Top 10: Economic news and schemes

1. The Union Minister of Commerce & Industry “Ease of Logistic Portal”

• While launching the portal, the minister noted that the ‘Rules of Business’ have to be the same for all stakeholders.
• While addressing the event, the minister noted that the government would be providing everybody an equal opportunity to their businesses, irrespective of whether they are big or small business houses or where they are from, or another such differentiating factor.
• Ease of Logistics portal was launched to bring in transparency.

      2.  Review of the Intellectual Property Rights (IPRs) Regime in India

• Valuable Contribution of IPRs on Economy: A study indicates following is the impact:
• 1% increase in trademark protection increases Foreign Direct Investment (FDI) by 3.8%;
• 1% improvement in patent protection increases FDI by 2.8%; and
• 1% improvement in copyright protection increases FDI by 6.8%.

     3. Foreign Direct Investment  Inflows

• Foreign Direct Investment (FDI) inflows grew 62% during the first four months (April-July period) of current FY 2021-22 over the corresponding period last year (2020).
• Three Components:
• Equity capital: It is the foreign direct investor’s purchase of shares of an enterprise in a country other than its own.
• Reinvested earnings: It comprises the direct investors’ share of earnings not distributed as dividends by affiliates, or earnings not remitted to the direct investor. Such retained profits by affiliates are reinvested.
• Intra-company loans: These refer to short- or long-term borrowing and lending of funds between direct investors (or enterprises) and affiliate enterprises.

      4. China bans cryptocurrency

• China’s central bank, the People’s Bank of China, on September 24, 2021, announced that all transactions of crypto-currencies are illegal, effectively banning financial activities involving cryptocurrencies, such as trading crypto, selling tokens, transactions involving virtual currency derivatives.

      5. Government sets up India Debt Resolution Company Ltd (IDRCL)

• The government has set up an asset management company (AMC) named India Debt Resolution Company Ltd (IDRCL) with a paid-up capital of Rs. 80.5 lakh on an authorized capital of Rs 50 crore. IDRCL will work in tandem with the National Asset Reconstruction Company Ltd (NARCL) to clean up bad loans. 

      6. Single Window System for Investors

• The single-window portal is going to be a one-stop-shop for investors for approvals and clearances.
• Department for Promotion of Industry and Internal Trade (DPIIT) along with Invest India initiated the process of developing the portal as a National Single Window System (NSWS).
• DPIIT comes under the Ministry of Commerce and Industry.
• Invest India is the National Investment Promotion and Facilitation Agency of India and acts as the first point of reference for investors in India.

      7. Government launches e-SHRAM portal

• The government of India unveiled the e-SHRAM portal for better execution of various social security schemes for the unorganized sector workers.

  Key facts about e-SHRAM

  • The government will provide e-SHRAM cards to workers with the help of which they can register on the e-SHRAM portal.
  • All the e-SHRAM cards will have a unique Universal Account Number (UAN) and the workers can avail various benefits of the social security schemes via this card anytime, anywhere.
  • The 12-digit UAN number in the e-SHRAM card is valid throughout the country.         

Schemes 

        8.  PM Gati Shakti Master Plan

• On India’s 75th Independence Day, ‘PM Gati Shakti Master Plan’, was launched, with an Rs. 100 lakh-crore project for developing ‘holistic infrastructure’.

  What is the Gati Shakti Master Plan?

  • PM Gati Shakti Plan is a national infrastructure master plan.
  • Aim: To make a foundation for holistic infrastructure and give an integrated pathway to the economy.
  
  

        9.  Startup India Seed Fund Scheme (SISFS) 

• The Ministry of Food & Public Distribution launched the Startup India Seed Fund Scheme (SISFS).
• The Scheme aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialization.
• SISFS will Secure seed funding, Inspire innovation, Support transformative ideas, Facilitate implementation, and Start a startup revolution.
• Online portal: Under the scheme, an online portal has also been opened up, which is created by DPIIT.
• It will allow incubators to apply for funds under this. 
• It can be accessed here

       10. Universal Basic Income (UBI)

• Sikkim will be the first state to roll out Universal Basic Income (UBI) and has started the process to introduce the unconditional direct cash transfer scheme.
• The central government too is exploring the possibility of providing direct benefit transfers to those Below the Poverty Line (BPL) through a UBI and for farmers through direct investment support.