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Atal Pension Yojana (APY) Atal Pension Yojana (APY) addresses the old age income security of the working poor and the longevity risks among the workers in the unorganised sector. It encourages the workers in the unorganised sector to voluntarily save for their retirement. The Government launched the scheme with effect on 1st June 2015. The scheme replaces the Swavalamban Yojana / NPS Lite scheme. Benefits of Atal Pension Yojana Fixed pension for the subscribers ranging between Rs.1000 to Rs. 5000, if s/he joins and contributes between the age of 18 years and 40 years. The contribution levels would vary and…
06 January, 2022
Economic reforms
SAMPANN Project SAMPANN – ‘System for Accounting and Management of Pension’ is an ambitious project of the Government of India being implemented by the Controller General of Communication Accounts, Department of Telecommunications, Ministry of Communications. It was dedicated to the nation by Prime Minister Shri Narendra Modi on 29th December 2018. It is a seamless online pension processing and payment system for Department of Telecommunications pensioners. It provides direct credit of pension into the bank accounts of pensioners. The system has helped the Department in faster settlement of pension cases, improved reconciliation/auditing and ease of accounting. SAMPANN has also been instrumental…
10 December, 2021
Economic reforms
National Monetization Pipeline In the Union Budget 2021-22, the Finance Minister announced the National Monetization Pipeline. The National Monetisation Pipeline comprises a four-year pipeline of the Central Government's brownfield infrastructure assets. The Union Finance Minister announced launch of a “National Monetization Pipeline” of potential brownfield infrastructure assets stating that Monetizing operating public infrastructure assets is a very important financing option for new infrastructure construction. As part of the National Monetization pipeline, assets created by PSUs such as NHAI, PGCIL, Railways etc. would be sold and money raised would then be used for the creation of new infrastructure assets. Presently, we…
10 December, 2021
Economic reforms
What is Disinvestment? Disinvestment refers to the sale or liquidation of assets or subsidiaries of an organization or government but any condition Govt share should not go below 51%. It is done by Dept of Investment and Public Asset Management (DIPAM), Ministry of Finance from 2016. Industrial Policy Resolution,1956 talks about the growth of the country through PSUs. Hence, from 2nd Five Year Plan we started focusing on PSEs. Salient Features of Disinvestment Policy PSUs are wealth of Nation and it ensures that wealth rests in hands of people, promote public ownership of CPSEs. Govt must retain at least 51% of shareholding and management control of PSUs. Strategic disinvestment by way of sale of…
30 November, 2021
Economic reforms
24th FSDC Meeting Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired the 24th meeting of the Financial Stability and Development Council (FSDC) here today. The meeting was attended by (PT Pointers for Banking and State PSC Exams) Dr. Bhagwat Kishanrao Karad, MoS (Finance); Shri Pankaj Chaudhary, MoS (Finance); Shri Shaktikanta Das, Governor, Reserve Bank of India; Dr. T. V. Somanathan, Finance Secretary and Secretary, Department of Expenditure, Ministry of Finance; Shri Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance; Shri Tarun Bajaj, Secretary, Department of Revenue, Ministry of Finance; Shri Debasish Panda, Secretary, Department of Financial…
04 September, 2021
Economic reforms
National Monetisation Pipeline: Critical Analysis Union Budget 2021-22 has identified the monetisation of operating public infrastructure assets as a key means for sustainable infrastructure financing. Towards this, the Budget provided for the preparation of a ‘National Monetisation Pipeline (NMP)’ of potential brownfield infrastructure assets. NITI Aayog in consultation with infra line ministries has prepared the report on NMP. NMP aims to provide a medium-term roadmap of the programme for public asset owners; along with visibility on potential assets to the private sector. The report on NMP has been organised into two volumes. Volume I is structured as a guide book,…
24 August, 2021
Economic reforms
COVID-19 Package Phase II Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi today has approved a new scheme ‘India COVID-19 Emergency Response & Health System Preparedness Package: Phase-II’ amounting to Rs. 23,123 crores for FY 2021-22 from 01" July 2021 to 31" March 2022 with central and state share as under: Central Share of the ECRP-II –Rs.15,000 crore State Share of the ECRP-II –Rs.8,123 crore This scheme aims to accelerate health system preparedness for immediate responsiveness for early prevention, detection and management, with the focus on health infrastructure development including for Paediatric Care and with measurable outcomes. The Phase-II…
09 July, 2021
Economic reforms
