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Tag Wise Current Affairs
Tag: Miscellaneous
Cabinet approves creation of Agri-Market infrastructure fund
Tags: Miscellaneous
Published on: 07 February 2019
Government constitutes committee to boost domestic manufacturing of aircraft
Tags: Miscellaneous
Published on: 08 February 2019
Bharat 22 ETF subscribed over 10 times
Tags: Miscellaneous, Public Finance
Published on: 15 February 2019
GeM and GS1 India ink MoU to empower buyers to informed choice
Tags: Miscellaneous
Published on: 18 February 2019
NPPA brings 42 non-scheduled cancer drugs under price control
Tags: Miscellaneous
Published on: 28 February 2019
Unorganized sector generates largest number of jobs in India: Oxfam Report
Tags: Miscellaneous, Industries
Published on: 01 April 2019
India notifies tax info exchange pact with Marshall Islands
Tags: Miscellaneous
Published on: 07 June 2019
India to host 3rd International Sunflower Seed and Oil Conference
Tags: Miscellaneous
Published on: 08 July 2019
Government abolishes duty on polyester manufacturing chemical PTA
Tags: Miscellaneous
Published on: 05 February 2020
How pandemic is disrupting demand and supply of loans?
Tags: Miscellaneous
Published on: 02 May 2020
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Agri-Market Infrastructure Fund (AMIF)</strong></span></span></p>
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<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It aims at development and up-gradation of agricultural marketing infrastructure in Gramin Agricultural Markets (GrAMs) and Regulated Wholesale Markets.</span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will provide State/UT Governments subsidized loan for their proposal for developing marketing infrastructure in 585 Agriculture Produce Market Committees (APMCs) and 10,000 GrAMs. </span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">States can also access this fund for innovative integrated market infrastructure projects including Hub and Spoke mode and in Public Private Partnership (PPP) mode. </span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, the disbursal of funds will be dependent on demands and proposals received from the states.</span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Using this fund physical and basic infrastructure will be strengthened in GrAMs using MGNREGA and other Government Schemes.</span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The interest subsidy for this fund will be provided by Department of Agriculture Cooperation & Farmers Welfare to NABARD in alignment with annual budget releases during 2018-19 and 2019-20 as well as upto 2024-25. </span></span></li>
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India is one of fastest growing domestic aviation markets in the world and many airlines have embarked on fleet expansion to cater to the rising passenger traffic.</span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fleet size of domestic airlines is set to increase twofold to 1,100 planes by 2027. This is further expected to increase to 2,359 planes by 2040.</span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currently, Hindustan Aeronautics Limited (HAL) is the only entity that produces aircraft and helicopters for military and non-military purposes.</span></span></li>
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Measures to boost domestic manufacturing of aircrafts</strong></span></span></p>
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<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Government also has formed separate committee of experts to explore manufacturing of aircraft, helicopters and associated equipment within the country.</span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Government is also planning to manufacture Regional Transport Aircraft (RTA) domestically under National Civil Aircraft Development (NCAD) programme.</span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NCAD programme aims at developing of 90-seater aircraft in two phases namely, design and development phase and manufacturing phase.</span></span></li>
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'title' => 'Government to develop National Gas Grid ',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Union Ministry of Petroleum & Natural Gas has envisaged to develop and expand National Gas Grid, by further adding 14,239 km of gas pipeline to country’s existing 16,788 km network. At present about 16,788 Km natural gas pipeline is operational and about 14,239 Km gas pipelines are being developed to increase availability of natural gas across the country.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Background</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">At present share of natural gas in India’s energy mix is just over 6%. Government has set aim to increase its share to 15% for mowing towards gas based economy, while world average is 24%. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">For this, Government is envisaging National Gas Grid focused to increase availability of cleaner cooking fuel such as PNG and transportation fuel (CNG) to all citizens of the country. </span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">National Gas Grid</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"> </p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Objectives </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Remove regional gas and green fuel access imbalances within the country with regard to access to natural gas</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Connect gas sources to major demand centres and ensure assured availability of gas to consumers in various sectors. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Develop City Gas Distribution (CGD) Networks in cities to supply compressed natural gas (CNG) and piped natural gas (PNG).</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Implementing Authority</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Petroleum and Natural Gas Regulatory Board (PNGRB) is nodal authority to authorize to grant authorization to entities for development of CGD network in Geographical Areas (GAs) as per PNGRB Act, 2006</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It identifies GAs for authorizing development of CGD network in synchronization with the development of natural gas pipeline connectivity and natural gas availability. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">After completion of 9th CGD Bidding Round, CGD network will be accessible in 178 GAs covering approximately 280 districts spread over 26 States/UTs.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Benefits</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Its expansion will benefit industrial and commercial units by ensuring uninterrupted supply of natural gas. It will also expand potential coverage of gas pipeline network to about 50% of country’s population, spreading over 35% of area. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It will provide better infrastructure for automobiles using gas. It will also aid in renewing of fertilizer sector and also give a boost to power and automotive sector.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Natural gas </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It is superior fuel as compared with coal and other liquid fuels, as it is safer, cheaper and environment friendly fuel. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It is 60 percent cheaper compared with petrol and around 45 percent cheaper when compared with Diesel. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It can be used in domestic kitchen, transport sector as well as fuel for industries and commercial units. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It can be supplied through pipelines and hence, there is no need to store it in cylinders in kitchen, thus saves space. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It is environment friendly fuel and it can play significant role in reducing carbon emission.</span></span></span></li>
</ul>
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'tag' => 'Miscellaneous',
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'title' => 'Cabinet hikes MSP of Jute',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister has increased Minimum Support Price (MSP) of Raw Jute for 2019-20 season. This decision was taken based on recommendations of Commission for Agricultural Costs and Prices (CACP). Jute Corporation of India (JCI) will continue to act as central nodal agency to undertake price support operations at the MSP in Jute growing states.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Factors taken into considerations</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">CACP, before recommending MSP hike for raw Jute, has taken into account cost of production, overall demand-supply, inter-crop price parity, domestic and international prices.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also took account terms of trade between agricultural and non-agricultural sectors and likely impact of MSP on user industries and minimum 50% as margin over weighted average cost of production.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Impact of increased MSP </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is expected to ensure appropriate minimum prices to farmers </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will yield returns of 55.81% over all India weighted average cost of production. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will step up investment in Jute cultivation and thereby production and productivity in the country.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Jute</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is one of the important natural fibers after cotton in terms of cultivation and usage. It is long, soft, shiny vegetable fiber that can be spun into coarse, strong threads.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It grows in plain alluvial soil and standing water. It is rain-fed crop and monsoon climate is most suitable for growing it. Soft water is necessary for jute production</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Ganges Delta account for almost 85% of world’s jute cultivation. India is largest producer or cultivator of jute in the world (accounting for 60%) followed by Bangladesh and China.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India’s top jute producing states are West Bengal (alone accounts for 50% production) followed by Bihar, Assam and Odisha. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Nearly 40 lakh farmers and 3.7 lakh workers in jute mills are dependent for their livelihood on jute sector.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Government support </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Jute sector in India is predominantly dependent on Government support which purchases jute products more than Rs. 6,500 crores every year.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Government has been making concerted efforts for development of this sector considering dependency large of population for their livelihood on jute sectors. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also has expanded scope of mandatory packaging norms using jute under Jute Packaging Material (JPM) Act, 1987. </span></span></span></li>
</ul>
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(int) 4 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
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'id' => (int) 170,
'title' => 'Bharat 22 ETF subscribed over 10 times',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The second follow-on issue of Bharat 22 Exchange Traded Fund (B22ETF) received about Rs. 40,000 Crore and was subscribed over 10 times of base issue size which was fixed at Rs. 3,500 Crore. Government has decided to retain approximately Rs. 10,000 Crore as its divestment proceeds. Since its launch in November 2017, Government has raised Rs 22,900 crore through B22ETF in two tranches. </span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Bharat 22 Exchange Traded Fund (B22ETF)</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">B22ETF is passively managed fund that tracks S&P BSE Bharat 22 index. ICICI Prudential is its ETF Manager and Asia Index Private Ltd. Is its Index Provider.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was launched by Union Finance Ministry to meet some part of its disinvestment target of Rs. 80,000 Crore in current fiscal. It is second ETF launched by Union Finance Ministry, first was CPSE ETF’s 10. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It has total 22 stocks spread across six sectors viz. basic materials, energy, finance, industrials, FMCG and utilities with 20% cap on each sector and 15% cap on each stock. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is well-diversified ETF as it spans across six sectors. Sector wise weightage is basic materials (4.4%), energy (17.5%), finance (20.3%), FMCG (15.2%), and utilities (20%) and industrials (22.6%).</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It has three stocks of private sector companies viz. Axis Bank, ITC and Larsen & Toubro (L&T), which account for 44% of total investment. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">All other stocks are of public sector entities, including ONGC, IOC, SBI, BPCL, Coal India and Nalco.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The banking segment includes stocks from State Bank of India (SBI), Bank of Baroda (BoB), Axis Bank, Indian Bank, Power Finance Corporation and Rural Electrification Corporation.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The energy segment includes Oil and Natural Gas Corporation (ONGC), Bharat Petroleum (BP), Indian Oil Corporation (IOC) and Coal India Limited (CIL).</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Exchange-traded fund (ETF) </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is essentially index funds that are listed and traded on exchanges like stocks. It is basically basket of securities that are traded, like individual stocks, on an exchange.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Each stock in it is assigned weights that reflects composition of index. It is similar to mutual funds in certain manner but is more liquid as it can be sold quickly on stock exchanges like shares. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Its trading value is based on net asset value of underlying stocks that it represents. Its price changes daily as it is traded throughout day. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It owns underlying assets (shares of stock, bonds, foreign currency, etc.) and divides ownership of those assets into shares.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits:</span></strong><span style="font-family:"Quicksand",serif"> Trading through ETF route is considered as safer mode of disinvestment as it shields investors against stock market volatility. Its shareholders are entitled to proportion of profits, such as earned interest or dividends paid. It enables investors to gain broad exposure to entire stock markets or specific sectors with relative ease.</span></span></span></li>
