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Economic News

REC accorded with 'Maharatna' company status

‘Maharatna’ company status to REC: Power sector-focused non-banking finance company (NBFC) REC Ltd. has recently been accorded the status of a ‘Maharatna’ Central Public Sector Enterprise (CPSE) by the Department of Public Enterprises, under the Ministry of Finance (MoF) thus ...

SCALE app launched for skill development in leather sector

SCALE App: Minister of Education and Skill Development Dharmendra Pradhan recently launched the SCALE (Skill Certification Assessment for Leather Employees) app. It was launched during his visit to the Council of Scientific and Industrial Research (CSIR)-Central Leather Research Institute (CLR ...

Sebi comes out with framework for social stock exchange

New Framework for Social Stock Exchange: The Securities and Exchange Board of India (SEBI) has come out with a detailed framework for Social Stock Exchange (SSE). This came after the SEBI, in July, notified rules for SSE to provide social enterprises with an additional avenue to raise funds. ...

Dr Mansukh Mandaviya launches National Lists of Essential Medicines (NLEM) 2022

National Lists of Essential Medicines (NLEM) 2022: Union Minister for Health and Family Welfare, Dr Mansukh Mandaviya, launched National Lists of Essential Medicines (NLEM) 2022. Key Points: 34 new medicines have been added and 26 old ones from the previous list have been dropped. A total ...

India ranks 132 in UNDP's Human Development Index, amid a global fall

UNDP Human Development Index2021: In the recently released Human Development Report (HDI) 2021-22 rankings by the United Nations Development Program (UNDP), India continued its decline in the second consecutive year. Key Points: India has been ranked 132 out of 191 countries. In 2021, In ...

India overtakes U.K. to become fifth largest economy in the world

Fifth Largest Economy in the world: India has recently overtaken the UK (United Kingdom) to become the fifth largest economy in the world. Highlights: The assumption of India overtaking the U.K.  is based on the calculations done using the database of the International Monetary Fund (I ...

Commerce Ministry organises Workshop on Development of Enterprises and Services Hub (DESH) Bill 2022 with stakeholders

Development of Enterprises and Services Hub (DESH) Bill, 2022: The Department of Commerce recently organized a Workshop on Development of Enterprises and Services Hub (DESH) Bill, 2022 in Vanijya Bhawan, New Delhi. Key Highlights: The workshop was organized under the Chairmanship of Shri BV ...

Centre implements 'One Nation One Fertiliser' plan under 'Bharat' brand

One Nation, One Fertiliser Scheme: The Union Government recently ordered the implementation of ‘One Nation, One Fertiliser’ (ONOF)scheme. Key Points: The new scheme aims to bring about uniformity in fertiliser brands across the country under the single brand name of ‘Bhara ...

Central Govt Amends Legal Metrology— Packaged Commodities Rules 2011 For Ease Of Doing Business

Legal Metrology (Packaged Commodities) Rules 2011: The central government recently amended the legal metrology (packaged commodities) rules 2011. Key Points: It has been amended for ease of doing business and reducing the compliance burden for the garment or hosiery sold in loose or open. ...

Government of India notifies Foreign Exchange Management (Overseas Investment) Rules, 2022

Foreign Exchange Management (Overseas Investment) Rules, 2022: In a bid to promote ease of doing business, the Finance Ministry of Finance (MoF) recently released the Foreign Exchange Management (Overseas Investment) Rules, 2022. Key Points: The Foreign Exchange Management (Overseas Investm ...

Centre launches Paalan 1000 National Campaign & Parenting App

Paalan 1000 National Campaign & Parenting App: Union Minister of State for Health Bharati Pravin Pawar recently launched the Paalan 1000 National Campaign and Parenting App in virtual mode as part of the Early Childhood Development Conclave. Key Highlights: It was virtually launched by ...

Central Government awards GI tag to Mithila Makhana to boost farmers’ income

GI Tag for Mithila Makhana: The Central government recently awarded Geographical Indication (GI) tag to Mithila Makhana to boost farmers’ income. Highlights: With this move, growers will get the maximum price for their premium produce. Over five lakh farmers of Mithila region of Bih ...

Union Cabinet approves of enhancement of limit of ECLGS Scheme

Emergency Credit Line Guarantee Scheme (ECLGS):  The Union Cabinet chaired by Prime Minister Narendra Modi recently approved the enhancement in the limit of Emergency Credit Line Guarantee Scheme (ECLGS) by Rs 50,000 crore. Key Points: It has been increased from Rs. 4.5 Lakh crore to R ...

The Union Cabinet approves to restore Interest Subvention on short term agriculture loans

Interest Subvention on short term agriculture loans: The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved to restore Interest Subvention on short term agriculture loans. Key Points: Interest Subvention of 1.5 per cent will be provided to lending institutions including ...

Union Cabinet Approves the Extension of PMAY-U

Pradhan Mantri Awas Yojana (Urban): The Union Cabinet recently approved the proposal of Ministry of Housing Affairs (MoHUA) for the extension of Pradhan Mantri Awas Yojana (Urban) (PMAY-U)  till December, 2024. Key Highlights: The (PMAY-U)-Housing for All Mission was launched in June 2 ...

