Mrunal’s Current Affairs Weekly- Economy from August Week1&2

MrunalCurrent Affairs2 Comments

click me to join Mrunal's new course on economy
  • 1A1-Money-?: crypto currency: Footballer LIONEL MESSI’s fee at Paris St Germain club includes some NFT (non-fungible token) of the clubs. These NFT also come with voting power over some decisions such as deciding the colour combination of team uniform etc. Football fans can also purchase such NFT (using fiat money like dollar/Euro etc). PSG club give the NFT to Lionel Messi to improve the appeal of this crypto currency among football fans. NFT covered in Win21 Series of Mrunal. [फ़ुटबॉलर लियोनल मैसी ने पेरिस क्लब में नौकरी शुरू की है उसे तनख़्वाह का कुछ हिस्सा ग़ैर फ़ंजीबल टोकन के स्वरूप में दिया जाएगा]
  • 4a-agro?‍?: GM-food: Union Ministry of Environment Forest and Climate Change (MoEFCC) and the Food Safety and Standard Authority of India (FSSAI) granted clearance import of genetically modified (GM) soyameal due to the demand from the country’s poultry industry. This is the 1st time government cleared the import of GM soyameal. मुर्गीयो और पशुओं को खिलाने के लिए gm-सोयाबीन के आयात को पर्यावरण मंत्रालय ने मंज़ूरी दी है
  • 4b-mfg?‍: DEPARTMENT for Promotion of Industry and Internal Trade (DPIIT) has setup committee for its Open Network for Digital Commerce (ONDC) project, aimed at curbing “digital monopolies”. This is covered in Mrunal’s Free Lecture Pillar4B in Win21 series https://mrunal.org/download ये हम लोग वीडियो लेक्चर में पढ़ चुके है, फ़्री में।
  • 5-Infra-Energy?: LPG Subsidy: Pradhan Mantri Ujjwala Yojana (PMUY) 2.0 launched in Uttar Pradesh. Migrant workers to get a free gas connection on the basis of a “self-declaration”, without being required to submit additional documents as proof of address. प्रधानमंत्री उज्जवला योजना का दूसरा चरण जिसमें प्रवासी मज़दूरों को मुफ़्त में सिलेंडर कनेक्शन दिया जाएगा उन्होंने अपने प्रवासी मज़दूर होने का कोई अतिरिक्त दस्तावेज़ जमा नहीं करना होगा सिर्फ़ स्वयं को स्व प्रमाणित करना होगा कि मैं 1 प्रवासी मज़दूर हूँ।
  • 5-Infra-Transport⚓️: The Inland Vessels Bill, 2021: To replace the Inland Vessels Act, 1917. 1) bring all inland vessels & waterways in India under a central regulatory regime. 2) if vessel sends SOS help emergency distress signal and yet nearby vessels do not respond then they will be punished. 3) maximum weight capacity, max pollutant discharge of vessel 4) Minimum educational qualification of the shipping crew etc. All this will be decided by union government ? controversy? Opposition parties criticised the Bill that it takes away a lot of rights of the states and vests them with the Centre. आंतरिक जलमार्ग जहाज़ के बारे में नया विधेयक- यदि पानी में फँसी तनावग्रस्त जहाज़ मदद के लिए संदेश भेजें तो आस पास में जा रहे जहाज़ों ने अनिवार्य रूप से उसकी मदद करनी होगी अन्यथा उन पर जुर्माना लगेगा। आंतरिक जलमार्ग जहाज़ कितना प्रदूषण फैला सकते हैं? कितने आदमियों का वज़न ढो सकते हैं? जहाज़ कर्मियों की न्यूनतम शैक्षणिक योग्यता क्या होनी चाहिए? इत्यादि चीज़ें केंद्र सरकार तय करेगी हालाँकि कुछ राज्य सरकारें इससे नाराज़ है कि ये आंतरिक जलमार्ग के बारे में नियम बनाने की सत्ता हमारे पास होनी चाहिए
  • 1A1-Money-?: e-RUPI: A cashless and contactless voucher based digital payments medium by NPCi. E.g. Education ministry sends SMS/QR code to a Poor Parent, take this ₹600 E-RUPI Code (Sr.NoXXX-XXX-XXX) to Bata Shoes Shop and they will give your child ₹600 worth shoes & socks. So, essentially a prepaid gift voucher. Beneficiary does not require any credit or debit card, a mobile app or Internet banking. Helps in a leak-proof delivery of welfare schemes. This E-Rupi is not a separate virtual currency, because in our example, Educational ministry (or any other government ministry or department) will first deposit cash money into a partner bank (e.g SBI), then partner bank will help generating such E-RUPI Codes. This can also be used by private sector companies for giving e-RUPI coupons to employees for meals, education, travel and gym membership etc. (लाभार्थियों को ‘E-rupi’ नामक एक गुप्त QR कोड भेजा जाएगा. वो जाकर उसे दुकान में अस्पताल में दिखाएगा और वहाँ से उसे सेवा मुहैया की जाएगी. NPCI द्वारा विकसित की गयी यह प्रणाली की सब्सिडी में ग़बन रिसाव को कम करेगी हालाँकि ये कोई अलग से बनायी गई वर्चुअल मुद्रा नहीं है. ये सिर्फ़ एक प्रकार का डिजिटल कूपन कोड है. जैसा कि अमेजॉन का गिफ़्ट कार्ड कूपन कोड होता है)
