ADB Raises India GDP Forecast:
The Asian Development Bank has just released its 2021 Asian Development Outlook. According to the report, India will develop at an annual rate of 11%. The Asian Development Bank (ADB) has published its annual outlook. According to the outlook, the Asian Development Bank (ADB) has provided India with 1.5 billion dollars in economic assistance to combat COVID-19.
Highlights:
♦ South Asia is expected to recover at 9.5 percent in 2021, according to the Asian Development Bank. In the year 2020, the South Asian region had shrunk by 6%. In 2022, the region`s average growth rate will be 6.6 percent.
♦ In 2021, Asia`s monetary boom is expected to recover at 7.3 percent. In 2020, the location saw a 0.2 percent decrease in its growth. It is expected to develop at a rate of 5.3 percent by 2022.
♦ China, Hong Kong, Singapore, and Taipei are projected to experience a multiplied raise charge of 7.7% in 2021 and 5.6 percent in 2022, respectively. These countries are classified as newly industrialised countries, according to the records.
♦ East Asia`s GDP is expected to rise at a rate of 7.4 percent in 2021 and 5.1 percent in 2022.
♦ China`s GDP is expected to rise to 8.1 percent in 2021, with a realistic expense of 5.5 percent in 2022.
♦ China`s strong exports are expected to boost the country`s financial situation in 2021.
The State Governments and UTs Ways and Means Advancement Scheme:
Given the COVID-19 outbreak, the RBI agreed to keep the current interim Ways and Means Advances (WMA) scheme limit of 51,560 crores for all States/UTs in place for another six months, until September 30.
Highlights:
♦ Ways and Capability Advances (WMA) are a mechanism used by the RBI under its credit policy to grant to States that bank with it to help them overcome transient mismatches in the money flow of their receipts and payments.
♦ This is guided underneath Section 17(5) of the RBI Act, 1934.
♦ The RBI revised the WMA Scheme of States and Union Territories based on the recommendations of the Advisory Committee on WMA to State Governments, 2021 (chaired by Sudhir Shrivastava) (UTs)
♦ The WMA limit set by the Committee is focused entirely on the total expenditure of States/UTs, which comes to Rs 47,010 crores.
♦ The Reserve Bank announced that, depending on the course of the pandemic and its effect on the economy, it would reevaluate the WMA restriction.
###Organic Food Products Of India Exports:
In comparison to 2019-20, the Ministry of Commerce and Industry reported that organic food commodity exports increased by 39% to eight lakh 88 thousand metric tonne at some point during the previous fiscal year.
Highlights:
♦ Despite the technological and organisational difficulties faced by the COVID19 pandemic, organic demand growth has continued.
♦ Oil cake meal, along with oil seeds, cereals and millets, tea, medicinal plant products, and dry fruits, has been a mainstay of the country`s organic product exports.
♦ Natural products from India have been exported to 58 countries, including the United States, the European Union, Canada, the United Kingdom, Australia, Switzerland, Israel, and South Korea.
♦ Organic products are currently only exported from India if they are made, processed, packaged, and labelled in accordance with the National Programme for Organic Production`s requirements (NPOP).
♦ Since its establishment in 2001, the NPOP has been managed by the Agricultural and Processed Food Products Export Development Authority (APEDA).
♦ The European Union and Switzerland have recognised the NPOP certification, allowing India to export unprocessed plant products to these countries without the need for additional certification. Even in the post-Brexit era, the equivalency with the EU allows Indian natural products to be exported to the UK.
♦ More than 30 lakh hectares of land in India have been certified as normal, and more farmers are gradually joining the movement. India is ranked fifth in terms of geographical position and first in terms of total number of producers (base year 2019).
♦ Despite the widespread adoption of modern agricultural practises, there are large contiguous areas in India`s hills, tribal districts, wasteland, and rained areas that remain chemical-free. These traditional/default natural areas can be organically certified almost instantly with little effort.
♦ To qualify as organic, areas with chemical input consumption records must go through a transition period of at least 2-3 years, according to the connected standard of natural manufacturing systems. Farmers tend to use favoured natural agriculture methods to keep their farms out of the certification process during this period. Such farms may be certified as natural after 2-3 years if they are productive. The certification process also necessitates extensive documentation and periodic review by certification authorities.
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