Plan for India to become Atmanirbhar in Phophatic fertilizers (DAP and NPK) Department of Fertilisers is ready with an Action Plan to make India Aatmanirbhar in Rock Phosphate, the key raw material of DAP and NPK Fertilisers. An Action Plan was chalked out for making India Aatmanirbhar in fertiliser production through indigenous resources. India is going to commercially exploit and ramp up the production in the existing 30 lakh MT of Phosphorite deposits which are available in Rajasthan, the central part of peninsular India, Hirapur(MP), Lalitpur(UP), Mussoorie syncline, Cuddapah basin(AP). Discussion and planning with the Department of Mining and Geological…
29 June, 2021
Economic reforms
Fertilizer Industry in India CCEA approved the proposal to hike subsidy rates for Phosphorus and Potassium based fertilizers The Cabinet Committee on Economic Affairs has approved the proposal to hike subsidy rates for phosphorus and potassium-based fertilizers by 140% in a bid to provide relief to farmers as the kharif sowing season begins. The estimated additional subsidy burden is around ?14,775 crore, with the Centre emphasising that this is a one-time measure as part of COVID-19 relief. Unlike urea, where the Centre sets a fixed maximum retail price, non-urea fertilizer prices are decontrolled, with the Centre fixing nutrient-based subsidy rates.…
17 June, 2021
Economic reforms
Fertilizer Industry in India It is 1 of the 8 core industries. Fertilizer has the minimum share in the Index of Core Industries. India is the 2nd largest consumer of Urea fertilizers after China. India also ranks 2nd in the production of nitrogenous fertilizers and 3rd in phosphatic fertilizers. Potash requirement is met through imports since we have limited reserves of potash. There are 2 types of Fertilizers Primary Fertilizers: classified on the basis of nutrients they supply to the soil like N:P:K: Nitrogenous (Urea), Phosphatic (di-ammonium phosphate - DAP) and Potassic (muriate of potash (MOP) fertilizers. Secondary Fertilizers includes Calcium, Magnesium and Sulphur. Micronutrients include Iron, Zinc, Boron, Chloride etc. Fertilizer subsidy (Food > Fertilizer > Petroleum…
19 May, 2021
Economic reforms
Cabinet approves strategic disinvestment of IDBI Bank Limited About Disinvestment Disinvestment refers to sale or liquidation of an assets or subsidiary of an organization or government but any condition Govt share should not go below 51%. It is done by Dept of Investment and Public Asset Management (DIPAM), Ministry of Finance from 2016. Industrial Policy Resolution,1956 talks about the growth of the country through PSUs. Hence, from 2nd Five Year Plan we started focusing on PSEs. Salient Features of Disinvestment Policy PSUs are wealth of Nation and it ensures that wealth rests in hands of people, promote public ownership of CPSEs. Govt must retain at least 51% of shareholding and management control of…
05 May, 2021
Economic reforms
Ashok Dalwai Committee The government announced to double farm incomes by 2022 in its Union Budget 2016-17. In line with this, it appointed an 8-member inter-ministerial committee headed by Ashok Dalwai, to consider major reforms in the agriculture sector. It was tasked to prepare a blueprint for a transition of farm policies from being production-oriented to based on incomes or value addition.
15 February, 2021
Economic reforms
President’s Address to Parliament 2021 Honourable Members, This joint sitting of Parliament which is being held during the time of the Coronavirus pandemic has great significance. It is the beginning of a new year and a new decade. We will also be entering the 75th year of India’s independence this year. All the Members of Parliament present here today embody the conviction held by every Indian that the toughest of challenges will deter neither us nor India. Whenever India has remained united, it has been able to attain even seemingly unattainable goals. This solidarity and Pujya Bapu’s inspiration had given…
30 January, 2021
Economic reforms
Farmer Bills and CAA Protests: Comparison After the long silence since 2014, India is now erupting with various collective mobilisations. Last winter, we saw a major movement against the Citizenship (Amendment) Act (CAA) in Shaheen Bagh, and this winter, we witnessed a mobilisation at Delhi’s borders. But though both are against unjust legislation, they have been received differently. What can this difference tell us about political mobilisation and the place of ethics and public morality in collective mobilisations? #joinourtelegram# Anti – CAA Protests Anti-CAA protests had begun over the question of citizenship for the dispossessed, but they got reduced to…
21 January, 2021
Economic reforms
Atmanirbhar Bharat and India’s Recovery While the global economic recovery has been hit by second waves of infections and more stringent lockdowns in several countries, India’s economy is ‘riding against the COVID-19 wave’ with persistent improvements in economic indicators showing a V-shaped recovery. The new year has dawned with the approval of the long-awaited COVID-19 vaccine and the initiation of vaccination drives in various countries. This gives strength to the optimism on both health and economic fronts despite a continuing surge in global cases and the potential challenge of a mutant strain. “In the global economy, rise in lockdown stringency…
06 January, 2021
Economic reforms