</ul>
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'metadescription' => 'The second follow-on issue of Bharat 22 Exchange Traded Fund (B22ETF) received about Rs. 40,000 Crore and was subscribed over 10 times of base issue size which was fixed at Rs. 3,500 Crore.',
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(int) 5 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 190,
'title' => 'GeM and GS1 India ink MoU to empower buyers to informed choice ',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">GS1 India has signed Memorandum of Understanding (MoU) with Government e-Marketplace (GeM) to enable GeM's buyers and vendors to provide rich, accurate and standardized information on attributes of products across various categories. This will help in empowering them to take more informed decisions.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Under this MoU</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">GeM will access product data from GS1 India's DataKart, the National repository of information on attributes of millions of retail products in the country. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Every data of products on GeM will be subject to validity checks based on globally accepted GS1 standards. </span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">GS1 India</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is government-industry-ledstandards body registered under Societies Registration Act 1860. <em>It is affiliated with GS1, a not for profit global standards organisation.</em></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was established by Ministry of Commerce and Industry, CII, FICCI, ASSOCHAM, FIEO, IMC, APEDA, Spices Board, IIP and BIS. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It aims to improve efficiency, safety and visibility of supply chains across physical and digital channels through use of global GS1 standards.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">These standards help in strengthening consumer trust and confidence in products they buy by providing them access to trusted product data and empower them to make informed choices.</span></span></span></li>
</ul>
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'metatitle' => 'GeM and GS1 India ink MoU to empower buyers to informed choice ',
'metakeyword' => 'In National Current Affairs, GS1 India has signed Memorandum of Understanding (MoU) with Government e-Marketplace (GeM)',
'metadescription' => 'GS1 India has signed Memorandum of Understanding (MoU) with Government e-Marketplace (GeM) to enable GeM's buyers ',
'author' => 'Nikhil Paigude',
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(int) 6 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
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'title' => 'IWAI launches LADIS portal ',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Inland Waterways Authority of India (IWAI) launched LADIS (Least Available Depth Information System) portal to provide real-time information on available depth on stretches of National Waterways (NWs). Information provided through this portal will help better planning for movement of vessels and ensure optimum use of NWs.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">LADIS Portal </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is hosted on IWAI’s website (<a href="http://www.iwai.nic.in" style="color:#0563c1; text-decoration:underline">www.iwai.nic.in</a>) and has been developed in-house. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will provide details of least available depths (LAD) obtained from respective surveyors and regional incharge deputed with IWAI survey vessels which constantly move on NWs.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Initially, it will provide information only for NW-1, NW-2, Indo-Bagladesh Protocol route and NW-3, along with date of survey. Later it will be expanded to other NWs also.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will facilitate day to day operations of inland vessels plying on NWs and to avoid any hindrance in service and operation. </span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits of LADIS Portal </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will ensure that real-time data on LAD is disseminated for ship/barge and cargo owners so that they can undertake transportation on NWs in more planned way. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will help transporters by guiding them on suitability of time of movement as it will provide assured depth of waterway required for seamless movement of vessels.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enable vessel operators and cargo owners to prepare their sailing plans strictly as per applicable waterways related information (hydrographic survey reports, river Notices etc.).</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enhance credibility and efficiency of information sharing to achieve seamless operations on NWs, besides pre-empting problems that may occur during movement of vessels.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Inland Waterways Authority of India (IWAI)</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is nodal body in charge of development and regulation of inland waterways for shipping and navigation. It functions under Union Ministry of Shipping.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is statutory body established under Inland Waterways Authority of India Act, 1985. It was established in October 1986. It is headquartered in Noida, Uttar Pradesh.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Functions:</span></strong><span style="font-family:"Quicksand",serif"> Build necessary infrastructure in inland waterways, survey economic feasibility of new projects and carry out administration and regulations of these waterways. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Undertake projects for development and maintenance of inland waterways transportation infrastructure on national waterways.</span></span></span></li>
</ul>
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(int) 7 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
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'id' => (int) 281,
'title' => 'NPPA brings 42 non-scheduled cancer drugs under price control',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Drug price regulator National Pharmaceutical Pricing Authority (NPPA) has brought 42 non-scheduled anti-cancer drugs under price control through trade margin rationalisation. In this regard it has invoked extraordinary powers in public interest, under Para 19 of Drugs (Prices Control) Order, 2013.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">NPPA order</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Trade margin of these 42 non-scheduled anti-cancer drugs under price control has been capped up to 30% on selling price (MRP).</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It directs manufacturers to fix their retail price based on price at first point of sale of product of these non-scheduled formulations containing any of 42 drugs.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">These 42 non-scheduled anti-cancer drugs would cover 72 formulations and 355 brands. The revised prices will come into effect from March 8, 2019. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This decision will reduce retail prices of these drugs by up to 85% and entail minimum savings of Rs. 105 crores to consumers. Currently, 57 anti-cancer drugs are under price control as scheduled formulations.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">About National Pharmaceutical Pricing Authority (NPPA)</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is independent regulatory body under Department of Pharmaceuticals, Union Ministry of Chemicals and Fertilizers. It was set up in 1997. It is headquartered in New Delhi.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Mandate:</span></strong><span style="font-family:"Quicksand",serif"> (i) Fix/revise controlled bulk drugs prices and formulations placed in National List of Essential Medicines (NLEM) under Schedule-I of DPCO. (ii) Enforce prices and availability of medicines under DPCO, 2013. (iii) Monitor prices of decontrolled drugs in order to keep them at reasonable levels. (iv) Implements and enforces provisions of DPCO. (v) Recover amounts overcharged by manufacturers for controlled drugs from consumers.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">So far, around 1,000 drugs have been brought under price control under initiative. Non-scheduled drugs are allowed an increase of up to 10% in prices every year, which is monitored by the NPPA.</span></span></span></li>
</ul>
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(int) 8 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 574,
'title' => 'India, US ink pact to check tax evasion by MNCs',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India and United States (US) signed Inter-Governmental Agreement for Exchange of Country-by-Country (CbC) Reports (local filing) to check tax evasion by Multi National Cooperations (MNCs). The agreement aims to ensure that all tax authorities have access to same information about MNC’s value chain and resulting tax consequences. India already has signed Multilateral Competent Authority Agreement (MCAA) for Exchange of CbC Reports with 62 countries/jurisdictions.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong> </strong><span style="font-family:"Quicksand",serif">Features of agreement</span></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enable both countries to automatically exchange CbC Reports filed by parent entities of MNCs in the respective jurisdictions with effect from January 1, 2016.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will also reduce compliance burden by obviating need for Indian subsidiary companies of US MNCs to do local filing of CbC Reports.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is part of base erosion and profit shifting (BEPS) action plan incorporated in Income Tax (IT) Act.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Under IT Act, it is mandatory for Indian subsidiaries of MNCs to provide details of key financial statements from other jurisdictions where they operate.<strong> </strong></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This provides Income Tax (IT) department with better operational view of such companies, primarily with regards to revenue and income tax payment.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Country-by-Country (CbC) Report</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Template for it has been provided in BEPS Action 13 report (Transfer Pricing Documentation and Country-by-Country Reporting).</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It mandates MNCs to report annually and for each tax jurisdiction in which they do business information wrt to revenue and taxation<strong>. </strong>This report is called Country-by-Country (CbC) Report.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This CbC report contains aggregated country-by-country information relating to global allocation of income, taxes paid, and certain other indicators of MNCs.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also contains list of all constituent entities of MNC operating in particular jurisdiction and nature of main business activity of each constituent entity. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The information provided in CbC report enables enhanced level of assessment of tax risk by both tax administrations.</span></span></span></li>
</ul>
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(int) 9 => object(Cake\ORM\Entity) {
