Tag Wise Current Affairs
Tag: Economic Planning
Recommendations of Anoop Satpathy Committee on National Minimum Wage
Tags: Economic Planning
Published on: 15 February 2019
IIP growth rises by 4.3% and retail inflation by 3.2%
Tags: Economic Planning
Published on: 13 September 2019
India’s Forex reserves crosses $450 billion for the first time
Tags: Economic Planning
Published on: 06 December 2019
Forex reserves soar despite negative GDP growth
Tags: Economic Planning
Published on: 05 January 2021
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'title' => 'Recommendations of Anoop Satpathy Committee on National Minimum Wage',
'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">Expert Committee on <strong>“Determining the Methodology for Fixation of the National Minimum Wage (NMW)”, </strong>headed by Dr. Anoop Satpathy has submitted its report. The committee was constituted by Union Ministry of Labour and Employment in January 2017 to review and recommend methodology for fixation of NMW on recommendations of Central Advisory Board (CAB) on Minimum Wages.</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-family:"Quicksand",serif">It has examined and evaluated standards of national minimum wages and determined base level National minimum wages/wages through evidence-based approach. It undertook rigorous analysis and verified changes in demographic structure, nutritional intakes, consumption pattern, composition of food baskets and relative importance of non-food consumption items to address realities in Indian context.</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">Recommendations of Expert Committee</span></strong></span></span></p>
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<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">National Minimum Wage for India:</span></strong><span style="font-family:"Quicksand",serif"> to be fixed at Rs 375 per day or Rs 9,750/month irrespective of sectors, skills, occupations and rural-urban locations for family comprising of 3.6 consumption units. </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">Minimum nutritional requirement:</span></strong><span style="font-family:"Quicksand",serif"> It is culturally edible for fixation of national minimum wage. Proposed particular amount of food items per day per person to constitute national level balanced food basket.</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 amount is more or less than 10% of 2400 calories + proteins greater than or equal to 50 gm + fats greater than or equal to 30 gm per day per person.</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 as per nutritional requirement norms as recommended by the Indian Council of Medical Research (ICMR).</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">Expenditure on essential non-food items:</span></strong><span style="font-family:"Quicksand",serif"> Minimum wage should include reasonable expenditure on essential non-food items such as clothing, fuel, house rent, education, light, medical expenses, footwear and transport which must be equal to the median class.</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">Expenditure on any other non-food items should be equivalent to 25-30% of household expenditure distribution as per National Sample Survey Office (NSSO) survey data of 2011-12.</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">Additional Allowance:</span></strong><span style="font-family:"Quicksand",serif"> additional house rent allowance or city compensatory allowance of Rs 55 per day or Rs 1,430 per month should be for urban workers over and above minimum national wage.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Updation:</span></strong><span style="font-family:"Quicksand",serif"> Basic minimum wage must be revised and updated at least every six months in line with Consumer Price Index (CPI) to reflect changes in the cost of living.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Food consumption basket should be revived once in every five years, subject to the availability of NSSO-CES data.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Regional classification of national minimum wages</span></strong><span style="font-family:"Quicksand",serif">: It will take account different geographical regions of the country and suit to local realities.</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">States have been grouped into five regions and region specific national minimum wages has been recommended.</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">Region I (national minimum wage Rs 342 per day or Rs 8,892 per month): </span></strong><span style="font-family:"Quicksand",serif">It will cover states of Assam, Bihar, Jharkhand, Madhya Pradesh, Odisha, Uttar Pradesh, and West Bengal.</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">Region II (Rs 380 per day or Rs 9,880 per month): </span></strong><span style="font-family:"Quicksand",serif">Andhra Pradesh, Telangana, Chhattisgarh, Rajasthan, Jammu & Kashmir and Uttarakhand.</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">Region III (Rs 414 per day or Rs 10,764 per month): </span></strong><span style="font-family:"Quicksand",serif">Gujarat, Karnataka, Kerala, Maharashtra, and Tamil Nadu.</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">Region IV (Rs 447 per day or Rs 11,622 per month):</span></strong><span style="font-family:"Quicksand",serif"> Delhi, Goa, Haryana, Himachal Pradesh and Punjab.</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">Region V (Rs 386 per day, Rs 10,036 per month):</span></strong><span style="font-family:"Quicksand",serif"> Arunachal Pradesh, Manipur, Meghalaya, Nagaland, Sikkim, Mizoram and Tripura</span></span></span></li>
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'metatitle' => 'Recommendations of Anoop Satpathy Committee on National Wage',
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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 Statistics and Programme Implementation (MoSPI) will be conducting the seventh economic census after the gap of 5 years. MoSPI has partnered with Common Service Centres, CSC e-Governance Services India Limited, a Special Purpose Vehicle (SPV) under Union Ministry of Electronics and Information Technology as the implementing agency for 7th EC</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"">7th Economic Census</span></span></strong></span></span></p>
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<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 will undertake complete count of all establishment located within the geographical boundary of the country. It will help to put in place threshold turnover in monetary terms for households/ establishments for inclusion in the coverage of the Census. </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"">Coverage:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It will cover all establishments including household enterprises, engaged in production or distribution of goods or services in the non-farm agricultural and non-agricultural sector will be counted. It will also identify villages with no economic activity for policy purposes.</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"">Implementing agencies: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> MoSPI and CSC e-Governance Services India Limited.</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"">Digital Support:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It will be carried out through an IT-based digital platform for data capture, validation, report generation and dissemination.</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"">National Business Register:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Economic Census will help to prepare a National Business Register which can be linked with existing databases at the central and state government levels. It will list of all establishments, tagged by geographical location up to village/ward level for local level planning purposes and provide information on number of workers working in establishments (which are under operation), activity-wise and area-wise.