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Tag Wise Current Affairs
Tag: Basics of Economics
RBI formalizes $75-billion swap agreement with Japan
Tags: Basics of Economics, External Sector
Published on: 25 February 2019
Government to raise Rs. 3,500 crore via CPSE ETF sale
Tags: Basics of Economics
Published on: 13 March 2019
CBDT enters into 18 Advance Pricing Agreements
Tags: Basics of Economics
Published on: 04 April 2019
ADB lowers India’s growth projection for FY20 to 7.2%
Tags: Basics of Economics
Published on: 04 April 2019
Indian firms foreign investment rises 18% to $2.69 billion in March 2019: RBI
Tags: Basics of Economics
Published on: 12 April 2019
Industrial output contracts 0.1% in March 2019
Tags: Basics of Economics, Industries
Published on: 11 May 2019
CII launches Fiscal Performance Index to assess Central, state budget
Tags: Basics of Economics
Published on: 06 June 2019
SEBI proposes informant mechanism to curb insider trading
Tags: Basics of Economics
Published on: 12 June 2019
India’s foreign exchange reserves rise to record high of US $429.91 billion
Tags: Basics of Economics
Published on: 13 July 2019
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'title' => 'RBI formalizes $75-billion swap agreement with Japan',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Reserve Bank of India (RBI) and Bank of Japan have formalised $75-billion swap agreement signed between both countries in October 2018 during Prime Minister Narendra Modi’s visit to Japan. The agreement is essentially for exchange and re-exchange a maximum amount of US $75 Billion for domestic currency, for purpose of maintaining an appropriate level of balance of payments for meeting short-term deficiency in foreign exchange. Earlier in 2013, Japan had offered $50-billion currency swap to India and before that for $3 billion in 2008.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">India-Japan swap agreement</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This arrangement will help to bring in greater stability to foreign exchange and capital markets in India as it will enable availability of $75-billion in foreign capital for use as and when the need arises.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will serve as second line of defence as India has about $400 billion foreign exchange reserves to cushion sudden dollar outflows.</span></span></span></li>
</ul>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will act as cushion against any sharp swings in local currency whenever international financial markets turn volatile. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will make it easier for India to pay for its imports and aid in addressing challenge of depreciation of rupee. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will help to bring down cost of capital for Indian entities while accessing foreign capital market. It will also improve confidence in Indian market.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Moreover, it will help to deter speculative attacks on domestic currency and greatly enhance RBI’s ability to manage exchange rate volatility.</span></span></span></li>
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">What is Currency swap?</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is foreign exchange agreement between two parties to exchange given amount of one currency for another and after specified period of time to give back original amount that is swapped.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In it, holder of unwanted currency exchanges that currency for equivalent amount of another currency to improve market liquidity of currency owned or to obtain bank financing at lower rate.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is considered to be foreign exchange transaction and is not required by law to be shown on the balance sheet.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It involves trading in local currencies and countries can pay for imports and exports through their own currencies rather than involving third country currency.</span></span></span></li>
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits of Currency swap</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It makes easier to improve liquidity conditions.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It helps in savings of foreign exchange when economy is not looking in good shape.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It contributes towards stabilising country’s balance of payments (BoP) position.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It does away with charges involved in multiple currency exchanges.</span></span></span></li>
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Previous CPSE-ETF offerings</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In November 2019, Government had raisead up Rs 17,000 crore. It was biggest disinvestment transaction through ETF. The proceeds from this ETF sale will help Government to achieve Rs. 80,000-crore disinvestment target set for this fiscal. As on February 2019, Government has realized Rs.56,473.32 crore as disinvestment proceeds.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Greenshoe option</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In security issues, it is over-allotment option. It is provision in underwriting agreement that grants underwriter right to sell investors more shares than originally planned by issuer if demand for security issue proves higher than expected.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Exchange-traded fund (ETF) </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is essentially index funds that are listed and traded on exchanges like stocks. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is basically basket of securities that are traded, like individual stocks, on an exchange. Each stock in it is assigned weights that reflects composition of index. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is similar to mutual funds in certain manner but is more liquid as it can be sold quickly on stock exchanges like shares. </span></span></span></li>
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'title' => 'CBDT enters into 18 Advance Pricing Agreements',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Central Board of Direct Taxes (CBDT) entered into 18 Advance Pricing Agreements (APAs) including three Bilateral APAs (BAPAs) in March 2019. These 18 APAS cover international transactions in sectors pertaining to manufacturing, software development services, other services, royalty payment for technology and brand, trading and payment of interest. With this, total number of APAs entered into by CBDT so far has increased to 271, including 31 BAPAs. In FY 2018-19, CBDT had signed 52 APAs, including 11 BAPAs</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Advance Pricing Agreement (APA)</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is agreement entered between taxpayer and tax authority determining <strong>Transfer Pricing methodology</strong> for pricing tax payer’s international transactions for future years. In this case, transfer pricing is setting of price for goods and services sold between related legal entities or subsidiaries within enterprise. </span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">APAs can be of three types</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Unilateral:</span></strong><span style="font-family:"Quicksand",serif"> It involves only taxpayer and tax authority of country where taxpayer is located.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Bilateral:</span></strong><span style="font-family:"Quicksand",serif"> It involves tax payer, associated enterprise (AE) of taxpayer in foreign country, tax authority of country where taxpayer is located and foreign tax authority of AE.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Multilateral:</span></strong><span style="font-family:"Quicksand",serif"> involves taxpayer, two or more AEs of tax payer in different foreign countries, tax authority of country where taxpayer is located and tax authorities of AEs.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">India’s APA scheme</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was launched by Government aims to provide certainty to taxpayers in domain of transfer pricing by specifying methods of pricing and setting prices of international transactions in advance. Its provision was introduced in Income-Tax (IT) Act, 1961 in 2012. Further rollback provision was added to in 2014. It aims gives certainty to taxpayers (including MNCs) agreed by them on certain principles in valuation of their cross-border transactions. It also provides them with alternate dispute resolution mechanism with respect to transfer pricing. </span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits of APA</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It helps in determining arm’s length price of international transactions in advance for max period of five future years. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It provides certainty with respect to tax outcome of tax payer’s international transactions.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also seeks to strengthen Government’s resolve of fostering non-adversarial tax regime. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It has significantly contributed towards improving ease of doing business in India. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India’s APA regime is appreciated nationally and internationally for being able to address complex transfer pricing issues in a fair and transparent manner.</span></span></span></li>
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'title' => 'ADB lowers India’s growth projection for FY20 to 7.2%',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Asian Development Bank (ADB) in its recently released Asian Development Outlook (ADO) 2019 has lowered growth forecast of India for 2019-20 fiscal to 7.2% from 7.6% estimated earlier. The downgrade is attributed to moderation in global demand and likely shortfall in revenue on domestic front. H<strong>owever, India will remain one of the fastest-growing major economies in 2019-20</strong></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">ADB Projections</span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">For 2018-19, ADB has cut growth estimate to 7% from 7.3% projected in December 2018. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The reasons for growth cut are weaker agricultural output and consumption growth curtailed by higher global oil prices and lower government expenditure.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Growth is expected to rebound to 7.2% in 2019 and 7.3% in 2020 as policy rates are cut expected and farmers receive income support, bolstering domestic demand.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This growth will reverse two years of declining trend as reforms to improve business and investment climate take effect.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">However, India’s growth faces some downside risks such as moderation in global demand as financial conditions tighten, uncertainty arising out of global trade tensions, and the weak economic outlook in industrial countries<strong>.</strong></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">On the domestic front, growth could suffer if tax revenue falls short or any disruption affects ongoing resolution of twin problems of bank and corporate balance sheets/</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Asian Development Bank (ADB)</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is multilateral lending agency based in Manila, Philippines. It was established on 19 December 1966.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is collectively owned by its members. It has total 67 members – 48 from Asia-Pacific region (including India) and 19 from outside.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is modeled closely on World Bank and has similar weighted voting system where votes are distributed in proportion with members' capital subscriptions.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It envisions prosperous, inclusive, resilient, and sustainable Asia and Pacific, while sustaining its efforts to eradicate extreme poverty in the region.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It assists its members, and partners, by providing loans, technical assistance, grants and equity investments to promote social and economic development</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It provides finance to both sovereign countries as well as to private entities. It provides soft loans to poorer countries and hard loans to middle-income countries.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Most of its lending is concentrated in five operational areas viz. education, environment, climate Change & disaster management, finance sector development, regional cooperation & integration and private sector lending.</span></span></span></li>
</ul>
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'title' => 'Indian firms foreign investment rises 18% to $2.69 billion in March 2019: RBI',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to Reserve Bank of India (RBI) data on outward foreign direct investment, Indian companies' foreign investment abroad grew 18% to $2.69 billion in March 2019 as compared to the year-ago period. The domestic firms had made investment of $2.28 billion in their subsidiaries and wholly-owned units abroad during March 2018. In February 2019, investment by Indian firms was $1.71 billion, </span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">March 2019 Outward investments </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Of the total investment overseas in March 2019, US $1.68 billion was in form of loan, $564.97 million as equity while rest $443.71 million was in the form of issuance of guarantee.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Major investors included Tata Steel, which invested $1.15 billion in its subsidiary in Singapore.<strong> </strong></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was followed by JSW Cement with $82 million investment in its wholly-owned subsidiary in the UAE,</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">IONGC Videsh Ltd also made investment worth $70.37 million in various joint ventures in Myanmar, Russia and Vietnam.</span></span></span></li>
</ul>
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'title' => 'Industrial output contracts 0.1% in March 2019',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Factory output, as measured in terms of Index of Industrial Production (IIP) contracted by-0.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2019. It is lowest in 21 months, mainly due to slow down in manufacturing sector due to contraction in consumption, as well as investment. IIP’s previous low was recorded in June 2017, when output shrank by 0.3</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">In February 2019, IIP was almost flat, growing at 0.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%.</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It had expanded 5.3</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2018. During entire 2018-19 fiscal, it had witnessed 3.6 </span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">growth as against 4.4</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in the previous fiscal. </span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Breakaway of IIP in March 2019</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Manufacturing sector:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> Constituting 77.63</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">of IIP, contracted by 0.4</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2019 as compared to 5.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">expansion in the year-ago month.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Capital goods output</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">: It declined by 8.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> as against 3.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">contraction in March 2018.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Power sector growth</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">: It slowed to 2.2</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2019 as compared to 5.9</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> a year ago. </span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Mining sector</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> <strong>growth</strong>: It also dropped to 0.8</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2019 compared to 3.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">expansion a year ago.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Use-based classification growth rates in March 2019</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">: 2.5</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in primary goods, (-) 2.5</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> in intermediate goods and 6.4</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in infrastructure/ construction goods. Similarly, consumer durables and consumer non-durables have recorded growth of (-) 5.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">and 0.3</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> respectively.</span></span></span></span></li>
</ul>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""><img alt="" src=" https://www.mediafire.com/convkey/c9e6/lb7m2s21hkletb26g.jpg" /></span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Index of Industrial Production (IIP)</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is composite indicator that measures short-term changes in volume of production of basket of industrial products during given period with respect to chosen base period.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is released on monthly basis by Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation (MoSPI). Base year is 2011-12.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It comprises 407 individual items and sector wise, these items fall into three categories-Manufacturing (405 items), Mining (1 items) & Electricity (1 item).</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">The separate weightages of the three sectors are 77.63</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">, 14.37</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">, 7.9</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> respectively. In IIP, combined weightages of eight core Industries is 40.27</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">In use wise composition, these 407 individual items are divided into capital goods, basic goods, intermediate goods and consumer goods.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Further, consumer goods are divided into consumer durables and consumer non-durables. In it, maximum weight is of basic goods, followed by Consumer Goods, followed by Intermediate and Capital Goods.</span></span></span></span></li>