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'title' => 'Unorganized sector generates largest number of jobs in India: Oxfam Report',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to Oxfam’s recently released 'Mind The Gap - State of Employment in India' report, in India, largest number of jobs are generated in the unorganized sector. The report also highlights that lack of quality jobs and increasing wage disparity are key markers of inequality in the Indian labour market</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Highlights of report</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Largest number of jobs were generated in the unorganized sector, which highlights questions over India's growth data and not being reflected in the growth of jobs.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Women’s participation:</span></strong><span style="font-family:"Quicksand",serif"> Regressive social norms continue to hamper women's participation in the workforce. On an average, women are paid 34% less than similarly qualified male workers for performing the same tasks. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Women are being left out of economic growth narrative as a consequence of poor policy choices and lack of investment in social security and infrastructure.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Demonitisation:</span></strong><span style="font-family:"Quicksand",serif"> Job generation was adversely impacted after demonetization and hit the women workforce most. There is decline in rural jobs.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Post-demonetisation period also saw drop in households with two or more persons being employed.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Between January and October 2016, 34.8% households saw two or more persons employed. Post-demonetisation, this dropped to 31.8% with women workers becoming the first casualties of job losses.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Social realities:</span></strong><span style="font-family:"Quicksand",serif"> Class and caste still continue to play crucial roles in determining employment for men and women, especially in stigmatised vocations like sanitation, jobs in the leather industry and rag-picking. Discrimination also exists in terms of market participation</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Policy interventions:</span></strong><span style="font-family:"Quicksand",serif"> Economic factors can be improved by way of policy interventions. There is need shift in development focus towards labour intensive sectors to create more jobs and pushes for better work conditions to make jobs more inclusive.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">There is need for higher investments in health and education to improve productivity. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Disparities in education system:</span></strong><span style="font-family:"Quicksand",serif"> Students from state education boards do considerably worse than those of independent national boards that cater to richer, better schools. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Within public education system, there are also glaring inequalities in educational investment.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif"><input alt="" src="https://www.mediafire.com/convkey/a604/tnef4an55i9za3m6g.jpg?size_id=5" style="height:534px; width:632px" type="image" /></span></span></span></li>
</ul>
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(int) 10 => object(Cake\ORM\Entity) {
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'title' => '5,000 millionaires left India in 2018: Report',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">According to Global Wealth Migration Review 2019, about 5,000 Indian high net worth individuals (HNWIs) or 2</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> of India's super rich migrated to other countries in 2018. It was released by Mauritius based AFRASIA Bank.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Report Highlights</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Global migration of HNWIs trend picked up over the last few years. China, Russia and India rank are top three countries seeing exodus of HNWIs worldwide, followed by UK and France. </span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Australia attracted major chunk of super rich immigrant, beating United States to 2nd place. Over 12,000 HNIs moved to Australia since 2008, against 10,000 to USA and 4000 to Canada. </span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">In the last 10 years, China has been best performing country in terms of wealth creation, growing by 130</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">, while India was ranked 4th with 96</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">. Mauritius and Ethiopia were ranked number 2 and 3. </span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">India related facts:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> is among world's top countries in wealth creation since 2008. But it is also losing HNWIs through migration.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">As per projections, India will be 4th largest wealth market by 2028, after US, China and Japan and ahead of UK and Germany.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">But interms of equitable distribution of wealth, 48</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> of India's wealth is concentrated in the hands of HNIs, against a global average of 36</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%.</span></span></span></span></li>
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'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India has notified a tax information exchange agreement (TIEA) with the Marshall Islands. It will enable bilateral sharing of banking information and allow officials of one country to undertake tax examinations in the other. TIEA between India and Marshall Islands for exchange of information with respect to taxes was signed in 2016 at Majuro, the Capital of the Marshall Islands. It was notified by India on May 21, 2019.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Significance</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will enhance mutual cooperation between India and the Marshall Islands. It will provide effective framework for exchange of information on tax matters which will help curb tax evasion and tax avoidance.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Tax information exchange agreement (TIEA) </span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is based on international standards of tax transparency and exchange of information. It enables sharing of information on request. It enables bilateral sharing of information, including banking and ownership information for tax purposes. It also allows officials of one country to undertake tax examinations in the other.</span></span></span></span></p>
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'title' => 'India to host 3rd International Sunflower Seed and Oil Conference',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India will be hosting the 3rd edition of International Sunflower Seed and Oil Conference (ISSOC) 2019 in Maharashtra, Mumbai from July 19 to 20, 2019. The aim of the conference is to encourage better communications among sunflower oil producers, industry groups, academic researchers and local governments.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">ISSOC 2019</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is being organized by International Sunflower Oil Association (ISOA) and hosted by the Solvent Extractors’ Association of India (SEA).</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will see the participation of around 300 delegates from across the world with interests in sunflower seed, oil, and meal.</span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Note:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> The first edition of this conference was held in 2015 at Shanghai, China and 2nd edition in 2017 at Odessa, Ukraine.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India’s consumption of sunflower oil</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Sunflower seed is seen as healthy table-seed and culinary seed having wide applications in variety of food preparations including cakes and pastries. In 2018-19, globally sunflower seed production was at 51.41 million tonnes, sunflower oil at 19.45 million tonnes and sunflower meal at 20.90 million tonnes.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India is the largest importer of sunflower oil with imports of about 2.8 million tonnes. The global imports of sunflower oil is around 9.6 million tonnes. This shows significance of India in global sunflower seed and oil market as every producer or exporting country in the world looks to India for a market.</span></span></span></span></p>
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'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Union Government will kick off 7th Economic Census, a massive exercise aimed to get complete count of all economic units in the country from the north eastern state of Tripura. The census will be conducted by Ministry of Statistics and Programme Implementation (MoSPI) and is being conducted this year after a gap of five years. MoSPI haspartnered with CSC e-Governance services India Ltd (CSC SPV), , a Special Purpose Vehicle (SPV) under Union Ministry of Electronics and Information Technology as the implementing agency to conduct the census. It will be launched in other states/union territories in August and September.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">7th Economic Census</span></span></strong></span></span></p>
<ul>
<li style="text-align: justify;"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will undertake complete count of all establishment located within the geographical boundary of the country. It will help to put in place threshold turnover in monetary terms for households/ establishments for inclusion in the coverage of the Census. </span></span></span></span></li>
<li style="margin-left: 0in; margin-right: 0in; text-align: justify;"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The data will be collected through door to door survey of each household and commercial establishment as per the provisions of Collection of Statistics Act, 2008.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Coverage:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It will cover all establishments including household enterprises, engaged in production or distribution of goods or services in the non-farm agricultural and non-agricultural sector will be counted. It will also identify villages with no economic activity for policy purposes.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Implementing agencies:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Union Ministry of Statistics and Programme Implementation (MoSPI) and CSC e-Governance Services India Limited.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Digital Support:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It will be carried out through an IT-based digital platform for data capture, validation, report generation and dissemination.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">National Business Register:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Economic Census will help to prepare a National Business Register which can be linked with existing databases at the central and state government levels. It will list of all establishments, tagged by geographical location up to village/ward level for local level planning purposes and provide information on number of workers working in establishments (which are under operation), activity-wise and area-wise.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Technical modalities:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Task group comprising representatives from NCAER, EPIC-India, Department of Industrial Policy and Promotion, labour and employment ministry, GST Network, Reserve Bank of India and NITI Aayog, will look at technical modalities related to the conduct of the census.</span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Economic Censuses </span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It was launched in 1976 as a plan scheme. It undertakes complete count of all establishments located within the geographical boundary of the country.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It also provides detailed information on operational and other characteristics such as number of establishments, source of finance, type of ownership, number of persons employed etc.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It covers all entrepreneurial units in the country involved in any economic activities of either agricultural or non-agricultural sector and engaged in production and distribution of goods and or services not for own consumption.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Information gather from this census is used for micro level/ decentralized planning and to assess contribution of various sectors of the economy in the gross domestic product (GDP).</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">So far total Six Economic Censuses (EC) have been conducted till date. The first in 1977, second in 1980, third in 1990, fourth in 1998, fifth in 2005 and sixth edition in 2013.</span></span></span></span></li>
</ul>
