Category: 9 PM Daily Articles

Source- The Hindu Syllabus- GS 3- Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment. Context- The contraction of the economy raises concern on the employment situation as the shrinking sectors are those that create the maximum new jobs in India. What are impacts of COVID-19 on the economy? GDP contraction– India’s economy… Continue reading Reducing the vulnerabilities of urban employment

Source: The Indian Express Syllabus: GS-3- S&T Context: Technological change need not cause a destruction of productive jobs and that is why a plan is required for industry 4.0 How will technological change affect the jobs in India? Size of youth: India’s global significance in mastering the future of work and employing the largest global unit of 820 million… Continue reading Future of Work – Industry 4.0

Source- The Hindu Syllabus- GS 3- Government Budgeting. Context- The onus would be on Centre to resolve this impasse with regard to compensation cess of GST reforms. What is GST compensation? The Centre is obliged to pay to the States, for a period of five years, compensation for revenue shortfalls in return for their having ceded the power… Continue reading GST Compensation disagreement between the Centre and the States

Source- The Indian Express, The Indian Express Syllabus- GS 3- Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment Context– India’s economy shrank nearly 24 percent in first [April-June] quarter of 2020, the most drastic fall in decades. Reasons for GDP contraction Draconian lockdown– India had the most intense lockdown starting from March… Continue reading Indian economic recovery – Unlock phases

Source: Indian Express Syllabus: GS3: issues relating to Planning, Mobilization of Resources Context: In the wake of pandemic and slowdown in the economy, tax system needs efficiency in case selection and consistency in assessment. Need of efficient tax system: To improve tax collection:An economic contraction this year will deal a severe blow to tax collections. Rising uncertainty… Continue reading India’s Tax Charter

Source – The Indian Express Syllabus – GS 3 – Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment. Context – ‘Unlocking’ and ‘Revival package from the government’ are the two basic factors that will determine the course of India’s economy for the rest of the year. Impact of COVID-19 on GDP GDP… Continue reading COVID – 19 and India’s road to economic revival

Source- The Hindu Syllabus- GS 3- Government Budgeting Context- Differences of opinion have emerged between Centre and states at the 41st Goods and Service Tax [GST] Council meeting over compensation deficit. GST- Goods and Services Tax, is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. GST is… Continue reading GST compensation Standoff

Source: Indian Express Syllabus: GS3: Mobilization of Resources, Growth, Development and Employment. Context: India needs to focus on rebuild and recover to achieve economic growth of 7-8 per cent. Need to address some traditional sore points: Pandemic impact: Indian economy is suffering due to the pandemic with declining growth and limited scope for a fiscal stimulus. Demand-supply issue: India’s… Continue reading To Rebuild and Recover from COVID-19

Source– The Hindu Context– A Grand Bargain 2.0 between the center and the states is needed in longer run to tackle the issues related to GST compensation to the States. Value added tax [VAT] – An indirect value added tax which was introduced into Indian taxation system on April 1, 2005. VAT was introduced to make… Continue reading GST – Grand Bargain 2.0