The Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade is releasing index numbers of wholesale price in India for the month of October, 2020 (Provisional) and for the month of August, 2020 (Final) in this press release. Provisional figures of Wholesale Price Index (WPI) are released on 14th of every month (or next working day), with a time lag of two weeks of the reference month and compiled with data received from institutional sources and selected manufacturing units across the country. After 10 weeks, the index is finalized and final figures are released and then frozen thereafter.
INFLATION
The rate of inflation, based on monthly WPI, stood at 1.48% (provisional) for the month of October, 2020 (over October, 2019), as compared to 0.00 % during the corresponding month of the previous year.
The movement of the index for the various commodity groups is summarized below:-
PRIMARY ARTICLES (Weight 22.62%)
The index for this major group increased by 1.40% to 152.4 (provisional) in October, 2020 from 150.3 (provisional) for the month of September, 2020. Prices of Non-food Articles (2.37%), Food Articles (1.37%) and Minerals (0.66%) increased in October, 2020 compared to September, 2020. Prices of crude petroleum & natural gas remain unchanged.
FUEL & POWER (Weight 13.15%)
The index for this major group increased by (0.11%) to 91.1 (provisional) in October, 2020 from 91.0 (provisional) for the month of September, 2020. Prices of Electricity (4.26%) increased in October, 2020 compared to September, 2020. Prices of Mineral Oils (-1.93%) declined in October, 2020 compared to September, 2020. Prices of coal remain unchanged.
MANUFACTURED PRODUCTS (Weight 64.23%)
The index for this major group increased by (0.42%) to 120.3 (provisional) in October, 2020 from 119.8 (provisional) for the month of September, 2020. Out of the 22 NIC two-digit groups for Manufactured products, 13 groups that have witnessed increase in prices, are manufacture of food products; textiles; wearing apparel; printing and reproduction of recorded media; chemicals and chemical products; pharmaceuticals, medicinal chemical and botanical products; rubber and plastics products; basic metals; fabricated metal products, except machinery and equipment; electrical equipment; machinery and equipment; other transport equipment; and furniture in October, 2020 as compared to September, 2020. Whereas 9 groups that have witnessed decrease in prices are manufacture of beverages; tobacco products; leather and related products; wood and of products of wood and cork; paper and paper products; other non-metallic mineral products; computer, electronic and optical products; motor vehicles, trailers and semi-trailers; and other manufacturing in October, 2020 as compared to September, 2020.
WPI FOOD INDEX (Weight 24.38%)
The Food Index consisting of 'Food Articles' from Primary Articles group and 'Food Product' from Manufactured Products group have increased from 157.6 in September, 2020 to 159.3 in October, 2020. The rate of inflation based on WPI Food Index decreased from 6.92% in September, 2020 to 5.78% in October, 2020.
FINAL INDEX FOR THE MONTH OF AUGUST, 2020 (BASE YEAR:2011-12=100)
For the month of August, 2020 the final Wholesale Price Index and inflation rate for 'All Commodities' (Base: 2011-12=100) stood at 122.0 and 0.41% respectively.
Note:
1. The WPI for October 2020, have been compiled at a weighted response rate of 78 percent, while the final figure for August, 2020 is based on the weighted response rate of 91 percent. The provisional figures of WPI will undergo revision as per the final revision policy of WPI.
2. Price Data are collected from selected institutional sources and industrial establishments spread across the country online through web based portal maintained by the National Informatics Centre (NIC).
The second phase of Exercise Malabar 2020 will be conducted in the Northern Arabian Sea from 17 to 20 November 2020. Taking forward the synergy achieved in the recently concluded Phase 1 of Exercise Malabar 2020, which was conducted in the Bay of Bengal from 03 to 06 November 2020, this phase will involve coordinated operations of increasing complexity between the navies of Australia, India, Japan and the United States.
