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Indian Tea Industry India has implemented many measures to increase production to develop a specialised brand for Indian tea and guarantee the well-being of the families involved in the tea sector. It is projected that Indian tea exports will reach 95% of the US$ 883 million goals established during 2022–2023 despite several geopolitical, geoeconomic, and logistical challenges. Historical Perspective China was the first country in the world to manufacture tea, and many of the tools used to make tea around the world were developed from traditional Chinese techniques. As a result of British colonial India's need to import tea from…
13 March, 2023
Industry
Distorted use of fertilizers According to the Department of Fertilisers, the sale of urea increased by 3.7% from April to October 2022 compared to the same period the previous year. More on the news: Issue: The incumbent government's two ambitious schemes — the Soil Health Card and mandatory neem-coating of urea — were intended to promote the balanced use of fertilizers. Urea: Rather than weaning farmers away from urea, annual consumption of this nitrogenous fertiliser has increased from 30 to 35 million tonnes (mt) in the last five years. DAP: Another fertiliser, di-ammonium phosphate (DAP), is experiencing a similar phenomenon…
24 December, 2022
Industry
Summit on Leadership for Industry Transition On the sidelines of COP27 in Sharm El Sheikh, Egypt, India and Sweden hosted the Leadership for Industry Transition (LeadIT) Summit. Following the summit, the LeadIT Summit Statement 2022 was made public in the India Pavilion at COP27. What are the Summit's Highlights? Members of LeadIT reaffirmed their commitment to pursuing the low-carbon transition. The event featured roundtable discussions on finance and other cross-sectoral issues, as well as perspectives on the requirements for successful low-carbon transitions. Members also agreed to help new members and emerging economies with technical assistance. The significance of de-risking investments…
21 November, 2022
Industry
India Chem 2022 India Chem 2022, the 12th Biennial International Exhibition and Conference, was recently opened in New Delhi's Pragati Maidan. "Vision 2030: Chemicals and Petrochemicals Build India" is the topic of India Chem 2022. What is the state of the Indian chemical industry? The vastly diversified Indian chemical sector can be broadly divided into bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers, and fertilizers. India is the world's fourth-largest producer of agrochemicals, behind China, Japan, and the United States. The sixth-largest chemical manufacturer in the world is India. India is the second-largest producer and exporter…
05 November, 2022
Industry
Alliance for Asian Palm Oil The Asian Palm Oil Alliance (APOA) is made up of the top industry associations for the five biggest Asian importers of palm oil: India, Pakistan, Sri Lanka, Bangladesh, and Nepal. The APOA held its first general body meeting in conjunction with the Globoil Summit in Agra, India, and the following gathering is anticipated to take place in Indonesia in early 2023. One of the World's Leading Edible Oils and Agri Trade Conference, Exhibitions & Awards is the Globoil Summit. Additionally, Globoil India will celebrate its 25th anniversary in 2022. What is APOA? The APOA works…
26 September, 2022
Industry
National Technical Textiles Mission Under the National Technical Textiles Mission, the Ministry of Textiles recently approved 23 key research projects costing roughly Rs 60 crores in Specialty Fibers, Sustainable Textiles, Geotextiles, Mobiltech, and Sports Textiles. Details about the news The research initiatives cost about 60 crores of rupees. 12 Specialty Fibers Projects with Applications in Agriculture, Smart Textiles, Healthcare, Strategic Application, and Protective Gears were Approved from Among These 23 Research Projects. Four sustainable textile projects with applications in the agricultural and healthcare sectors were approved. One project from Mobiltech, one from Sportech, and five projects from Geotextile were approved.…
20 September, 2022
Industry
Electronics Manufacturing in India Image Source - EFY Group A paper titled "Globalize to Localize: Exporting at Scale and Deepening the Ecosystem are Vital to Higher Domestic Value Addition" was recently released by the government. Highlights ICRIER (India Council for Research on International Economic Relations) and India Cellular and Electronics Association collaborated on the report's creation (ICEA) Significance: This study outlines India's strategy for the upcoming few years. It examines how India might reach its goals of $300 billion in electronics output and US$120 billion in…
01 September, 2022
Industry
Emergency Credit Line Guarantee Scheme The Union Cabinet has agreed to raise the cap on the Emergency Credit Line Guarantee Scheme (ECLGS). About The cap has been raised from Rs. 4.5 billion to Rs. 5 billion. The additional funds are being set aside just for businesses in the hospitality industry and other associated industries through the scheme's expiration date of 31.03.2023. Due to the tremendous disruptions that the COVID-19 epidemic has produced for the hospitality industry and related businesses, there has been an upsurge. Impact of limit enhancement: It will give businesses much-needed relief and aid the hospitality sector’s comeback.…
