India’s quality infrastructure: It is led by the Bureau of Indian Standards (BIS), and includes standardization, Quality Control Orders (QCOs), and Compulsory Registration Orders (CROs), aimed at ensuring product quality, safety, and performance.
Since the BIS Act 2016, over 140 QCOs have been issued for more than 550 products.
Benefits of QCOs: Higher QCOs have resulted in reduced imports of substandard products, fewer consumer complaints and product recalls, increased domestic electronics production, and facilitated international trade.
What are QCOs? Quality Control Orders (QCOs) are mandatory regulatory standards implemented by the Bureau of Indian Standards (BIS) to ensure products meet specific quality, safety, and performance criteria.
The main aim of the QCO is to control the import of sub-quality and cheaper items and to ensure that customers get quality products. QCOs cannot be challenged at WTO if they are imposed on grounds of health, safety, environment deceptive trade practice, or national security.
The Consumption Expenditure Survey 2022-23 reveals that Indian households, both rural and urban, spent the most on processed food.
Key findings:
1. Consumption expenditure on non-food items has increased over the years, surpassing 50% of total expenditure. The share of expenditure on food in rural India was 46% and in urban India was 39%.
2. Rural and urban households spent most on beverages, refreshments, and processed food.
3. The average estimated Monthly Per Capita Consumption. Expenditure (MPCE) in 2022-23 is observed to be Rs. 3,773 in rural India and Rs. 6,459 in urban India
4. Fall in the Gini coefficient, for both rural and urban spending between 2011-12 and 2022-23 (showing inequality is decreasing between Rural and Urban areas)
The National Sample Survey Office (NSSO) released the Household Consumption Expenditure Survey (HCES), which collects data on household consumption of goods and services. Since 1950, NSSO, headed by the Director General, has conducted large-scale nationwide surveys on socio-economic subjects and the Annual Survey of Industries (ASI). It operates under the Ministry of Statistics and Programme Implementation.
The Capgemini Research Institute’s recently published World Wealth Report 2024.
Wealth bands include Ultra-HNWIs ($30 million or more), Mid-Tier Millionaires ($5-30 million), and Millionaires Next Door ($1-5 million)
Key Findings: India saw a 12.2% increase in the HNWI population, reaching more than 3 million, with over 12% growth in financial wealth to $1,445 billion.
Economic indicators in India showed improvements, including a decrease in the unemployment rate to 3.1%, a 29% increase in market capitalization, and a rise in national savings to 33.4% of GDP.World Wealth Report 2024