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'title' => 'INX media scam',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"> </p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""> Former Finance Minister P Chidambaram was arrested by the Central Bureau of Investigation in relation to the INX Media case. </span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"> </p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">The CBI has registered an FIR alleging irregularities in Foreign Investment Promotion Board (FIPB) clearance given to INX media for receiving funds from abroad to the tune of Rs 305 crores.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">It is alleged that Chidambaram received kick backs and tweaked FDI rules to allow excessive flow of foreign investments into INX media firm.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">According to ED, INX Media was granted permission by the FIPB for FDI inflow amounting to Rs 4.62 crore from three Mauritian companies into INX Media.</span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">Instead of the approved Rs 4.62 crore FDI, INX Media brought in a much larger sum of </span></span></span><span style="font-family:"Times New Roman","serif""><span style="color:#222222">Rs 305 crores.</span></span> <span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">It then went a step further and even brought in downstream investments, clearly violating rules. </span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">To facilitate changes, a bribe of $1 Million was transferred to Karti Chidambaram, son of P.Chidambaram through various foreign banks. The bribe amount was then used to buy various benami properties abroad.</span></span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Foreign Investment Promotion Board (FIPB)</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">The Foreign Investment Promotion Board (FIPB) was a national agency of </span></span></span><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Government of India<span style="color:#222222">, with the remit to consider and recommend </span>foreign direct investment<span style="color:#222222"> (FDI) which does not come under the automatic route.</span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222"> It was housed in the Department of Economic Affairs, Ministry of Finance. FIPB was abolished on 24 May 2017.</span></span></span></span></span></li>
</ul>
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'id' => (int) 2078,
'title' => 'GST collection up by 4.5% in August',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Issue</span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif">The gross GST collection in August, 2019 stood at 98,202 crore, up 4.51% compared to 93,960 crore in the same month last year</span></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif">The GST collection, although higher on year-on-year basis, is still lower than government's expectations of 1 lakh crores.</span></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Background</span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GST collection is a significant part of government’s revenue collection which is estimated to be around Rs 1 lakh crore every month to meet targets.</span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The on going slowdown has reduced the revenue amount from target of Rs 1 lakh crores to Rs 98,202 crores.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Details</span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The total number of summary returns in GSTR 3B forms filed in the month of July upto 31 August was 75.8 lakhs</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Indirect tax collection in the month of August is generally subdued due to seasonality factor and hence may not be considered a reflection of consumption slowdown.</span></span></li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Effects</span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A lower GST mop-up is set to strain government finances and make it difficult to meet fiscal target.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The burden would increase on the Centre for compensating states for revenue shortfall. The pressure on the revenue department could also go up to meet the targets which in turn may result in coercive actions against trade and businesses.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The lower revenue is expected to hamper infrastructural and social reforms intended by the government.</span></span></li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Way Forward</span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">To boost sales and initiate growth the government is expected to resort to rate cuts in some sector such as automobile and consumer goods like biscuits.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">By plugging the leakages the government hopes to increase the revenue amount.</span></span></li>
</ul>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="color:#212121">GST</span></span></span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Goods and Services Tax (GST) is an indirect tax (or consumption tax) imposed in India on the supply of goods and services. It is a comprehensive multistage, destination based tax. It is collected from point of consumption and not point of origin like previous taxes.</span></span></p>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 2113,
'title' => 'India among top 10 countries with Gold reserves',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Issue</span></strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India has overtaken the Netherlands to move into the list of top ten countries in terms of total gold reserves.</span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the World Gold Council, India has gold reserves totalling 618.2 tonnes, which is marginally higher than the Netherlands’ reserves of 612.5 tonnes.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Background</span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s gold reserves have grown substantially in the past couple of decades from 357.8 tonnes in the first quarter of 2000 to the current 618.2 tonnes.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Demand is concentrated among emerging market central banks with diversification being the key driver in the face of ongoing geopolitical and economic uncertainty.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Details</span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the latest release by the World Gold Council, U.S. leads the country list with total gold reserves of 8,133.5 tonnes followed by Germany with 3,366.8 tonnes.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While the IMF is ranked third with a holding of 2,451.8 tonnes, it is followed by countries such as Italy (2,451.8 tonnes), France (2,436.1 tonnes), Russia (2,219.2 tonnes), China (1,936.5 tonnes), Switzerland (1,040 tonnes) and Japan (765.2 tonnes) before India at the 10th spot.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Significance</span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Most central banks are raising their gold holdings as the dollar is strengthening, as they feel the need to diversify their reserves. </span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gold is seen as a better hedge against the dollar than any other currency<span style="font-size:11.5pt"><span style="background-color:white"><span style="font-family:"Arial","sans-serif""><span style="color:black">.</span></span></span></span></span></span></p>
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'keyword' => 'miscellaneous-3',
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'title' => 'Exports to handle economic slowdown',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Slowdown in domestic manufacturing could be negated by fast-tracking exports. As trade windows open due to trade tensions between the U.S. and China, an opportunity is created for Indian exports to the U.S. market.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Ahead of the Union Commerce and Industries Minister’s meeting with exporters and importers on September 11 to discuss trade policy instruments, exporters have flagged certain concerns, saying the government should help build large capacity for exports instead of announcing measures only for the MSME sector.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The CII has said that the exporters were at the mercy of foreign shipping lines in the absence of a national shipping line due to which their profits eroded significantly. A national shipping regulatory body should also be formed to determine freight rates.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Remedial measures are needed to protect the huge employment and investments made in SEZs where many units were finding it difficult to carry on their businesses due to some mid-term policy changes. There is also a suggestion for the government to give a one time I-T exemption.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Measures to boost exports includes “full reimbursement “ of various imposts on exports and relaxed lending norms to improve credit flow to reverse a slide in the growth of outbound shipments.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Way ahead</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For Indian exporters to become competitive, the government needs to ensure that transaction costs are cut drastically, embedded taxes are fully offset, raw materials are made available at reasonable prices and credit is extended at cheaper rates.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Land acquisition needs to be made easier and companies must not be dragged into unnecessary legal hurdles.</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
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'id' => (int) 2214,
'title' => 'Aadhar authentication for GST',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">To keep fake traders at bay, Aadhaar authentication or physical verification will be made mandatory for new traders coming under the Goods and Services Tax regime from January 2020.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Goods and Services Tax is an indirect tax imposed in India on the supply of goods and services. It is a comprehensive multistage, destination based tax.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under the new rule, those who do not prefer Aadhaar authentication, can go for physical verification, which will be carried out in three days. Currently, Aadhaar authentication is optional and no physical verification is required.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GST network is trying to make returns system more simple compared to the earlier one. All types of taxpayers will get a new system under three formats: <strong>Sahaj</strong>, <strong>Sugam </strong>and <strong>Normal.</strong></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Refunding will be made online to bring more transparency and convenience for traders and exporters.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>GST Network</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Goods and Service Tax Network (or GSTN) is a non-profit, non-government organization. It will manage the entire IT system of the GST portal, which is the mother database for everything GST.</span></span></p>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 2242,
'title' => 'India and GSP',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> A group of 44 influential lawmakers has urged the Trump administration to reinstate India’s designation as a beneficiary developing nation under the key GSP trade programme as part of a potential trade deal between the two countries.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Trump administration had terminated India’s designation as a beneficiary developing nation under the Generalized System of Preferences (GSP), which had reduced India’s exports to the US significantly. India was the largest beneficiary of the programme in 2017 with USD 5.7 billion in imports to the US given duty-free status .</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">American businesses and workers have suffered most from GSP termination to date instead of the foreign beneficial country it is alleged.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Despite facing higher tariffs due to lost GSP, imports from India of (previously) GSP-eligible products increased over 40 per cent in June/July 2019 compared to a year earlier. This may be the result of companies shifting sourcing away from China.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Latest data also shows that loss of GSP for India cost American companies about USD 30 million in July.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>GSP</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GSP is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under the GSP programme, nearly 2,000 products including auto components and textile materials can enter the US duty-free if the beneficiary developing countries meet the eligibility criteria established by Congress.</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
