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Subject: Economics

  • Kallakurichi Wood Carvings and Karuppur Kalamkari Paintings get GI tag

    In Tamil Nadu, the Karuppur kalamkari paintings and the Kallakurichi wood carvings recently received the geographical indication (GI) tags.

    [A] Kallakurichi Wood Carvings

    • The Kallakurichi wood carvings are a unique form of wood carving practiced in Tamil Nadu.
    • It involves the application of ornamentation and designs, derived from traditional styles by the craftsmen.
    • They are mainly practiced in Kallakurichi, Chinnaselam and Thirukkovilur taluks of Kallakurichi district.

    [B] Karuppur Kalamkari Paintings

    • Kalamkari paintings are done on pure cotton cloth, predominantly used in temples for umbrella covers, cylindrical hangings, chariot covers and asmanagiri (false ceiling cloth pieces).
    • Documentary evidence shows that kalamkari paintings evolved under the patronage of Nayaka rulers in the early 17th century.

    Back2Basics: Geographical Indication

    • A GI is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin.
    • Nodal Agency: Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry
    • India, as a member of the World Trade Organization (WTO), enacted the Geographical Indications of Goods (Registration and Protection) Act, 1999 w.e.f. September 2003.
    • GIs have been defined under Article 22 (1) of the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) Agreement.
    • GI is granted for a term of 10 years in India. As of today, more than 300 GI tags has been allocated so far in India (*Wikipedia).
    • The tag stands valid for 10 years.

     

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  • [pib] Automated fuelling technology- UFill

    The Bharat Petroleum Corporation Limited (BPCL) has launched an automated fuelling technology -UFill- to ensure that its customers have a better experience at outlets.

    What is UFill?

    • UFill functionality, which has been described as swift, secure and smart, has been launched in 65 cities and will soon be launched across the country.
    • It does not need any app download, and is payment app agnostic.
    • Customer can use any payment app already downloaded on his/her phone.
    • It offers real time QR and voucher code through SMS and is accepted at all BPCL Fuel Stations where the functionality is enabled.

    Key features

    • UFill aims to improve customer’s turn-around time (TAT) at fuel outlet and increase transactional transparency, thereby providing enhanced retail like experience.
    • The technology provides the customer with control of fuelling as well as touch less pre-payment solution.
    • There is no need to check zero before fuelling or final reading, the dispensing unit will automatically dispense the exact quantity of fuel.

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  • Is India’s current investor rush too much of a good thing?

    Human traits driving financial markets

    • To imitate and to conform — do what others around us are doing — are common and very powerful human tendencies.
    •  In financial markets, “herd behaviour” is a warning sign: When markets are doing well, people invest for no other reason than their neighbours having become wealthier (and vice versa).
    • There is another human trait that affects markets — success increases risk appetite.
    • If someone’s financial investments work, they are very likely to invest more, and ignore safety measures.

    Factors driving the private equity investments

    • Better physical infrastructure (rural roads, electrification, phone penetration, data access).
    • Several layers of innovation (universal bank account access, surging digital payments on the “India Stack”).
    • 45 lakh software developers (largest in the world).
    • Maturing industries (for example, as research budgets of Indian pharmaceutical manufacturers have grown 10 times in the last 15 years.
    • The ecosystem can take on more challenging projects now, versus just generic filings a decade back).
    • Strong medium-term economic growth prospects create fertile ground for private equity investments.
    • Investors with patient capital (knowing that the businesses will not make money for several years) are now betting on and financing a faster transition to electric vehicles than was earlier anticipated.
    • In financial services, innovative methods of lending, insurance underwriting and wealth management are being experimented with, which are likely to only expand the market meaningfully.
    • An army of Software-as-a-Service (SaaS) firms have been funded in the hope of revolutionising the development and distribution of software.
    • There are also new-age distribution and logistics companies, education technology firms, and branded consumer goods suppliers, in addition to “normal” e-commerce, gaming and food-delivery startups.