19 August, 2022
Industry
INDIAN CORE SECTOR AND IIP The growth of eight core infrastructure sectors rose by 12.7% in June against 9.4% in the year-ago, period with all sectors except crude oil registering an uptick in production. What are the Core Sector Industries? The eight-core sector industries include coal, crude oil, natural gas, refinery products, fertilizer, steel, cement, and electricity. All these core industries are considered as main or key industries of the economy and serve as the backbone of all other industries The eight Core Industries in decreasing order of their weightage: Refinery Products> Electricity> Steel> Coal> Crude Oil> Natural Gas> Cement>…
30 July, 2022
Industry
PLI Scheme for Textiles Why in news? Taking steps forward towards the vision of an ‘Aatmanirbhar Bharat’, Government has approved the PLI Scheme for Textiles for MMF Apparel, MMF Fabrics and 10 segments/ products of Technical Textiles with a budgetary outlay of Rs. 10,683 crores. PLI scheme for Textiles is part of the overall announcement of PLI Schemes for 13 sectors made earlier during the Union Budget 2021-22, with an outlay of Rs. 1.97 lakh crore. With the announcement of PLI Schemes for 13 sectors, minimum production in India is expected to be around Rs. 37.5 lakh crore over 5…
29 January, 2022
Industry
Startup Ecosystem in India What is the Startup Ecosystem in India? India has the 3rd largest startup ecosystem in the world; expected to witness YoY growth of consistent annual growth of 12-15% India has about 50,000 startups in India in 2018; around 8,900 – 9,300 of these are technology-led startups 1300 new tech startups were born in 2019 alone implying there are 2-3 tech startups born every day. Definition of Startup Expanded An entity shall be considered as a Startup: Upto a period of ten years from the date of incorporation/ registration, if it is incorporated as a private limited company (as…
09 January, 2022
Industry
DPIIT-Dept for Promotion of Industry & Internal Trade Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industries DIPP was established in 1995 and reconstituted in 2000 with the merger of the Dept of Industrial Development. It was renamed in 2019. The following are the Functions of DPIIT e-Commerce matters that were transferred to DPIIT in 2018. In 2019: internal trade, the welfare of traders and their employees and Startups. Formulate and implement industrial policy and strategies for industrial development. Monitor industrial growth, the performance of industries and advice on all industrial and technical matters. Formulate FDI policy and investment by NRIs. Promote, approve and facilitation…
08 January, 2022
Industry
International Financial Services Centre (IFSC) What is an International Financial Services Centre (IFSC)? An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. The SEZ Act 2005 allows setting up an IFSC in an SEZ or as an SEZ after approval from the central government. History of IFSC An expert panel headed by former World Bank economist Percy Mistry submitted a report on making Mumbai an international financial centre in 2007. However, the global financial crisis that unfolded in 2008…
30 December, 2021
Industry
Fertilizer Industry in India The Fertilizer Industry in India is 1 of the 8 core industries. Fertilizer has the minimum share in the Index of Core Industries. India is the 2nd largest consumer of Urea fertilizers after China. India also ranks 2nd in the production of nitrogenous fertilizers and 3rd in phosphatic fertilizers. Potash requirement is met through imports since we have limited reserves of potash. There are 2 types of Fertilizers Primary Fertilizers: classified on the basis of nutrients they supply to the soil like N:P:K: Nitrogenous (Urea), Phosphatic (di-ammonium phosphate - DAP) and Potassic (muriate of potash (MOP) fertilizers. Secondary Fertilizers includes Calcium, Magnesium and Sulphur. Micronutrients include Iron, Zinc, Boron, Chloride etc. ??????? Fertilizer subsidy (Food…
22 December, 2021
Industry
New Textiles Policy 2020 Background The existing National Textile Policy 2000 was framed about 13 years ago. Since then, the industry has undergone various changes on the domestic and international front. The domestic textile industry has seen large-scale modernization and technological up-gradation in the last decade and faces new challenges. About the New Textile Policy 2020 It is aimed at developing in the country a competitive textile sector that is modern, sustainable, and inclusive. This new policy will have a special focus on the manufacturing of apparel and garment, technical textiles, man-made fiber products and exports. It will envisage positioning…
13 December, 2021
Industry
