Category: ECONOMY-2

Context: Economic growth is on an upward move as the twin impacts of demonetisation and GST implementation wane, and will accelerate to 7.3% next fiscal from 6.5% this year. Background: 2016: On 8 November 2016, the Government of Indiaannounced the demonetisation of all Rs 500 and Rs 1000 banknotes of the Mahatma Gandhi Series. 2017: The… Continue reading India has potential to touch 7-8% growth rate

Context: Similar to the last two Budgets, this year’s pro-agriculture intentions are palpable through increased outlays to the agricultural sector and initiation of various programmes. Agrarian distress and challenges: There are some real challenges confronting three laudable Budget announcements. Challenges Raise the minimum support price (MSP) The first is to raise the minimum support price… Continue reading Agrarian distress and Challenges: an overview

Context: In a regulatory filing last week, Punjab National Bank reported a Rs 11,394 crore fraud involving billionaire jeweller Nirav Modi. The government has ordered a probe by agencies such as the CBI, Enforcement Directorate and the Income-Tax Department in this regard. What has happened? Recently, PNB found that the SWIFT system had been misused… Continue reading PNB fraud: Need for Banking Sector Reforms in India

Context: The Union Cabinet approved the increase in the target for the Pradhan Mantri UjjwalaYojana, meant to provide cooking-gas connections to rural women, to eight crore from the earlier five crore LPG connections to BPL households. Background: Pradhan Mantri UjjwalaYojana: May 1st, 2016: The Cabinet Committee on Economic Affairs, has approved Pradhan Mantri UjjwalaYojana– Scheme… Continue reading Union budget 2018-19: a cause for women to cheer

Context: The Reserve Bank of India’s monetary policy committee on Wednesday decided to maintain status quo on the policy repo rate as it saw inflationary pressure building up in the economy. Key rates unchanged: The Monetary Policy Committee (MPC) was headed by RBI Governor Urjit Patel . The repo rate remains at 6.0%, the reverse repo at 5.75% and the bank… Continue reading RBI keeps repo rate unchanged

Context: In the General Budget 2018-19, the Government of India announced two major initiatives in health sector, as part of Ayushman Bharat programme. The two initiatives are Health and Wellness Centre and National Health Protection Scheme. Background: 1st February, 2018: The Union Minister for Finance and Corporate Affairs Shri Arun Jaitley presented the General Budget 2018-19… Continue reading Ayushman Bharat programme: a game changer

Context: Income Tax Department is the biggest litigant but loses 85% of cases, according to the Economic Survey. Tax litigation: an overview In March, 2017, there were approximately 1.37 lakh direct tax cases and 1.45 lakh indirect tax cases under consideration by the Income Tax Appellate Tribunal, high courts and Supreme Court. The indirect and… Continue reading Tax litigation in India and its impact on Indian economy

Context: India’s public distribution system (PDS) is in danger of being derailed in several States across the country. Public Distribution System: The Public Distribution System (PDS) evolved as a system for distribution of food grains at affordable prices and management of emergency situations. Public distribution system (PDS) is an Indian food security system. Established by the Government of India under Ministry… Continue reading India’s public distribution system (PDS) is in danger of being derailed in several States:

Context: The Unique Identification Authority of India (UIDAI), which is facing criticism in the light of alleged data breaches, recently, announced a new method of identification called Virtual Identity Introduction: The Unique Identification Authority of India recently introduced the concept of a virtual ID that can be used in lieu of the Aadhaar number at… Continue reading Virtual ID For Aadhaar Authentication

What is a financial firm? Financial firm is an enterprise such as a bank whose primary business and function is to collect money from the public and invest it in financial assets such as stocks and bonds, loans and mortgages, leases, and insurance policies. What is insolvency? Insolvencyrefers to the inability of a person or… Continue reading Financial Resolution and Deposit Insurance Bill, 2017(Comprehensive and Updated)