Current Affairs-Indian Economic Survey-2013-14-three major milestones of the year 2013-14

The passage of the PFRDA Act, the shift of commodity futures trading, FSLRC report were the three major milestones of the year 2013-14

The passage of the PFRDA Act, the shift of commodity futures trading into the Ministry of Finance, and the presentation of the FSLRC report, were the three major milestones of the year 2013-14.

  In the banking sector gross NPAs of banks registered a sharp increase. Overall NPAs of the banking sector increased from 2.36 per cent of total credit advanced in March 2011 to 4.40 per cent of total credit advanced in December 2013.

The RBI has indentified five sectors -- infrastructure, iron and steel, textiles, aviation and mining as the stressed sectors.

 The New Pension System (NPS), now National Pension System, represents a major reform of Indian pension arrangements, and lays the foundation for a sustainable solution to ageing in India by shifting to an individual account, defined-contribution system.

Till 7 May 2014 a total of 67.11 lakh members have been enrolled under the NPS with a corpus of ` Rs. 51,147 crore. 

The Swavalamban Scheme for workers in the unorganized sector launched in 2010, has now been extended to five years for the beneficiaries enrolled in 2010-11, 2011-12, and 2012-13 and thus the benefits of co-contribution under the Scheme would be available till 2016-17.

The FSLRC in its Report submitted on 24 March 2011 has given wide-ranging recommendations,  broadly in the nature of governance enhancing principles for enhanced consumer protection, greater transparency in the functioning of financial sector regulators in terms of their reporting system, greater clarity on their interface with the regulated entities and greater transparency in the regulation making process by means of mandatory public consultations, incorporation of cost benefit analysis etc.