce during coronavirus lockdown.
Developed by the National Informatics Centre, theapp will facilitate farmers and traders in searching for transport vehicles for .... Read More
On 17th April, 2020, the Reserve Bank of India (RBI), announced a 60% increase in the Ways and Means Advances (WMA) limit of state governments over and above the level as on March 31,2020,with a view to enabling them “to undertake COVID-19 containment and mitigation efforts” and “to better plan .... Read More
Madhuban Gajar, a biofortified carrot variety with high β-carotene and iron content developed by Vallabhhai Vasrambhai Marvaniya, a farmer scientist from Junagadh district, Gujarat is benefitting more than 150 local farmers in the area.
The variety is being cultivated in more than 1000 hectares of land in Gujarat, Maharashtra, Rajasthan, West .... Read More
Taking Prime Minister’s self-reliant India mission forward, theGujarat government announced a scheme – Atmanirbhar Gujarat Sahay Yojna, on 14th May, 2002.It aims to benefit small businessmen and cross section of people falling under the lower middle income group.
Rs. 1,00,000/- Loan provided by Co-Operative Bank, Credit Society & District Bank
Only .... Read More
The Confederation of All India Traders (CAIT) has announced to launch a national e-commerce marketplace ‘Bharatmarket’for all retail traders in collaboration with several technology partners.
The marketplace will integrate the capabilities of various technology companies to provide end-to-end services in the logistics and supply chains from manufacturers to consumers, including .... Read More
On 1st June, 2020, the government launched the technology platform CHAMPIONS (Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength) to help the smaller MSMEs by solving their grievances, encouraging and supporting them to march into the bigleague as national and global companies.
Objectives of CHAMPIONS
To .... Read More
Recently, the Central Board of Direct Taxes(CBDT) has notified rules for furnishing Country-by-Country Report(CbC) specifying information pertaining to all large multinational enterprises(MNEs).India has signed the Multilateral Competent Authority Agreement (MCAA) for exchange of CbC reports.
About Country-by-Country Reporting
Itis a form of reporting by multinational enterprises (MNEs) initiated by the Organisation for .... Read More
The Invest India Business Immunity Platform(BIP)is working 24X7 as a comprehensive resource to help businesses and investors get real-time updates on India’s active response to COVID-19 (Coronavirus).
Launched on 21st March, 2020, the BIP is the active platform for business issue redressal, with a team of dedicated sector experts who .... Read More
Recently, scientists from Agharkar Research Institute (ARI), an autonomous institute ofDepartment of Science and Technology(DST), have developed a hybrid variety of grapes called ARI-516.
The hybrid variety ARI-516 has been developed by interbreeding of two species from the same genus -Catawba variety of Vitis labrusca and Beauty seedless variety of .... Read More
In a move to fight against whiteflies National Botanical Research Institute (NBRI) Lucknow, has developed a pest-resistant variety of cotton.As Bt cotton is not resistant against white flies, the newvariety provides an edge over Bt cotton.
Whiteflies are one of the top ten devastating pests in the world that damage more .... Read More
On March 13, 2020, the Ministry of Road Transport and Highways claimed that Bhoomi Rashi Portal has expedited theprocess of land acquisition for National Highways by making it error-free & more transparent.
About the Portal
Launched in 2018 by the Ministry of Road Transport & Highways with the help of National informatics .... Read More
The Finance Minister has proposed setting up of ‘Investment Clearance Cell’ for young entrepreneurs.The Investment Clearance cell will be a pan-India single-window clearance system for entrepreneurs.It will be setup by the Department for Promotion of Industry and Internal Trade (DPIIT).It will bring onboard all central government related procedures and clearances .... Read More
On 10th February, 2020, the RBI announced that it will create a Digital Payment Index by July 2020.The aim is to capture the extent of digitization of monetary payments in the country.The index will have a classification of urban, semi-urban and rural geographies to analyze the kind of digital payments .... Read More
On 21st February, 2020, the Centre approved a scheme for formation and promotion of 10,000 new farmer producer organizations (FPOs) in the country with budgetary support of Rs 4,496 crore by 2024.Currently, there are over 3,000 FPOs in the country with majority of them being supported by the National Bank .... Read More
The World Bank has offered to give financial assistance to the last remaining portion of the Eastern Dedicated Freight Corridor (EDFC) between Sonnagar (Bihar) and Dankuni (West Bengal), which India is originally slated to construct in the private public-private partnership (PPP) mode.
Currently, the entire EDFC is being built with loan .... Read More
On 21st February, 2020, the 4th anniversary of the launch of Shyama Prasad Mukherji Rurban Mission (SPMRM) was observed.SPMRM was launched by the Ministry of Rural Development (MoRD) in 2016 with the vision to deliver catalytic interventions to rural areas on the threshold of growth.Mission’s Objectives: Bridging the rural-urban divide-viz: .... Read More
On 28th February, 2020, Ministry of Commerce & Industry chaired a meeting for the review of infrastructure projects on the Project Monitoring Group (PMG) Portal.
PMG is an institutional mechanism for the expedited resolution of issues and regulatory bottlenecks in projects with investments upward Rs. 500 Crores in India.
It aims to .... Read More
On 5th February, 2020, the Union Cabinet approved amendments to the Banking Regulation Act, which will empower the RBI to have regulatory oversight over cooperative banks.
Cooperative banks are currently under the dual control of the Registrar of Cooperative Societies and RBI. While the role of registrar of cooperative societies includes .... Read More
During the 107th Indian Science Congress, Indian Council of Agricultural Research (ICAR) announced to start a Farmers’ Innovation Fund (FIF) to disseminate beneficial and effective agricultural practices to farmers across the country.
It will be used to scientifically validate, upscale and propagate innovations by farmers.
An innovation centre will be established where .... Read More
On 15th January, 2020, the government said that no imports will be allowed without Harmonized System Nomenclature (HSN) code into the country.
At present, traders need to mention HS Codes in the Bill of Entry (BoE) while importing goods into the country.
India maintains 8 digits Harmonised Codes under Indian Trade Classification .... Read More
The 8th session of the Governing Body(GB)of International Treaty on Plant Genetic Resources for Food and Agriculture (ITPGRFA), popularly known as the International Seed Treaty, was held in Rome, Italy from 11th – 16th November, 2019.
