(09 October 2023) Government Data Roundup: Reports by UNFPA, Law Commission, RBI Among Those Released Recently

In this 39th edition of fortnightly government data roundup, we look at the India Ageing Report 2023 by United Nations Population Fund (UNFPA) and International Institute of Population Sciences (IIPS), 22nd Law Commission Report on Age of Consent under POCSO Act 2012, Monetary Policy Report, and International Investment Position by RBI.

In this 39^th edition of fortnightly government data roundup, we look at the India Ageing Report 2023 by the United Nations Population Fund (UNFPA) and the International Institute of Population Sciences(IIPS), 22nd Law Commission Report on Age of Consent under the POCSO Act 2012, Monetary Policy Report and International Investment Position by RBI. 

In addition to this, we look at some of the monthly releases. Among the monthly reports, Payroll Reporting in India, and CPI for Industrial Workers for August 2023 were released. The explainer on key price indices can be read here. 

Key statistics from these reports are as below.

• The All-India CPI-Industrial Workers for August 2023 stood at 139.2 points and for July 2023, it stood at 139.7, marking a decrease of 0.5 points. In terms of the one-month percentage change, it saw a decline of 0.36%, when compared to the 0.23% increase observed during the same period last year. The primary driver behind this decline in the current index was the Food and Beverages category, which contributed 0.71 percentage points to the overall change.
• The combined Index of Eight Core Industries (ICI) showed a 12.1% increase (tentative) in August 2023 when compared to the August 2022 index. The cumulative growth rate of the ICI from April to August 2023-24 stood at 7.7% (provisional), in contrast to the same period from the previous year.
• MoSPI’s monthly payroll report covers the period from September 2017 to May 2023. It provides information on the number of subscribers under three major schemes- the Employees’ Provident Fund (EPF) Scheme, the Employees’ State Insurance (ESI) Scheme and the National Pension Scheme (NPS). As per the report, a total of 10.27 lakh new EPF subscribers were reported in July 2023 and 10.39 lakh new subscribers in June 2023. Under the ESI Scheme, 15.26 lakhs and 14.93 lakh newly registered employees paid contributions in June and July 2023 respectively. Over 1.3 lakh new subscribers contributed to the NPS scheme in the two months.

In addition to these monthly releases, some of the significant releases in this fortnight are below:

TRAI:

• Encouraging R&D in Telecom, Broadcasting, and IT Sectors.
• Regulation on Rating Framework for Digital Connectivity in Buildings or Areas.
• Open and De-licensed use of Unused or Limited Used Spectrum Bands for Demand Generation for Limited Period in Tera Hertz Range.
• Consultation Paper on Assignment of Spectrum in E&V Bands, and Spectrum for Microwave Access (MWA) & Microwave Backbone (MWB).
• Draft Telecommunication Mobile Number Portability (Ninth amendment) Regulations, 2023.
• Digital Transformation through 5G Ecosystem.

India Ageing Report 2023

Brief of the report:

This report highlights the challenges, opportunities, and actions taken by institutions concerning elderly care in India, as the country experiences a demographic shift towards an aging population. It offers a comprehensive examination of the living conditions and well-being of older individuals in India. It relies on the most recent data from the Longitudinal Ageing Survey in India (LASI) conducted in 2017-18, as well as data from the Census of India, Population Projections by the Government of India (2011-2036), and the World Population Prospects 2022 by the United Nations Department of Economic and Social Affairs.

Key Highlights:

• The proportion of the population aged 60 and above is expected to rise from 10.5% in 2022 to 20.8% by 2050. Looking further ahead, by the end of the century, seniors will make up more than 36% of the entire population of the country.
• The growth rate of the elderly population in India decreased slightly from 32% between 1961 and 1971 to 31% in the period from 1981 to 1991. However, the growth rate accelerated during 1991-2001 (35%), and it is projected to increase substantially to 41% between 2021 and 2031.
• The aging index, which measures the number of individuals aged 60 or older per 100 children below the age of 15, indicates an increasing trend as the population ages. In India, based on 2021 population estimates, there are 39 older individuals per 100 children.
• The old-age dependency ratio, which reflects the number of people aged 60 or above per 100 individuals in the 15-59 age group (working-age), is another important metric. A higher ratio indicates a greater dependency on the elderly population. In the southern region of India, the old-age dependency ratio is higher than the national average, standing at around 20, and a similar trend is observed in western India, with a ratio of 17.
• Although the proportion of seniors in the overall population has risen in both rural and urban regions from 1991 to 2011, the growth rate has been greater in urban areas, increasing by 2.4%, compared to a 1.7% increase in rural areas.
• The report further listed the schemes for the elderly, the awareness of those schemes, and the usage of those schemes. It is found that a small proportion of the elderly have awareness of the schemes, and the usage is low even among those who are aware of the schemes. It recommended certain measures to bridge the gap.

