Tag Wise Current Affairs
Tag: Industries
Eight core industries record 2.6% growth in December 2018
Tags: Industries
Published on: 01 February 2019
Brazil, Australia lodge complaint in WTO over India's sugar subsidies
Tags: Industries, Agriculture
Published on: 02 March 2019
IWAI inks MoU with Indian Oil on fuel needs for national waterways
Tags: Services, Industries
Published on: 27 February 2019
DPIIT launches 2nd edition of Startup Ranking of states
Tags: Industries
Published on: 22 February 2019
Xuzhou Corridor: India launches 3rd IT corridor in China
Tags: Services, Industries
Published on: 11 March 2019
India, US to sign pact for exchange of CbC reports
Tags: Services, Industries
Published on: 16 March 2019
Unorganized sector generates largest number of jobs in India: Oxfam Report
Tags: Miscellaneous, Industries
Published on: 01 April 2019
Industrial output contracts 0.1% in March 2019
Tags: Basics of Economics, Industries
Published on: 11 May 2019
Growth of 8 core sector industries slows to 2.6% in April 2019
Tags: Industries
Published on: 01 June 2019
V.O.Chidambaranar Port Trust inks MoU with CWC for facilitating Direct Port Entry Movement
Tags: Industries
Published on: 11 June 2019
Government Cuts Employees' State Insurance Contribution Rate
Tags: Industries
Published on: 14 June 2019
NTPC, Power Grid forms National Electricity Distribution Company Limited
Tags: Industries, Infrastructure
Published on: 25 June 2019
Eight core sectors grow by 5.1% in May 2019
Tags: Industries, Infrastructure
Published on: 02 July 2019
Indian companies aiming to explore Russian oilfields
Tags: Industries
Published on: 02 September 2019
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'title' => 'Eight core industries record 2.6% growth in December 2018',
'description' => '<h2 style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">According to index of eight core industries (ICI) released by Union Ministry of Commerce and Industry, growth rate of eight infrastructure sectors slowed down to 2.6% in December 2018. It was slowest growth of core sectors recorded in last 18 months. This was mainly due to contraction in production in crude oil, refinery products and fertilisers sectors.</span></span></span></span></h2>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">Key Facts</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">These core sectors had recorded 3.4% growth in November 2018. During April-December 2018 period, these sectors recorded growth of 4.8% compared to 3.9% in same period of the previous fiscal.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">Sector wise performance - December 2018 </span></span></strong></span></span></p>
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><img alt="Eight core industries record 2.6% growth in December 2018" src="https://www.mediafire.com/convkey/414a/qosjycca6t53t1u6g.jpg" style="height:324px; width:566px" /></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">Index of Eight Core Industries (ICI)</span></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"><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">It is monthly production volume index of eight core industries of the economy. It is considered as lead indicator of monthly industrial performance. Its base year has been revised to 2011-12.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">It measures individual as well as collective performance of production in selected eight core industries viz. <em>Petroleum Refinery Products, Natural Gas, Coal, Fertilizers, Crude Oil, Steel, Cement and Electricity.</em></span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">These eights industries are main industry of the economy i.e. are considered as backbone of all other industries.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">It is compiled and released by Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (earlier DIPP), Ministry of Commerce & Industry.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">These eight core industries have impact on general economic activities as well as industrial activities. <em>They constitute 40.27% of total of the weight of items included Index of Industrial Production (</em>IIP).</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">Components and weightages covered in ICI: </span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">Petroleum Refinery production (weight: 28.04%), electricity generation (9.85%), Steel production (17.92%), Coal production (10.33%), Crude Oil production (8.98%), Natural Gas production (6,88%), Cement production (5.37%) and Fertilizers production (2.63%).</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">Note: </span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">Highest weightage is for Petroleum Refinery production (weight: 28.04%) and lowest is for Fertilizers production (2.63%).</span></span></span></span></li>
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'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">Brazil and Australia have lodged formal complaint against India in World Trade Organisation (WTO), alleging that India's continued sugar subsidies to farmers have led to "glut" and "depressed" global prices. Australia was first to lodged this counter-notification with WTO over to India's sugar subsidy practices in November 2018. </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">Reasons for complaint</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to Brazil and Australia, India's sugar subsidy regime was inconsistent with WTO rules and had helped create glut in global sugar market. It Is hurting sugarcane growers and sugar millers in Australia, Brazil or other countries. It is not consistent with WTO rules and does not provide level playing field.</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">Background</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Sugarcane is grown as Kharif Crop in India. It is water intensive crop and needs hot and humid climate to grow. It can grow in any soil which can retain moisture, but deep rich loamy soil is ideal for its growth. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India is world’s second largest sugar producer after Brazil. Currently, UP is India’s foremost sugar producing state followed by Maharashtra and Karnataka.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In international markets, India is considered to be sugar giant due to huge production of sugarcane as well as sugar, largest number of cane farmers, more than 500 sugar mills, largest consumer of sugar and one of the largest sugar exports.</span></span></span></li>
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">World Trade Organisation (WTO),</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is inter-governmental organization for governments to negotiate global trade agreements and progressively liberalizing trade.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was established on 1 January 1995 and its official languages are English, French and Spanish. Its located in Geneva, Switzerland.</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 operates system of trade rules that apply to all its members. It also has trade dispute resolution mechanism for its members to settle their trade disputes. </span></span></span></li>
</ul>
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'metatitle' => 'India's sugar subsidies: Brazil, Australia lodge complaint in WTO',
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'metadescription' => 'Brazil, Australia, have lodged formal complaint against India in World Trade Organisation (WTO), alleging that India's continued sugar subsidies to farmers have led to "glut" and "depressed" global prices.',
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'title' => 'Core sectors record 1.8% growth in January 2019',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to data released by Ministry of Commerce, index of the eight sectors has dropped to 1.8% in January 2019. It is lowest in the last 19 months. It was primarily due to lower production of electricity, crude oil and refinery products. </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">Sector wise breakaway in January 2019</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">Low Performers:</span></strong><span style="font-family:"Quicksand",serif"> Production of crude oil, electricity and refinery products contracted by 4.3%, 0.4% and 2.6%, respectively. Coal and cement output growth also slowed to 1.7% and 11%.</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">Good Performers:</span></strong><span style="font-family:"Quicksand",serif"> Natural gas, fertilisers and steel production grew 6.2%, 10.5% and 8.2%.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Previous performance</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">These core sectors had recorded 6.2% growth in January 2018. Moreover, they had recorded 4.5% growth rate during April-January 2018-19 against 4.1% growth in same period in 2017-18.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Impact of decline</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Low overall output of core sectors in January 2019 is expected to impact the Index of Industrial Production (IIP) as these sectors comprise 40.27% of the weight of the items included in IPP.</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">Declining trend in core sector growth from October 2018 suggests continued weakness in industrial activities and weak second half economic growth.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">About Index of Eight Core Industries (ICI)</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is monthly production volume index of eight core industries of the economy. It is considered as lead indicator of monthly industrial performance. Its base year is 2011-12. </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 measures individual as well as collective performance of production in selected eight core industries viz. Petroleum Refinery Products, Natural Gas, Coal, Fertilizers, Crude Oil, Steel, Cement and Electricity. </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 compiled and released by Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (earlier DIPP), Ministry of Commerce & Industry. </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">These eights industries are main industry of the economy i.e. are considered as backbone of all other industries. They have significant impact on general economic activities as well as industrial activities. </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">They constitute 40.27% of total of the weight of items included Index of Industrial Production (IIP). </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">Components and weightages of core sectors:</span></strong><span style="font-family:"Quicksand",serif"> Petroleum Refinery production (weight: 28.04%), electricity generation (9.85%), Steel production (17.92%), Coal production (10.33%), Crude Oil production (8.98%), Natural Gas production (6,88%), Cement production (5.37%) and Fertilizers production (2.63%). Note: Highest weightage is for Petroleum Refinery production (weight: 28.04%) and lowest is for Fertilizers production (2.63%).</span></span></span></li>
</ul>
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'tag' => 'Industries',
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'title' => 'Refurbished Handloom Haat inaugurated in New Delhi',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Union Ministry of Textiles inaugurated renovated Handloom Haat in New Delhi. Besides it also launched three projects of NIFT - VisionNXT – Trend Forecasting Initiative, Indian Textiles and Craft Repository Initiative and Design Innovation and Incubation Initiative. </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">Handloom Haat</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It has been set up at Janpath in New Delhi to provide marketing opportunities to authentic handloom products from various States, PSUs and cooperative societies. </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">Objectives:</span></strong><span style="font-family:"Quicksand",serif"> (i) Provide infrastructure support to handloom agencies to augment their sales of handloom products. (ii) Showcase exquisite variety of handloom products produced all over the country. </span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">VisionNxt initiative</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Launched by National Institute of Fashion Technology (NIFT) to create indigenous fashion forecasting service that endeavours to design seasonal directions for the country. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will provide trend forecasting service aligned to national and sub-national socio-cultural constructs and market requirements. </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">Its service is based on premise that fashion is dynamic industry and depending on seasonal trends and forecast to predict its future direction.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will help handloom sector in production of handloom products as per market requirement in terms of trends, design and colour forecast.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Indian Textiles and Craft Repository Initiative</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is launched by NIFT and is supported by DC Handlooms andDC Handicrafts, Ministry of Textiles. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will channel textile and craft knowledge generated into national knowledge portal titled Indian Textile & Craft Repository.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will also house virtual registers of textiles and crafts resources, which are available in Weaver Service Centres, Crafts Museums, similar institutions and private collections. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will develop virtual museum of textiles and textile crafts, designer archive, indigenous case studies and act as aggregator of online information on related research. </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 virtual museum will have digitised resource of traditional archived pieces from museums, resource centres, weavers’ service centres. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will also have contemporary pieces and collections from designers, fashion archives. This will help in easy sourcing of designs.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Design Innovation and Incubation (DII) Initiative </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is intended to support young entrepreneurs, artisans, start-ups, NIFT alumni and students. It will also facilitate collaborations relevant for business development. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Its targeted beneficiaries include NIFT alumni and students who would like to start entrepreneurial ventures as those who are not part of NIFT.</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">Under it incubation facilities (Regional Incubators) will be set up in Mumbai, New Delhi and Bengaluru campuses of NIFT.</span></span></span></li>
</ul>
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'title' => 'IWAI inks MoU with Indian Oil on fuel needs for national waterways',
'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">Inland Waterways Authority of India (IWAI) has signed Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) for jointly developing infrastructure for fuels, lubricating oil, natural gas, LPG etc for meeting the requirement of national waterways. It is expected to lead to development of business activities in energy sector along the national waterways.</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">Features of MoU</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will provide general modalities of mutual cooperation for addressing futuristic demand of any form of energy for Inland Waterways and associated services.</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 covers development of infrastructure for receipt, storage, dispensing and supply of fuels, lubricating oils, LPF for domestic and commercial use, natural gas and any other related fuel and gas. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also covers infrastructure development for setting up of consumer pump for supplying fuels to vehicles, locomotives, machinery and equipments and retail outlets for fuel and gas at terminals and multimodal terminals. </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">IWAI and IOCL will conduct techno-economic feasibility studies for preparation of detailed land requirement, storage facilities and other supporting infrastructure with details of the cost. </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">These studies will be based on the traffic potential, proximity to the local industries and waterways and its connectivity to rail heads.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Background</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">106 new national waterways have been declared under National Waterways Act 2016 in addition to the existing 5 national waterways. The development of these new national waterways is being taken up by IWAI (nodal authority) in phased manner based on feasibility reports and DPRs. Besides, capacity of NW1 is also being augmented under Jal Marg Vikas Project (JMVP) with technical and financial assistance of World Bank. Under this project, multimodal terminals are being developed at Haldia, Sahibganj, Varanasi and intermodal terminals are being developed at Ghazipur and Kalughat. </span></span></span></p>
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'tag' => 'Industries',
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'title' => 'GST Council cuts GST Rate on Real Estate projects',
'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">33rd meeting of Goods and Services Tax (GST) Council chaired by has Finance Minister Arun Jaitley has reduced GST rates on under-construction residential properties and affordable housing projects. This decision was based on recommendations of seven-member Group of Ministers (GoM) headed by Gujarat Deputy Chief Minister Nitin Patel. It was taken after considering importance of real Estate sector as one of the largest contributors to national GDP and employment provider to large numbers of people.</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-family:"Quicksand",serif">Revised GST rates:</span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Non-affordable houses:</span></strong><span style="font-family:"Quicksand",serif"> GST rate for under-construction flats and houses reduced to 5% without Input Tax Credit (ITC), down from earlier 12%.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">ITC in this case, means that at time of paying tax on output, tax can be reduced if it is already paid on inputs and only balance amount needs to be paid.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Affordable houses</span></strong><span style="font-family:"Quicksand",serif">: GST rate has been reduced to 1% without ITC from earlier 8%.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Affordable house in this case is house/flat with carpet area of up to 90 sq m (in non-metropolitan cities/towns) and 60 sq m (in metropolitan cities) and having value up to Rs 45 lakh (both for non-metropolitan and metropolitan cities).</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The revised rates will be effective from April 1, 2019.</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-family:"Quicksand",serif">Benefits of these changes</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will benefit home buyers by protecting their interest. It will provide buyer of house fair price. It will address cash flow problem in the real estate sector as there are GST exemption on development rights, FSI (Floor Space Index), long term lease (premium) etc. It will result in better pricing for houses as it will remove unutilised ITC, which used to become cost at the end of the project. It will simplify tax structure and tax compliance for builders. It will give boost government's vision of 'Housing for all by 2022’.</span></span></span></p>
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'title' => 'DPIIT launches 2nd edition of Startup Ranking of states',
'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">Department for Promotion of Industry and Internal Trade (DPIIT) under Ministry of Commerce & Industry has launched second edition of Startup Ranking for 2019. </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 aims to rank States/UTs for establishing a robust ecosystem for supporting Startups. It also seeks to encourage States/UTs to identify, learn and replicate good practices from each other.</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">Startup Ranking Framework 2019</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It comprises of 7 pillars and 30 action points. It will evaluate measures undertaken by States/UTs during assessment period from May 1, 2018 to June 30, 2019.</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">These pillars will assess States/UTs efforts across institutional support, easing public procurement, simplifying regulations, seed funding support, incubation support, venture funding support and awareness and outreach related activities.</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 expected to take forward startup ecosystem in country and give impetus to vision of India becoming Startup Nation.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">2018 Startup Rankings: </span></strong><span style="font-family:"Quicksand",serif">Gujarat was ranked best performer followed by Karnataka, Kerala, Odisha, and Rajasthan. </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">Background</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India is home to about 20,000 startups which are driving economic growth and leading to technological innovations and employment generation in every state. These startups are introducing new solutions every day and also improving existing processes. Government has taken lead in creating policies and a framework to encourage and help statrups. Besides, many States/UTs also have startup focussed environment with friendly polies aimed ease of doing business for startups.</span></span></span></p>
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'tag' => 'Industries',
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'id' => (int) 401,
'title' => 'Andhra Pradesh and Madhya Pradesh get new NCLT benches',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Union Ministry of Corporate Affairs has approved establishment of two new benches of National Company Law Tribunal (NCLT) at Amaravati (Andhra Pradesh) and Indore (Madhya Pradesh). This decision was taken keeping in view increasing case load, especially under Insolvency & Bankruptcy Code 2016. These new benches will enable faster disposal of cases.</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">Jurisdiction of new benches of NCLT</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">Amaravati:</span></strong><span style="font-family:"Quicksand",serif"> It will be in entire state of Andhra Pradesh. Prior to this, Andhra Pradesh was under jurisdiction of NCLT Bench at Hyderabad.</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">Indore:</span></strong><span style="font-family:"Quicksand",serif"> It will be for entire state of Madhya Pradesh. Prior to this, Madhya Pradesh was under the jurisdiction of NCLT Bench at Ahmedabad. </span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">National Company Law Tribunal (NCLT)</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is quasi-judicial body that adjudicates issues relating to Indian companies. It was established under the Companies Act 2013. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was instituted based on recommendation of Justice Eradi committee on law relating to insolvency and winding up of companies.</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 adjudicating authority for insolvency resolution proceedings Companies Act, 2013, Insolvency and Bankruptcy Code (IBC) 2016 and Limited Liability Partnership (LLP) Act, 2008. </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">Composition:</span></strong><span style="font-family:"Quicksand",serif"> It has 17 judicial members (including President) and 10 technical members. </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">Benches:</span></strong><span style="font-family:"Quicksand",serif"> Presently, 14 numbers of NCLT benches have been established, including Principal Bench in New Delhi.</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">Appeals: </span></strong><span style="font-family:"Quicksand",serif">Decisions of NCLT can be appealed to National Company Law Appellate Tribunal (NCLAT). Besides, decisions of NCLAT may be appealed to the Supreme Court of India on a point of law.</span></span></span></li>
</ul>
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'tag' => 'Industries',
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'id' => (int) 411,
'title' => 'Xuzhou Corridor: India launches 3rd IT corridor in China',