The GB rejected a compromise package on enhancing the Multilateral System (MLS)of access and benefit-sharing .... Read More
On 28th December, 2019, the Ministry of Statistics and Programme Implementation (MOSPI) constituted a 28 member Standing Committee on Statistics (SCES) chaired by former Chief Statistician Pronab Sen to improve quality of data amid criticism of the government over political interference. The first meeting of the SCES is scheduled on .... Read More
On 28th December, 2019, Finance Ministry launched an online platform,eB Ø;(eBkray) , to provide a platform to provide details of mortgaged properties to be auctioned online by Banks, starting with Public Sector banks(PSBs).Buyers can use Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal to search and get properties details and .... Read More
On June 11, 2019,the Indian Railway Station Development Corp (IRSDC) and French Railways entered into a tripartite agreement.Under this agreement, French development agency AFD will provide in-kind grant of up to 7,00,000 euros through French National Railways-Hubs and Connexions as a technical partner to IRSDC to support the railway station .... Read More
India lost the world’s fastest-growing economy title to China. India had been ahead of China for two years.India registered 6.3% whereas China recorded a growth of 6.4% in the March Quarter, 2019..The country’s economic growth rate of India slowed to 5.8% during the fourth quarter of 2018-19 due to low .... Read More
On 20th June, 2019, the Controller General of Patents, Designs and Trade Marks (CGPDTM) granted Geographical Indication (GI) tag for Kolhapuris, the ethnic leather chappal (footwear) to four districts in each state of Maharashtra and Karnataka.These leather chappals are hand-crafted and tanned using vegetable dyes making them unique.Brand Kolhapuri came .... Read More
India plans to add 500 gigawatts (GW) of renewable energy to its electricity grid by 2030, in a bid to clean up air in its cities and increase the share of renewables in its electricity grid.
It targeted to installed 175 GW of renewable energy capacity by 2022 without taking into .... Read More
On 4th June, 2019, India notified a tax information exchange agreement (TIEA) with the Marshall Islands.
Sharing of Banking Information: It will enable bilateral sharing of banking information and allow officials of one country to undertake tax examinations in the other country.
Enhance Mutual Cooperation: It will enhance mutual cooperation between India .... Read More
On 20th June, 2019, Rivigo, a Gurgaon-based tech-enabled logistics start-up has launched National Freight Index (NFI) that will provide live freight rates for different lanes and vehicles across the country.The NFI is the barometer of the road freight market in India and is based on Rivigo rate exchange, which gives .... Read More
On 12th June, 2019, Cabinet approved the ratification of a multilateral convention to implement OECD’s project on checking tax evasion.
The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS) was signed by India in Paris in 2017.
It will modify India’s treaties in .... Read More
Moving a step closer towards becoming an environmentally friendly network and to contribute towards ‘Swachh Bharat Mission’, the Delhi Metro has now become the first ever Metro project in the country to receive power generated from a 12 MW waste-to-energy (WTE) plant in Ghazipur, Delhi.
The plant can process over .... Read More
According to a research report by Wood Mackenzie Chemicals, the demand for polyester film, used in packaging, electronics and other industries, is expected to grow by 10 per cent in India in the next five years.
Global demand for polyester film, known as BOPET film, would grow at 5.6 per cent .... Read More
On 25th May, 2019, the Ministry of Statistics and Programme Implementation (MOSPI) decided to merge the Central Statistics Office (CSO) and the National Sample Survey Office (NSSO) into National Statistical Office (NSO) in a major restructuring move.
The move has been taken in order to streamline and strengthen the present nodal .... Read More
On 1st May, 2019, Central Board of Direct Taxation (CBDT) and Goods and Services Tax Network (GSTN) signed an agreement to share data in order to nab tax evaders and reduce black money generation.The income tax (I-T) department will share key financial information, including status of I-T return filings, turnover .... Read More
On 3rd May, 2019, Principal Scientific Adviser (PSA)and Indian Institute of Technology Delhi (IIT-Delhi) signed an Memorandum of Understanding for setting up a ‘Centre of Excellence for Waste to Wealth Technologies in India’ to commemorate the 150th birth anniversary of Mahatma Gandhi on 2nd October 2019.The partnership will provide an .... Read More
On 8th May, 2019, scientists from Indian Institute of Wheat and Barley Research (IIWBR) at Shimla and Karnal have identified new extremely virulent strains yellow rust fungus capable of causing severe loss to wheat productivity in India.
First detected in India during 2013-2014, these three strains (110S119, 238S119 and 110S84) are .... Read More
Amid concerns over data credibility, the 15th finance commission decided to reconcile all publicly available data in order to arrive at the best conclusion.
The Commission will be reconciling data that it gets from various sources like the CAG, the RBI, data from Finance ministry, etc.
It is a Constitutional body .... Read More
On 3rd May, 2019, Ministry of Electronics & IT and Common Services Centre (CSC) partnered with the Indian Institute of Technology (IIT) Kanpur to upscale ‘Unnat Bharat Abhiyan’.
Under this, IIT-Kanpur has brought together 15 leading higher education institutions from Uttar Pradesh.IIT Kanpur has adopted five villages -Hridayapur, Baikanthpur, Ishwariganj, Pratappur .... Read More
On 5th May, 2019, Finance Ministry imposed an anti-dumping duty of $1,633.17 per tonne on the import of saccharine from Indonesia.
Indonesia, until recently, accounted for a large chunk of India’s saccharine imports. In 2017-18, India imported $4.36 million worth of saccharine from Indonesia, which is 43% of the total imports .... Read More
On 8th May, 2019, SEBI released a circular allowing Foreign Portfolio Investors (FPI) to invest in municipal bonds.The circular came out after the RBI permitted FPIs to invest in municipal bonds as a measure to broaden access of non–resident investors to debt instruments in the country. As per the RBI, .... Read More
On 7th March, 2019, the Cabinet Committee approved the investment sanction for construction of Kiru Hydro Electric (HE) Project (624 MW) by M/s Chenab Valley Power Projects Private Limited (M/s CVPPPL) in Jammu & Kashmir.
