1. Labour and Employment Ministry’s 2021 third-quarter survey finds increase of 4 lakh jobs
Tags: Economics/Business National News
According to the Ministry of Labour and Employment's Third Quarter Employment Survey (QES) report, over four lakh jobs were created in nine selected sectors in October-December 2021 in firms with 10 or more workers.
The Ministry’s survey, which covered 10,834 units in the third round, found employment had increased from 3.10 crore in July-September 2021 to 3.145 crore in the next quarter.
The survey covered construction, manufacturing, trade, transportation, education, health, housing and restaurants, IT/BPO and financial services.
It creates 85% jobs in units with 10 or more workers.
The survey does not cover units established after 2013-2014.
The manufacturing sector accounted for 39% of the units, followed by education (22%).
Overall, 23.55% units provided on-the-job training to workers, while the number was higher in health sector units (34.87%).
At the same time, the nine sectors reported 1.85 lakh vacancies, with 81,846 in manufacturing, 47,076 in health and 39,014 in education.
The report said that 86.5% of the vacancies were "in the process of filling".
Around 4% of the vacancies could not be filled due to "non-availability of requisite skilled workers".
2. Govt approves Rs 60,939 crore subsidy for phosphate-based fertilisers
Tags: Latest Economics/Business National News
The Union Cabinet has approved nutrient based subsidy rates for Phosphatic and Potash, P&K fertilisers for Kharif season-2022.
The subsidy will cover the period to September 2022.
India provided a subsidy of 571.5 billion rupees for the previous 12 month period ending March 31.
A subsidy of Rs 2,501 will continue to be available at Rs 1,350 for every 50 kg bag of crop nutrient diammonium phosphate in local markets.
The decision to increase fertiliser subsidies was taken after rising crop nutrient prices in global markets, mainly due to supply chain disruptions after Russia's invasion of Ukraine, increased freight traffic and rising energy costs.
Background
Government is providing Urea and 25 grade P&K fertilisers at subsidised prices to the farmers through fertiliser manufacturers/importers.
The subsidy on P&K fertilisers is being governed by the NBS Scheme.
In line with its farmer friendly approach, the Government is committed to ensure the availability of P&K fertilisers to the farmers at affordable prices.
3. India Tops The World In Real-Time Payment Volumes In 2021
Tags: Popular Economics/Business International News
According to the ACI Worldwide Report on Real-time Transactions, India's real-time transactions are ranked first in the world.
In the year 2021, India's real-time transactions have grown to 48.6 billion.
China ranks second after India with 18 billion real time transactions.
India's transaction volume is more than seven times that of the US, UK, Canada, Germany and France combined (7.5 billion).
Brazil, Thailand and South Korea lag behind India and China in terms of real-time transactions of 8.7 billion, 9.7 billion and 7.4 billion respectively.
This research has found that more than half (52.71 percent) of consumers worldwide use mobile wallets.
Real-time payment transactions worldwide crossed 118.3 billion in the year 2021, a growth of 64.5% on a year-on-year basis.
Reason to increase in real-time transactions
The rise in the use of digital payments during the COVID-19 pandemic, along with the growth of QR code payments and UPI-based mobile payment apps among merchants, propelled real-time payments into 2021.
Consumers are moving from cash to digital real-time payment methods, which means that the share of real-time payments in total payment volume will exceed 70% in 2026.
4. Net direct tax collection reaches highest-ever in FY 22
Tags: Economy/Finance Economics/Business
The net direct tax collections (income tax and corporate tax) reached an all time high of Rs 14.09 lakh crore in the financial year 2021-22. it was Rs 9.45 lakh crore in FY 2020-21.
The net direct tax collection has increased by 49.02 per cent during the financial year 2021-22.
an increase in direct tax collection signals that the Indian economy has bounced back after two years of the pandemic.
As far as Income Tax and Corporation Tax are concerned, the collection is the best ever.
What are Direct Taxes?
Direct tax can be defined as a tax that is paid directly by an individual or organisation to an imposing entity (usually the government).
The Central Board of Direct Taxes deals with matters relating to levy and collection of direct taxes and formulation of various policies relating to direct taxes.
