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News
All › News and Press Release › News and Press Release - 2017
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December 30, 2017
Arun Jaitley terms oppn comments on economy 'exaggerated'
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Economic growth rebuttal: minister says sectoral data show recovery and argues against emergency tax cuts or larger deficits.
The Finance Minister rejected claims of a severe economic downturn as exaggerated, stating India remained one of the fastest growing economies. He emphasised robust services growth in Q1, attributed Q1 manufacturing weakness to GST related destocking (not demonetisation), and noted manufacturing recovered by Q2 to around seven percent. On that basis he argued against emergency fiscal measures like tax cuts or larger deficits, viewing them as inappropriate for the current cyclical situation.
December 29, 2017
Rs.14,500 crore raised through BHARAT 22 ETF
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Disinvestment via exchange traded fund expands retail access to government owned company equities, with discounted NFO participation.
The Government launched the BHARAT 22 Exchange Traded Fund under its disinvestment programme, opening a New Fund Offer from 14 to 17 November 2017 with a three percent discount to investors. The ETF aims to invest in the twenty two constituents of the S&P BSE Bharat 22 Index to track index returns before expenses, subject to market risk, and comprises listed Central Public Sector Enterprises, SUUTI strategic holdings and Public Sector Banks. The Government reported raising proceeds of the offering through the ETF.
December 29, 2017
Direct Benefit Transfer (DBT) Scheme
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Direct Benefit Transfer strengthens targeted beneficiary delivery and reduces pilferage through ICT-enabled de-duplication and timely disbursal.
Direct Benefit Transfer is an ICT-driven administrative reform to re-engineer benefit delivery, focusing on improved beneficiary targeting, timely disbursal, and reduction of pilferage through de-duplication and elimination of ghost beneficiaries. The scheme operates across centrally sponsored and central schemes, with operational implementation and maintenance of granular beneficiary records undertaken by State Governments.
December 29, 2017
Linking of Jan Dhan Accounts with Aadhaar
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Aadhaar linkage enables direct benefit transfers via the Aadhaar Payment Bridge while protecting non Aadhaar beneficiaries' access.
Linking Aadhaar to bank accounts permits Ministries and Departments to use the Aadhaar Payment Bridge for direct credit of subsidies and benefits while preserving direct benefit transfer into accounts of beneficiaries without Aadhaar; the release reports significant proportions of CASA and Jan Dhan accounts seeded with Aadhaar and administrative savings from DBT due to elimination of duplicate or ghost beneficiaries across major welfare schemes.
December 29, 2017
India Signs Loan Agreement with the World Bank for USD 40 Million for “U.P. Pro-Poor Tourism Development Project”
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Loan agreement for pro-poor tourism increases tourism-related benefits for local communities in targeted destinations through state and international financing partners.
A IBRD Credit Agreement was signed by the Government of India and the World Bank, with an Implementing Entity Agreement between the Government of Uttar Pradesh and the Bank. The financing combines Bank credit and State budget contributions to support a multi-year programme aimed at increasing tourism-related benefits for local communities and entrepreneurs in selected pilgrimage and tourist destinations through targeted investments and capacity-building.
December 28, 2017
IBBI grants recognition to two registered valuers organistaions
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Recognition of registered valuers organisations expands authorised asset classes and professional oversight under valuation rules.
IBBI has recognised two registered valuers organisations under the Companies (Registered Valuers and Valuation) Rules, 2017: one authorised for land and building and the other for land and building, plant and machinery, and securities or financial assets. The recognised organisations may conduct valuation education, grant membership and certificates of practice, provide training to members, and lay down and enforce a Code of Conduct for their registered valuer members.
December 27, 2017
Approval of FDI Proposals
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Foreign direct investment proposal processing moved to administrative ministries after FIPB abolition, with disposal expedited under policy.
Foreign Direct Investment proposal processing was transferred from the former Foreign Investment Promotion Board on 24 May 2017, with 71 pending proposals redistributed to the relevant administrative Ministries/Departments for disposal; no proposals were put on a special fast-track and several proposals remain under consideration at various stages, while administrative departments were directed in a Joint Review Meeting to expedite disposal in accordance with policy provisions.
December 27, 2017
Anti-dumping duty likely on a Chinese antibiotic
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Anti-dumping duty proposed on ofloxacin imports to offset below-cost exports and injury to domestic industry.
DGAD found that ofloxacin exports from China were made below normal value, resulting in dumping and material injury to the domestic industry; on a complaint by Aarti Drugs Ltd the directorate recommended imposition of anti-dumping duty for three years within a specified duty range to offset dumping and restore fair competition, and noted that the Finance Ministry will notify any levy under the WTO trade-remedy framework.
December 26, 2017
Atal Innovation Mission selects additional 1500 schools for setting up of Atal Tinkering Labs across India
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Atal Tinkering Labs expansion enables additional schools to establish innovation labs subject to ATL Guidelines compliance.
Selection under the Atal Innovation Mission authorises additional schools to establish Atal Tinkering Labs-technology-equipped innovation workspaces for Grade VI-XII students-and expands ATL geographic coverage. Establishment and commencement of ATL operations are conditioned on compliance with the ATL Guidelines, including fulfilment of requirements to receive funds and implement the prescribed technological and pedagogical framework.
December 23, 2017
Vice-President of India Shri M. Venkaiah Naidu unveils plaques to mark the laying of the foundation stones of the International Exhibition-cum-Convention Centre (IECC) & Integrated Transit Corridor Development Project
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Infrastructure development: IECC and transit corridor to boost trade facilitation and ease urban traffic through new tunnel.
