1. Government decides to revise classification criteria for medium enterprises
- Government has decided to revise classification criteria for medium enterprises.
- As per the government’s decision, the investment limit will be increased to Rs 50 crore and turnover limit to Rs 200 crore.
- Earlier, government has revised definition of MSMEs. Before the revision, investment limit for medium category was up to Rs 10 crore and turnover limit for medium category was Rs 5 crore.
(Source: The Hindu)
- Government is also open for increasing turnover limit to Rs 250 crore for the category of medium enterprises.
- Currently, MSMEs contribute 48% to India’s exports and 29% to India’s GDP.
- Government has planned to increase contribution to exports to 60% and to India’s GDP to 50%.
2. India begins to buy Malaysian palm oil again
- India has begun to buy Malaysian palm oil again after a pause of four months.
- The decrease in India’s domestic inventories is the reason why India has begun to buy Malaysian palm oil again.
- During January to April 2020, India’s import of palm oil has declined by over 50%.
- Indonesia has increased levy on palm oil export. But, Malaysia is offering a discount of 15 dollars.
(Source: The Financial Express)
- The discounted price of Malaysian palm oil is another reason why India has begun to buy Malaysian palm oil again.
- Last week, Malaysian government has signed an agreement for purchasing 1 lakh tonnes of Indian rice.
- Indonesia and Malaysia occupy 1st and 2nd place in the list of world’s largest producers of palm oil.
- India is largest edible oil importer of the world. India purchases about two third of its imports of total edible oil.
3. Canara Bank starts gold loan business vertical
- Canara bank has started special gold loan business vertical.
- Canara Bank’s gold loan products are aimed at providing faster credit to customers at low interest cost.
- The special gold loan campaign will continue till 30 June. The turnaround time for gold loan product is low and flexibility of loan repayment is high.
- Turnaround time is defined as the time between loan application and loan disbursal.
4. Central trade unions move ILO against changes in labour laws
- Central trade unions have moved International Labour Organisation against changes in labour laws by 13 state governments.
- While addressing their complaint to Guy Ryder, DG of ILO, the labour unions said that changes in labour laws violate ILO conventions such as Convention 144 on tripartite consultation.
(Source: UN website)
- Various state governments have granted exemptions to all business organizations from obligations (responsibilities) of employer under all labour laws for 3 years.
- Eight states have increased working hours from 8 to 12 hours through executive order.
- In addition to 144th convention of 1976, labour unions have also talked about following other conventions.
- Freedom of Association and Protection of the Right to Organise Convention, 1948
- Right to Organise and Collective Bargaining Convention, 1949
- Consultation (Industrial and National Levels) Recommendation, 1960
5. Patanjali launches e-commerce app
- Patanjali has launched e-commerce app, called OrderMe.
- The app was launched last week and this week, the app achieved 10,000 daily transactions.
- The app is based on the word OM (OrderMe). The products of other FMCG companies and goods of neighbourhood shops may also be included.
(Source: The Financial Express)
- Amazon, Flipkart, Bigbasket and JioMart will be competitors of this app.
- As per the research agencies, India's e-commerce market will reach from $24 billion in 2017 to $84 billion in 2021.
- India's overall retail market will grow from $795 billion in 2017 to $1.2 trillion by 2021.
6. NAA confirms profiteering allegations against a product of Park Avenue
- National Anti-Profiteering Authority (NAA) has confirmed profiteering allegations against a product of Park Avenue.
- The name of the Park Avenue product is After Shave Lotion Park Avenue Good Morning. It is a product of Raymond Group's J K Helene Curtis Ltd.
- As per the decision of NAA, RS 19 crore will be deposited within 3 months by the company and its one distributor.
- The amount will be deposited with the Consumer Welfare Fund (CWF).
- The company was accused of increasing base prices, not changing the MRP and not passing GST rate cut benefits to the consumer.
- NAA was formed under section 171 of the Central GST Act, 2017. It is a statutory body. It consists of a Chairman and four technical members. Its current chairman is B.N. Sharma.
- Consumer Welfare Fund (CWF) was created under section 57 of the CGST Act, 2017. Its aim is to make India’s consumer advocacy movement strong.