Current Affairs search results for tag: economyfinance
By admin: May 31, 2023

1. India's defence exports increased 23 times since 2014

Tags: National Economy/Finance National News

India's defence exports have grown 23-fold since 2014, reaching an all-time high of nearly Rs 16,000 crore in the last financial year.

An Overview of the News

  • The development reflects India's progress in the global defence manufacturing sector.

  • The country's defence industry has shown its capability in design and development by exporting to more than 85 countries.

  • Presently,100 firms are exporting defence products from India.

  • The Government has implemented policy initiatives and reforms in the last nine years to boost defence exports.

  • The Atma Nirbhar Bharat initiative encourages indigenous design, development and manufacturing of defence equipment, thereby reducing dependence on imports in the long run.

  • Expenditure on defence purchases from foreign sources has declined from 46% in 2018-19 to over 36% in December last year.

  • India currently exports aircraft (Dornier-228), artillery guns, BrahMos missiles, Pinaka rockets and launchers, radars, simulators and major platforms such as armoured vehicles.

  • There is a growing global demand for India's indigenous products including LCA-Tejas, Light Combat Helicopter, Aircraft Carrier and MRO activities.

'Atmanirbhar Bharat':

  • Atmanirbhar Bharat translates to 'self-reliant India' and is a concept promoted by Prime Minister Narendra Modi for the economic development of India.

  • It aims to make India more efficient, competitive and resilient in the global economy.

  • Modi first used the term in 2014while focusing on national security, poverty alleviation and Digital India initiative.

  • Educational institutions like Visva-Bharati University played a role in furthering self-reliance in education.

By admin: May 23, 2023

2. 30 percent financial support from the Center to promote green shipping

Tags: National Economy/Finance National News

green-shippingUnion Minister for Ports, Shipping and Waterways, Sarbananda Sonowal has announced 30 per cent financial assistance to promote green shipping.

An overview of the news

  • Ports, Shipping and Waterways Minister Sarbananda Sonowal made five important announcements focusing on green shipping and digitization of ports at the end of the second Chintan Shivir of the ministry held in Munnar, Kerala.

  • Green Hydrogen hubs will be developed at the Deendayal Port at Kandla and Chidambaranar Port at Tuticorin. 

  • Two tugs each will be procured for Jawaharlal Nehru, VO Chidambaranar, Paradip and Deendayal ports under the Green Tug Transition Programme.

  • A single window portal will be prepared to facilitate booking of river and sea cruises.

  • Jawaharlal Nehru and Turicorin ports will be made smart ports by next year.

What is Green Shipping?

  • Green shipping is when people or goods are transported via ships using the minimum resources and energy possible to protect the environment from pollutants generated by the ships. 

  • Green shipping promotes clean practices by implementing emission control, efficient port management and equipment management.

By admin: May 22, 2023

3. EPFO adds 1.39 crore members during financial year 2022-23

Tags: National Economy/Finance National News

 Employees' Provident Fund Organisation (EPFO)The Employees' Provident Fund Organisation (EPFO) has added 1.39 crore members during the financial year 2022-23. 

An overview of the news

  • Provisional payroll data of EPFO highlights that it added over 13 lakh members in March 2023.

  • According to the Ministry of Labor and Employment, out of the 13.40 lakh members added during March, over seven lakh new members have come under the EPFO ambit for the first time.

  • Among newly joined members, the highest enrollment is in the age group of 18 to 21 years with 2.35 lakh members, followed by about two lakh members in the age group of 22 to 25 years.

  •   The data also highlights that more than 10 lakh members rejoined the EPFO. These members changed their jobs and rejoined the establishments covered under EPFO.

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. 

By admin: May 20, 2023

4. India Achieves 47 % growth in Coal Production during last Nine Years

Tags: Economy/Finance National News

Coal-ProductionDuring the last nine years, India's total coal production has increased by 47 percent to 893.08 million tonnes (MT) and supply has reached 877.74 million tonnes, registering a growth of 45.37 percent.

An overview of the news

  • In FY2023, the country has made a huge jump in the history of coal production with 893.08 MT.

  • As per the action plan for 2023-24 of the Ministry of Coal, there is a target of 1012 million tonnes of coal production in the financial year 2023-24 by increasing overall production, efficiency, stability and adoption of new technologies.

  • During the financial year 2022-23, the Ministry of Coal has signed agreements for a total of 23 coal mines with a cumulative peak rated capacity (PRC) of 33.224 MT per annum.

  • It is expected that 25 coal blocks will be allotted for commercial mining during the financial year 2023-24.

Mission 'Coking Coal'

  • Mission 'Coking Coal' has been launched by the government in August 2021 with a roadmap that will suggest ways to increase production and utilization of domestic coking coal in India by 2030.

