CURRENT AFFAIRS 2nd Jan 2018

1 .  4.47 lakh  micro  enterprises  assisted  under  Prime  Minister’s Employment  Generation  Programme  (PMEGP) 

Since  inception of PMEGP , a total of 4.47 lakh micro enterprises have been assisted with a margin money subsidy of Rs 9326.01 crore providing employment to an estimated 37.32 lakh persons  (up to 30.11.2017).The PMEGP Scheme was launched during 2008-09.

Know About  Prime  Minister’s Employment  Generation  Programme  (PMEGP) 

It is a credit linked subsidy programme formed by merging the  erstwhile two schemes that were in operation till 31.03.2008, namely Prime Minister’s Rojgar Yojana (PMRY) and Rural Employment Generation Programme (REGP).The PMEGP Scheme was launched during 2008-09.

Objective

Generating self-employment opportunities through establishment of micro-enterprises in the non-farm sector by helping traditional artisans and unemployed youth.

Administering agency

Ministry of Micro, Small and Medium Enterprises (MSME) is implementing the Programme

Beneficiaries

Any individual above 18 years of age is eligible. For setting up of projects costing above Rs.10 lakh in the manufacturing sector and above Rs. 5 lakh in the business /service sector, the beneficiaries should possess at least VIII standard pass educational qualification. The maximum cost of projects is Rs. 25 lakh in the manufacturing sector and Rs. 10 lakh in the service sector. Benefit can be availed under PMEGP for setting up of new units only.Subsidy under PMEGP Scheme is provided by the Union Government.

Nodal agency

Khadi and Village Industries Commission (KVIC) is the nodal agency at the national level. At the State/District level, State offices of KVIC, KVIBs and District Industry Centres(DIC) are the implementing agencies in the States in the ratio of 30:30:40.

 

2 . Real Estate Act still in its infancy
  • Only 20,000 housing projects have been registered under the Real Estate (Regulation and Development) Act, 2016, six months after the legislation seeking to protect the interests of homebuyers came into force last May.
  • This is just a fraction of the under-construction and proposed housing projects promoted by private developers.
  • The Act was initiated by the previous government and passed by Parliament in 2016 and notified in May 2017.
  • The developer has to declare to buyers detailed information such as dates on which various government clearances are secured, floor plans, carpet area, progress in construction, and so on.
  • All real estate projects have to be registered with the Real Estate Regulatory Authority (RERA).
  • However, the Housing and Urban Affairs Ministry says only six States have set up permanent authorities, while 23 have set up an interim ones.

State rules favouring private developers

The low registration of projects can be explained by the fact that many States have rules that favour private developers. For example, Gujarat, Haryana and Uttar Pradesh have exempted ongoing projects from RERA. Similarly, in Karnataka, projects that are 60% complete have been kept out of RERA. In Maharashtra, the rules say that if any building in a project is completed, then it need not be registered.

 

3 . 62 Livelihood  Business  Incubators (LBIs) projects  sanctioned under  ASPIRE

A total of 62 Livelihood Business Incubators (LBIs) projects have been sanctioned since the inception of ‘A Scheme for Promoting Innovation, Rural Industry and Entrepreneurship’ (ASPIRE) in March 2015. Out of these 29 have become operational and 33 LBI Projects are in various stages of being set up.

Know  About A Scheme for Promoting Innovation, Rural Industry and Entrepreneurship (ASPIRE)

It was launched on 18.3.2015 to promote Innovation & Rural Entrepreneurship through rural Livelihood Business Incubator (LBI), Technology Business Incubator (TBI) and Fund of Funds for start-up creation in the agro-based industry.

Objective of ASPIRE Scheme

The main objectives of the ASPIRE scheme are to:

1 . Create new jobs and reduce unemployment;
2 . Promote entrepreneurship culture in India;
3 . Grassroots economic development at district level;
4 . Facilitate innovative business solution for un-met social needs; and
5 . Promote innovation to further strengthen the competitiveness of MSME sector.

The ASPIRE Scheme fund has a Rs.200 crore corpus, which will be dedicated for the following uses:

1 . Automation of agricultural practices and activities related thereto;
2 . Value addition to agriculture and forest produce;
3 . Recycling of agricultural pre/post-harvest wastages, off farm but farm linked, animal husbandry etc.,
4 . Business models for aggregation and value addition relevant for rural areas;
5 . Business models for creation of local employment in rural areas; and
6 . Business models for social impact.

 

4 . Consumer Price Index For Industrial Workers (CPI-IW—November, 2017) 
  • The All-India CPI-IW for November, 2017 increased by 1 point and pegged at 288 (two hundred and eighty eight).
  • On 1-month percentage change, it increased by (+) 0.35 per cent between October, 2017 and November, 2017 when compared with the decrease of (-) 0.36 per cent for the corresponding months of last year.
  • The maximum upward pressure to the change in current index came from Food group contributing (+) 1.10 percentage points to the total change.
  • The year-on-year inflation measured by monthly CPI-IW stood at 3.97 per cent for November, 2017 as compared to 3.24 per cent for the previous month and 2.59 per cent during the corresponding month of the previous year.

 Consumer Price Index 

Consumer Price Index (CPI)  comprises multiple series classified based on different economic groups. There are four series, viz the CPI UNME (Urban Non-Manual Employee), CPI AL (Agricultural Labourer), CPI RL (Rural Labourer)and CPI IW (Industrial Worker).

While the CPI UNME series is published by the Central Statistical Organisation, the others are published by the Department of Labour.From February 2011 the CPI (UNME) released by CSO is replaced as CPI (urban),CPI (rural) and CPI (combined).

Consumer Price Index is used in calculation of Dearness Allowance  which forms an integral part of salary of a Government Employee. Base year to calculate CPI is 2012=100.

Consumer Price Index For Industrial Workers

Consumer Price Index Numbers for Industrial workers measure a change over time in prices of a fixed basket of goods and services consumed by Industrial Workers. The target group is an average working class family belonging to any of the seven sectors of the economy- factories, mines, plantation, motor transport, port, railways and electricity generation and distribution .

The index has a time lag of one month and is released on the last working day of the month. It is used for wage indexation and fixation of dearness allowance for government employees.