The project is located on River Chenab in Kishtwar district of Jammu & Kashmir.
The project .... Read More
On 7th March, 2019, the Cabinet Committee gave approval for the investment sanction for acquisition of M/s Lanco Teesta Hydro Power Ltd (LTHPL) and execution of balance work of the Teesta Stage-Vl HE Project by NHPC Ltd in Sikkim.
Teesta Stage-Vl HE Project is a Run of River (RoR) Scheme in .... Read More
On 7th, March, 2019, the Cabinet Committee gave approval for investment approval for 2x660 MW Buxar Thermal Power Project (Buxar TPP) in District Buxar of Bihar.The project will be implemented by SJVN Thermal Private Ltd., a wholly owned subsidiary of SJVN Ltd., a Mini Ratna CPSU under Ministry of Power, .... Read More
On 7th, March, 2019, the Cabinet Committee approved the investment approval for 2x660MW Khurja Super Thermal Power Plant (STPP) in Bulandshahar district of Uttar Pradesh and Amelia Coal Mine in District Singraulli, Madhya Pradesh.The project will be implemented by THDC India Limited, a Mini Ratna CPSU under the Ministry of .... Read More
On 14th March, 2019, the NITI Aayog and the United States Agency for International Development (USAID) organized the first workshop on development of the India Energy Modelling Forum (IEMF)
The two-day workshop, being held with the support of the Pacific Northwest National Laboratory (PNNL), was organized under the Sustainable Growth Pillar .... Read More
The Government has approved establishment of two new benches of National Company Law Tribunal (NCLT), one at Amaravati in Andhra Pradesh and the other at Indore in Madhya Pradesh.
This step has been taken keeping in view the increasing case load, especially under the Insolvency & Bankruptcy Code 2016.
The jurisdiction of .... Read More
India and Paraguay have agreed to identify sectors of mutual interest to promote bilateral investment and decided to explore new areas of collaboration in various sectors.The two sides agreed to explore new areas of collaboration including in hydel and solar, health including traditional medicine, Information and Communication Technology, farming and .... Read More
On 16th March, 2019, India’s largest bank State Bank of India (SBI) launched ‘YONO Cash’ using which customers can withdraw money from ATMs without using a physical debit card.ATMs enabled for this service will be termed YONO Cash .... Read More
The Union Government signed Tax information Exchange Agreement (TIEA) with Brunei for the Exchange of Information and Assistance in Collection with respect to Taxes.The Central government is authorised under section 90 of the Income Tax Act, 1961 to enter into an agreement with a foreign country or specified territory for .... Read More
India has decided to post Customs intelligence officers in China in its effort to check black money, trade-based money laundering and other financial frauds.
Two posts of the Customs Overseas Intelligence Network (COIN) have been created in the Indian Embassy in Beijing and in the Consulate General of India at Guangzhou. .... Read More
India retained its position as the world’s top recipient of remittances at $79 billion in 2018 as per the World Bank.
Remittances grew by more than 14% in India, where a flooding disaster in Kerala likely boosted the financial help that migrants sent to families.
India was followed by China (USD 67 .... Read More
On 26th April, 2019, India and Bhutan, have finally signed tariff protocol for the output of 720 Megawatt Mangdechhu hydropower project.
As per the finalized protocol detail provided by Bhutan Government’s Ministry of Economic Affairs, the starting tariff for a term of 35 years is Ngultrum 4.21 (Eqv. INR 4.21) per .... Read More
On 11th April, 2019, an app named Jagruk, developed by the National Informatics Centre, was launched.The app will be used to access real time consumer feedback on quality and availability of power from across the country.Through the app the consumers will be able to report power outages and its location, .... Read More
On 11th April, 2019 India and Sweden launched a joint Industrial Research and Development Program to tackle challenges in the Clean Technology and Smart City Sector among others.The program will be funded by the Indian Department of Science and Technology (DST) and the Sweden-based company Vinova. On the Indian side, .... Read More
The rare variety rice Bamboo Rice, which was last harvested in Chandaka-Dampara Wildlife Sanctuary in 1979, grows twice or thrice in a century.
The gates of Chandaka-Dampara Wildlife Sanctuary in Cuttack district have been opened for forest dwellers to come and collect the rice as otherwise it will be attacked by .... Read More
On 26th April, 2019, the Reserve Bank of India extended the coverage of Ombudsman scheme to non-deposit taking non-banking financial companies (NBFCs) having asset size of Rs 100 crore or higher.It will help provide a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered .... Read More
The Union Cabinet has approved the creation of additional posts in the National Company Law Appellate Tribunal (NCLAT) for speedy disposal of cases.Additional posts of three judicial members and three technical members will be createdin the NCLATThis will ensure to meet the mandate provided to NCLAT by the Finance Act, .... Read More
On 23rd April, 2019, the International Monetary Fund (IMF) and the World Bank (WB) have decided to study the applications of cryptocurrency and blockchain technology by launching their own permissioned blockchain and a token called Learning Coin.The goals of this project are to help the staff of these organizations gain .... Read More
On 1st April, 2019, ‘KandhamalHaldi’ or turmeric named after central Odisha district of Kandhamal, where it is grown organically by tribals has received the Geographical Indications tag.Kandhamal in Odisha’s southern hinterland is famous for its turmeric which stands out for its healing properties and arresting aroma.The GI tag for Kandhamalhaldi .... Read More
Bank of Baroda (BoB) became the second largest state-owned lender after merging Dena Bank and Vijaya Bank into itself as part of the first three-way amalgamation.Post-amalgamation, the bank will have a 22 per cent market share in Gujarat and 8-10 per cent market share in Maharashtra, Karnataka, Rajasthan and Uttar .... Read More
The Reserve Bank of India has taken three public sector banks — Bank of India, Bank of Maharashtra and Oriental Bank of Commerce — out of the Prompt Corrective Action (PCA) framework and lifted various restrictions on lending and expansion of businesses.
According to the RBI, on a review of .... Read More
Union Ministry of Commerce on February 19 launched SWAYATT.
What is it?
SWAYATT is an initiative to promote Start-ups, Women and Youth Advantage Through eTransactions on Government e Marketplace (GeM).
This will bring together the key stakeholders within the Indian entrepreneurial ecosystem to Government e-Marketplace the national procurement.