  • 1A2-Monetary Policy: Monetary policy bi-monthly update (August): no changes in the repo Rate @4%. More in Mrunal’s Win21 Series free lectures. [मौद्रिक नीति में कोई बदलाव नहीं किया गया]
  • 1d⚰️Insurance-Pension-Fin-Inclusion: 1972: General insurance nationalisation act = five Insurance co under Govt control 1) General Insurance Corporation of India (GIC) 2)) National Insurance, (3) New India Assurance, (4) Oriental Insurance, and (5) United India Insurance. Government wants to facilitate the privatisation of general insurance companies so 2021 amendment bill with following features 1) minimum 51% government shareholding rule removed. 2) These companies’ employees’ service conditions (salary, tenure, promotion, transfer, discipline rules etc) will be decided by the board of directors (and not by Government)- so in future if a particular government insurance company is privatised then the private companies new bosses (e.g. Adani/Ambani) will decide. 3) technical changse related to definitions & board of directors liabilities of insurance etc. but NOTIMP. ?Benefit? 1) facilitates the privatisation of government insurance companies 2) competition innovation etc. [सार्वजनिक क्षेत्र की सामान्य बीमा कंपनियों के निजीकरण की में आसानी लाने के लिए/ क़ानूनी उलझनों को मिटाने के लिए सरकार एक विधेयक लेकर आई है]
  • 2-Budget-Taxation?: Tax Terrorism: Earlier, Vodafone had purchased majority shares of Hutch India company and Indian income tax department was demanding large amount of capital gains tax (CGT) on the profit of that share sale. But Vodafone contended that the entire transaction occurred outside India and therefore non-taxable in India. So, 2012: Government had amended the income tax act to demand tax with retrospective effect on those overseas transactions. 2021: Government proposed amendments in the Income-tax Act and Finance Act, 2012 to “UNDO” that. i.e. No tax will be demanded on such share/asset transfer that took place before 2012-May Month. ?Benefit? 1) end of tax terrorism 2) ease of doing business 3) already in another case involving Tax-terrorism on Cairn Energy company , Indian government is facing a very large penalty imposed by a Netherland arbitration tribunal. So perhaps Indian government does not want same outcome in the Vodafone case. More in Mrunal’s Win21 Series free lectures. [भूतलक्षि कराधान के मामले में सरकार ने क़ानून में बदलाव करके वोडाफ़ोन से समाधान की कोशिश की है। इसके बारे में ज़्यादा Win21 Series देखेंगे]
  • 3A-Intl-Trade?: Foreign exchange reserves of 150 nations- internal composition is: 55% US dollars, 30% euros, 2% Yuan (Renminbi, Chinese currency) and 13% Misc. other currencies. That shows majority of the nations keep large % of their forex reserve in US dollar. Thus US dollar is presently the “Global Reserve Currency”. Can Indian rupee become global reserve currency? In a very long future yes if, India adopts full capital account convertibility, keeps inflation, fiscal deficit, currency exchange rates under control and becomes a sizeable exporter and global economic superpower. [विश्व के ज़्यादातर देशों के विदेशी आरक्षित निधि कोष मैं बहुतायत रूप से डॉलर मुद्रा में इन पैसों को रखा जाता है। इसी कारण से अमरीकी डॉलर को वैश्विक आरक्षित मुद्रा भी माना जाता है। भारत भी अपने रुपये के लिए ऐसा दर्जा हासिल कर सकता है यदि कैपिटल खाते में संपूर्ण रूप से परिवर्तनीयता दी जाए, महँगाई क़ाबू में रहे, राजकोषीय घाटा क़ाबू में रहे, मुद्रा विनिमय दर क़ाबू में रहे, और भारत एक बड़ा निर्यातक और आर्थिक महासत्ता बनकर दिखाए।]
  • 4b-mfg?‍: Presently government is in process of restructuring the ordinance factories ownership structure, outsourcing their repair and maintenance work under the GoCo model, so the ordinance factory workers threatened to go on strike. Essential Defence Services Bill 2021: To prohibit employees of ordnance factories from going on strike. [हथियार गोला बारूद बनाने वाली सरकारी कम्पनियों के कर्मचारी हड़ताल पर न जा सकें इसलिए सरकार आवश्यक रक्षा सेवा विधेयक ला रही है.]
  • 5-Infra-Transport⚓️: Akasa: ultra low-cost airline company by renowned share investor Rakesh Jhunjhunwala (राकेश झुनझुनवाला आकाश नाम की एक सस्ती विमान उड्डयन कंपनी शुरू कर रहे हैं)
  • 2 Comments on “Mrunal’s Current Affairs Weekly- Economy from August Week1&2”

    Leave a Reply

    Your email address will not be published. Required fields are marked *