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'metatitle' => 'Industrial output contracts 0.1% in March 2019',
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'tag' => 'Basics of Economics',
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'title' => 'SEBI proposes framework for regulatory sandbox',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Market regulator Securities and Exchange Board of India (SEBI) has proposed framework for Regulatory Sandbox for financial institutions for fintech testing in its recently released discussion paper.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">SEBI’s Framework for Regulatory sandbox</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Definition of Regulatory sandbox:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It is defined as live, testing environment where new products, processes, services and business models can be deployed on limited set of eligible customers for specified period of time, with certain relaxations in the regulations and guidelines.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Objective of sandbox:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It is intended to serve as testing ground for new business models and technologies that benefits investors, Indian markets and Indian economy at large.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Eligibility:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> To begin with, all market participants registered with SEBI will be eligible to test within sandbox. At a later stage, it will be expanded to fintech start-ups and other fintech firms as well.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Risks:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> The applicant should provide adequate disclosure of potential risks to users participating in sandbox and seek prior confirmation from such users that they fully understand and accept the attendant risks. </span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Reports:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Participant must submit interim reports on the progress of the test to SEBI after receiving approval for conducting tests.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Duration of the sandbox testing:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It is proposed to be maximum of nine months with maximum extension (upon request) of three months. </span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">After completion of testing, SEBI shall decide whether to permit the product, process, service, or solution to be introduced in the market on a wider scale.</span></span></span></span></li>
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'tag' => 'Basics of Economics',
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'title' => 'CII launches Fiscal Performance Index to assess Central, state budget',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Industry body Confederation of Indian Industry (CII) has launched 'Fiscal Performance Index' to assess quality of budgets presented by the Centre and state governments. It is innovative tool that will examine quality of Budgets at the Central and State levels using multiple indicators.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Fiscal Performance Index</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It has been constructed using UNDP's Human Development Index (HDI) methodology. It comprises six components for holistic assessment of the quality of government budgets.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Six components are </span></span></strong></span></span></li>
</ul>
<ol style="list-style-type:lower-roman">
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Quality of revenue expenditure: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">measured by the share of revenue expenditure other than interest payments, subsidies, pensions and defence in GDP. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Quality of capital expenditure:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> measured by share of capital expenditure (other than defence) in GDP. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Quality of revenue:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> ratio of net tax revenue to GDP (own tax revenue in case of States).</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Degree of fiscal prudence I:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> fiscal deficit to GDP.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Degree of fiscal prudence II</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">: revenue deficit to GDP.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Debt index:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Change in debt and guarantees to GDP.</span></span></span></span></li>
</ol>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will also consider expenditure on infrastructure, education, healthcare and other social sectors can be considered beneficial for economic growth. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will also consider tax revenues are sustainable sources of revenue for the government as compared to one-time income sources.</span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Comment</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The index take into consideration holistic performance of all entities viewed from all angles of expenditure quality, revenue receipts quality, and fiscal prudence. It moves away from existing mechanism of assess Central, state budget from narrow and sole view of Fiscal Responsibility and Budget Management (FRBM) Act which sets targets for the governments to reduce fiscal deficits.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Confederation of Indian Industry (CII)</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is an association of Indian businesses which works to create environment conducive to growth of industry in India. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is a non-government, industry-led and industry-managed, not-for-profit organization. It was founded in 1895 and is headquartered in New Delhi.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It has over 9,000 members, from private as well as public sectors, including SMEs and MNCs and indirect membership of over 300,000 enterprises from around 265 national and regional sectoral industry bodies.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It works with Government on policy issues. It also has been catalyst of change in India’s economic policy reforms.</span></span></span></span></li>
</ul>
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'title' => 'India to grow at 7.5% in FY 20: World Bank ',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">According to recently released World Bank’s Global Economic Prospects, India is projected to grow at 7.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in the next three years supported by robust investment and private consumption. With this India will continue to retain position of being the fastest growing emerging economy in the world.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Key Highlights of report</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">China’s growth rate:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was 6.6</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in 2018.In in 2019, it is projected to be dropped to 6.2</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> and then subsequently to 6.1</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in 2020 and 6</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in 2021. Whereas India’s growth by 2021 is projected to be 1.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">more than China’s 6</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India’s Growth:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> India is estimated to have grown 7.2</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in fiscal year (FY) 2018/19, which ended March 2019. Slowdown in government consumption will be offseted by solid investment, which benefitted from public infrastructure spending.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is projected at 7.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in Fiscal Year 2019/20 (April 1, 2019 to March 31, 2020), unchanged from the previous forecast, and to stay at this pace through the next two fiscal years.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Private consumption and investment will benefit from strengthening credit growth amid more accommodative monetary policy, with inflation having fallen below RBI’s target.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India’s urban consumption was supported by pickup in credit growth, whereas rural consumption was hindered by soft agricultural prices.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">On production side, robust growth was broad-based, but there was slight moderation in services and agricultural activity accompanied by acceleration in industrial sector. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Weakening agricultural production reflected subdued harvest in major crops on the back of less rainfalls.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Services activity has softened mainly due to slowing trade, hotel, transport, and communication activity. Industrial sector will be benefited from strong construction and manufacturing with solid demand for capital goods. </span></span></span></span></li>
</ul>
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(int) 9 => object(Cake\ORM\Entity) {
'tag' => 'Basics of Economics',
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'title' => 'SEBI proposes informant mechanism to curb insider trading',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Market Regulator Securities and Exchange Board of India (SEBI) has invited public comments on its recently released Discussion Paper on amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015 to provision for informant mechanism for insider trading. It proposes mechanism to formalize process of receiving information from whistle-blowers who expose insider trading violations. It also suggests measures to protect and award such informants.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Background</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The insider trading has been defined in SEBI (Prohibition of Insider Trading) Regulations, 2015. It defines it as means for trading of securities while in possession of unpublished price sensitive information (‘UPSI’). Insiders usually indulge in insider trading through proxy to whom relevant information is communicated. Direct evidence of such communication is seldom available, thus detection and prosecution of insider trading remains challenge. In this background, SEBI has proposed amendments to The SEBI (PIT) Regulations, 2015 which would include the following features.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Proposed amendments</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The new framework rewards and protects individuals who bring forward instances of violations of insider trading norms.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">If such information leads to final order by SEBI with minimum disgorgement of Rs.</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">5 crore, then monetary award of 10</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> of money coll</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">ected by SEBI, subject to cap of </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Rs.1 crore, can be given to informant. The reward will be paid from Investor Protection and Education Fund (IPEF). </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It mandates informant to fill Voluntary Information Disclosure Form (VIDF) with credible, complete and original information related to insider trading, including those pertaining to unpublished price-sensitive information.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It proposes establishment of Office of Informant Protection (OIP). It will be independent of the investigation and inspection wings of SEBI. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will make policy related to receipt and registration of VIDF, deciding on issue of grant of reward to informant upon completion of enforcement action and other related issues.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It mandates informant to disclose his or her identity at time of submission of complaint in the official format. It also allows filing of anonymous complaint through authorised representative who is practising advocate.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It mandates all listed companies and intermediaries to include provisions in their code of conduct to ensure that such individuals are not discharged, terminated, demoted, suspended, threatened or discriminated against, directly or indirectly. This is to protect complainants against victimization.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">However, incase complaint is found to be frivolous, it allows SEBI can initiate actions against the informant.</span></span></span></span></li>
</ul>
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'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The 20th Meeting of the Financial Stability and Development Council (FSDC) was held under the Chairmanship of the Union Minister of Finance and Corporate Affairs Nirmala Sitharaman. It reviewed current global and domestic economic situation and financial stability issues including, inter-alia, those concerning Banking and NBFCs.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">20th Meeting of FSDC</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It appraised of progress made towards setting-up of Financial Data Management Centre (FDMC) to facilitate integrated data aggregation and analysis as also Computer Emergency Response Team (CERT-Fin) towards strengthening cyber security framework for the financial sector.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It also held consultations to obtain inputs and suggestions of financial sector regulators for Budget. All the regulators presented their proposals for the Union Budget 2019-20.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It also took note of activities undertaken by FSDC Sub-Committee Chaired by Governor, RBI and action taken by members on the decisions taken in earlier meetings.</span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Financial Stability and Development Council (FSDC)</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is super regulatory body (non-statutory) for regulating financial sector consisting of all regulators and Ministry Finance.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It was setup in 2010 by Indian Government as an executive body for bringing healthy and efficient financial system in economy of the country. It had replaced High Level Coordination Committee on Financial Markets (HLCCFM).</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Objective:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Strengthen and institutionalise mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Mandate:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It deals with issues relating to financial stability, inter–regulatory coordination, financial sector development, financial inclusion, financial literacy and macro prudential supervision of economy including functioning of large financial conglomerates.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Composition:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Union Finance Minister of India is chairman of FSDC. The other 12 members are Governor RBI, Chairman SEBI, Chairman IRDA, Chairman PFRDA, Minister of state (MoS) responsible for the Department of Economic Affairs (DEA), Secretary of Department of Electronics and Information Technology’, Revenue secretary, Finance Secretary and/or Secretary, Department of Economic Affairs, Secretary Department of Financial Services, Secretary Ministry of Corporate Affairs, Chief Economic Adviser (CEA) and Chairperson of Insolvency & Bankruptcy Board of India (IBBI).</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Sub-committee of FSDC:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It has been set up under Chairmanship of Governor RBI. It discusses and decides on issues relating to financial sector development and stability.</span></span></span></span></li>