GeM Start-up Runway
The ministry also .... Read More
The National Pharmaceutical Pricing Authority (NPPA) on February 27 invoked extraordinary powers in public interest, under Para 19 of the Drugs (Prices Control) Order, 2013 to bring 42 non-scheduled anti-cancer drugs under price control through trade margin rationalisation.
Currently, 57 anti-cancer drugs are under price control as scheduled formulations.
Now .... Read More
The Central Board of the Reserve Bank of India on February 18 decided to transfer a record interim surplus of Rs 28,000 crore to the government, a move that will bolster government’s finances.
Remember This: This is the second successive year the RBI will transfer an interim surplus. In August 2018, .... Read More
To ensure a steady inflow of crude oil at a time imports from Iran are falling, state-run Indian Oil Corp (IOC) has become the first domestic company to sign a long-term supply contract with the US.
The annual deal is worth $1.5 billion and will be effective for FY20.
According to .... Read More
The Ganga river basin could see crop failures rise three-fold and drinking water shortage go up by as much as 39% in some States between now and 2040, says an assessment commissioned by the World Bank and submitted to the Central Water Commission.
If there is no intervention, Uttarakhand, Himachal .... Read More
The Centre has notified the much-awaited National Financial Reporting Authority (NFRA) rules, taking away the CA Institute’s monitoring and disciplinary powers over auditors of listed entities and large unlisted companies besides banks and insurance companies.
As per the newly notified rules, the NFRA will have the power to:
Monitor and .... Read More
Bureau of Indian Standards (BIS) organised a seminar on “International Standards and the Fourth Industrial Revolution” in New Delhi on November 15 to celebrate the World Standards Day 2018.
World Standards Day
Each year, ISO decides a theme of the World Standards Day based on a current aspects of standardization.The theme of .... Read More
National Projects Construction Corporation Limited (NPCC) has been conferred with the status of Miniratna: Category –I by the Government of India.
The empowerment of Miniratna Status to NPCC will help the company in taking speedy decisions by enhancing the delegation of powers to the Board.
NPCC, a schedule ‘B’ CPSE under the .... Read More
A centralized electronic platform for processing interest subvention on bank loans to beneficiaries under Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM) named “PAiSA – Portal for Affordable Credit and Interest Subvention Access”, was launched on November 26.
The web platform has been designed and developed by Allahabad Bank which .... Read More
The Cabinet Committee on Economic Affairs, on January 16, gave its approval to the project for capacity expansion of Numaligarh Refinery from 3 MMTPA (Million Metric Tonne Per Annum) to 9 MMTPA.
Remember This: It involves setting up of crude oil pipeline from Paradip to Numaligarh and product pipeline from Numaligarh .... Read More
Pradhan Mantri Rozgar Protsahan Yojana (PMRPY), the flagship scheme of the Central Government for employment generation has crossed the milestone of one crore beneficiaries as on January 14, 2019.
About the Scheme
PMRPY was announced on August 07, 2016 and is being implemented by Ministry of Labour and Employment through the Employees’ .... Read More
To further improve the ease of doing business in India, the Reserve Bank of India on January 16 drawn up a new external commercial borrowing (ECB) framework.
The eased norms allowing all eligible borrowers to raise up to $750 million per financial year under the automatic route, replacing the existing sector-wise .... Read More
A parliamentary panel has recommended that necessary steps be taken to ensure new uranium mines are opened as soon as possible in order to reduce India’s dependence on imported uranium.
A stockpile of 15,000 tonnes of uranium is required to achieve supply security of fuel for nuclear plants in the country, .... Read More
In a bid to boost skill training and entrepreneurship in the remotest corners of the country, Ministry of Skill Development and Entrepreneurship on January 24 announced comprehensive reforms for Jan Shikshan Sansthan (JSS).
Formerly under the Ministry of Human Resources Development, Jan Shikshan Sansthan has been transferred to the Ministry of .... Read More
The Jawaharlal Nehru Port Trust (JNPT), India’s premiere container portgot listed amongst the top 30 container ports globally, as per the latest Lloyds Report.
JNPT notched up five spots, to be 28th on the list, compared to its previous ranking.
This is a validation of all the efforts and strategic initiatives .... Read More
India has replaced Japan as world’s second largest steel producing country, while China is the largest producer of crude steel accounting for more than 51 per cent of production, according to World Steel Association (worldsteel).
Top Steel Producing Countries
China's crude steel output jumped 6.6 per cent to 928.3 million tonnes (MT) .... Read More
Union Minister of Agriculture and Farmers’ Welfare on December 11, 2018 launched a portal ENSURE - National Livestock Mission-EDEG developed by NABARD and operated under the Department of Animal Husbandry, Dairying & Fisheries.Earlier, even after the loan approval, subsidy took a long time to reach the beneficiary’s account. Under the .... Read More
Government granted the ‘Maharatna’ status to Hindustan Petroleum Corporation Limited (HPCL) and power Grid Corporation of India recently.This will impart greater operational and financial autonomy thus enhancing powers of their Boards to take financial decisions.Boards of these PSUs will enjoy independence in forming joint ventures, acquisitions and mergers of specific .... Read More
The World Cotton Day was observed from 7th October to 11th October 2019 in Geneva, Switzerland.The World Trade Organisation (WTO) organized the World Cotton Day event in collaboration with the Secretariats of the United Nations Food and Agriculture Organization (FAO), the United Nations Conference on Trade and Development (UNCTAD), the .... Read More
On 1st August, a joint venture company namely Khanij Bidesh India Ltd. (KABIL) was set up with the participation of three CPSUs namely, National Aluminium Company Ltd.(NALCO), Hindustan Copper Ltd.(HCL) and Mineral Exploration Company Ltd. (MECL). Its objective is to ensure a consistent supply of critical and strategic minerals to .... Read More
On 10th August, 2019 Petroleum and Natural Gas Ministry announced that the state-run oil marketing companies would procure the entire supply of biodiesel produced from used cooking oil for a three-year period.Biodiesel plants using used cooking oil as their raw material have been assured that their entire production will be .... Read More
The Bimal Jalan Committee has recommended the alignment of the financial year of RBI (July to June) with the fiscal year of the government (April to March) from the financial year 2020-21.
