Current Affairs – June, 2019

Latest Current Affairs June, 2019 with Current Affairs, news summary on current events of National and International importance of June, 2019 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Parliament passes Special Economic Zones (Amendment) Bill, 2019

Parliament has passed Special Economic Zones (Amendment) Bill, 2019 to allow trusts to establish units in Special Economic Zone (SEZs). It was first legislation to be passed by newly-constituted 17th Lok Sabha. It replaces Special Economic Zone (Amendment) Ordinance 2019 promulgated March 2019 and amends SEZ Act 2005.

Salient features of Bill

It amends definition of “person” under Section 2(v) of the SEZ Act 2005 to include ‘trusts’. Apart from trusts, it also includes any entity that central government may notify from time to time in the definition of ‘person’.

Section 3(2) of SEZ Act, 2005

The proposal for establishment of SEZ can be made by any “person”. Currently,  person under Section 2(v) of the SEZ Act 2005 is defined as individual, whether resident in India or outside India, Hindu undivided family, co-operative society, company (whether incorporated in India or outside India), proprietary, firm, concern, or association of persons or body of individuals, whether incorporated or not, local authority and any agency, office or branch owned or controlled by such individual.

Government to constitute working group for revision of Wholesale Price Index

Central Government has constituted Working Group for the revision of the current series of Wholesale Price Index (Base 2011-12). It will be chaired by Prof. Ramesh Chand, Member, NITI Aayog. Office of Economic Adviser, Department for Promotion of Industry & Internal Trade will be nodal office for Working Group. It will process report / recommendation of this Working Group for further necessary action.

Terms of Reference of the Working Group are:

  • It will select most appropriate Base Year for preparation of new official series Wholesale Price Index (WPI) and Producer Price Index (PPI) in India.
  • It will review existing commodity basket of current series of WPI and suggest additions and deletions of commodities in light of structural changes witnessed in economy since 2011-12.
  • It will also review existing price collection system for manufacturing sector and suggest changes for improvement. It will also decide on computational methodology to be adopted for monthly WPI/PPI.
  • It will examine existing Technical Advisory Committee on Series of Prices and Cost of Living approved compilation methodology of PPI approved and suggest further improvement in compilation and presentation.
  • It may also recommend roadmap for switch over from WPI to PPI. It will also examine method of computing linking factor adopted so far and suggest appropriate changes in method of computing linking factor.
  • It will suggest any other improvements as may be necessary for enhancing reliability of the official series of WPI / PPI.

Background

The current series of Wholesale Price Index (WPI) with 2011-12 as base year was introduced by Government in May 2017.  However, since 2011-12, significant structural changes have taken place in the economy. Therefore considering these factors it has become necessary to examine coverage of commodities, their weighting diagram and related issues pertaining to existing series of index numbers of WPI.

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