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'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Union Ministry of Commerce & Industry has constituted 18 member Working Group for the revision of the current series of Wholesale Price Index (Base 2011-12). <strong>Ramesh Chand (Member, NITI Aayog) will be chairman of the Working Group.</strong> Office of Economic Adviser, Department for Promotion of Industry & Internal Trade (DPIIT) will be the nodal office for the Working Group and will process its report and recommendation for further necessary action. </span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Terms of Reference of the Working Group are: </span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Select most appropriate Base Year for preparation of new official series of Index Numbers of Wholesale Price (WPI) and Producer Price Index (PPI) in India.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Review commodity basket of current series of WPI and suggest additions or deletions of commodities in the light of structural changes in the economy witnessed since 2011-12.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Review existing system of price collection in particular for manufacturing sector and suggest changes for improvement.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Decide on computational methodology to be adopted for monthly WPI/PPI. It may also recommend roadmap for switch over from WPI to PPI.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Examine existing methodology of compilation of PPI approved by Technical Advisory Committee on Series of Prices and Cost of Living and suggest further improvement in compilation and presentation. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Examine method of computing linking factor adopted so far and suggest appropriate change in method of computing linking factor, if necessary.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Suggest any other improvements as may be necessary for enhancing reliability of official series of WPI / PPI.</span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Whoseale Price Index (WPI)</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is also known as the headline inflation rate (in India). It measures average change in the prices of commodities for bulk sale at level of early stage of transactions. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Its basket covers commodities falling under three major groups namely Primary Articles, Fuel and Power and Manufactured products. (The index basket of the present 2011-12 series has total of 697 items including 564 items for Manufactured Products, 117 items for Primary Articles and 16 items for Fuel & Power). <strong>WPI basket does not cover services.</strong></span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">WPI prices tracked are ex-factory price for manufactured products, mandi price for agricultural commodities and ex-mines prices for minerals. Weights given to each commodity covered in WPI basket is based on value of production adjusted for net imports. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Office of Economic Advisor (OEA), Department for Promotion of Industry & Internal Trade (DPIIT), Union Ministry of Commerce and Industry calculates the WPI.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The main uses of WPI are:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> (i) Provide estimates of inflation at wholesale transaction level for the economy as a whole. This helps in timely intervention by the Government to check inflation in particular, in essential commodities, before the price increase spill over to retail prices. (ii) It is used as deflator for many sectors of the economy including for estimating GDP by Central Statistical Organisation (CSO). (iii) It is also used for indexation by users in business contracts. (iv) Global investors also track WPI as one of the key macro indicators for their investment decisions.</span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Need of revision of WPI</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The current series of WPI with base year 2011-12 was introduced in May 2017. Since 2011-12 base year, Indian econmy has seen significant structural changes. Therefore, it has become necessary to examine coverage of commodities, their weightages and related issues pertaining to existing series of index numbers of WPI.</span></span></span></span></p>
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'tag' => 'Basics of Economics',
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'title' => 'Economic Survey 2019 highlights',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Union Finance Minister Nirmala Sitharaman tabled her first Economic Survey ahead of full fledged Union Budget 2019. It was prepared by Chief Economic Adviser Krishnamurthy Subramanian. It lays out roadmap for Union Government's next five years. </span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The theme of Economic Survey 2019 is about enabling “shifting of gears" to sustained economic growth for objective of $5 trillion by 2024-25. It departs from traditional thinking by advocating growth model for India that views economy as being either in virtuous or vicious cycle, and thus never in equilibrium.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">State of the Economy in 2018-19: A Macro View</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India still the fastest growing major economy in 2018-19.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Growth of GDP moderated to 6.8 % in 2018-19 from 7.2 % in 2017-18.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Inflation contained at 3.4 % in 2018-19.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Non-Performing Assets (NPAs) as%age of Gross Advances reduced to 10.1 % at end December 2018 from 11.5 % at end March 2018.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Current account deficit manageable at 2.1 % of GDP.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Fiscal deficit of Central Government declined from 3.5 % of GDP in 2017-18 to 3.4 % in 2018-19.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Provisional estimate of 2.9% growth rate for the agriculture, forestry and fishing sector.</span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Highlights from the Economic Survey 2019</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Private Investment: It is key driver of simultaneous growth in demand, jobs, exports & productivity, capacity, labor productivity, new technology, creative destruction and job creation.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Government proposes to increase retirement age.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Data should be of the people, by the people, for the people.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Government proposes complete overhaul of minimum wages in India. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Dwarfs (firms with less than 100 workers) account for more than 50% of all organized firms in manufacturing by number. Contribution of dwarfs to employment is only 14% and to productivity is a mere 8%.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">To achieve vision of $5 trillion economy by 2024, India needs to shift its gears to accelerate and sustain a real GDP growth rate of 8%.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Using insights from behavioral economics to create aspirational agenda for social change.</span></span></span></span></li>
</ul>
<ol>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">From ‘Beti Baco Beti Padhao’ to ‘BADLAV’ (Beti Aapki Dhan Lakshmi Aur Vijay Lakshmi).</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">From ‘Swachh Bharat’ to ‘Sundar Bharat’</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">From ‘Give it up" for the LPG subsidy to ‘Think about the Subsidy’.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">From ‘Tax evasion’ to ‘Tax compliance’.</span></span></span></span></li>
</ol>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Behavioral economics provides insights to ‘nudge’ people towards desirable behavior.</span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Key principles of behavioral economics:</span></span></strong></span></span></p>
<ol>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Emphasizing the beneficial social norm.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Changing the default option.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Repeated reinforcements.</span></span></span></span></li>
</ol>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Swachh Bharat mission: 93.1% of the households have access to toilets. 96.5% of those with access to toilets are using them in rural India.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India still the fastest growing major economy in 2018-19. Growth of GDP moderated to 6.8 per cent in 2018-19 from 7.2 per cent in 2017-18.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Accommodative RBI policy will help to cut real lending rates.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Political stability may push animal spirits of economy</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">January-March 2019 economic slowdown due to election related activity.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">NBFC sector stress reason for FY19 slowdown.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Oil prices seen declining in Financial Year 2020.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Declining in NPA should push up capital expenditure cycle.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Government policies expected to further lift restrictions on FDI inflows.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">2019-20 GDP growth seen picking up on robust consumption and higher private investment.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Exports may be hit by lower global growth, increased uncertainty over trade tension.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Investment rate picking up in FY2020 on higher credit growth and improved demand.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Working-age population will grow by about 97 lakhs per year in the upcoming decade.</span></span></span></span></li>
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'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">According to data released by Central Statistics Office (CSO), factory output measured in terms of Index of Industrial Production (IIP) slowed to 3.1</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in May 2019, weighed down by muted growth in mining and manufacturing sectors. It had expanded by 3.8</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in May 2018. It had rose to 4.3</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in April 2019 after a sharp decline of 0.4</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in March 2019.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Breakaway of May 2019 IIP</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Mining and quarrying sector:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was one of only major sectors that saw growth accelerating, from contraction of 0.39% in December 2018 to growth of 3.9% in January. 2019.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Manufacturing sector:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It eased to 2.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Electricity sector:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It saw growth slowing to 0.8% from 4.45% over the same period</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Capital goods sector:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It slowed to 0.8</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">against 2.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> growth in April 2019.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Primary goods</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">: It slowed to 2.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> in May against 5.2%in April 2019.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Consumer sector:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Production of consumer durables contracted 0.1</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in May 2019 against healthy 2.4</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">growth in April 2019. Production of consumer non-durables grew to 7.7</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> in the same period against a 5.2</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> growth in April 2019.</span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Index of Industrial Production (IIP)</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is composite indicator that measures short-term changes in volume of production of basket of industrial products during given period with respect to chosen base period.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is released on monthly basis by Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation (MoSPI). Base year is 2011-12.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It comprises 407 individual items and sector wise, these items fall into three categories-Manufacturing (405 items), Mining (1 items) & Electricity (1 item).</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The separate weightages of the three sectors are 77.63%, 14.37%, 7.9% respectively. In IIP, combined weightages of eight core Industries is 40.27%.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">In use wise composition, these 407 individual items are divided into capital goods, basic goods, intermediate goods and consumer goods.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Further, consumer goods are divided into consumer durables and consumer non-durables. In it, maximum weight is of basic goods, followed by Consumer Goods, followed by Intermediate and Capital Goods.</span></span></span></span></li>
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'description' => '<h2 style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">According to recently released Reserve Bank of India (RBI) data, India’s foreign exchange (forex) reserves rose by US$ 2.23 billion to reach record high US$ 429.91 billion in week ended 05 July 2019. The rise was on account of rise in value of gold and currency assets</span></span></span></span></h2>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Breakaway of forex reserves (in the reporting week)</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Foreign currency assets:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It is major component of the overall reserves. It increased by US $906.8 million to US $400.809 billion,</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Gold reserves:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It increased by US $1.345 billion, taking total to US $24.304 billion.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Special drawing rights (SDRs) with International Monetary Fund:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It came down by US $4.7 million to US $1.451 billion.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Reserve position with IMF:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It also dipped by US $15.3 million to US $3.346 billion.</span></span></span></span></li>
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Forex Reserve</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">They are reserve assets held by central bank of the country in foreign currencies. These reserve acts as buffer to be used in challenging times. They are also used as back liabilities and also to influence monetary policy. Almost all countries in world, regardless of size of their economy, hold significant forex reserves.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Components of India’s FOREX Reserves:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Foreign currency assets (FCAs), Special Drawing Rights (SDRs), Gold Reserves and RBI’s Reserve position with International Monetary Fund (IMF). FCAs constitute largest component of India’s forex Reserves. It is expressed in dollar terms and includes effect of appreciation/depreciation of non-US units like the euro, pound and the yen held in the reserves.</span></span></span></span></p>
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<p> </p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The Central Statistics Office released the </span></span></span><strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Gross Domestic Product</span></span></strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black"> numbers for April-June quarter, which showed India’s GDP expanded 5% in the quarter through June , the slowest pace in six and half years.</span></span></span></span></span></p>
<p> </p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p>
<p> </p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">As consumer demand and private investment slowed at a time when global trade frictions have dampened business sentiment, Indian econoimy grew at a pace less than 6% in the current quarter of the financial year 2018-19.</span></span></span></span></span></p>
<p> </p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details </span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Manufacturing’ sector</span></strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black"> grew by 0.6 percent as compared to growth of 12.1 per cent in Q1 2018-19. </span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">GVA </span></strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">for </span></span></span><strong><span style="color:black">‘Agriculture, Forestry and Fishing’ </span></strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">sector grew by 2 percent as compared to growth of 5.1 percent in Q1 2018-19. </span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> <strong><span style="color:black">‘Mining and Quarrying’</span></strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black"> sector grew by 2.7 percent as compared to growth of 0.4 percent in Q1 2018-19.</span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> <strong><span style="color:black">Electricity,Gas, Water Supply and Other Utility Services’ sector grew by 8.6 % as opposed to 6.7 % in Q1 2018-19.</span></strong></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Trade, Hotels, Transport, Communication and Services</span></strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black"> grew by 7.1 percent as compared to growth of 7.8 percent in Q1 2018-19. </span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Financial, Real Estate and Professional Service</span></strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">s grew by 5.9 percent as compared to growth of 6.5 percent in Q1 2018-19. </span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> <strong><span style="color:black">Public Administration, Defence and Other Services</span></strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black"> grew by 8.5 percent as compared to growth of 7.5 percent in Q1 2018-19. </span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif""><span style="color:black">Construction sector</span></span></strong><span style="font-family:"Times New Roman","serif""><span style="color:black"> grew by 5.7 % as compared to 9.7 % in Q1 of 2018-19.</span></span></span></span></li>
