Macroeconomic Development. GDP growth was 3. The sectors with the largest contraction in the first half April-September of were construction, trade, mining, and manufacturing. While trade, and mining continued to contract, construction and manufacturing grew by 6. Table 4 gives details on sectoral growth in GVA. Financial services. Public services. Figure 2 shows the change in industrial production during the third quarter of Other decisions taken by the MPC include:.
Inflation is expected to be 5. Law and Justice.
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The Finance Act, empowered the central government to notify rules on qualifications of members, terms and conditions of their service, and composition of search-cum-selection committees for 19 tribunals such as Customs, Excise, and Service Tax Appellate Tribunal. The Bill amends the Act to include provisions related to the composition of search-cum-selection committees and term of office of members in the Act itself.
These include:.
For a PRS summary of the Bill, please see here. The Act contains provisions regarding domestic and international arbitration and defines the law for conducting conciliation proceedings. The Bill replaces an Ordinance with the same provisions promulgated on November 4, Key features of the Bill are:. Chidambaranar, and Vishakhapatnam. The Bill constitutes the Board of Major Port Authority for each of these ports for administration, control, and management of these ports.
Key features of the Bill include:. Draft amendments to Central Motor Vehicles Rules, released. Key features include:. Science and Technology. Prachi Kaur prachi prsindia. Key observations and recommendations of the Committee include:. For a PRS report summary, please see here. For a PRS analysis of the Bill, please see here. Guidelines for acquiring and producing geospatial data and services. The Department of Science and Technology issued guidelines for acquiring and producing geospatial data and services including maps.
The Department noted that availability of comprehensive and high accuracy geospatial data will encourage innovation and enhance the preparedness for emergency response. External Affairs. Chaudhary submitted its report on the Anti-Maritime Piracy Bill, Home Affairs.
National Disaster Mitigation Fund established. The fund will be managed by the National Disaster Management Authority which is the apex authority responsible for disaster management and mitigation in India. Urban Affairs. The Act provides for: i relocating slum dwellers and Jhuggi-Jhompri clusters in accordance with the provisions of the Delhi Shelter Improvement Board Act, and the Master Plan for Delhi, , ii regularising unauthorised colonies, village abadi areas and their extensions , iii creating a policy or plan for farm houses constructed beyond permissible building limits, and for all other areas of the National Capital Territory of Delhi, and iv not taking any punitive action and minimising inconvenience to the people of Delhi in case of any demolition or sealing of structures under the Master Plan for Delhi.
The Master Plan for Delhi provides for strategies of housing for urban poor as well as for dealing with the informal sector.
RBI issues norms for trading platform for MSME receivables
National Urban Digital Mission and other digital initiatives launched. The Ministry of Housing and Urban Affairs launched digital initiatives to promote use of digital technologies to identify and address issues in urban planning and governance. NUDM seeks to create a shared digital infrastructure for urban areas to consolidate digital initiatives of the Ministry and address local challenges.
NUIS was intended to identify urban challenges and solve them at speed and scale using digital technologies and infrastructure. The data exchange programme seeks to create is an open-source interface to allow users including urban local bodies to share, request, and access datasets related to cities, urban governance, and service delivery. The SmartCode Platform will be a repository for open-source code for applications in urban governance. Source code of an open-source software is freely available for possible modification and redistribution.
The City Innovation Exchange Platform was launched to enable all citizens to design, test and deliver innovations that can address urban challenges. The platform will operate under the Smart Cities Mission. There were start-ups with solutions across smart cities registered, as of February, Suyash Tiwari suyash prsindia.
Standing Committee submits report on the Factoring Regulation Bill, While factoring is available for all enterprises the Committee noted the importance of the Bill to address the problem of delay in payments faced by micro, small and medium enterprises MSMEs. Key recommendations of the Committee include:. For a PRS summary of the Report, see here. Cabinet approves a new disinvestment policy for public sector enterprises. Strategic sectors are: i atomic energy, defence, and space, ii transport and telecommunication, iii power, petroleum, coal, and other minerals, and iv banking, insurance, and financial services.