</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"">Technical modalities: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Task group comprising representatives from NCAER, EPIC-India, Department of Industrial Policy and Promotion, labour and employment ministry, GST Network, Reserve Bank of India and NITI Aayog, will look at technical modalities related to the conduct of the census.</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 Economic Censuses</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 was launched in 1976 as a plan scheme. It undertakes complete count of all establishments located within the geographical boundary of the country.</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 provides detailed information on operational and other characteristics such as number of establishments, source of finance, type of ownership, number of persons employed etc.</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 covers all entrepreneurial units in the country involved in any economic activities of either agricultural or non-agricultural sector and engaged in production and distribution of goods and or services not for own consumption.</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"">Information gather from this census is used for micro level/ decentralized planning and to assess contribution of various sectors of the economy in the gross domestic product (GDP).</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"">So far total Six Economic Censuses (EC) have been conducted till date. The first in 1977, second in 1980, third in 1990, fourth in 1998, fifth in 2005 and sixth edition in 2013.</span></span></span></span></li>
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'tag' => 'Economic Planning',
'keyword' => 'economic-planning',
'id' => (int) 1958,
'title' => 'Economic slowdown in India',
'description' => '<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:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"><br />
<span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="background-color:white">That the Indian economy is slipping into a recession is quiet apparent. The real GDP growth has gone down from a peak of 8.2% in 2016-17 to 6.8% in 2018-19, with the fourth quarter of 2018-19 dipping to 5.8%. The first quarter of 2019-20 is expected to dip further to 5.6%.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"> </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:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"> </p>
<p style="margin-left:0in; margin-right:0in"><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:#111111">There have been four global recessions since World War II, beginning in 1975, 1982, 1991 and 2009. This last recession was the deepest and widest of them all. Since 2010, the world economy has been in a process of recovery although slowly.</span></span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"> </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:12.0pt"><span style="font-family:"Times New Roman","serif"">What is Economic Slowdown?</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"">A recession or economic slowdown is a business cycle contraction when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending. </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"">Reasons for recession can be various events, such as a financial crisis, an external trade shock, an adverse supply shock or the bursting of an economic bubble.</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:12.0pt"><span style="font-family:"Times New Roman","serif"">Reasons for Economic slowdown</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"">The fall in private consumption, has gone down since the second quarter of 2018-19. Private consumption has been the main driver of India's growth, contributing about 60% to GDP, and its fall is dragging economic growth further down.</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"">Gross savings have fallen from 31.1% of GDP in 2015-16 to 30.5% in 2017-18 mainly contributed by the household sector savings, which declined from <strong>23.6% of GDP</strong> in 2011-12 to <strong>17.2% of GDP</strong> in 2017-18. </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"">With this decline, investment rate has gone down. This decline in wages hit private consumption due to stagnation in income and household savings declined</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:12.0pt"><span style="font-family:"Times New Roman","serif"">Measures to tackle slowdown</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"">Since consumption expenditure is directly linked to income, especially for the lower and middle income working population of India, the idea is to improve their wages to spur consumption demand</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"">Major tasks of the government would be to design appropriate macroeconomic responses to check the sharp decline in wages or income levels of working population and also to boost consumption and savings rate to propel growth.</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"">To boost agricultural growth PM-Kisan scheme, which proposes an income transfer of Rs 6,000 per year to all farmers, could be seen as a measure but this scheme leaves out from its cover the most vulnerable and numerically bigger group which are the landless agricultural laborers, who constitute more than half of the total agriculture workforce in India.</span></span></span></span></li>
</ul>
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'tag' => 'Economic Planning',
'keyword' => 'economic-planning',
'id' => (int) 2191,
'title' => 'IIP growth rises by 4.3% and retail inflation by 3.2%',
'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 factory output accelerated to 4.3% in July from 1.2% a month ago, while retail inflation increased to 3.21% in August from 3.15% in the previous month.</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">India’s economy reported its weakest growth in more than six years at 5% in the June quarter and slowed for the sixth straight quarter, prompting the government to initiate measures to spur economic activity.</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">This is the 13th month in a row for a sub-4% retail inflation figure. The Index of Industrial Production (IIP) grew 6.5% in July 2018.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RBI has projected India’s <strong>gross domestic product</strong> <strong>growth for 2019-20 at 6.9%.</strong> Moody’s has pegged GDP growth at <strong>6.4%</strong> for the same period.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Manufacturing made a strong comeback, growing at <strong>4.2%,</strong> while electricity surprisingly decelerated, growing at only <strong>4.8%. </strong></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mining output grew at a robust pace of <strong>4.9% </strong>during the month. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Consumer durables also shrank <strong>2.7%</strong> due to the slump in automobile sales while consumer non-durables grew at a healthy pace of <strong>8.3%.</strong></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Food inflation quickened to <strong>2.99%</strong> in August from <strong>2.36%</strong> a month ago on the back of rising prices of meat and fish, vegetables and pulses.</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>IIP</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Index of Industrial Production (IIP) is an index which shows the growth rates in different industry groups of the economy in a stipulated period of time.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The IIP index is computed and published by the Central Statistical Organisation (CSO) on a monthly basis.</span></span></p>
</li>
</ul>
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'tag' => 'Economic Planning',
