ECONOMY PT 365 ENGLISH

ECONOMY
Table of Contents
1. GROWTH, DEVELOPMENT AND POVERTY
ALLEVIATION ________________________ 5
1.1. Growth and Development ___________ 5
1.1.1. GDP-GVA GAP ______________________ 5
1.1.2. Human Development Report (HDR) _____ 6
1.2. Poverty Alleviation _________________ 7
1.2.1. Poverty Estimates ___________________ 7
1.2.2. Developments on financial inclusion ____ 9
1.3. Key Concepts and Information on Growth,
Development and Poverty Alleviation _____ 9
2. FISCAL POLICY ____________________ 11
2.1. Status of Government Finances ______ 11
2.1.1. Current Account Deficit (CAD) ________ 11
2.1.2. Strengthening State Finances _________ 12
2.1.2.1. State’s Fiscal Responsibility and Budget
Management (FRBM) __________________ 13
2.1.2.2. Municipal Financing _____________ 13
2.2. Taxation_________________________ 14
2.2.1. Goods and Services Tax (GST)_________ 14
2.2.2. Digital Tax ________________________ 15
2.2.3. Taxation of Virtual Digital Assets (VDAs) 16
2.3. Non-Tax Revenues_________________ 18
2.4. Key Concepts and Information on Fiscal
Policy_______________________________ 18
3. BANKING, ASSET QUALITY,
RESTRUCTURING AND MONETARY POLICY 21
3.1. Banking _________________________ 21
3.1.1. Urban Co-operative Banks (UCBs) _____ 21
3.1.2. Regional Rural Banks (RRB)___________ 23
3.1.3. Non-Banking Financial Companies (NBFCs)
______________________________________ 24
3.1.4. Amendment to Nidhi Rules, 2014 _____ 24
3.1.5. Financial Services Institution Bureau (FSIB)
______________________________________ 25
3.1.6. Banking System Liquidity ____________ 26
3.2. Asset Quality and Restructuring______ 26
3.2.1. Non-Performing Assets (NPAs) ________ 26
3.2.2. Recovery and Restructuring Measures _ 27
3.2.2.1. Debts Recovery Tribunals (DRTs) __ 27
3.2.2.2. Asset Reconstruction Companies
(ARCs)_______________________________ 28
3.3. Monetary Policy __________________ 28
3.3.1. Inflation in India ___________________ 29
3.3.2. Inflation Targeting__________________ 30
3.3.3. Price Monitoring Centres (PMC)_______ 31
3.3.4. Standing Deposit Facility (SDF) ________ 31
3.4. Key Concepts on Banking and Monetary
Policy_______________________________ 32
4. PAYMENT SYSTEMS AND FINANCIAL
MARKETS __________________________ 36
4.1. Payment Systems _________________ 36
4.1.1. Indian Payment System ______________ 36
4.1.2. Other developments in Payment Systems36
4.2. FinTech__________________________ 37
4.2.1. Central Bank Digital Currency _________ 38
4.2.2. Tokenisation_______________________ 39
4.2.3. Unified Payments Interface (UPI) ______ 40
4.2.4. Digital Banking Units (DBUs) __________ 40
4.2.5. Digital Lending _____________________ 41
4.3. Financial Markets _________________ 43
4.3.1. Credit Rating_______________________ 43
4.3.2. Social Stock Exchange (SSE)___________ 44
4.3.3. Sovereign Green Bonds (SGrB) ________ 44
4.3.4. Institutions and systems in the Financial
Sector _________________________________ 46
4.3.5. Other concepts in the Financial Sector __ 47
4.4. Insurance Sector __________________ 48
4.4.1. New Insurance Rules ________________ 48
4.5. Pension Sector ____________________ 50
4.5.1. Pension System in India ______________ 50
5. EXTERNAL SECTOR_________________ 51
5.1. Trade ___________________________ 51
5.1.1. Internationalization of Rupee _________ 51
5.1.2. World Trade Organization (WTO) ______ 52
5.1.3. Marine Products Export Development
Authority (MPEDA)_______________________ 53
5.2. Investment_______________________ 54
5.2.1. Foreign Direct Investments (FDI)_______ 54
5.2.2. Other Developments Related to Foreign
Investment _____________________________ 55
5.3. Exchange Rate Dynamics____________ 55
5.3.1. Indian Rupee (INR) Depreciation_______ 55
5.3.2. India’s Forex Dynamics ______________ 56
5.4. Global Institutions _________________ 57
5.4.1. International Monetary Fund (IMF) ____ 57
5.4.2. World Bank Group __________________ 58
5.5. Key Concepts and Information on External
Sector ______________________________ 58
6. INNOVATION, SKILL DEVELOPMENT and
ENtrepreneurship ___________________ 61
6.1. Innovation _______________________ 61
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6.1.1. Global Innovation Index (GII) _________ 61
6.1.2. Intellectual Property Rights (IPR) Regime in
India __________________________________ 62
6.1.3. National Intellectual Property Awareness
Mission (NIPAM) ________________________ 64
6.2. Skill Development _________________ 65
6.2.1. National Initiative for Promotion of
Upskilling of Nirman workers (NIPUN) _____ 66
6.3. Entrepreneurship _________________ 66
6.3.1. Unicorns in India ___________________ 66
6.3.2. Government e-Marketplace (GeM) portal67
6.4. Key Concepts and Information on
Innovation, Skill development and
Entrepreneurship _____________________ 68
7. AGRICULTURE ____________________ 70
7.1. Agricultural Inputs_________________ 70
