Eocnomy Current Affairs - 2020
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The 4th meeting of the Economic Advisory Council to the Prime Minister (EAC-PM) was held in New Delhi under the chairmanship of Dr BibekDebroy, Chairman, EAC-PM & Member, NITI Aayog. During the meeting, EAC-PM discussed the possible modalities of implementing National Health Scheme announced by the government in Union Budget-2018-19. Besides, presentations were also made on Health Reforms, World Bank Report on Indian Economy and on Indian Fiscal – Monetary Framework.
National Health Protection Scheme
National Health Protection Scheme (Ayushman Bharat Scheme) will cover 10 crore poor and vulnerable families. Under it, up to Rs 5 lakh insurance cover will be provided to each family per year in secondary and tertiary care institutions. It will have 50 crore beneficiaries. It will be world’s largest government-funded healthcare programme.
Prime Minister’s Economic Advisory Council (PMEAC)
PMEAC is a non-constitutional and non-statutory, non-permanent and independent body, constituted with the prime and sole aim to analyse all critical issues, economic or otherwise, referred to it by the prime minister and advising him thereon. It is mandate to give advice to prime minister on economic matters such as inflation, GDP changes, export-import changes, creating supporting environment for increased trade and commerce.
Functions of PMEAC
Submit periodic reports to PM related to macroeconomic developments and issues which will have implications of the economic policy. Analyse any topics, issues assigned by the PM and provide advice to them. Analyse macroeconomic issues having high importance and present the views to PM and any other task which is assigned by Prime Minister.
Tags: Ayushman Bharat Scheme • Business • Eocnomy • Health Sector • National
The SIDBI (Small Industries Development Bank of India) and ratings agency Crisil have launched CriSidEx, India’s first MSE Sentiment Index for micro, small and medium enterprises (MSMEs). The index will help to indicate the current state and expected outlook on the MSME sector every quarter.
CRISIL-SIDBI MSE Sentiment Index (or CriSidEx) has been developed jointly by CRISIL and SIDBI. It is a composite index based on diffusion index of 8 parameters. It measures MSE business sentiment on a scale of 0 (extremely negative) to 200 (extremely positive).
The parametric feedback for the index will be captured through a survey of 1100 MSEs. CriSidEx will have 2 indices, one for ‘survey quarter’ and another for ‘next quarter’. Once trend emerges after few rounds of survey, it will provide independent time series data.
Significance of index
- Provide crucial insights into employment, business environment and foreign trade in MSME sector.
- Allow policy makers to take timely proactive steps, including those based on early warnings thrown up by survey of index.
- Provide intelligence and insights for regulators, trade bodies, lenders as well as economic and financial analysts.
- Help in forecasting business environment by capturing sentiment on various business parameters such as business situation, capacity utilisation, order book and margins.
- Flag potential headwinds and changes in production cycles in MSME sector and thus help in improving market efficiencies.