'keyword' => 'economic-planning',
'id' => (int) 2539,
'title' => 'IMF downgrades Indian growth prediction',
'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 growth projections have been downgraded by the International Monetary Fund to 6.1% and 7.0% in 2019 and 2020 respectively, owing to global slowdown.</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 IMF has said that rising trade barriers, heightened uncertainty around trade and geopolitics, idiosyncratic factors and structural factors such as low productivity growth were the causes behind a synchronized slowdown.</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">World output is projected to increase to a modest 3.4% in 2020 , still lower by 0.2% than the April projection.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Emerging economies will show increased growth from 3.9% in 2019 to 4.6% in 2020, while advanced economies will slow to 1.7% in 2019 and 2020.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The IMF has said that in India there has been a negative impact on growth that’s come from financial vulnerabilities in the non-bank financial sector and the impact that’s had on consumer borrowing and borrowing of small and medium enterprises.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Goverment’s role</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Indian government had announced a number of policy measures to support a recovery including slashing the corporate tax rate and a rollback of surcharges on foreign portfolio investor.</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>Measures</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Monetary policy easing, cuts to corporate tax, measures to address environmental and corporate uncertainty, and government programs to boost rural consumption.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Defusing trade tensions, reinstating multilateral cooperation and providing timely support to economic activity is needed.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>IMF</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The International Monetary Fund (IMF), is an international organization headquartered in Washington, D.C.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It consists of 189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world while periodically depending on World Bank for its resources.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It was formed in 1944 at the Bretton Woods Conference and came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It now plays a central role in the management of balance of payments difficulties and international financial crises.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The current Managing Director (MD) and Chairwoman of the International Monetary Fund is Bulgarian Economist <strong>Kristalina Georgieva</strong>.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Gita Gopinath</strong> is the current Chief-economist of the organisation.</span></span></p>
</li>
</ul>
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'title' => 'India’s Forex reserves crosses $450 billion for the first time',
'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 foreign exchange reserves crossed the $450-billion mark for the first time ever on the back of strong inflows that enabled the central bank to buy dollars from the market.</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">At $451.7 billion, the country’s import cover is now over 11 months. The rise in foreign exchange reserves will give the central bank the power to act against any sharp depreciation of the rupee.</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 foreign direct investment rose to $20.9 billion in the first half of 2019-20 from $17 billion a year ago while net foreign portfolio investment was $8.8 billion in April-November 2019 as against net outflows of $14.9 billion in the same period last year.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During the taper tantrums of 2013, India’s foreign exchange reserves fell to $274.8 billion in September of 2013, prompting the Centre and RBI to unleash measures to attract inflows.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s foreign exchange reserves had fallen to $274.8 billion in September of 2013, prompting the Centre and RBI to unleash measures to attract inflows. It has been a steady rise for the reserves since then, with $175 billion added in the last six years.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Forex reserves</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Foreign exchange reserves (also called forex reserves or FX reserves) are cash and other reserve assets held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Foreign exchange reserves can include banknotes, deposits, bonds, treasury bills and other government securities.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central bank holds a significant amount of reserves in their foreign exchange. Most of these reserves are held in the U.S. dollar since it is the most traded currency in the world.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Components of Forex</span></span></p>
</li>
</ul>
<ul style="margin-left:40px">
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Foreign Currency Assets.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gold.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Special Drawing Rights (SDRs)</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Reserve Tranche Position.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Taper Tantrums</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The phrase, taper tantrum, describes the 2013 surge in U.S. Treasury yields, resulting from the Federal Reserve's (Fed) announcement of future tapering of its policy of quantitative easing. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Fed announced that it would be reducing the pace of its purchases of Treasury bonds, to reduce the amount of money it was feeding into the economy. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The ensuing rise in bond yields in reaction to the announcement was referred to as a taper tantrum in financial media.</span></span></p>
</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">Reserve Bank of India (RBI) has announced a move entailing simultaneous purchase and sale of government bonds/securities through special open market operations (OMOs). This has been termed as the smalller version of ‘<strong>Operation twist</strong>’.</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">Two rounds of the monetary policy move, termed as a local version of 'Operation Twist' in financial circles, have been conducted by RBI after a careful review of the liquidity situation.</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">In the latest round, the central bank bought 10-year bonds or securities worth Rs 10,000 crore and managed to sell short-term securities worth Rs 8,501 crore.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Earlier this month, RBI purchased govt securities (10-year bonds) worth Rs 10,000 crore and sold off short-term securities to the tune of Rs 6,825 crore respectively.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Operation Twist</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Operation Twist is an RBI initiative that aims to control long-term bond yields and bring down interest rates on long-term borrowing.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Operation Twist was a term given to a monetary policy tool used by the US on two occasions to influence market interest rates. The US conducted the original "Operation Twist" in 1961 and again in 2011. The key aim, in both scenarios, was to lower long-term interest rates.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The financial tool also helps in either reducing liquidity in the market or increasing it, based on the simultaneous sale and purchase of bonds.