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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'
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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”
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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)
    Show AI Summary
    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)
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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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      News and Press Release

      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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