</ul>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Measures to boost growth</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The RBI has cut the key lending rate four times in succession by a total of 110 basis points. This move is expected to increase cash flow in the market.</span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Public sector banks will get an immediate recapitalization of ?70,000 crore to ease the liquidity crisis, which is hurting big and small traders.</span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Simplifying the goods and services tax (GST) further, besides providing relief to the ailing auto sector, which is grappling with the worst slump in passenger vehicle sales in nearly two decades. </span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The government has allowed 100% FDI in coal and associated sectors to attract investments and boost growth.</span></span></span></span></span></li>
</ul>
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'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Indian rupee breached the 72-a-dollar mark last week, due to weak local and global economic indicators. The weakening of the domestic currency in the past two months has renewed concerns of a return of imported inflation.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Imported Inflation</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">When the general price level rises in a country due to the rise in prices of imported commodities like petroleum, gold , fertilisers etc , inflation is termed imported. Inflation may also rise due to depreciation of the domestic currency, which pushes up the rupee cost of imported items.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Largest contributors to Indian imports</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Petroleum and related products</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Precious stones</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Organic chemicals</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Vegetable oil</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Plastics</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India is a net importer on economic front. If the rupee depreciation is sustained, there will be an impact on inflation.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Imported inflation has sustained mainly through the fuel component. Any sustained increase in oil prices past the $65-per-barrel mark can be a concern. The price of gold, another key contributor to India’s imports, is hovering at $1540 an ounce.This can be a concern too.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The rupee is among the worst performing Asian currencies and has depreciated around 2.72% this year. Analysts believe that rupee to be range-bound around 71-73 per dollar in the near term. This could elevate the problem of inflation.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Way ahead</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The experts are have not pressed the panic button on imported inflation yet but a fragile global economy and trade tensions require a close watch on this indicator.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s Current Account Deficit is below 2% and hence India’s external position is expected to remain manageable.</span></span></p>
</li>
</ul>
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'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India's wholesale price inflation remained unchanged at 1.08% in August as inflation for manufactured items fell to 0%, which showed the reduction of pricing power of producers.</span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>WPI</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>The Wholesale Price Index</strong> (WPI) is the price of a <strong>representative basket of wholesale goods. </strong></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The WPI is published by the <strong>Economic Adviser in the Ministry of Commerce and Industry.</strong></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Wholesale Price Index focuses on the price of goods traded between corporations, rather than goods bought by consumers, which is measured by the Consumer Price Index.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> The purpose of the WPI is to monitor price movements that reflect supply and demand in industry, manufacturing and construction. This helps in analyzing both macroeconomic and microeconomic conditions.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Many manufactured items has seen negative inflation or deflation including vegetable and animal oils, leather and apparel products, paper, rubber, chemicals, steel, basic metals among others.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Fuel inflation also fell into negative territory. However, this may be short-lived due to disruption in crude oil supply from Saudi Arabia.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Food inflation accelerated to 7.67% in August from 6.15% a month ago.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Implications</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although RBI does not consider WPI inflation for implementing its monetary policy, low level of retail inflation and sagging growth conditions may force RBI to cut policy rate for fifth consecutive time.</span></span></p>
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'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NITI Ayog vice-chairman Rajiv Kumar has said that the ?1.45 lakh crore tax giveaway is unlikely to widen fiscal deficit as the shortfall will be met through increased tax collections due to higher growth.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had announced tax cuts for corporates by 10-12% points, bringing down the effective corporate tax to 25.17% inclusive of all cess and surcharges for domestic companies.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Budget had estimated fiscal deficit at 3.3% of the GDP for the current fiscal but many analysts say it will be overshooting by at least 70 bps to 4.1% as the quantum of the giveaways is worth 0.7% of the GDP.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is said that India’s tax buoyancy has been very good. Therefore, both direct and in direct tax collections will go up with growth after the tax cuts. The higher revenue from tax and non-tax fronts will help the government finance the fiscal deficit.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Fiscal Deficit</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings needed by the government.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A fiscal deficit occurs when a government's total expenditures exceed the revenue that it generates, excluding money from borrowings.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A deficit is usually financed through borrowing from either the central bank of the country or raising money from capital markets by issuing different instruments like treasury bills and bonds.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Impact of Fiscal deficit</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Budget deficits crowd out private borrowing, manipulate capital structures and interest rates, decrease net exports, and lead to either higher taxes, higher inflation or both.</span></span></p>
<p style="margin-right:0cm"> </p>
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'title' => 'Current Account deficit narrows down',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s current account deficit (CAD) narrowed to 2% of Gross Domestic Product (GDP) during April-June quarter from 2.3% during the same period a year ago according to data released by the Reserve Bank of India.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">CAD is one of the key indicators of an economy’s health and measures the difference between the value of the goods and services a country imports and the value of its exports.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Net services receipts rose 7.3% year-on-year in quarter ended June due to rise in net earnings from travel, financial services and telecommunications, computer and information services. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Private transfer receipts, an indicator of remittances by Indians employed overseas, grew 6.2% on-year to $19.9 billion.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Healthy growth in the surplus of services and secondary income, as well as lower crude oil prices helped to restrain the size of the current account deficit in Q1 FY2020 (April-June), despite a sharp increase in gold imports.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Net foreign direct investment was $13.9 billion in April-June as compared with $9.6 billion during the same period a year ago.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Net inflow of foreign portfolio investment was $4.8 billion in the quarter ended June as compared to $8.1 billion a year ago, due to net purchases in both debt and equity markets.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government expect the current account deficit to decline substantially to $10-11 billion in Q2FY20 (July-September) from $19 billion in Q2 FY2019 (July-September), on the back of moderate crude oil prices and a weak demand for gold imports.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Current Account Deficit</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A country's current account is one of the two components of its balance of payments, the other being the capital account (also known as the financial account). </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The current account consists of the <strong>balance of trade, net primary income or factor income</strong> (earnings on foreign investments minus payments made to foreign investors) and <strong>net cash transfers</strong>, that have taken place over a given period of time. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The current account balance is one of two major measures of a country's foreign trade (the other being the net capital outflow). </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A current account surplus indicates that the value of a country's net foreign assets (i.e. assets less liabilities) grew over the given period, and a current account deficit indicates that it shrank.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A positive current account balance indicates the nation is a net lender to the rest of the world, while a negative current account balance indicates that it is a net borrower from the rest of the world. </span></span></p>
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'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s current account deficit (CAD) narrowed to 2% of Gross Domestic Product (GDP) during April-June quarter from 2.3% during the same period a year ago according to data released by the Reserve Bank of India.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">CAD is one of the key indicators of an economy’s health and measures the difference between the value of the goods and services a country imports and the value of its exports.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Net services receipts rose 7.3% year-on-year in quarter ended June due to rise in net earnings from travel, financial services and telecommunications, computer and information services. </span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Private transfer receipts, an indicator of remittances by Indians employed overseas, grew 6.2% on-year to $19.9 billion.</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Healthy growth in the surplus of services and secondary income, as well as lower crude oil prices helped to restrain the size of the current account deficit in Q1 FY2020 (April-June), despite a sharp increase in gold imports.</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Net foreign direct investment was $13.9 billion in April-June as compared with $9.6 billion during the same period a year ago.</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Net inflow of foreign portfolio investment was $4.8 billion in the quarter ended June as compared to $8.1 billion a year ago, due to net purchases in both debt and equity markets.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government expect the current account deficit to decline substantially to $10-11 billion in Q2FY20 (July-September) from $19 billion in Q2 FY2019 (July-September), on the back of moderate crude oil prices and a weak demand for gold imports.</span></span></p>
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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Current Account Deficit</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A country's current account is one of the two components of its balance of payments, the other being the capital account (also known as the financial account). </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The current account consists of the <strong>balance of trade, net primary income or factor income</strong> (earnings on foreign investments minus payments made to foreign investors) and <strong>net cash transfers</strong>, that have taken place over a given period of time. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The current account balance is one of two major measures of a country's foreign trade (the other being the net capital outflow). </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A current account surplus indicates that the value of a country's net foreign assets (i.e. assets less liabilities) grew over the given period, and a current account deficit indicates that it shrank.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A positive current account balance indicates the nation is a net lender to the rest of the world, while a negative current account balance indicates that it is a net borrower from the rest of the world. </span></span></p>
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The agreement is essentially for exchange and re-exchange a maximum amount of US $75 Billion for domestic currency, for purpose of maintaining an appropriate level of balance of payments for meeting short-term deficiency in foreign exchange. Earlier in 2013, Japan had offered $50-billion currency swap to India and before that for $3 billion in 2008.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">India-Japan swap agreement</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This arrangement will help to bring in greater stability to foreign exchange and capital markets in India as it will enable availability of $75-billion in foreign capital for use as and when the need arises.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will serve as second line of defence as India has about $400 billion foreign exchange reserves to cushion sudden dollar outflows.</span></span></span></li> </ul> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will act as cushion against any sharp swings in local currency whenever international financial markets turn volatile. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will make it easier for India to pay for its imports and aid in addressing challenge of depreciation of rupee. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will help to bring down cost of capital for Indian entities while accessing foreign capital market. It will also improve confidence in Indian market.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Moreover, it will help to deter speculative attacks on domestic currency and greatly enhance RBI’s ability to manage exchange rate volatility.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">What is Currency swap?</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is foreign exchange agreement between two parties to exchange given amount of one currency for another and after specified period of time to give back original amount that is swapped.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In it, holder of unwanted currency exchanges that currency for equivalent amount of another currency to improve market liquidity of currency owned or to obtain bank financing at lower rate.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is considered to be foreign exchange transaction and is not required by law to be shown on the balance sheet.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It involves trading in local currencies and countries can pay for imports and exports through their own currencies rather than involving third country currency.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits of Currency swap</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It makes easier to improve liquidity conditions.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It helps in savings of foreign exchange when economy is not looking in good shape.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It contributes towards stabilising country’s balance of payments (BoP) position.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It does away with charges involved in multiple currency exchanges.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'rbi-japan-formalizes-75-billion-swap-agreement', 'image' => 'https://www.mediafire.com/convkey/d5e2/eedec1bso2k9mgz6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/d5e2/eedec1bso2k9mgz6g.jpg', 'metatitle' => 'RBI formalizes $75-billion swap agreement with Japan', 'metakeyword' => 'In Economy Current Affairs, Reserve Bank of India, Bank of Japan, formalises, $75-billion swap agreement signed between both countries ', 'metadescription' => 'Reserve Bank of India (RBI) and Bank of Japan have formalised $75-billion swap agreement signed between both countries in October 2018', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/pr1fh29r1r86do6/25feb_RBI_formalizes_%252475-billion.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 1 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 445, 'title' => 'Government to raise Rs. 3,500 crore via CPSE ETF sale', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Union Finance Ministry will launch additional offering of CPSE-Exchange Traded Fund (ETF) on March 19, 2019 to raise at least Rs. 3,500 crore. This ETF sale through follow-on fund offer will come with option of retaining up to Rs. 5,000 crore via green shoe option.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Previous CPSE-ETF offerings</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In November 2019, Government had raisead up Rs 17,000 crore. It was biggest disinvestment transaction through ETF. The proceeds from this ETF sale will help Government to achieve Rs. 80,000-crore disinvestment target set for this fiscal. As on February 2019, Government has realized Rs.56,473.32 crore as disinvestment proceeds.