The policy envisions a bare minimum presence of existing PSEs in the strategic sectors as the government aims to retain control through holding companies i. All other existing PSEs in the strategic sectors will be either privatised, closed, merged with another PSE or made its subsidiary. All existing PSEs in sectors other than strategic sectors will be privatised, if feasible, or closed. The new policy is applicable to central PSEs and public sector banks and insurance companies.
It is not applicable to certain PSEs including those working as not-for-profit companies, providing support to vulnerable groups, performing any developmental or regulatory role, or maintaining critical data having bearing on national security. RBI announces liquidity measures. Restrictions on use of private banks for government business relaxed. The Ministry of Finance lifted the ban on use of private banks for the conduct government-related banking transactions.
The change may be operationalised once the Reserve Bank of India issues guidelines in this regard. In January , RBI allowed all private sector banks to undertake government business. The Terms of Reference of the Committee include: i assessing the impact of regulatory measures taken by RBI for UCBs, ii reviewing the regulatory approach to recommend changes to strengthen the sector, iii suggesting measures for faster resolution of UCBs in financial stress, iv assessing the potential for consolidation in the sector, and v formulating a vision document for the sector.
The Committee is required to submit its report within three months of its first meeting. RBI releases draft directions on credit derivatives for public feedback. RBI released the draft directions on credit derivatives for public feedback. A credit default swap CDS is a kind of credit derivative. In a CDS contract, the seller of the CDS commits to compensate the buyer of the CDS in case of an adverse event such as default related to the underlying debt instrument.
Key features of the directions include: [43]. Comments on the draft directions are invited by March 15, Social Justice. Further, it permits Parliament to modify this list of notified SCs. The Bill gives effect to modifications proposed by the state of Tamil Nadu. Electronics and Information Technology.
Intermediaries : Intermediaries are entities that store or transmit data on behalf of other persons, including internet or telecom service providers, online marketplaces, and social media platforms. Digital Media Publishers : Following will apply to publishers of digital media including: i news and current affairs content and ii online curated content also known as OTT platforms :. Cabinet approves production linked incentive scheme for information technology hardware. The scheme will cover the following segments of IT hardware: i laptops, ii tablets, iii all-in-one personal computing devices, and iv servers.
Under the PLI scheme, companies receive incentives on incremental sales of products manufactured domestically. The Ministry of Electronics and Information Technology observed that laptop and tablet demand in India is largely met through imports. The value of import for laptop and tablet in was USD 4. Draft National Strategy on Blockchain released. The data structure used in Blockchain maintains an unchangeable record of transactions in a time-sequenced manner.
It eliminates the need for a central entity to validate transactions. The Ministry noted that the technology improves transparency, immutability, and efficiency in managing transactions. It has potential for use in various domains including property record management, identity management, supply chain, and e-voting. The Ministry further noted that blockchain can add value to e-governance. It highlighted the following key challenges in the adoption of blockchain: i scalability and transaction speed, ii data security and privacy, iii standardisation and interoperability, and iv skilled manpower.
MSME Highlights: India has improved immensely on ‘Ease of Doing Business’ index, says PM Modi
Key features of the Draft Strategy are:. For PRS summary of the report, please see here.
Commerce and Industry. Standing Committee submitted its report on attracting investment in the post-Covid economy. Standing Committee on Labour submitted its report on social security and welfare for migrant workers. Bhartruhari Mahtab submitted its report on social security and welfare measures for inter-state migrant workers. Draft amendments to the Medical Device Rules, released. If no such standards from the BIS or the Ministry are available, a device is required to conform to the standards of International Organisation for Standardisation or International Electro Technical Commission.
The draft amendments add that the standards of American Standard testing Method will be also acceptable for testing medical devices in absence of standards of BIS and the Ministry. Comments on the draft Rules are invited till March 22, Defence Acquisition Council approves procurement worth Rs 13, crore.
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The Defence Acquisition Council approved the procurement of equipments worth Rs 13, crore for armed forces. The procurement will also include platforms and systems designed and developed by the Defence Research and Development Organisation.