'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">India launched its third IT corridor in China’s Xuzhou city (Jiangsu Province) that will facilitate partnerships between Indian and Chinese IT companies. In this regard, National Association of Software and Services Companies (NASSCOM) has entered into partnership with China's Xuzhou city to help develop the IT corridor.</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">Xuzhou is centre of Huai Hai economic zone in China. It is important comprehensive national transportation hub and is located close to proximity of China’s major industrial and economic hub like Shanghai, Beijing, Hangzhou, Nanjing and Suzhou.</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-family:"Quicksand",serif">Xuzhou city IT Corridor</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The primary aim of this IT corridor is to facilitate partnerships between Indian and Chinese companies.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enable Indian software and service industry associations to enter Chinese market and seize development opportunities in China. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will also facilitate match-making between Indian companies wanting to collaborate with Chinese companies who are looking to adopt digital transformation from verticals such as manufacturing, automotive, healthcare, retail and utilities and help them create innovative product and solutions in co-create mode. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will help create more jobs in China and India and facilitate talent transfer between the two countries.</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-family:"Quicksand",serif">Previous corridors</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">NASSCOM already has launched such IT corridors at Dalian and Guiyang cities of China to cash in on burgeoning Chinese IT industry market. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">These first two corridors have paved way for cooperation in co-create mode in emerging technologies such as AI, IoT and Analytics in the Chinese market.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Through these two corridors, NASSCOM has brought to fore opportunities with over 300 companies where more than 10 Indian SME companies have signed deals worth 31 Million RMB (USD 4.5 million). </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">These corridors already have sprung up business opportunities to tune of 24 Million RMB (USD 4.6 million) and 62 Million RMB (USD 8.9 million) respectively.</span></span></span></li>
</ul>
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'tag' => 'Industries',
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'id' => (int) 444,
'title' => 'IIP growth slows to 1.7% in January 2019',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to data released by Central Statistics Office (CSO), factory output measured in terms of Index of Industrial Production (IIP) slowed in January 2019 growing by just 1.7%. </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">The slowdown was mainly due to deceleration in the manufacturing, electricity, and capital goods sectors. This was for second time in three months IIP saw growth slip below the 2%, with previous occurrence was 0.32% growth in November 2018. Growth in IIP was at 2.6 in December 2018.</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">Breakaway of January 2019 IIP</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">Mining and quarrying sector:</span></strong><span style="font-family:"Quicksand",serif"> It was one of only major sectors that saw growth accelerating, from contraction of 0.39% in December 2018 to growth of 3.9% in January. 2019.</span></span></span></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">Manufacturing sector:</span></strong><span style="font-family:"Quicksand",serif"> It saw growth slowing to 1.3% in January from 2.65% in December Electricity sector: It saw growth slowing to 0.8% from 4.45% over the same period</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">Capital goods sector:</span></strong><span style="font-family:"Quicksand",serif"> It contracted 3.2% in January, down from a growth of 5.9% in the previous month.</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">Construction sector:</span></strong><span style="font-family:"Quicksand",serif"> It witnessed strongest growth of all the major sectors, of 7.9%, but this was still significantly slower than the 10% seen in December.</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">Consumer sector: It also saw growth slowing, with growth in consumer durables sector slowing to 1.8% and in consumer non-durables sector to 3.8% in January, from 2.93% and 5.35%, respectively, in the previous month.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Index of Industrial Production (IIP)</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is composite indicator that measures short-term changes in volume of production of basket of industrial products during given period with respect to chosen base period. </span></span></span></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 released on monthly basis by Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation (MoSPI). Base year is 2011-12.</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 comprises 407 individual items and sector wise, these items fall into three categories-<em>Manufacturing (405 items), Mining (1 items) & Electricity (1 item).</em></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The separate weightages of the three sectors are 77.63%, 14.37%, 7.9% respectively. In IIP, combined weightages of eight core Industries is 40.27%.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In use wise composition, these 407 individual items are divided into capital goods, basic goods, intermediate goods and consumer goods. </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">Further, consumer goods are divided into consumer durables and consumer non-durables. In it, maximum weight is of basic goods, followed by Consumer Goods, followed by Intermediate and Capital Goods.</span></span></span></li>
</ul>
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'tag' => 'Industries',
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'id' => (int) 468,
'title' => 'India, US to sign pact for exchange of CbC reports',
'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">India and US has agreed to sign relevant bilateral agreement for exchange country-by-country (CbC) reports (local filing) filed by ultimate parent corporations based in either of the countries. This agreement will reduce compliance burden on subsidiaries of companies operating out of these countries.</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-family:"Quicksand",serif">Background</span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Income Tax Act requires subsidiaries of multinational companies (MNCs) to provide details of key financial statements from other jurisdictions from where they operate.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This provides IT Department (CBDT in this case) with operational view of such companies, primarily with regards to revenue and income tax paid.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The absence of an agreement between India and US till now entailed a possibility of local filing of CbC reports in India. </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-family:"Quicksand",serif">CbC reports filing </span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Its objective is to ensure that all relevant tax authorities have access to same information about an MNC’s value chain and resulting tax consequences.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It seeks to assist tax administration in having complete understanding of MNCs operations structure, by annually providing them with key information on global allocation of incomes and taxes paid. </span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Under this regime, CbC reports gets electronically transmitted between competent authorities as per signed framework.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In India, this provision is part of base erosion and profit sharing (BEPS) action plan and has been incorporated in IT Act.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits of India-US CbC agreement</span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enable both the countries to exchange CbC reports filed by ultimate parent entities of international groups in the respective jurisdictions.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Indian constituent entities of international groups headquartered in US, who have already filed CbC reports in US, will not be required to do local filing of CbC reports of their international groups in India. </span></span></span></li>
</ul>
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'metatitle' => 'India, US to sign pact for exchange of CbC reports',
'metakeyword' => 'In Business and Economy Current Affairs, India, US, sign, bilateral agreement, exchange country-by-country (CbC) reports, local filing, filed by ultimate parent corporations based in either of the countries',
'metadescription' => 'India and US has agreed to sign relevant bilateral agreement for exchange country-by-country (CbC) reports (local filing) filed by ultimate parent corporations based in either of the countries',
'author' => 'Nikhil Paigude',
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'tag' => 'Industries',
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'title' => 'PFC signs agreement to acquire majority stake in REC',
'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">State-owned Power Finance Corporation (PFC) has signed share purchase agreement to acquire all 52.63% shares of Central Government in Rural Electrification Corporation (REC) for about Rs 14,500 crore. It is in pursuance to the in-principle approval of December 2018 from Cabinet Committee on Economic Affairs for strategic sale of REC.</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">Under this agreement, PFC will acquire 103.94 crore equity shares of Rs 10 of REC from President constituting 52.63% of paid-up share capital. With this PFC is now slated to become a promoter and the holding company of REC. </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">Significance of acquisition </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is step towards consolidation of companies operating in the same space. Both PFC and REC are navratna central public sector enterprises with combined annual revenues of about Rs 50,000 crore.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enable increased efficiencies in lending processes and policies across both companies and create public value by offering better loan products to power sector.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will help the power sector reap benefits from a decentralised outreach of REC and a professional project finance expertise of PFC.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will ensure diversification of assets of the group, as well as portfolio risk will help in resolution of stressed power sector assets of the group in a better and coordinated manner.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"> </p>
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'title' => 'Core sectors record 2.1% growth in February 2019',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to data released by Ministry of Commerce, the combined index of the eight sectors recorded 2.1% growth in February 2019. Its dismal show in February 2019 was on account of fall in output registered in the crude oil and refinery products.</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">Its cumulative growth during April to February 2018-19 was 4.3%. These eight sectors had recorded had growth of 5.4% in February 2018.</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">Sector wise breakaway</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">Coal production:</span></strong><span style="font-family:"Quicksand",serif"> It grew by 7.3% in February 2019 against 1.3% growth in the same period a year ago.</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">Steel production:</span></strong><span style="font-family:"Quicksand",serif"> It recorded 17.92% growth as against 5% growth in the same period a year ago.</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">Natural gas production</span></strong><span style="font-family:"Quicksand",serif">: It grew by 3.8%.</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">Fertilizers Sector:</span></strong><span style="font-family:"Quicksand",serif"> It grew by 2.5%.</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">Cement production: It </span></strong><span style="font-family:"Quicksand",serif">grew by 8%.</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">Electricity production:</span></strong><span style="font-family:"Quicksand",serif"> It grew by 0.7%, falling from 4.6% growth in February 2018.</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">Production of crude oil:</span></strong><span style="font-family:"Quicksand",serif"> It recorded -6.1% growth.</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">Refinery products:</span></strong><span style="font-family:"Quicksand",serif"> It recorded -0.8% growth.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">About Index of Eight Core Industries (ICI) </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is monthly production volume index of eight core industries of the economy. It is considered as lead indicator of monthly industrial performance. Its base year is 2011-12.</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 measures individual as well as collective performance of production in selected eight core industries viz. Petroleum Refinery Products, Natural Gas, Coal, Fertilizers, Crude Oil, Steel, Cement and Electricity. </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">These eights industries are main industry of the economy i.e. are considered as backbone of all other industries. They have significant impact on general economic activities as well as industrial activities. </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 compiled and released by Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (earlier DIPP), Ministry of Commerce & Industry. </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">These eight core sectors constitute 40.27% of total of the weight of items included Index of Industrial Production (IIP). </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">Components and weightages of core sectors:</span></strong><span style="font-family:"Quicksand",serif"> Petroleum Refinery production (weight: 28.04%), electricity generation (9.85%), Steel production (17.92%), Coal production (10.33%), Crude Oil production (8.98%), Natural Gas production (6,88%), Cement production (5.37%) and Fertilizers production (2.63%). Note: Highest weightage is for Petroleum Refinery production (weight: 28.04%) and lowest is for Fertilizers production (2.63%).</span></span></span></li>
</ul>
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(int) 13 => object(Cake\ORM\Entity) {
'tag' => 'Industries',
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'title' => 'Unorganized sector generates largest number of jobs in India: Oxfam Report',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to Oxfam’s recently released 'Mind The Gap - State of Employment in India' report, in India, largest number of jobs are generated in the unorganized sector. The report also highlights that lack of quality jobs and increasing wage disparity are key markers of inequality in the Indian labour market</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">Highlights of report</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Largest number of jobs were generated in the unorganized sector, which highlights questions over India's growth data and not being reflected in the growth of jobs.</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">Women’s participation:</span></strong><span style="font-family:"Quicksand",serif"> Regressive social norms continue to hamper women's participation in the workforce. On an average, women are paid 34% less than similarly qualified male workers for performing the same tasks. </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">Women are being left out of economic growth narrative as a consequence of poor policy choices and lack of investment in social security and infrastructure.</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">Demonitisation:</span></strong><span style="font-family:"Quicksand",serif"> Job generation was adversely impacted after demonetization and hit the women workforce most. There is decline in rural jobs.</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">Post-demonetisation period also saw drop in households with two or more persons being employed.</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">Between January and October 2016, 34.8% households saw two or more persons employed. Post-demonetisation, this dropped to 31.8% with women workers becoming the first casualties of job losses.</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">Social realities:</span></strong><span style="font-family:"Quicksand",serif"> Class and caste still continue to play crucial roles in determining employment for men and women, especially in stigmatised vocations like sanitation, jobs in the leather industry and rag-picking. Discrimination also exists in terms of market participation</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">Policy interventions:</span></strong><span style="font-family:"Quicksand",serif"> Economic factors can be improved by way of policy interventions. There is need shift in development focus towards labour intensive sectors to create more jobs and pushes for better work conditions to make jobs more inclusive.</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">There is need for higher investments in health and education to improve productivity. </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">Disparities in education system:</span></strong><span style="font-family:"Quicksand",serif"> Students from state education boards do considerably worse than those of independent national boards that cater to richer, better schools. </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">Within public education system, there are also glaring inequalities in educational investment.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif"><input alt="" src="https://www.mediafire.com/convkey/a604/tnef4an55i9za3m6g.jpg?size_id=5" style="height:534px; width:632px" type="image" /></span></span></span></li>
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'metatitle' => 'Unorganized sector generates largest number of jobs in India',
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(int) 14 => object(Cake\ORM\Entity) {
'tag' => 'Industries',
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'id' => (int) 824,
'title' => 'DPE puts hold on granting Maharatna status to HPCL',
'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">Department of Public Enterprises (DPE) has put hold on proposal of Union Petroleum Ministry to grant Maharatna status to Hindustan Petroleum (HPCL) citing procedures and antecedents. Petroleum Ministry had pushed for this proposal to grant more autonomy to HPCL.</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">Reasons for hold </span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">DPE has insisted that Petroleum Ministry should first obtain consent of HPCL’s holding company Oil and Natural Gas Corp (ONGC) before resubmitting revised proposal on giving Maharatna status to HPCL. ONGC had bought Government’s entire 51.11% share stake in HPCL for Rs 36,915 crore in 2018.</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">DPE has also asked Petroleum Ministry to give reasons for providing the exalted status to HPCL considering that ONGC was already a Maharatna company Currently, there is no previous instance of grant of Maharatna status to subsidiary Central public sector enterprise. </span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Hindustan Petroleum Corporation Limited (HPCL): </span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is Indian oil and natural gas refining and marketing company. It was established in 1974 and is headquartered in Mumbai, Maharashtra. Currently it enjoys autonomy status of Navratna CPSE. </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">Ownership Conflict:</span></strong><span style="font-family:"Quicksand",serif"> It is a subsidiary of ONGC. ONGC had bought Government’s 51.11 % share in 2018, thus becoming the promoter of the company. However, HPCL has been denying to identify ONGC as promoter on ground that majority of its Board Of Directors are from Union Government and not ONGC.</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">Maharatna Central Public Sector Enterprises (CPSEs)</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Government had introduced “Maharatna” category for CPSEs in 2009 with objective to empower mega CPSEs to expand their operations and emerge as global giants or become Indian Multinational Companies (MNCs). This status is granted to CPSEs by Department of Public Enterprises (DPE), Ministry of Heavy Industries and Public Enterprises after they meet eligibility criteria. </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">Currently there are 7 CPSEs have Maharatna status</span></strong><span style="font-family:"Quicksand",serif">. They are Bharat Heavy Electricals Limited, Coal India Limited, Indian Oil Corporation Limited, NTPC Limited, Oil & Natural Gas Corporation Limited, Steel Authority of India Limited, Bharat Petroleum Corporation Limited, </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">Eligibility Criteria for granting Maharatna status</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">CPSEs should be having Navratna status.</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">They should be listed on Indian stock exchange with minimum prescribed public shareholding under SEBI regulations.</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">They should have average annual turnover of more than Rs. 25,000 crore, during the last 3 years.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">They should have average annual net worth of more than Rs. 15,000 crore, during the last 3 years.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">They should have average annual net profit after tax of more than Rs. 5,000 crore, during the last 3 years.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Besides, they should also have significant global presence/international operations.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits of Maharatna Status</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It bestows greater autonomy or freedom to CPSEs from government control as well to incur capital expenditure on projects and purchases without any monetary ceiling. It also provides significant autonomy to CPSEs to pump equity in joint ventures and float subsidiaries, raise debt, undertake mergers and acquisitions without seeking approval.</span></span></span></p>
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'title' => 'Core sector records 4.7% growth in March 2019',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">According to data released by Ministry of Commerce, the combined index of the eight sectors recorded 4.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> growth in March 2019. It is highest growth recorded by eight core sectors in past five-months. This growth was </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">driven by broad-based recovery in sectors such as <em>cement, refinery products, steel, and coal</em>.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Sector wise Performance (March 2019)</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Cement sector:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It saw strongest rebound in March 2019, growing 15.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> compared with 8</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in February 2019. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Steel sector:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It recorded 6.7% from 4.9% over the same period. The cement sector grew 13.3% over the full year 2018-19, up from the 6.3% growth it recorded in the previous year.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Coal sector:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It recorded growth 9.1% from 7.4% in February 2019. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Crude oil sector:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It contracted by 6.2% compared with contraction of 6.1% in February 2019. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Refinery products:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It recorded 4.3% growth in March 2019 as compared with contraction of 0.8% in February 2019. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Natural gas sector</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">: It saw growth slowed in March 2019 to 1.4% from 3.8% in February 2019. The sector saw growth for the full year slipping to 0.8% in 2018-19 from 2.9% in 2017-18.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Fertilizer sector: </span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Its growth quickened in March 2019 to 4.3% from 2.5% in February 2019.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Electricity sector:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It recorded growth of 1.4% compared with 1.2% in February 2019. </span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">About Index of Eight Core Industries (ICI) </span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is monthly production volume index of eight core industries of the economy. It is considered as lead indicator of monthly industrial performance. Its base year is 2011-12.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It measures individual as well as collective performance of production in selected eight core industries viz. Petroleum Refinery Products, Natural Gas, Coal, Fertilizers, Crude Oil, Steel, Cement and Electricity. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">These eights industries are main industry of the economy i.e. are considered as backbone of all other industries. They have significant impact on general economic activities as well as industrial activities. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is compiled and released by Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (earlier DIPP), Ministry of Commerce & Industry. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">These eight core sectors constitute 40.27% of total of the weight of items included Index of Industrial Production (IIP). </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Components and weightages of core sectors:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> Petroleum Refinery production (weight: 28.04), electricity generation (9.85), Steel production (17.92), Coal production (10.33), Crude Oil production (8.98), Natural Gas production (6,88), Cement production (5.37) and Fertilizers production (2.63). </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Note: Highest weightage is for Petroleum Refinery production (weight: 28.04) and lowest is for Fertilizers production (2.63).</span></span></span></span></li>