Benefits according to the Committee
The RBI would be able to provide better estimates of the projected surplus transfers to .... Read More
The Ministry of Finance has declared to merge 10 public sector banks into four.Indian Bank will be merged with Allahabad Bank (anchor bank - Indian Bank)PNB, OBC and United Bank to be merged (PNB will be the anchor bank)Union Bank of India, Andhra Bank and Corporation Bank to be merged .... Read More
On 22 July, Ministry of Labour and Employment notified the Pradhan Mantri Laghu Vyapari Yojana, a pension scheme for retailers and traders. The scheme is an extension of the PM Shram Yogi Maan-dhan Yojana.
Features of the Scheme
It will make all beneficiaries eligible for a monthly pension of Rs 3000 after .... Read More
On 14th August, 2019, the Union Textiles Ministry signed a Memorandum of Understanding with 16 State governments to offer skill training programmes under the Samarth scheme (Scheme for capacity building in the textiles sector).
Benefits of the Agreements
Initially, the Ministry has allocated over 3.5 lakh targets to the agencies nominated by .... Read More
On 21 August 2019, the Union Minister of State for Power and New & Renewable Energy (IC) and Skill Development & Entrepreneurship launched the State Rooftop Solar Attractiveness Index-SARAL.
About the SARAL Index
The SARAL evaluates Indian states based on their attractiveness for rooftop development. It is the first of its kind .... Read More
On 10 July, the Cabinet Committee on Economic Affairs has given its approval for the launch of Pradhan Mantri Gram Sadak Yojana-lll (PMGSY-III).
Under the scheme it is proposed to consolidate 1,25,000 Km road length in the States. The Scheme will also include Through Routes and Major Rural Links that connect .... Read More
On 10 July, Kerala government decided to set up the company-NRK Investment and Holding Company Ltd. for channellising investments from overseas Keralites for major infrastructure development in the state.
The Non-Resident Keralites (NRK) would hold 74% stake in the company and the state government will hold the remaining 26% stake.
The move .... Read More
On 29 June, Ministry of Consumer Affairs, Food and Public Distribution announced the roll out of ‘One Nation One Ration Card’ scheme from 1 July 2020.
The scheme allows poor migrant workers to buy subsidised rice and wheat from any ration shop in the country, so long as their ration cards .... Read More
On 7th September 2019, the Union Finance Ministry constituted a task force to identify and prepare a pipeline of infrastructure projects that can be executed over the next five years. The task force, headed by the Economic Affairs Secretary, will draw up a ‘National Infrastructure Pipeline’ of Rs 100 lakh .... Read More
State-run companies present in the conventional power space such as NTPC Ltd. and Power Grid Corp. of India Ltd (PGCIL) etc. are being roped in to build massive green energy parks across the country. The plan has built-in incentives to ensure states and operators are invested in the success of .... Read More
Red Rice Iron rich ‘red rice’ is grown in the Brahmaputra valley of Assam, without the use of any chemical fertilizer. The rice variety is referred to as ‘Bao-dhaan’, which is an integral part of Assamese food. Much like brown rice and white rice, red .... Read More
Udan 4.1 Launched
To further enhance regional air connectivity, the Centre has launched the 4.1 round of the RCS-Udan scheme.
Some operational flexibilities are extended to Airlines under the Udan 4.1 to ensure suitable operation models to connect smaller cities or airstrips.
New routes are proposed under 'Sagaramala Seaplane Services'.
Operations under Non Scheduled .... Read More
SBI joins JPMorgan's Blockchain-based Payment Network
State Bank of India has tied up with JPMorgan to use the US bank’s blockchain technology to speed up overseas transactions.
The tie up is expected to reduce SBI customers’ transaction costs and time taken for payments.
SBI has integrated Liink into its operations to exchange .... Read More
RBI introduces Legal Entity Identifier
The Reserve Bank of India on December 5, 2021 introduced the Legal Entity Identifier (LEI) for large value transactions over Rs 50 Crore in Centralised Payment Systems, which will be effective from April 1, 2021.
The 20-digit LEI number is used to uniquely identify parties to financial .... Read More
First ‘International Day of Banks’
The United Nations (UN) celebrated the first ever International Day of Banks across the globe on 4th December 2020.
The UN General Assembly (UNGA) adopted the resolution on 19th December 2019.
The day is observed to recognise the important potential of multilateral development banks and other international .... Read More
RBI Selects 2 Startups as a Part of its Regulatory Sandbox Programme
The Reserve Bank of India has selected two startups as a part of its regulatory sandbox programme.
The two companies are Jaipur based Natural Support Consultancy Services Private Limited and New Delhi based Nucleus Software Exports Limited.
While the .... Read More
Poverty and Shared Prosperity 2020 Report
Recently World Bank released its biennial Poverty and Shared Prosperity 2020 report which states that Poverty reduction has suffered its worst setback in decades, after nearly a quarter century of steady global declines in extreme poverty due to the recent pandemic.
Global extreme poverty is .... Read More
FDI in Defence Sector
The Union Cabinet approved a new Foreign Direct Investment (FDI) policy in the defence sector which allows the FDI through automatic approval to be increased from 49% to 74%.
Till now, 100 per cent foreign investments were permitted in the defence industry - 49 per cent under the .... Read More
Amendments in FDI Policy for Commercial Coal Mining
The Government of India had amended the Foreign Direct Investment (FDI) Policy, 2017 recently to allow 100 percent Foreign Direct Investment in coal mining activities including associated processing infrastructure.
Further, on 3rd August, 2020 the Union Government clarified in a statement that any Foreign .... Read More
India 3rd-Largest Economy on PPP Basis for 2017India has retained its position as the third-largest economy after China and the US in terms of purchasing power parity (PPP) for 2017, according to a government release that quoted the World Bank data.India is also third-largest economy in terms of its PPP-based .... Read More
Enhanced Access and Service Excellence (EASE) 3.0
On 26th February, 2020, Union Finance Ministry launched the Ease (Enhanced Access and Service Excellence) 3.0, the new reform agenda for tech-enabled banking.
EASE 3.0 agenda aims at providing smart, tech-enabled public sector banking for aspiring India.