    Risks involved in a rapid infusion of capital

    • Allocation inefficiency: Theoretically, an economy India’s size is capable of absorbing the $52 billion of PE funding seen over the last 12 months, but in practice, such a rapid surge creates allocation inefficiency. 
    •  As investors rush to deploy ever-larger sums of money, they appear to be running out of companies to invest in that can productively deploy this capital.
    • The result is companies’ valuations rising manifold within months and small firms getting more capital inflows than they can deploy, often resulting in wasteful business plans.
    • When investors rush to deploy funds, the risk of fraud rises — inadequate disclosures and weak due diligence are compounded by incentives to misrepresent financial data.
    • The discovery of any such frauds would likely freeze funding for the industry for a few quarters.

    Why now?

    • India has never lacked entrepreneurs, but lacked risk capital given the low per capita wealth.
    • As savers like pension and insurance funds in the developed world responded to record-low interest rates by allocating more to PE as an asset class, private funding markets have grown rapidly in the last 15 years globally.
    • In India, PE funding has exceeded public-market fund-raising every year in the past decade.
    • While earlier, only a few business groups could muster sizeable amounts of risk capital to establish new businesses and disrupt old ones, entrepreneurs can now lay hands on hundreds of millions of dollars if the idea makes sense.

    Conclusion

    For now, this flow of funds is a welcome booster for the economy as it recovers from the scars of the pandemic-driven lockdowns. While valuations can be volatile in the near term, we are in the early stages of this reshaping of India’s corporate landscape.

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  • India retains 3rd position in RE Investment Attractiveness Index

    India has retained the third rank in the Renewable Energy Country Attractiveness Index released by consultancy firm EY.

    RE Country Attractiveness Index (RECAI)

    • The RECAI ranks the world’s top 40 markets on the attractiveness of their renewable energy investment and deployment opportunities.
    • The rankings reflect assessments of market attractiveness and global market trends.

    India’s performance

    • India remained at the third position since three consecutive years.
    • India’s thriving renewable energy market conditions, inclusive policy decisions, investment and technology improvements focusing on self-reliant supply chains have pushed the transition.
    • RECAI highlights that corporate power purchase agreements (PPAs) are emerging as a key driver of clean energy growth.
    • A new PPA Index – introduced in this edition of RECAI – focuses on the attractiveness of renewable power procurement and ranks the growth potential of a nation’s corporate PPA market.
    • India is ranked sixth among the top 30 PPA markets.

    Global scenario

    • The US, mainland China and India continue to retain the top three rankings and Indonesia is a new entrant to the RECAI.
    • The top-performing markets have held their ground in this latest issue – with no movement into or out of the top eight.
    • France (fourth position, up by one) and the UK (fifth position, down by one), while Germany (sixth position, up by one) has edged back ahead of Australia (seventh position, down by one).

     

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  • Agri-food systems need a transformative change

    Context

    There is an urgent need for reorientation of the long-term direction of agri-food systems to not only enhance farm incomes but also ensure better access to safe and nutritious foods.

    Challenge of malnutrition in India

    • The findings from the first round of the Fifth National Family Health Survey suggest that nutrition-related indicators have worsened in most States.
    • In addition, findings from the Comprehensive National Nutrition Survey (2016-18) have highlighted the role of micro-nutrient malnutrition.
    • Pathways for nutritional security consist of improving dietary diversity, kitchen gardens, reducing post-harvest losses, making safety net programmes more nutrition-sensitive, women’s empowerment, enforcement of standards and regulations, improving Water, Sanitation and Hygiene, nutrition education, and effective use of digital technology.

    Agri-food system: Significance and challenges it faces

    • The agri-food systems are the most important part of the Indian economy.
    • India produces sufficient food, feed and fibre to sustain about 18% of the world’s population (as of 2020). Agriculture contributes about 16.5% to India’s GDP and employs 42.3% of the workforce (2019-20).
    • A sustainable agri-food system is one in which a variety of sufficient, nutritious and safe foods are made available at an affordable price to everyone, and nobody goes hungry or suffers from any form of malnutrition.
    • However, the country’s agri-food systems are facing new and unprecedented challenges, especially related to economic and ecological sustainability, nutrition and the adoption of new agricultural technologies.
    • The edifice of India’s biosecurity remains vulnerable to disasters and extreme events.

