Economy Current Affairs - 2019

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Global Business Summit 2019

Global Business Summit 2019 was held in New Delhi. It was the fifth edition of the three-day Summit and was inaugurated on 22nd February 2019.

The Keynote address was delivered by Prime Minister Narendra Modi and the other speakers in the event included Union Ministers Arun Jaitley, Piyush Goyal Suresh Prabhu, Ravi Shankar Prasad, Founder & Chairman of Vedanta Resources Anil Agarwal, Chief Marketing Officer of Alibaba Group Chris Tung, Global CEO of Virgin Hyperloop One Jay Walder, Chairman of Bain Insights Group James Root, among others.

The Global Business Summit 2019 was aimed at unfolding the myriad contours of the world economy and defining the factors that will lead the Indian economy to newer heights by way of a carefully crafted plenary session and numerous parallel sessions & round table discussions that form part of the GBS experience.

Global Business Summit

The Global Business Summit launched on January 15, 2015, is a flagship initiative of the Times Group. The Summit envisions to bring together visionaries, thought leaders, heads of state, policy makers, academicians and corporate heads cohesively driving a singular agenda for Scripting Economic Change, by connecting the building blocks of Economics for India and the Globe.

The Global Business Summit aims to provide solutions to key macroeconomic challenges being faced in the current context and put forth a blueprint for sustainable, inclusive economic growth and serve as a platform for government to government interactions, business to government meetings, business to business engagements and helps corporates and governments secure investments by showcasing opportunities to apt audiences. The ambition of the Times Group is to establish the Global Business Summit as the Davos of the East

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IIP grows 8.1% in October 2018

According to data released by Central Statistics Office (CSO), factory output measured in terms of Index of Industrial Production (IIP) grew 8.1% in October 2018 as against 4.5% in September 2018. The growth was aided by favourable base effect and robust output in all key sectors—manufacturing, electricity and mining. IIP is the closest approximation for measuring economic activity in the country’s business landscape.

Breakaway of October 2018 IIP

Sector wise Performance: Manufacturing sector output grew 7.9% in October 2018 from 4.6% in September 2018 and 2% a year ago. Electricity production growth grew to 10.8% in October from 8.6% in September 2018 and 3.2% a year ago. Mining activity grew to 7% in October 2018 from 0.2% in September 2018 from de-growth of (-) 0.2% last year.

Use-based Performance: Primary goods grew by 6.0%, intermediate goods by 1.8% and infrastructure/construction goods by 8.7% as compared to growth in October 2017.  Consumer durables output also grew 17.6%, from 5.2% in September 2018, indicating higher production during the festive season. Consumer non-durables grew 7.9% in October 2018 as compared to 6.1% in September 2018.

Index of Industrial Production (IIP)

IIP is composite indicator that measures short-term changes in volume of production of basket of industrial products during given period with respect to chosen base period.  It is compiled and published monthly by Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation (MoSPI). Its base year is 2011-12.

It comprises 407 individual items. Sector wise, the items included falls into 3 categories viz. Manufacturing (405 items), Mining (1 items) & Electricity (1 item).  he weights of the three sectors are 77.63%, 14.37%, 7.9% respectively. The combined weightage of 8 core Industries in IIP is 40.27%.

In use wise composition 407 individual items are divided into basic goods, capital goods, intermediate goods and consumer goods. Further, consumer goods is divided into consumer durables and consumer non-durables. In this case maximum weight is of basic goods, followed by Consumer Goods, followed by Intermediate and Capital Goods.

Month: Categories: National

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