Phase 2 of Exercise MALABAR 2020 will witness joint operations, centered around the Vikramaditya Carrier Battle Group of the Indian Navy and Nimitz Carrier Strike Group of the US Navy. The two carriers, along with other ships, submarine and aircraft of the participating navies, would be engaged in high intensity naval operations over four days.These exercises include cross-deck flying operations and advanced air defence exercises by MIG 29K fighters of VikramadityaandF-18 fighters and E2C Hawkeye from Nimitz.In addition, advanced surface and anti-submarine warfare exercises, seamanship evolutions and weapon firings will also be undertaken to further enhance inter-operability and synergy between the four friendly navies.
In addition to Vikramaditya and its fighter and helicopter air-wings, indigenous destroyers Kolkata and Chennai, stealth frigate Talwar, Fleet Support Ship Deepak and integral helicopters will also participate in the exercise, led by Rear Admiral Krishna Swaminathan, Flag Officer Commanding Western Fleet. Indigenously built submarineKhanderiand P8I maritime reconnaissance aircraft of the Indian Navy will also showcase their capabilities during the exercise.
US Navy’s Strike Carrier Nimitz will be accompanied by cruiser Princeton and destroyer Sterett in addition to P8A maritime reconnaissance aircraft. The Royal Australian Navy will be represented by frigate Ballarat along with its integral helicopter. JMSDFwill also participate in the exercise.
The Malabar series of exercises, which began as an annual bilateral naval exercise between India and the US in 1992, has seen increasing scope and complexity over the years. The 24th edition of MALABAR, which is being presently undertaken, highlights enhanced convergence of views amongst the four vibrant democracies on maritime issues, and showcases their commitment to an open, inclusive Indo-Pacific and a rules-based international order.
Union Ministry of Information and Broadcasting has today issued a public notice to facilitate eligible entities involved in uploading/streaming of news and current affairs through digital media, to comply with the decision of Union Government on 18th September 2019, which had permitted 26% FDI under Government approval route.
In a Public Notice, available on its website, the Ministry has today laid out the detailed actions to be undertaken by eligible entities to comply with this decision, within a month. Under the notice,
Entities having foreign investment below 26% may furnish an intimation to the Ministry of Information & Broadcasting within one month from today giving the following:-
(a) Details of the company / entity and its shareholding pattern along with the names and addresses of its Directors / shareholders,
(b) The names and address of Promoters/Significant Beneficial Owners,
(c) A confirmation with regard to compliance with pricing, documentation and reporting requirements under the FDI Policy, Foreign Exchange Management (Non-debt Instruments) Rules, 2019 and Foreign Exchange Management (Mode of Payment and Reporting of Non-debt Instruments) Regulations, 2019 along with copies of relevant reporting forms in support of the past/existing foreign investment and downstream investment(s), if any, and
(d) Permanent Account Number and the latest audited / unaudited Profit & Loss Statement and Balance Sheet along with the Auditor report.
(ii) Entities which, at present, have an equity structure with foreign investment exceeding 26% would give similar details as at (i) above to the Ministry of Information & Broadcasting within one month from today, and to take necessary steps for bringing down the foreign investment to 26% by 15th October, 2021 and seek approval of the Ministry of Information & Broadcasting.
(iii) Any entity which intends to bring fresh foreign investment in the country has to seek prior approval of the Central Government, through the Foreign Investment Facilitation Portal of DPIIT, as per the requirements of (a) FDI Policy of Government of India and DPIIT Press Note No. 4 of 2019 (dated 18.9.2019) in this regard and (b) Foreign Exchange Management (Non-debt Instruments)(Amendment) Rules, 2019 vide Notification dated 5.12.2019.
NOTE: - Investment means to subscribe, acquire, hold or transfer any security or unit issued by a person resident in India.
(iv) Every entity has to comply with the requirements of citizenship of Board of Directors and of the Chief Executive Officers (by whatever name called). The entities are required to obtain security clearance for all foreign personnel likely to be deployed for more than 60 days in a year by way of appointment, contract or consultancy or any other capacity for functioning of the entity, prior to their deployment. For this purpose, the entities will apply to Ministry of Information & Broadcasting at least 60 days in advance and the proposed foreign personnel shall be deployed by the entity only after prior approval of this Ministry.