</ul>
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'metatitle' => 'Core sector records 4.7% growth in March 2019',
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'tag' => 'Industries',
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'title' => 'BHEL signs MoU with ARAI for e-mobility projects',
'description' => '<h2 style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand","serif"">Bharat Heavy Electricals (BHEL) has signed MoU with Automotive Research Association of India (ARAI) for cooperation on various projects related to e-mobility. Under this MoU, BHEL will support ARAI as technology developer and implementer. Besides, ARAI’s advanced facilities and expertise in design, testing and certification of mobility products, will help to generate synergies with BHEL in implementing solutions for Electric Vehicles Chargers, Electric & Trolley Bus, Battery & Charger testing, etc.</span></span></span></h2>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand","serif"">Automotive Research Association of India (ARAI) </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand","serif"">It is leading automotive R&D organization of the country. It functions as autonomous body under Ministry of Heavy Industries and Public Enterprises.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand","serif"">It was established in 1988 as a co-operative industrial research body to provide services to industry in fields of applied research and product development in automotive engineering. It is headquartered in Pune, Maharashtra,</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 prime Testing and Certification Agency notified by Central Government under Rule 126 of Central Motor Vehicle Rules, 1989. It assists Government in formulating automotive standards and regulations.</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 undertakes product design and development, evaluation of automotive equipment and ancillaries, standardisation, technical information services, execution of advanced courses on application of modern technology and conduct of specific tests.</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 also responsible for car mileage figure on every car sold in India. It claims to be the first Indian institute to develop HCNG fuel engine.</span></span></span></li>
</ul>
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'metatitle' => 'BHEL signs MoU with ARAI for e-mobility projects',
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'metadescription' => '(BHEL) has signed MoU with Automotive Research Association of India (ARAI) for cooperation on various projects related to e-mobility',
'author' => 'Nikhil Paigude',
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'title' => 'Industrial output contracts 0.1% in March 2019',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Factory output, as measured in terms of Index of Industrial Production (IIP) contracted by-0.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2019. It is lowest in 21 months, mainly due to slow down in manufacturing sector due to contraction in consumption, as well as investment. IIP’s previous low was recorded in June 2017, when output shrank by 0.3</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">In February 2019, IIP was almost flat, growing at 0.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%.</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It had expanded 5.3</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2018. During entire 2018-19 fiscal, it had witnessed 3.6 </span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">growth as against 4.4</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in the previous fiscal. </span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Breakaway of IIP in March 2019</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Manufacturing sector:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> Constituting 77.63</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">of IIP, contracted by 0.4</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2019 as compared to 5.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">expansion in the year-ago month.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Capital goods output</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">: It declined by 8.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> as against 3.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">contraction in March 2018.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Power sector growth</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">: It slowed to 2.2</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2019 as compared to 5.9</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> a year ago. </span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Mining sector</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> <strong>growth</strong>: It also dropped to 0.8</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2019 compared to 3.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">expansion a year ago.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Use-based classification growth rates in March 2019</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">: 2.5</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in primary goods, (-) 2.5</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> in intermediate goods and 6.4</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in infrastructure/ construction goods. Similarly, consumer durables and consumer non-durables have recorded growth of (-) 5.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">and 0.3</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> respectively.</span></span></span></span></li>
</ul>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""><img alt="" src=" https://www.mediafire.com/convkey/c9e6/lb7m2s21hkletb26g.jpg" /></span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Index of Industrial Production (IIP)</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is composite indicator that measures short-term changes in volume of production of basket of industrial products during given period with respect to chosen base period.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is released on monthly basis by Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation (MoSPI). Base year is 2011-12.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It comprises 407 individual items and sector wise, these items fall into three categories-Manufacturing (405 items), Mining (1 items) & Electricity (1 item).</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">The separate weightages of the three sectors are 77.63</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">, 14.37</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">, 7.9</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> respectively. In IIP, combined weightages of eight core Industries is 40.27</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">In use wise composition, these 407 individual items are divided into capital goods, basic goods, intermediate goods and consumer goods.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Further, consumer goods are divided into consumer durables and consumer non-durables. In it, maximum weight is of basic goods, followed by Consumer Goods, followed by Intermediate and Capital Goods.</span></span></span></span></li>
</ul>
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'metatitle' => 'Industrial output contracts 0.1% in March 2019',
'metakeyword' => 'In Economy and Business Current Affairs, Factory output, as measured in terms of Index of Industrial Production (IIP) contracted by-0.1% in March 2019.',
'metadescription' => 'Factory output, as measured in terms of Index of Industrial Production (IIP) contracted by-0.1% in March 2019.',
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'title' => 'Government restricts imports of bio-fuels',
'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 Government has restricted import of bio-fuels for all purposes. In this regard, policy condition providing for free import of bio-fuels by actual users has been deleted. Henceforth their import will require import licence from the Directorate General of Foreign Trade (DGFT). The restriction will affect import of ethyl alcohol and other spirits, denatured of any strength, petroleum oils and oils obtained from bituminous minerals (other than crude) and bio-diesel.</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"">Background </span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Till now, import was allowed only for non-fuel purposes subject to actual user condition. In August 2018, Government amended import policy to restrict the free import of biofuels. They were allowed only for non-fuel purposes. </span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">This decision is pursuance of May 2018 Union Cabinet approval of National Policy on Biofuels, which allows doping of ethanol produced from damaged food grains, rotten potatoes, corn and sugar beet with petrol in a move to reduce oil imports.</span></span></span></span></p>
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'title' => 'Growth of 8 core sector industries slows to 2.6% in April 2019',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">According to data released by Ministry of Commerce, the combined index of the eight sectors, the growth of 8 core sectors has slowed down to 2.6</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> in April 2019. The decline in growth was mainly due to negative growth recorded in crude oil, natural gas and fertiliser output along with slump in government spending due to lower than anticipated tax collections. The core sector had recorded growth of 4.9</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in March 2019 and 4.7</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> in April 2018. </span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Sector wise Performance (April 2019)</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Crude oil output:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It shrank by 6.9</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</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"">Fertiliser production:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was down by 4.4</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">.</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"">Natural gas output:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It contracted by 0.8</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">.</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"">Coal production:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It rose by 2.8</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">. </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"">Electricity production:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It rose by 5.8</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%.</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"">Refinery products:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It rose by 4.3</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">. </span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Index of Eight Core Industries (ICI)</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is monthly production volume index of eight core industries of the economy. It is considered as lead indicator of monthly industrial performance. Its base year is 2011-12.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It measures individual as well as collective performance of production in selected eight core industries viz. Petroleum Refinery Products, Natural Gas, Coal, Fertilizers, Crude Oil, Steel, Cement and Electricity.</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"">These eights industries are main industry of the economy i.e. are considered as backbone of all other industries. They have significant impact on general economic activities as well as industrial activities.</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"">These eight core sectors constitute 40.27</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">of total of the weight of items included Index of Industrial Production (IIP).</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"">Compiled and released by:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (earlier DIPP), Ministry of Commerce & Industry.</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"">Components and weightages of core sectors:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Petroleum Refinery production (weight: 28.04), electricity generation (9.85), Steel production (17.92), Coal production (10.33), Crude Oil production (8.98), Natural Gas production (6,88), Cement production (5.37) and Fertilizers production (2.63).</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"">Note:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Highest weightage is for Petroleum Refinery production (weight: 28.04) and lowest is for Fertilizers production (2.63).</span></span></span></span></li>
</ul>
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'metatitle' => 'Growth of 8 core sector industries slows to 2.6% in April 2019',
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(int) 20 => object(Cake\ORM\Entity) {
'tag' => 'Industries',
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'title' => 'V.O.Chidambaranar Port Trust inks MoU with CWC for facilitating Direct Port Entry Movement',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The V.O. Chidambaranar Port Trust, Tuticorin has singed MoU with Central Warehousing Corporation (CWC) for facilitating Direct Port Entry (DPE) of e-sealed factory stuffed export container to the port under ‘Ease of Doing Business’.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Direct Port Entry (DPE) facility </span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It has been made available by Tuticorn port at its Truck Parking Terminal for CWC for 30 years on Annual Lease Rental basis. It will enable direct movement of sealed containers from factories without intermediate handling requirement at any Container Freight Station (CFS) thus facilitating shippers to gate-in their factory-stuffed goods directly to Container Terminal on 24 x 7 basis. It will make process of export clearance of factory stuffed e-sealed containers faster and reduce time and cost incurred on it. </span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">V. O. Chidambaranar Port Trust</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It was formerly known as Tuticorin Port Trust. It is one of the 12 major ports in India. It is second-largest port in Tamil Nadu and fourth-largest container terminal in India. It is located in Gulf of Mannar. It was opened in 1974. It is named after freedom fighter and leader of Indian National Congress Vallinayagan Olaganathan Chidambaram (1872 – 1936) He is also known as Kappalottiya Tamizhan (The Tamil Helmsman). It is an ISO 9001:2008,ISO 14001:2004 and ISPS compliant Port.</span></span></span></span></p>
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'metatitle' => 'Tuticorn Port Trust, CWC sign MoU for facilitating DPE Movement',
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'tag' => 'Industries',
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'title' => 'Government Cuts Employees' State Insurance Contribution Rate',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The Union Ministry of Labour & Employment has taken decision to reduce the rate of contribution under the Employees' State Insurance (ESI) Act from 6.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> to 4</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">. It has reduced employers’ contribution from 4.75</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> to 3.25</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> and employees’ contribution from 1.75</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> to 0.75</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">. The reduced rates will be effective from 1 July 2019.</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"">Impact</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The reduction of ESI rates will benefit 3.6 crore employees and 12.85 lakh employers. It will also bring about substantial relief to workers by increasing their takehome salary as well as reduce the financial burden of employer. It will further facilitate enrollment of workers under the ESI scheme and bring more and more workforce into the formal sector. The reduction in the share of contribution of employers will reduce the financial liability of their establishments and lead to improved viability of these establishments and further enhance ease of doing business</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"">Employees’ State Insurance Act 1948 (ESI Act)</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 provides for medical, cash, maternity, disability and dependent benefitsto the Insured Persons under the Act. It is administered by Employees’ State Insurance Corporation (ESIC). </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"">Benefits provided under it are funded by the contributions made by employers and employees. Under Both employers and employees contribute their shares respectively. </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"">Union Government through Ministry of Labour and Employment decides the rate of contribution under the ESI Act. </span></span></span></span></li>
</ul>
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'title' => 'SEBI allows futures trading in commodity indices',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Capital markets regulator Securities Exchange Board of India (SEBI) has permitted stock exchanges with commodity derivative segment to introduce futures on indices. This decision is taken in line with recommendations of Commodity Derivatives Advisory Committee. SEBI already has permitted commodity options in commodity derivative markets.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">SEBI Directives </span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The stock exchanges, willing to start trading in futures on commodity indices, are required to take prior approval from SEBI for launching such contracts.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Exchanges will have to submit at-least past 3 years data of index constructed along with data on monthly volatility, roll over yield for the month and monthly return while seeking approval from SEBI.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Constituent futures contracts</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">: They should be in existence on respective exchange for at least previous one year, and should have traded for at least 90</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> of trading and have minimum average daily turnover.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Turnover</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">: It should be at least Rs 75 crore for agricultural and agri-processed commodities, and Rs 500 crore for all other commodities.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Size of the contract: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It has to be at least Rs 5 lakh at the time of introduction inmarket with an initial maximum tenor of 12 months.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Position limits:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It should be over 1,000 lots or more than 5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">of the total open interest in commodity index futures for clients. It will be more than 10,000 lots or above 15 percent for traders.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Weightage:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Any onstituent in composite index should have maximum weightage of 30</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> and a minimum of 1</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">. The weightage of the index constituents should be periodically selected and re-balanced.</span></span></span></span></li>
</ul>
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'metatitle' => 'SEBI allows futures trading in commodity indices',
'metakeyword' => 'Capital markets regulator SEBI has permitted stock exchanges with commodity derivative segment to introduce futures on indice',
'metadescription' => 'Capital markets regulator SEBI has permitted stock exchanges with commodity derivative segment to introduce futures on indice',
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'title' => 'NTPC, Power Grid forms National Electricity Distribution Company Limited',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">National Thermal Power Corporation Limited (NTPC) and PowerGrid Corporation of India Limited have signed Memorandum of Agreement (MoU) to set up National Electricity Distribution Company Limited (NEDCL). With this, NTPC, a leading power generator, and Power Grid, which owns India’s largest power transmission network will foray into consumer electricity supply business.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">National Electricity Distribution Company Limited (NEDCL)</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will be a joint venture (JV) of NTPC and Power Grid on 50:50 equity basis. It will undertake the business for distributing electricity and other related activities in distribution circles of India. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will prove a major gamechanger since NTPC, a leading power generator, and Power Grid, which owns India’s largest power transmission network are entering into consumer electricity supply business. </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"">Signifiacne </span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Establishment of NEDCL is considered as another step of Central Government in power distribution reforms. This includes separation of content and carriage businesses in power distribution — i.e the infrastructure builder for power supply and supplier to consumers would be two separate companies. This will bring more competition in the power distribution sector with more than one power supplier. These measures have been suggested in the latest amendments to the Electricity Act, 2003, which is yet to be tabled in Parliament.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is also expected to enhance 3A’s (Availability, Accessibility and Affordability) of the electricity. It will also aid in overhauling the power distribution sector since existing reform scheme UDAY (Ujwal DISCOM Assurance Yojana) could not deliver effectively on its stated objectives.</span></span></span></span></p>