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'title' => 'India- USA trade deal fails',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The India-US limited trade agreement that was intended to be signed to prevent on going escalations in tariff war has failed to get through.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The announcement of an agreement was expected to coincide with bilateral meeting between Prime Minister Narendra Modi and President Donald Trump. Trump had announced that a bigger trade deal would be coming into place soon.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Sources have cliamed that the prospects of an agreement faltered due to the failure to reach an agreement on Information and communications technology (ICT) products.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The U.S. has wanted India to eliminate tariffs (20%) on ICT products, but India is concerned that this could open up the market to flooding by Chinese technology.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The U.S. wanted greater access to Indian markets for medical devices, such as stents and knee implants, ICT and dairy products and sought the removal of price caps.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India wanted the reinstatement of preferential market access to U.S. markets under the Generalized System of Preferences (GSP) program, which was revoked in early June.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It had also wanted facilitation of processes in agricultural product markets where it already had access such as easier certification of food product irradiation facilities and greater access in some agricultural markets like table grapes, pomegranates for instance.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Other Issues</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Some of the larger issues for the U.S. include digital trade like for instance regulations around data localization and FDI in e-commerce.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India also continued to appear on U.S.’s “Priority Watch List” this year along with 10 other countries.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The annual list identifies countries which, according to the U.S., pose challenges to American intellectual property rights.</span></span></p>
</li>
</ul>
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(int) 21 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 2384,
'title' => 'India set to lose WTO case',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A WTO dispute settlement panel has upheld a US complaint that export subsidy programmes provided by the Indian government violated provisions of the trade body’s subsidies and countervailing measures (SCM) pact.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In 2018, the US complained that India’s export-related programmes violated Article 3.1(a) of WTO’s SCM agreement. Under Article 3.1, developing countries with gross per capita of $1,000 per annum are not entitled to provide export subsidies that are contingent upon export performance.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The three-member dispute settlement panel has struck down Indian export promotion schemes on the grounds that India is not entitled to provide such subsidies because its per capita gross national product (GNP) has crossed $1,000 per annum.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India will have a month to challenge the ruling before an appellate body, the highest court for global trade disputes. If the appellate body upholds the panel’s ruling, India will be required to discontinue the existing export promotion schemes.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Ruling comes at an opportune time for US, which is piling pressure on New Delhi to open the Indian market for medical products, particularly heart stents and knee implants, dairy items and other products, as part of an interim trade deal.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India had announced it would discontinue export subsidies soon. Despite these pronouncements, the government has continued with export subsidies.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Implications</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The programmes that could be affected are export-oriented units scheme, electronics hardware technology parks scheme, bio-technology parks scheme, merchandise exports from India scheme, export promotion capital goods scheme, special economic zones and duty-free imports for exporters.</span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Export subsidies</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Export subsidy is a government policy to encourage export of goods and discourage sale of goods on the domestic <a href="https://en.wikipedia.org/wiki/Market_(economics)" title="Market (economics)">market</a> through direct payments, low-cost <a href="https://en.wikipedia.org/wiki/Loans" title="Loans">loans</a>, tax relief for exporters, or government-financed international advertising.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An export subsidy reduces the price paid by foreign importers, which means <a href="https://en.wikipedia.org/wiki/Domestic_market" title="Domestic market">domestic</a> consumers pay more than foreign consumers. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The <a href="https://en.wikipedia.org/wiki/World_Trade_Organization" title="World Trade Organization">World Trade Organization</a> (WTO) prohibits most subsidies directly linked to the volume of <a href="https://en.wikipedia.org/wiki/Exports" title="Exports">exports</a>, except for <a href="https://en.wikipedia.org/wiki/Least_Developed_Countries" title="Least Developed Countries">LDCs</a>.</span></span></p>
</li>
</ul>
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(int) 22 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 2416,
'title' => 'GST collection drops',
'description' => '<p><strong>Issue</strong></p>
<p>The revenue collected through GST has dropped for the second consecutive month in September to a 19-month low of Rs. 91,916 crore.</p>
<p><strong>Background</strong></p>
<p>The lower collection of GST has been attributed to lower growth in GDP numbers in the current quarter. This slowdown has impacted consumption pattern of the public and has resulted in lower revenue collection.</p>
<p> </p>
<p><strong>Details</strong></p>
<ul>
<li>
<p>The revenue during September 2019 is 2.67% lower than what was collected in the same month of the previous year.</p>
</li>
<li>
<p>During April-September, the domestic component has grown by 7.82% while the GST on imports has shown negative growth and the total collection has grown by 4.9%.</p>
</li>
<li>
<p>The lower collections is assumed to be low due to the lower GDP growth numbers, as GST is a transaction tax that is immediately impacted by any decline in any economic activity.</p>
</li>
<li>
<p>It has also been observed that drop in State GST collections has been sharper than for central GST (CGST).</p>
</li>
</ul>
<p> </p>
<p><strong>GST</strong></p>
<ul>
<li>
<p>Goods and Services Tax is an indirect tax imposed in India on the supply of goods and services. It is a comprehensive multistage, destination based tax.</p>
</li>
<li>
<p>Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%.</p>
</li>
<li>
<p>Petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments.</p>
</li>
<li>
<p>The single GST subsumed several taxes and levies, which included central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi.</p>
</li>
<li>
<p>India adopted a dual GST model, meaning that taxation is administered by both the Union and state governments. Transactions made within a single state are levied with Central GST (CGST) by the Central Government and State GST (SGST) by the State governments.</p>
</li>
<li>
<p>For inter-state transactions and imported goods or services, an Integrated GST (IGST) is levied by the Central Government.</p>
</li>
</ul>
<p> </p>
<p><strong>Reverse charge Mechanism</strong></p>
<ul>
<li>
<p>Reverse Charge Mechanism (RCM) is a system in GST where the receiver pays the tax on behalf of unregistered, smaller material and service suppliers.</p>
</li>
<li>
<p>The receiver of the goods is eligible for Input Tax Credit, while the unregistered dealer is not.</p>
</li>
</ul>
<p> </p>
<p><strong>Administration</strong></p>
<ul>
<li>
<p>GST Council is the governing body of GST having 33 members and is chaired by the Union Finance Minister.</p>
</li>
<li>
<p>GST Council is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India.</p>
</li>
<li>
<p>The council is headed by the union finance minister and assisted by the finance minister of all the states of India.</p>
</li>
</ul>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 2477,
'title' => 'RCEP deal',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Agriculture<strong> </strong>Minister Narendra Singh Tomar has communicated to Commerce minister Piyush Goyal the importance of protecting farmers’ interests while negotiating the RCEP trade agreement.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">RCEP will remove customs duty on about 80-85% of items. The result will be that Chinese and other cheap goods will flood the Indian market even more. There are some concerns regarding impact of this deal on domestic sectors.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>RCEP</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RCEP (Regional Comprehensive Economic Partnership) is a proposed free trade agreement between India, China, Japan, South Korea, Australia, New Zealand and the ten member-states of the ASEAN (Association of South East Asian Nations) grouping.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Benefits of RCEP</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is expected to provide market access for India’s goods and services exports and encourage greater investments and technology into India. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It would facilitate India’s MSMEs to effectively integrate into the regional value and supply chains.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RCEP would help India streamline the rules and regulations of doing trade, thus reducing the trade costs.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Threats due to RCEP</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Concerns expressed by various industry sectors have been the possibility of large-scale dumping of Chinese goods and the impact on Indian manufacturing.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The effect on Indian agriculture if the domestic market is opened up to dairy and farm produce, especially from Australia and New Zealand.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">RCEP will cause widespread unemployment and reduce the income of rural farmers who will be impacted due to easy goods imports from other countries.</span></span></p>
</li>
</ul>
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(int) 24 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 2496,
'title' => 'Religare fund diversion case',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Religare Enterprises Ltd promoter Shivinder Singh and his brother were arrested by the Delhi Police for alleged diversion of public money for their own benefit.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Enforcement Directorate (ED) had carried out searches<strong> </strong>at the homes of the brothers after revelations from the Mauritius Leaks on their offshore holdings showed great irregularities in their account books.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is alleged that funds were allegedly diverted from REL, a company listed in India, to a Jersey firm that was solely owned by Malvinder Singh and Shivinder Singh, using a web of offshore companies.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The alleged persons had absolute control on Religare Enterprises Limited (REL) and its subsidiaries that put Religare Finvest Limited (RFL) in poor financial condition by way of distributing the loans to the companies having no financial standing and controlled by the alleged persons. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">These companies wilfully defaulted on repayments, causing a loss to RFL to the tune of Rs 2,397 crore to the investors.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Poor financial health of Religare Finvest was to a large extent on account of wilful default on significant unsecured loans, defined for internal purposes as corporate loan book by borrower entities either related, controlled or associated with the promoters.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The loans were given at a non-arms-length basis, which is in violation of corporate governance norms, as well as other regulations for Non-Banking Financial Companies (NBFCs) prescribed by the Reserve Bank of India (RBI).</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 2505,