22^nd Law Commission Report

Brief about the report:

The Law Commission, upon receiving a reference from the High Court of Karnataka (Dharwad Bench) asking the Commission to rethink on the age criteria for consent, taking into consideration the rising number of cases relating to minor girls above the age of 16 years falling in love with boys, eloping, having sexual intercourse, thereby attracting POCSO Act, 2012. 

Key arguments in the report:

• Arguments favouring lower age of consent include misuse of POCSO against adolescents, criminalization of normative sexual behaviour, and decriminalization of non-exploitative consensual acts and their impact on children, and their future mental and physical health.
• Arguments against the lowering of the age of consent include the debilitating impact on the fight against child marriages, and forced prostitution of children, encouragement of child/teenage pregnancies, lowering the age provides for an easy escape route for adult abusers among others.
• After a thorough examination of current child protection legislation, and numerous legal decisions, and considering the troubling issues of child abuse, child trafficking, and child prostitution that afflict our society, the Commission has concluded that altering the current age of consent defined in the POCSO Act is not a prudent course of action.
• The Commission deems it imperative to introduce specific amendments to the POCSO Act to address situations in which there is an implied agreement, even if not legally recognized consent, from individuals between the ages of 16 to 18.
• One major highlight of the report is that despite reminders, the Law Commission did not receive any response from the Ministry of Women and Child Development.

Monetary Policy Report

Brief about the report:

The RBI publishes a Monetary Policy report every six months. It provides an overview of the macroeconomic conditions, prices and costs, demand and output, external environment, and financial markets and liquidity conditions. 

Key highlights of the report:

• Economic activity in India is anticipated to continue being supported by robust macroeconomic fundamentals. However, the occurrence of significant supply disruptions is resulting in recurring episodes of inflation, which presents a challenge to the overall economic outlook.
• The primary risks to both growth and inflation prospects include geopolitical tensions, persistent global inflation, fluctuations in global financial markets and energy prices, as well as climate-related shocks.
• Looking ahead, the trajectory of overall inflation and food inflation is likely to be influenced by factors such as the severity of El Niño conditions, the impact of irregular southwest monsoons, and fluctuations in global energy and food prices.
• While bank lending and deposit rates have adjusted to some extent in response to previous rate hikes, the adjustment process is still ongoing. The Indian Rupee (INR) has generally remained stable and has performed better than several other emerging market currencies.
• Core inflation is gradually easing, albeit at a slower pace compared to headline inflation, due to a resilient labour market. The uncertainty surrounding the future direction of monetary policy is contributing to volatility in global financial markets.

India’s International Investment Position

Brief about the report:

The Reserve Bank of India publishes India’s international investment position every quarter. It provides key information on portfolio investments, reserve assets, debt and non-debt liabilities, and foreign-owned financial assets in India.

Key highlights of the report:

• The net claims held by non-residents in India saw a growth of US$ 12.1 billion in Q1 is 2023-24, reaching a total of US$ 379.7 billion by the end of June 2023. 
• This increase in net claims from non-residents during the quarter was primarily due to a more substantial rise in foreign-owned financial assets within India, amounting to US$ 36.2 billion, as compared to the increase in financial assets held overseas by Indian residents, which was US$ 24.1 billion.
• The ratio of India’s international assets to international liabilities slightly decreased to 70.9% in June 2023, down from 71.1% in the previous quarter and 71.5% in the same period last year.
• Reserve assets made up 64.2% of India’s international financial assets by the end of June 2023. The main contributor to the growth in foreign assets owned by Indian residents from April to June 2023 was the increase in reserve assets, amounting to US$ 16.6 billion. This was followed by contributions from direct investment, loans, and trade credit.