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CURRENT AFFAIRS - BUSINESS & ECONOMY Aadhaar project enters the ‘Challenge drive’ aiming cent percent identification coverage | 16-Oct-2016 19:21

Aadhaar project enters the ‘Challenge drive’ aiming cent percent identification coverage

The UIDAI’s (Unique Identification Authority of India) mega identification programme Aadhaar so far covered 106.69 crore people making it the biggest identification programme in the world. Aadhaar has now become the data base platform for delivering several of the government’s transfers to the people.  

In the context of the success, the Authority of India) is aiming to bring all people including the so far excluded from the Aadhaar network. For this, it will roll out a plan called ‘Challenge drive’ from October 15th onwards.

Challenge drive will be launched in 22 states and union territories where the coverage has reached nearly 100 percent. The programme mainly targets the ‘floating population’ who constitute the bulk of the leftover people.

States and UTs including Maharashtra, UP, Madhya Pradesh, Andhra Pradesh, Punjab, Delhi and Chhattisgarh will be covered under Challenge drive.

Oil slips from the one year high as market unsure about production cut | 14-Oct-2016 18:21

Oil slips from the one year high as market unsure about production cut

After registering a one-year high, crude prices came down by a dollar in the international market on Tuesday. Cold response from Russian oil industry on production cut is cited as the major reason for the price fall trend.

The new turnaround in the global market casts doubts about the strength of the new production cutting agreement between Saudi Arabia from the part of OPEC and Russia.

Oil prices that jumped by 3 percent on Monday, after the Russia and Saudi Arabia reached a trend-setting deal bringing cooperation between OPEC and non-OPEC producers.

But Brent oil futures fell to $52.84 on Tuesday from $53.73 on the previous day.

The International Energy Agency also raised doubt about how quickly the OPEC can reach production cutting consensus with Russia. Heads of Russia’s biggest oil companies also disagreed with production cut as it may burden them financially.   

Igor Sechin, Russia's most influential oil executive, and the head Rosneft, said his company will not cut oil production as part of the agreement with OPEC.

Market observers point out that higher production by Iraq, Libiya and few other small producers may undermine the new agreement. Markets also should be convinced about the effectiveness of the deal as the general mood is of surplus.

Budget will be presented during the first week of February | 14-Oct-2016 18:20

Budget will be presented during the first week of February

After making some fundamental changes in budget procedures, the center has decided to present the annual budget before February 9th. Finance Ministry is aiming February 2nd as the date though Republic Day and few other engagements are expected to make it tough.

Usually, the three most important days with the budget session are the days of presentation of the Railway budget, Economic Survey and the General Budget. But this year, the Railway budget will be merged with the general budget.

Railway’s budgetary details will be added in four or five pages under the general budget.

The fiscal impact of adding the railways budget will be made minimal though the government will stop getting dividends from Railways because of the new procedures. Around 4000 to 5000 crore rupees’ net amount are given to the government by the railways annually.

Another change is the removal of plan and non-plan expenditure classification under the new budget. Allocation for various schemes and programmes will get a new look with the phasing out of the plan and non-plan classification.