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In both scenarios where the US initiated Operation Twist, it was to combat a period of recession and prolonged slow growth. Like the US, India has been encountering a period of a prolonged period of slow growth since the first half of 2019.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Idea behind the operation</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India's economy is reeling under pressure due to a slew of factors including a slump in demand and lower consumption. The central bank has cut 135 basis points throughout the year, but has achieved little in terms of boosting demand.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Experts say the move is necessary because the present market conditions in India have made investors/customers hesitant in making long-term investments or availing long-term loans.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As the central bank buys more long-term security and sells off short term bonds, the bond yield -- the return an investor gets on his holding - comes down significantly. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Since long-term bond yield (10-year government securities) is a key market interest rate, lower rates can help people avail more long-term loans. It also helps in bringing down overall borrowing costs for the government.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Open Market Operations</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Open market operations is the sale and purchase of government securities and treasury bills by RBI or the central bank of the country. The objective of OMO is to regulate the money supply in the economy.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">By using this system of open market purchasing, the Federal Reserve can produce the target federal funds rate it has set.</span></span></p>
</li>
</ul>
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<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s foreign exchange reserves have zoomed by over $103 billion in the current fiscal. It looks all set to surpass the all-time-high increase of $110.5 billion recorded in 2007-08.</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">In 2007-08, the economy was booming, registering a gross domestic product growth of 9.3 percent on top of 9.6 per cent and 9.5 per cent in the preceding two years. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Centre’s fiscal deficit, too, was a mere 2.5 percent of GDP. India could, then, easily withstand the shock from the global economic crisis that followed one year later.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The economy, by contrast, has contracted by 14.9 percent year-on-year in April-September 2020-21 and the RBI expects growth for the whole fiscal to be -7.5 per cent.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The most optimistic projection of the Centre’s fiscal deficit for 2020-21 is at 6.5-7 per cent of GDP (as against the budgeted 3.5 per cent).</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>Reasons for forex growth</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The forex reserve accumulation in 2020-21 has been driven mainly by the country’s current account balance turning positive at $34.7 billion during April-September. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Foreign portfolio investors, too, have pumped $28.65 billion into Indian equity and debt markets so far this fiscal.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The current account surplus has also been supplemented by some foreign capital inflows. Reliance Industries alone attracted global investments aggregating $27 billion in its Jio Platforms digital and retail businesses.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The 10-year US treasury yields currently at 0.91 percent, 0.19 percent for UK, 0.01 percent for Japanese, and minus 0.58 percent for German government bonds of the same tenure. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The investors are being pushed to seek returns in emerging market economies offering relatively higher returns.</span></span></p>
</li>
</ul>
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<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s foreign exchange reserves have zoomed by over $103 billion in the current fiscal. It looks all set to surpass the all-time-high increase of $110.5 billion recorded in 2007-08.</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>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In 2007-08, the economy was booming, registering a gross domestic product growth of 9.3 percent on top of 9.6 per cent and 9.5 per cent in the preceding two years. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Centre’s fiscal deficit, too, was a mere 2.5 percent of GDP. India could, then, easily withstand the shock from the global economic crisis that followed one year later.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The economy, by contrast, has contracted by 14.9 percent year-on-year in April-September 2020-21 and the RBI expects growth for the whole fiscal to be -7.5 per cent.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The most optimistic projection of the Centre’s fiscal deficit for 2020-21 is at 6.5-7 per cent of GDP (as against the budgeted 3.5 per cent).</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>Reasons for forex growth</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The forex reserve accumulation in 2020-21 has been driven mainly by the country’s current account balance turning positive at $34.7 billion during April-September. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Foreign portfolio investors, too, have pumped $28.65 billion into Indian equity and debt markets so far this fiscal.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The current account surplus has also been supplemented by some foreign capital inflows. Reliance Industries alone attracted global investments aggregating $27 billion in its Jio Platforms digital and retail businesses.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The 10-year US treasury yields currently at 0.91 percent, 0.19 percent for UK, 0.01 percent for Japanese, and minus 0.58 percent for German government bonds of the same tenure. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The investors are being pushed to seek returns in emerging market economies offering relatively higher returns.</span></span></p>
</li>
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style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Expert Committee on <strong>“Determining the Methodology for Fixation of the National Minimum Wage (NMW)”, </strong>headed by Dr. Anoop Satpathy has submitted its report. The committee was constituted by Union Ministry of Labour and Employment in January 2017 to review and recommend methodology for fixation of NMW on recommendations of Central Advisory Board (CAB) on Minimum Wages.</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-family:"Quicksand",serif">It has examined and evaluated standards of national minimum wages and determined base level National minimum wages/wages through evidence-based approach. It undertook rigorous analysis and verified changes in demographic structure, nutritional intakes, consumption pattern, composition of food baskets and relative importance of non-food consumption items to address realities in Indian context.</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">Recommendations of Expert Committee</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">National Minimum Wage for India:</span></strong><span style="font-family:"Quicksand",serif"> to be fixed at Rs 375 per day or Rs 9,750/month irrespective of sectors, skills, occupations and rural-urban locations for family comprising of 3.6 consumption units. </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">Minimum nutritional requirement:</span></strong><span style="font-family:"Quicksand",serif"> It is culturally edible for fixation of national minimum wage. Proposed particular amount of food items per day per person to constitute national level balanced food basket.