  • In this mission, mainly recommendations related to new exploration, increasing production, increasing washing capacity, auction of new coking coal mines have been made.

Objective of Mission 'Coking Coal'

  • To increase coking coal production from 52 million tonnes (MT) in FY2022 to 140 MT in FY2030.

  • To increase coking coal washing capacity from 23 MT in FY2022 to 61 MT in FY2023.

Use of Coking Coal

  • It is mainly used in the manufacture of steel through the blast furnace route.

  • Domestic coking coal generates very high ash content (mostly between 18%-49%) which is not suitable for direct use in blast furnaces.

  • To reduce the ash percentage, the coking coal is washed and Indian prime and medium coking coal (<18% ash) is blended with imported coking coal (<9% ash) before use in the blast furnace.

By admin: May 20, 2023

5. Under "Clean Note Policy" RBI decided to withdraw Rs 2000 note from circulation

Tags: National Economy/Finance National News

Under-Clean-Note-PolicyThe Reserve Bank of India (RBI) has decided to withdraw Rs 2,000 denomination banknotes from circulation under the "Clean Note Policy".

An Overview of the News

  • Rs 2,000 notes will continue to be legal tender.

  • Individuals can deposit the Rs 2,000 banknotes into their bank accounts or exchange them for other denominations at any bank branch.

  • From May 23, 2023, Rs 2,000 notes can be exchanged for other denominations up to a limit of Rs 20,000 at a time at any bank branch.

  • RBI's 19 regional offices with issue departments will also provide the facility to exchange Rs 2,000 banknotes up to a limit of Rs 20,000 at a time from May 23.

  • All banks to offer deposit and/or exchange services for Rs 2,000 notes by September 30, 2023.

Clean Note Policy:

  • The clean note policy was introduced by the Reserve Bank of India (RBI) in 1999 to address the issue of soiled and mutilated notes.

  • Banks are instructed not to give soiled, torn and mutilated notes to customers and instead deposit them with RBI.

  • Stapling of currency notes/packets is prohibited as per the policy.

  • The objective of the Clean Note Policy is to provide good quality currency notes and coins to the customers.

  • Soiled and mutilated currency notes can be easily exchanged at teller counters under the RBI's note refund rules of 2009.

Reserve Bank of India (RBI):

Establishment -1 April 1935, Kolkata

Founder - British Raj

Headquarters - Mumbai, Maharashtra, India

Governor - Shaktikanta Das

By admin: May 19, 2023

6. Defence production crosses Rs 1 lakh crore mark for the first time ever

Tags: Economy/Finance Defence National News

Defence-productionThe value of defense production in the financial year (FY) 2022-23 has crossed the Rs one lakh crore mark for the first time.

An overview of the news

  • The value is currently Rs 1,06,800 crore and may increase further once data is received from the remaining private defense industries.

  • The present value of defense production in FY 2022-23 is over 12 per cent higher than Rs 95,000 crore in FY 2021-22.

Government's efforts to boost defense production

  • Simplified defence industrial licensing, relaxation of export controls and grant of No Objection Certificate.

  • Specific incentives introduced under the foreign trade policy.

  • Defence Production & Export Promotion Policy 2020.

  • The government had issued two "positive indigenization lists" which included 209 items that could not be imported.

  • The government has also announced two dedicated corridors in Tamil Nadu and Uttar Pradesh to act as clusters of defense manufacturing.

  • The number of defense licenses issued by the government to industries has increased by almost 200 per cent in the last 7-8 years.

  • These measures have given a boost to the defense industrial manufacturing ecosystem in the country and have generated tremendous employment opportunities.

The vision of the government

  • To achieve a turnover of $25 billion, including exports of $5 billion in aerospace and defence goods and services by 2025.

By admin: May 19, 2023

7. CCI approves merger of Credit Suisse Group with UBS Group

Tags: Economy/Finance National News

Competition Commission of India (CCI) The Competition Commission of India (CCI) on 18 May approved the proposed merger of Credit Suisse Group AG with UBS Group AG.

About UBS Group AG (UBS)

  • UBS Group AG (UBS) is a multinational investment bank and financial services company

  • It is a Switzerland based company and is active globally.

  • UBS's businesses include wealth management, asset management, investment banking services, and retail and corporate banking.

  • In India, UBS's business is primarily focused on brokerage services.

About Credit Suisse Group AG (Credit Suisse)

  • Credit Suisse Group AG (Credit Suisse) is a multinational investment bank and financial services company established in Switzerland.

  • Credit Suisse is active globally and its businesses include wealth management, asset management, investment banking services, and retail and corporate banking.