PM MITRA Parks for Textile sector With a view to attracting investment, boost employment generation and positioning itself strongly in the global textile market, the Government has approved the setting up of 7 (Seven) PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks in Greenfield/Brownfield sites including plug and play facility with an outlay of Rs. 4445 cr for a period of seven years upto 2027-28. The salient features of the PM MITRA Scheme are:- Willing state governments to have ready availability of contiguous and encumbrance-free land parcel of 1000+ acres for being eligible. It is envisaged to be…
02 December, 2021
Industry
National Investment and Manufacturing Zones (NIMZ) About NIMZ The Government of India (GoI) has announced a National Manufacturing Policy, 2011, with the objective of enhancing the share of manufacturing in GDP to 25% within a decade and creating 100 million jobs. NIMZs are one of the important instruments to achieve it. As per the Policy, “NIMZs will be developed as integrated industrial townships with state-of-the-art infrastructure and land use on the basis of zoning; clean and energy-efficient technology; necessary social infrastructure; skill development facilities, etc.” At least 30% of the total land area proposed for the NIMZ will be utilized for the…
28 November, 2021
Industry
Coir Industry in India Coir Industry Coir Board was set up under the Coir Industry Act, 1953 by the Government of India for the overall sustainable development of coir industry in the Country. The functions of the Board as laid down under the Act include undertaking, assisting and encouraging scientific, technological and economic research, modernization, quality improvement, human resource development, market promotion and welfare of all those who are engaged in this industry. The Head Quarters of the Board is located at Coir House, M.G. Road, Kochi, Kerala and is running 48 establishments including 29 marketing outlets across the country.…
26 September, 2021
Industry
Procurement Schemes in India: Government e-Marketplace About Government e-Marketplace(GeM), 2016 (Ministry of Commerce and Industry) GeM is a one-stop National Public Procurement Portal to facilitate online procurement of common use Goods & Services required by centres, States, their organizations and PSUs. Procurement of goods & services by Ministries and CPSEs is mandatory for goods and services available on GeM. It will bring transparency and efficiency in the government buying process. It also provides the tools of e-bidding and reverse e-auction to facilitate the government users achieve the best value for their money. At present, GeM has > 15 lakh products, ~…
25 September, 2021
Industry
Government efforts for the Manufacturing sector Production Linked Incentive scheme: Keeping in view India’s vision of becoming Aatamnirbhar and enhancing India’s Manufacturing capabilities and exports, an outlay of Rs 1.97 lakh crore has been announced in Union Budget 2021-22 for production linked incentive scheme(PLI schemes) for 13 key sectors for 5 years starting from fiscal year 2021-22.On 12th May, 2021, MHI has approved a production linked incentive scheme (PLI scheme) for Advance Chemistry Cell(ACC) in the country. The total outlay of the scheme is Rs. 18,100 Crore for five years. The scheme envisages to establish a competitive ACC battery manufacturing…
03 August, 2021
Industry
Government initiatives to boost Industrial Manufacturing The government of India has taken several steps to improve the quality standards of products manufactured under the AatmaNirbhar Bharat Campaign. These inter alia include: Quality Control Orders (QCOs): Since the announcement of AatmaNirbhar Bharat campaign, Central Government through its various Ministries/Departments has notified 156 products under compulsory BIS certification through issuance of QCOs. As per these QCOs, the products specified therein shall conform to the requirements of relevant Indian Standards and bear a Standard Mark under a license from Bureau of Indian Standards. Production-Linked Incentive (PLI) Scheme: To provide a major boost to…
24 July, 2021
Industry
Production-Linked Incentive Scheme for the Telecom Sector Aim of the scheme: It will make India a global hub for manufacturing telecom equipment. It will create jobs and reduce imports, especially from China. The focus of the scheme: The scheme will offset the huge import of telecom equipment worth more than Rs 50,000 crore. It will encourage foreign manufacturers and domestic manufacturers to set up production units in India. Coverage: The scheme will cover domestic manufacturing of equipment such as core transmission equipment, 4G/5G and next-generation radio access network and wireless equipment, Internet of Things (IoT) access devices, enterprise equipment such as switches…
18 February, 2021
Industry
Draft policy to help grow nano, micro-enterprises Udyog Sahayak Enterprises Network put together by FICCI, TISS and Azim Premji University A new policy on the anvil, the Udyog Sahayak Enterprises Network (USENET), may give a major fillip to the growth-stunted nano and micro-enterprises in India’s informal sector. The proposed framework, whose draft was jointly put together by the Azim Premji University, the Federation of Indian Chambers of Commerce and Industry (FICCI), and the Tata Institute of Social Sciences (TISS), is aimed at providing a slew of growth-driven services to over 62 million nano and micro-enterprises that currently employ over 100…