    Way forward: Reorienting agri-food systems

    • There is an urgent need for reorientation of the long-term direction of agri-food systems to not only enhance farm incomes but also ensure better access to safe and nutritious foods.
    • Additionally, the agri-food systems need to be reoriented to minimise cost on the environment and the climate.
    • This need is recognised by the theme of World Food Day 2021: ‘Our actions are our future. Better production, better nutrition, a better environment and a better life’.
    • FAO’s support for the transformation of agri-food systems is rooted in agro-ecology.
    • The more diverse an agricultural system, the greater its ability to adapt to shocks.
    • Different combinations of integrated crop-livestock-forestry-fishery systems can help farmers produce a variety of products in the same area, at the same time or in rotation.
    • In January this year, FAO in collaboration with NITI Aayog and the Ministry of Agriculture convened a National Dialogue to evolve a framework for the transition to a more sustainable agri-food systems by 2030 and identify pathways for enhancing farmers’ income and achieving nutritional security.

    Consider the question “What are the challenges facing agri-food systems in India? Suggest the pathways to transform the agri-food system to enhance farm income and ensure food and nutrition security.”

    Conclusion

    Food systems can help combat environmental degradation or climate change. Sustainable agri-food systems can deliver food security and nutrition for all, without compromising the economic, social and environmental bases.

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  • Issues with Free power

    Context

    With elections around the corner in many States, political parties are competing with one another in promising free power.

    Problems with free power

    • Supported by state subsidy, electricity tariff to agriculture is low in most States – often less than ₹1/unit – and is free in some States such as Punjab, Tamil Nadu and Karnataka.
    • There is inefficient use of electricity and water, neglect of service quality by the distribution companies leading to frequent outages and motor burn outs, and high subsidy burden on the State governments.
    • Inflated consumption estimates: Since nearly three-fourth of the agriculture connections in the country are unmetered, consumption estimates are often inflated by distribution companies to increase subsidy demand and project low distribution losses.
    • Any metering effort faces resistance as it is perceived as the first step towards levying charges.
    • Opting-out schemes are being made but do not seem to have uptake.
    • Difficulty in implementing DBT: Free power provision along with issues of metering make implementation of Direct Benefit Transfer difficult.
    • All this leaves farmers, distribution companies and State governments frustrated.
    • Subsidy burden on Governments: Due to free power in Delhi, the total state subsidy amounts to 11% of the total expenses.
    • In Tamil Nadu, where free power is available to households, half of the total subsidy is earmarked for this.
    • If there is further increase in number and consumption limits of free power, the subsidy burden on State governments will substantially increase.
    • Low adoption of solar power: Roof-top solar and energy efficiency are good environment-friendly options for homes but providing free power to well-off households will discourage them from taking these up.

    Way forward

    • Free or low-tariff power is at best a short-term relief, which should be provided to those who desperately need it.
    • Give fixed rebate: A fixed rebate of up to ₹200/month for residential consumers can be provided in the electricity bill.
    • As the rebate is delinked from consumption, distribution companies won’t have an incentive to inflate consumption.
    • Rebate for adopting energy-efficient appliances: There can be additional rebates for adopting energy-efficient appliances like refrigerators, combined with State-level bulk procurement programmes to reduce the cost.
    • Addressing mutual mistrust: The atmosphere of mutual mistrust between small consumers and distribution companies has to change.
    • There should be quick resolution of arrears and one-time offers for settlements.

    Conclusion

    There is a need to question the wisdom of broad-brush promises such as free power, which cannot be sustained in the long run.

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  • Reforms-based and Results-linked, Revamped Distribution Sector Scheme: Ensuring sustainable turnaround in financial health of discoms

    Context

    In its budget 2021-22, the Union government had announced the launch of a “reforms-based and results-linked” scheme for the distribution sector.