  • In India, Credit Suisse's businesses include wealth management and investment banking services.

Competition Commission of India (CCI) 

  • The Competition Commission of India (CCI) is the chief national competition regulator in India. 

  • It was set up under the Competition Act, 2002

  • It comes under the Ministry of Corporate Affairs.

  • It promotes healthy market competition and prevents activities that have an adverse effect on competition in India. 

  • CCI also approves combinations under the act so that two merging entities do not overtake the market.

  • Headquarter - New Delhi

  • Current Chairman - Ashok Kumar Gupta

By admin: May 18, 2023

8. Government sets up fast track Corporate Exit Processing Center

Tags: National Economy/Finance National News

The government established the Expedited Corporate Exit Processing Center (C-PACE) and C-PACE is under the Ministry of Corporate Affairs (MCA).

An Overview of the News

  • The C-PACE aims to streamline and speed up the process of winding up defunct companies.

  • It centralises the process of winding up companies, making it easier and more efficient.

  • This relieves the burden on the registry and ensures a clean and accurate database.

  • Its establishment is part of the MCA's commitment to promote Ease of Doing Business and facilitate smooth exit of companies.

  • It functions under the Registrar of Companies (ROC) as per sub-section (1) of section 396.

  • The C-PACE office was inaugurated on May 1, 2023.

  • The office is supervised by the Director General of Corporate Affairs (DGCoA) in New Delhi.

Director of Inspection and Investigation in MCA - RK Dalmiya

By admin: May 18, 2023

9. Government to set up 1,100 new farmer producer organisations in the cooperative sector

Tags: National Economy/Finance National News

new-farmer-producer-organisationsThe government will set up 1,100 new Farmer Producer Organizations (FPOs) in the cooperative sector and the initiative is in line with Prime Minister Narendra Modi's vision of "prosperity through cooperation".

An Overview of the News 

  • The National Cooperative Development Corporation (NCDC) will monitor the allotment of these additional FPOs.

  • Each FPO will get financial assistance of Rs 33 lakh.

  • Cluster based business organisations associated with FPOs will be given Rs 25 lakh per FPO.

  • Activities like bee-keeping and mushroom cultivation will be included as income-generating options for these societies.

  • The aim of setting up the FPO is to provide the necessary market linkages to the farmers.

  • Its objective is to ensure remunerative prices for the produce of the farmers.

National Cooperative Development Corporation (NCDC):

  • It is a statutory corporation established on March 13, 1963, by an Act of the Parliament of India.

  • The objectives of NCDC include planning and promoting cooperative programs for the production, processing, marketing, storage, export and import of agricultural produce, food items, industrial goods, livestock and other specified goods and services.

  • NCDC works on the basis of cooperative principles, emphasising cooperation and collective efforts for the development of cooperatives.

Headquarters - New Delhi, India

By admin: May 17, 2023

10. Cabinet approves Production Linked Incentive Scheme - 2.0 for IT Hardware

Tags: National Economy/Finance National News

Cabinet-approves-ProductionThe Union Cabinet, chaired by the Prime Minister Narendra Modi on 17th May approved the Production Linked Incentive Scheme 2.0 for IT Hardware with a budgetary outlay Rs 17,000 crore.

An overview of the news

  • Electronics manufacturing in India has seen a steady growth with a CAGR (Compound Annual Growth Rate) of 17% in the last 8 years.

  • This year it crossed a major benchmark in production of USD 105 billion (about Rs 9 lakh crore).

  • India has become the second largest mobile phone manufacturer in the world.

  • Mobile phone exports have crossed a major milestone of US $ 11 billion (about Rs 90 thousand crore) this year.

  • The global electronics manufacturing ecosystem is coming to India, and India is emerging as a major electronics manufacturing country.

Features of PLI Scheme 2.0 for IT hardware

  • It covers laptops, tablets, all-in-one PCs, servers and ultra small form factor devices.

  • The tenure of this scheme is 6 years.

  • Expected incremental production is Rs 3.35 Lakh crore.

  • Expected incremental investment is Rs 2,430 crore.

  • Expected incremental direct employment is 75,000.

What is Production Linked Incentive Scheme?

  • It is an initiative that provides incentives to domestic industries to promote production at the local level.

  • Through this scheme, the government aims to incentivize companies to increase the sales of manufactured products in domestic units.

  • The objective of the scheme is to make domestic manufacturing globally competitive and to become a global champion in manufacturing.

  • The government has launched this scheme with an outlay of around Rs 2 lakh crore for 14 sectors including Automobiles and Auto Components, White Goods, Pharma, Textiles, Advanced Chemistry Cell and Specialty Steel.