Approval and funding were announced for construction of an International Exhibition-cum-Convention Centre (IECC) at Pragati Maidan and an Integrated Transit Corridor Development Project including a six lane tunnel connecting Purana Qila Road to Ring Road, intended to bolster trade facilitation, decongest traffic, and be delivered by ITPO within a stated project timetable.
December 22, 2017
Alternative Investment Funds (AIFs) by Small Industries Development Bank of India (SIDBI)
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Fund of Funds support for startups: AIF commitments under FFS drive startup investments across multiple states.
Disbursement and commitment activity under the Fund of Funds for Startups shows SIDBI committed resources to multiple AIFs, with a subset commencing drawdowns and those AIFs investing in startups; the release reports counts of committed AIFs, drawdown commencements, and the number of startups funded, together with statewise allocation of commitments, drawdowns and funded startups.
December 22, 2017
Pradhan Mantri Vaya Vandana Yojana (PMVVY)
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Assured pension scheme for senior citizens: government guarantees returns and subsidises any shortfall to secure retirement income.
A government-backed annuity scheme provides assured pension for senior citizens through an insurer with a government guarantee; a government-paid subsidy covers any shortfall between insurer returns and the assured return. Pension payments are made at subscriber-selected frequencies during the policy term. The scheme sets minimum and maximum purchase thresholds tied to corresponding pension levels, is exempt from goods and services tax, and is open for subscription within a prescribed enrollment window.
December 22, 2017
Agriculture Credit Made Easy
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Interest subvention scheme: reduced-cost short-term crop and KCC loans with prompt-repayment incentives and post-harvest relief.
The policy establishes an interest subvention for short-term crop loans, including Kisan Credit Card loans, combining a reduced lending cost with a prompt repayment incentive; it extends concessional treatment to restructured loans for the first year and to loans against negotiable warehouse receipts, while channeling support through refinance to cooperative banks to enable subsidised on lending.
December 21, 2017
Fall in Growth of Manufacturing Sector
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Manufacturing growth slowdown; policy measures aim to streamline regulations and boost domestic and export oriented production.
Manufacturing growth has moderated with provisional IIP data showing deceleration and significant industry level divergence: several consumer goods subsectors contracted while pharmaceuticals, electronics and some transport and capital goods sectors remained stronger. The Government attributes performance to demand, exports, investment and prices and cites regulatory streamlining, FDI liberalisation and initiatives such as Make in India, Startup India, Ease of Doing Business and an IPR policy as measures to support manufacturing and global supply chain integration.
December 21, 2017
Loan Agreement signed for Pare Hydroelectric Plant to aid socio-economic development of the North Eastern Region
Show AI Summary
Loan and Guarantee agreements enable additional bilateral financing for hydroelectric project development and regional socio economic benefits.
Execution of a Loan Agreement and a Guarantee Agreement provided additional bilateral project financing for the Pare Hydroelectric Plant under Indo German cooperation, with KfW as lender and Government of India guarantee support, authorising further disbursement to enable efficient, ecologically friendly hydroelectric generation for socio economic development of the North Eastern Region.
December 20, 2017
Increase in Trade Deficit
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Trade balance improvement: favourable bilateral and sectoral surpluses reported, reflecting stronger merchandise export performance.
Merchandise exports showed positive year-on-year growth and the national trade deficit has declined over the prior two years. DGCI&S data supplied in a written parliamentary reply lists the top twenty-five countries and the sectors in which India recorded a favourable trade balance across three consecutive years, highlighting recurring bilateral and sectoral surpluses in textiles, marine products, leather goods, transport equipment and certain manufactured articles.
December 20, 2017
Economic Advisory Council to the Prime Minister holds its third meeting
Show AI Summary
Employment and growth strategy drives advisory presentations on agriculture, rural poverty mission, trade issues and economic monitoring.
The Economic Advisory Council met to advance employment and growth policy, receiving presentations on strategic options to raise agricultural productivity, incomes and pro employment growth in agriculture and allied sectors, and on Mission Antyodaya for poverty free panchayats; trade issues and an Economy Track Monitor update were also reviewed as inputs for cross sectoral policy deliberation.
December 20, 2017
More than 30 crore Accounts opened under Pradhan Mantri Jan Dhan Yojana
Show AI Summary
Financial inclusion expansion under Jan Dhan drives enhanced transaction monitoring and data analytics for targeted risk identification and enforcement.
Pradhan Mantri Jan Dhan Yojana reached 30.71 crore accounts as of 6 December 2017, with banks and Bank Mitras opening accounts in uncovered Sub Service Areas and detailed State/UT rural and urban distributions reported. The Department of Revenue, citing Reporting Entity data for November-December 2016, highlights concentrated deposits in certain PMJDY accounts and describes measures including collection of cash transaction information, IT enabled collation and data analytics to identify high risk cases, prompt verification of suspect accounts, and enforcement action as necessary.
December 20, 2017
Nearly ₹ 52,000 Crore Capital infused in PSBs under Indradhanush Plan
Show AI Summary
Capital infusion in public sector banks under a phased recapitalisation plan with performance-linked tranche releases.
The Government implemented a phased capital infusion programme for public sector banks under the Indradhanush Plan with multi-year budgetary allocations; a portion of allocated funds was infused upfront while remaining amounts were conditioned on each bank's performance. Annexed data itemises bankwise allocations and actual infusions across initial tranches, and totals are reported in reply to a Lok Sabha question.
December 19, 2017
Difficult to pinpoint impact of noteban on economy: FinMin
Show AI Summary
Impact of demonetisation remains difficult to pinpoint; government says economy not stagnant and growth resumed.
Impact of demonetisation on macroeconomic performance is indeterminate; the finance ministry stated it is difficult to pinpoint the specific effects and warned against attributing stagnation solely to that measure. The ministry emphasised that overall growth depends on capital formation, savings mobilisation and technology adoption, and rejected the proposition that the economy is stagnant, citing a quarterly improvement in growth as indicative of continued economic activity.