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'title' => 'Eight core sectors grow by 5.1% in May 2019',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">According to data released by Ministry of Commerce, the eight core sector industries recorded a growth of 5.1</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">May 2019 on the back of healthy output in steel and electricity. These eight core sectors had expanded by 4.1</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in May 2018. During April-May 2019, the cumulative growth of these industries, was 5.7</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">compared to 4.4</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> during the same period last year. The growth rate for index of eight core industries (ICI) for April 2019 also has been revised upward to 6.3</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">from 2.6</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">due to upward revisions in output of coal, crude oil, steel, cement and electricity.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Sector wise Performance (May 2019)</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Crude oil output:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It declined by (-) 6.9</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%.</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">%</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Fertiliser production:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It declined by (-) 1.0%.%</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Coal production: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It recorded growth of 1.8%.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Electricity production: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It recorded 7.2</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> growth (highest in last six months, i.e. since November 2018).</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Refinery products:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It declined by (-) 1.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%.</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">%</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Steel Sector:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It record double digit growth of 19.9</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Cement Sector: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It recorded moderate growth of 2.8</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%.</span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Index of Eight Core Industries (ICI)</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is monthly production volume index of eight core industries of the economy. It is considered as lead indicator of monthly industrial performance. Its base year is 2011-12.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It measures individual as well as collective performance of production in selected eight core industries viz. Petroleum Refinery Products, Natural Gas, Coal, Fertilizers, Crude Oil, Steel, Cement and Electricity.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">These eights industries are main industry of the economy i.e. are considered as backbone of all other industries. They have significant impact on general economic activities as well as industrial activities.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Compiled and released by:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (earlier DIPP), Ministry of Commerce & Industry.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Components and weightages of core sectors:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Petroleum Refinery production (weight: 28.04), electricity generation (9.85), Steel production (17.92), Coal production (10.33), Crude Oil production (8.98), Natural Gas production (6,88), Cement production (5.37) and Fertilizers production (2.63).</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Note:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Highest weightage is for Petroleum Refinery production (weight: 28.04) and lowest is for Fertilizers production (2.63). These eight core sectors constitute 40.27% of total of the weight of items included Index of Industrial Production (IIP).</span></span></span></span></li>
</ul>
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'tag' => 'Industries',
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'id' => (int) 1892,
'title' => 'India’s 1st corporate credit card for SME',
'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"> </p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">EnKash, a two year old card focused fintech startup have announced the launch of Corporate Credit Card for SMEs/MSMEs and startup, called the Freedom card.</span></span></span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif""><span style="color:black"> </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"">Background</span></span></strong></span></span><br />
</p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif""><span style="color:black"><span style="background-color:white">There are around 42 million MSME enterprises in India contributing 6.11 % of the GDP in manufacturing and 24.63 % of the GDP to the service sector. Access to credit is essential to MSMEs, as lending in this sector has been dominated informal financial entities and almost 40% of credit allotment to MSMEs in India is through informal channels.</span> Anew easy credit mechanism is required to boost domestic industries.</span></span></span></p>
<p> </p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">EnKash credit cards salient features</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The Freedom card would give the SME’s and startups the freedom to avail credit facility for immediate needs and to manage their financial liquidity.</span></span></span></span> </span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">EnKash Freedom Card offers customized billing cycle based on the repayment ability of the businesses. The company has come up with a corporate card to cater the varied billing cycles as per the working capital cycles of different businesses.</span></span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black"> Freedom Card is designed to fulfill the credit requirements of SMEs & Startups segment, which are highly underserved at present</span></span></span></span> </span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The startup sector is booming in India at a tremendous pace, according to the latest KPMG report on the Indian Startup Ecosystem, the number of startups in the country has gone up from 7,000 in 2008 to 50,000 in 2018, a growth of over seven times in the last decade. As the number of startup grows further it will require easy access to credit.</span></span></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""><span style="color:black">SME and MSME</span></span></span></strong></span></span></p>
<table border="1" cellpadding="1" cellspacing="1" style="width:500px">
<tbody>
<tr>
<td><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif""><span style="color:#333333">Micro Enterprises</span></span></span></td>
<td><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif""><span style="color:#333333">Does not exceed twenty five lakh rupees</span></span></span></td>
</tr>
<tr>
<td><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif""><span style="color:#333333">Small Enterprises</span></span></span></td>
<td><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif""><span style="color:#333333">More than twenty five lakh rupees but does not exceed five crore rupees</span></span></span></td>
</tr>
<tr>
<td><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif""><span style="color:#333333">Medium Enterprises</span></span></span></td>
<td><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif""><span style="color:#333333">More than five crore rupees but does not exceed ten crore rupees</span></span></span></td>
</tr>
</tbody>
</table>
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'title' => 'Indian companies aiming to explore Russian oilfields',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Issue</span></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">A consortium of Indian oil firms is in talks to buy a significant stake in the eastern cluster oil fields in Russia with investments running into billions of dollars.</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><span style="font-size:12.0pt">Background</span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Indian energy companies have so far invested close to $10 billion in acquiring stakes in hydrocarbon assets in Russia.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Russian oil industry claims to be in need of huge investments. Strong growth in the Russian economy means that local demand for all types of energy sources (oil, gas, nuclear, coal, hydro, electricity) continues to grow.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Details</span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A deal is likely to be announced at the Eastern Economic Forum and the Annual Bilateral Summit between Prime Minister Narendra Modi and Russian President Vladimir Putin in Vladivostok regarding India’s participation in Oil exploration in Russia.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Indian firms are expected to invest in Russia’s upstream like Petroleum sector while Russian firms are expected to invest in India's downstream services sector<span style="font-size:13.5pt"><span style="background-color:whitesmoke"><span style="color:#282828">.</span></span></span></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="background-color:white"><span style="font-family:"Arial","sans-serif""><span style="color:#222222">Petroleum sector in Russia</span></span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white">The petroleum industry in Russia is one of the largest in the world. Russia has the largest reserves and is the largest exporter of natural gas. </span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white">It has the second largest coal reserves, the eighth largest oil reserves, and is one of the largest producers of oil. It is the third largest energy user.</span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white">Russia is by far the world's largest natural gas exporter.</span></span></span></p>
</li>
</ul>
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'tag' => 'Industries',
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'id' => (int) 2089,
'title' => 'Core industries growth slows down',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Issue</span></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">Growth of eight core industries slowed down to 2.1 per cent in July as against 7.3 per cent in the same month last year, according to a government data.</span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During April-July, the eight sectors grew by 3 Percent compared to 5.9 % in the same period the previous year.</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><span style="font-size:12.0pt">Background</span></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">The data comes at the backdrop of weak manufacturing and consumption numbers dragging the country’s GDP growth to a 25-quarter low of 5 per cent in the first quarter (April-June) of the current fiscal. </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><span style="font-size:12.0pt">Details</span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The eight core sector industries – <strong>coal</strong>, <strong>crude oil</strong>, <strong>natural gas</strong>,<strong> refinery products</strong>, <strong>fertiliser</strong>,<strong> steel</strong>, <strong>cemen</strong>t and <strong>electricity</strong> – had expanded by 7.3 per cent in July last year. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">These core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Growth rate in production of steel, cement and electricity declined to 6.6 per cent, 7.9 per cent and 4.2 per cent, respectively, as against 6.9 per cent, 11.2 per cent and 6.7 per cent.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Fertiliser output marginally grew by 1.5 per cent in July as against 1.3 per cent in July 2018.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Reasons for slowdown</span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="color:black">The growth has been pulled down mainly due to contraction in coal, crude and oil and natural gas production</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="color:black">Core industries have witnessed a gradual slowdown in growth due to weak consumer demand and lack of investments.</span></span></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">The output of India’s eight infrastructure sectors contracted for the first time in more than four years according to the report released by the government.</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">Indian businesses have been battling a demand slowdown and liquidity crunch, resulting in economic growth rate cooling to a six-year low of 5% in the June quarter, while private consumption expenditure dropped to an 18-quarter low of 3.1%. </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">The core sectors reflect demand from the power and infrastructure sectors, where the government’s own demand is important and public sector spending has been low in the last 3-4 months.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Output of coal (-8.6%), crude oil (-5.4%), natural gas (-3.9%), cement (-4.9%) and electricity (-2.9%) contracted in August, indicating a broad-based slowdown, while production of refinery products (2.6%), fertilizers (2.9%) and <a href="https://www.livemint.com/industry/manufacturing/steel-sector-growth-to-slow-down-to-4-this-year-crisil-1569468680077.html" target="_blank">steel</a> (5%) increased.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The coal sector saw the sharpest contraction, with the sector contracting 8.6% in August 2019 compared with a contraction of 1.6% in the previous month. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The crude oil sector contracted 5.4% in August, compared with a contraction of 4.4% in July.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The cement sector fell into negative territory in August, contracting 4.9%, compared with a growth of 7.9% in the previous month.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The natural gas sector contracted 3.9% in August, compared with a contraction of 0.5% in July.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The electricity sector also saw a contraction in August, contracting 2.9%, compared with a growth of 4.7% in the previous month.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Core industries</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Eight Core Industries comprise nearly 40.27% of the weight of items included in the Index of Industrial Production (IIP).</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> These are Electricity , steel, refinery products, crude oil, coal, cement, natural gas and fertiliser.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Implications</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The latest macro data may also force the monetary policy committee (MPC) of the Reserve Bank of India to cut interest rates at its meeting later this week.</span></span></p>
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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The output of India’s eight infrastructure sectors contracted for the first time in more than four years according to the report released by the government.</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">Indian businesses have been battling a demand slowdown and liquidity crunch, resulting in economic growth rate cooling to a six-year low of 5% in the June quarter, while private consumption expenditure dropped to an 18-quarter low of 3.1%. </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">The core sectors reflect demand from the power and infrastructure sectors, where the government’s own demand is important and public sector spending has been low in the last 3-4 months.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Output of coal (-8.6%), crude oil (-5.4%), natural gas (-3.9%), cement (-4.9%) and electricity (-2.9%) contracted in August, indicating a broad-based slowdown, while production of refinery products (2.6%), fertilizers (2.9%) and <a href="https://www.livemint.com/industry/manufacturing/steel-sector-growth-to-slow-down-to-4-this-year-crisil-1569468680077.html" target="_blank">steel</a> (5%) increased.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The coal sector saw the sharpest contraction, with the sector contracting 8.6% in August 2019 compared with a contraction of 1.6% in the previous month. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The crude oil sector contracted 5.4% in August, compared with a contraction of 4.4% in July.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The cement sector fell into negative territory in August, contracting 4.9%, compared with a growth of 7.9% in the previous month.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The natural gas sector contracted 3.9% in August, compared with a contraction of 0.5% in July.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The electricity sector also saw a contraction in August, contracting 2.9%, compared with a growth of 4.7% in the previous month.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Core industries</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Eight Core Industries comprise nearly 40.27% of the weight of items included in the Index of Industrial Production (IIP).</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> These are Electricity , steel, refinery products, crude oil, coal, cement, natural gas and fertiliser.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Implications</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The latest macro data may also force the monetary policy committee (MPC) of the Reserve Bank of India to cut interest rates at its meeting later this week.</span></span></p>
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style="font-family:"Segoe UI",sans-serif">According to index of eight core industries (ICI) released by Union Ministry of Commerce and Industry, growth rate of eight infrastructure sectors slowed down to 2.6% in December 2018. It was slowest growth of core sectors recorded in last 18 months. This was mainly due to contraction in production in crude oil, refinery products and fertilisers sectors.</span></span></span></span></h2> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">Key Facts</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">These core sectors had recorded 3.4% growth in November 2018. During April-December 2018 period, these sectors recorded growth of 4.8% compared to 3.9% in same period of the previous fiscal.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">Sector wise performance - December 2018 </span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"> </p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><img alt="Eight core industries record 2.6% growth in December 2018" src="https://www.mediafire.com/convkey/414a/qosjycca6t53t1u6g.jpg" style="height:324px; width:566px" /></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">Index of Eight Core Industries (ICI)</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">It is monthly production volume index of eight core industries of the economy. It is considered as lead indicator of monthly industrial performance. Its base year has been revised to 2011-12.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">It measures individual as well as collective performance of production in selected eight core industries viz. <em>Petroleum Refinery Products, Natural Gas, Coal, Fertilizers, Crude Oil, Steel, Cement and Electricity.</em></span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">These eights industries are main industry of the economy i.e. are considered as backbone of all other industries.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">It is compiled and released by Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (earlier DIPP), Ministry of Commerce & Industry.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">These eight core industries have impact on general economic activities as well as industrial activities. <em>They constitute 40.27% of total of the weight of items included Index of Industrial Production (</em>IIP).</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">Components and weightages covered in ICI: </span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">Petroleum Refinery production (weight: 28.04%), electricity generation (9.85%), Steel production (17.92%), Coal production (10.33%), Crude Oil production (8.98%), Natural Gas production (6,88%), Cement production (5.37%) and Fertilizers production (2.63%).</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">Note: </span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Segoe UI",sans-serif">Highest weightage is for Petroleum Refinery production (weight: 28.04%) and lowest is for Fertilizers production (2.63%).</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'eight-core-industries-output-growth-slows-dec-2018', 'image' => 'https://www.mediafire.com/convkey/63fd/a49rda2u6qzhwqr6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/63fd/a49rda2u6qzhwqr6g.jpg', 'metatitle' => 'Core industries record 2.6% growth in December 2018', 'metakeyword' => 'Core industries, growth in December, growth in December 2018, Core industries record 2.6% growth in December 2018', 'metadescription' => 'Index of eight core industries slowed down to 2.6% in December 2018, Index of eight core industries, eight core industries, Highest weightage,', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/ah7r3pi5uai7hsg/current_affair_7.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 1 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 313, 'title' => 'Brazil, Australia lodge complaint in WTO over India's sugar subsidies', '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">Brazil and Australia have lodged formal complaint against India in World Trade Organisation (WTO), alleging that India's continued sugar subsidies to farmers have led to "glut" and "depressed" global prices. Australia was first to lodged this counter-notification with WTO over to India's sugar subsidy practices in November 2018. </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">Reasons for complaint</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to Brazil and Australia, India's sugar subsidy regime was inconsistent with WTO rules and had helped create glut in global sugar market. It Is hurting sugarcane growers and sugar millers in Australia, Brazil or other countries. It is not consistent with WTO rules and does not provide level playing field.</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">Background</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Sugarcane is grown as Kharif Crop in India. It is water intensive crop and needs hot and humid climate to grow. It can grow in any soil which can retain moisture, but deep rich loamy soil is ideal for its growth. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India is world’s second largest sugar producer after Brazil. Currently, UP is India’s foremost sugar producing state followed by Maharashtra and Karnataka.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In international markets, India is considered to be sugar giant due to huge production of sugarcane as well as sugar, largest number of cane farmers, more than 500 sugar mills, largest consumer of sugar and one of the largest sugar exports.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">World Trade Organisation (WTO),</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is inter-governmental organization for governments to negotiate global trade agreements and progressively liberalizing trade.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was established on 1 January 1995 and its official languages are English, French and Spanish. Its located in Geneva, Switzerland.</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 operates system of trade rules that apply to all its members. It also has trade dispute resolution mechanism for its members to settle their trade disputes. </span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'brazil-australia-lodge-complaint-india-sugar-subsidies', 'image' => 'https://www.mediafire.com/convkey/c4e9/1hws5em7d6obta66g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/c4e9/1hws5em7d6obta66g.jpg', 'metatitle' => 'India's sugar subsidies: Brazil, Australia lodge complaint in WTO', 'metakeyword' => 'In Economy Current Affairs, Brazil, Australia, lodge complaint, WTO, India's, sugar subsidies, ', 'metadescription' => 'Brazil, Australia, have lodged formal complaint against India in World Trade Organisation (WTO), alleging that India's continued sugar subsidies to farmers have led to "glut" and "depressed" global prices.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/tcyow5l6kpsmypp/2mar_Brazil%2C_Australia_lodge_complaint.pdf', '[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' => 'Industries', 'keyword' => 'industries', 'id' => (int) 312, 'title' => 'Core sectors record 1.8% growth in January 2019', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to data released by Ministry of Commerce, index of the eight sectors has dropped to 1.8% in January 2019. It is lowest in the last 19 months. It was primarily due to lower production of electricity, crude oil and refinery products. </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">Sector wise breakaway in January 2019</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">Low Performers:</span></strong><span style="font-family:"Quicksand",serif"> Production of crude oil, electricity and refinery products contracted by 4.3%, 0.4% and 2.6%, respectively. Coal and cement output growth also slowed to 1.7% and 11%.</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">Good Performers:</span></strong><span style="font-family:"Quicksand",serif"> Natural gas, fertilisers and steel production grew 6.2%, 10.5% and 8.2%.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Previous performance</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">These core sectors had recorded 6.2% growth in January 2018. Moreover, they had recorded 4.5% growth rate during April-January 2018-19 against 4.1% growth in same period in 2017-18.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Impact of decline</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Low overall output of core sectors in January 2019 is expected to impact the Index of Industrial Production (IIP) as these sectors comprise 40.27% of the weight of the items included in IPP.