GDP Current Affairs - 2019

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India hosts World Customs Organization RCP meeting of Asia Pacific

India hosted the World Customs Organization (WCO) Asia Pacific Regional Contact Points (RCP) that was held for 3 three days on Puducherry. The conference is being held for the fourth time in India. Previously it was held in Jaipur and Cochin.

Highlights

  • International Organizations like UNCTAD, Global Alliance on Trade Facilitation (GATF) participated in the conference. They presented the best practices that are involved in customs procedures.
  • The conference also discussed about the key focus areas of the Asia Pacific Region. It includes security, enforcement, facilitation and capacity building.

World Customs Organization

  • The World Customs Organization is an inter-governmental Organization that is involved in setting up principles and standards especially for cross border procedures and customs.
  • The headquarters of WCO is located in Brussels.
  • The Organization has divided the world into 6 regions to make the rules across borders of these regions easier.
  • India is a member of the organization.

Significance

  • The Asia Pacific accounts to 37% of the world’s GDP.
  • Also, the region is important for India as it is trying to increase its trade and investment in the region. India is achieving this through its Act East Policy.
  • The development of North East Region is also linked with India’s interests in Asia Pacific. India is finding markets in the region for the export of goods from North East.
  • It is also essential for India to increase its presence in the region as China has larger interests in the region especially in the markets of the region.

GoI: Consumer Expenditure Survey, 2017-18 not to be released due to quality issues

The Ministry of Statistics and Programme implementation said that it is not releasing Consumer Expenditure Survey due to quality issues. The next Consumer Expenditure Survey is to be conducted in 2020-21 and 2021-22.

Highlights

According to the National Statistical Office (NSO) functioning under the Ministry, there was significant increase in the divergence in the consumption pattern. Also there were noticeable direction of change in the data as compared to the other administrative data sources like goods and services.

The Ministry is also looking ways to change the base year of the survey. Currently the base year of the survey is 2011-12. It is considering options to change the base year to 2017-18.

Consumer Expenditure Survey

  • The survey is carried out by the NSO through out India on household consumption expenditure. The survey is conducted in quinquennial intervals. Previously the survey was conducted in 2011-12.
  • The survey provides data on household Monthly Per Capita Consumer Expenditure (MPCE).
  • It also provides information on distribution of households
  • The survey generates estimates on persons over the MPCE classes.
  • The survey is designed to generate information about expenditure on consumption of goods and services. It includes both and food and non-food products consumed in households.
  • The data released by the survey are also used in determining macro-economic indicators and for rebasing of the GDP.