</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 amount is more or less than 10% of 2400 calories + proteins greater than or equal to 50 gm + fats greater than or equal to 30 gm per day per person.</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 as per nutritional requirement norms as recommended by the Indian Council of Medical Research (ICMR).</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">Expenditure on essential non-food items:</span></strong><span style="font-family:"Quicksand",serif"> Minimum wage should include reasonable expenditure on essential non-food items such as clothing, fuel, house rent, education, light, medical expenses, footwear and transport which must be equal to the median class.</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">Expenditure on any other non-food items should be equivalent to 25-30% of household expenditure distribution as per National Sample Survey Office (NSSO) survey data of 2011-12.</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">Additional Allowance:</span></strong><span style="font-family:"Quicksand",serif"> additional house rent allowance or city compensatory allowance of Rs 55 per day or Rs 1,430 per month should be for urban workers over and above minimum national wage.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Updation:</span></strong><span style="font-family:"Quicksand",serif"> Basic minimum wage must be revised and updated at least every six months in line with Consumer Price Index (CPI) to reflect changes in the cost of living.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Food consumption basket should be revived once in every five years, subject to the availability of NSSO-CES data.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Regional classification of national minimum wages</span></strong><span style="font-family:"Quicksand",serif">: It will take account different geographical regions of the country and suit to local realities.</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">States have been grouped into five regions and region specific national minimum wages has been recommended.</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">Region I (national minimum wage Rs 342 per day or Rs 8,892 per month): </span></strong><span style="font-family:"Quicksand",serif">It will cover states of Assam, Bihar, Jharkhand, Madhya Pradesh, Odisha, Uttar Pradesh, and West Bengal.</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">Region II (Rs 380 per day or Rs 9,880 per month): </span></strong><span style="font-family:"Quicksand",serif">Andhra Pradesh, Telangana, Chhattisgarh, Rajasthan, Jammu & Kashmir and Uttarakhand.</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">Region III (Rs 414 per day or Rs 10,764 per month): </span></strong><span style="font-family:"Quicksand",serif">Gujarat, Karnataka, Kerala, Maharashtra, and Tamil Nadu.</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">Region IV (Rs 447 per day or Rs 11,622 per month):</span></strong><span style="font-family:"Quicksand",serif"> Delhi, Goa, Haryana, Himachal Pradesh and Punjab.</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">Region V (Rs 386 per day, Rs 10,036 per month):</span></strong><span style="font-family:"Quicksand",serif"> Arunachal Pradesh, Manipur, Meghalaya, Nagaland, Sikkim, Mizoram and Tripura</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'anoop-satpathy-committee-national-minimum-wage', 'image' => 'https://www.mediafire.com/convkey/b09b/0tb9r41hh2gaj346g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/b09b/0tb9r41hh2gaj346g.jpg', 'metatitle' => 'Recommendations of Anoop Satpathy Committee on National Wage', 'metakeyword' => 'In Economy and Business Current Affairs, Recommendations, Anoop Satpathy Committee, National Minimum Wage, Committees,', 'metadescription' => 'Expert Committee on “Determining the Methodology for Fixation of the National Minimum Wage (NMW)â€, headed by Dr. Anoop Satpathy has submitted its report.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 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It will help to put in place threshold turnover in monetary terms for households/ establishments for inclusion in the coverage of the Census. </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"">Coverage:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It will cover all establishments including household enterprises, engaged in production or distribution of goods or services in the non-farm agricultural and non-agricultural sector will be counted. It will also identify villages with no economic activity for policy purposes.</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"">Implementing agencies: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> MoSPI and CSC e-Governance Services India Limited.</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"">Digital Support:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It will be carried out through an IT-based digital platform for data capture, validation, report generation and dissemination.</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"">National Business Register:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Economic Census will help to prepare a National Business Register which can be linked with existing databases at the central and state government levels. It will list of all establishments, tagged by geographical location up to village/ward level for local level planning purposes and provide information on number of workers working in establishments (which are under operation), activity-wise and area-wise.</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"">Technical modalities: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Task group comprising representatives from NCAER, EPIC-India, Department of Industrial Policy and Promotion, labour and employment ministry, GST Network, Reserve Bank of India and NITI Aayog, will look at technical modalities related to the conduct of the census.</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 Economic Censuses</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 was launched in 1976 as a plan scheme. It undertakes complete count of all establishments located within the geographical boundary of the country.</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 provides detailed information on operational and other characteristics such as number of establishments, source of finance, type of ownership, number of persons employed etc.</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 covers all entrepreneurial units in the country involved in any economic activities of either agricultural or non-agricultural sector and engaged in production and distribution of goods and or services not for own consumption.</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"">Information gather from this census is used for micro level/ decentralized planning and to assess contribution of various sectors of the economy in the gross domestic product (GDP).</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"">So far total Six Economic Censuses (EC) have been conducted till date. The first in 1977, second in 1980, third in 1990, fourth in 1998, fifth in 2005 and sixth edition in 2013.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'govt-conduct-7th-economic-census', 'image' => 'https://www.mediafire.com/convkey/b013/2pgtw0gxebqi5kx6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/b013/2pgtw0gxebqi5kx6g.jpg', 'metatitle' => 'Government to conduct 7th economic census', 'metakeyword' => 'Union Ministry of Statistics and Programme Implementation, MoSPI, conducting, seventh economic census, gap of 5 years', 'metadescription' => 'Union Ministry of Statistics and Programme Implementation (MoSPI) will be conducting the seventh economic census after the gap of 5 years.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/muj28ulayal8l0t/Government_to_conduct.