New Economic Policy & Govt. Sector
CCI to take up antiprofiteering matters
- The government notified changes to empower the Competition Commission of India to take charge of matters relating to the anti profiteering provisions of the Central Goods and Services Tax Act, starting December 1.
- The CCI will now be entrusted with assessing whether firms have passed on benefits of GST rate reductions or input tax credits through commensurate price reductions for consumers.
Note
- So far, National Anti-profiteering Authority(NAA) is the anti-profiteering watchdog of GST and it is all set to be subsumed into the Competition Commission of India (CCI).
Current Trends in Indian Economy
Periodic Labour Force Survey (PLFS) released by the National Statistical Office (NSO)
- According to the Periodic Labour Force Survey (PLFS) released by the National Statistical Office (NSO), the unemployment rate in urban areas for persons above the age of 15 eased to 7.2% in July – September from 9.8% a year ago and 7.6% in the previous quarter.
- The unemployment ratio is defined as the percentage of persons unemployed among the persons in the labour force.
- The unemployment rate was 6.6% for men and 9.4% for women in July-September 2022. The rate was 9.3% and 11.6%, respectively, in July – September 2021.
- The WPR- Working Population Ratio is defined as the percentage of employed persons in the population.
- The WPR in urban areas for persons aged 15 and above stood at 44.5% in July – September 2022, an increase from 42.3% in the corresponding period in 2021. It was 43.9% in April – June 2022.
- The WPR among men was 68.6% and among women, 19.7%. It was 66.6% and 17.6%, respectively, in 2021.
- The labour force participation rate (LFPR), defined as the percentage of persons in labour force who are working or seeking or available for work in the population.
- The LFPR among men was 73.4% and 21.7% among women. In 2021, it was 73.5% and 19.9%, respectively.
