Business, Economy & Banking Current Affairs

Vishwas Patel appointed as Chairman of Payments Council of India

Payments Council of India (PCI) has appointed Vishwas Patel, Director at Infibeam Avenues as its new Chairman. He will take over from Naveen Surya, who has been elevated to post of Chairman Emeritus. He has been associated with PCI since its inception in 2013 and was serving as PCI’s co-Chairman. PCI also has appointed Loney Antony, Managing Director, Hitachi Payment Services, as its new co-Chairman.

Payments Council of India (PCI)

PCI is an apex non-governmental body representing companies in payments and settlement system. It was formed in 2013 under aegis of IAMAI (Internet and Mobile Association of India) to cater needs of digital payment industry in India. It was formed for representing various regulated non-banking payment industry players and to help resolve various industry level issues and barriers in payments and settlement system.

It works with all its members to promote payments industry growth and support goal of ‘Cash to Less Cash Society’ and ‘Growth of Financial Inclusion’ which is also vision shared by Government of India and Reserve Bank of India (RBI). PCI works closely with regulators i.e. RBI, Finance Ministry and any similar government, departments, bodies or institutions to make ‘India a less cash society’.

Month: Categories: Business & Economy Current Affairs 2018

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Index of Eight Core Industries register 3.6% growth in May 2018

According to Index of Eight Core Industries released by Ministry of Commerce and Industry, the growth of eight core infrastructure industries has dropped to 10-month low of 3.6% in May 2018 due to decline in production of crude oil and natural gas. This is the lowest growth rate since July 2017 when eight core infrastructure industries had expanded by 2.9%. The growth rate recorded in April 2018 stood higher at 4.6%.  In April and May 2018, the eight industries recorded 4.1% growth compared to 3.3% in same period in 2017.

Sector wise breakaway in May 2018

Core industries

Core industries can be defined as main or key industries of the economy. In most countries, these particular industry are backbone of all other industries. In India, there are eight core sectors comprising of coal, crude oil, natural gas, petroleum refinery products, fertilisers, steel, cement and electricity. The eight infrastructure sectors, constitute 40.27% of the total index of industrial production (IIP).

Revised weightage in core sectors: Petroleum Refinery production (weight: 28.04%), Electricity generation (19.85%), Steel production (17.92%), Coal production (10.33%), Crude Oil production (8.98%), Natural Gas production (6.88%), Cement production (5.37%), Fertilizers production (2.63%).

Month: Categories: Business & Economy Current Affairs 2018

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