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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Bulletin: National Training Workshop for 7th Economic Census organized

A comprehensive training strategy called National Training Workshop of Master Trainers to impart training to trainers engaged in upcoming 7th Economic Census was held at Indian Habitat Center in the New Delhi. It was organized by Ministry of Statistics and Program Implementation (MoSPI).

Key Highlights

  • Objective: to impart training to Master trainers (enumerators and supervisors) engaged in Seventh Economic Census (7th EC).
  • Implementing Agency:Ministry of Statistics and Program Implementation (MoSPI) has partnered with Common Service Centre, CSC e-Governance Services India Limited (CSC SPV), a Special Purpose Vehicle under Ministry of Electronics and Information Technology (MeitY) for implementation.
  • Training: The participants were trained on key concepts and definitions, processes, digital platform and application to be used for enumeration (supervision and data capture) in field during 7th Economic census.
  • Reason: An Information Technology (IT) based digital platform for validation, data capture, report generation and distribution will be used in upcoming Economic Census. The fieldwork for 7th EC will be commencing from June 2019.
  • 7th Economic Census 2019: It is being conducted by MoSPI to provide disaggregated information (numerical or non-numerical information collected from multiple sources) on various structural and operational aspects of all establishments in country. After the National Training Workshop of Master Trainers in New Delhi similar exercise will be undertaken across India. During month of May and June 2019 over 6000 State and District level training workshops will be organized.

About Economic Censuses

  • It is a complete count of all establishments and units located within geographical boundaries of country.
  • Background: The first Economic Census was undertaken in 1977. The 2nd edition was carried out in 1980 followed by 3rd EC in 1990. The 4th EC took place in 1998 while 5th EC was held in 2005. The Sixth edition of Economic Census was conducted in 2013.
  • Objective: It provides detailed information on operational and economic variables, activity wise, and other characteristics like number of establishments, type of ownership, source of finance, number of persons employed, etc. The details about establishments across country include their distribution at all-India, State, district, village and ward levels. This is used for comprehensive analysis of structure of economy (macro, micro, regional levels) and for benchmark purposes.
  • Significance: The database so collected also serves as a sampling frame for drawing samples for socio economic surveys by Government and research organizations. This information is used for micro level or decentralized planning and to assess contribution of various sectors of economy in gross domestic product (GDP).

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RBI releases Vision Document (2019-2021) for e-Payment System

The Reserve Bank of India (RBI) has released a vision document to ensure a more convenient, affordable, quick, safer and secure e-payment system. The RBI’s vision document is titled ‘Payment And Settlement Systems In India: Vision 2019 – 2021’

Key Highlights about Vision Document

  • Reason: The vision document is released on a pretext that as per RBI’s speculations number of digital transactions in country is expected to increase more than four times to 8,707 crore in December 2021. Also, digital payment systems like UPI and IMPS are most likely to register an average annual growth of more than 100%, and NEFT will grow at 40%, over the period of 2019 – 2021.
  • Core Theme of Vision Document: Empowering Exceptional E-payment Experience.
  • Objective: It envisages achieving “a highly digital and cash-lite society”. To achieve its objective the goal posts of RBI involves 4Cs, namely convenience, confidence, competition and cost-effectiveness.
  • Implementation Period: The bank will implement the approach outlined in this Vision Document during period 2019 – 2021.
  • Approach Adopted: by RBI will continue to be that of minimal intervention in pricing of charges to customers for digital payments and RBI’s all efforts will be to facilitate the operation of payment systems which are more efficient and more price-attractive.
  • Key Feature of Document:
  • It talks about creating customer awareness, setting up a a self-regulatory organisation and 24X7 operational helpline for system operators as well as for service providers, among others.
  • The ‘No-Compromise’ approach towards security and safety of payment systems will remain a hallmark of vision.
  • No specific target has been considered for reducing cash in circulation.

Way Forward

Throughout the world the payment systems landscape will continue to change with entry of more players and further innovations in sector. But it is expected that this will ensure optimal cost to customers and freer access to multiple payment system options.

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