Supply Chain Management and COVID-19 – UPSC Context: UPSC GS Paper III - Economic issues (Prelims Mains Interview) A key lesson learnt by the world during the COVID-19 pandemic has been the importance of creating resilient supply chains that can withstand disruptions and ensure reliability for the global economy. Disruptions in supply chains can be natural or man-made. In Japan’s case, the Great T?hoku Earthquake of 2011, followed by the Tsunami, led to a nuclear disaster (Fukushima Daiichi), causing a sharp drop in Japanese automobile exports to the United States. Examples that hit home Man-made interruptions in supply chains are…
30 December, 2020
Economic reforms
Modiji's Man ki Baat Modiji urged people to make a New Year resolution to substitute foreign-made products for indigenous goods in 2021 “for the sake of the country”. Mr. Modi also asked manufacturers to make sure that Indian-made products are up to global standards, as a part of the government’s Atmanirbhar Bharat (self-reliant India) push and the ‘Vocal for Local’ campaign. He reiterated his earlier appeal to Indians to make a list of products used daily, identify which ones are made abroad and look for Indian substitutes. “Think of things manufactured abroad that have permeated our lives unknowingly, in a…
28 December, 2020
Economic reforms
Status of Indian Economy and predictions for 2021 COVID has taken a toll on the World as on the Indian Economy. But unlike most other peers, India’s economy had already been hurtling downhill before the pandemic hit. There were two quarters of negative growth and widespread mayhem across the economy, except for some sectors like Agriculture. But there is a hope for recovery in 2021. Why was India hit hard? By the beginning of 2020, India had already gotten off the 8% growth track for several quarters. From 8.18% growth in the gross domestic product (GDP) recorded between January and…
27 December, 2020
Economic reforms
Gig work and its skewed terms Context: The new Code on Social Security allows platform workers to be defined by their vulnerability not their labour, nor the vulnerabilities of platform work. Swiggy workers have been essential during the pandemic. Even so, they have faced a continuous dip in pay and no rewards for being essential workers. All India Gig Workers Union During the last six months, many platform workers have unionised under the All India Gig Workers Union and have protested day in and day out, deploring Swiggy for reducing their base pay from 35 to 10 per delivery order.…
09 October, 2020
Economic reforms
Moving resolutely toward the post-pandemic future Context The COVID-19 pandemic has plunged the global economy into its deepest economic contraction since the Great Depression of the 1930s. The editorial talks about the measures taken by India to tackle the pandemic situation and its after-effects. Steps taken by India: Pradhan Mantri Garib Kalyan Yojana (PMGKY): Following the lockdown, a massive relief package was announced for the needy. Around 80 crore citizens are being provided rations through the Public Distribution System. Over 20 crore Jan Dhan women account holders, 2.3 crore construction workers, 2.8 crore beneficiaries in the National Social Assistance Programme…
22 August, 2020
Economic reforms
FICCI prepares an action plan for the industry Amid the ongoing border tensions with China, FICCI has prepared a five-point "PEACE" action plan and asked its members to look for alternate sources of supplies. Amid the ongoing border tensions with China and a call to boycott Chinese goods, the industry chamber FICCI has prepared a five-point "PEACE" action plan -- Productivity, Efficiency, Alternates, Competitiveness and Exports. Imp Points The industry body has asked its members to look for alternate sources of supplies and not remain dependent on a single nation. FICCI President Sangita Reddy said in a letter to members…
28 June, 2020
Economic reforms
How India can become self-reliant D. Raghunandan is with the Delhi Science Forum, affiliated to the All India People's Science Network There needs to be significant government reinvestment in public sector undertakings and R&D Addressing the nation on the COVID-19 pandemic, Prime Minister emphasised the necessity of a self-reliant India. He said the need was brought home by the absence of domestic production of personal protective equipment (PPE) when COVID-19 struck, but India initiated and quickly ramped up PPE production. Mr. Modi said there needs to be an improvement in quality and domestic supply chains going forward. If this is to happen…
27 May, 2020
Economic reforms
Self-reliant India is based on 5 pillars Part of: GS-III- Economy (PT-MAINS-PERSONALITY TEST) Addressing the nation, Prime Minister said that building a Self Reliant India was essential in a post-COVID-19 world. He highlighted that India's self-reliance would be based on 5 pillars - Economy, Infrastructure, System, Demography and Demand. He also announced Rs 20 lakh crore special package to deal CoVID pandemic, nearly 10% of India’s GDP. The Prime Minister emphasized that self-reliance was essential for India's global competitiveness. He said that reforms over the past 6 years have to be taken forward to build a self-reliant India. He further…
13 May, 2020
Economic reforms
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