24 January, 2021
Industry
Core Industries, IIP and Annual Survey of India What is in the news? Output from India’s eight core sectors hit a three-month low in November, contracting 2.6% in the festive month with coal, fertilizers and electricity the only sectors to record positive growth on a year-on-year basis, suggesting the economy is still not out of the woods. The good news is that the Index of Eight Core Industries was revised upwards for both August and October, based on updated data inputs received by the Office of Economic Adviser in the Department for Promotion of Industry and Internal Trade that compiles…
01 January, 2021
Industry
Needed, a policy framework in step with technology Context As technology has evolved in the latter part of the 20th century and the early part of the 21st century, the traditional boundaries between goods and services have blurred. By virtue of Moore’s law, computing capabilities have surged faster than capabilities in traditional industries. These information-based technologies have been widely adopted across a broad range of industries and products that traditionally have not been perceived as electronic or software based. Information is the new currency powering economies. The expansion of computing power has driven the pace of information gathering and analysis.…
17 November, 2020
Industry
For a different yardstick: on 'Doing Business report Context: The article examines the need to revamp the World Bank’s ‘Doing Business’ survey to make it more comprehensive. The World Bank has decided to halt its annual ‘Doing Business’ report on data authenticity issues. ‘Doing Business’ index: The doing business index estimates the cost to business from regulations. Erratic procedures and delays hamper business in India and simplifying procedures brings economic benefits. The survey assumes that lower tax rates are best and it supports lighter rules and regulations to encourage shifts from informal to formal sectors. Issues: The desire for better…
15 September, 2020
Industry
Exploiting the Chinese exit Context: The article analyzes the economic opportunities which have opened up for India post the Chinese app ban in India. The Chinese app ban in India: The government in September 2020 banned 118 applications — a majority being Chinese, on grounds of national security and sovereignty threat posed by these apps. In June 2020, the government had banned 59 Applications on similar grounds. India has additionally blocked Chinese companies from contracting to work on its 5G mobile phone infrastructure. Notably, the announcement comes amid tension between India and China along the LAC. The Chinese growth: In…
14 September, 2020
Industry
Core’s contraction: On slowing economy Context # Output in the eight core industries suffered an overall contraction for a third straight month in May, shrinking 23.4%, as the pandemic-induced lockdown kept large parts of the economy shuttered, the Commerce Ministry’s provisional figures show. Core Sector Data # Of the eight, all but one posted declines in production compared with a year earlier, with six sectors witnessing double-digit drops. # Except fertilizers, all other sectors have shown decline. # Steel and cement were the worst hit, slumping 48.4% and 22.2%, respectively, as construction activity and infrastructure projects remained mostly stalled.…
03 July, 2020
Industry
Federation of Indian Chambers of Commerce and Industry (FICCI) Context With a view to achieving atmanirbharata in the Coal sector, the Ministry of Coal in association with FICCI is launching the process for auction of 41 coal mines under the provisions of the CM (SP) Act and MMDR Act. This auction process marks the beginning of the opening of the Indian coal sector for commercial mining. It will enable the country to achieve self-sufficiency in meeting its energy needs and boost industrial development. The commencement of this auction process of coal mines for the sale of coal is part of…
18 June, 2020
Industry
National Productivity Day The National Productivity Council is observed 12th of February as National Productivity Day and till the 18th of February as National Productivity Week. "Industry 4.0 Leapfrog Opportunity for India” is the theme of the National Productivity Week -2018. Industry 4.0 is characterized by the increasing digitization and interconnection of products, value chains and business models. National Productivity Council (NPC) NPC is a mission-oriented apex, autonomous and not-for-profit organization. It is established by the Ministry of Industry, Govt. of India in 1958. Its objective is to promote the cause of productivity in all sectors of the Indian economy. NPC is…
17 June, 2020
Industry
