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FEBRUARY 2019-ECONOMY NEWS
CSO revises GDP growth rate to 7.2% for 2017-18 from 6.7% estimated earlier
New e-Commerce Policy Comes Into Effect
India’s new e-commerce policy came into effect on February 1, 2019.
According to an official notification released on December 28, 2018 by the Department of Industrial Policy and Promotion, a new set of policy rules were formed for the e-commerce companies.
It gave them a 60-day window period for aligning themselves to the government’s modified foreign direct investment (FDI) rules.
Bar online retailers from selling products through vendors in which they have an equity interest.
Also bars them from entering into exclusive deals with brands for selling products only on their platforms.
Disallows e-commerce players to control the inventory of the vendors.
Any such ownership over the inventory will convert it into inventory based model from marketplace based model, which is not entitled to FDI.
Under the new rules, the e-commerce retailer shall be deemed to own the inventory of a vendor if over 25% of the purchases of such a vendor are through it.
Restricts marketplaces from influencing prices in a bid to curb deep discounting.
With this, special offers like cash back, extended warranties, faster deliveries to some brands will be prohibited, with the view to provide a level playing field.
NBHC releases kharif crop estimates for the year 2018-19
National Bulk Handling Corporation (NBHC) has come out with kharif crop estimates for the year 2018-19 which shows that basmati rice production is expected to decline by 9.24% to 5.18 million metric tonne.
Pulses production is projected to drop marginally to 9.10 million tonne from 9.35 million tonnne last year.
The total oilseeds production is estimated to be 19.87 million metric tonne which is 5.36% lower than last year's figure of 21 million metric tonne.
The campaign will be launched through the Financial Institutions in collaboration with the State Governments.
There are around seven crore active KCCs and issuing of KCCs in large numbers have helped increasing the agriculture credit.
It has contributed significantly in not only fulfilling the objective of food security but also increasing the farmer’s income.
FDI declines 11% during April-September
According to Ministry of Commerce and Industry data, foreign direct investment (FDI) into India declined 11% to $22.66 billion during April-September period of the current fiscal.
The foreign fund inflows during April-September 2017-18 stood at $25.35 billion.
Singapore was the largest source of FDI during April-September 2018 with $8.62 billion inflow, followed by Mauritius $3.88 billion.
Fiscal deficit for April-December at 112% of FY19 budget estimate
India's budgetary fiscal deficit for the April-December period stood at Rs. 7.01 lakh crore or 112.4% of the budgeted target of Rs. 6.24 lakh crore.
According to Controller General of Accounts (CGA) the fiscal deficit during the corresponding nine months of the previous fiscal was 13.6%.
The total expenditure of the government at December end was Rs. 18.32 lakh crore or 75% of budget estimates.
The total expenditure for current fiscal has been raised to Rs 24.57 lakh crore in the Revised Estimates, from the budgeted Rs. 24.42 lakh crore.
The Reserve Bank of India has cut the repo rate by 25 basis points in its sixth bi-monthly monetary policy statement for 2018-19.
The Monetary policy committee is headed by RBI Governor Shaktikanta Das.
The MPC also decided to change the monetary policy stance from calibrated tightening to neutral
|Reverse repo Rate||6%|
|MSF (Marginal Standing Facility)||6.50%|
|CRR (Cash Reserve Ratio)||4%|
|SLR (Statutory Liquidity Ratio)||19.25%|
Dalmia-OCL buys GSB Group of Germany
Dalmia-OCL, a unit of Dalmia Bharat Group, has acquired German speciality refractory GSB Group GmbH for about Rs. 122 crore.
Dalmia-OCL will now get access to customers in the steel and refractory making belt in Europe and technology to make cleaner steel.
It will gives newer resources and talents in Europe to help strengthen their capability in Indiaments.
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