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' => 'Economic Planning', 'keyword' => 'economic-planning', 'id' => (int) 1958, 'title' => 'Economic slowdown in India', 'description' => '<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:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"><br /> <span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="background-color:white">That the Indian economy is slipping into a recession is quiet apparent. The real GDP growth has gone down from a peak of 8.2% in 2016-17 to 6.8% in 2018-19, with the fourth quarter of 2018-19 dipping to 5.8%. The first quarter of 2019-20 is expected to dip further to 5.6%.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"> </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:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"> </p> <p style="margin-left:0in; margin-right:0in"><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:#111111">There have been four global recessions since World War II, beginning in 1975, 1982, 1991 and 2009. This last recession was the deepest and widest of them all. Since 2010, the world economy has been in a process of recovery although slowly.</span></span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"> </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:12.0pt"><span style="font-family:"Times New Roman","serif"">What is Economic Slowdown?</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"">A recession or economic slowdown is a business cycle contraction when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending. </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"">Reasons for recession can be various events, such as a financial crisis, an external trade shock, an adverse supply shock or the bursting of an economic bubble.</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:12.0pt"><span style="font-family:"Times New Roman","serif"">Reasons for Economic slowdown</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"">The fall in private consumption, has gone down since the second quarter of 2018-19. Private consumption has been the main driver of India's growth, contributing about 60% to GDP, and its fall is dragging economic growth further down.</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"">Gross savings have fallen from 31.1% of GDP in 2015-16 to 30.5% in 2017-18 mainly contributed by the household sector savings, which declined from <strong>23.6% of GDP</strong> in 2011-12 to <strong>17.2% of GDP</strong> in 2017-18. </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"">With this decline, investment rate has gone down. This decline in wages hit private consumption due to stagnation in income and household savings declined</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:12.0pt"><span style="font-family:"Times New Roman","serif"">Measures to tackle slowdown</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"">Since consumption expenditure is directly linked to income, especially for the lower and middle income working population of India, the idea is to improve their wages to spur consumption demand</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"">Major tasks of the government would be to design appropriate macroeconomic responses to check the sharp decline in wages or income levels of working population and also to boost consumption and savings rate to propel growth.</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"">To boost agricultural growth PM-Kisan scheme, which proposes an income transfer of Rs 6,000 per year to all farmers, could be seen as a measure but this scheme leaves out from its cover the most vulnerable and numerically bigger group which are the landless agricultural laborers, who constitute more than half of the total agriculture workforce in India.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'economic-slowdown-in-india', 'image' => 'https://www.mediafire.com/convkey/7304/m4peur19d0j87d56g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/7304/m4peur19d0j87d56g.jpg', 'metatitle' => 'Economic slowdown in India', 'metakeyword' => 'Economic slowdown in India', 'metadescription' => 'That the Indian economy is slipping into a recession is quiet apparent. The real GDP growth has gone down from a peak of 8.2% in 2016-17 to 6.8% in 2018-19', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/b9a4lxqekxv9sgz/Economic_slowdown_in_India.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' => 'Economic Planning', 'keyword' => 'economic-planning', 'id' => (int) 2191, 'title' => 'IIP growth rises by 4.3% and retail inflation by 3.2%', '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 factory output accelerated to 4.3% in July from 1.2% a month ago, while retail inflation increased to 3.21% in August from 3.15% in the previous month.</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">India’s economy reported its weakest growth in more than six years at 5% in the June quarter and slowed for the sixth straight quarter, prompting the government to initiate measures to spur economic activity.</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">This is the 13th month in a row for a sub-4% retail inflation figure. The Index of Industrial Production (IIP) grew 6.5% in July 2018.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RBI has projected India’s <strong>gross domestic product</strong> <strong>growth for 2019-20 at 6.9%.</strong> Moody’s has pegged GDP growth at <strong>6.4%</strong> for the same period.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Manufacturing made a strong comeback, growing at <strong>4.2%,</strong> while electricity surprisingly decelerated, growing at only <strong>4.8%. </strong></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mining output grew at a robust pace of <strong>4.9% </strong>during the month. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Consumer durables also shrank <strong>2.7%</strong> due to the slump in automobile sales while consumer non-durables grew at a healthy pace of <strong>8.3%.</strong></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Food inflation quickened to <strong>2.99%</strong> in August from <strong>2.36%</strong> a month ago on the back of rising prices of meat and fish, vegetables and pulses.</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>IIP</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Index of Industrial Production (IIP) is an index which shows the growth rates in different industry groups of the economy in a stipulated period of time.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The IIP index is computed and published by the Central Statistical Organisation (CSO) on a monthly basis.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'iip-growth-rises-by-4-3-and-retail-inflation-by-3-2', 'image' => 'https://www.mediafire.com/convkey/7ee5/i4yqyhgbb8on1i36g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/7ee5/i4yqyhgbb8on1i36g.jpg', 'metatitle' => 'IIP growth rises by 4.3% and retail inflation by 3.2%', 'metakeyword' => 'The Index of Industrial Production (IIP) is an index ', 'metadescription' => 'The Index of Industrial Production (IIP) is an index which shows the growth rates in different industry groups of the economy in a stipulated period of time.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/3pz7fhe6alfu54n/IIP_growth_rises_by.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' => 'Economic Planning', 'keyword' => 'economic-planning', 'id' => (int) 2539, 'title' => 'IMF downgrades Indian growth prediction', '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 growth projections have been downgraded by the International Monetary Fund to 6.1% and 7.0% in 2019 and 2020 respectively, owing to global slowdown.</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 IMF has said that rising trade barriers, heightened uncertainty around trade and geopolitics, idiosyncratic factors and structural factors such as low productivity growth were the causes behind a synchronized slowdown.