It seeks to enhance ease of .... Read More
The 3rd Global Potato Conclave was held at Gandhinagar, Gujarat.While Uttar Pradesh is the major producer of potato, Gujarat is holding the No. 1 position in productivity (30t/h) in India for last one decade. The area under potato in India, has increased by 19%, it has increased by about 170% .... Read More
Uttarakhand has become the first state in the country where the government has made a policy to lease agricultural land. In lieu of giving land on a 30-year lease, the concerned farmer will get the rent for the land. Now any institution, company, firm or NGO can take farm .... Read More
The Union Government has set up a National Startup Advisory Council to advise the Centre on measures needed to build a strong ecosystem for nurturing innovation and start-ups in the country.The Council, will be chaired by the commerce minister and have non-official members to be nominated by the Centre, founders .... Read More
The Khadi and Village Industries Commission (KVIC) is seeking international trademark protection for 'Charkha' symbol used on khadi products under the Paris Convention.The Paris Convention, adopted in 1883, applies to industrial property in the widest sense. It has 177 Parties and is administered by the World Intellectual Property Organization (WIPO). .... Read More
The National Commodity and Derivatives Exchange (NCDEX) has launched India’s first return based agricultural futures Index — ‘NCDEX Agridex’, for easy reference to price variations in agricultural commodities.The index represents a basket of ten commodities that are selected based on both liquidity and its importance in Indian and global commodities .... Read More
Darjeeling green and white teas, whose price varies from Rs 3,000 -Rs 10,000 per kg, have received Geographical Indication (GI) tag for the domestic market. Darjeeling black tea is already registered as GI.The Tea Board is the registered proprietor of GI for Darjeeling tea. Darjeeling white tea has a unique .... Read More
Khadi has been brought into the exclusive HS code bracket by the Ministry of Commerce and Industries to categorize its products in export.Now, Khadi and Village Industries Commission (KVIC) will be able to keep a constant eye not only on its export figures, but also in planning its export strategies.The .... Read More
The World Trade Organization’s (WTO) appellate body could become dysfunctional on December 11, 2019 as it will get reduced to just one member instead of full seven members or minimum three members required to continue its work. This is a result of the United States’ blocking the appointment of members .... Read More
The Union Cabinet has given its approval to introduce the Aircraft (Amendment) Bill, 2019 in Parliament which will amend the Aircraft Act, 1934.The amendments would enable India to achieve the requirements and the standards as per the International Civil Aviation Organisation .
It proposes to enhance the maximum limit of .... Read More
According to a recent RBI report on ‘Trend and Progress of Banking in India 2018-19’, the green finance development faces many challenges, such as “greenwashing” /false claims of environmental compliance, plurality of green loan definitions, and mismatches of maturity between long-term green investment & relatively short-term interests of investors.Greenwashing, also .... Read More
Agricultural and Processed Food Products Export Development Authority (APEDA) sent the first trial shipment of vegetables by sea route from Varanasi to Dubai through Fresh Vegetables and Fruits Exporters Association (VAFA), Mumbai.APEDA is in the process of setting up Agri export hubs in five districts (Ghazipur, Jaunpur, Chandauli, Mirzapur and .... Read More
World Investment Report 2019World Investment Report is published by the United Nations Conference on Trade and Development (UNCTAD).In its 2019 report, it mentions that India received foreign direct investments worth $42 billion in 2018, helped by robust inflows in manufacturing, communication and financial services.India attracted over 77% of the total .... Read More
Government Restricts Bio-Fuel ImportsOn 26th may, 2019, the government restricted the import of bio-fuels including ethyl alcohol, bio-diesel and petroleum oils for all purposes.Now, their import will require import license from the Directorate General of Foreign Trade (DGFT). Until now, import was allowed only for non-fuel purposes subject to actual .... Read More
Changes in FDI Policy
The Union Cabinet has introduced changes in foreign direct investment (FDI) regulations, including easing rules for overseas single-brand stores and permitting FDI through the automatic route in contract manufacturing and all areas of coal mining.
100% FDI under automatic route. Earlier only 100% in manufacturing; no specific .... Read More
Utkarsh 2022The Reserve Bank of India (RBI) has set out a medium term strategy — named ‘Utkarsh 2022’- a three- year roadmap to improve regulation and supervision, among other functions of the central bank.The strategic framework contains, inter alia, the Bank’s Mission, Core Purpose, Values and Vision Statements, reiterating the .... Read More
Airport Traffic Rankings by ACI :According to the Airport Traffic Rankings for 2018 released by Airports Council International (ACI), Indira Gandhi International Airport (IGIA), New Delhi was ranked as the 12th busiest airport in the world.
As per the report, Hartsfield–Jackson Atlanta International Airport (US) topped the list with Beijing Capital .... Read More
Finance Commission on ‘Fiscal Relations across levels of Government’
The 15th Finance Commission on April 4th held a high level roundtable on ‘Fiscal Relations across levels of government’ moderated by NK Singh.
The roundtable was organized in partnership with the World Bank, OECD and ADB.
The technical session of this meeting was divided .... Read More
NIRVIK Scheme: To Ease Lending ProcessThe Ministry of Commerce & Industry through Export Credit Guarantee Corporation (ECGC) has introduced a new Export Credit Insurance Scheme (ECIS) called NIRVIK to enhance loan availability and ease the lending process.Enhanced cover will ensure that Foreign and Rupee export credit interest rates will be .... Read More
Markets regulator SEBI on November 13 issued norms for enhanced disclosures by Credit Rating Agencies (CRAs).
New Requirements for CRAs
While CRAs are required to monitor and analyse the relevant factors that affect the creditworthiness of an issuer and discuss the same in the rating notes considered by the rating committee for .... Read More
The Government had constituted a Group of eminent persons under the Chairmanship of Baba Kalyani (Chairman M/s. Bharat Forge) to study the Special Economic Zone (SEZ) Policy of India in June 2018.Objectives of the committeeTo evaluate the SEZ policy and make it compatible with WTO rules.To suggest measures for maximizing .... Read More
The Union Cabinet chaired by Prime Minister on December 06, 2018, approved an Agriculture Export Policy 2018 to push towards the government’s commitment to double farmers’ income by 2022.
