1. Government e-Marketplace achieves a Gross Merchandise Value of Rs 1.5 Lakh Crores
Tags: Economy/Finance National News
As of 1 February 2023, the Government e-Marketplace (GeM) has achieved Rs 1.5 lakh crore of Gross Merchandise Value (GMV) in FY23 alone.
An overview of the news
GeM is well positioned to cross its annual target of Rs 1.75 lakh crore.
GeM has crossed a gross business value of Rs 3 lakh crore since inception with the support of its stakeholders.
The total number of transactions on GeM has crossed 1.3 crore.
GeM has over 66,000 government buyer organisations and over 58 lakh sellers and service providers.
GeM portal features over 11,000 product categories with more than 29 lakh listed products.
About Government-e-Marketplace (GeM) platform
Launch - 9 August 2016
Purpose - to bring transparency and efficiency in the government buying process
Nodal Ministry - Ministry of Commerce and Industry
GeM works on inclusion, transparency and efficiency.
Who registered on GeM - Artisans, weavers, SHGs, startups, women entrepreneurs & MSMEs are registered on GeM
The portal is open for - all government buyers, Central and State Ministries, departments, public sector enterprises, autonomous institutions, local bodies, etc
Private buyers cannot buy on the platform but private people can sell products to government bodies by the portal.
2. Cooperation Ministry signs MoU to enable Primary Agricultural Credit Societies
Tags: Economy/Finance
A Memorandum of Understanding (MoU) was signed on February 2 to enable Primary Agricultural Credit Societies (PACS) and provide services by Common Service Centers (CSC).
An overview of the news
The MoU was signed between the Ministry of Cooperation, Ministry of Electronics and Information Technology, NABARD and CSC e-Governance Services India Limited in New Delhi.
The MoU was signed in the presence of Union Minister for Home Affairs and Cooperation, Amit Shah and Union Minister for Electronics and Information Technology, Ashwini Vaishnav.
This will help in taking forward the concept of Common Service Centers easily to the smallest unit of the country.
This agreement will enhance the business activities of PACS and help them to become a self-sustaining economic entity.
Primary Agricultural Cooperative Societies (PACS)
These are grassroots level cooperative credit institutions that provide short-term and medium-term agricultural loans to farmers for various agricultural and agricultural activities.
It works at the gram Panchayat and village level.
The first Primary Agricultural Credit Society (PACS) was set up in 1904.
PACS are registered under the Co-operative Societies Act and regulated by RBI.
Objectives of PACS
Raise capital for the purpose of making loans
Supporting members' essential activities
Collect deposits from members with the goal of improving their savings habit
Arrange for the supply and development of improved breeds of livestock to the members
Supply agricultural inputs and services to members at reasonable prices
3. Union Budget 2023: Unity Malls to be set up in states
Tags: Economy/Finance National News
Finance Minister Nirmala Sitharaman announced in the budget that states would be encouraged to set up "Unity Malls" in their capitals and most prominent tourist centres.
What is a unity mall?
The main objective behind setting up Unity Mall is to promote ODOP (One District, One Product) of the states.
These products may be depicted as having a Geographical Indication tag. Other handicraft products will also be sold in these malls.
The Center will also request the states to sell such products from other states as well.
Currently, there is a Unity Mall operating near the Statue of Unity at Ekta Nagar in Kevadia, Gujarat.
What is ODOP?
One District, One Product (ODOP) is a government initiative aimed at making regional products more accessible by providing capital to producers.
Under the scheme, the state identifies the main product for a district, and then provides assistance for its processing, storage and marketing.
These products can be perishable agricultural products, grain-based products or food products such as mangoes, potatoes, meat and fish.
What is GI?
Geographical Indication (GI) tags are usually given to well-known products coming from a particular region.
These products also include agricultural products, manufactured goods or other food items including prepared dishes.
Basically it is like branding a particular product.
For example, the GI tag for Darjeeling tea has been given to Darjeeling.
4. Budget 2023-24
Tags: Economy/Finance
5. Startup-20's two-day inception meeting begins in Hyderabad
Tags: Economy/Finance National News
A two-day inception meeting of the Startup-20, the new engagement group of G-20 initiated by India, has begun in Hyderabad on 28 January.
