Ministry of Commerce Current Affairs
As per data released by Union Ministry of Commerce and Industry, index of eight core industries expanded to 7-month high of 6.7% in June 2018. This was due to better performance by cement, refinery and coal sectors of the index. The previous high was witnessed in November 2017 at 6.9%. The growth rate in May 2018 was 4.3%.
Breakaway of June 2018
The combined index of eight core industries stands at 129.8 in June 2018 and was 6.7% higher as compared to the index of June 2017. Its cumulative growth during April to June 2018-19 was 5.2%. This growth in the core industry is considered by two factors.One is that government investment in infrastructure projects is going up, driving industries such as steel. The other is petroleum products are mainly exported and drive to increase exports will be pushing this up.
Core industries are main or key industries of the economy. In most countries, these particular industry are backbone of all other industries. In India, there are eight core sectors comprising of coal, crude oil, natural gas, petroleum refinery products, fertilisers, steel, cement and electricity. The eight infrastructure sectors, constitute 40.27% of the total index of industrial production (IIP).
Revised weightage in core sectors: Petroleum Refinery production (weight: 28.04%), Electricity generation (19.85%), Steel production (17.92%), Coal production (10.33%), Crude Oil production (8.98%), Natural Gas production (6.88%), Cement production (5.37%), Fertilizers production (2.63%).
Ministry of Commerce and Industry has launched FIEO GlobalLinker, a digital platform for MSME exporters to digitise their businesses and join global community of growing businesses. It has been developed by Federation of Indian Export Organisations (FIEO).
FIEO GlobalLinker aims to make the business growth of SMEs simpler, more profitable and enjoyable. It is growing global network currently comprising over 140,000 SME firms, seeking business collaboration and growth opportunities through use of their electronic business card and digital profiles created on platform. It is available free of cost and it offers exporters range of features.
Business Opportunities: It will enable exporters to find clients, suppliers and advisors using search and review facilities. It will help to create free e-commerce store for direct sales and improved chain management. It will provide up-to-date business knowledge through business articles, industry news and common interest groups.
Improved Efficiencies: Its platform will provide services like company intranet, integrating email, business calendar.
FIEO’s Services: It will provide application for new RCMC, endorsement, renewal, participation in FIEO’s promotional programme and alerts.
Federation of Indian Export Organisations (FIEO)
It is apex trade promotion organisation in India. It was jointly established in 1965 by Ministry of Commerce and private trade and industry. It is responsible for representing and assisting Indian entrepreneurs and exporters in foreign markets. It is headquartered in New Delhi.