Draft export policy
Category: Economy
- The Commerce Ministry has come out with a comprehensive draft of the export policy which includes product- specific rules with a view to provide a ready reckoner for exporters.
- The draft policy aims at consolidating the export norms for each product as applicable at different government agencies.
- ITC-HS Codes are Indian Trade Clarification based on Harmonised System of Coding. It was adopted by India for import-export operations. Every product has been accorded eight digit HS codes.
- The compendium will help an exporter know all the applicable norms pertaining to a particular product, helping him/her understand policy conditions for that item.
- This exercise is for consolidating the norms and not for making any changes in the existing export policy of the country.
Anthropocene
Category: Geography
- A panel of the Anthropocene Working Group (AWG) voted in favour of designating a new geological epoch — the Anthropocene. T
- The vote signals the end of the Holocene Epoch, which began 11,700 years ago.
- Naming of a new epoch reflects how the Earth has been shaped by human activity.
- The term ‘Anthropocene’ was coined in 2000 by Nobel Laureate Paul Crutzen and Eugene Stoermer to denote the present geological time interval in which human activity has profoundly altered many conditions and processes on Earth.
- The phenomena associated with the Anthropocene include an order-of-magnitude increase in erosion and sediment transport associated with urbanisation and agriculture, marked and abrupt anthropogenic perturbations of the cycles of elements such as carbon, environmental changes generated by these perturbations, including global warming, sea-level rise, and ocean acidification, rapid changes in the biosphere and finally proliferation and global dispersion of many new ‘minerals’ and ‘rocks’ including concrete, fly ash and plastics, and the myriad ‘technofossils’ produced from these and other materials.
- The focus is now on identifying a definitive geologic marker or golden spike (technically called Global boundary Stratotype Section and Point) to signal the beginning of the Anthropocene Epoch.
- Many in the AWG believe that artificial radionuclides spread across the world by atomic bomb tests from the early 1950s would serve as the golden spike. The radionuclides are present almost everywhere — from marine sediments to ice layers and even stalagmites and stalactites.
Coffee
Category: Agriculture
- Spotty summer showers will drastically pull down this year’s coffee bean output to almost half of a normal year’s yield.
- The country’s annual coffee harvest is done between December and February.
- Coffee Board usually gives out two crop estimates in a year: one based on blossoms and the other, after the monsoons.
- India produced 3.16 lakh tonnes of coffee during 2017-18 and the country’s exports were 3.92 lakh tonnes.
- Karnataka alone accounts for around 80% of the country’s total coffee production.
FDI
Category: Economy
- Foreign direct investment (FDI) in the country declined for the first time in the last six years in 2018-19, falling 1 per cent to $44.37 billion as overseas fund inflows slowed down in pharma, telecom and other sectors.
- In 2017-18, FDI inflows were at a record $44.85 billion.
- The last time foreign fund inflows showed a reduction was in 2012-13, when inflows registered a contraction of 36 per cent to $22.42 billion as against $35.12 billion in 2011-12.
- Since FY13, the inflows kept on growing, reaching a record high in FY18
- FDI in pharmaceuticals fell from $1 billion in 2017-18 to $266 million in FY19; in construction development, from $540 million to $213 million; in power, from $1.62 billion to $1.1 billion; and in telecom sector, from $6.21 billion to $2.67 billion.
- Sectors that witnessed a growth in FDI include service ($9.15 billion), computer software and hardware ($6.41 billion), trading ($4.46 billion), and automobile ($2.62 billion).
- Meanwhile, Singapore became the top source of foreign investment into India last fiscal, accounting for $16.22 billion inflows.
- Mauritius, which was the top investor in India last fiscal, invested in $8 billion in FY19.
- Other major investors in the country include Japan, the Netherlands, the UK, the US, Germany, Cyprus, the UAE and France.
Competitive Index
Category: International
- India has moved up one place to rank 43rd most competitive economy in the world on the back of its robust economic growth, a large labour force and its huge market size.
- Singapore has toppled the US to grab the top position.
- Economists regard competitiveness as vital for the long-term health of a country’s economy as it empowers businesses to achieve sustainable growth, generates jobs and, ultimately, enhance the welfare of citizens.
- The IMD (IMD Business School) World Competitiveness Rankings, established in 1989, incorporate 235 indicators from each of the 63 ranked economies to evaluate their ability to foster an environment where enterprises can achieve sustainable growth, generate jobs and increase welfare for its citizens.
- Asia-Pacific region has emerged as a global beacon with 11 out of 14 economies either improving or holding their ground.
- In the 2019 rankings, India has scored well on several economic parameters and tax policies but has lagged in terms of public finance, societal framework, education infrastructure, health and environment.
- The United Arab Emirates – ranked 15th as recently as 2016 – entered the top five for the first time. The effects of rising fuel prices influenced the ranking, with inflation reducing competitiveness in some countries.
- Stronger trade revenues helped oil and gas producers such as this year’s biggest climber Saudi Arabia, which jumped 13 places to 26th, and Qatar, which entered the top 10 for the first time since 2013.
- Venezuela remained anchored to the bottom of the ranking, hit by inflation, poor access to credit and a weak economy.
