Business & Economy Current Affairs 2018

Latest Business & Indian Economy Current Affairs 2017 for UPSC Exams, Bank Exams, Civil Services, SSC and other Competitive Exams. Latest developments in Business and Finance Industry of India and world 2017 all important national updates in Banks and events for the year 2017.

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Digital Initiatives for to promote the Ease of Doing Business of MSMEs

In the World Bank’s Doing Business (DB) rankings for 2019, India has climbed 23 spots to rank 77th globally. India has witnessed a substantial jump in the rankings for the second consecutive year. In the year 2018 India had jumped 30 places. The various digital interventions have been a great contributing factor for India in making this significant improvement.

To increase the ease of doing business rankings , it is a pre-requisite for India to give a special focus towards MSMEs to ensure that there is a robust and conducive environment for the sector. The Ministry of Micro, Small and Medium Enterprises (MSME) has introduced various digital initiatives in this regard. Some of them listed below:

Udyog Aadhaar Memorandum

Udyog Aadhaar Memorandum (UAM) is a one-page registration form which constitutes a self-declaration format under which the MSME will self-certify its existence, bank account details, promoter/owner’s Aadhaar details and other minimum information required. There shall be no fee for filing the Udyog Aadhaar Memorandum. Once the UAM is submitted, Udyog Aadhaar Number would be sent through e-mail.

MSME SAMADHAAN Portal

MSME Delayed Payment Portal –  MSME SAMADHAAN has been launched for empowering micro and small entrepreneurs across the country to directly register their cases relating to delayed payments by Central Ministries, Departments,  CPSEs or State Governments.

MSME SAMBANDH Portal

MSME SAMBANDH Portal has been launched to monitor the implementation of the Public Procurement from MSMEs by Central Public Sector Enterprises (CPSEs). Together with assisting MSMEs for participation process it also helps Ministries and the CPSEs to assess their performance in procurement process as stipulated in Procurement Policy, 2012.

MSME SAMPARK Portal

The MSME Sampark portal is a digital platform, wherein, job seekers (passed out trainees / students of 18 MSME Technology Centers) and recruiters register themselves for getting employment and getting right kind of manpower respectively.

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CSO releases advance estimates of National Income for 2018-19

The Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation has released the first advance estimates of National Income for 2018-19.

Highlights of the Estimate

The Estimate makes the following observations:

  • The Indian economy is expected to grow at 7.2 per cent in the financial year 2018-19 which is higher than the 6.7 per cent GDP growth in the previous financial year 2017-2018.
  • The Real GVA (Gross Value Added) is expected to grow at 7 per cent in the current fiscal as against 6.5 per cent in 2017-18.
  • The CSO estimates that the expansion in activities in agriculture, forestry and fishing is likely to increase to 3.8 per cent in the current fiscal from 3.4 per cent in the preceding year.
  • The manufacturing sector is expected to grow at 8.3 per cent in 2018-19, up from 5.7 per cent in 2017-18.
  • India’s per capita income in real terms (at 2011-12 prices) during 2018-19 is likely to attain a level of Rs 91,921 as compared to Rs 86,668 for the year 2017-18. The per capita income would grow at a rate of 6.1 per cent.

Central Statistics Office (CSO)

The Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation coordinates the statistical activities in the country and evolves statistical standards.

The functions of the CSO include National Income Accounting, conducting of Annual Survey of Industries, Economic Censuses and its follow up surveys, compilation of Index of Industrial Production, as well as Consumer Price Indices for Urban Non-Manual Employees, Human Development Statistics, Gender Statistics, imparting training in Official Statistics, dissemination of statistical information, work relating to trade, energy, construction, and environment statistics, revision of National Industrial Classification, etc

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