National Mission on Edible Oils
Approved by Union Cabinet Yesterday. The Mission will be implemented over a seven-year period, from 2024-25 to 2030-31, with a financial outlay of Rs 10,103 crore. The mission focuses on

1. Enhancing the production of key primary oilseed crops such as Rapeseed-Mustard, Groundnut, Soybean, Sunflower, and Sesamum

2. Increasing collection and extraction efficiency from secondary sources like Cottonseed, Rice Bran, and Tree Borne Oils

3. Targets to increase domestic edible oil production to 25.45 million tonnes by 2030-31 meeting around 72% of our projected domestic requirement. This will be achieved by promoting adoption of high-yielding high oil content seed varieties, extending cultivation into rice fallow areas, and promoting intercropping.

4. Over 600 Value Chain Clusters will be developed across 347 unique districts which will be managed by value chain partners such as FPOs, cooperatives, and public or private entities

5. The Mission will harness ongoing development of high-quality seeds by using cutting-edge global technologies such as genome editing.

6. The Mission aims to significantly enhance domestic oilseed production, advancing the goal of Atmanirbharta (self-reliance) in edible oils, thereby reducing import dependency and conserving valuable foreign exchange while boosting farmers' incomes.

7. It will also accrue significant environmental benefits in the form of low water usage and improved soil health and making productive use of crop fallow areas.

Note: Presently the country is heavily reliant on imports which account for 57% of its domestic demand for edible oils.

The above Economy Module (Pre cum Mains) Course will start on 11th Nov. and will be over by 31st Dec 2024. Classes will be from Monday to Saturday (5.00 to 7.30 pm). Its available in both Offline as well as Online (live). The other details will be provided soon.

Source: Indian Express
Quite informative fact.

FY 2023-24 (Centre)
Tax to GDP Ratio: 11.7%
Direct Tax to GDP ratio: 6.6%
Indirect Tax to GDP ratio: 5.1%

Proportion of Direct : Indirect tax = 56.7: 43.3

[States tax to GDP ratio is approx. 5.5% of GDP]

FY 2024-25: (Provisional) Centre
Personal: Rs. 11.87 lakh crore
Corporate: Rs. 10.2 lakh crore
GST: Rs. 10.6 lakh crore
Other Indirect taxes (Customs, Excise...): Rs. 5.5 lakh crore

Our Personal income tax is progressive while Corporate income tax is proportional. But Indirect taxes (GST & others) are regressive. So, it is always a better policy that tax collection should be more from direct taxes (as compared to indirect taxes) which is exactly happening in the economy.

Tax Buoyance (% change in tax revenue/ % change in nominal GDP) has crossed 2 which is very good sign for the economy.

Dear Students,

There is nothing much these days on current affairs in economy. So, focus on completing your static syllabus and keep on revising basic concepts. In economy, the focus of UPSC is also more on basic concepts. The present Government launched a lot of schemes and reforms in economy in the last 10 years since 2014. Now the focus is more on its execution, so you may not find new schemes/reforms much in future. So accordingly your focus should be on concepts, static things. Whenever something relevant comes in economy, I will keep on posting on this channel.

Regards
Vivek Singh

Source: The Hindu

MUDRA is mostly refinance scheme where Govt. provides funds to Banks/NBFCs and then they provide loans to Informal businesses without any collateral. But Govt. has set up a fund 'Credit Guarantee Fund for Micro Units' (CGFMU) which provides credit guarantee on these loans. Of course it will have a cost to Govt. but Govt. does this so that cost of credit remains cheap and accessible for the micro units.

There are three category of loans:

Shishu: < Rs. 50,000
Kishore: Rs. 50,000 < Rs. 5 lacs
Tarun: Rs. 5 lacs < Rs. 10 lacs

Now this Tarun category limit has been increased only for those who have already borrowed and repaid

Photo from Vivek Singh

Source: The Hindu
An article for general reading

The Economy Module Course Pre cum Mains for 2025/26 is starting today @5pm

There are no current affair news in economy these days.