The Cabinet has also approved the proposal for establishment of Monitoring Framework at Centre with Commerce as the nodal Department with representation .... Read More
On 9th February, 2021, the International Energy Agency (IEA) released the India Energy Outlook 2021 report.
The India Energy Outlook is based on detailed modelling of a set of scenarios exploring how India’s energy sector might evolve between now and 2040.
India is a major force in the global energy .... Read More
On 23rd November 2020, WTO released the world trade report 2020 online under the title- ‘Government policies to promote innovation in the digital age’.
The World Trade Report is an annual publication that aims to deepen understanding about trends in trade, trade policy issues and the multilateral trading system.
TheWorld Trade Report .... Read More
On 20th November, 2020, the Reserve Bank of India (RBI) released the report of the Internal Working Group (IWG).
IWG was constituted by the RBI to review extant ownership guidelines and corporate structure for Indian private sector banks.
The Terms of Reference of the IWG inter alia included review of the .... Read More
On 20th October, 2020, World Economic Forum (WEF) released the third edition of Future of Jobs Report, 2020.
About the Report
The Future of Jobs report maps the jobs and skills of the future, tracking the pace of change.
It aims to shed light on the pandemic-related disruptions in 2020, contextualized within a .... Read More
On 2nd September, 2020, the World Intellectual Property Organization's (WIPO) released the Global Innovation Index (GII)-2020.
The GII measures 131 economies around the world, using 80 indicators, which include the quality of universities, availability of microfinance and venture capital, to gauge innovation capabilities and measurable results.
The GII 2020 is the .... Read More
On 5th September, 2020, the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry released the 4th edition of Ease of Doing Business Rankings based on the State Business Reform Action Plan (State BRAP).
Andhra Pradesh for the third time in a row has topped .... Read More
On 11th September, the Ministry of Commerce & Industry released the second edition of Ranking of States on Support to Startup Ecosystems-2019, conducted by the Department for Promotion of Industry and Internal Trade (DPIIT).
A total of 22 states and 3 Union Territories participated in the exercise, including four states from .... Read More
On 26th August, 2020, NITI Aayog in partnership with the Institute of Competitiveness released the first Export Preparedness Index (EPI) 2020.
Objectives of EPI
It aims to assess the readiness of the states, in terms of their export potential and their performance.
The primary goals of the Index are to inculcate .... Read More
On 1st May, 2020, the International Energy Agency (IEA) released a report Global Energy Review, detailing the impact of Covid-19 on global energy demands and CO2 emissions.
Key FindingsGlobal Energy Scenario
Global coal demand was hit the hardest, falling by almost 8% compared with the first quarter of 2019.
Three reasons .... Read More
The Ministry of Power and New & Renewable Energy released a report on the Impact of energy efficiency measures for the year 2018-19.The report has been prepared by an Expert agency PWC Ltd, which was engaged by Bureau of Energy efficiency (BEE) for an independent verification.
To assess the impact of .... Read More
On 8th January, 2020, the Competition Commission of India (CCI) released a Report under the title-Market Study on E-commerce in India.
The study was initiated by the CCI in April 2019 with a view to better understand the functioning of e-commerce in India and its implications for markets and competition.
The study .... Read More
On 20th January, 2020, the International Labour Organisation (ILO) released the World Employment and Social Outlook: Trends 2020 (WESO) report, which analyses key labour market issues, including unemployment, labour underutilisation, working poverty, income inequality, labour income share and factors that exclude people from decent work.
More than 470 million .... Read More
On 10th January, 2020, International Energy Agency (IEA), in partnership with NITI Aayog, released the first in-depth review of India’s energy policies.
This first in-depth review of India’s energy policies examines the country’s achievements in developing its energy sector as well as the challenges it faces in ensuring a sustainable energy .... Read More
On 18th November, 2019, the Company Law Committee submitted its report to the Finance Ministry. The committee was constituted by the Ministry of Corporate Affairs in September, 2019, under the chairmanship of Corporate Affairs Secretary InjetiSrinivas to further decriminalise the provisions of the Companies Act, 2013.
To promote ease of Living .... Read More
Recently, the Ministry of Commerce and Industry released the report of the High Level Advisory Group (HLAG).The HLAG was constituted in September, 2018, led by the economistSurjit S. Bhalla, to identify and pursue opportunities and address challenges in the current global trade scenario.
To assess the global environment and make recommendations .... Read More
On 6th November, 2019, Working Group (WG) on Core Investment Companies (CICs) submitted its final report to the Reserve bank of India (RBI).
The WG was constituted in July 2019 by RBI under the chairmanship of former corporate affairs secretaryTapan Ray, to review the regulatory and supervisory frameworkapplicable to CICs.
It aims .... Read More
On 1st November, 2019, the Economist Intelligence Unit (EIU) released the 2019 edition of Global Microscope for financial report under the name- GlobalMicroscope 2019: The Enabling Environment for Financial Inclusion. The Microscope was originally developed for countries in the Latin American and Caribbean regions in 2007 and was expanded into .... Read More
On 27th December, 2019, the RBI released its 25th edition of the financial stability report (FSR).
Key Findings of the Report
Record Rise in Bank Frauds
Frauds reported by banks during the first half of the current fiscal touched an all-time high amount of Rs 1.13 lakh crore, owing to delay in detection .... Read More
On 22nd May,2019, International Labour Organisation (ILO) released a report regardingbusiness management.
According to it, companies that improve gender diversity especially at top perform better and rake in higher profits.
The report titled as “Women in Business and Management: The business case for change” is based on a global survey conducted by .... Read More
On 21st May, 2019, the United Nation released World Economic Situation and Prospects (WESP) 2019 Mid-year Update report
According to it, India’s economy is projected to grow at 7.1 per cent in fiscal year 2020 on the back of strong domestic consumption and investment.
Key highlights of the ReportIndia Specific
Strong domestic consumption .... Read More
The dismantling of the Planning Commission and creation of NITI Aayog and the merger of planned and non-planned budget has proved non-effective, according to the fourth edition of the report brought out by the New Delhi-based not-for-profit engaged in research and advocacy on issues of social justice.In fact, the functioning .... Read More
The Department of Industrial Policy and Promotion (DIPP) announced results of the first ever States’ Start-up Ranking 2018 in New Delhi on December 20, 2018. DIPP began this exercise from January, 2016.