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More than 30 crore Accounts opened under Pradhan Mantri Jan Dhan Yojana

December 20, 2017

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As on 6.12.2017, total 30.71 crore accounts have been opened under Pradhan Mantri Jan Dhan Yojana (PMJDY), including 18.05 crore accounts opened in rural/semi-urban areas.

Banks are opening PMJDY accounts for unbanked persons at their branches. In addition for uncovered Sub-Service Areas (SSAs) with 1000-1500 households, Bank Mitras, who can open PMJDY accounts, are deployed. State/UT-wise number of PMJDY accounts is annexed at Table 1.

Department of Revenue has apprised that based on information received from 187 Reporting Entities, ₹ 42,187crore had been deposited in 3,74,14,844 PMJDY accounts during the period 8.11.2016 to 30.12.2016.  A number of measures have been taken up by the Government, which include collection of information on cash transactions, collating and analysis of such information, extensive use of information technology and data analytic tools for identification of high risk cases, expeditious verification of suspect cases and enforcement action as required.

Table 1: State/UT wise Number of PMJDY accounts opened as on 06.12.2017

S.No

 State Name

Number of PMJDY accounts opened as on 06.12.2017

Rural

Urban

Total

1

Andaman & Nicobar islands

36853

14581

51434

2

Andhra Pradesh

4437311

4536119

8973430

3

Arunachal Pradesh

150536

102830

253366

4

Assam

9486483

3033857

12520340

5

Bihar

20174916

12173763

32348679

6

Chandigarh

38085

206473

244558

7

Chhattisgarh

8221389

4603014

12824403

8

Dadra & Nagar Haveli

74300

13618

87918

9

Daman & Diu

20443

20654

41097

10

Delhi

470489

3463299

3933788

11

Goa

107512

42802

150314

12

Gujarat

6048591

5548967

11597558

13

Haryana

3404165

3031380

6435545

14

Himachal Pradesh

848820

127351

976171

15

Jammu & Kashmir

1673959

264985

1938944

16

Jharkhand

7832980

3095969

10928949

17

Karnataka

6534781

5022652

11557433

18

Kerala

1536024

1944817

3480841

19

Lakshadweep

4520

642

5162

20

Madhya Pradesh

12804614

13841605

26646219

21

Maharashtra

10415718

11270381

21686099

22

Manipur

355535

423036

778571

23

Meghalaya

346429

66601

413030

24

Mizoram

98146

166569

264715

25

Nagaland

101236

115266

216502

26

Odisha

8819012

3341299

12160311

27

Puducherry

68970

90485

159455

28

Punjab

3380992

2629442

6010434

29

Rajasthan

14332237

9565442

23897679

30

Sikkim

73412

20960

94372

31

Tamil Nadu

4075561

4822010

8897571

32

Telangana

4577150

4368329

8945479

33

Tripura

580715

230766

811481

34

Uttar Pradesh

27730246

18533375

46263621

35

Uttarakhand

1332547

794666

2127213

36

West Bengal

20296556

9091734

29388290

Total

180491233

126619739

307110972

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