    Precarious financial condition of discoms

    • Their overall debt burden, despite the implementation of the UDAY scheme, is estimated to increase to around Rs 6 lakh crore in the ongoing financial year.
    • Moreover, their annual cash losses are estimated to be about Rs 45,000-50,000 crore (excluding UDAY grants and regulatory income).
    • Due to highly subsidised nature of power tariffs towards agriculture and certain sections of residential consumers, the overall subsidy dependence is likely to be roughly Rs 1.30 lakh crore this year at the all-India level.

    Revamped Distribution Sector Scheme

    • In its budget 2021-22, the Union government had announced the launch of a “reforms-based and results-linked” scheme for the distribution sector.
    • Subsequently, the Revamped Distribution Sector Scheme was notified in July with an overall outlay of Rs 3.03 lakh crore. 
    • Under the scheme, AT&C losses are sought to be brought down to 12-15 per cent by 2025-26, from 21-22 per cent currently.
    • Operational efficiencies of discoms are to be improved through smart metering and upgradation of the distribution infrastructure, including the segregation of agriculture feeders and strengthening the system.
    • The scheme has two parts — Part A with an outlay of Rs 3.02 lakh crore, pertains to the upgradation of the distribution infrastructure and metering related works.
    • Part B, with an outlay of Rs 1,430 crore, is for training and capacity building, besides other enabling and support activities.
    • Discoms and their state governments will have to sign a tripartite agreement with the central government in order to avail benefits under the scheme.
    • Only those discoms that meet all the pre-qualifying criteria will be eligible for the release of funds.
    • A loss-making discom will not be eligible unless it draws up plans to reduce its losses, approved by the state government and filed with the central government.
    • As far as the agricultural sector is concerned, the use of solar power projects to supply electricity to these consumers through the agriculture feeder route is likely to result in savings.
    • This is because of a combination of high tariff competitiveness offered by solar power, lower technical losses due to proximity to load centres, and the ability to meet demand during the day when sunlight is available.
    • In addition, the delicencing initiative proposed by the central government can effect significant changes in the distribution segment, facilitating competition and placing emphasis on the quality and reliability of power supply and consumer services.

    Issue of tariff determination

    • A continuing area of concern affecting discom finances is the significant delay in the process of tariff determination in many states.
    • As of now, only 19 out of 28 states have issued tariff orders for 2021-22, indicating sluggish progress.
    • Further, there is upward pressure on the cost of power supply for distribution utilities, considering the dominant share (around 70 per cent) of coal in the fuel mix for energy generation, the strengthening of imported coal prices and the possibility of domestic coal price revisions by Coal India.
    • As a consequence, a cost-reflective tariff determination process, coupled with the timely pass-through of power purchase costs, remains critical for the utilities.

    Consider the question “Examine the factor that explains the continuing financial woes of state-owned discoms despite implementing several schemes. How Revamped Distribution Sector Scheme seeks to address the issue?”

    Conclusion

    On the whole, while the focus on improving the operational efficiency, and ensuring the financial sustainability of discoms is indeed welcome, timely implementation of the reforms is critical to achieving the milestones.

     

  • [pib] Nutrient Based Subsidy (NBS) for P&K Fertilizers

    The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Fertilizers for fixation of Nutrient Based Subsidy Rates for P&K Fertilizers for the year last quarter of the year 2021-22.

    An aspirant from rural agrarian background is quite habitual to hear about NPK 10-26-26, 20-20-0-13 & 12-32-16. They often get to find the plastic gunny bags mentioning this!

    Nutrient Based Subsidy (NBS)

    • The NBS Scheme for fertilizer was initiated in the year 2010 and is being implemented by the Department of Fertilizers.
    • Under the scheme, a fixed amount of subsidy decided on an annual basis is provided on each grade of subsidized P&K fertilizers, except for Urea based on the nutrient content present in them.
    • It is largely for secondary nutrients like N, P, S and K and micronutrients which are very important for crop growth and development.
    • In India, urea is the only controlled fertilizer and is sold at a statutory notified uniform sale price.

    What is NPK?

    • So now that you know what the numbers on fertilizer mean, you need to know why NPK is important to your plants.
    • All plants need nitrogen, phosphorus, and potassium to grow. Without enough of any one of these nutrients, a plant will fail.
    1. Nitrogen (N): It is largely responsible for the growth of leaves on the plant.
    2. Phosphorus (P): It is largely responsible for root growth and flower and fruit development.
    3. Potassium (K): It is a nutrient that helps the overall functions of the plant perform correctly.
    • Knowing the NPK values of fertilizer can help you select one that is appropriate for the type of plant you are growing.