'title' => 'US-China trade deal',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The United States and China have agreed to the first phase of a deal to end the trade war. This has prompted President Trump to suspend the tariff hikes imposed on China.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This is one of the biggest step toward resolution of a 15-month tariff war between the world's two largest economies that has hit financial markets and slowed global growth.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The accord contains provision for agriculture, currency and some aspects of intellectual property protections, which is expected to normalise relations up to certain extent.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mr. Trump has also agreed not to proceed with a hike in tariffs to 30% from 25% on about $250 billion in Chinese goods that was supposed to have gone into effect.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>US-China tariff wars</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The China–United States trade war was an ongoing economic conflict between the world’s two largest national economies, China and the United States. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">President Donald Trump in 2018 began setting tariffs and other trade barriers on China with the goal of forcing it to make changes to "unfair trade practices".</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Among those trade practices and their effects are the growing trade deficit, the theft of intellectual property, and the forced transfer of American technology to China.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In the United States, the trade war has brought struggles for farmers and manufacturers and higher prices for consumers.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In other countries it has also caused economic damage, though some countries have benefited from increased manufacturing to fill the gaps.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Effect on India</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India could increase its trade footprint in the midst of the US-China trade conflict, particularly under categories on which Washington has imposed tariffs on Beijing.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Diversion in investment flows is an opportunity that India could benefit from, as manufacturers seek alternative origination destinations away from China.</span></span><br />
</p>
</li>
</ul>
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'title' => 'India resumes buying Malaysian palm oil',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Refiners in India have resumed buying Malaysian palm oil after a gap of nearly a month as Kuala Lumpur has been offering a $5 per tonne discount over supplies from rival Indonesia.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Indian refiners stopped purchases from Malaysia last month fearing India could raise import taxes or enforce other measures to curb imports after Kuala Lumpur criticised India for its actions in Kashmir.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The resumption in purchases by India, the biggest buyer of Malaysian palm oil this year, could support Malaysian palm oil prices.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India's top vegetable oil trade body had told members to stop buying palm oil from Malaysia in a call aimed at helping New Delhi punish the country for criticising India over its policy towards Kashmir.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Indonesia</strong> is the world's <strong>biggest producer of palm oil</strong>, followed by Malaysia.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Palm oil accounts for nearly two-thirds of India's total edible oil imports. India buys more than 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>India</strong>, the <strong>world's biggest importer of edible oils</strong>, also buys soya oil from Argentina and Brazil, and sunflower oil from Ukraine.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Other Major imports by India</strong></span></span></p>
<ul>
<li style="list-style-type:none"> </li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Petroleum Oil</strong></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India gets its crude oil from the Middle-East, especially Saudi Arabia and Iraq.</span></span></p>
<ul>
<li style="list-style-type:none"> </li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Precious stones</strong></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Precious stones are imported particularly from African countries.</span></span></p>
<ul>
<li style="list-style-type:none"> </li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Electronics</strong></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">More than half of the shipments of electronics come from China.</span></span></p>
<ul>
<li style="list-style-type:none"> </li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Heavy machinery</strong></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Industrial machines, engines, pumps are imported mainly from Japan and China.</span></span></p>
<ul>
<li style="list-style-type:none"> </li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Organic chemicals</strong></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Fertilizers are imported particularly from USA and Europe.</span></span></p>
<ul>
<li style="list-style-type:none"> </li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Plastics</strong></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Most of the imported plastics come from western countries.</span></span></p>
<ul>
<li style="list-style-type:none"> </li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Animal and vegetable oil</strong></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Malaysia and Indonesia are major exporters to India.</span></span></p>
<ul>
<li style="list-style-type:none"> </li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Iron and steel</strong></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Japan, China and South Korea export Iron and steel products to India.</span></span></p>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 2829,
'title' => 'Patenting in India',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Industrial leaders have argued that Indian patenting environment needs revamp if innovation in Science and technology has to develop more than competitors, China and the USA.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In 2008, India had filed 750 global patents, when China had 6,000, and the U.S. had 53,000 patents. In the next 10 years, that’s in 2018, the U.S. had only 56,000 patents, but China had 60,000 patents and India just 2,100 patents.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Patent laws in India</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The principal law for patenting system in India is the Patents Act, 1970. Initially, according to the provisions of this law no product patent but only process patents could be granted for inventions relating to food, drugs and chemicals. However, since 2005 product patenting is allowed in India.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Intellectual Property Rights</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Intellectual property is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. </span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Types of Intellectual Property Rights</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A <strong>patent </strong>is a form of right granted by the government to an inventor or their successor-in-title, giving the owner the right to exclude others from making, using, selling, offering to sell, and importing an invention for a limited period of time, in exchange for the public disclosure of the invention</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A<strong> copyright</strong> gives the creator of an original work exclusive rights to it, usually for a limited time. Copyright may apply to a wide range of creative, intellectual, or artistic forms, or "works". Copyright does not cover ideas and information themselves, only the form or manner in which they are expressed it is necessary to recognize and respect the intellectual creations of a creator.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An <strong>industrial design</strong> right protects the visual design of objects that are not purely utilitarian. An industrial design consists of the creation of a shape, configuration or composition of pattern or color, or combination of pattern and color in three-dimensional form containing aesthetic value. An industrial design can be a two- or three-dimensional pattern used to produce a product, industrial commodity or handicraft.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Plant breeders' rights</strong> or plant variety rights are the rights to commercially use a new variety of a plant. The variety must amongst others be novel and distinct and for registration the evaluation of propagating material of the variety is considered.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A <strong>trademark</strong> is a recognizable sign, design or expression which distinguishes products or services of a particular trader from similar products or services of other traders.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A <strong>trade secret</strong> is a formula, practice, process, design, instrument, pattern, or compilation of information which is not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors and customers. </span></span></p>
</li>
</ul>
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(int) 28 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 3123,
'title' => 'GST council adds lotteries in 28% tax bracket',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GST council has voted for inclusion of lotteries in 28% tax bracket under the GST regime during a meeting. </span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There have been widespread concerns about the shortfall in tax revenue at a time of economic slowdown and lower consumption. In the first eight months of this financial year, only about 50% of GST collection targets and 60% of compensation cess collection targets have been achieved.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">With regard to lotteries, there is a dual rate regime at present, with state-run lotteries taxed at 12%, while state-authorised lotteries (run by private players) face a 28% tax rate.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Other decisons</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Council decided to waive the late fee for GSTR-1 taxpayers who have not filed returns from July 2017 to November 2019 if all the returns are filed by January 10, 2020.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Council has decided that all entities with 20% ownership by central or state governments will be exempt from GST payable for long-term land leases from January 1, 2020.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>GST council</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">GST Council is the governing body of GST having 33 members, out of which 2 members are of centre and 31 members are from 29 state and 3 Union territories with legislation.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The council is headed by the union finance minister Nirmala Sitharaman assisted with the finance minister of all the states of India.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GST council is responsible for any revision or enactment of rule or any rate changes of the goods and services in India.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The council contains the following members (a) Union Finance Minister (as chairperson) (b) Union Minister of States in charge of revenue or finance (as member) (c) the ministers of states in charge of finance or taxation or other ministers as nominated by each states government (as member). </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">GST Council is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India. </span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 3127,
'title' => 'National Company Law Tribunal',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The NCLAT restored Cyrus Mistry as the Executive Chairman of the Tata Group. This judgement renders N. Chandrasekaran's appointment as Executive Chairman of the company illegal.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The National Company Law Tribunal had previously dismissed Mistry’s legal action on the grounds that such cases, brought by investors, require a minimum shareholding condition to be met.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>NCLT</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The <strong>National Company Law Tribunal</strong> is a <strong>quasi</strong>-<strong>judicial</strong> body in India that adjudicates issues relating to Indian companies.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The tribunal was established under the Companies Act 2013 and was constituted on 1 June 2016 by the government of India and is based on the recommendation of the Justice Jain committee on law relating to insolvency and winding up of companies.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The tribunal has <strong>sixteen</strong> benches, six at <strong>New Delhi</strong> (one being the principal bench) and two at <strong>Ahmedabad</strong>, one at <strong>Allahabad</strong>, one at <strong>Bengaluru</strong>, one at <strong>Chandigarh</strong>, two at <strong>Chennai</strong>, one at <strong>Cuttack</strong>, one at <strong>Guwahati</strong>, three at <strong>Hyderabad</strong> of which one is at <strong>Amaravathi</strong>, one at <strong>Jaipur</strong>, one at <strong>Kochi</strong>, two at <strong>Kolkata</strong> and five at <strong>Mumbai</strong>.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Decisions of the tribunal may be appealed to the <strong>National Company Law Appellate Tribunal</strong>, the decisions of which may further be appealed to the Supreme Court of India on a point of law.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Functions</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">All proceedings under the Companies Act, including proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of companies shall be disposed of by the National Company Law Tribunal. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NCLT bench is chaired by a Judicial member who is supposed to be retired/Serving High Court Judge and a Technical member who is from Indian Corporate Law Service, ICLS Cadre.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The National Company Law Tribunal is the adjudicating authority for insolvency resolution process of companies and limited liability partnerships under the Insolvency and Bankruptcy Code, 2016.</span></span></p>