Source: Business Standard

Earlier NSO used to release unemployment related data on a quarterly basis for urban area and on annual basis for rural area. BUT NOW from March 2025 onwards the rural and urban unemployment related data will be released on monthly basis.

NSO captures data either based on Current Weekly Status (last 7 days) or Usual Status (last 365 days). The monthly data will be released based on Current Weekly Status.

Following is the link for my Indian Economy Book latest (8th edition) targeting UPSC 2025.

https://dl.flipkart.com/s/i9u89qNNNN

https://rb.gy/c373d0

Following is the link for my Indian Economy (Hindi Edition) भारतीय अर्थव्यवस्था Book latest edition targeting UPSC 2025.

https://dl.flipkart.com/s/1aNkHdNNNN

https://amzn.in/d/9nU7P4q

Nothing relevant in Economy in the newspapers these days. So focus on your static portion and revision. Economy MCQs will be released around mid Feb.

National Sample Survey (NSS) is conducted by National Statistical Office (NSO) in annual rounds with a cycle of rotating topics. The Household Consumption Expenditure Survey (HCES), generally comes after every five years (quinquennial) during these annual rounds of NSS. But NSO decided to conduct two consecutive surveys on Household Consumption Expenditure (HCE) during 2022-23 and 2023-24, once situation normalized after the Covid-19 pandemic.

HCES generates estimates of household Monthly Per Capita Consumer Expenditure (MPCE) and the distribution of households and persons over the MPCE classes. It is designed to collect information regarding expenditure on consumption of goods and services (food and non-food) consumed by households. The results, after release, are also used for:

1) Rebasing/base revision of the GDP
2) Base revision of the CPI (i.e. weights of various items in CPI),
3) Measuring estimates of poverty levels; and
4) Other macro-economic indicators

Following is the result of the two recent HCE survey on Monthly Per Capita Consumer Expenditure (MPCE).

Source: PIB
1. The average MPCE in rural and urban India in 2023-24 has been estimated to be Rs. 4,122 and Rs. 6,996, respectively without taking into account of the values of items received free of cost by the households through various social welfare programmes.

2. The urban-rural gap in MPCE has declined to 71% in 2022-23 from 84% in 2011-12. It has further come down to 70% in 2023-24 that confirms sustained momentum of consumption growth in rural areas.

3. Consumption inequality, both in rural and urban areas has declined from the level of 2022-23. The Gini coefficient has declined to 0.237 in 2023-24 from 0.266 in 2022-23 for rural areas and to 0.284 in 2023-24 from 0.314 in 2022-23 for urban areas.

Term of the Day:

Front Running:
Front running is an unethical trading practice where a broker or trader uses advance knowledge of pending large orders of clients to trade ahead of them for personal profit. They execute personal trades before processing clients’ orders, taking advantage of expected price movements.

For example, Lets say a broker gets an order from a major client to buy 500,000 shares of XYZ Co. Such a huge purchase is bound to drive up the price of the stock immediately, at least in the short term. The broker sets aside the request for a minute and first buys some XYZ stock for his/her own personal portfolio. Then the client's order is executed. The broker immediately sells the XYZ shares and pockets a profit.

Front-running is commonly confused with insider trading, but they are distinct. Insider trading refers to a company insider who trades on advanced knowledge of corporate activities—for example, using their insider knowledge to buy or sell shares ahead of a major announcement.

Important Information

This is to inform you all that I along with Saurabh sir (Polity) have left Unacademy and Joined PW. Those students who have already taken admission in Unacademy (because of us) and whose classes are pending there....we will try to find a solution (in the next few days) so that student's don't suffer. Rest you are free to exercise your rights.

Thanks and Regards
Vivek Singh

The Indian Economy भारतीय अर्थव्यवस्था Hindi medium Book targeting 2025 UPSC exam link is:

https://dl.flipkart.com/s/1aNkHdNNNN

https://amzn.in/d/9nU7P4q

ECO MCQ targeting 2025 UPSC exam will be released by mid Feb which will include budget and economic survey.