</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">Declining trend in core sector growth from October 2018 suggests continued weakness in industrial activities and weak second half economic growth.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">About Index of Eight Core Industries (ICI)</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is monthly production volume index of eight core industries of the economy. It is considered as lead indicator of monthly industrial performance. Its base year is 2011-12. </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 measures individual as well as collective performance of production in selected eight core industries viz. Petroleum Refinery Products, Natural Gas, Coal, Fertilizers, Crude Oil, Steel, Cement and Electricity. </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 compiled and released by Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (earlier DIPP), Ministry of Commerce & Industry. </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">These eights industries are main industry of the economy i.e. are considered as backbone of all other industries. They have significant impact on general economic activities as well as industrial activities. </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">They constitute 40.27% of total of the weight of items included Index of Industrial Production (IIP). </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">Components and weightages of core sectors:</span></strong><span style="font-family:"Quicksand",serif"> Petroleum Refinery production (weight: 28.04%), electricity generation (9.85%), Steel production (17.92%), Coal production (10.33%), Crude Oil production (8.98%), Natural Gas production (6,88%), Cement production (5.37%) and Fertilizers production (2.63%). Note: Highest weightage is for Petroleum Refinery production (weight: 28.04%) and lowest is for Fertilizers production (2.63%).</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'core-sectors-growth-january-2019', 'image' => 'https://www.mediafire.com/convkey/52a1/73hqz1nawu1y2gh6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/52a1/73hqz1nawu1y2gh6g.jpg', 'metatitle' => 'Core sectors record 1.8% growth in January 2019', 'metakeyword' => 'In Economy Current Affairs, According to Ministry of Commerce, index of the eight sectors, drops, 1.8% ,January 2019, Lowest,19 months.', 'metadescription' => 'According to data released by Ministry of Commerce, index of the eight sectors has dropped to 1.8% in January 2019. It is lowest in the last 19 months.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/5az4ihjbruze1ac/2mar_Core_sectors_record_1.8%2525.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' => 'Industries', 'keyword' => 'industries', 'id' => (int) 354, 'title' => 'Refurbished Handloom Haat inaugurated in New Delhi', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Union Ministry of Textiles inaugurated renovated Handloom Haat in New Delhi. Besides it also launched three projects of NIFT - VisionNXT – Trend Forecasting Initiative, Indian Textiles and Craft Repository Initiative and Design Innovation and Incubation Initiative. </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">Handloom Haat</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It has been set up at Janpath in New Delhi to provide marketing opportunities to authentic handloom products from various States, PSUs and cooperative societies. </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">Objectives:</span></strong><span style="font-family:"Quicksand",serif"> (i) Provide infrastructure support to handloom agencies to augment their sales of handloom products. (ii) Showcase exquisite variety of handloom products produced all over the country. </span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">VisionNxt initiative</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Launched by National Institute of Fashion Technology (NIFT) to create indigenous fashion forecasting service that endeavours to design seasonal directions for the country. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will provide trend forecasting service aligned to national and sub-national socio-cultural constructs and market requirements. </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">Its service is based on premise that fashion is dynamic industry and depending on seasonal trends and forecast to predict its future direction.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will help handloom sector in production of handloom products as per market requirement in terms of trends, design and colour forecast.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Indian Textiles and Craft Repository Initiative</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is launched by NIFT and is supported by DC Handlooms andDC Handicrafts, Ministry of Textiles. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will channel textile and craft knowledge generated into national knowledge portal titled Indian Textile & Craft Repository.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will also house virtual registers of textiles and crafts resources, which are available in Weaver Service Centres, Crafts Museums, similar institutions and private collections. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will develop virtual museum of textiles and textile crafts, designer archive, indigenous case studies and act as aggregator of online information on related research. </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 virtual museum will have digitised resource of traditional archived pieces from museums, resource centres, weavers’ service centres. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will also have contemporary pieces and collections from designers, fashion archives. This will help in easy sourcing of designs.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Design Innovation and Incubation (DII) Initiative </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is intended to support young entrepreneurs, artisans, start-ups, NIFT alumni and students. It will also facilitate collaborations relevant for business development. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Its targeted beneficiaries include NIFT alumni and students who would like to start entrepreneurial ventures as those who are not part of NIFT.</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">Under it incubation facilities (Regional Incubators) will be set up in Mumbai, New Delhi and Bengaluru campuses of NIFT.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'refurbished-handloom-haat-new-delhi', 'image' => 'https://www.mediafire.com/convkey/b675/t4e5y6mo54577oe6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/b675/t4e5y6mo54577oe6g.jpg', 'metatitle' => 'Refurbished Handloom Haat inaugurated in New Delhi', 'metakeyword' => 'In National Current Affairs,Union Ministry of Textiles,Renovated Handloom Haat, New Delhi, NIFT - VisionNXT, Trend Forecasting Initiative, Indian Textiles and Craft Repository Initiative ', 'metadescription' => 'Union Ministry of Textiles inaugurated renovated Handloom Haat in New Delhi', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/2lva9u8ulcxymds/6MAR_Refurbished_Handloom_Haat.pdf', '[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' => 'Industries', 'keyword' => 'industries', 'id' => (int) 277, 'title' => 'IWAI inks MoU with Indian Oil on fuel needs for national waterways', '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">Inland Waterways Authority of India (IWAI) has signed Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) for jointly developing infrastructure for fuels, lubricating oil, natural gas, LPG etc for meeting the requirement of national waterways. It is expected to lead to development of business activities in energy sector along the national waterways.</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">Features of MoU</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will provide general modalities of mutual cooperation for addressing futuristic demand of any form of energy for Inland Waterways and associated services.</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 covers development of infrastructure for receipt, storage, dispensing and supply of fuels, lubricating oils, LPF for domestic and commercial use, natural gas and any other related fuel and gas. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also covers infrastructure development for setting up of consumer pump for supplying fuels to vehicles, locomotives, machinery and equipments and retail outlets for fuel and gas at terminals and multimodal terminals. </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">IWAI and IOCL will conduct techno-economic feasibility studies for preparation of detailed land requirement, storage facilities and other supporting infrastructure with details of the cost. </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">These studies will be based on the traffic potential, proximity to the local industries and waterways and its connectivity to rail heads.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Background</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">106 new national waterways have been declared under National Waterways Act 2016 in addition to the existing 5 national waterways. The development of these new national waterways is being taken up by IWAI (nodal authority) in phased manner based on feasibility reports and DPRs. Besides, capacity of NW1 is also being augmented under Jal Marg Vikas Project (JMVP) with technical and financial assistance of World Bank. Under this project, multimodal terminals are being developed at Haldia, Sahibganj, Varanasi and intermodal terminals are being developed at Ghazipur and Kalughat. </span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'iwai-mou-indian-oil-fuel-needs-national-waterways', 'image' => 'https://www.mediafire.com/convkey/a74e/7tt1ppwedakt9ho6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/a74e/7tt1ppwedakt9ho6g.jpg', 'metatitle' => 'IWAI inks MoU with Indian Oil on fuel needs for national waterway', 'metakeyword' => 'In National Current Affairs, IWAI, MoU,Indian Oil Corporation Limited (IOCL), jointly developing, infrastructure for fuels, national waterways', 'metadescription' => 'IWAI has signed Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) for jointly developing infrastructure for fuels,', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/iknrr4w1t6w0tal/27feb_IWAI_inks_MoU_with_Indian_Oil.pdf', '[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' => 'Industries', 'keyword' => 'industries', 'id' => (int) 251, 'title' => 'GST Council cuts GST Rate on Real Estate projects', '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">33rd meeting of Goods and Services Tax (GST) Council chaired by has Finance Minister Arun Jaitley has reduced GST rates on under-construction residential properties and affordable housing projects. This decision was based on recommendations of seven-member Group of Ministers (GoM) headed by Gujarat Deputy Chief Minister Nitin Patel. It was taken after considering importance of real Estate sector as one of the largest contributors to national GDP and employment provider to large numbers of people.</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-family:"Quicksand",serif">Revised GST rates:</span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Non-affordable houses:</span></strong><span style="font-family:"Quicksand",serif"> GST rate for under-construction flats and houses reduced to 5% without Input Tax Credit (ITC), down from earlier 12%.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">ITC in this case, means that at time of paying tax on output, tax can be reduced if it is already paid on inputs and only balance amount needs to be paid.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Affordable houses</span></strong><span style="font-family:"Quicksand",serif">: GST rate has been reduced to 1% without ITC from earlier 8%.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Affordable house in this case is house/flat with carpet area of up to 90 sq m (in non-metropolitan cities/towns) and 60 sq m (in metropolitan cities) and having value up to Rs 45 lakh (both for non-metropolitan and metropolitan cities).</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The revised rates will be effective from April 1, 2019.</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-family:"Quicksand",serif">Benefits of these changes</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will benefit home buyers by protecting their interest. It will provide buyer of house fair price. It will address cash flow problem in the real estate sector as there are GST exemption on development rights, FSI (Floor Space Index), long term lease (premium) etc. It will result in better pricing for houses as it will remove unutilised ITC, which used to become cost at the end of the project. It will simplify tax structure and tax compliance for builders. It will give boost government's vision of 'Housing for all by 2022’.</span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'gst-council-cuts-gst-rate-real-estate-projects', 'image' => 'https://www.mediafire.com/convkey/4121/d16k744c7dde1jv6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/4121/d16k744c7dde1jv6g.jpg', 'metatitle' => 'GST Council cuts GST Rate on Real Estate projects | Today News', 'metakeyword' => 'In Business and Economy Current affairs, Goods and Services Tax, GST Council, Finance Minister Arun Jaitley, reduces, GST rates, under-construction residential properties, affordable housing projects', 'metadescription' => '33rd meeting of Goods and Services Tax (GST) Council chaired by has Finance Minister Arun Jaitley has reduced GST rates on under-construction residential properties and affordable housing projects.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/r40d9t88wr00ngb/25feb_GST_Council_cuts_GST_Rate.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' => 'Industries', 'keyword' => 'industries', 'id' => (int) 229, 'title' => 'DPIIT launches 2nd edition of Startup Ranking of states', '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">Department for Promotion of Industry and Internal Trade (DPIIT) under Ministry of Commerce & Industry has launched second edition of Startup Ranking for 2019. </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 aims to rank States/UTs for establishing a robust ecosystem for supporting Startups. It also seeks to encourage States/UTs to identify, learn and replicate good practices from each other.</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">Startup Ranking Framework 2019</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It comprises of 7 pillars and 30 action points. It will evaluate measures undertaken by States/UTs during assessment period from May 1, 2018 to June 30, 2019.</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">These pillars will assess States/UTs efforts across institutional support, easing public procurement, simplifying regulations, seed funding support, incubation support, venture funding support and awareness and outreach related activities.</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 expected to take forward startup ecosystem in country and give impetus to vision of India becoming Startup Nation.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">2018 Startup Rankings: </span></strong><span style="font-family:"Quicksand",serif">Gujarat was ranked best performer followed by Karnataka, Kerala, Odisha, and Rajasthan. </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">Background</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India is home to about 20,000 startups which are driving economic growth and leading to technological innovations and employment generation in every state. These startups are introducing new solutions every day and also improving existing processes. Government has taken lead in creating policies and a framework to encourage and help statrups. Besides, many States/UTs also have startup focussed environment with friendly polies aimed ease of doing business for startups.</span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'dpiit-launches-2nd-edition-startup-ranking-of-states', 'image' => 'https://www.mediafire.com/convkey/fdd5/mo299amlw9rsrjr6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/fdd5/mo299amlw9rsrjr6g.jpg', 'metatitle' => 'DPIIT launches 2nd edition of Startup Ranking of states', 'metakeyword' => 'In Economy Current Affairs, Department for Promotion of Industry and Internal Trade, DPIIT, Ministry of Commerce & Industry, launched, second edition, Startup Ranking for 2019', 'metadescription' => 'Department for Promotion of Industry and Internal Trade (DPIIT) under Ministry of Commerce & Industry has launched second edition of Startup Ranking for 2019.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/pb39dw946abckg2/22feb_DPIIT_launches_2nd_edition.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' => 'Industries', 'keyword' => 'industries', 'id' => (int) 401, 'title' => 'Andhra Pradesh and Madhya Pradesh get new NCLT benches', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Union Ministry of Corporate Affairs has approved establishment of two new benches of National Company Law Tribunal (NCLT) at Amaravati (Andhra Pradesh) and Indore (Madhya Pradesh). This decision was taken keeping in view increasing case load, especially under Insolvency & Bankruptcy Code 2016. These new benches will enable faster disposal of cases.</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">Jurisdiction of new benches of NCLT</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">Amaravati:</span></strong><span style="font-family:"Quicksand",serif"> It will be in entire state of Andhra Pradesh. Prior to this, Andhra Pradesh was under jurisdiction of NCLT Bench at Hyderabad.</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">Indore:</span></strong><span style="font-family:"Quicksand",serif"> It will be for entire state of Madhya Pradesh. Prior to this, Madhya Pradesh was under the jurisdiction of NCLT Bench at Ahmedabad. </span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">National Company Law Tribunal (NCLT)</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is quasi-judicial body that adjudicates issues relating to Indian companies. It was established under the Companies Act 2013. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was instituted based on recommendation of Justice Eradi committee on law relating to insolvency and winding up of companies.</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 adjudicating authority for insolvency resolution proceedings Companies Act, 2013, Insolvency and Bankruptcy Code (IBC) 2016 and Limited Liability Partnership (LLP) Act, 2008. </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">Composition:</span></strong><span style="font-family:"Quicksand",serif"> It has 17 judicial members (including President) and 10 technical members. </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">Benches:</span></strong><span style="font-family:"Quicksand",serif"> Presently, 14 numbers of NCLT benches have been established, including Principal Bench in New Delhi.</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">Appeals: </span></strong><span style="font-family:"Quicksand",serif">Decisions of NCLT can be appealed to National Company Law Appellate Tribunal (NCLAT). Besides, decisions of NCLAT may be appealed to the Supreme Court of India on a point of law.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'andhra-pradesh-madhya-pradesh-get-new-nclt-benches', 'image' => 'https://www.mediafire.com/convkey/4e79/t3y2mbnwm2wdl9g6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/4e79/t3y2mbnwm2wdl9g6g.jpg', 'metatitle' => 'Andhra Pradesh and Madhya Pradesh get new NCLT benches', 'metakeyword' => 'In National Current Affairs, Ministry of Corporate Affairs,two new benches, National Company Law Tribunal, NCLT, Amaravati, Andhra Pradesh,Indore,Madhya Pradesh', 'metadescription' => 'Ministry of Corporate Affairs has approved establishment of two new benches of National Company Law Tribunal (NCLT) at Amaravati (Andhra Pradesh) and Indore (Madhya Pradesh). ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/a5wr2i1sxaskaxq/9Mar_Andhra_Pradesh_and_Madhya_Pradesh_get_new_NCLT_benches.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 8 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 411, 'title' => 'Xuzhou Corridor: India launches 3rd IT corridor in China', '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">India launched its third IT corridor in China’s Xuzhou city (Jiangsu Province) that will facilitate partnerships between Indian and Chinese IT companies. In this regard, National Association of Software and Services Companies (NASSCOM) has entered into partnership with China's Xuzhou city to help develop the IT corridor.</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">Xuzhou is centre of Huai Hai economic zone in China. It is important comprehensive national transportation hub and is located close to proximity of China’s major industrial and economic hub like Shanghai, Beijing, Hangzhou, Nanjing and Suzhou.</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-family:"Quicksand",serif">Xuzhou city IT Corridor</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The primary aim of this IT corridor is to facilitate partnerships between Indian and Chinese companies.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enable Indian software and service industry associations to enter Chinese market and seize development opportunities in China. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will also facilitate match-making between Indian companies wanting to collaborate with Chinese companies who are looking to adopt digital transformation from verticals such as manufacturing, automotive, healthcare, retail and utilities and help them create innovative product and solutions in co-create mode. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will help create more jobs in China and India and facilitate talent transfer between the two countries.</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-family:"Quicksand",serif">Previous corridors</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">NASSCOM already has launched such IT corridors at Dalian and Guiyang cities of China to cash in on burgeoning Chinese IT industry market. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">These first two corridors have paved way for cooperation in co-create mode in emerging technologies such as AI, IoT and Analytics in the Chinese market.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Through these two corridors, NASSCOM has brought to fore opportunities with over 300 companies where more than 10 Indian SME companies have signed deals worth 31 Million RMB (USD 4.5 million). </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">These corridors already have sprung up business opportunities to tune of 24 Million RMB (USD 4.6 million) and 62 Million RMB (USD 8.9 million) respectively.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-launches-3rd-it-corridor-china', 'image' => 'https://www.mediafire.com/convkey/372b/in4oedbc7ex8jvb6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/372b/in4oedbc7ex8jvb6g.jpg', 'metatitle' => 'Xuzhou Corridor: India launches 3rd IT corridor in China', 'metakeyword' => 'In Business and Economy Current Affairs, Xuzhou Corridor, India, launches,3rd, IT corridor, China', 'metadescription' => 'India launched its third IT corridor in China’s Xuzhou city (Jiangsu Province) that will facilitate partnerships between Indian and Chinese IT companies. ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/dp362apb10vq61y/11Mar_Xuzhou_Corridor.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 9 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 444, 'title' => 'IIP growth slows to 1.7% in January 2019', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to data released by Central Statistics Office (CSO), factory output measured in terms of Index of Industrial Production (IIP) slowed in January 2019 growing by just 1.7%. </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">The slowdown was mainly due to deceleration in the manufacturing, electricity, and capital goods sectors. This was for second time in three months IIP saw growth slip below the 2%, with previous occurrence was 0.32% growth in November 2018. Growth in IIP was at 2.6 in December 2018.</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">Breakaway of January 2019 IIP</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">Mining and quarrying sector:</span></strong><span style="font-family:"Quicksand",serif"> It was one of only major sectors that saw growth accelerating, from contraction of 0.39% in December 2018 to growth of 3.9% in January. 2019.</span></span></span></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">Manufacturing sector:</span></strong><span style="font-family:"Quicksand",serif"> It saw growth slowing to 1.3% in January from 2.65% in December Electricity sector: It saw growth slowing to 0.8% from 4.45% over the same period</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">Capital goods sector:</span></strong><span style="font-family:"Quicksand",serif"> It contracted 3.2% in January, down from a growth of 5.9% in the previous month.</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">Construction sector:</span></strong><span style="font-family:"Quicksand",serif"> It witnessed strongest growth of all the major sectors, of 7.9%, but this was still significantly slower than the 10% seen in December.