    What NBS provides?

    • Fixing MRP of NPK fertilizers: The scheme allows the manufacturers, marketers, and importers to fix the MRP of the Phosphatic and Potash fertilizers at reasonable levels.
    • Maintaining stock level: The MRP will be decided considering the domestic and international prices of P&K fertilizers, inventory level in the country and the exchange rates.
    • Inflation control: The NBS ensures that an adequate quantity of P&K is made available to the farmers at a statutory controlled price.

    Issues with NBS

    • Leaves urea: Urea which the most widely used, is left-out in the scheme and hence it remains under price control as NBS has been implemented only in other fertilizers.
    • Cost on exchequer: Fertilizer subsidy is the second-biggest subsidy after food subsidy.
    • Costs on Economy and Environment: The NBS policy is not only damaging the fiscal health of the economy but also proving detrimental to the soil health of the country.
    • Black marketing: Subsidised fertilizers is getting diverted to bulk buyers/traders or even non-agricultural users such as plywood and animal feed makers.

    Back2Basics: Soil Health Card (SHC)

    • Soil Health Card (SHC) scheme is promoted by the Department of Agriculture & Co-operation under the Ministry of Agriculture and Farmers’ Welfare.
    • An SHC is meant to give each farmer soil nutrient status of his/her holding and advice him/her on the dosage of fertilizers and also the needed soil amendments, that s/he should apply to maintain soil health in the long run.
    • SHC is a printed report that a farmer will be handed over for each of his holdings.
    • It will be made available once in a cycle of 2 years, which will indicate the status of soil health of a farmer’s holding for that particular period.
    • The SHC given in the next cycle of 2 years will be able to record the changes in the soil health for that subsequent period.

    Parameters of SHC:

    • N, P, K (Macro-nutrients)
    • Sulfur (S) (Secondary- nutrient)
    • Zn, Fe, Cu, Mn, Bo (Micronutrients)
    • pH, EC (Electrical conductivity) , OC (Organic content)

    Try this PYQ:

    The nation-wide ‘Soil Health Card Scheme’ aims at:

    1. expanding the cultivable area under irrigation.
    2. enabling the banks to assess the quantum of loans to be granted to farmers on the basis of soil quality.
    3. checking the overuse of fertilizers in farmlands.

    Which of the above statements is/are correct?

    (a) 1 and 2 only

    (b) 3 only

    (c) 2 and 3 only

    (d) 1, 2 and 3

     

    [wpdiscuz-feedback id=”i15sf2a7rw” question=”Please leave a feedback on this” opened=”1″]Post your answers here.[/wpdiscuz-feedback]

     

     

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  • RBI’s monetary policy statement

    Context

    The Monetary Policy Committee of the RBI kept the benchmark policy rates unchanged, and retained the accommodative stance in its October review.

    Factors playing part in monetary policy decisions

    • It’s important to remember that monetary policy these days is influenced by both local macroeconomic developments and the global monetary policy direction, with the former playing a dominant role.
    • Locally, after the second wave of the pandemic, a variety of indicators such as the Purchasing Managers Index (manufacturing and services), mobility indicators, government tax collections, exports and imports are pointing at an improvement in economic activity.
    • Then there is the good news on the monsoon front. With a late pick-up in rains, the cumulative deficiency in this monsoon season has come down to just 1 per cent of the long-period average (LPA).
    • Since the MPC’s August 2021 policy review, Covid-19 cases have trended down and there has been admirable progress on the vaccination front.
    • Also, despite high year-on-year growth numbers, the level of economic activity this fiscal will only be 1.5 per cent above 2019-2020.

