All India Radio News Summary: 10 JANUARY 2018
- Prime Minister interacts with leading economists and sectoral experts
Prime Minister interacted with leading economists and the experts across sectors from all over the country at NITI Aayog. The select group of economists and sector experts have been invited by NITI Aayog for the deliberations with the Prime Minister on Economic Policy- The Road Ahead.
- The emphasis during the interaction was on sharing the views of the experts from all over the country on the road ahead for the economic policy to steer the nation towards a New India.
- The discussion focussed on six broad themes of macro-economic balances, agriculture, rural development, urban development, infrastructure and connectivity, employment, manufacturing, exports, health and education.
- The meeting has come in the backdrop of latest estimates of national income by Central Statistics Office (CSO) which showed that India’s growth is expected to slow down to four- year low of 6.5 per cent this fiscal.
- World Bank has projected India’s growth rate at 7.3 per cent in 2018 and 7.5 for the next two years
In its 2018 Global Economics Prospect, the World Bank said, India has enormous growth potential compared to other emerging economies as an ambitious government undertakes comprehensive reforms.
It said, despite initial setbacks from demonetisation and Goods and Services Tax (GST), India’s economy is estimated to have grown at 6.7 per cent in 2017.
- India presents an image of promise and the remarkable pace of bold and structural reforms
Founder chairman of the World Economic Forum (WEF) said, India presents an image of promise and the remarkable pace of bold and structural reforms have boosted its macroeconomic fundamentals while enhancing long-term economic outlook.
He said, India will undoubtedly have a great role and influence in shaping our common future by enriching the global policy debate as well as assisting in designing and developing better policies for a prosperous world.
The WEF Annual Meeting 2018 will take place later this month in Davos-Klosters, Switzerland, under the theme ‘Creating a Shared Future in a Fractured World’.
- Cabinet clears 100 percent FDI via automatic route in single brand retail ;
The Cabinet today gave its approval to a number of amendments in the Foreign Direct Investment, FDI Policy including 100 percent FDI via automatic route in single brand retail.
- The decisions are intended to liberalise and simplify the FDI policy so as to provide ease of doing business in the country.
- It will lead to larger FDI inflows contributing to growth of investment, income and employment.
- As per the decision, Government approval is no longer required for FDI in Single Brand Retail Trading, SBRT.
- Currently, FDI, upto 49 per cent is allowed under automatic route but any investment beyond the limit required government approval. Government has now decided to permit 100 per cent FDI under automatic route for SBRT.
- Foreign airlines have been allowed to invest up to 49 per cent under approval route in Air India.
- Foreign Portfolio Investors, FPIs and Foreign Institutional Investors, FIIs have been allowed to invest in Power Exchanges through primary market.
It would help those Multinationals which have been planning to set up factories here as well as set up stores to sell their products such as various kinds of cell phones and computers etc. These firms will be now enthused to come into India and set up their factories.
Cabinet Committee on Economic Affairs has given its approval to continuation of Members of Parliament Local Area Development Scheme, MPLADS, till the term of the 14th Finance Commission which is 31st March 2020.
- The scheme will entail an annual allocation of 3,950 crore rupees.
- The MPLADS funds are released to the nodal District Authorities on receipt of requisite documents and as per provisions of Guidelines on MPLADS.
- The Scheme has resulted into creation of various durable community assets which have impacted the social, cultural and economic life of the local communities in one way or the other.
- UIDAI has introduced a concept of Virtual ID to further strengthen privacy and security of Aadhaar number holders
The Aadhaar number holder can use Virtual ID in place of an Aadhaar number whenever authentication or KYC services are performed.
- Aadhaar card holder can generate the Virtual ID from UIDAI website and give for various purposes, including SIM card verification, instead of sharing the actual 12-digit biometric ID.
- The Virtual ID will be a temporary and revocable 16 digit random number mapped to a person’s Aadhaar number.
- UIDAI said, it is not possible to derive Aadhaar number from Virtual ID.
- Aadhaar-issuing body will start the service from 1st of March this year and it will be compulsory for all agencies that undertake authentication to accept the Virtual ID from the 1st of June.