Economy Current Affairs

Secondary Steel Sector Awards given for contribution to National Economy

Union Ministry of Steel recently for the first time gave away Secondary Steel sector awards to 26 mini steel companies in recognition of their contribution to the national economy. 12 companies were awarded Gold Certificates and 14 Silver Certificates for their performance during 2016-17. These awards were given in order to enhance global competitiveness of companies involved in secondary steel sector. It will also encourage secondary steel sector to strive for improving performance as well as quality of production.

Secondary Steel Sector

The secondary steel sector is critical and important segment of market spanning from construction, cold rolled products, machine tools, pipes, stainless steel, galvanized and color coated steel as well as exports. It contributes to more than half of the total steel production in the country. It plays important role along with integrated steel players in order to achieve steel production capacity of 300 million tonne by year 2030-31. At present India has 134 MT capacity.

Steel Sector in India

Steel is one of the core sectors of the Indian economy. India is 3rd largest steel producer in the world. Steel contributes to over 2% to India’s GDP and creates virtuous cycle of employment generation throughout the economy. The steel consumption of India has almost touched 70 kg per capita.

Month: Categories: Awards Current Affairs 2018

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IIP records 6.6% growth in July 2018

According to data released by Central Statistics Office (CSO), factory output measured in terms of the Index of Industrial Production grew at 6.6% in July 2018. This growth was on the back of good performance by manufacturing sector and higher offtake of capital goods and consumer durables. Besides, IIP growth for June 2018 was also revised downwards to 6.8% from the provisional estimate of 7% released in August 2018. The IIP growth in April-July 2018 period was 5.4% compared to 1.7% year ago.

July 2018 IIP

Manufacturing sector (Weightage: 77.6): It recorded 7% growth.

Electricity sector (Weightage: 7.9%): It recorded 6.7% growth.

Mining (Weightage: 14.3%): It recorded 3.7% growth.

Consumer durables sector: It recorded impressive growth of 14.4% as against dip of 2.4% in July 2017.

Capital goods production: It grew by 3% as against decline of 1.1% in July 2017.

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).

Base year: The CSO had revised the base year of the IIP from 2004-05 to 2011-12 in May 2017 to capture structural changes in economy and improves quality and representativeness of indices. The revised IIP (2011-12) reflects changes in industrial sector and also aligns it with base year of other macroeconomic indicators like Wholesale Price Index (WPI) and Gross Domestic Product (GDP).

Sector wise items and weightages: IIP covers 407 item groups. Sector wise, the items included falls into 3 categories viz. Manufacturing (405 items), Mining (1 items) & Electricity (1 item). The weights of the three sectors are 77.63%, 14.37%, 7.9% respectively. The combined weightage of eight core Industries in IIP is 40.27%.

Month: Categories: Business & Economy Current Affairs 2018

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