Recently, the World Bank has released the Ease of Doing Business Index. India has jumped 23 places in the ranking at 77th position as the country made it easier to start a business, deal with construction licenses and enabled faster cross-border trading.
Prime Minister Narendra Modi has launched Micro, Small and Medium Enterprises (MSME) Support and Outreach Programme that has 12 key initiatives including a 59-minute loan portal for sanction of up to Rs 1 crore for small and medium enterprises. These initiatives will help in the growth, expansion, and facilitation of MSMEs across the country.
Recently, an inter-ministerial committee on the regulation of the payments system in India has submitted its report to the finance ministry. However, the RBI has opposed its proposal to establish a separate and independent regulator for the payments sector in India.
The Infrastructure Leasing and Financial Services (IL&FS) crisis exposes the weakness in India’s financial regulatory architecture. It highlights the need for suitable reforms in regulatory mechanisms since the consequences are widespread.
Prime Minister Narendra Modi recently claimed that the cooperative movement in Gujarat has developed a successful alternative model to both socialism and capitalism. It has to be noted that, India's 1st home minister Sardar Patel who as chairman of Ahmedabad Municipality had started India’s first cooperative housing society, Pritamnagar, in Ahmedabad in 1927.
Recently, the Union Ministry of Finance decided to merge three public sector banks namely Bank of Baroda, Dena Bank and Vijaya Bank. However, the decision to merge at the time of weakening trend of banks has raised serious concerns.
On September 30, 2018, the US, Canada, and Mexico signed a new trade agreement to replace the old North American Free Trade Agreement (NAFTA) with the new deal known as the United States-Mexico-Canada Agreement (USMCA) or NAFTA 2.0.
Recently, the Union cabinet chaired by Prime Minister Narendra Modi has approved National Digital Communications Policy (NDCP 2018). It replaces the current National Telecom Policy 2012 in order to satisfy the modern needs of the digital communications sector in India.
On September 20, 2018, U.S. and China have announced fresh tariffs on each other’s imports, aggravating the trade war further.
The European Union also joined the trade war recently, imposing tariffs on $3.3 billion…
In August 2018, Union Cabinet approved a policy framework that permits both private and government players to explore and exploit unconventional hydrocarbons including shale gas.
The Central government has formulated a 5 year, Rs 8,000 crore plan to explore the deep parts of the Ocean for the possibilities of deep-sea mining. Union Ministry of Earth Sciences is tasked with coordinating the exercise and it recently unveiled a blueprint of the Deep Ocean Mission (DOM).
The government is thinking of a plan to sell LPG blended with methanol, which could facilitate reduction in its cooking gas subsidy by 1/3rd of its current prices. The plan is to manufacture methanol from abundantly available low-quality coal and other bio resources, and also produce it synthetically. The project would be implemented by the NITI Aayog.