What’s in the news? According to provisional data from the Ministry of Commerce, India’s exports rose 45.17 per cent to USD 33.14 billion in August, driven by healthy growth in sectors such as engineering, petroleum products, gems and jewellery and …
About GST Council Goods & Services Tax Council is a constitutional body under Article 279A of the amended Constitution, for making recommendations to the Union and State Government on issues related to Goods and Service Tax. The Council was introduced …
What is PMI? Purchasing Managers’ Index is an economic indicator which indicates the business activity & economic health of both the manufacturing and service sectors. PMI of India is published by Japanese firm Nikkei but compiled and constructed by IHS …
What’s in the news? According to the data released by the National Statistical Office, the Indian economy grew at a record pace of 20.1 per cent in April-June 2021 compared with the corresponding period last year, when a national lockdown …
Context Recently, Finance Minister Nirmala Sitharaman announced the National Monetisation Pipeline (NMP), which is expected to fetch around ₹5.96 lakh crore to the government. Following through on the Budget’s plan to monetise public assets to fund fresh capital expenditure on …
About the Scheme In 2014, the government launched Pradhan Mantri Jan Dhan Yojana (PMJDY) to bring about comprehensive financial inclusion in the country. PMJDY envisages universal access to banking facilities with at least one basic banking account for ‘every adult’, …
About USOF In 2003, the Universal Service Obligation Fund (USOF) was set up by The Indian Telegraph (Amendment) Act, 2003 which gave its statutory status. The main aim of USOF is to provide access to telecom services in a non-discriminatory …
Background Merchandise Exports from India Scheme (MEIS) was introduced under Foreign Trade Policy of India (FTP 2015-20), as a part of Exports from India Scheme. The scheme provides incentive in the form of duty credit scrip to exporters to compensate …
About Insolvency and Bankruptcy Code, 2016 Insolvency is a situation where individuals or companies are unable to repay their outstanding debt. The Code provides a time-bound process for resolving the insolvency of corporate debtors called the corporate insolvency resolution process …
Context The government recently decided to withdraw the retrospective taxation amendment in the I-T Act introduced in March 2012. While scrapping the retrospective levy is believed to provide clarity to investors by removing a major source of ambiguity on taxation …