</li>
</ul>
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(int) 30 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 3190,
'title' => 'Two slab GST envisioned',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Government think-tank NITI Aayog Member Ramesh Chand has made a case for only two slabs under the Goods and Services Tax (GST) regime as against the current multiple slabs.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GST, which replaced almost all the indirect taxes, came into force on July 1, 2017 and the tax rates have been revised several times since then.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currently, there are four GST rate slabs, 5%, 12%, 18% and 28%. Several items fall in the exempt or nil duty category. Besides, cess is also levied on five goods.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Besides frequent demand for reduction in the rates on various goods and services, there has also been expectations for a slash in the number of tax slabs.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The focus should be on steady increase in revenue collection from the new indirect tax regime rather than tinkering with rates.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong> Benefits of lesser tax slabs in GST system</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Reduced confusion</strong></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Since the tax slabs will be reduced significantly, there will be less confusion among business fraternity regarding the tax rates while filing returns.</span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Boost consumption</strong></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Lowering the tax slabs will reduce the rates on certain fast moving consumer goods. This will in turn boost consumption and growth.</span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Easy estimation</strong></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Now that the slabs are reduced, there will be better chance for government to predict revenue estimation from GST as chances for going wrong will be low.</span></span></p>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 3328,
'title' => 'India plans to cut palm oil imports from Malaysia',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Indian Ministry of Commerce and Industry has issued a notification declaring that the import of refined palm oil “is amended from 'Free' to 'Restricted.'</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The move is said to be retaliation against top supplier Malaysia after its criticism of India's actions in Kashmir and a new citizenship law.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India's restrictions on imports of refined palm oil will lead to a price war between the world's two biggest suppliers of the commodity, Indonesia and Malaysia.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">New Delhi had earlier informally asked palm oil refiners and traders to avoid buying Malaysian palm oil. The decision to restrict all imports of refined palm oil is also likely to boost business for Indian refiners of the vegetable oil.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Palm oil is crucial for the Malaysian economy as it accounts for 2.8 per cent of gross domestic product and 4.5 per cent of total exports. State-owned and private Malaysian refineries will likely have to scramble to find new buyers for their refined product.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Palm oil accounts for nearly two-thirds of India's total edible oil imports. The country buys more than 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia. Indonesia is the world's biggest producer of palm oil, followed by Malaysia.</span></span></p>
</li>
</ul>
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(int) 32 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 3367,
'title' => 'China removed from list of currency manipulators',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Trump administration is dropping its designation of China<strong> </strong>as a currency manipulator in advance of the January 15 signing of a Phase 1 U.S.-China trade agreement.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The preliminary pact that the two sides are set to sign includes a section that’s intended to prevent China from manipulating its currency to gain trade advantages.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Even while removing China from its currency black list, the Treasury Department does name China as one of 10 countries it says require placement on a watch list that will mean their currency practices will be closely monitored.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In addition to China, the countries on that monitoring list are Germany, Ireland, Italy, Japan, South Korea, Malaysia, Singapore, Switzerland and Vietnam.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The administration had dropped China’s designation as a currency manipulator because of commitments in the Phase 1 trade agreement that President Donald Trump is to sign with China .</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The initial decision to brand China as a manipulator had come in a surprise announcement in August which reversed a Treasury finding in May that no country was manipulating its currency. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The initial decision to brand China as a manipulator had come in a surprise announcement in August which reversed a Treasury finding in May that no country was manipulating its currency. </span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Currency manipulation</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central bank weakens its own currency to subsidize exports and raise the price of imports, sometimes by as much as 30-40%, and it is thereby a method of protectionism. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currency manipulation is not necessarily easy to identify and some people have considered quantitative easing to be a form of currency manipulation.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currency manipulation has a disproportionate effect on the secondary sector of the economy and lobbyists of the U.S. manufacturing sector have regularly referred to China as a currency manipulator.</span></span></p>
</li>
</ul>
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(int) 33 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 3537,
'title' => 'Economic survey and its importance',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">One day before the Union budget, the Chief Economic Adviser (CEA) of the country releases the Economic Survey. The Economic Survey for 2019-2020 will be tabled in Parliament on January 31.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Economic Survey is a report the government presents on the state of the economy in the past one year, the key challenges it anticipates, and their possible solutions.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The document is prepared by the Economic Division of the Department of Economic Affairs (DEA) under the guidance of the CEA, currently Dr Krishnamurthy Subramanian.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For the past few years, the Economic Survey has been presented in two volumes. For example, in 2018-19, while Volume 1 focussed on research and analysis of the challenges facing the Indian economy, Volume 2 gave a more detailed review of the financial year, covering all the major sectors of the economy.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Importance</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Economic Survey is a crucial document as it provides a detailed, official version of the government’s take on the country’s economic condition. It can also be used to highlight some key concerns or areas of focus.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government is not constitutionally bound to present the Economic Survey or to follow the recommendations that are made in it.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">But while the Centre is not obliged to present the Survey at all, it is tabled because of the significance it holds.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Expectations from the 2020 survey</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Economic Survey ahead of the Union Budget is expected to offer key insights into the path ahead for the government to revive growth.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Survey is expected to shed light on the crucial gaps that the Budget will aim to fill in terms of unemployment, private investment, and a slump in consumption.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The dilema of remaining fixated on deficit targets or making a concerted push towards more expenditure to kickstart growth is one of the key challenges the government is facing.</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 3581,
'title' => 'Government abolishes duty on polyester manufacturing chemical PTA',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Domestic manufacturers of polyester have called the move of abolishing duty on PTA chemical a huge relief for the industry, claiming they had been fighting to remove the duty for four-and-a-half years.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During her Budget speech, Finance Minister Nirmala Sitharaman said the government was abolishing in public interest an anti-dumping duty that was levied on imports of a chemical called PTA.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>PTA</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Purified Terephthalic Acid</strong> (PTA) is a crucial raw material used to make various products, including polyester fabrics. PTA makes up for around 70-80% of a polyester product and is, therefore, important to those involved in the manufacture of man-made fabrics or their components.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This includes products like polyester staple fibre and spun yarn. Our cushions and sofas may have polyester staple fibre fillings. Some sportswear, swimsuits, dresses, trousers, curtains, sofa covers, jackets, car seat covers and bed sheets have a certain proportion of polyester in them.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">PTA is a raw material for many of the industries. There has been persistent demand that they should be allowed to source that particular product at an affordable rate, even if it means importing it.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Easy availability of this critical input at competitive prices was desirable to unlock immense potential in the textile sector, seen as a significant employment generator.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The duty had meant importers were paying an extra $27-$160 for every 1,000 kg of PTA that they wanted to import from countries like China, Taiwan, Malaysia, Indonesia, Iran, Korea and Thailand. Removing the duty will allow PTA users to source from international markets and may make it as much as $30 per 1,000 kg cheaper than now.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Reason for anti-dumping duty</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The anti-dumping duty on PTA was imposed after two domestic manufacturers, MCC PTA India Corp Pvt Ltd and Reliance Industries Ltd, approached the Directorate General of Trade Remedies (DGTR) in October 2013.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The companies had argued that some countries had been exporting the product to India at prices lower than its value in their own domestic markets. This dumping of PTA into the Indian market had a significant adverse impact on the domestic industry, they argued.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The polyster manufacturing companies had alleged that the product’s cost had become more expensive domestically, which made their own products pricier and less attractive for their domestic and international buyers.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Anti-dumping duties</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An anti-dumping duty is a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dumping is a process where a company exports a product at a price lower than the price it normally charges in its own home market.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The World Trade Organization does not regulate the actions of companies engaged in dumping, but instead focuses on how governments can or cannot react to dumping.</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 3769,
