Industrial Revolution 4.0 Industry 4.0 refers to the fourth industrial revolution related to manufacturing and chain production. It is driven by breakthroughs in digital technologies, such as artificial intelligence, robotics, 3D printing, the IoT, Big Data etc. The Drivers of Change: Technological breakthroughs: New technological innovations such as Big Data, 3-D printing, artificial intelligence and… Continue reading What is Industrial Revolution 4.0?
Category: Economy
Base year of CPI-IW changed
The Labour and Employment Ministry on Thursday revised the base year of the Consumer Price Index for Industrial Workers (CPI-IW) from 2001 to 2016. Why the base year for the Consumer Price Index for Industrial Workers(CPI-IW) has been changed? Due to the changing consumption pattern, more weightage has been given to spending on health, education,… Continue reading Base year of CPI-IW changed
National Payments Corporation of India (NPCI)
It is a “Not for Profit” umbrella organization for operating retail payments and settlement systems in India, is an initiative of RBI and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India. It aims in bringing innovations in the… Continue reading National Payments Corporation of India (NPCI)
Digital payment system in India
What is the role of RBI in the evolution of digital payment in India? RTGS- This system enables the transfer of money from one bank account to another on a “real-time” and on “gross” basis. Settlement happens in real-time. The large value payments on stock trading, government bond trading and other customer payments were covered… Continue reading Digital payment system in India
Regional implications of Bangladesh’s Economic Success
Source: Indian Express Context: ground: The International Monetary Fund’s latest World Economic Outlook has predicted that Bangladesh’s per capita GDP will overtake that of India this year. International development institutions have asked the rest of the subcontinent and developing countries around the world to learn much from Dhaka’s experience or the Bangladesh model. What are the… Continue reading Regional implications of Bangladesh’s Economic Success
Macro-economic Framework Statement
The Fiscal Responsibility and Budget Management Act, 2003 mandates that Central Government shall lay in each financial year before both Houses of Parliament the following statements of the fiscal policy along with the annual financial statement and demands for grants except the Medium-term Expenditure Framework Statement, namely:— (a) the Medium-term Fiscal Policy Statement; (b) the Fiscal… Continue reading Macro-economic Framework Statement
Commercialization of coal mining
Source- Live Mint Syllabus- GS 3- Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth. Context– Centre was all set to allow commercial and even foreign players to mine coal from 19th October, with the aim of making India among the biggest exporters of the dry fuel, but… Continue reading Commercialization of coal mining
Infrastructure and manufacturing led growth in India
Source-Live Mint Syllabus- GS 3- Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment. Context- India needs to create 90 million non-farm jobs by 2030 to avoid economic stagnation. What is the importance of these two sectors? Construction- 24 million non-farm jobs could come from construction alone by 2030, 16… Continue reading Infrastructure and manufacturing led growth in India
GST Compensation Issue
Source: Indian Express Context: Recently, the Centre has acceded to the states’ request, that it will borrow Rs 1.1 lakh crore to compensate them for the shortfall in their GST revenues. What is the Background? For bringing the states in to GST ambit, The Centre assured the states of a 14 per cent growth in… Continue reading GST Compensation Issue
MSME Udyam Process
Source: Indian Express Syllabus:Gs3: Inclusive Growth and issues arising from it. Context: Udyam initiative is promising in terms of capturing reliable and verified information about MSMEs but it can impact some MSME’s from accessing formal finance Why the information available on MSME’s are not adequate? Reliable and updated information regarding small businesses in India is… Continue reading MSME Udyam Process