7.1.1. Minimum Support Price (MSP) ________ 70
7.1.2. Nano-Urea ________________________ 71
7.2. Crop Cultiation ___________________ 71
7.2.1. International Year of Millets (IYM) 2023 71
7.2.2. Rice/Paddy Acreage ________________ 72
7.2.3. Sugarcane Production in India ________ 73
7.2.4. Cotton Cultivation __________________ 74
7.2.5. Jute Cultivation ____________________ 75
7.2.6. Draft Coffee (Promotion and Development)
Bill, 2022 ______________________________ 76
7.2.7. Tobacco Cultivation_________________ 77
7.3. Allied Sector _____________________ 78
7.3.1. India’s Dairy Sector _________________ 78
7.4. Food Processing___________________ 80
7.4.1. Food Processing Sector in India _______ 80
7.5. Agricultural Marketing and
Entrepreneurship _____________________ 80
7.5.1. Asian Palm Oil Alliance (APOA)________ 80
7.5.2. Primary Agricultural Credit Societies (PACS)
______________________________________ 81
7.5.3. Codex Alimentarius Commission (CAC) _ 81
7.6. Key Concepts and Information on
Agriculture __________________________ 81
8. INDUSTRY AND ASSOCIATED
DEVELOPMENTS ____________________ 83
8.1. Mining __________________________ 84
8.1.1. District Mineral Foundation (DMF) ____ 84
8.1.2. Gold Mining in India ________________ 84
8.2. Steel Industry in India ______________ 86
8.3. Micro, Small and Medium Enterprises
(MSMEs) ____________________________ 87
8.4. Semiconductor Industry in India _____ 88
8.5. Technical textiles (TT) ______________ 89
8.6. Pharmaceutical Industry and Medical
Devices _____________________________ 90
8.6.1. Medical Devices Industry in India ______ 90
8.6.2. Bulk Drug Park (BDP) ________________ 91
8.7. Toy Sector in India_________________ 91
8.8. Other Developments in the Industrial
Sector ______________________________ 92
8.8.1. Ease of Doing Business (EoDB) ________ 92
8.8.2. Competition Law and Big Technology
Companies _____________________________ 92
8.9. Key Concepts and Information on Industry
____________________________________ 94
9. SERVICES SECTOR _________________ 95
9.1. Tourism Sector in India _____________ 95
9.1.1. National Strategy for Sustainable Tourism
______________________________________ 95
9.1.2. Other developments in the tourism sector
______________________________________ 95
9.2. E-Commerce______________________ 96
9.2.1. Promotion and Regulation of E-Commerce
______________________________________ 96
9.2.2. Open Network for Digital Commerce (ONDC)
______________________________________ 96
9.3. Telecom Sector ___________________ 98
9.3.1. GatiShakti Sanchar Portal ____________ 98
9.4. Other Services Sector Developments __ 99
9.4.1. Software as a service (SaaS) __________ 99
10. INFRASTRUCTURE SECTOR ________ 100
10.1. Logistics Sector _________________ 100
10.1.1. National Logistics Policy (NLP)_______ 100
10.1.2. PM Gati Shakti ___________________ 101
10.1.3. Logistics Ease Across Different States
(LEADS) 2022 Report ____________________ 102
10.1.4. Multi Modal Logistics Park__________ 102
10.2. Railways_______________________ 103
10.2.1. Innovation in Railways_____________ 103
10.2.2. Aluminium Wagons _______________ 104
10.2.3. Other developments in Railways_____ 104
10.3. Civil Aviation Sector _____________ 105
10.3.1. National Air Sports Policy (NASP) 2022 105
10.3.2. Other Developments in the Civil Aviation
Sector ________________________________ 106
10.4. Roadways______________________ 106
10.4.1. Private Investment Models in Road
Infrastructure __________________________ 107
10.4.2. Other developments in the Roadways
Sector ________________________________ 108
10.5. Indian Shipping Industry __________ 108
10.5.1. Landlord Port Model ______________ 108
10.5.2. National Centre of Excellence for Green
Port & Shipping (NCoEGPS)_______________ 109
10.5.3. Other developments in the Shipping
Industry ______________________________ 109
10.6. Key Concepts and Information on
Infrastructure _______________________ 109
11. ENERGY SECTOR_________________ 111
11.1. Power Sector ___________________ 111
11.1.1. Green Energy Open Access Rules ____ 111
11.1.2. Electricity Amendment Bill 2022 ____ 112
11.1.3. Other developments in the Power Sector
_____________________________________ 112
11.2. Coal, Oil, Gas and Others _________ 113
11.2.1. Coal Bearing Areas (Acquisition &
Development) Act ______________________ 115
11.2.2. Hydrocarbon Exploration and Licensing
Policy (HELP)___________________________ 115
11.2.3. Natural Gas Pipeline Tariff, Authorisation
and Capacity Regulations ________________ 115
11.2.4. Other Developments in Gas Sector ___ 116
11.2.5. Developments in the Oil sector______ 116
11.3. Key Concepts and Information on Energy
Sector _____________________________ 117
12. MISCELLANEOUS ________________ 118
12.1. Nobel Prize for Economics 2022 ____ 118
12.2. Standards National Action Plan (SNAP)
2022_______________________________ 119
12.3. Corporate Social Responsibility ____ 119