</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">Consumer sector: It also saw growth slowing, with growth in consumer durables sector slowing to 1.8% and in consumer non-durables sector to 3.8% in January, from 2.93% and 5.35%, respectively, in the previous month.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Index of Industrial Production (IIP)</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is composite indicator that measures short-term changes in volume of production of basket of industrial products during given period with respect to chosen base period. </span></span></span></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 released on monthly basis by Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation (MoSPI). Base year is 2011-12.</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 comprises 407 individual items and sector wise, these items fall into three categories-<em>Manufacturing (405 items), Mining (1 items) & Electricity (1 item).</em></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The separate weightages of the three sectors are 77.63%, 14.37%, 7.9% respectively. In IIP, combined weightages of eight core Industries is 40.27%.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In use wise composition, these 407 individual items are divided into capital goods, basic goods, intermediate goods and consumer goods. </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">Further, consumer goods are divided into consumer durables and consumer non-durables. In it, maximum weight is of basic goods, followed by Consumer Goods, followed by Intermediate and Capital Goods.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'iip-growth-slows-january-2019', 'image' => 'https://www.mediafire.com/convkey/0e91/udp4695u4k41fyb6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/0e91/udp4695u4k41fyb6g.jpg', 'metatitle' => 'IIP growth slows to 1.7% in January 2019', 'metakeyword' => 'IIP growth slows to 1.7% in January 2019', 'metadescription' => 'According to data released by Central Statistics Office (CSO), factory output measured in terms of Index of Industrial Production (IIP) slowed in January 2019 growing by just 1.7%.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/5gk4kr0690rcb78/13Mar_IIP_growth_slows_to_1.7%25_in_January_2019.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 10 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 468, 'title' => 'India, US to sign pact for exchange of CbC reports', '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">India and US has agreed to sign relevant bilateral agreement for exchange country-by-country (CbC) reports (local filing) filed by ultimate parent corporations based in either of the countries. This agreement will reduce compliance burden on subsidiaries of companies operating out of these countries.</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-family:"Quicksand",serif">Background</span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Income Tax Act requires subsidiaries of multinational companies (MNCs) to provide details of key financial statements from other jurisdictions from where they operate.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This provides IT Department (CBDT in this case) with operational view of such companies, primarily with regards to revenue and income tax paid.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The absence of an agreement between India and US till now entailed a possibility of local filing of CbC reports in India. </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-family:"Quicksand",serif">CbC reports filing </span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Its objective is to ensure that all relevant tax authorities have access to same information about an MNC’s value chain and resulting tax consequences.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It seeks to assist tax administration in having complete understanding of MNCs operations structure, by annually providing them with key information on global allocation of incomes and taxes paid. </span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Under this regime, CbC reports gets electronically transmitted between competent authorities as per signed framework.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In India, this provision is part of base erosion and profit sharing (BEPS) action plan and has been incorporated in IT Act.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits of India-US CbC agreement</span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enable both the countries to exchange CbC reports filed by ultimate parent entities of international groups in the respective jurisdictions.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Indian constituent entities of international groups headquartered in US, who have already filed CbC reports in US, will not be required to do local filing of CbC reports of their international groups in India. </span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-us-sign-pact-for-exchange-cbc-reports', 'image' => 'https://www.mediafire.com/convkey/7263/ben61eru1z7sm966g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/7263/ben61eru1z7sm966g.jpg', 'metatitle' => 'India, US to sign pact for exchange of CbC reports', 'metakeyword' => 'In Business and Economy Current Affairs, India, US, sign, bilateral agreement, exchange country-by-country (CbC) reports, local filing, filed by ultimate parent corporations based in either of the countries', 'metadescription' => 'India and US has agreed to sign relevant bilateral agreement for exchange country-by-country (CbC) reports (local filing) filed by ultimate parent corporations based in either of the countries', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/xfjz9zxawzm39uy/16_Mar_India%2C_US_to_sign_pact_for_exchange_of_CbC_reports.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 11 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 533, 'title' => 'PFC signs agreement to acquire majority stake in REC', '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">State-owned Power Finance Corporation (PFC) has signed share purchase agreement to acquire all 52.63% shares of Central Government in Rural Electrification Corporation (REC) for about Rs 14,500 crore. It is in pursuance to the in-principle approval of December 2018 from Cabinet Committee on Economic Affairs for strategic sale of REC.</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">Under this agreement, PFC will acquire 103.94 crore equity shares of Rs 10 of REC from President constituting 52.63% of paid-up share capital. With this PFC is now slated to become a promoter and the holding company of REC. </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">Significance of acquisition </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is step towards consolidation of companies operating in the same space. Both PFC and REC are navratna central public sector enterprises with combined annual revenues of about Rs 50,000 crore.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enable increased efficiencies in lending processes and policies across both companies and create public value by offering better loan products to power sector.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will help the power sector reap benefits from a decentralised outreach of REC and a professional project finance expertise of PFC.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will ensure diversification of assets of the group, as well as portfolio risk will help in resolution of stressed power sector assets of the group in a better and coordinated manner.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"> </p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'pfc-signs-agreement-acquire-majority-stake-rec', 'image' => 'https://www.mediafire.com/convkey/bb71/e19c0zhv9ia3s996g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/bb71/e19c0zhv9ia3s996g.jpg', 'metatitle' => 'PFC signs agreement to acquire majority stake in REC', 'metakeyword' => 'In Economy Current Affairs, Power Finance Corporation, PFC, share purchase agreement, acquire, 52.63%  shares, Central Government,Rural Electrification Corporation (REC), Rs 14,500 crore', 'metadescription' => 'State-owned Power Finance Corporation (PFC) has signed share purchase agreement to acquire all 52.63%  shares of Central Government in Rural Electrification Corporation (REC) for about Rs 14,500 cror', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/ok7gxg68drd4noj/PFC_signs_agreement.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 12 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 654, 'title' => 'Core sectors record 2.1% growth in February 2019', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to data released by Ministry of Commerce, the combined index of the eight sectors recorded 2.1% growth in February 2019. Its dismal show in February 2019 was on account of fall in output registered in the crude oil and refinery products.</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">Its cumulative growth during April to February 2018-19 was 4.3%. These eight sectors had recorded had growth of 5.4% in February 2018.</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">Sector wise breakaway</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">Coal production:</span></strong><span style="font-family:"Quicksand",serif"> It grew by 7.3% in February 2019 against 1.3% growth in the same period a year ago.</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">Steel production:</span></strong><span style="font-family:"Quicksand",serif"> It recorded 17.92% growth as against 5% growth in the same period a year ago.</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">Natural gas production</span></strong><span style="font-family:"Quicksand",serif">: It grew by 3.8%.</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">Fertilizers Sector:</span></strong><span style="font-family:"Quicksand",serif"> It grew by 2.5%.</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">Cement production: It </span></strong><span style="font-family:"Quicksand",serif">grew by 8%.</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">Electricity production:</span></strong><span style="font-family:"Quicksand",serif"> It grew by 0.7%, falling from 4.6% growth in February 2018.</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">Production of crude oil:</span></strong><span style="font-family:"Quicksand",serif"> It recorded -6.1% growth.</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">Refinery products:</span></strong><span style="font-family:"Quicksand",serif"> It recorded -0.8% growth.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">About Index of Eight Core Industries (ICI) </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is monthly production volume index of eight core industries of the economy. It is considered as lead indicator of monthly industrial performance. Its base year is 2011-12.</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 measures individual as well as collective performance of production in selected eight core industries viz. Petroleum Refinery Products, Natural Gas, Coal, Fertilizers, Crude Oil, Steel, Cement and Electricity. </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">These eights industries are main industry of the economy i.e. are considered as backbone of all other industries. They have significant impact on general economic activities as well as industrial activities. </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 compiled and released by Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (earlier DIPP), Ministry of Commerce & Industry. </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">These eight core sectors constitute 40.27% of total of the weight of items included Index of Industrial Production (IIP). </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">Components and weightages of core sectors:</span></strong><span style="font-family:"Quicksand",serif"> Petroleum Refinery production (weight: 28.04%), electricity generation (9.85%), Steel production (17.92%), Coal production (10.33%), Crude Oil production (8.98%), Natural Gas production (6,88%), Cement production (5.37%) and Fertilizers production (2.63%). Note: Highest weightage is for Petroleum Refinery production (weight: 28.04%) and lowest is for Fertilizers production (2.63%).</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'core-sectors-record-growth-february-2019', 'image' => 'https://www.mediafire.com/convkey/ab52/vsychgw8kqi020d6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/ab52/vsychgw8kqi020d6g.jpg', 'metatitle' => 'Core sectors record 2.1% growth in February 2019', 'metakeyword' => 'In Business and Economy Current Affairs, Ministry of Commerce, combined index of the eight sectors recorded 2.1% growth in February 2019. ', 'metadescription' => 'According to data released by Ministry of Commerce, the combined index of the eight sectors recorded 2.1% growth in February 2019. ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/l33aum1i34eup23/Core_sectors_record_2.1%25.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 13 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 650, 'title' => 'Unorganized sector generates largest number of jobs in India: Oxfam Report', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to Oxfam’s recently released 'Mind The Gap - State of Employment in India' report, in India, largest number of jobs are generated in the unorganized sector. The report also highlights that lack of quality jobs and increasing wage disparity are key markers of inequality in the Indian labour market</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">Highlights of report</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Largest number of jobs were generated in the unorganized sector, which highlights questions over India's growth data and not being reflected in the growth of jobs.</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">Women’s participation:</span></strong><span style="font-family:"Quicksand",serif"> Regressive social norms continue to hamper women's participation in the workforce. On an average, women are paid 34% less than similarly qualified male workers for performing the same tasks. </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">Women are being left out of economic growth narrative as a consequence of poor policy choices and lack of investment in social security and infrastructure.</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">Demonitisation:</span></strong><span style="font-family:"Quicksand",serif"> Job generation was adversely impacted after demonetization and hit the women workforce most. There is decline in rural jobs.</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">Post-demonetisation period also saw drop in households with two or more persons being employed.</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">Between January and October 2016, 34.8% households saw two or more persons employed. Post-demonetisation, this dropped to 31.8% with women workers becoming the first casualties of job losses.</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">Social realities:</span></strong><span style="font-family:"Quicksand",serif"> Class and caste still continue to play crucial roles in determining employment for men and women, especially in stigmatised vocations like sanitation, jobs in the leather industry and rag-picking. Discrimination also exists in terms of market participation</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">Policy interventions:</span></strong><span style="font-family:"Quicksand",serif"> Economic factors can be improved by way of policy interventions. There is need shift in development focus towards labour intensive sectors to create more jobs and pushes for better work conditions to make jobs more inclusive.</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">There is need for higher investments in health and education to improve productivity. </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">Disparities in education system:</span></strong><span style="font-family:"Quicksand",serif"> Students from state education boards do considerably worse than those of independent national boards that cater to richer, better schools. </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">Within public education system, there are also glaring inequalities in educational investment.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif"><input alt="" src="https://www.mediafire.com/convkey/a604/tnef4an55i9za3m6g.jpg?size_id=5" style="height:534px; width:632px" type="image" /></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'unorganized-sector-generates-largest-number-jobs-india-oxfam-report', 'image' => 'https://www.mediafire.com/convkey/1288/pc88wd432x0o92d6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/1288/pc88wd432x0o92d6g.jpg', 'metatitle' => 'Unorganized sector generates largest number of jobs in India', 'metakeyword' => 'In Economy Current Affairs, Oxfam report, Mind The Gap - State of Employment in India,largest number, jobs, generated, unorganized sector', 'metadescription' => 'According to Oxfam’s recently released 'Mind The Gap - State of Employment in India' report, in India, largest number of jobs are generated in the unorganized sector.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/iyrboi1i8e22kxz/Unorganized_sector_generates.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 14 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 824, 'title' => 'DPE puts hold on granting Maharatna status to HPCL', '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">Department of Public Enterprises (DPE) has put hold on proposal of Union Petroleum Ministry to grant Maharatna status to Hindustan Petroleum (HPCL) citing procedures and antecedents. Petroleum Ministry had pushed for this proposal to grant more autonomy to HPCL.</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">Reasons for hold </span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">DPE has insisted that Petroleum Ministry should first obtain consent of HPCL’s holding company Oil and Natural Gas Corp (ONGC) before resubmitting revised proposal on giving Maharatna status to HPCL. ONGC had bought Government’s entire 51.11% share stake in HPCL for Rs 36,915 crore in 2018.</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">DPE has also asked Petroleum Ministry to give reasons for providing the exalted status to HPCL considering that ONGC was already a Maharatna company Currently, there is no previous instance of grant of Maharatna status to subsidiary Central public sector enterprise. </span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Hindustan Petroleum Corporation Limited (HPCL): </span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is Indian oil and natural gas refining and marketing company. It was established in 1974 and is headquartered in Mumbai, Maharashtra. Currently it enjoys autonomy status of Navratna CPSE. </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">Ownership Conflict:</span></strong><span style="font-family:"Quicksand",serif"> It is a subsidiary of ONGC. ONGC had bought Government’s 51.11 % share in 2018, thus becoming the promoter of the company. However, HPCL has been denying to identify ONGC as promoter on ground that majority of its Board Of Directors are from Union Government and not ONGC.</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">Maharatna Central Public Sector Enterprises (CPSEs)</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Government had introduced “Maharatna” category for CPSEs in 2009 with objective to empower mega CPSEs to expand their operations and emerge as global giants or become Indian Multinational Companies (MNCs). This status is granted to CPSEs by Department of Public Enterprises (DPE), Ministry of Heavy Industries and Public Enterprises after they meet eligibility criteria. </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">Currently there are 7 CPSEs have Maharatna status</span></strong><span style="font-family:"Quicksand",serif">. They are Bharat Heavy Electricals Limited, Coal India Limited, Indian Oil Corporation Limited, NTPC Limited, Oil & Natural Gas Corporation Limited, Steel Authority of India Limited, Bharat Petroleum Corporation Limited, </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">Eligibility Criteria for granting Maharatna status</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">CPSEs should be having Navratna status.</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">They should be listed on Indian stock exchange with minimum prescribed public shareholding under SEBI regulations.</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">They should have average annual turnover of more than Rs. 25,000 crore, during the last 3 years.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">They should have average annual net worth of more than Rs. 15,000 crore, during the last 3 years.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">They should have average annual net profit after tax of more than Rs. 5,000 crore, during the last 3 years.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Besides, they should also have significant global presence/international operations.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits of Maharatna Status</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It bestows greater autonomy or freedom to CPSEs from government control as well to incur capital expenditure on projects and purchases without any monetary ceiling. It also provides significant autonomy to CPSEs to pump equity in joint ventures and float subsidiaries, raise debt, undertake mergers and acquisitions without seeking approval.</span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'dpe-puts-hold-on-granting-maharatna-status-hpcl', 'image' => 'https://www.mediafire.com/convkey/1b79/xv2ytsd9hzyzln86g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/1b79/xv2ytsd9hzyzln86g.jpg', 'metatitle' => 'DPE puts hold on granting Maharatna status to HPCL', 'metakeyword' => 'In Economy Current Affairs, DPE, puts, hold, Union Petroleum Ministry, grant Maharatna status, Hindustan Petroleum, HPCL, citing procedures and antecedents.', 'metadescription' => 'DPE, put hold proposal of Union Petroleum Ministry to grant Maharatna status to Hindustan Petroleum (HPCL) citing procedures and antecedents.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/e85qx5m0m0oi1mc/DPE_puts_hold_on.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 15 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 968, 'title' => 'Core sector records 4.7% growth in March 2019', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">According to data released by Ministry of Commerce, the combined index of the eight sectors recorded 4.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> growth in March 2019. It is highest growth recorded by eight core sectors in past five-months. This growth was </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">driven by broad-based recovery in sectors such as <em>cement, refinery products, steel, and coal</em>.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Sector wise Performance (March 2019)</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Cement sector:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It saw strongest rebound in March 2019, growing 15.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> compared with 8</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in February 2019. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Steel sector:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It recorded 6.7% from 4.9% over the same period. The cement sector grew 13.3% over the full year 2018-19, up from the 6.3% growth it recorded in the previous year.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Coal sector:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It recorded growth 9.1% from 7.4% in February 2019. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Crude oil sector:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It contracted by 6.2% compared with contraction of 6.1% in February 2019. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Refinery products:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It recorded 4.3% growth in March 2019 as compared with contraction of 0.8% in February 2019. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Natural gas sector</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">: It saw growth slowed in March 2019 to 1.4% from 3.8% in February 2019. The sector saw growth for the full year slipping to 0.8% in 2018-19 from 2.9% in 2017-18.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Fertilizer sector: </span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Its growth quickened in March 2019 to 4.3% from 2.5% in February 2019.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Electricity sector:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It recorded growth of 1.4% compared with 1.2% in February 2019. </span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">About Index of Eight Core Industries (ICI) </span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is monthly production volume index of eight core industries of the economy. It is considered as lead indicator of monthly industrial performance. Its base year is 2011-12.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It measures individual as well as collective performance of production in selected eight core industries viz. Petroleum Refinery Products, Natural Gas, Coal, Fertilizers, Crude Oil, Steel, Cement and Electricity. