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Economy Current Affairs February 1st Week 2021

Insolvency and Bankruptcy Board of India Organized a Workshop:

A "Creditor Committee: An Institution of Public Trust" workshop was organized by the Indian Insolvency and Bankruptcy Board.
♦ This is the fifth such workshop in this series, and its aim is to support financial creditors established under the Insolvency and Bankruptcy Code, 2016, by the Committee of Creditors (CoC) (IBC).
♦ Indian Insolvency and Bankruptcy Board (IBBI): In 2016, IBBI was set up under the IBC. It is the regulator in charge of supervising insolvency proceedings. It is responsible for enforcing the IBC, which merges and amends the laws relating to the reorganization and insolvency settlement of corporations, companies and individual partnerships.
♦ It has regulatory oversight of: insolvency practitioners, professional insolvency organisations, professional insolvency bodies, information utilities,
♦ Formulate and execute the following rules: resolution of corporate insolvency, liquidation of corporations, individual resolution of insolvency, individual bankruptcy.
The MSP Scheme includes 14 Minor Forest Products:
The Government has agreed to include 14 new Minor Forest Products under the Minor Forest Products Marketing System through the Minimum Support Price Scheme.
♦ This new system would help provide tribal collectors of forest products with remuneration and fair prices.
♦ Tasar cocoons, bamboo shoots, dried elephant apples, wild dried mushrooms and malkangani seeds are among the products included in the program.
♦ Minimum Support Price (MSP): As fixed by the Indian Government, this is the price of agricultural products purchased directly from farmers. By statute, MSP is not enforceable.
♦ When the open market price is lower than the cost incurred, it is agreed to use the MSP ratio to keep the profits of the farmers to a minimum.
♦ Set prices for 23 commodities twice a year.
♦ Centered on the Commission`s Agricultural Costs and Prices (CACP) recommendations since 2009.
Minor Forest Produce (MFP):
Both non-wood forest items of plant origin are included. Bamboo, fodder, leaves, cane, wax dyes, gums, resins, and various food sources, such as nuts, honey, wild fruits, lac, and tusser, are also included. For individuals living in or near the forest, MFP offers living and cash income.

Key Facts of Moodys GDP:

Rating agency Moody`s recently predicted that in fiscal 2021, India`s nominal gross domestic product (GDP) will rise by almost 17%.
♦ Furthermore, the US-based rating agency projected that India`s fiscal deficit forecast will be higher than expected.
♦ It is of the opinion that slower integration would restrict the financial strength of India in the medium term.
♦ The growth rate forecast by Moody`s is higher than the growth rate proposed in the league budget for 2021. In the budget, the GDP projection is 14.4% . Furthermore, the overall outlook for the deficit is higher than anticipated.
♦ The report also indicated that the 2021 budget focuses on growing capital investment, changes in the financial sector and sales of properties. This will help stimulate production. By the end of March, India is forecast to have a fiscal deficit of 9.5 percent of GDP.
♦ The credit rating agency therefore stresses that greater transparency in off-balance sheet food subsidies and conservative income projections would raise the fiscal deficit of the government in 2020.
♦ Moody`s Corporation, founded by John Moody in 1909, is an American business and financial services firm. It is a Moody`s Investor Services (MIS) and Moody`s Analytics holding firm (MA).

Expansion of National Agriculture Market (e-NAM):

In the 2021-22 budget, the government declared that it would extend e-NAM to incorporate over 1,000 mandis.
About e-NAM:
♦ In April 2016, the Prime Minister of India launched the National Agricultural Market (NAM) e-NAM, or e-trading network (online trading portal).
♦ A pan-India electronic trading platform is the e-National Agricultural Market (e-NAM). It formed a link with Mandis, the then common Committee on the Market for Agricultural Products (APMC), in order to create a single national market for agricultural products.
♦ The e-NAM project will operate in each state through an online portal linked to the Mandis (wholesale market). The e-NAM applications (website and mobile application) will be given free of charge by all participating states.

Economy Current Affairs February 1st Week 2021

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