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Greenshoe option</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In security issues, it is over-allotment option. It is provision in underwriting agreement that grants underwriter right to sell investors more shares than originally planned by issuer if demand for security issue proves higher than expected.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Exchange-traded fund (ETF) </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is essentially index funds that are listed and traded on exchanges like stocks. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is basically basket of securities that are traded, like individual stocks, on an exchange. Each stock in it is assigned weights that reflects composition of index. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is similar to mutual funds in certain manner but is more liquid as it can be sold quickly on stock exchanges like shares. </span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'gov-raise-3500-crore-cpse-etf-sale', 'image' => 'https://www.mediafire.com/convkey/ebb3/yodoebt3cwast3k6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/ebb3/yodoebt3cwast3k6g.jpg', 'metatitle' => 'Government to raise Rs. 3,500 crore via CPSE ETF sale', 'metakeyword' => 'In Economy Current Affairs, Government to raise Rs. 3,500 crore via CPSE ETF sale, Disinvestment, ', 'metadescription' => 'Union Finance Ministry will launch additional offering of CPSE-Exchange Traded Fund (ETF) on March 19, 2019 to raise at least Rs. 3,500 crore', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/qmcpujx1ia962nf/13Mar_Government_to_raise_Rs._3%2C500_crore.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 2 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 684, 'title' => 'CBDT enters into 18 Advance Pricing Agreements', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Central Board of Direct Taxes (CBDT) entered into 18 Advance Pricing Agreements (APAs) including three Bilateral APAs (BAPAs) in March 2019. These 18 APAS cover international transactions in sectors pertaining to manufacturing, software development services, other services, royalty payment for technology and brand, trading and payment of interest. With this, total number of APAs entered into by CBDT so far has increased to 271, including 31 BAPAs. In FY 2018-19, CBDT had signed 52 APAs, including 11 BAPAs</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Advance Pricing Agreement (APA)</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is agreement entered between taxpayer and tax authority determining <strong>Transfer Pricing methodology</strong> for pricing tax payer’s international transactions for future years. In this case, transfer pricing is setting of price for goods and services sold between related legal entities or subsidiaries within enterprise. </span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">APAs can be of three types</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Unilateral:</span></strong><span style="font-family:"Quicksand",serif"> It involves only taxpayer and tax authority of country where taxpayer is located.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Bilateral:</span></strong><span style="font-family:"Quicksand",serif"> It involves tax payer, associated enterprise (AE) of taxpayer in foreign country, tax authority of country where taxpayer is located and foreign tax authority of AE.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Multilateral:</span></strong><span style="font-family:"Quicksand",serif"> involves taxpayer, two or more AEs of tax payer in different foreign countries, tax authority of country where taxpayer is located and tax authorities of AEs.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">India’s APA scheme</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was launched by Government aims to provide certainty to taxpayers in domain of transfer pricing by specifying methods of pricing and setting prices of international transactions in advance. Its provision was introduced in Income-Tax (IT) Act, 1961 in 2012. Further rollback provision was added to in 2014. It aims gives certainty to taxpayers (including MNCs) agreed by them on certain principles in valuation of their cross-border transactions. It also provides them with alternate dispute resolution mechanism with respect to transfer pricing. </span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits of APA</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It helps in determining arm’s length price of international transactions in advance for max period of five future years. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It provides certainty with respect to tax outcome of tax payer’s international transactions.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also seeks to strengthen Government’s resolve of fostering non-adversarial tax regime. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It has significantly contributed towards improving ease of doing business in India. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India’s APA regime is appreciated nationally and internationally for being able to address complex transfer pricing issues in a fair and transparent manner.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'cbdt-enters-into-18-advance-pricing-agreements', 'image' => 'https://www.mediafire.com/convkey/4a8b/eybnmjhyfmq1sri6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/4a8b/eybnmjhyfmq1sri6g.jpg', 'metatitle' => 'CBDT enters into 18 Advance Pricing Agreements', 'metakeyword' => 'In Business and Economy Current Affairs, CBDT enters into 18 Advance Pricing Agreements', 'metadescription' => 'CBDT enters into 18 Advance Pricing Agreements, CBDT entered into 18 Advance Pricing Agreements (APAs) including three Bilateral APAs (BAPAs) in March 2019', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/61hr5n9qll9i3g5/CBDT_enters_into_18.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 3 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 679, 'title' => 'ADB lowers India’s growth projection for FY20 to 7.2%', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Asian Development Bank (ADB) in its recently released Asian Development Outlook (ADO) 2019 has lowered growth forecast of India for 2019-20 fiscal to 7.2% from 7.6% estimated earlier. The downgrade is attributed to moderation in global demand and likely shortfall in revenue on domestic front. H<strong>owever, India will remain one of the fastest-growing major economies in 2019-20</strong></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">ADB Projections</span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">For 2018-19, ADB has cut growth estimate to 7% from 7.3% projected in December 2018. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The reasons for growth cut are weaker agricultural output and consumption growth curtailed by higher global oil prices and lower government expenditure.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Growth is expected to rebound to 7.2% in 2019 and 7.3% in 2020 as policy rates are cut expected and farmers receive income support, bolstering domestic demand.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This growth will reverse two years of declining trend as reforms to improve business and investment climate take effect.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">However, India’s growth faces some downside risks such as moderation in global demand as financial conditions tighten, uncertainty arising out of global trade tensions, and the weak economic outlook in industrial countries<strong>.</strong></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">On the domestic front, growth could suffer if tax revenue falls short or any disruption affects ongoing resolution of twin problems of bank and corporate balance sheets/</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Asian Development Bank (ADB)</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is multilateral lending agency based in Manila, Philippines. It was established on 19 December 1966.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is collectively owned by its members. It has total 67 members – 48 from Asia-Pacific region (including India) and 19 from outside.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is modeled closely on World Bank and has similar weighted voting system where votes are distributed in proportion with members' capital subscriptions.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It envisions prosperous, inclusive, resilient, and sustainable Asia and Pacific, while sustaining its efforts to eradicate extreme poverty in the region.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It assists its members, and partners, by providing loans, technical assistance, grants and equity investments to promote social and economic development</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It provides finance to both sovereign countries as well as to private entities. It provides soft loans to poorer countries and hard loans to middle-income countries.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Most of its lending is concentrated in five operational areas viz. education, environment, climate Change & disaster management, finance sector development, regional cooperation & integration and private sector lending.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'adb-lowers-indias-growth-projection-fy20', 'image' => 'https://www.mediafire.com/convkey/db34/eolvk97e6ftpbj76g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/db34/eolvk97e6ftpbj76g.jpg', 'metatitle' => 'ADB lowers India’s growth projection for FY20 to 7.2%', 'metakeyword' => 'In Business and Economy Current Affairs, Asian Development Bank, ADB,Asian Development Outlook, 2019,lowers growth forecast of India for 2019-20 fiscal to 7.2% from 7.6% estimated earlier', 'metadescription' => 'Asian Development Bank (ADB) in its recently released Asian Development Outlook (ADO) 2019 has lowered growth forecast of India for 2019-20 fiscal to 7.2% from 7.6% estimated earlie', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/z8bbhb922j1gcji/ADB_lowers_India_s_growth.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 4 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 755, 'title' => 'Indian firms foreign investment rises 18% to $2.69 billion in March 2019: RBI', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to Reserve Bank of India (RBI) data on outward foreign direct investment, Indian companies' foreign investment abroad grew 18% to $2.69 billion in March 2019 as compared to the year-ago period. The domestic firms had made investment of $2.28 billion in their subsidiaries and wholly-owned units abroad during March 2018. In February 2019, investment by Indian firms was $1.71 billion, </span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">March 2019 Outward investments </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Of the total investment overseas in March 2019, US $1.68 billion was in form of loan, $564.97 million as equity while rest $443.71 million was in the form of issuance of guarantee.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Major investors included Tata Steel, which invested $1.15 billion in its subsidiary in Singapore.<strong> </strong></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was followed by JSW Cement with $82 million investment in its wholly-owned subsidiary in the UAE,</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">IONGC Videsh Ltd also made investment worth $70.37 million in various joint ventures in Myanmar, Russia and Vietnam.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'indian-firms-foreign-investment-rises-march-2019-rbi', 'image' => 'https://www.mediafire.com/convkey/bcd3/dt49hxec7whdy7g6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/bcd3/dt49hxec7whdy7g6g.jpg', 'metatitle' => 'Indian firms' foreign investment rises 18% to $2.69 bn in March ', 'metakeyword' => 'In Business and Economy Current Affairs, RBI data, outward foreign direct investment, foreign investment of Indian companies abroad grew 18% to $2.69 billion in March 2019', 'metadescription' => 'RBI data on outward foreign direct investment, Indian companies' foreign investment abroad grew 18% to $2.69 billion in March 2019 ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/53iwvwbsg9saata/Indian_firms.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 5 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 1078, 'title' => 'Industrial output contracts 0.1% in March 2019', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Factory output, as measured in terms of Index of Industrial Production (IIP) contracted by-0.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2019. It is lowest in 21 months, mainly due to slow down in manufacturing sector due to contraction in consumption, as well as investment. IIP’s previous low was recorded in June 2017, when output shrank by 0.3</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">In February 2019, IIP was almost flat, growing at 0.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%.</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It had expanded 5.3</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2018. During entire 2018-19 fiscal, it had witnessed 3.6 </span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">growth as against 4.4</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in the previous fiscal. </span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Breakaway of IIP in March 2019</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Manufacturing sector:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> Constituting 77.63</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">of IIP, contracted by 0.4</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2019 as compared to 5.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">expansion in the year-ago month.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Capital goods output</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">: It declined by 8.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> as against 3.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">contraction in March 2018.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Power sector growth</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">: It slowed to 2.2</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2019 as compared to 5.9</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> a year ago. </span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Mining sector</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> <strong>growth</strong>: It also dropped to 0.8</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2019 compared to 3.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">expansion a year ago.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Use-based classification growth rates in March 2019</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">: 2.5</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in primary goods, (-) 2.5</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> in intermediate goods and 6.4</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in infrastructure/ construction goods. Similarly, consumer durables and consumer non-durables have recorded growth of (-) 5.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">and 0.3</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> respectively.</span></span></span></span></li> </ul> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""><img alt="" src=" https://www.mediafire.com/convkey/c9e6/lb7m2s21hkletb26g.jpg" /></span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Index of Industrial Production (IIP)</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is composite indicator that measures short-term changes in volume of production of basket of industrial products during given period with respect to chosen base period.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is released on monthly basis by Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation (MoSPI). Base year is 2011-12.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It comprises 407 individual items and sector wise, these items fall into three categories-Manufacturing (405 items), Mining (1 items) & Electricity (1 item).</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">The separate weightages of the three sectors are 77.63</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">, 14.37</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">, 7.9</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> respectively. In IIP, combined weightages of eight core Industries is 40.27</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">In use wise composition, these 407 individual items are divided into capital goods, basic goods, intermediate goods and consumer goods.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Further, consumer goods are divided into consumer durables and consumer non-durables. In it, maximum weight is of basic goods, followed by Consumer Goods, followed by Intermediate and Capital Goods.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'iip-contracts-march-2019', 'image' => 'https://www.mediafire.com/convkey/a2f8/2cq3sjchkp4hx5j6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/a2f8/2cq3sjchkp4hx5j6g.jpg', 'metatitle' => 'Industrial output contracts 0.1% in March 2019', 'metakeyword' => 'In Economy and Business Current Affairs, Factory output, as measured in terms of Index of Industrial Production (IIP) contracted by-0.1% in March 2019.', 'metadescription' => 'Factory output, as measured in terms of Index of Industrial Production (IIP) contracted by-0.1% in March 2019.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/9q7p6pnixl1rtoi/Industrial_output.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 6 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 1293, 'title' => 'SEBI proposes framework for regulatory sandbox', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Market regulator Securities and Exchange Board of India (SEBI) has proposed framework for Regulatory Sandbox for financial institutions for fintech testing in its recently released discussion paper.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">SEBI’s Framework for Regulatory sandbox</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Definition of Regulatory sandbox:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It is defined as live, testing environment where new products, processes, services and business models can be deployed on limited set of eligible customers for specified period of time, with certain relaxations in the regulations and guidelines.