A taxpayer pays direct taxes to the government for various purposes, including real wealth tax, personal wealth tax, income tax on property, gift tax, capital gains tax, etc.
Direct tax-to-GDP ratio
It is around 12%.
The Central Board of Direct Taxes (CBDT) is working to increase this ratio to 15-20% in 5-10 years.
5. Twitter confirms sale of company to Elon Musk for $44 billion
Tags: Latest Popular Economics/Business International News
One of the world's biggest deals in the tech world, billionaire Elon Musk, has taken control of Twitter. He has signed an agreement to buy Twitter for about $ 44 billion.
The deal has given the Tesla CEO ownership of the company with 217 million users.
Musk will have to pay $ 54.20 (Rs 4148) for every share of Twitter.
Twitter plays an influential role in shaping the political and media agenda on both sides of the Atlantic.
About Elon Musk
He was born on 28 June 1971 Pretoria, South Africa
Mr. Musk is the world’s wealthiest person, according to Forbes, with a nearly $279 billion fortune.
Mr. Musk began making his fortune in 1999, when he sold Zip2, an online mapping and business directory, to Compaq for $307 million.
He used its stock to become PayPal, an Internet service that went beyond banks and allowed consumers to pay businesses directly.
That same year, Musk founded Space Exploration Technologies, or SpaceX.
The company developed cost-effective reusable rockets.
In 2004, Musk invested in Tesla, then in a startup trying to build electric cars.
Eventually he was made CEO of Tesla and led the company to astronomical success as the world's most valuable automaker and largest seller of electric vehicles.
6. Indians can now make Payments using UPI in UAE
Tags: Government Schemes Economics/Business
Tourists or migrants arriving in the United Arab Emirates (UAE) with Indian bank accounts will be able to make payments through UPI to shops, retail establishments and other merchants in the Gulf country.
NPCI and NEOPAY of UAE's Mashreq Bank have partnered for this service.
It will be mandatory for users to have a bank account in India with UPI enabled.
Users will also need an application like BHIM to make UPI payments.
Payment using UPI will be accepted only to those merchants and shops who have NEOPAY terminals.
About UPI
Unified Payments Interface (UPI) is a single platform that brings together various banking services and facilities.
A UPI ID and PIN are enough to send and receive money.
Real-time bank-to-bank payment can be done using a mobile number or virtual payment address (UPI ID).
It is developed by National Payments Corporation of India (NPCI).
It is regulated by the Reserve Bank of India (RBI) and transfers funds instantly between two bank accounts on a mobile platform.
7. APEDA signs MoU with NRDC for the implementation of the Agri Export Policy
Tags: Economics/Business
Agricultural and Processed Food Products Export Development Authority (APEDA) has signed a Memorandum of Understanding (MoU) with National Research Development Corporation (NRDC) with an aim to boost the export value chain.
The objective of this MoU is to incorporate and disseminate technologies jointly with APEDA in the areas of climate-resilient agriculture related to zero carbon emission farming to produce residue/carbon free food for export.
This MoU has been signed to harness the expertise of both the organisations by working together to coordinate activities in the interest of agriculture and allied sectors to bring better value to the stakeholders.
In line with this MoU, both the organisations will collaborate on collaborative projects for commercialization of embedded technology related to agriculture and food processing at different levels of the value chain to promote export of agricultural products.
About “APEDA”
The Agricultural and Processed Food Products Export Development Authority (APEDA) was established by the Government of India under the Agricultural and Processed Food Products Export Development Authority Act passed by the Parliament in December 1985.
This authority functions under the Ministry of Commerce and Industry.
Headquarters- New Delhi
Chairman- Dr. M. Angamuthu
About National Research Development Corporation (NRDC)
NRDC is an enterprise of the Department of Scientific and Industrial Research (DSIR) under the Ministry of Science and Technology, Government of India.
It was established in 1953.
Its primary objective is to promote, develop and commercialise technologies, technical know-how, inventions and patents.
Chairman and Managing Director- Amit Rastogi
8. UK to issue Open General Export Licence (OGEL) to India
Tags: Economics/Business International News
%20to%20India%20copy.jpg)
In a statement, the British High Commission said the UK will issue an Open General Export Licence (OGEL) to India to cut the delivery period for defence purchases.