IEM (Industrial Entrepreneur Memorandum) Context Applications for IEM/IL under the I(D&R) Act, 1951 are currently accepted through the IEM portal at https://services.dipp.gov.in. Through this portal, applications for acknowledgement of IEM – Part A (for the establishment of business) and IEM – Part B (upon commencement of commercial production) are filed online by entrepreneurs of prescribed industrial undertakings. (1) What is an IEM (Industrial Entrepreneur Memorandum)? Industrial undertakings exempted from the requirements of Industrial Licensing under I (D&R) Act, 1951 are required to file information relating to the setting up of industries known as IEM (Industrial Entrepreneur Memorandum). This is filed…
05 June, 2020
Industry
Limited Liability Partnership About: What is it? LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. Hence LLP is called a hybrid between a company and a partnership. Legislation in India All limited liability partnership is governed under the limited liability partnership act of 2008. The Corporate Affairs Ministry implements the Act. LLP vs Traditional partnership firm: Under a “traditional partnership firm”, every partner is liable, jointly with all the other partners and also severally for all acts of the firm done while he is a…
05 June, 2020
Industry
CHAMPIONS portal - MSME Introduction In a major initiative, the Union Ministry of MSME has launched the CHAMPIONS portal. About CHAMPIONS portal CHAMPIONS portal is a Technology driven Control Room-Cum-Management Information System. The system utilising modern ICT tools is aimed at assisting Indian MSMEs march into big leagues as National and Global CHAMPIONS. The CHAMPIONS stands here for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength. As the name suggests, the portal is basically for making the smaller units big by solving their grievances, encouraging, supporting, helping and handholding. It is a real one-stop-shop…
13 May, 2020
Industry
NDMA ISSUES guidelines for restarting industries post lockdown Part of: GS-III- Economy (PT-MAINS-PERSONALITY TEST) In its guidelines, NDMA said state governments will ensure that off-site disaster management plans of the respective major Accidental Hazard units are up to date and preparedness to implement them is high. Important points All the responsible officers of the district will ensure that the industrial on- Site Disaster Management Plans are also in place and cover Standard Operating Procedures for the safe restarting of the industries during and after COVID -19 lockdown. In the guidelines, the NDMA has advised the Manufacturing Industries to consider the…
11 May, 2020
Industry
Khadi and Village Industries Commission (KVIC) Context: When the country was struggling hard with the deadly Coronavirus, the Khadi and Village Industries Commission (KVIC), an autonomous body under the Ministry of MSME, in collaboration with its Khadi Institutions (KIs) in Tamil Nadu discharged its responsibility once again by purchasing cocoons from cocoon farmers. The main objectives of KVIC was to help the cocoon farmers struggling to sell their crop due to lock down pandemic outbreak and secondly to ensure the continuous supply of Cocoons to the khadi institutions involved in Silk production. Khadi and Village Industries Commission (KVIC) The Khadi…
24 April, 2020
Industry
Rural Industries – MSME ACT – MGNREGA Part of: GS-III- Energy/Industries (PT-MAINS-PERSONALITY TEST) Rural industrial activities can be divided into the following three categories: small-scale cottage activities, medium-scale village enterprises, and large-scale rural industries. This classification can be carried out on the basis of the following criteria: Location; ownership; labour source and organization; the complexity of the technology used; the scale of production; regularity of production; a form of organization; flexibility of energy source and use. Cottage Industries: The cottage industry is a concentrated form of small-scale industry that can be started with very low investments. The cottage industry is…
16 April, 2020
Industry
Industrial revolution 4.0 Part of: GS Prelims and GS-III- Economy (PT-MAINS-PT) Technology forms the subtext of human development. History is loaded with instances of technology serving as catalysts in the grand narrative of human development. From basic necessities like food, air, water, clothing and shelter, to structural requirements like security technology has played a tremendous role in every field of human growth and survival. The invention of the transistor: Around the year 1948 the invention of the transistor, a device with the potential to have numerous applications in radio technology by replacing the vacuum tube, took place. The transistor is…
12 April, 2020
Industry
NRIs permitted to own 100% stake in Air India Syllabus subtopic: Effects of Liberalization on the Economy, Changes in Industrial Policy and their Effects on Industrial Growth. Prelims and Mains focus: about the move to privatize Air India and its significance; about Air India News: The Union cabinet approved a proposal to let non-resident Indians (NRIs) own up to a 100% stake in Air India Ltd as the government attempts to make a success of its second attempt to completely privatize the debt-laden airline. Background In the government, which aims to divest its entire stake in Air…