An overview of the news
Union Tourism Minister G Kishan Reddy, G-20 Sherpa Amitabh Kant, Startup-20 President Chintan Vaishnav, JS Ashish Sinha from G-20 Secretariat and around 180 delegates from G-20 participated.
As part of India's G20 presidency, a number of meetings and events will be held at various places across the country.
It will provide a common platform to startups from G20 member countries to discuss a range of issues related to their establishment and operations.
It aims to bridge the knowledge gap in the startup ecosystem economies of the member countries.
This will help the government to make startup friendly policies.
About Startup -20
Startup 20 is an important working group in the context of the need to generate more entrepreneurs for a growing economy.
Startup 20 is based on three distinct pillars which include Foundations and Alliances, Finance and Inclusivity and Sustainability.
The main objective of Startup 20 is to create a conducive environment for startups by increasing synergy between startups, corporates, investors, innovation agencies and other key ecosystem stakeholders.
With its rich background of culture of innovation, Hyderabad is an ideal location for the inception ceremony of Startup 20 of G20 group.
Startup 20 activities will include five events including Inception Meet, Summit and three other intervention events in different parts of India.
Startup 20 Summit will be held in Gurugram from 3rd July.
6. Coal India Ltd to Launch M-Sand Projects in a Big Way
Tags: Economy/Finance National News
With a focus on cost-effective and high-quality sand production, Coal India Limited's subsidiaries will commission five M-Sand (sand) plants by 2024.
An overview of the news
Sand is classified as a "minor mineral" under the Mines and Minerals (Development and Regulation) Act, 1957.
Administrative control of minor minerals rests with the state governments and is regulated through state specific rules.
Due to high demand, regular supply and complete ban on sand mining to protect the river ecosystem during monsoon, it has become very necessary to find an alternative to river sand.
The 'Sand Mining Framework' (2018) prepared by the Ministry of Mines envisages alternative sources of sand obtained in the form of sand (M-Sand) manufactured from crushed rock fines (crusher dust) from overburden (OB) of coal mines .
During 'opencast mining', the top soil and rocks are removed as waste and the broken rock (overburden or OB) is dumped in the dump to extract the coal.
What is M-sand?
It is a form of artificial sand, which is made by crushing hard stones, mainly rocks or granite, into fine particles, which are then washed and pulverized.
It is widely used as a substitute for river sand for construction purposes, mostly in the production of concrete and mortar mixes.
Advantages of M-sand
Using manufactured sand is more economical than using natural sand, as it can be produced in large quantities at a lower cost.
This sand can have a uniform grain size, which can be beneficial for construction projects that require a specific type of sand.
The use of manufactured sand reduces the need for mining natural sand. The mining of natural sand has negative environmental impacts.
Its use can help reduce the amount of water needed for construction projects, as it does not need to be washed before use.
Manufactured sand is more granular and has a rougher surface, making it more practical for construction projects.
7. Employees’ Provident Fund Organisation (EPFO) launches “Nidhi Aapke Nikat 2.0”
Tags: Economy/Finance National News
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Employees’ Provident Fund Organisation (EPFO) launched “Nidhi Aapke Nikat 2.0”- A District Outreach Program for expanding its presence in more than 685 districts of the country on 27 January.
An overview of the news
It was e-launched by Arti Ahuja, Secretary (Ministry of Labour & Employment) from the EPFO Headquarters, in the presence of Central Provident Fund Commissioner (CPFC) and officers of EPFO.
It is a massive district outreach program in all the districts of the country through Nidhi Aapke Nikat program.
The objective of this program is to reach all the districts of the country on the same day i.e. 27th of every month. EPFO has organised camps in 685 districts of the country.
About EPFO
Employees Provident Fund Organisation (EPFO) is a statutory organisation set up under the Union ministry of Labour and Employment was set up in 1951 by an Ordinance issued by the President.
Later Parliament passed the Employees' Provident Funds Scheme, act 1952.
It is the country’s largest social security organisation.
EPFO assists the Central Board of Trustees in the administration of a provident fund scheme, pension scheme and an insurance scheme for the registered establishments in India.
8. India's GDP estimated to be 5.8% in UN report 'Global Economic Situation and Prospects-2023'
Tags: National Economy/Finance
In the last week of January 2023, the United Nations has projected India's Gross Domestic Product (GDP) to be 5.8 percent in FY 2023 in the report 'Global Economic Situation and Prospects-2023'. This is slightly lower than the 6.4 percent projected in 2022.