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Objective of sandbox:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It is intended to serve as testing ground for new business models and technologies that benefits investors, Indian markets and Indian economy at large.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Eligibility:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> To begin with, all market participants registered with SEBI will be eligible to test within sandbox. At a later stage, it will be expanded to fintech start-ups and other fintech firms as well.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Risks:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> The applicant should provide adequate disclosure of potential risks to users participating in sandbox and seek prior confirmation from such users that they fully understand and accept the attendant risks. </span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Reports:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Participant must submit interim reports on the progress of the test to SEBI after receiving approval for conducting tests.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Duration of the sandbox testing:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It is proposed to be maximum of nine months with maximum extension (upon request) of three months. </span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">After completion of testing, SEBI shall decide whether to permit the product, process, service, or solution to be introduced in the market on a wider scale.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'sebi-framework-regulatory-sandbox', 'image' => 'https://www.mediafire.com/convkey/c032/6iogi4kugcarjaa6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/c032/6iogi4kugcarjaa6g.jpg', 'metatitle' => 'SEBI proposes framework for regulatory sandbox', 'metakeyword' => 'SEBI) has proposed framework for Regulatory Sandbox for financial institutions for fintech testing in its recently released discussion paper.', 'metadescription' => 'SEBI) has proposed framework for Regulatory Sandbox for financial institutions for fintech testing in its recently released discussion paper.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/56h36x5qcuvzs61/SEBI_proposes_framework_for_regulatory_sandbox.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 7 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 1373, 'title' => 'CII launches Fiscal Performance Index to assess Central, state budget', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Industry body Confederation of Indian Industry (CII) has launched 'Fiscal Performance Index' to assess quality of budgets presented by the Centre and state governments. It is innovative tool that will examine quality of Budgets at the Central and State levels using multiple indicators.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Fiscal Performance Index</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It has been constructed using UNDP's Human Development Index (HDI) methodology. It comprises six components for holistic assessment of the quality of government budgets.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Six components are </span></span></strong></span></span></li> </ul> <ol style="list-style-type:lower-roman"> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Quality of revenue expenditure: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">measured by the share of revenue expenditure other than interest payments, subsidies, pensions and defence in GDP. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Quality of capital expenditure:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> measured by share of capital expenditure (other than defence) in GDP. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Quality of revenue:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> ratio of net tax revenue to GDP (own tax revenue in case of States).</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Degree of fiscal prudence I:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> fiscal deficit to GDP.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Degree of fiscal prudence II</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">: revenue deficit to GDP.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Debt index:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Change in debt and guarantees to GDP.</span></span></span></span></li> </ol> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will also consider expenditure on infrastructure, education, healthcare and other social sectors can be considered beneficial for economic growth. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will also consider tax revenues are sustainable sources of revenue for the government as compared to one-time income sources.</span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Comment</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The index take into consideration holistic performance of all entities viewed from all angles of expenditure quality, revenue receipts quality, and fiscal prudence. It moves away from existing mechanism of assess Central, state budget from narrow and sole view of Fiscal Responsibility and Budget Management (FRBM) Act which sets targets for the governments to reduce fiscal deficits.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Confederation of Indian Industry (CII)</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is an association of Indian businesses which works to create environment conducive to growth of industry in India. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is a non-government, industry-led and industry-managed, not-for-profit organization. It was founded in 1895 and is headquartered in New Delhi.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It has over 9,000 members, from private as well as public sectors, including SMEs and MNCs and indirect membership of over 300,000 enterprises from around 265 national and regional sectoral industry bodies.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It works with Government on policy issues. It also has been catalyst of change in India’s economic policy reforms.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'cii-launches-fiscal-performance-index', 'image' => 'https://www.mediafire.com/convkey/d8ad/w6f8cxa62wf3jx96g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/d8ad/w6f8cxa62wf3jx96g.jpg', 'metatitle' => 'CII launches Fiscal Performance Index', 'metakeyword' => ' Confederation of Indian Industry, CII, launches, Fiscal Performance Index,assess quality of budgets, presented, Centre , state governments.', 'metadescription' => 'Industry body Confederation of Indian Industry (CII) has launched 'Fiscal Performance Index' to assess quality of budgets presented by the Centre and state governments.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/3hk54pzbmsd0w8w/CII_launches.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 8 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 1375, 'title' => 'India to grow at 7.5% in FY 20: World Bank ', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">According to recently released World Bank’s Global Economic Prospects, India is projected to grow at 7.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in the next three years supported by robust investment and private consumption. With this India will continue to retain position of being the fastest growing emerging economy in the world.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Key Highlights of report</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">China’s growth rate:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was 6.6</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in 2018.In in 2019, it is projected to be dropped to 6.2</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> and then subsequently to 6.1</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in 2020 and 6</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in 2021. Whereas India’s growth by 2021 is projected to be 1.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">more than China’s 6</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India’s Growth:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> India is estimated to have grown 7.2</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in fiscal year (FY) 2018/19, which ended March 2019. Slowdown in government consumption will be offseted by solid investment, which benefitted from public infrastructure spending.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is projected at 7.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in Fiscal Year 2019/20 (April 1, 2019 to March 31, 2020), unchanged from the previous forecast, and to stay at this pace through the next two fiscal years.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Private consumption and investment will benefit from strengthening credit growth amid more accommodative monetary policy, with inflation having fallen below RBI’s target.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India’s urban consumption was supported by pickup in credit growth, whereas rural consumption was hindered by soft agricultural prices.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">On production side, robust growth was broad-based, but there was slight moderation in services and agricultural activity accompanied by acceleration in industrial sector. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Weakening agricultural production reflected subdued harvest in major crops on the back of less rainfalls.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Services activity has softened mainly due to slowing trade, hotel, transport, and communication activity. Industrial sector will be benefited from strong construction and manufacturing with solid demand for capital goods. </span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-to-grow-in-fy-20-world-bank ', 'image' => 'https://www.mediafire.com/convkey/c9f2/6q747loqydbi8cd6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/c9f2/6q747loqydbi8cd6g.jpg', 'metatitle' => 'India to grow at 7.5% in FY 20: World Bank ', 'metakeyword' => ' World Bank, Global Economic Prospects, India to grow at 7.5% in the next three years, robust investment, private consumption', 'metadescription' => 'According to recently released World Bank’s Global Economic Prospects, India is projected to grow at 7.5% in the next three years supported by robust investment and private consumption', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/lhvil3e3k9mllzl/India_to_grow.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 9 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 1425, 'title' => 'SEBI proposes informant mechanism to curb insider trading', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Market Regulator Securities and Exchange Board of India (SEBI) has invited public comments on its recently released Discussion Paper on amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015 to provision for informant mechanism for insider trading. It proposes mechanism to formalize process of receiving information from whistle-blowers who expose insider trading violations. It also suggests measures to protect and award such informants.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Background</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The insider trading has been defined in SEBI (Prohibition of Insider Trading) Regulations, 2015. It defines it as means for trading of securities while in possession of unpublished price sensitive information (‘UPSI’). Insiders usually indulge in insider trading through proxy to whom relevant information is communicated. Direct evidence of such communication is seldom available, thus detection and prosecution of insider trading remains challenge. In this background, SEBI has proposed amendments to The SEBI (PIT) Regulations, 2015 which would include the following features.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Proposed amendments</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The new framework rewards and protects individuals who bring forward instances of violations of insider trading norms.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">If such information leads to final order by SEBI with minimum disgorgement of Rs.</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">5 crore, then monetary award of 10</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> of money coll</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">ected by SEBI, subject to cap of </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Rs.1 crore, can be given to informant. The reward will be paid from Investor Protection and Education Fund (IPEF). </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It mandates informant to fill Voluntary Information Disclosure Form (VIDF) with credible, complete and original information related to insider trading, including those pertaining to unpublished price-sensitive information.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It proposes establishment of Office of Informant Protection (OIP). It will be independent of the investigation and inspection wings of SEBI. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will make policy related to receipt and registration of VIDF, deciding on issue of grant of reward to informant upon completion of enforcement action and other related issues.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It mandates informant to disclose his or her identity at time of submission of complaint in the official format. It also allows filing of anonymous complaint through authorised representative who is practising advocate.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It mandates all listed companies and intermediaries to include provisions in their code of conduct to ensure that such individuals are not discharged, terminated, demoted, suspended, threatened or discriminated against, directly or indirectly. This is to protect complainants against victimization.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">However, incase complaint is found to be frivolous, it allows SEBI can initiate actions against the informant.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'sebi-informant-mechanism-curb-insider-trading', 'image' => 'https://www.mediafire.com/convkey/4c68/687v57o7qbhyezk6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/4c68/687v57o7qbhyezk6g.jpg', 'metatitle' => 'SEBI proposes informant mechanism to curb insider trading', 'metakeyword' => 'SEBI has invited public comments on its recently released Discussion Paper on amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015', 'metadescription' => 'SEBI) has invited public comments on its recently released Discussion Paper on amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/oqadwhez9wdqnla/SEBI_proposes.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 10 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 1494, 'title' => '20th Meeting FSDC held in New Delhi', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The 20th Meeting of the Financial Stability and Development Council (FSDC) was held under the Chairmanship of the Union Minister of Finance and Corporate Affairs Nirmala Sitharaman. It reviewed current global and domestic economic situation and financial stability issues including, inter-alia, those concerning Banking and NBFCs.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">20th Meeting of FSDC</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It appraised of progress made towards setting-up of Financial Data Management Centre (FDMC) to facilitate integrated data aggregation and analysis as also Computer Emergency Response Team (CERT-Fin) towards strengthening cyber security framework for the financial sector.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It also held consultations to obtain inputs and suggestions of financial sector regulators for Budget. All the regulators presented their proposals for the Union Budget 2019-20.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It also took note of activities undertaken by FSDC Sub-Committee Chaired by Governor, RBI and action taken by members on the decisions taken in earlier meetings.</span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Financial Stability and Development Council (FSDC)</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is super regulatory body (non-statutory) for regulating financial sector consisting of all regulators and Ministry Finance.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It was setup in 2010 by Indian Government as an executive body for bringing healthy and efficient financial system in economy of the country. It had replaced High Level Coordination Committee on Financial Markets (HLCCFM).</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Objective:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Strengthen and institutionalise mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Mandate:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It deals with issues relating to financial stability, inter–regulatory coordination, financial sector development, financial inclusion, financial literacy and macro prudential supervision of economy including functioning of large financial conglomerates.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Composition:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Union Finance Minister of India is chairman of FSDC. The other 12 members are Governor RBI, Chairman SEBI, Chairman IRDA, Chairman PFRDA, Minister of state (MoS) responsible for the Department of Economic Affairs (DEA), Secretary of Department of Electronics and Information Technology’, Revenue secretary, Finance Secretary and/or Secretary, Department of Economic Affairs, Secretary Department of Financial Services, Secretary Ministry of Corporate Affairs, Chief Economic Adviser (CEA) and Chairperson of Insolvency & Bankruptcy Board of India (IBBI).</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Sub-committee of FSDC:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It has been set up under Chairmanship of Governor RBI. It discusses and decides on issues relating to financial sector development and stability.