05 March, 2020
Industry
FDI policy regarding Special Economic Zones (SEZs) Syllabus subtopic: Effects of Liberalization on the Economy, Changes in Industrial Policy and their Effects on Industrial Growth. Prelims and Mains focus: above the move and its significance; about SEZs News: Goods procured from units in special economic zones (SEZ) by single-brand retailers, owned by foreign companies, would qualify for meeting the mandatory 30% local sourcing norms, the government said in a clarification. Background The statement came in the wake of the government having received representations from various business entities seeking clarification whether sourcing of goods from units located in…
27 February, 2020
Industry
National Logistics Policy Syllabus subtopic: Food Processing and Related Industries in India- Scope’ and Significance, Location, Upstream and Downstream Requirements, Supply Chain Management. Prelims and Mains focus: about the draft national logistics policy: benefits and challenges in implementation News: In her Union budget speech, the finance minister said the government will release the policy soon. Background India’s logistics sector has remained fragmented and unregulated, despite its centrality to economic growth. According to a logistics policy draft released by the commerce ministry in February 2019, the government will create a single point of reference for all logistics and…
03 February, 2020
Industry
Indian Staffing Federation (ISF) Syllabus subtopic: Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Prelims and Mains focus: about the recommendations of the ISF; about labour reforms in India; about ISF News: Indian Staffing Federation (ISF) has asked the government to make labour codes a reality and get them operational from April this year. Present scenario India currently had 44 Central, 387 State labour laws, 67 Central and 1,333 State labour filings and 674 Central and 26,484 State labour compliances. Recommendations of ISF Simplification, rationalisation, and digitisation of labour laws should be…
29 January, 2020
Industry
New Industrial Policy Syllabus subtopic: Effects of Liberalization on the Economy, Changes in Industrial Policy and their Effects on Industrial Growth. Prelims and Mains focus: about the new industrial policy and its key objectives News: With the government aiming to finalise the new industrial policy within the current financial year, the Department for Promotion of Industry and Internal Trade (DPIIT) is seeking specific inputs from ministries and states on focus areas to boost manufacturing and private investment. Background Last week, the government organised an inter-ministerial workshop on 14 priority sectors that would need a fillip to boost manufacturing to…
22 January, 2020
Industry
E-commerce market in India Syllabus subtopic: Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth. Prelims and Mains focus: about the e-commerce market in India and allegations on e-commerce retailers; about CCI and its role News: The Competition Commission of India (CCI) ordered a probe into Amazon and Flipkart for alleged deep discounting and unfair trade practices. The matter, once a toss between pricing and convenience, now has jobs and international relations at its heart. What are the online retailers accused of? Amazon and Flipkart are accused of…
15 January, 2020
Industry
Core sectors shrink for the fourth straight month Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. Prelims and Mains focus: about the eight core sectors of the Indian Economy and their performance; Index of Industrial Production News: India’s eight infrastructure sectors shrank for the fourth straight month in November at 1.5%, though the magnitude of contraction slowed from 5.8% in the previous month. The eight core sectors contribute 40% to the Index of Industrial Production. What does it signify? The slowing of the pace of contraction is being interpreted…
01 January, 2020
Industry
PM chairs first meet of Cabinet Committee on Investment and Growth (CCIG) Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. Prelims and Mains focus: about CCIG and its significance for India’s economy News: The newly-formed Cabinet Committee on Investment and Growth (CCIG) held its first meeting on Monday as the government looks to boost spending to bring back a sputtering economy on track. Background The meeting came against the backdrop of gross domestic product growth slowing to a six-year low of 4.5 per cent in the July-September quarter as…
24 December, 2019
Industry
Industry asks govt to boost private investments to kick-start growth Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. Prelims and Mains focus: about the key takeaways from the meeting; suggestions given by various stakeholders and their significance News: Prominent industrialists on Thursday urged finance minister Nirmala Sitharaman to kick-start economic growth by encouraging private investment, improving the regulatory environment and increasing export competitiveness. Context: The finance minister is slated to present her second budget on 1 February amid expectations that she would announce fresh measures to reverse the current economic downturn…