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">These eights industries are main industry of the economy i.e. are considered as backbone of all other industries. They have significant impact on general economic activities as well as industrial activities. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is compiled and released by Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (earlier DIPP), Ministry of Commerce & Industry. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">These eight core sectors constitute 40.27% of total of the weight of items included Index of Industrial Production (IIP). </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Components and weightages of core sectors:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> Petroleum Refinery production (weight: 28.04), electricity generation (9.85), Steel production (17.92), Coal production (10.33), Crude Oil production (8.98), Natural Gas production (6,88), Cement production (5.37) and Fertilizers production (2.63). </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Note: Highest weightage is for Petroleum Refinery production (weight: 28.04) and lowest is for Fertilizers production (2.63).</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'core-sector-records-growth-march-2019', 'image' => 'https://www.mediafire.com/convkey/b57e/nd7dyvwjxey8beq6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/b57e/nd7dyvwjxey8beq6g.jpg', 'metatitle' => 'Core sector records 4.7% growth in March 2019', 'metakeyword' => 'Ministry of Commerce, combined, index of the eight sectors, recorded, 4.7% growth, March 2019, highest growth in past five-months', 'metadescription' => 'According to data released by Ministry of Commerce, the combined index of the eight sectors recorded 4.7% growth in March 2019. It is highest growth recorded by eight core sectors in past five-months', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/wdf88j5v4l64jyf/Core_sector.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 16 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 965, 'title' => 'BHEL signs MoU with ARAI for e-mobility projects', 'description' => '<h2 style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand","serif"">Bharat Heavy Electricals (BHEL) has signed MoU with Automotive Research Association of India (ARAI) for cooperation on various projects related to e-mobility. Under this MoU, BHEL will support ARAI as technology developer and implementer. Besides, ARAI’s advanced facilities and expertise in design, testing and certification of mobility products, will help to generate synergies with BHEL in implementing solutions for Electric Vehicles Chargers, Electric & Trolley Bus, Battery & Charger testing, etc.</span></span></span></h2> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand","serif"">Automotive Research Association of India (ARAI) </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand","serif"">It is leading automotive R&D organization of the country. It functions as autonomous body under Ministry of Heavy Industries and Public Enterprises.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand","serif"">It was established in 1988 as a co-operative industrial research body to provide services to industry in fields of applied research and product development in automotive engineering. It is headquartered in Pune, Maharashtra,</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 prime Testing and Certification Agency notified by Central Government under Rule 126 of Central Motor Vehicle Rules, 1989. It assists Government in formulating automotive standards and regulations.</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 undertakes product design and development, evaluation of automotive equipment and ancillaries, standardisation, technical information services, execution of advanced courses on application of modern technology and conduct of specific tests.</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 also responsible for car mileage figure on every car sold in India. It claims to be the first Indian institute to develop HCNG fuel engine.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'bhel-mou-arai-e-mobility-projects', 'image' => 'https://www.mediafire.com/convkey/ac27/gpua4vsu2lx2yy06g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/ac27/gpua4vsu2lx2yy06g.jpg', 'metatitle' => 'BHEL signs MoU with ARAI for e-mobility projects', 'metakeyword' => 'BHEL,MoU, Automotive Research Association of India,ARAI, cooperation, various projects , e-mobility', 'metadescription' => '(BHEL) has signed MoU with Automotive Research Association of India (ARAI) for cooperation on various projects related to e-mobility', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/b0px4ooi96swpcd/BHEL_signs_MoU.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 17 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 1078, 'title' => 'Industrial output contracts 0.1% in March 2019', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Factory output, as measured in terms of Index of Industrial Production (IIP) contracted by-0.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2019. It is lowest in 21 months, mainly due to slow down in manufacturing sector due to contraction in consumption, as well as investment. IIP’s previous low was recorded in June 2017, when output shrank by 0.3</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">In February 2019, IIP was almost flat, growing at 0.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%.</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It had expanded 5.3</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2018. During entire 2018-19 fiscal, it had witnessed 3.6 </span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">growth as against 4.4</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in the previous fiscal. </span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Breakaway of IIP in March 2019</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Manufacturing sector:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> Constituting 77.63</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">of IIP, contracted by 0.4</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2019 as compared to 5.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">expansion in the year-ago month.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Capital goods output</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">: It declined by 8.7</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> as against 3.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">contraction in March 2018.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Power sector growth</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">: It slowed to 2.2</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2019 as compared to 5.9</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> a year ago. </span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Mining sector</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> <strong>growth</strong>: It also dropped to 0.8</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in March 2019 compared to 3.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">expansion a year ago.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Use-based classification growth rates in March 2019</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">: 2.5</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in primary goods, (-) 2.5</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> in intermediate goods and 6.4</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">in infrastructure/ construction goods. Similarly, consumer durables and consumer non-durables have recorded growth of (-) 5.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">and 0.3</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> respectively.</span></span></span></span></li> </ul> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""><img alt="" src=" https://www.mediafire.com/convkey/c9e6/lb7m2s21hkletb26g.jpg" /></span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Index of Industrial Production (IIP)</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is composite indicator that measures short-term changes in volume of production of basket of industrial products during given period with respect to chosen base period.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is released on monthly basis by Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation (MoSPI). Base year is 2011-12.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It comprises 407 individual items and sector wise, these items fall into three categories-Manufacturing (405 items), Mining (1 items) & Electricity (1 item).</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">The separate weightages of the three sectors are 77.63</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">, 14.37</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">, 7.9</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> respectively. In IIP, combined weightages of eight core Industries is 40.27</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">In use wise composition, these 407 individual items are divided into capital goods, basic goods, intermediate goods and consumer goods.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Further, consumer goods are divided into consumer durables and consumer non-durables. In it, maximum weight is of basic goods, followed by Consumer Goods, followed by Intermediate and Capital Goods.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'iip-contracts-march-2019', 'image' => 'https://www.mediafire.com/convkey/a2f8/2cq3sjchkp4hx5j6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/a2f8/2cq3sjchkp4hx5j6g.jpg', 'metatitle' => 'Industrial output contracts 0.1% in March 2019', 'metakeyword' => 'In Economy and Business Current Affairs, Factory output, as measured in terms of Index of Industrial Production (IIP) contracted by-0.1% in March 2019.', 'metadescription' => 'Factory output, as measured in terms of Index of Industrial Production (IIP) contracted by-0.1% in March 2019.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/9q7p6pnixl1rtoi/Industrial_output.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 18 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 1226, 'title' => 'Government restricts imports of bio-fuels', '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 Government has restricted import of bio-fuels for all purposes. In this regard, policy condition providing for free import of bio-fuels by actual users has been deleted. Henceforth their import will require import licence from the Directorate General of Foreign Trade (DGFT). The restriction will affect import of ethyl alcohol and other spirits, denatured of any strength, petroleum oils and oils obtained from bituminous minerals (other than crude) and bio-diesel.</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"">Background </span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Till now, import was allowed only for non-fuel purposes subject to actual user condition. In August 2018, Government amended import policy to restrict the free import of biofuels. They were allowed only for non-fuel purposes. </span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">This decision is pursuance of May 2018 Union Cabinet approval of National Policy on Biofuels, which allows doping of ethanol produced from damaged food grains, rotten potatoes, corn and sugar beet with petrol in a move to reduce oil imports.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'govt-restricts-imports-bio-fuels', 'image' => 'https://www.mediafire.com/convkey/3529/3dhkry8ti0meh5d6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/3529/3dhkry8ti0meh5d6g.jpg', 'metatitle' => 'Government restricts imports of bio-fuels', 'metakeyword' => 'Government restricts imports of bio-fuels', 'metadescription' => 'Government restricts imports of bio-fuels, Union Government has restricted import of bio-fuels for all purposes. In this regard, policy condition providing for free import of bio-fuels ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/aeqzkabe19rg3gu/GOVERMENT.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 19 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 1298, 'title' => 'Growth of 8 core sector industries slows to 2.6% in April 2019', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">According to data released by Ministry of Commerce, the combined index of the eight sectors, the growth of 8 core sectors has slowed down to 2.6</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> in April 2019. The decline in growth was mainly due to negative growth recorded in crude oil, natural gas and fertiliser output along with slump in government spending due to lower than anticipated tax collections. The core sector had recorded growth of 4.9</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in March 2019 and 4.7</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> in April 2018. </span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Sector wise Performance (April 2019)</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Crude oil output:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It shrank by 6.9</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</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"">Fertiliser production:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was down by 4.4</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">.</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"">Natural gas output:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It contracted by 0.8</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">.</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"">Coal production:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It rose by 2.8</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">. </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"">Electricity production:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It rose by 5.8</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%.</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"">Refinery products:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It rose by 4.3</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">. </span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Index of Eight Core Industries (ICI)</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is monthly production volume index of eight core industries of the economy. It is considered as lead indicator of monthly industrial performance. Its base year is 2011-12.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It measures individual as well as collective performance of production in selected eight core industries viz. Petroleum Refinery Products, Natural Gas, Coal, Fertilizers, Crude Oil, Steel, Cement and Electricity.</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"">These eights industries are main industry of the economy i.e. are considered as backbone of all other industries. They have significant impact on general economic activities as well as industrial activities.</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"">These eight core sectors constitute 40.27</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">of total of the weight of items included Index of Industrial Production (IIP).</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"">Compiled and released by:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (earlier DIPP), Ministry of Commerce & Industry.</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"">Components and weightages of core sectors:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Petroleum Refinery production (weight: 28.04), electricity generation (9.85), Steel production (17.92), Coal production (10.33), Crude Oil production (8.98), Natural Gas production (6,88), Cement production (5.37) and Fertilizers production (2.63).</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"">Note:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Highest weightage is for Petroleum Refinery production (weight: 28.04) and lowest is for Fertilizers production (2.63).</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => '8-core-sector-growth-slows-april-2019', 'image' => 'https://www.mediafire.com/convkey/f0a9/ar2uz54ck7h9ekj6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/f0a9/ar2uz54ck7h9ekj6g.jpg', 'metatitle' => 'Growth of 8 core sector industries slows to 2.6% in April 2019', 'metakeyword' => 'According to data released by Ministry of Commerce, the combined index of the eight sectors, the growth of 8 core sectors has  slowed down to 2.6% in April 2019', 'metadescription' => 'Data released by,, Ministry of Commerce, combined, index of the eight sectors, growth of 8 core sectors,  slowed down to 2.6% in April 2019', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/0289ycjkz4jzxst/Growth_of_8_core_sector_industries_slows_to_2.6%25_in_April_2019.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 20 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 1420, 'title' => 'V.O.Chidambaranar Port Trust inks MoU with CWC for facilitating Direct Port Entry Movement', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The V.O. Chidambaranar Port Trust, Tuticorin has singed MoU with Central Warehousing Corporation (CWC) for facilitating Direct Port Entry (DPE) of e-sealed factory stuffed export container to the port under ‘Ease of Doing Business’.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Direct Port Entry (DPE) facility </span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It has been made available by Tuticorn port at its Truck Parking Terminal for CWC for 30 years on Annual Lease Rental basis. It will enable direct movement of sealed containers from factories without intermediate handling requirement at any Container Freight Station (CFS) thus facilitating shippers to gate-in their factory-stuffed goods directly to Container Terminal on 24 x 7 basis. It will make process of export clearance of factory stuffed e-sealed containers faster and reduce time and cost incurred on it. </span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">V. O. Chidambaranar Port Trust</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It was formerly known as Tuticorin Port Trust. It is one of the 12 major ports in India. It is second-largest port in Tamil Nadu and fourth-largest container terminal in India. It is located in Gulf of Mannar. It was opened in 1974. It is named after freedom fighter and leader of Indian National Congress Vallinayagan Olaganathan Chidambaram (1872 – 1936) He is also known as Kappalottiya Tamizhan (The Tamil Helmsman). It is an ISO 9001:2008,ISO 14001:2004 and ISPS compliant Port.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'vo-chidambaranar-port-trust-dpe-movement', 'image' => 'https://www.mediafire.com/convkey/20ee/4adj8h9gbpbk5tl6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/20ee/4adj8h9gbpbk5tl6g.jpg', 'metatitle' => 'Tuticorn Port Trust, CWC sign MoU for facilitating DPE Movement', 'metakeyword' => 'V.O.Chidambaranar Port Trust inks MoU with CWC for facilitating Direct Port Entry Movement', 'metadescription' => 'The V.O. Chidambaranar Port Trust, Tuticorin has singed MoU with Central Warehousing Corporation (CWC) for facilitating Direct Port Entry (DPE) of e-sealed ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/evpwmtq2vuihmqt/V.O.Chidambaranar.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) 21 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 1442, 'title' => 'Government Cuts Employees' State Insurance Contribution Rate', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The Union Ministry of Labour & Employment has taken decision to reduce the rate of contribution under the Employees' State Insurance (ESI) Act from 6.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> to 4</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">. It has reduced employers’ contribution from 4.75</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> to 3.25</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> and employees’ contribution from 1.75</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> to 0.75</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">. The reduced rates will be effective from 1 July 2019.</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"">Impact</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The reduction of ESI rates will benefit 3.6 crore employees and 12.85 lakh employers. It will also bring about substantial relief to workers by increasing their takehome salary as well as reduce the financial burden of employer. It will further facilitate enrollment of workers under the ESI scheme and bring more and more workforce into the formal sector. The reduction in the share of contribution of employers will reduce the financial liability of their establishments and lead to improved viability of these establishments and further enhance ease of doing business</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"">Employees’ State Insurance Act 1948 (ESI Act)</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 provides for medical, cash, maternity, disability and dependent benefitsto the Insured Persons under the Act. It is administered by Employees’ State Insurance Corporation (ESIC). </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"">Benefits provided under it are funded by the contributions made by employers and employees. Under Both employers and employees contribute their shares respectively. </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"">Union Government through Ministry of Labour and Employment decides the rate of contribution under the ESI Act. </span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'employees-state-insurance-contribution-rate', 'image' => 'https://www.mediafire.com/convkey/1c08/ecnj6fhqkeome5r6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/1c08/ecnj6fhqkeome5r6g.jpg', 'metatitle' => 'Govt Cuts Employees' State Insurance Contribution Rate', 'metakeyword' => 'he Union Ministry of Labour & Employment has taken decision to reduce the rate of contribution under the Employees' State Insurance (ESI) Act from 6.5% to 4%.', 'metadescription' => 'he Union Ministry of Labour & Employment has taken decision to reduce the rate of contribution under the Employees' State Insurance (ESI) Act from 6.5% to 4%.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/g4u3g6r8igghv96/Government_Cuts.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) 22 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 1487, 'title' => 'SEBI allows futures trading in commodity indices', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Capital markets regulator Securities Exchange Board of India (SEBI) has permitted stock exchanges with commodity derivative segment to introduce futures on indices. This decision is taken in line with recommendations of Commodity Derivatives Advisory Committee. SEBI already has permitted commodity options in commodity derivative markets.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">SEBI Directives </span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The stock exchanges, willing to start trading in futures on commodity indices, are required to take prior approval from SEBI for launching such contracts.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Exchanges will have to submit at-least past 3 years data of index constructed along with data on monthly volatility, roll over yield for the month and monthly return while seeking approval from SEBI.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Constituent futures contracts</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">: They should be in existence on respective exchange for at least previous one year, and should have traded for at least 90</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> of trading and have minimum average daily turnover.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Turnover</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">: It should be at least Rs 75 crore for agricultural and agri-processed commodities, and Rs 500 crore for all other commodities.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Size of the contract: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It has to be at least Rs 5 lakh at the time of introduction inmarket with an initial maximum tenor of 12 months.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Position limits:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It should be over 1,000 lots or more than 5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">of the total open interest in commodity index futures for clients. It will be more than 10,000 lots or above 15 percent for traders.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Weightage:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Any onstituent in composite index should have maximum weightage of 30</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> and a minimum of 1</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">. The weightage of the index constituents should be periodically selected and re-balanced.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'sebi-allows-futures-commodity-indices', 'image' => 'https://www.mediafire.com/convkey/0423/b6wk3lef7xdnqpo6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/0423/b6wk3lef7xdnqpo6g.jpg', 'metatitle' => 'SEBI allows futures trading in commodity indices', 'metakeyword' => 'Capital markets regulator SEBI has permitted stock exchanges with commodity derivative segment to introduce futures on indice', 'metadescription' => 'Capital markets regulator SEBI has permitted stock exchanges with commodity derivative segment to introduce futures on indice', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/c29ns16q0hwak9k/SEBI_allows.