Union Minister Amit Shah inaugurates National Conference of Rural Cooperative Banks

National Conference of Rural Cooperative Banks: Union Home and Cooperation Minister Amit Shah recently inaugurated the day long National Conference of Rural Cooperative Banks. Key Points: The conference was organized by the Ministry of Cooperation and the National Federation of State Cooper ...

US-based tech giant Microsoft Becomes The First International Company To Join ONDC

Microsoft Joins ONDC: US-based tech giant Microsoft has become the first international company to join the Open Network for Digital Commerce (ONDC)a government-backed project. Key Points: Microsoft plans to introduce social e-commerce in the country. The American tech giant is expected to ...

SEBI constitutes 15-member committee to attract foreign investment

FPI Advisory Committee (FAC): The Securities and Exchange Board of India (SEBI) has constituted an expert group of Foreign Portfolio Investors (FPIs) to boost overseas flows into the country. Key Points: The FPI Advisory Committee (FAC) will be chaired by former Chief Economic Adviser KV Su ...

PM Modi Chairs the NITI Aayog's 7th Governing Council Meeting

NITI Aayog Governing Council Meeting: The 7th Governing Council meeting chaired by Prime Minister Narendra Modi was recently held at Rashtrapati Bhawan Cultural Centre in New Delhi. Key Highlights: It was the first in-person meeting of the council since July 2019. The meeting was attended ...

RBI Monetary Policy August 2022- MPC Meeting Outcome announced

RBI Monetary Policy 2022: The Reserve Bank of India (RBI), on 5 August 2022, announced Monetary Policy Review. Key Details: On the basis of assessment of current and evolving macroeconomic situation, in its latest policy iteration, RBI’s Monetary Policy Committee (MPC), headed by RBI Gov ...

Prime Minister launches Power Ministry’s flagship Revamped Distribution Sector Scheme

Power Sector’s Revamped Distribution Sector Scheme: Prime Minister Narendra Modi launched the Power Ministry’s flagship Revamped Distribution Sector Scheme. Key Highlights: Mr Modi unveiled the scheme during a programme marking the culmination of ‘Ujjwal Bharat Ujjwal Bhav ...

PM launches India’s 1st global bullion exchange in Gujarat

International Bullion Exchange IIBX: Prime Minister Narendra Modi on the 29th of July 2022 launched ‘India International Bullion Exchange (IIBX)’, at the Gujarat International Finance Tec-City (GIFT City) near Gandhinagar, Gujarat. Key Points: IIBX is India’s first intern ...

Union Cabinet Approves BSNL-BBNL Merger

Merger of BSNL- BBNL: The Union Cabinet recently approved the merger of Bharat Broadband Network Limited (BBNL) with the Bharat Sanchar Nigam Limited (BSNL). Key Points: Through this merger, BSNL will get an additional 5.67 lakh kilometres of optical fibre. 67 lakh kilometre of optical fibr ...

Bureau of Indian Standards publishes 10 Indian Standards on safety aspects of Toys related to physical safety, safety against chemicals, flammability, electrical safety

BIS CERTIFICATION FOR SAFETY OF TOYS: Bureau of Indian Standards (BIS), the national standards body of India has published 10 Indian Standards on safety aspects of Toys related to physical safety, safety against chemicals, flammability, electrical safety, etc. Key Points: These standards pr ...

Hindustan Power Exchange Commences Operations, Becomes India’s Third

Hindustan Power Exchange (HPX): Hindustan Power Exchange (HPX), the third power exchange in the country was launched recently. Key Points: It is backed by BSE and Power Trading Corporation (PTC). PTC India and BSE Investment hold 25 percent each in HPX, while 9.9 percent is held by ICICI ...

Government unveils Jute Mark logo to promote Indian Golden Fiber

Jute Mark India (JMI) Logo: The logo for Jute Mark India (JMI) Logo was recently unveiled by the Union Government. Key Points: It is an initiative to promote Indian jute products and protect their identity. The logo will act as “certification of authenticity” for jute products ...

PM Modi addresses Natural Farming Conclave through video conferencing

Natural Farming Conclave: Prime Minister Narendra recently addressed the ‘Natural FarmingConclave’ through Video conferencing, in New Delhi. Highlights: The conclave was organized at Surat, Gujarat, through virtual mode on July 10, 2022. The conclave witnessed the participatio ...

Strong dollar and its Implication for India

The US Dollar Index, which measures the greenback’s exchange rate against 6 major global currencies, recently surpassed its 20-year high. Three macro-economic developments have propelled the Dollar Index upwards.  Three macro-economic developments US consumer price inflation ...

Govt declares ICICI, HDFC, NPCI's IT resources as Critical Information Infrastructure

Critical Information Infrastructure: The Union Ministry of Electronics and IT (MeitY) has declared IT resources of ICICI Bank, HDFC Bank and UPI managing entity National Payment Corporation of India (NPCI) as ‘critical information infrastructure’ (CII). Key Points: They have bee ...

Shri Narayan Rane Inaugurates Center of Excellence for Khadi at NIFT

Centre of Excellence for Khadi (CoEK): The Centre of Excellence for Khadi (CoEK)was recently inaugurated by the Union Minister for Micro, Small, and Medium Enterprises (MSMEs) Shri Narayan Rane. Key Points: Khadi and Village Industries Commission has collaborated with the National Institute ...

          
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