Topic: World Economy
1. WTO lowered its projection for global trade growth in 2023 to 1%.
- The World Trade Organization lowered its forecast for growth in global trade volume to 1 % from 3.4 % earlier, citing rising downside risks.
- Due to several shocks on the global economy, world trade may lose momentum in the second half of 2022 and remain subdued in 2023.
- However, the WTO increased its forecast for the growth of global merchandise trade for 2022 from its April estimate of 3% to 3.5%.
- According to the latest WTO forecasts, the world GDP at market exchange rates will grow by 2.8 per cent in 2022 and 2.3 per cent in 2023.
- India's merchandise exports declined 3.5 % in September for the first time in 19 months.
Topic: Regulatory Bodies/Financial Institutions
2. IBBI has amended the Model Bye Laws regulations on Insolvency Professional Agencies (IPAs).
- The amendment has been done to allow an insolvency professional entity (IPE) to be enrolled as a professional member with the IPAs.
- This will facilitate IPE to take up the role of resolution professionals in corporate insolvencies.
- Only those IPEs that are recognised by IBBI and registered as an insolvency professional can enroll as professional member of IPAs.
- Only those who are authorised as professional member by an IPA can take up the role of Insolvency Professional in a corporate insolvency.
- Professional agency is now required to keep details of partners or directors, where the professional member is an insolvency professional entity.
- Till now, only individuals could be enrolled as professional members of IPAs.
- About Insolvency Professional Agencies (IPAs):
- IPAs are not-for-profit entities. They are considered to be regulators of Insolvency Professionals (IPs) in India.
- The IPAs enroll, educate, monitor, regulate and guide the IPs. They are responsible for developing and regulating the profession of IPs.
- They carry out quasi-legislative, executive and quasi-judicial functions.
- Till now, there are three IPAs registered with Insolvency & Bankruptcy Board of India (IBBI). They are given below.
- ICSI Institute of Insolvency Professionals
- Indian Institute of Insolvency Professionals of ICAI
- Insolvency Professional Agency of Institute of Cost Accountants of India
3. India’s palm oil imports in September increased 21% from a month ago to 1.2 million tonnes.
- This is the highest level since September last year. Palm oil was much cheaper than other edible oils. So, its buying increased.
- Soyoil imports in September increased 10% from a month ago. Sunflower oil imports increased 22%.
- India buys palm oil mainly from Indonesia, Malaysia and Thailand.
- India imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.
Topic: Reports and Indices
4. Manufacturing PMI declined to 3-month low to 55.1 in September.
- This is against 56.2 in August. However, it continued to expand for 15th month in row.
- Index above 50 means expansion. Index below 50 indicates contraction.
- The index is formed by S&P Global based on responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.
- Manufacturing contributes around 15% to Gross Value Added (GVA).
Topic: Banking/Financial Schemes
5. Record 30% growth has been seen in the disbursal of small business loans under Pradhan Mantri Mudra Yojana (PMMY).
- This growth has been recorded in the first half of the current financial year ended September against the same period last year.
- Till September 2022, over Rs 1,37,785 crore has been disbursed under PMMY by banks and other institutions.
- In the year-ago period, about Rs 1.06 lakh crore were disbursed.
- The disbursement in the first half of the current fiscal is the highest growth in the last three years.
- As per data on the performance of PMMY, total disbursals declined to ₹3.11 lakh crore in 2020-21 (from ₹3.29 lakh crore). This was mainly due to the impact of Covid-19.
- During 2021-22, total disbursals reached ₹3.31 lakh crore. Mudra loans are extended in three categories. They are given below.
- Shishu (up to ₹50,000)
- Kishor (above ₹50,000 and up to ₹5 lakh)
- Tarun (above ₹5 lakh and up to ₹10 lakh)
6. Department of Financial Services will hold special campaign from October 15 to November 26.
- The campaign will further deepen the financial inclusion framework in the India.
- The campaign will be initially launched at the Gram Panchayat level in seven districts of India.
- These districts are Cuttack, Aurangabad, Pune, Kakinada, Kaushambi, Datia and Barpeta.
- The campaign will focus on achieving saturation in respect of bank accounts and distribution of loans to Farmer Produce Organisations (FPOs), self-help groups (SHGs) for the establishment of cold-chain infrastructure.
- It will also focus on achieving saturation in respect of pension schemes for eligible individuals.
7. Rajendra Kumar has assumed charge as Director-General, Employees’ State Insurance Corporation (ESIC) on October 4.
- He is an IAS officer from the Tamil Nadu cadre. He has earlier served as an Additional Secretary in the Ministry of Electronics and IT.
- Employees’ State Insurance Corporation (ESIC) was founded in 1952.
- It is a statutory body under the Ministry of Labour and Employment.
- It was set up under the ESI Act 1948 for the implementation of the ESI scheme.
8. India has become the largest producer of sugar in world.
- India has also become the second largest exporter of sugar.
- In Sugar Season 2021-22, over 5 thousand lakh metric tons of sugarcane was produced in India.
- In this season, record highest sugar exports of more than 109 lakh metric tons have been registered.
- These exports earned foreign currency of about 40 thousand crore rupees.
9. Sunil Barthwal has taken charge as Secretary, Department of Commerce on 30 September 2022.
- Prior to this, he was serving as Secretary, Ministry of Labour & Employment.
- He is an Indian Administrative Service (IAS) Officer of Bihar Cadre.
- He is a post graduate in Economics. He has also worked in the Competition Commission of India.
- He was the CEO of Employees’ Provident Fund Organisation.
10. Lalit Bhasin has been appointed as national president of Indo-American Chamber of Commerce (IACC).
- He was earlier executive vice president of the chamber. He is the 54th National President of IACC.
- IACC was set up in October 1968. It is headquartered in Mumbai.
- Its membership include large, medium and small business entities.
- Sandeep Kumar Gupta took charge as chairman and managing director of GAIL (India) Limited.
- Appointments Committee of the Cabinet has approved appointment of Ajay Bhadoo as Deputy Election Commissioner of India.