|Ø The unemployment rate for May 2019 was recorded at 7.17 per cent, the Centre for Monitoring Indian Economy (CMIE) said in a report. While this was marginally better than year-ago levels, unemployment rates are not expected to come down, the report added. The numbers with the Mumbai-based think tank showed that unemployment rate has nearly doubled over the past two years in May 2019.
Ø The government is proposing a mechanism to ensure that songs and videos reach a maximum number of people at an affordable price, which in case of dispute may be fixed by a quasi-judicial body Intellectual Property Appellate Board (IPAB).These changes are proposed in the Copyright (Amendment) Rules, 2019, the draft of which has been made public by the commerce and industry ministry for stakeholders’ views and comments till June 29. Once the changes are approved, it would become easier for websites, portals and music streaming firms to buy contents (songs and videos) and upload them. However, the move could hurt the commercial interest of content owners of songs and videos.
Ø National Security Advisor Ajit Doval has made it to Modi’s Cabinet 2.0. He is not only going to continue as the NSA for another five years, but has also been promoted to a Cabinet rank from the Minister of State rank in the government’s previous term.
Ø Economic growth slipped to 5.8 per cent, its lowest rate for more than four years, in the January-March quarter, adding to pressures for fiscal stimulus from the government and a rate cut by the central bank. Industrialists said other major economies, including the United States and several Asian countries, have reduced their corporate tax rates to a 16-25% range. They argue that by comparison, India’s rates – which run from 32-35 per cent depending on the size of a company’s sales – damage the competitiveness of Indian firms.
Ø The Sensex and Nifty hit fresh all-time highs on the first trading day of this month. The indices breached the key 40,000 and 12,000 levels for the first time ever when Lok Sabha election results were announced on May 23. While Sensex rose 594 points to reach 40,308 to reach fresh all-time high, Nifty gained 181 points to 12,103, a new high for the 50-share index.
Ø The RBI may go for another round of rate cut, third in a row, on Thursday to prop up the economic growth which dropped in the recent days.
Ø The high-level committee on deepening of digital payments, led by Infosys co-founder Nandan Nilekani, has recommended a reduction in costs to widen the acceptance infrastructure and improve digital financial inclusion. A major suggestion to increase both digital acceptance and tax compliance is that businesses be provided with tax incentives calibrated on the proportion of digital payments in their receipts.