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => '20th-meeting-fsdc-new-delhi', 'image' => 'https://www.mediafire.com/convkey/5f3f/9ch54m1pscxkku56g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/5f3f/9ch54m1pscxkku56g.jpg', 'metatitle' => '20th Meeting FSDC held in New Delhi', 'metakeyword' => 'The 20th Meeting of the Financial Stability and Development Council (FSDC) was held under the Chairmanship of the Union Minister of Finance and Corporate Affairs Nirmala Sitharaman', 'metadescription' => 'The 20th Meeting of the Financial Stability and Development Council (FSDC) was held under the Chairmanship of the Union Minister of Finance and Corporate Affairs Nirmala Sitharaman', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/u2eigeigrhb59n5/20th_Meeting.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 11 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 1554, 'title' => 'Ramesh Chand Working Group to revise WPI', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Union Ministry of Commerce & Industry has constituted 18 member Working Group for the revision of the current series of Wholesale Price Index (Base 2011-12). <strong>Ramesh Chand (Member, NITI Aayog) will be chairman of the Working Group.</strong> Office of Economic Adviser, Department for Promotion of Industry & Internal Trade (DPIIT) will be the nodal office for the Working Group and will process its report and recommendation for further necessary action. </span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Terms of Reference of the Working Group are: </span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Select most appropriate Base Year for preparation of new official series of Index Numbers of Wholesale Price (WPI) and Producer Price Index (PPI) in India.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Review commodity basket of current series of WPI and suggest additions or deletions of commodities in the light of structural changes in the economy witnessed since 2011-12.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Review existing system of price collection in particular for manufacturing sector and suggest changes for improvement.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Decide on computational methodology to be adopted for monthly WPI/PPI. It may also recommend roadmap for switch over from WPI to PPI.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Examine existing methodology of compilation of PPI approved by Technical Advisory Committee on Series of Prices and Cost of Living and suggest further improvement in compilation and presentation. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Examine method of computing linking factor adopted so far and suggest appropriate change in method of computing linking factor, if necessary.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Suggest any other improvements as may be necessary for enhancing reliability of official series of WPI / PPI.</span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Whoseale Price Index (WPI)</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is also known as the headline inflation rate (in India). It measures average change in the prices of commodities for bulk sale at level of early stage of transactions. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Its basket covers commodities falling under three major groups namely Primary Articles, Fuel and Power and Manufactured products. (The index basket of the present 2011-12 series has total of 697 items including 564 items for Manufactured Products, 117 items for Primary Articles and 16 items for Fuel & Power). <strong>WPI basket does not cover services.</strong></span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">WPI prices tracked are ex-factory price for manufactured products, mandi price for agricultural commodities and ex-mines prices for minerals. Weights given to each commodity covered in WPI basket is based on value of production adjusted for net imports. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Office of Economic Advisor (OEA), Department for Promotion of Industry & Internal Trade (DPIIT), Union Ministry of Commerce and Industry calculates the WPI.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The main uses of WPI are:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> (i) Provide estimates of inflation at wholesale transaction level for the economy as a whole. This helps in timely intervention by the Government to check inflation in particular, in essential commodities, before the price increase spill over to retail prices. (ii) It is used as deflator for many sectors of the economy including for estimating GDP by Central Statistical Organisation (CSO). (iii) It is also used for indexation by users in business contracts. (iv) Global investors also track WPI as one of the key macro indicators for their investment decisions.</span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Need of revision of WPI</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The current series of WPI with base year 2011-12 was introduced in May 2017. Since 2011-12 base year, Indian econmy has seen significant structural changes. Therefore, it has become necessary to examine coverage of commodities, their weightages and related issues pertaining to existing series of index numbers of WPI.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'ramesh-chand-working-group-revise-wpi', 'image' => 'https://www.mediafire.com/convkey/27c2/nxi7aznbmbaompd6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/27c2/nxi7aznbmbaompd6g.jpg', 'metatitle' => 'Ramesh Chand Working Group to revise WPI', 'metakeyword' => 'Union Ministry of Commerce & Industry has constituted 18 member Working Group for the revision of the current series of Wholesale Price Index (Base 2011-12). Ramesh Chand', 'metadescription' => 'Union Ministry of Commerce & Industry has constituted 18 member Working Group for the revision of the current series of Wholesale Price Index (Base 2011-12). Ramesh Chand', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/z46w54n2oy3gllm/Ramesh_Chand_Working_Group_to_revise_WPI.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 12 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 1651, 'title' => 'Economic Survey 2019 highlights', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Union Finance Minister Nirmala Sitharaman tabled her first Economic Survey ahead of full fledged Union Budget 2019. It was prepared by Chief Economic Adviser Krishnamurthy Subramanian. It lays out roadmap for Union Government's next five years. </span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The theme of Economic Survey 2019 is about enabling “shifting of gears" to sustained economic growth for objective of $5 trillion by 2024-25. It departs from traditional thinking by advocating growth model for India that views economy as being either in virtuous or vicious cycle, and thus never in equilibrium.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">State of the Economy in 2018-19: A Macro View</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India still the fastest growing major economy in 2018-19.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Growth of GDP moderated to 6.8 % in 2018-19 from 7.2 % in 2017-18.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Inflation contained at 3.4 % in 2018-19.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Non-Performing Assets (NPAs) as%age of Gross Advances reduced to 10.1 % at end December 2018 from 11.5 % at end March 2018.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Current account deficit manageable at 2.1 % of GDP.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Fiscal deficit of Central Government declined from 3.5 % of GDP in 2017-18 to 3.4 % in 2018-19.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Provisional estimate of 2.9% growth rate for the agriculture, forestry and fishing sector.</span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Highlights from the Economic Survey 2019</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Private Investment: It is key driver of simultaneous growth in demand, jobs, exports & productivity, capacity, labor productivity, new technology, creative destruction and job creation.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Government proposes to increase retirement age.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Data should be of the people, by the people, for the people.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Government proposes complete overhaul of minimum wages in India. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Dwarfs (firms with less than 100 workers) account for more than 50% of all organized firms in manufacturing by number. Contribution of dwarfs to employment is only 14% and to productivity is a mere 8%.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">To achieve vision of $5 trillion economy by 2024, India needs to shift its gears to accelerate and sustain a real GDP growth rate of 8%.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Using insights from behavioral economics to create aspirational agenda for social change.</span></span></span></span></li> </ul> <ol> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">From ‘Beti Baco Beti Padhao’ to ‘BADLAV’ (Beti Aapki Dhan Lakshmi Aur Vijay Lakshmi).</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">From ‘Swachh Bharat’ to ‘Sundar Bharat’</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">From ‘Give it up" for the LPG subsidy to ‘Think about the Subsidy’.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">From ‘Tax evasion’ to ‘Tax compliance’.</span></span></span></span></li> </ol> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Behavioral economics provides insights to ‘nudge’ people towards desirable behavior.</span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Key principles of behavioral economics:</span></span></strong></span></span></p> <ol> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Emphasizing the beneficial social norm.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Changing the default option.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Repeated reinforcements.</span></span></span></span></li> </ol> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Swachh Bharat mission: 93.1% of the households have access to toilets. 96.5% of those with access to toilets are using them in rural India.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India still the fastest growing major economy in 2018-19. Growth of GDP moderated to 6.8 per cent in 2018-19 from 7.2 per cent in 2017-18.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Accommodative RBI policy will help to cut real lending rates.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Political stability may push animal spirits of economy</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">January-March 2019 economic slowdown due to election related activity.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">NBFC sector stress reason for FY19 slowdown.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Oil prices seen declining in Financial Year 2020.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Declining in NPA should push up capital expenditure cycle.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Government policies expected to further lift restrictions on FDI inflows.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">2019-20 GDP growth seen picking up on robust consumption and higher private investment.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Exports may be hit by lower global growth, increased uncertainty over trade tension.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Investment rate picking up in FY2020 on higher credit growth and improved demand.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Working-age population will grow by about 97 lakhs per year in the upcoming decade.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'economic-survey-2019-highlights', 'image' => 'https://www.mediafire.com/convkey/a7d9/nal27r132gc2ajt6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/a7d9/nal27r132gc2ajt6g.jpg', 'metatitle' => 'Economic Survey 2019 highlights', 'metakeyword' => 'Union Finance Minister Nirmala Sitharaman tabled her first Economic Survey ahead of Union Budget 2019. It was prepared by Chief Economic Adviser Krishnamurthy Subramanian', 'metadescription' => 'Union Finance Minister Nirmala Sitharaman tabled her first Economic Survey ahead of Union Budget 2019. It was prepared by Chief Economic Adviser Krishnamurthy Subramanian', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/9bshlnlhcastl31/Economic_Survey_2019_highlights.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 13 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 1701, 'title' => 'IIP records slowdown in May 2019', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">According to data released by Central Statistics Office (CSO), factory output measured in terms of Index of Industrial Production (IIP) slowed to 3.1</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in May 2019, weighed down by muted growth in mining and manufacturing sectors. It had expanded by 3.8</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in May 2018. It had rose to 4.3</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in April 2019 after a sharp decline of 0.4</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in March 2019.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Breakaway of May 2019 IIP</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Mining and quarrying sector:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was one of only major sectors that saw growth accelerating, from contraction of 0.39% in December 2018 to growth of 3.9% in January. 2019.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Manufacturing sector:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It eased to 2.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Electricity sector:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It saw growth slowing to 0.8% from 4.45% over the same period</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Capital goods sector:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It slowed to 0.8</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">against 2.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> growth in April 2019.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Primary goods</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">: It slowed to 2.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> in May against 5.2%in April 2019.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Consumer sector:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Production of consumer durables contracted 0.1</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in May 2019 against healthy 2.4</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">growth in April 2019. Production of consumer non-durables grew to 7.7</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> in the same period against a 5.2</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> growth in April 2019.</span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Index of Industrial Production (IIP)</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is composite indicator that measures short-term changes in volume of production of basket of industrial products during given period with respect to chosen base period.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is released on monthly basis by Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation (MoSPI). Base year is 2011-12.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It comprises 407 individual items and sector wise, these items fall into three categories-Manufacturing (405 items), Mining (1 items) & Electricity (1 item).</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The separate weightages of the three sectors are 77.63%, 14.37%, 7.9% respectively. In IIP, combined weightages of eight core Industries is 40.27%.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">In use wise composition, these 407 individual items are divided into capital goods, basic goods, intermediate goods and consumer goods.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Further, consumer goods are divided into consumer durables and consumer non-durables. In it, maximum weight is of basic goods, followed by Consumer Goods, followed by Intermediate and Capital Goods.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'ipp-records-slowdown', 'image' => 'https://www.mediafire.com/convkey/4015/2bax6pc672c2t3k6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/4015/2bax6pc672c2t3k6g.jpg', 'metatitle' => 'IIP records slowdown in May 2019', 'metakeyword' => 'factory output measured in terms of Index of Industrial Production (IIP) slowed to 3.1% in May 2019, weighed down by muted growth in mining and manufacturing sectors', 'metadescription' => 'factory output measured in terms of Index of Industrial Production (IIP) slowed to 3.1% in May 2019, weighed down by muted growth in mining and manufacturing sectors', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/i44h1bdr2bb1vhv/IIP_records_slowdown_in_May_2019.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 14 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 1702, 'title' => 'India’s foreign exchange reserves rise to record high of US $429.91 billion', 'description' => '<h2 style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">According to recently released Reserve Bank of India (RBI) data, India’s foreign exchange (forex) reserves rose by US$ 2.23 billion to reach record high US$ 429.91 billion in week ended 05 July 2019. The rise was on account of rise in value of gold and currency assets</span></span></span></span></h2> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Breakaway of forex reserves (in the reporting week)</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Foreign currency assets:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It is major component of the overall reserves. It increased by US $906.8 million to US $400.809 billion,</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Gold reserves:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It increased by US $1.345 billion, taking total to US $24.304 billion.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Special drawing rights (SDRs) with International Monetary Fund:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It came down by US $4.7 million to US $1.451 billion.