</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">World output is projected to increase to a modest 3.4% in 2020 , still lower by 0.2% than the April projection.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Emerging economies will show increased growth from 3.9% in 2019 to 4.6% in 2020, while advanced economies will slow to 1.7% in 2019 and 2020.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The IMF has said that in India there has been a negative impact on growth that’s come from financial vulnerabilities in the non-bank financial sector and the impact that’s had on consumer borrowing and borrowing of small and medium enterprises.</span></span></p> </li> </ul> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Goverment’s role</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Indian government had announced a number of policy measures to support a recovery including slashing the corporate tax rate and a rollback of surcharges on foreign portfolio investor.</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>Measures</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Monetary policy easing, cuts to corporate tax, measures to address environmental and corporate uncertainty, and government programs to boost rural consumption.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Defusing trade tensions, reinstating multilateral cooperation and providing timely support to economic activity is needed.</span></span></p> </li> </ul> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>IMF</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The International Monetary Fund (IMF), is an international organization headquartered in Washington, D.C.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It consists of 189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world while periodically depending on World Bank for its resources.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It was formed in 1944 at the Bretton Woods Conference and came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It now plays a central role in the management of balance of payments difficulties and international financial crises.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The current Managing Director (MD) and Chairwoman of the International Monetary Fund is Bulgarian Economist <strong>Kristalina Georgieva</strong>.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Gita Gopinath</strong> is the current Chief-economist of the organisation.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'imf-downgrades-indian-growth-prediction', 'image' => 'https://www.mediafire.com/convkey/127f/gaxlt2xdklm3ln36g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/127f/gaxlt2xdklm3ln36g.jpg', 'metatitle' => 'IMF downgrades Indian growth prediction', 'metakeyword' => 'India’s growth projections have been downgraded', 'metadescription' => 'India’s growth projections have been downgraded by the International Monetary Fund to 6.1% and 7.0% in 2019 and 2020 respectively, owing to global ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/xvnvdflvtgymra0/IMF_downgrades_Indian_growth_prediction.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' => 'Economic Planning', 'keyword' => 'economic-planning', 'id' => (int) 2996, 'title' => 'India’s Forex reserves crosses $450 billion for the first time', '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 foreign exchange reserves crossed the $450-billion mark for the first time ever on the back of strong inflows that enabled the central bank to buy dollars from the market.</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">At $451.7 billion, the country’s import cover is now over 11 months. The rise in foreign exchange reserves will give the central bank the power to act against any sharp depreciation of the rupee.</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 foreign direct investment rose to $20.9 billion in the first half of 2019-20 from $17 billion a year ago while net foreign portfolio investment was $8.8 billion in April-November 2019 as against net outflows of $14.9 billion in the same period last year.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During the taper tantrums of 2013, India’s foreign exchange reserves fell to $274.8 billion in September of 2013, prompting the Centre and RBI to unleash measures to attract inflows.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s foreign exchange reserves had fallen to $274.8 billion in September of 2013, prompting the Centre and RBI to unleash measures to attract inflows. It has been a steady rise for the reserves since then, with $175 billion added in the last six years.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Forex reserves</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Foreign exchange reserves (also called forex reserves or FX reserves) are cash and other reserve assets held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Foreign exchange reserves can include banknotes, deposits, bonds, treasury bills and other government securities.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central bank holds a significant amount of reserves in their foreign exchange. Most of these reserves are held in the U.S. dollar since it is the most traded currency in the world.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Components of Forex</span></span></p> </li> </ul> <ul style="margin-left:40px"> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Foreign Currency Assets.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gold.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Special Drawing Rights (SDRs)</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Reserve Tranche Position.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Taper Tantrums</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The phrase, taper tantrum, describes the 2013 surge in U.S. Treasury yields, resulting from the Federal Reserve's (Fed) announcement of future tapering of its policy of quantitative easing. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Fed announced that it would be reducing the pace of its purchases of Treasury bonds, to reduce the amount of money it was feeding into the economy. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The ensuing rise in bond yields in reaction to the announcement was referred to as a taper tantrum in financial media.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-forex-reserves-crosses-450-billion ', 'image' => 'https://www.mediafire.com/convkey/dde2/zd8yh3k9exxyv7p6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/dde2/zd8yh3k9exxyv7p6g.jpg', 'metatitle' => 'India’s Forex reserves crosses $450 billion for the first time', 'metakeyword' => 'India’s Forex reserves crosses $450 billion for the first time', 'metadescription' => 'India’s foreign exchange reserves crossed the $450-billion mark for the first time ever on the back of strong inflows that enabled the central bank to buy ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/re4d50vo1rtindj/India%C6s_Forex_reserves_crosses_%24450_billion_for_the_first_time.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' => 'Economic Planning', 'keyword' => 'economic-planning', 'id' => (int) 3259, 'title' => '‘Operation twist’ by RBI', '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">Reserve Bank of India (RBI) has announced a move entailing simultaneous purchase and sale of government bonds/securities through special open market operations (OMOs). This has been termed as the smalller version of ‘<strong>Operation twist</strong>’.</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">Two rounds of the monetary policy move, termed as a local version of 'Operation Twist' in financial circles, have been conducted by RBI after a careful review of the liquidity situation.</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">In the latest round, the central bank bought 10-year bonds or securities worth Rs 10,000 crore and managed to sell short-term securities worth Rs 8,501 crore.