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Current Affairs 01-10-2018

Amul is an alternate economic model: Narendra Modi

  • Inaugurating a new chocolate-making factory set-up by dairy giant Amul in Gujarat, Prime Minister Narendra Modi said a cooperative like Amul is a viable economic alternative to capitalist and socialist models.
  • The new factory opened by the PM is an expansion of an already functional confectionery unit of Amul near Anand.
  • The Gujarat Cooperative Milk Marketing Federation is India’s largest farmers’ cooperative.

Credits Sardar Patel

  • Mr. Modi credited Sardar Patel, who founded the Kheda Milk Union, for creating the model.
  • “Sardar saheb sowed the seed for a third economic model — controlled neither by government nor capitalists.
  • Instead, it was created with the cooperation of farmers and people and everybody was a part of it. This is one viable alternative to socialism and capitalism”.
  • He called upon Amul to set a target for making India the third largest milk processor in the world, from its current ranking of 10th, by the time the nation completed 75 years of its existence.
  • The new plant is a ₹533-crore premium chocolate plant. A nutritional food unit, the Anand Agriculture University Centre of Excellence in Food Processing, and a ₹20 crore Vidya Dairy ice cream plant were launched simultaneously.
  • The PM also launched a solar cooperative society at Mujkuwa village, constructed with the help of the Anand-based National Dairy Development Board.
  • In Kutch, the PM inaugurated a gas pipeline and LNG (liquefied natural gas) terminal set up by the Gujarat State Petroleum Corporation.

Government constitutes Competition Law Review Committee
Context
In pursuance of its objective of ensuring that Legislation is in sync with the needs of strong economic fundamentals, the Government has constituted a Competition Law Review Committee to review the Competition Act.

The Terms of References of the Committee are as follows:-

  • To review the Competition Act/ Rules/ Regulations, in view of changing business environment and bring necessary changes, if required;
  • To look into international best practices in the competition fields, especially anti-trust laws, merger guidelines and handling cross border competition issues;
  • To study other regulatory regimes/ institutional mechanisms/ government policies which overlap with the Competition Act;
  • Any other matters related to competition issue and considered necessary by the Committee.
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