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Reserve position with IMF:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It also dipped by US $15.3 million to US $3.346 billion.</span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Forex Reserve</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">They are reserve assets held by central bank of the country in foreign currencies. These reserve acts as buffer to be used in challenging times. They are also used as back liabilities and also to influence monetary policy. Almost all countries in world, regardless of size of their economy, hold significant forex reserves.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Components of India’s FOREX Reserves:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Foreign currency assets (FCAs), Special Drawing Rights (SDRs), Gold Reserves and RBI’s Reserve position with International Monetary Fund (IMF). FCAs constitute largest component of India’s forex Reserves. It is expressed in dollar terms and includes effect of appreciation/depreciation of non-US units like the euro, pound and the yen held in the reserves.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'indias-foreign-exchange-reserves', 'image' => 'https://www.mediafire.com/convkey/6e04/dzxm8ne4yzaxauj6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/6e04/dzxm8ne4yzaxauj6g.jpg', 'metatitle' => 'India’s foreign exchange reserves rise to record', 'metakeyword' => 'India’s foreign exchange (forex) reserves rose by US$ 2.23 billion to reach record high US$ 429.91 billion in week ended 05 July 2019', 'metadescription' => 'India’s foreign exchange (forex) reserves rose by US$ 2.23 billion to reach record high US$ 429.91 billion in week ended 05 July 2019', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/591sm2ihnwraytl/India%C6s_foreign_exchange_reserves_rise.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 15 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 2061, 'title' => 'India records slowest GDP growth', 'description' => '<p><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Issue</span></strong></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The Central Statistics Office released the </span></span></span><strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Gross Domestic Product</span></span></strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black"> numbers for April-June quarter, which showed India’s GDP expanded 5% in the quarter through June , the slowest pace in six and half years.</span></span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">As consumer demand and private investment slowed at a time when global trade frictions have dampened business sentiment, Indian econoimy grew at a pace less than 6% in the current quarter of the financial year 2018-19.</span></span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details </span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Manufacturing’ sector</span></strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black"> grew by 0.6 percent as compared to growth of 12.1 per cent in Q1 2018-19. </span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">GVA </span></strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">for </span></span></span><strong><span style="color:black">‘Agriculture, Forestry and Fishing’ </span></strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">sector grew by 2 percent as compared to growth of 5.1 percent in Q1 2018-19. </span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> <strong><span style="color:black">‘Mining and Quarrying’</span></strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black"> sector grew by 2.7 percent as compared to growth of 0.4 percent in Q1 2018-19.</span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> <strong><span style="color:black">Electricity,Gas, Water Supply and Other Utility Services’ sector grew by 8.6 % as opposed to 6.7 % in Q1 2018-19.</span></strong></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Trade, Hotels, Transport, Communication and Services</span></strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black"> grew by 7.1 percent as compared to growth of 7.8 percent in Q1 2018-19. </span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="color:black">Financial, Real Estate and Professional Service</span></strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">s grew by 5.9 percent as compared to growth of 6.5 percent in Q1 2018-19. </span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> <strong><span style="color:black">Public Administration, Defence and Other Services</span></strong><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black"> grew by 8.5 percent as compared to growth of 7.5 percent in Q1 2018-19. </span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif""><span style="color:black">Construction sector</span></span></strong><span style="font-family:"Times New Roman","serif""><span style="color:black"> grew by 5.7 % as compared to 9.7 % in Q1 of 2018-19.</span></span></span></span></li> </ul> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Measures to boost growth</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The RBI has cut the key lending rate four times in succession by a total of 110 basis points. This move is expected to increase cash flow in the market.</span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Public sector banks will get an immediate recapitalization of ?70,000 crore to ease the liquidity crisis, which is hurting big and small traders.</span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Simplifying the goods and services tax (GST) further, besides providing relief to the ailing auto sector, which is grappling with the worst slump in passenger vehicle sales in nearly two decades. </span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The government has allowed 100% FDI in coal and associated sectors to attract investments and boost growth.</span></span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-records-slowest-gdp-growth', 'image' => 'https://www.mediafire.com/convkey/8728/0suga99luer293l6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/8728/0suga99luer293l6g.jpg', 'metatitle' => 'India records slowest GDP growth', 'metakeyword' => 'India records slowest GDP growth', 'metadescription' => 'The Central Statistics Office released the Gross Domestic Product numbers for April-June quarter, which showed India’s GDP expanded 5% in the quarter', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/957wctanzrxu1bi/India_records_slowest_GDP_growth.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 16 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 2145, 'title' => 'Imported inflation', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Indian rupee breached the 72-a-dollar mark last week, due to weak local and global economic indicators. The weakening of the domestic currency in the past two months has renewed concerns of a return of imported inflation.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Imported Inflation</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">When the general price level rises in a country due to the rise in prices of imported commodities like petroleum, gold , fertilisers etc , inflation is termed imported. Inflation may also rise due to depreciation of the domestic currency, which pushes up the rupee cost of imported items.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Largest contributors to Indian imports</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Petroleum and related products</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Precious stones</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Organic chemicals</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Vegetable oil</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Plastics</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India is a net importer on economic front. If the rupee depreciation is sustained, there will be an impact on inflation.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Imported inflation has sustained mainly through the fuel component. Any sustained increase in oil prices past the $65-per-barrel mark can be a concern. The price of gold, another key contributor to India’s imports, is hovering at $1540 an ounce.This can be a concern too.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The rupee is among the worst performing Asian currencies and has depreciated around 2.72% this year. Analysts believe that rupee to be range-bound around 71-73 per dollar in the near term. This could elevate the problem of inflation.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Way ahead</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The experts are have not pressed the panic button on imported inflation yet but a fragile global economy and trade tensions require a close watch on this indicator.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s Current Account Deficit is below 2% and hence India’s external position is expected to remain manageable.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'imported-inflation', 'image' => 'https://www.mediafire.com/convkey/63c8/u4wjwlwclhrayw16g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/63c8/u4wjwlwclhrayw16g.jpg', 'metatitle' => 'Imported inflation', 'metakeyword' => 'Imported inflation', 'metadescription' => 'The Indian rupee breached the 72-a-dollar mark last week, due to weak local and global economic indicators. The weakening of the domestic currency', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/xk6jxku72jr9fsg/Imported_inflation.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 17 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 2233, 'title' => 'WPI inflation', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India's wholesale price inflation remained unchanged at 1.08% in August as inflation for manufactured items fell to 0%, which showed the reduction of pricing power of producers.</span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>WPI</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>The Wholesale Price Index</strong> (WPI) is the price of a <strong>representative basket of wholesale goods. </strong></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The WPI is published by the <strong>Economic Adviser in the Ministry of Commerce and Industry.</strong></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Wholesale Price Index focuses on the price of goods traded between corporations, rather than goods bought by consumers, which is measured by the Consumer Price Index.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> The purpose of the WPI is to monitor price movements that reflect supply and demand in industry, manufacturing and construction. This helps in analyzing both macroeconomic and microeconomic conditions.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Many manufactured items has seen negative inflation or deflation including vegetable and animal oils, leather and apparel products, paper, rubber, chemicals, steel, basic metals among others.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Fuel inflation also fell into negative territory. However, this may be short-lived due to disruption in crude oil supply from Saudi Arabia.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Food inflation accelerated to 7.67% in August from 6.15% a month ago.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Implications</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Although RBI does not consider WPI inflation for implementing its monetary policy, low level of retail inflation and sagging growth conditions may force RBI to cut policy rate for fifth consecutive time.</span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'wpi-inflation', 'image' => 'https://www.mediafire.com/convkey/6f0d/tg1sfsggq04ixny6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/6f0d/tg1sfsggq04ixny6g.jpg', 'metatitle' => 'WPI inflation', 'metakeyword' => 'India's wholesale price inflation remained unchanged at 1.08%', 'metadescription' => 'India's wholesale price inflation remained unchanged at 1.08% in August as inflation for manufactured items fell to 0%, which showed the reduction of pricing power of producers.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/4abnifz12z1y24n/WPI_inflation.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 18 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 2292, 'title' => 'Fiscal deficit', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NITI Ayog vice-chairman Rajiv Kumar has said that the ?1.45 lakh crore tax giveaway is unlikely to widen fiscal deficit as the shortfall will be met through increased tax collections due to higher growth.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had announced tax cuts for corporates by 10-12% points, bringing down the effective corporate tax to 25.17% inclusive of all cess and surcharges for domestic companies.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Budget had estimated fiscal deficit at 3.3% of the GDP for the current fiscal but many analysts say it will be overshooting by at least 70 bps to 4.1% as the quantum of the giveaways is worth 0.7% of the GDP.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is said that India’s tax buoyancy has been very good. Therefore, both direct and in direct tax collections will go up with growth after the tax cuts. The higher revenue from tax and non-tax fronts will help the government finance the fiscal deficit.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Fiscal Deficit</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings needed by the government.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A fiscal deficit occurs when a government's total expenditures exceed the revenue that it generates, excluding money from borrowings.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A deficit is usually financed through borrowing from either the central bank of the country or raising money from capital markets by issuing different instruments like treasury bills and bonds.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Impact of Fiscal deficit</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Budget deficits crowd out private borrowing, manipulate capital structures and interest rates, decrease net exports, and lead to either higher taxes, higher inflation or both.</span></span></p> <p style="margin-right:0cm"> </p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'fiscal-deficit', 'image' => 'https://www.mediafire.com/convkey/58c0/lb3okae0fns0ajj6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/58c0/lb3okae0fns0ajj6g.jpg', 'metatitle' => 'Fiscal deficit', 'metakeyword' => ' Budget deficits crowd out private borrowing, manipulate', 'metadescription' => ' Budget deficits crowd out private borrowing, manipulate capital structures and interest rates, decrease net exports, and lead to either higher taxes', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/vxmcixymz7yjxnh/Fiscal_deficit.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 19 => object(Cake\ORM\Entity) { 'tag' => 'Basics of Economics', 'keyword' => 'basics-of-economics', 'id' => (int) 2395, 'title' => 'Current Account deficit narrows down', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s current account deficit (CAD) narrowed to 2% of Gross Domestic Product (GDP) during April-June quarter from 2.3% during the same period a year ago according to data released by the Reserve Bank of India.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">CAD is one of the key indicators of an economy’s health and measures the difference between the value of the goods and services a country imports and the value of its exports.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Net services receipts rose 7.3% year-on-year in quarter ended June due to rise in net earnings from travel, financial services and telecommunications, computer and information services. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Private transfer receipts, an indicator of remittances by Indians employed overseas, grew 6.2% on-year to $19.9 billion.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Healthy growth in the surplus of services and secondary income, as well as lower crude oil prices helped to restrain the size of the current account deficit in Q1 FY2020 (April-June), despite a sharp increase in gold imports.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Net foreign direct investment was $13.9 billion in April-June as compared with $9.6 billion during the same period a year ago.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Net inflow of foreign portfolio investment was $4.8 billion in the quarter ended June as compared to $8.1 billion a year ago, due to net purchases in both debt and equity markets.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government expect the current account deficit to decline substantially to $10-11 billion in Q2FY20 (July-September) from $19 billion in Q2 FY2019 (July-September), on the back of moderate crude oil prices and a weak demand for gold imports.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Current Account Deficit</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A country's current account is one of the two components of its balance of payments, the other being the capital account (also known as the financial account). </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The current account consists of the <strong>balance of trade, net primary income or factor income</strong> (earnings on foreign investments minus payments made to foreign investors) and <strong>net cash transfers</strong>, that have taken place over a given period of time. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The current account balance is one of two major measures of a country's foreign trade (the other being the net capital outflow). </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A current account surplus indicates that the value of a country's net foreign assets (i.e. assets less liabilities) grew over the given period, and a current account deficit indicates that it shrank.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A positive current account balance indicates the nation is a net lender to the rest of the world, while a negative current account balance indicates that it is a net borrower from the rest of the world. </span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'current-account-deficit-narrows-down', 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