Business, Economy & Banking Current Affairs - 2019
Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.
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The National Pharmaceutical Pricing Authority (NPPA) has reduced the prices of 9 non-scheduled cancer drugs by up to 87%. This decision is in continuation of nodal agency’s efforts to bring down drugs prices.
- Reason: In February 2019, the government had capped about 42 cancer drugs at 30%. This new anti-cancer non-scheduled medicine list is in continuation of efforts to curb profiteering on these vital drugs and to make cure of cancer affordable for patients as well as for their families.
- Significance: More than 390 brands and about 72 formulations have reduced costs following the NPPA order. This price reduction is expected to benefit more than 22 lakh cancer patients in India and will result in annual savings of around Rs.800 crore rupees to patients.
- Details: NPPA, the Drug pricing regulator issued an office memorandum which mentioned that:
- Maximum Retail Price (MRP) of 500 mg chemotherapy injection called ‘pemetrexed’ which is used to treat lung cancer, has been reduced from Rs.22000 to Rs.2800.
- MRP of 150 mg ‘Erlotinib’ tablets will now cost Rs.2400 instead of Rs.8800.
- NPPA has also approved a formula which restricts trade margin of selling price by up to 30%.
- It was established by a Government of India Resolution in 1997. It is an office attached to Department of Pharmaceuticals (DoP), Ministry of Chemicals & Fertilizers.
- It is headquartered in New Delhi.
- Function: It is an independent Regulator for pricing of drugs. Ito ensures accessibility and availability of medicines to people at affordable prices.
- The NPPA currently fixes price of drugs on National List of Essential Medicines (NLEM) under schedule-I of Drug Price Control Orders (DPCO). Till date about 1,000 drugs have been price-capped by this mode.
Tags: Anti-cancer drugs • Cancer Drugs • Department of Pharmaceuticals • Drug Price Control Orders • Drug Pricing • Ministry of Chemicals & Fertilizers • National List of Essential Medicines • National Pharmaceutical Pricing Authority • NLEM • NPPA
The Reserve Bank of India (RBI) appointed committee on ‘suggestions on promoting digital payment’ has submitted its report to RBI Governor Shaktikanta Das. The committee was headed by Nandan Nilekani, also known as Aadhaar Architect.
- Background: In January 2019 RBI had set up a five-member panel headed by Nilekani, on deepening digital payments with a view of encouraging digitisation of payments and enhancing financial inclusion via digitisation.
- Panel Members: Besides Nandan Nilekani (Infosys co-founder), H R Khan (former RBI deputy governor), Kishore Sansi (former MD and CEO of Vijaya Bank), Aruna Sharma (former secretary in ministries of IT and steel) and Sanjay Jain (chief innovation officer, Centre for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad).
- The panel was tasked to review existing status of digitisation of payments in India, identify current gaps in ecosystem and suggest ways to bridge them. It also assessed current levels of digital payments in financial inclusion.
- It undertook cross country analyses with a view of identifying best practices which can be adopted in India so as to accelerate digitisation of economy and financial inclusion through greater use of digital payments.
- RBI will examine recommendations given by committee and will link action points, wherever required and necessary, in its ‘Payment and Settlement Systems in India: Vision 2019 – 2021‘ for implementation.
- The Payment Systems Vision 2021 was recently released by RBI. It seeks to ensure a secure, safe, quick, affordable and convenient, e-payment system with aim of making India a ‘cash-lite’ society.
Tags: Aadhaar Architect • Centre for Innovation • Digital India • Digitisation of Payments • Incubation & Entrepreneurship • Nandan Nilekani • Nilekani Panel on Digital Payments • Payment And Settlement Systems In India: Vision 2019 – 2021 • RBI • RBI Governor • Reserve Bank of India • Shaktikanta Das