Business, Economy & Banking Current Affairs - 2019
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Moody’s has released its quarterly Global Macro Outlook for 2019 and 2020. The outlook highlights the following points about India:
- Indian economy is expected to grow at 7.3 per cent in the calendar year 2019 and 2020. The proposed government spending ahead of elections in 2019 will support near-term growth.
- India is less exposed to the slowdown in global manufacturing trade growth when compared to other major Asian economies emerging markets. India is poised to grow at a relatively stable pace in the two years.
- In the financial year, 2018-19 Indian economy is estimated to have grown 7 per cent, lower than 7.2 per cent in 2017-18.
- The direct cash transfer programme for farmers and the middle-class tax relief measures announced in the Interim budget 2019 will contribute a fiscal stimulus of about 0.45 per cent of GDP.
- Although the overall strength of the Indian Banking system is improving, it remains a constraint on the economy.
- The report states that a complete turnaround of the banking system requires more time amid slower-than-expected resolution of legacy problem loans.
The report concludes that with range-bound oil prices, export growth has outpaced import growth for the last two years. Fiscal spending on infrastructure and the rural economy should continue to support domestic activity.
The persistent efforts of the Intellectual Property Rights cell of the Kerala Agriculture University have finally yielded results. The Marayur Jaggery largely produced in the regions of Marayur and Kanthallur grama panchayats of Kerala has got the GI tag.
Geographical Indication (GI) is a name or sign used on products which correspond to a specific geographical location or origin. Geographical Indication act as a certification that the product possesses certain qualities, is made according to traditional methods or enjoys a certain reputation, due to its geographical origin.
Marayoor in the Idukki district of Kerala is known for its tensive sugarcane cultivation. In the regions of Marayur and Kanthallur, more than 2500 acres of land is under sugarcane cultivation.
The peculiar geographical location of Marayoor amid the forests of the Western Ghats gives the sugar cane a distinct geographical identity. The local people have integrated the age-old tradition have imparted age-old specialized skill to make Marayur Jaggery a distinct product in itself.
The distinct features of the Marayur Jaggery are high sweetness with less saltiness, high content of iron and less sodium. The produce is free of impurities and the sugar cane fields are free of chemical pesticides and fertilisers.
The Marayur Jaggery is produced without adding any chemicals has always been known for its high quality. Eyeing the market of the traditional Marayur Jaggery fake jaggery with a salty taste was being marketed as Marayur jaggery. The GI tag will now enable to initiate legal action against fake jaggery being sold as Marayur Jaggery.