Objective of the Ranking
The key objective of the exercise was to encourage States and Union Territories to take proactive .... Read More
On 14 October, 2019 the Sveriges Riksbank Prize in Economic Sciences for 2019 (Nobel Prize in Economic Sciences) was jointly awarded to Abhijit Banerjee, Esther Duflo, and Michael Kremer, for ‘their experimental approach to alleviating global poverty.’ Banerjee and Duflo are from Massachusetts Institute of Technology (MIT), and Michael Kremer .... Read More
Recently the International Monetary Fund (IMF) released the World Economic outlook Report.
Observations of the Report
The pace of global economic activity remains weak and the momentum in manufacturing activity, in particular, has weakened substantially, to levels not seen since the global financial crisis.
Rising trade and geopolitical tensions have increased uncertainty .... Read More
On 16th October, 2019, Department of Animal Husbandry and Dairying, Ministry of Fisheries, Animal Husbandry and Dairying released the 20th Livestock Census.
Key Results of the Census
In the 20th Census various species of animals (Cattle, Buffalo, Mithun, Yak, Sheep, Goat, Pig, Horse, Pony, Mule, Donkey Camel, Dog, Rabbit and Elephant)/poultry birds .... Read More
On 30th September 2019, RBI’s report on States Finances: A Study of Budgets of 2019-20 was released.
Observations from the Report
Adherence to FRBM Act: States’ gross fiscal deficit was within the threshold of Fiscal Responsibility and Budget Management (FRBM) laws in the last two years ( threshold of 3% of GDP .... Read More
On October 23rd, 2019, the Sustainable Mobility for All (SuM4All) initiative launched the Global Mobility Report.
Key Findings of the Report
The report highlighted that not even a single country either developed or developing is on track to achieve sustainability in the transportation sector and attain the Sustainable Development Goals (SDGs) mandated .... Read More
On 24th October, 2019, the World Bank released the Ease of Doing Business Report (EoDB) 2020.
Key Findings of the Report
India has improved its score in the World Bank’s global Ease of Doing Business rankings, rising 14 places up to 63 out of 190 countries on the back of “sustained business .... Read More
On 9 October, 2019 the World Economic Forum (WEF) released the Global Competitiveness Index 2019 also hailed as GCI 4.0.
Findings of Global Competitiveness Index 2019
Singapore is the world’s most competitive economy in 2019, pushing the US to the second place. India is ranked at 68th position.
Hong Kong Special Administrative .... Read More
India went five places up in the Global Innovation Index (GII) 2019 improving its position to 52nd in 2019 as against 57th in 2018. Switzerland topped the list.
The GII ranking is published by Cornell University, INSEAD, the UN World Intellectual Property Organization (WIPO) and GII Knowledge Partners, over 129 economies. .... Read More
On 15 July, ‘The State of Food Security and Nutrition in the World, 2019 Report’ was released by UN Food and Agriculture Organizations (FAO) in partnership with World Health Organization (WHO), UNICEF and International Fund for Agricultural Development.
As per the report, severe food insecurity is concentrated in South Asia which .... Read More
On 11 July, the global Multidimensional Poverty Index (MPI) Report for the year 2019 was released by the UN Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative (OPHI).
Findings on India
India lifted 271 million people out of poverty between 2006 and 2016, recording the fastest reductions in the .... Read More
On March 25th, 2019, the National Sample Survey Office (NSSO) released a draft report on unemployment based on the periodic labour force survey (PLFS).
This was the first time that the NSSO conducted the Periodic Labour Force Survey, which is an annual survey mapping unemployment to provide a closer trace of .... Read More
The World Bank will provide a $250-million loan for the National Rural Economic Transformation Project (NRETP) to help women in rural households develop viable enterprises for farm and non-farm products.
The $250 million loan has a 5-year grace period, and a final maturity of 20 years.
Digital Financial Products for Small .... Read More
On 29th March, 2019, Oxfam India released Mind ‘The Gap: The State of Employment in India’, a report analysing the country’s employment situation in the country specifically from the gender lens.
The report finds that the women’s labour force participation in India is one of the lowest in the world. Women .... Read More
The Ministry of Tribal Affairs (MoTA) has added nine minor forest produce (MFP) items to its minimum support price (MSP) for MFP scheme.
Aim: The aim is to enable the tribals dependent on the forest to get a fair price for their produce.
The Nine New Items Are: Bakul (dried bark), .... Read More
As per the latest data released by the Union Ministry of Power, 8 States have achieved 100% saturation in household electrification under Saubhagya.
Electrification in States
These states are Madhya Pradesh, Tripura, Bihar, J&K, Mizoram, Sikkim, Telangana and West Bengal.
Thus, total 15 States in the country now have 100 % household electrification.
Many .... Read More
The Cabinet Committee on Economic Affairs on January 2 gave its approval for continuation of five schemes under the “Umbrella Scheme for Family Welfare and Other Health Interventions” during the Fourteenth Finance Commission period 2017-18 to 2019-20.
Components of, Social Marketing of Contraceptives, Free Supply of Contraceptives are specifically targeted towards .... Read More
The NITI Aayog on December 27, 2018 released (by NITI Aayog CEO Amitabh Kant) the Second Delta ranking for the Aspirational Districts which measures the incremental progress made by them between June 1, 2018 and October 31, 2018.
Parameters: The ranking of districts were based on basically across six developmental areas .... Read More
According to Ministry of Labour and Employment data, 4-7 lakh jobs were generated every year through three schemes. An analysis of available numbers shows that three flagship employment generation programmes - the Prime Minister’s Employment Generation Programme (PMEGP), Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY), and Deen Dayal Antodaya Yojana-National .... Read More
Capital infusion for three Public Sector General Insurance Companies
The Union Cabinet has approved the capital infusion in the three Public Sector General Insurance Companies (PSGICs) namely Oriental Insurance Company Limited (OICL), National Insurance Company Limited (NICL) and United India Insurance Company Limited (UIICL).
The capital infusion will enable the three PSGICs .... Read More