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Earlier this month, RBI purchased govt securities (10-year bonds) worth Rs 10,000 crore and sold off short-term securities to the tune of Rs 6,825 crore respectively.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Operation Twist</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Operation Twist is an RBI initiative that aims to control long-term bond yields and bring down interest rates on long-term borrowing.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Operation Twist was a term given to a monetary policy tool used by the US on two occasions to influence market interest rates. The US conducted the original "Operation Twist" in 1961 and again in 2011. The key aim, in both scenarios, was to lower long-term interest rates.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The financial tool also helps in either reducing liquidity in the market or increasing it, based on the simultaneous sale and purchase of bonds.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In both scenarios where the US initiated Operation Twist, it was to combat a period of recession and prolonged slow growth. Like the US, India has been encountering a period of a prolonged period of slow growth since the first half of 2019.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Idea behind the operation</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India's economy is reeling under pressure due to a slew of factors including a slump in demand and lower consumption. The central bank has cut 135 basis points throughout the year, but has achieved little in terms of boosting demand.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Experts say the move is necessary because the present market conditions in India have made investors/customers hesitant in making long-term investments or availing long-term loans.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As the central bank buys more long-term security and sells off short term bonds, the bond yield -- the return an investor gets on his holding - comes down significantly. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Since long-term bond yield (10-year government securities) is a key market interest rate, lower rates can help people avail more long-term loans. It also helps in bringing down overall borrowing costs for the government.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Open Market Operations</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Open market operations is the sale and purchase of government securities and treasury bills by RBI or the central bank of the country. The objective of OMO is to regulate the money supply in the economy.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">By using this system of open market purchasing, the Federal Reserve can produce the target federal funds rate it has set.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'operation-twist-by-rbi', 'image' => 'https://www.mediafire.com/convkey/340a/ssvcuugdgjwnz4q6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/340a/ssvcuugdgjwnz4q6g.jpg', 'metatitle' => '‘Operation twist’ by RBI | Reserve Bank of India', 'metakeyword' => '‘Operation twist’ by RBI', 'metadescription' => 'Reserve Bank of India (RBI) has announced a move entailing simultaneous purchase and sale of government bonds/securities through special open market', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/jwre9d7bzwwypgl/%E6Operation_twist%C6_by_RBI.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' => 'Economic Planning', 'keyword' => 'economic-planning', 'id' => (int) 6773, 'title' => 'Forex reserves soar despite negative GDP growth', '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 foreign exchange reserves have zoomed by over $103 billion in the current fiscal. It looks all set to surpass the all-time-high increase of $110.5 billion recorded in 2007-08.</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">In 2007-08, the economy was booming, registering a gross domestic product growth of 9.3 percent on top of 9.6 per cent and 9.5 per cent in the preceding two years. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Centre’s fiscal deficit, too, was a mere 2.5 percent of GDP. India could, then, easily withstand the shock from the global economic crisis that followed one year later.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The economy, by contrast, has contracted by 14.9 percent year-on-year in April-September 2020-21 and the RBI expects growth for the whole fiscal to be -7.5 per cent.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The most optimistic projection of the Centre’s fiscal deficit for 2020-21 is at 6.5-7 per cent of GDP (as against the budgeted 3.5 per cent).</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>Reasons for forex growth</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The forex reserve accumulation in 2020-21 has been driven mainly by the country’s current account balance turning positive at $34.7 billion during April-September. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Foreign portfolio investors, too, have pumped $28.65 billion into Indian equity and debt markets so far this fiscal.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The current account surplus has also been supplemented by some foreign capital inflows. Reliance Industries alone attracted global investments aggregating $27 billion in its Jio Platforms digital and retail businesses.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The 10-year US treasury yields currently at 0.91 percent, 0.19 percent for UK, 0.01 percent for Japanese, and minus 0.58 percent for German government bonds of the same tenure. </span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The investors are being pushed to seek returns in emerging market economies offering relatively higher returns.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'forex-reserves-soar-despite-negative-gdp-growth', 'image' => 'https://www.mediafire.com/convkey/cb7a/s1exo0mehpropzf6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/cb7a/s1exo0mehpropzf6g.jpg', 'metatitle' => 'Forex reserves soar despite negative GDP growth', 'metakeyword' => 'Forex reserves soar despite negative GDP growth', 'metadescription' => 'India’s foreign exchange reserves have zoomed by over $103 billion in the current fiscal. 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It looks all set to surpass the all-time-high increase of $110.5 billion recorded in 2007-08.</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">In 2007-08, the economy was booming, registering a gross domestic product growth of 9.3 percent on top of 9.6 per cent and 9.5 per cent in the preceding two years. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Centre’s fiscal deficit, too, was a mere 2.5 percent of GDP. India could, then, easily withstand the shock from the global economic crisis that followed one year later.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The economy, by contrast, has contracted by 14.9 percent year-on-year in April-September 2020-21 and the RBI expects growth for the whole fiscal to be -7.5 per cent.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The most optimistic projection of the Centre’s fiscal deficit for 2020-21 is at 6.5-7 per cent of GDP (as against the budgeted 3.5 per cent).</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>Reasons for forex growth</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The forex reserve accumulation in 2020-21 has been driven mainly by the country’s current account balance turning positive at $34.7 billion during April-September. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Foreign portfolio investors, too, have pumped $28.65 billion into Indian equity and debt markets so far this fiscal.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The current account surplus has also been supplemented by some foreign capital inflows. 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