Economic Growth Current Affairs - 2020

Economic Census begins at the National Capital Region

The seventh Economic Census was flagged off at the National Capital by the Ministry of Statistics and Programme Implementation. This is the first time the Census is being carried out in Digital Platform. The Ministry has tied up with Common Service Centres Network (CSCN) for the digital implementation of the census

Highlights

Delhi is the 26th state where the Census is being launched. It is already in process in 20 states and 5 Union Territories. At the capital, it will take three months for the census to complete. More than 1.5 lakh trained volunteers are to visit more than 35 crore establishments to carry out the census.

National Economic Census

The Indian Economic Census is counting the entrepreneurial units involved in agricultural, non-agricultural or any other economic activity. It provides information about the number of establishments in the country, number of persons employed, type of ownership, finance, etc. So far, 6 economic censuses have been held. They were in 1977, 1980, 1990, 1998, 2005, 2013. The seventh Census is the ongoing census that began in 2019.

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US removed “Developing” Tag for India: What are its implications?

Recently, the United States of America removed the “developing” tag for dozens of countries. India is one amongst them. These countries are to be classified as developed economies

Highlights

The “Developing” status for a country in the US is associated with US Trade Act, 1974. The act authorized General System of Preferences (GSP). The intention of the system is to help the poor countries develop faster. The act was later adopted by the World Trade Organization (WTO) and was extended to other rich countries as well. In WTO, around two-thirds of the countries classify themselves as developing.

Background

Recently US had withdrawn India from its GSP listings. Under this preference there were more than 2,000 items that were of worth 6.3 billion USD. This affects India harshly. Hence, India has been asking the US to re-include the GSP status. Unfortunately, US has permanently put an end to India’s GSP status by removing it from the list of developing.

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