Economy Current Affairs - 2019

Category Wise PDF Compilations available at This Link

Tamil Nadu’s Dindigul lock and Kandangi saree gets GI tag

The Geographical Indications Registry (GIR) in Chennai has accorded coveted Geographical Indication (GI) tag to Dindigul lock and Kandangi saree from Tamil Nadu. This takes total number of such indigenous products that have been accorded GI tag from Tamil Nadu to 31.

Dindigul locks

They are known throughout world for their superior quality and durability. More than 3,125 lock manufacturing units are limited to an area of 5 km in and around Dindigul. This is the main reason Dindigul city is also called as Lock City.

The lock manufacturing units in the city are concentrated in Nallampatti, Nagelnagar, Kodaiparailpatti, Kamalapatti and Yagappanpatti. The abundance of iron in this region is main reason for growth of this industry.

There are over 50 varieties of locks made by artisans using raw materials such as brass plates and MS flat plates procured from the nearby towns, including Salem and Madurai. Government institutions such as prisons, godowns, hospitals, and even temples use these locks instead of other machine-made ones.

Kandangi sarees

They are manufactured in entire Karaikudi taluk in Sivaganga district of Tamil Nadu. They are made up of high quality cotton from Coimbatore. The main characteristic of these sarees are its bright colours that hold strong. They are characterised by large contrast borders. Some varieties of this saree are known to have borders covering as far as two-thirds of saree which is usually around 5.10 m-5.60 m in length. These cotton sarees are usually worn in summer and are bought by customers in bulk. These sarees are manually made using winding machine, shuttle, loom and bobbin. It is team effort of families who live in the town of Karaikudi and it forms part of their basic livelihood.

Cabinet approves Sugar export policy for evacuation of surplus stocks

Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi has given its approval for sugar export policy for evacuation of surplus stocks during sugar season 2019-20. The policy provides lump sum export subsidy of Rs. 10,448 per Metric Tonne (MT) to sugar mills for season 2019-20.

Export Subsidy

It will be provided for expenses on marketing costs including handling, upgrading and other processing costs, international and internal transport costs and freight charges. It will be directly credited into farmers’ account on behalf of mills against cane price dues and subsequent balance, if any, will be credited to mill’s account. It shall be in conformity with the provisions of Article 9.1 (d) & (e) of Agreement on Agriculture (AoA) and thus World Trade Organisation (WTO) compatible. The decision will benefit millions of farmers in Maharashtra, Uttar Pradesh, Haryana and Karnataka as well as other states.