The British Prime Minister arrived in India on a two-day visit in the backdrop of the Russo-Ukraine War.
The UK is creating an Open General Export Licence (OGEL) for India to reduce bureaucracy and reduce delivery times for defence procurement.
It will partner with India in the maritime domain along with new fighter jet technology to detect and respond to threats.
What is Open General Export Licence (OGEL)?
It is a type of licence that is used for the export licence that is issued by the government for domestic suppliers.
The goods exported to India are classified into three types.
They are prohibited items, restricted items and freely importable items.
These classifications are made on the basis of the nature and use of the products.
OEGL's application process and grant will be looked after by the Department of Defence Production.
The primary objective of OEGL is to boost India's defence exports.
Belgium, France, Germany, Japan, South Africa, Spain, Sweden, UK, USA, Canada, Italy, Poland and Mexico are allowed under the OGELs.
9. Global sanctions on Russia may help spur Indian exports: EEPC
Tags: Russia-Ukraine Economics/Business International News
According to Engineering Exports Promotion Council (EEPC) India The Russo-Ukraine war has posed risks to economies and trade globally, but sanctions imposed by several developed countries on Russia could bring opportunities for Indian engineering exporters in the global market.
The Russia-Ukraine conflict is currently the most sensitive issue plaguing the global economy, while the sudden rise in COVID cases in China is also a major concern on the global supply chain.
Inflationary pressures in the US and real estate volatility in China will have an impact on business growth.
Rising steel prices and some financial issues are also expected to act as a hindrance to exports in the coming months.
india’s engineering exports
India's engineering exports registered 19.7% growth in March 2022 by climbing up to $11.13 billion from $ 9.29 billion in March 2021.
Exports during April-March stood at $112.10 billion, registering 46.12% growth over the previous year.
In financial year 22, the share of engineering in total merchandise exports was 26.7%.
Out of 34 engineering product panels, 32 showed positive growth during 2021-22 as compared to 2020-21.
India’s engineering exports surpassed the target of $107.34 billion for Financial year 2021-22 set by the Government of India.
Among the top 25 major markets for Indian engineering goods, exports to the US jumped 61 per cent to $2.02 billion in March from $1.26 billion in the same month last year.
Engineering exports to UAE surged 78.9% in March, 2022 to US$ 553 million.
The top 25 countries such as the US, UAE, China, Germany, Italy and Singapore account for about 75% of the total engineering exports from the country.
Italy, UAE and Belgium were the top three importers of Indian Iron and Steel during 2021-22.
The US was the largest importer of Indian 'industrial machinery' during 2021-22 in the global imports of India's product group.
South Africa, Mexico and Nigeria were the top three importers of automobiles from India during 2021-22.
10. FATF Ministerial Meeting in Washington D.C.
Tags: Economics/Business International News
Union Minister for Finance & Corporate Affairs Nirmala Sitharaman attended the FATF Ministerial Meeting in Washington D C on April 21, 2022.
The meeting was held simultaneously with the 2022 Spring Meeting of the World Bank Group and the International Monetary Fund (IMF).
The meeting focused on providing direction to the ministers, by supporting the strategic priorities of the FATF for the year 2022-24.
This meeting focussed on the following points –
* to ensure suitable funding for the delivery of the strategic priorities which.
*FATF systems of Mutual Evaluations
*Enhancing International Beneficial Ownership Transparency,
*Increasing Capabilities to more effectively recover Criminal assets,
*Leveraging Digital Transformation
India extended support on these strategic priorities and reiterated India’s commitment to provide resources and support to FATF.
FATF Ministers will meet again in 2024.
About FATF
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing protector.
This inter-governmental body sets international standards which aim to prevent these types of illegal activities and the harm they cause to society.
It works to produce the necessary political will to bring about national legislative and regulatory reforms in these areas.
With more than 200 countries and jurisdictions it is committed to implementing them.
It was established in July 1989 by the G-7 Summit in Paris.
the FATF expanded its mandate In October 2001 to incorporate efforts for combat terrorist financing as well as money laundering.
It added efforts to counter the financing of proliferation of weapons of mass destruction in April 2012.
