Topic: Indian Economy
1. India’s good exports increased to $32.21 billion in May.
- As per data released by Commerce & Industry Ministry, India’s good exports increased to $32.21 billion in May.
- India’s good exports in May increased by 67.39% as compared to the same month last year.
- India’s good exports in May also remained higher than the exports of $30.63 billion in April.
- Increase in exports is mainly led by sectors like gems and jewellery, petroleum products and engineering items.
- India’s import of goods increased by 68.54% to $38.53 billion over May 2020. However, Imports in May lower than imports in April ($45.72 billion).
- Trade deficit in May remained at an eight-month low at $6.32 billion. This was less than trade deficit of $15.1 billion in April.
- Commerce Ministry has fixed an export target of $400 billion for 2021-22. In the last fiscal (2020-21), exports were valued at $290.18 billion. This was 7.4% lower than exports worth $313.36 billion in 2019-20.
2. Amul’s Managing Director Dr. Rupinder Singh Sodhi elected to the board of International Dairy Federation (IDF).
- Amul’s Managing Director Dr. Rupinder Singh Sodhi has been elected to the board of International Dairy Federation (IDF).
- Dr. Rupinder Singh Sodhi (RS Sodhi) was nominated by Indian National Committee to IDF. The nomination by Indian National Committee to IDF was accepted unanimously.
- In November 2020, National Dairy Development Board (NDDB)’s then chairman Dilip Rath was also unanimously elected to the board of the International Dairy Federation (IDF).
- International Dairy Federation (IDF):
- It is an international non-governmental, non-profit association having members from National Committees constituted by dairy organisations in each country.
- It was set up in 1903. It is headquartered in Brussels, Belgium.
3. APEDA sets up Export Promotion Forum (EPF) to promote exports of dairy products.
- APEDA has set up Export Promotion Forum (EPF) to promote exports of dairy products.
- The EPF will include officials from the Ministry of Fisheries, Animal Husbandry and Dairying, and Export Inspection Council.
- APEDA has also identified two clusters- Mathura in Uttar Pradesh and Banaskantha in Gujarat - to develop dairy products.
- Farmers and small dairy owners in two clusters will be given virtual training. They will also be helped in capacity building to become exporters.
- Agricultural and Processed Food Products Export Development Authority (APEDA):
- It is an Apex-Export Trade Promotion body. It was set up under Agriculture and Processed Food products Export Development Authority Act.
- It was founded on 13 February 1986. It is headquartered in New Delhi. Dr. M. Angamuthu is its chairman.
4. Finance Ministry notifies amendment in Central Goods and Services Tax (CGST) Act.
- Finance Ministry has notified amendment in Central Goods and Services Tax (CGST) Act.
- The amendment has been notified to facilitate charging of interest on net cash (tax) liability, retrospectively.
- Now, states will be required to amend State Goods and Services Tax (SGST) Act and notify the amendments.
- Net cash liability is calculated by deducting input tax credit from gross GST liability. Tax is deposited within the prescribed timeline.
- After the prescribed date, assesse is required to pay interest on cash liability.
- The amendment intends to remove any ambiguity on the issue of charging interest on net cash liability from the date of implementation of GST (1 July 2017).
5. BIS recognizes RDSO of Indian Railways as the first standard development organization.
- Bureau of Indian Standards (BIS) has recognized the RDSO of Indian Railways as the first standard development organization under its ‘One Nation One Standard’ initiative.
- Research Design & Standards Organisation (RDSO)’s recognition as the first standard development organisation (SDO) will remain valid for 3 years.
- Under its ‘One Nation One Standard’ initiative, BIS is attempting to provide recognition to standard developing bodies.
- Bureau of Indian Standards (BIS):
- It is an Indian national standard body that works under the aegis of the Ministry of Consumer Affairs, Food and Public Distribution.
- It is a statutory body that was established by the Bureau of Indian Standards Act, 2016.
- Its headquarters is in New Delhi.
Topic: Indian Economy
6. Global rating firm Moody’s lowers India’s GDP growth forecast.
- Global rating firm Moody’s has revised India’s GDP growth forecast for FY22 from 13.7% to 9.3%.
- It has also revised India’s GDP growth forecast for FY23 from 6.2% to 7.9%.
- The agency said that it expects a decline in economic activity in April-June quarter.
- In addition to Moody’s, SBI’s Economic Research Division, ICRA and others have also lowered projections for GDP growth.
GDP forecast for FY 2021-22 (in %)
Name of the agency
7. Horticulture Cluster Development Programme (CDP) virtually launched by Union Minister of Agriculture and Farmers’ Welfare Shri Narendra Singh Tomar.
- Horticulture Cluster Development Programme (CDP) has been virtually launched by Union Minister of Agriculture and Farmers’ Welfare Shri Narendra Singh Tomar.
- Total 53 clusters have been selected for the programme. In the pilot phase, the programme will be implemented in 12 horticulture clusters. The clusters of pilot phase are given below.
- Shopian (J&K) and Kinnaur (H.P.) for Apple
- Lucknow (U.P.), Kutch (Gujarat) and Mahbubnagar (Telangana) for Mango
- Anantpur (A.P.) and Theni (T.N.) for Banana
- Nasik (Maharashtra) for Grapes
- Siphahijala (Tripura) for Pineapple
- Solapur (Maharashtra) and Chitradurga (Karnataka) for Pomegranate
- West Jaintia Hills (Meghalaya) for Turmeric
- Horticulture Cluster Development Programme is a central sector programme implemented by the National Horticulture Board (NHB) of the Ministry of Agriculture and Farmers’ Welfare
- It aims at growing and developing identified horticulture clusters to make them globally competitive.
- Horticulture CDP will benefit about 10 lakh farmers. It will attract investment of Rs 10,000 crore when implemented in all the 53 clusters.
- National Horticulture Board (NHB):
- It was set up by the government in 1984. It is headquartered at Gurugram.
- It was set up on the basis of recommendations of "Group on Perishable Agricultural Commodities", headed by Dr. M. S. Swaminathan.
8. S K Majumdar appointed as Chief Financial Officer (CFO) of Canara Bank.
- S K Majumdar has been appointed as Chief Financial Officer (CFO) of Canara Bank, with effect from May 31, 2021.
- S K Majumdar has been General Manager of the Bank. He will take place of V Ramachandra, Chief General Manager of the bank.
- Canara Bank was established in 1906. It is headquartered in Bengaluru.
- Lingam Venkat Prabhakar is its CEO. Recently, the government has merged syndicate bank with Canara bank.
9. The licence of Pune-based Shivajirao Bhosale Sahakari Bank cancelled by RBI.
- The RBI has cancelled the licence of Pune-based Shivajirao Bhosale Sahakari Bank.
- The bank has ceased to carry on banking business, with effect from close of business on May 31.
- It was placed under RBI Directions from the close of business on May 4, 2019.
- RBI has requested Registrar of Cooperative Societies, Maharashtra to issue an order for winding up of bank and to appoint a liquidator for the bank.
- Now, the process for paying the depositors of the bank as per Deposit Insurance and Credit Guarantee Corporation (DICGC). Act, 1961 will start.
- On liquidation of the bank, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a ceiling of ₹5 lakh from Deposit Insurance and Credit Guarantee Corporation.