20 December, 2019
Industry
GDP growth plunges to 4.5%, the lowest since 2012 Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. News: Growth in the gross domestic product (GDP) in the July-September quarter hit a 25quarter low of 4.5%, the government announced on Friday. Prelims and Mains focus: about the recent economic slowdown in the Indian economy, challenges and ways to address them; GDP v/s GVA Context: The lowest GDP growth in six years and three months comes as Parliament has been holding daylong discussions on the economic slowdown, with Union Finance Minister…
30 November, 2019
Industry
India losing its trading edge to smaller nations Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. News: India’s exports are contracting. In the export of garments, countries such as Bangladesh and Vietnam are beating India. How have exports fared this fiscal? During the first seven months of FY20, both export and import growth fell in contrast with fairly high double-digit growth rates during the corresponding period of the previous fiscal. Exports contracted 2.2% and imports 8.8%. Significantly, even crude oil imports declined during April to October compared with those of preceding years…
28 November, 2019
Industry
Surge in small borrower defaults stokes worries Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. News: Small borrowers, whose default rates have traditionally been among the lowest in India, are increasingly missing loan repayments as rising unemployment and stagnant-to-declining wages put pressure on finances of small companies as well as households. Prelims and Mains focus: About MUDRA scheme, current economic downturn and its impact on the SMEs and overall economy of India, IIP Issue: Indian banks, which hold the dubious distinction of having the world’s worst bad loan ratio, have…
27 November, 2019
Industry
Core Sector Output falls in Sept. Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. News: Output of 8 core infrastructure industries contracted by 5.2% in September, indicating the severity of the economic slowdown. Prelims focus: about 8 core industries, their weightage in the Index of Industrial Production Mains focus: about the recent economic slowdown and its aftermath About Index Of Industrial Production (IIP) Index of Industrial Production (IIP) is an index which helps us understand the growth of various sectors in the Indian economy such as mining, electricity and manufacturing. IIP is a…
01 November, 2019
Industry
NIRVIK Scheme Context: The Ministry of Commerce and Industry through ECGC, has introduced a new Export Credit Insurance Scheme (ECIS) called NIRVIK to enhance loan availability and ease the lending process. About the Scheme: The main aim of introducing the scheme is to enhance the accessibility and affordability of credit for exporters. The decision is tipped to make the Indian exports competitive and make ECGC procedures exporter friendly, reduce insurance costs and ease of doing business. The insurance cover is expected to bring down the cost of credit due to capital relief, less provision requirement and liquidity due to…
31 October, 2019
Industry
Maharatna, Navaratna and Miniratna Public Sector Undertakings (PSUs) Context: The government of India has accorded ‘Maharatna’ status to public sector undertakings (PSU’s) Hindustan Petroleum Corporation Limited (HPCL) and Power Grid Corporation. Impact: This will impart greater operational and financial autonomy thus enhancing powers to their Boards to take financial decisions. Boards of these PSUs can make equity investments to undertake financial joint ventures (JV) and wholly owned subsidiaries and undertake mergers and acquisitions (M&A) in India as well as abroad. This is however subjected to a ceiling of 15% of the net worth of concerned CPSE, limited to Rs 5,000 crore in one project. The…
27 October, 2019
Industry
REVIVAL PACKAGE FOR BSNL AND MTNL Context: Union Cabinet approves revival plan of Rs.70,000cr BSNL and MTNL. Revival plan : 1. Allotment of spectrum for 4G services for Rs.20,000cr 2. Debt restructuring by raising of bonds with sovereign guarantee. 3. Reducing employee costs through Voluntary Retirement Scheme. 4. Monetisation of assets. 5. In-principle approval of the merger of BSNL & MTNL. Crisis : For some time now, BSNL is trying hard to sustain itself in a competitive market and was willing to accept…
24 October, 2019
Industry
GS-III: Registration of steel and iron imports. News In a bid to clamp down on the dumping of iron and steel imports and also the over and under-invoicing of these products the government has removed these items from the ; free category and has made it mandatory for importers to apply in advance for registration of their import. Import and Export of Iron & Steel Although India started exporting steel way back in 1964, exports were not regulated and depended largely on domestic surpluses. However, in the years following economic liberalisation, the export of steel recorded a quantum jump. Subsequently,…
10 September, 2019
Industry
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