An overview of the news:
According to the United Nations, the main reason for the decrease in India's GDP growth rate is high interest rate, investment due to global economic slowdown, pressure on exports etc.
Whereas, the United Nations has projected India's economic growth to remain "strong" while the outlook for other South Asian countries is "more challenging".
The report attributed this to the situation arising out of the covid epidemic and the Russia-Ukraine war, due to which a food and energy crisis has arisen and a significant increase in inflation is being seen.
Report in Global Perspective:
The UN report states that global output growth is projected to decline from an estimated 3% in 2022 to 1.9% in 2023, the lowest in recent decades.
The United Nations estimates that global growth in 2022 was 3 percent. The report forecasts global trade to grow at 0.4 percent and the world economy at 1.9 percent in 2023.
Report prepared by:
The report has been prepared by the United Nations Department of Economic and Social Affairs, the United Nations Conference on Trade and Development, and the Regional Economic Commissions for Africa, Europe, Latin America and the Caribbean, Asia and the Pacific, and Western Asia.
9. India to become $26 trillion economy by 2047: EY report
Tags: Reports Economy/Finance
An EY report states that the Indian economy is likely to reach $26 trillion by the year 2047, which will also be the 100th year of India's independence.
An overview of the news
The report also pointed out that the country's per capita income would cross $15,000, making it among the top developed economies.
The report also pointed out that despite maintaining a steady but modest growth rate of 6% per annum, India would still be able to become a $26 trillion economy by 2047–48, with per capita income six times higher than current levels.
According to the report certain factors have contributed to bring India to a position of high and sustainable growth.
These include accelerated pace of economic reforms in critical areas such as social inclusion, financial inclusion, fiscal, physical and digital infrastructure.
This has ultimately resulted in increased global competitiveness of Indian businesses and entrepreneurs.
An area with major potential is services exports which are set to grow by 14% over the past two decades to reach $254.5 billion in 2021-22.
Other enabling areas include 'digitalisation'.
Government’s efforts
Government's focus on increasing the country's digital infrastructure
Efforts towards e-governance
A strong digital payment ecosystem
Introduction of digital services in almost all domains
Large telecom subscriber base of 1.2 billion
837 million internet users, etc.
Focus Areas
macroeconomic stability,
more energy independence,
ease of doing business,
power sector reform
What is EY report?
Launched in 2011, EY Reporting is EY Global Assurance’s insights hub.
It provides thought leadership on the issues global companies face in communicating corporate performance.
10. India produces record over 5,000 lakh metric tons of sugarcane in sugar season 2021-22
Tags: Economy/Finance National News
According to the Ministry of Consumer Affairs, Food and Public Distribution a record more than 5,000 Lakh Metric Tons (LMT) sugarcane was produced during the 2021-22 sugar season.
An overview of the news
About 394 LMT sugar was produced from about 3,574 LMT sugarcane. Out of this, 36 LMT sugar was diverted for ethanol production.
During 2021-22, sugar mills received revenue of more than 20 thousand crore rupees from the sale of ethanol.
During the sugar season between October and September 2021-22, India has emerged as the world's largest producer and consumer of sugar.
India has also become the second largest sugar exporter in the world after Brazil.
Cane dues for sugar season 2021-22 are less than Rs 2,300 crore indicating that 98% of cane dues have already been cleared.
For Sugar Season 2020-21, about 99.98% cane dues are cleared.
Despite the record high international sugar prices, the domestic sugar prices are stable and are in the range of Rs 32-35 per kg.
The average retail price of sugar in the country is around Rs 41.50/kg and is likely to remain in the range of Rs 37-43/kg in the coming months.
The largest producer of sugarcane in the world
Brazil is the largest producer of sugarcane in the world. India is the second largest producer of sugarcane.
Brazil produced about 32 million tons of sugar in 2021-22.
Major sugarcane-producing states in India
Uttar Pradesh, Maharashtra and Karnataka account for nearly 80 percent of the total sugar production in the country.
The other major sugarcane-producing states are Andhra Pradesh, Gujarat, Madhya Pradesh, Odisha, Tamil Nadu, Bihar, Haryana, and Punjab.
Since 2010-11, India has consistently produced surplus sugar, comfortably exceeding the domestic requirements.
