Economic Survey Current Affairs - 2020
On April 11, 2020, the Ministry of Home Affairs, exempted fishing and aquaculture industries from Lock Down. Earlier, the agricultural activities were exempted.
The operations such as harvesting, packaging, processing, cold chain, hatcheries, commercial aquaria, movement of shrimp have been exempted from lock down. However, these industries have been directed to follow hygiene practices and social distancing as noted in the earlier orders of Home Ministry.
It is important to exclude fishing industry from the lock down as there are more than 14 million people involved in the industry. Also, the economic benefits from the industry is an important source of revenue for the Indian Government. The Government of India has adopted 370 km of Exclusive Economic Zone in the Indian Ocean to facilitate economic activities in the fishing and aquaculture industries.
According to Economic Survey 2019-20, Indian Fisheries rank third and Indian Aquaculture ranks second in the world. The Indian Fisheries contribute 1.07% of GDP in 2019-20 in the sector. The Fisheries sector earned Rs 334.41 billion in 2019-20.
Tags: Economic Survey • Fisheries • Fisheries and Aquaculture Infrastructure Development Fund • Fishing Sector • GDP
With the COVID-19 spreading at faster rate in the country, GoI had extended the statutory permits of mines for smooth transition. In spite of this, several mines in Odisha are facing delays of resumption.
The operations of 21 mines have been disrupted completely. The delay in resumption of merchant mines in the state is to affect demand-supply mismatch greatly. Most of the small-scale steel plants, pellet makers and sponge iron units are dependent on the merchant ore market for raw materials. These mines mainly include manganese, iron ore and chromite.
The state is rich in Limestone, Manganese ore, iron ore, chromite, bauxite, Dolomite, graphite, etc. According to Economic Survey, Odisha is the major supplier of raw materials in the country. Mining contributes 10% of income of the state. It holds 96% of Chromite and 25% of coal reserves of India. After Mines and Minerals Development and regulation act, 2015, Odisha was at the forefront in auctioning new mineral blocks.
Therefore, disruption of mining activities in the state will hit the economy badly.