    Trends emerging from the economic recovery

    • Role of government: Capital expenditure of both the Centre and states is on track to meet the budgetary commitment, supported by healthy tax collections.
    • Large companies on recovery path: Large companies in industrial sectors such as steel, cement, non-ferrous metals are operating at healthy utilisation levels, and have deleveraged their balance sheets.
    • Policy support for smaller companies: The going is not so good for the smaller ones.
    • Clearly, smaller companies need policy support. The extension of the Emergency Credit Line Guarantee Scheme is a recognition of that.
    • Private consumption is not broad-based either.
    • Even in goods consumption, which is faring better than services, the nature of demand seems skewed towards relatively higher-value items such as cars and utility vehicles.
    • This probably reflects the income dichotomy spawned by the pandemic.
    • Inflation: Its fall to 5.3 per cent in August offers only limited comfort for two reasons.
    • One, core and fuel inflation, which have 54 per cent weightage in CPI, remain stubbornly high.
    • Second, food prices have nudged down overall inflation.
    • Domestic growth-inflation dynamics suggest that the RBI has little option but to remain more tolerant of persistent price pressures, and hope that these will eventually prove transitory because they have been primarily driven by supply shocks caused by the pandemic.

    Global monetary policy environment

    • Globally, the monetary policy environment is veering towards normalisation/tapering/interest-rate rise largely due to an upward surprise in inflation, or because some central banks feel the objectives of quantitative easing have been met.
    • Central banks in advanced economies such as Norway, Korea and New Zealand have recently raised rates.
    • The two systemically important central banks — the US Federal Reserve (Fed) and the European Central Bank (ECB) — view the current spike in inflation as fleeting and have communicated greater tolerance for it for a longer period.

    Conclusion

    The process of mopping up excess liquidity will slowly gain pace over the next few months, followed by a policy rate hike sometime around early 2022. By then, there should be enough clarity on the third wave and the stance of the Fed and the ECB.

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  • WTO raises 2021 goods trade outlook

    The World Trade Organization (WTO) has upgraded its world merchandise trade growth outlook to nearly 11 percent for this year, higher than 8% estimated in March.

    About WTO

    • The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade between nations.
    • Governments use the organization to establish, revise, and enforce the rules that govern international trade.
    • It officially commenced operations on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, thus replacing the General Agreement on Tariffs and Trade (GATT) that had been established in 1948.
    • The WTO is the world’s largest international economic organization, with 164 member states representing over 96% of global trade and global GDP.
    • The WTO facilitates trade in goods, services and intellectual property among participating countries.
    • It prohibits discrimination between trading partners, but provides exceptions for environmental protection, national security, and other important goals.

    Report on Global trade

    • According to a WTO, global goods trade is expected to grow by 10.8 per cent compared to the forecast of 8 per cent in March, but with varied recovery, depending on the region.
    • The report said export volume growth in 2021 will be 8.7 per cent in North America, 7.2 per cent in South America, 9.7 per cent in Europe, 7 per cent in Africa, 5 per cent in West Asia and the highest for Asia at 14.4 per cent.
    • On the other hand, imports are expected to grow at a faster pace as compared to exports. Inbound shipments into North America are set to grow by 12.6 per cent.
    • It will be 19.9 per cent in South America, 9.1 per cent in Europe, 13.1 per cent in CIS, 11.3 per cent in Africa, 9.3 per cent in West Asia and 10.7 per cent in Asia.

    Key highlights for India

    • Exports from India have been rising consistently over the last few quarters, after plummeting for a few months as the outbreak of Covid-19 disrupted global trade.
    • India’s exports to its top trading partners such as the US, European Union, nations in West Asia, among others, are expected to rise.
    • Exports data during the first six months of the current fiscal year is emblematic of the fact that external demand has been robust.
    • Besides, supply-side disruptions can also be exacerbated by the rapid and unexpectedly strong recovery of demand in advanced and many emerging economies.

    Competing with China

    • Experts said with rising global demand, India should be able to compete in various segments vis-a-vis China.
    • Currently, China is facing supply-side as well as demand-side issues owing to several internal challenges (energy, debt crisis).
    • Therefore, India is in a good position to increase its exports, and can become a substitute for China across various product categories or sectors.
    • India can take advantage of the increasing global demand, which can ultimately translate into demand for Indian exports.

     

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