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) 23 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 1523, 'title' => 'NTPC, Power Grid forms National Electricity Distribution Company Limited', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">National Thermal Power Corporation Limited (NTPC) and PowerGrid Corporation of India Limited have signed Memorandum of Agreement (MoU) to set up National Electricity Distribution Company Limited (NEDCL). With this, NTPC, a leading power generator, and Power Grid, which owns India’s largest power transmission network will foray into consumer electricity supply business.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">National Electricity Distribution Company Limited (NEDCL)</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will be a joint venture (JV) of NTPC and Power Grid on 50:50 equity basis. It will undertake the business for distributing electricity and other related activities in distribution circles of India. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will prove a major gamechanger since NTPC, a leading power generator, and Power Grid, which owns India’s largest power transmission network are entering into consumer electricity supply business. </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"">Signifiacne </span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Establishment of NEDCL is considered as another step of Central Government in power distribution reforms. This includes separation of content and carriage businesses in power distribution — i.e the infrastructure builder for power supply and supplier to consumers would be two separate companies. This will bring more competition in the power distribution sector with more than one power supplier. These measures have been suggested in the latest amendments to the Electricity Act, 2003, which is yet to be tabled in Parliament.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is also expected to enhance 3A’s (Availability, Accessibility and Affordability) of the electricity. It will also aid in overhauling the power distribution sector since existing reform scheme UDAY (Ujwal DISCOM Assurance Yojana) could not deliver effectively on its stated objectives.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'national-electricity-distribution-company-limited', 'image' => 'https://www.mediafire.com/convkey/d60d/cx5uyhhdadap8lp6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/d60d/cx5uyhhdadap8lp6g.jpg', 'metatitle' => 'NTPC, Power Grid forms National Electricity Distribution Company', 'metakeyword' => 'NTPC) and PowerGrid Corporation of India Limited have signed Memorandum of Agreement (MoU) to set up National Electricity Distribution Company Limited', 'metadescription' => 'NTPC) and PowerGrid Corporation of India Limited have signed Memorandum of Agreement (MoU) to set up National Electricity Distribution Company Limited', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/0ao951n0bghag04/NPTC%2C_Power_Grid_forms.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) 24 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 1620, 'title' => 'Eight core sectors grow by 5.1% in May 2019', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">According to data released by Ministry of Commerce, the eight core sector industries recorded a growth of 5.1</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">May 2019 on the back of healthy output in steel and electricity. These eight core sectors had expanded by 4.1</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in May 2018. During April-May 2019, the cumulative growth of these industries, was 5.7</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">compared to 4.4</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> during the same period last year. The growth rate for index of eight core industries (ICI) for April 2019 also has been revised upward to 6.3</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">from 2.6</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">due to upward revisions in output of coal, crude oil, steel, cement and electricity.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Sector wise Performance (May 2019)</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Crude oil output:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It declined by (-) 6.9</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%.</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">%</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Fertiliser production:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It declined by (-) 1.0%.%</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Coal production: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It recorded growth of 1.8%.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Electricity production: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It recorded 7.2</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> growth (highest in last six months, i.e. since November 2018).</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Refinery products:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It declined by (-) 1.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%.</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">%</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Steel Sector:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It record double digit growth of 19.9</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Cement Sector: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It recorded moderate growth of 2.8</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%.</span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Index of Eight Core Industries (ICI)</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is monthly production volume index of eight core industries of the economy. It is considered as lead indicator of monthly industrial performance. Its base year is 2011-12.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It measures individual as well as collective performance of production in selected eight core industries viz. Petroleum Refinery Products, Natural Gas, Coal, Fertilizers, Crude Oil, Steel, Cement and Electricity.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">These eights industries are main industry of the economy i.e. are considered as backbone of all other industries. They have significant impact on general economic activities as well as industrial activities.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Compiled and released by:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (earlier DIPP), Ministry of Commerce & Industry.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Components and weightages of core sectors:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Petroleum Refinery production (weight: 28.04), electricity generation (9.85), Steel production (17.92), Coal production (10.33), Crude Oil production (8.98), Natural Gas production (6,88), Cement production (5.37) and Fertilizers production (2.63).</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Note:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Highest weightage is for Petroleum Refinery production (weight: 28.04) and lowest is for Fertilizers production (2.63). These eight core sectors constitute 40.27% of total of the weight of items included Index of Industrial Production (IIP).</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => '8-core-sectors-grow-may-2019', 'image' => 'https://www.mediafire.com/convkey/db9c/ufnyu2bpyzz2dee6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/db9c/ufnyu2bpyzz2dee6g.jpg', 'metatitle' => 'Eight core sectors grow by 5.1% in May 2019', 'metakeyword' => 'Eight core sector industries recorded a growth of 5.1% May 2019 on the back of healthy output in steel and electricity', 'metadescription' => 'Eight core sector industries recorded a growth of 5.1% May 2019 on the back of healthy output in steel and electricity', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/n2y1k5vaxvg4wmz/Eight_core_sectors_grow.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 25 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 1892, 'title' => 'India’s 1st corporate credit card for SME', '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"> </p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">EnKash, a two year old card focused fintech startup have announced the launch of Corporate Credit Card for SMEs/MSMEs and startup, called the Freedom card.</span></span></span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif""><span style="color:black"> </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"">Background</span></span></strong></span></span><br /> </p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif""><span style="color:black"><span style="background-color:white">There are around 42 million MSME enterprises in India contributing 6.11 % of the GDP in manufacturing and 24.63 % of the GDP to the service sector. Access to credit is essential to MSMEs, as lending in this sector has been dominated informal financial entities and almost 40% of credit allotment to MSMEs in India is through informal channels.</span> Anew easy credit mechanism is required to boost domestic industries.</span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">EnKash credit cards salient features</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The Freedom card would give the SME’s and startups the freedom to avail credit facility for immediate needs and to manage their financial liquidity.</span></span></span></span> </span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">EnKash Freedom Card offers customized billing cycle based on the repayment ability of the businesses. The company has come up with a corporate card to cater the varied billing cycles as per the working capital cycles of different businesses.</span></span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black"> Freedom Card is designed to fulfill the credit requirements of SMEs & Startups segment, which are highly underserved at present</span></span></span></span> </span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The startup sector is booming in India at a tremendous pace, according to the latest KPMG report on the Indian Startup Ecosystem, the number of startups in the country has gone up from 7,000 in 2008 to 50,000 in 2018, a growth of over seven times in the last decade. As the number of startup grows further it will require easy access to credit.</span></span></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""><span style="color:black">SME and MSME</span></span></span></strong></span></span></p> <table border="1" cellpadding="1" cellspacing="1" style="width:500px"> <tbody> <tr> <td><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif""><span style="color:#333333">Micro Enterprises</span></span></span></td> <td><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif""><span style="color:#333333">Does not exceed twenty five lakh rupees</span></span></span></td> </tr> <tr> <td><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif""><span style="color:#333333">Small Enterprises</span></span></span></td> <td><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif""><span style="color:#333333">More than twenty five lakh rupees but does not exceed five crore rupees</span></span></span></td> </tr> <tr> <td><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif""><span style="color:#333333">Medium Enterprises</span></span></span></td> <td><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif""><span style="color:#333333">More than five crore rupees but does not exceed ten crore rupees</span></span></span></td> </tr> </tbody> </table> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'indias-1st-corporate-credit-card-for-sme', 'image' => 'https://www.mediafire.com/convkey/5b0c/vvhdqaewo554xbr6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/5b0c/vvhdqaewo554xbr6g.jpg', 'metatitle' => 'India’s 1st corporate credit card for SME', 'metakeyword' => 'India’s 1st corporate credit card for SME', 'metadescription' => 'EnKash, a two year old card focused fintech startup have announced the launch of Corporate Credit Card for SMEs/MSMEs and startup, called the Freedom card.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/jjppd8v3i14aaok/India%C6s_1st_corporate_credit_card_for_SME.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) 26 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 2079, 'title' => 'Indian companies aiming to explore Russian oilfields', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Issue</span></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">A consortium of Indian oil firms is in talks to buy a significant stake in the eastern cluster oil fields in Russia with investments running into billions of dollars.</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><span style="font-size:12.0pt">Background</span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Indian energy companies have so far invested close to $10 billion in acquiring stakes in hydrocarbon assets in Russia.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Russian oil industry claims to be in need of huge investments. Strong growth in the Russian economy means that local demand for all types of energy sources (oil, gas, nuclear, coal, hydro, electricity) continues to grow.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Details</span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A deal is likely to be announced at the Eastern Economic Forum and the Annual Bilateral Summit between Prime Minister Narendra Modi and Russian President Vladimir Putin in Vladivostok regarding India’s participation in Oil exploration in Russia.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Indian firms are expected to invest in Russia’s upstream like Petroleum sector while Russian firms are expected to invest in India's downstream services sector<span style="font-size:13.5pt"><span style="background-color:whitesmoke"><span style="color:#282828">.</span></span></span></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="background-color:white"><span style="font-family:"Arial","sans-serif""><span style="color:#222222">Petroleum sector in Russia</span></span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white">The petroleum industry in Russia is one of the largest in the world. Russia has the largest reserves and is the largest exporter of natural gas. </span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white">It has the second largest coal reserves, the eighth largest oil reserves, and is one of the largest producers of oil. It is the third largest energy user.</span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white">Russia is by far the world's largest natural gas exporter.</span></span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'indian-companies-aiming to-explore-russian-oilfields', 'image' => 'https://www.mediafire.com/convkey/a452/zqm4cr9isp9gvb96g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/a452/zqm4cr9isp9gvb96g.jpg', 'metatitle' => 'Indian companies aiming to explore Russian oilfields', 'metakeyword' => 'Indian companies aiming to explore Russian oilfields', 'metadescription' => 'A consortium of Indian oil firms is in talks to buy a significant stake in the eastern cluster oil fields in Russia with investments running into billions of dollars.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/ataekk9ja5e2upo/Indian_companies_aiming_to_explore_Russian_oilfields.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) 27 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 2089, 'title' => 'Core industries growth slows down', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Issue</span></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">Growth of eight core industries slowed down to 2.1 per cent in July as against 7.3 per cent in the same month last year, according to a government data.</span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During April-July, the eight sectors grew by 3 Percent compared to 5.9 % in the same period the previous year.</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><span style="font-size:12.0pt">Background</span></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">The data comes at the backdrop of weak manufacturing and consumption numbers dragging the country’s GDP growth to a 25-quarter low of 5 per cent in the first quarter (April-June) of the current fiscal. </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><span style="font-size:12.0pt">Details</span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The eight core sector industries – <strong>coal</strong>, <strong>crude oil</strong>, <strong>natural gas</strong>,<strong> refinery products</strong>, <strong>fertiliser</strong>,<strong> steel</strong>, <strong>cemen</strong>t and <strong>electricity</strong> – had expanded by 7.3 per cent in July last year. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">These core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Growth rate in production of steel, cement and electricity declined to 6.6 per cent, 7.9 per cent and 4.2 per cent, respectively, as against 6.9 per cent, 11.2 per cent and 6.7 per cent.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Fertiliser output marginally grew by 1.5 per cent in July as against 1.3 per cent in July 2018.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Reasons for slowdown</span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="color:black">The growth has been pulled down mainly due to contraction in coal, crude and oil and natural gas production</span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="color:black">Core industries have witnessed a gradual slowdown in growth due to weak consumer demand and lack of investments.</span></span></span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'core-industries-growth-slows-down', 'image' => 'https://www.mediafire.com/convkey/d967/wiho4xhzoorgttt6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/d967/wiho4xhzoorgttt6g.jpg', 'metatitle' => 'Core industries growth slows down', 'metakeyword' => 'Core industries growth slows down', 'metadescription' => 'Growth of eight core industries slowed down to 2.1 per cent in July as against 7.3 per cent in the same month last year, according to a government data.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/vocac2arjdz3uta/Core_industries_growth_slows_down.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) 28 => object(Cake\ORM\Entity) { 'tag' => 'Industries', 'keyword' => 'industries', 'id' => (int) 2394, 'title' => 'Core sector growth slips', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The output of India’s eight infrastructure sectors contracted for the first time in more than four years according to the report released by the government.</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">Indian businesses have been battling a demand slowdown and liquidity crunch, resulting in economic growth rate cooling to a six-year low of 5% in the June quarter, while private consumption expenditure dropped to an 18-quarter low of 3.1%. </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">The core sectors reflect demand from the power and infrastructure sectors, where the government’s own demand is important and public sector spending has been low in the last 3-4 months.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Output of coal (-8.6%), crude oil (-5.4%), natural gas (-3.9%), cement (-4.9%) and electricity (-2.9%) contracted in August, indicating a broad-based slowdown, while production of refinery products (2.6%), fertilizers (2.9%) and <a href="https://www.livemint.com/industry/manufacturing/steel-sector-growth-to-slow-down-to-4-this-year-crisil-1569468680077.html" target="_blank">steel</a> (5%) increased.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The coal sector saw the sharpest contraction, with the sector contracting 8.6% in August 2019 compared with a contraction of 1.6% in the previous month. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The crude oil sector contracted 5.4% in August, compared with a contraction of 4.4% in July.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The cement sector fell into negative territory in August, contracting 4.9%, compared with a growth of 7.9% in the previous month.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The natural gas sector contracted 3.9% in August, compared with a contraction of 0.5% in July.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The electricity sector also saw a contraction in August, contracting 2.9%, compared with a growth of 4.7% in the previous month.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Core industries</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Eight Core Industries comprise nearly 40.27% of the weight of items included in the Index of Industrial Production (IIP).</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> These are Electricity , steel, refinery products, crude oil, coal, cement, natural gas and fertiliser.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Implications</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The latest macro data may also force the monetary policy committee (MPC) of the Reserve Bank of India to cut interest rates at its meeting later this week.</span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'core-sector-growth-slips', 'image' => 'https://www.mediafire.com/convkey/62a8/j3oi6frl6bpmz8u6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/62a8/j3oi6frl6bpmz8u6g.jpg', 'metatitle' => 'Core sector growth slips', 'metakeyword' => 'Core sector growth slips', 'metadescription' => 'The output of India’s eight infrastructure sectors contracted for the first time in more than four years according to the report released by the government.', 'author' => null, 'downlaodpdf' => 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'Industries', 'keyword' => 'industries', 'id' => (int) 2394, 'title' => 'Core sector growth slips', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The output of India’s eight infrastructure sectors contracted for the first time in more than four years according to the report released by the government.</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">Indian businesses have been battling a demand slowdown and liquidity crunch, resulting in economic growth rate cooling to a six-year low of 5% in the June quarter, while private consumption expenditure dropped to an 18-quarter low of 3.1%. </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">The core sectors reflect demand from the power and infrastructure sectors, where the government’s own demand is important and public sector spending has been low in the last 3-4 months.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Output of coal (-8.6%), crude oil (-5.4%), natural gas (-3.9%), cement (-4.9%) and electricity (-2.9%) contracted in August, indicating a broad-based slowdown, while production of refinery products (2.6%), fertilizers (2.9%) and <a href="https://www.livemint.com/industry/manufacturing/steel-sector-growth-to-slow-down-to-4-this-year-crisil-1569468680077.html" target="_blank">steel</a> (5%) increased.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The coal sector saw the sharpest contraction, with the sector contracting 8.6% in August 2019 compared with a contraction of 1.6% in the previous month. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The crude oil sector contracted 5.4% in August, compared with a contraction of 4.4% in July.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The cement sector fell into negative territory in August, contracting 4.9%, compared with a growth of 7.9% in the previous month.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The natural gas sector contracted 3.9% in August, compared with a contraction of 0.5% in July.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The electricity sector also saw a contraction in August, contracting 2.9%, compared with a growth of 4.7% in the previous month.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Core industries</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Eight Core Industries comprise nearly 40.27% of the weight of items included in the Index of Industrial Production (IIP).</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> These are Electricity , steel, refinery products, crude oil, coal, cement, natural gas and fertiliser.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Implications</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The latest macro data may also force the monetary policy committee (MPC) of the Reserve Bank of India to cut interest rates at its meeting later this week.</span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'core-sector-growth-slips', 'image' => 'https://www.mediafire.com/convkey/62a8/j3oi6frl6bpmz8u6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/62a8/j3oi6frl6bpmz8u6g.jpg', 'metatitle' => 'Core sector growth slips', 'metakeyword' => 'Core sector growth slips', 'metadescription' => 'The output of India’s eight infrastructure sectors contracted for the first time in more than four years according to the report released by the government.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/18p7ep8tkt9qfgb/Core_sector_growth_slips.pdf/file', '[new]' => false, '[accessible]' => [ '*' => true ], '[dirty]' => [], '[original]' => [], 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