'title' => 'India-US bilateral trade',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">President Donald Trump announced that India and the United States will be making a very major trade deal, and that the countries were in the early stages of discussion for an incredible trade agreement to reduce barriers of investment.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The current balance of trade, which is tilted in India’s favour, has long been a sore point with Trump, who has described India as a “tariff king”.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">US-India goods trade in 2018 is worth $87.9 billion and India is US’s ninth largest goods trading partner. US goods exports to India $33.5 billion and goods imports from India $54.3 billion (2018). The deficit stands at $25.2 billion.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Total US-India trade in services is $54.8 billion. US services exports $25.2 billion and services imports from India $29.6 billion (2018).</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">1,97,000 American jobs are supported by US exports of goods and services to India.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Top US exports to India</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Precious metal and stone (diamonds) $7.9 billion</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mineral fuels $6.7 billion</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Aircraft $2.9 billion</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Machinery $2.2 billion</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Organic chemicals $1.6 billion</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Top US imports from India</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Precious metal and stone (diamonds) $11 billion</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Pharmaceuticals $6.3 billion</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Machinery $3.3 billion</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mineral fuels $3.2 billion</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Vehicles $2.8 billion</span></span></p>
</li>
</ul>
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(int) 36 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 3942,
'title' => 'Circuit breaker in stock market',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The indexes plunged more than 10 per cent each day earlier and a circuit breaker was triggered for the first time since 2009 halting trading for 45 minutes.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Bombay Stock Exchange (BSE) experienced the second biggest single-day fall in its history as it fell by 8.2 per cent, slightly lower than the 11 per cent fall it saw during the 2008 financial crisis.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The New York Stock Exchange (NYSE) said that safeguards in the US stock market are working as planned, after a seven per cent drop in the S&P 500 led to a 15-minute halt in trading as circuit breakers were triggered.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">These declines came amid the <a href="https://indianexpress.com/article/explained/this-word-means-coronavirus-6210554/">coronavirus</a> outbreak, due to which several countries have shut their borders affecting airlines, tourism and the hospitality sectors and has led to a scare among market participants worldwide.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Circuit breakers are triggered to prevent markets from crashing, which happens when market participants start to panic induced by fears that their stocks are overvalued and decide to sell their stocks.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In June 2001, the Securities and Exchange Board of India (SEBI) implemented index-based market-wide circuit breakers.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This index-based market-wide circuit breaker system applies at three stages of the index movement, at 10, 15 and 20 per cent. When triggered, these circuit breakers bring about a coordinated trading halt in all equity and equity derivative markets nationwide.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For instance, if the S&P BSE Sensex were to fall more than 10 per cent before 1 pm on a given day, circuit breakers would be triggered for a period of 45 minutes; in case it fell more than 15 per cent on or after 2 pm, circuit breakers would be triggered for the remainder of the day and in case it fell more than 20 per cent at any time of the day, the trading would be halted for the remainder of the day.</span></span></p>
</li>
</ul>
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(int) 37 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 4227,
'title' => 'Dollar swap agreement',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India is working with the United States to secure a dollar swap line that would help in better management of its external account and provide extra cushion in the event of an abrupt outflow of funds.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India already has a $75 billion bilateral currency swap line with Japan, which has the second highest dollar reserves after China. The Reserve Bank of India also offers similar swap lines to central banks in the SAARC region within a total corpus of $2 billion.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While India is largely expected to tide over any challenge posed by continued outflows of funds from the markets, a swap line with the US Federal Reserve provides additional comfort to the forex markets. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Foreign institutional investors (FIIs) have been large sellers in the Indian equity and debt markets in March and April so far, as concerns over the economic effects of the COVID-19 pandemic has hit investor sentiment.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Even as the stock markets have seen a pullback from earlier low levels, there is apprehension that the economic impact of COVID-19 will last for a significant length of time, and there is unlikely to be any V-shaped recovery in the economy or in the financial markets.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Despite the slump in global crude oil prices and reduction in imports due to the pandemic outbreak, a sharp outflow of funds resulting from foreign portfolio investors (FPIs) looking for safer havens amidst the current global uncertainty, has pulled down India’s foreign exchange reserves.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In a swap arrangement, the US Fed provides dollars to a foreign central bank, which, at the same time, provides the equivalent funds in its currency to the Fed, based on the market exchange rate at the time of the transaction. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The parties agree to swap back these quantities of their two currencies at a specified date in the future, which could be the next day or even three months later, using the same exchange rate as in the first transaction.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">These swap operations carry no exchange rate or other market risks, as transaction terms are set in advance. The absence of an exchange rate risk is the major benefit of such a facility.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The Fed already has permanent swap arrangements with the Bank of Canada, the Bank of England, the European Central Bank, the Bank of Japan, and the Swiss National Bank. Other large economies including India, China, Russia, Saudi Arabia and South Africa currently do not have a currency swap line with the US.</span></span></p>
</li>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 4277,
'title' => 'Ways and Means Advances',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Reserve Bank of India (RBI) announced a 60% increase in the Ways and Means Advances (WMA) limit of state governments over and above the level as on March 31, with a view to enabling them “to undertake COVID-19 containment and mitigation efforts” and “to better plan their market borrowings”.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Ways and Means Advances (WMA) window is intended only to tide over temporary mismatches in cash flow of receipts and payments.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">WMA is a facility for both the Centre and states to borrow from the RBI. These borrowings are meant purely to help them to tide over temporary mismatches in cash flows of their receipts and expenditures.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Section 17(5) of the RBI Act, 1934 authorises the central bank to lend to the Centre and state governments subject to their being repayable “not later than three months from the date of the making of the advance”.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The interest rate on WMA is the RBI’s repo rate, which is basically the rate at which it lends short-term money to banks. That rate is currently 4.4%. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The governments are, however, allowed to draw amounts in excess of their WMA limits. The interest on such overdraft is 2 percentage points above the repo rate, which now works out to 6.4%. Further, no state can run an overdraft with the RBI for more than a certain period.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For the Centre, the WMA limit during the first half of 2020-21 (April-September) has been fixed at Rs 120,000 crore. This is 60% higher than the Rs 75,000 crore limit for the same period of 2019-20. The limit for the second half of the last fiscal (October-March) was Rs 35,000 crore. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For the states, the aggregate WMA limit was Rs 32,225 crore till March 31, 2020. On April 1, the RBI announced a 30% hike in this limit, which has now been enhanced to 60%, taking it to Rs 51,560 crore.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Reasons for increasing WMAs</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The lockdown has resulted in revenues drying up, and it is the states that are actually feeling the heat. With economic activity at a near standstill, there is hardly any money coming in from GST, petroleum products, liquor, motor vehicles, stamp duty or registration fee. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">At the same time, the states are also incurring the bulk of the on-the-ground expenditures for combating the novel coronavirus. These extend not only to purchases of testing kits, personal protective equipment and ventilators or deployment of healthcare and police personnel, but even to providing food, shelter and other relief measures to those worst hit by the lockdown.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">In a scenario where their expenses are real, mounting and cannot be deferred, even as revenues are collapsing and uncertain, the states are facing an unprecedented cash crunch. Most of them have resorted to slashing expenditures of other departments in order to meet COVID-19 exigencies, with some even deferring or cutting salaries of employees. </span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
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'title' => 'Facebook -Reliance Jio deal significance',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Facebook’s purchase of a nearly 10% stake in Reliance Industries’ digital business unit Jio Platforms brings one of the world’s largest Internet companies on the table with India’s largest telecom player.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The deal pushes the Indian conglomerate ahead in its plans of de-leveraging its balance sheet while accelerating the launch of its new commerce business.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This not only marks Facebook’s long-pending formal entry into India’s telecom sector but also catapults it to a place among the biggest foreign investors in India’s technology space.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Reliance Industries Chairman Mukesh Ambani had said the group had prepared a roadmap for becoming a zero net-debt company within 18 months. The Facebook deal significantly contributes to that plan by paring about Rs 43,574 crore from its outstanding debt as of September 2019 of Rs 2.92 lakh crore. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The other primary contributors to the debt-reduction plan will be a potential $15 billion (around Rs 1.05 lakh crore) deal with Saudi Aramco for a 20% stake in Reliance Industries’ refining and petrochemicals business and Rs 7,000 crore from a 49% sale in its fuel retail joint-venture to British firm BP. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Experts have said the arrangement among Reliance Retail, Jio Platforms and Facebook-owned WhatsApp to offer consumers the ability to access the nearest kiranas, or grocery stores.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This can provide products and services to their homes by transacting with JioMart using WhatsApp and has come at a very opportune time. WhatsApp boasts 400 million users in India. Further, using WhatsApp’s base also allows Reliance Retail to promote its services to users of Jio’s rival telecom players.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The partnership with Reliance could also help Facebook navigate the regulatory environment in India, where it has had several skirmishes with the authorities, including for its major initiatives such as WhatsApp Pay.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The deal also marks Facebook’s entry among elite investors in India’s technology space, joining the likes of SoftBank, Amazon and Google that have together poured in billions of dollars in Indian tech startups and their own ventures over the years. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Prior to Jio Platforms, Facebook had invested around $20-25 million in social commerce platform Meesho in 2019, and participated in a $110 million funding round for edu-tech company Unacademy earlier this year.</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
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'title' => 'Why crude oil is cheaper but not petrol?',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On 1 March, petrol sold at ?71.71 a litre in Delhi. On 6 May, it sold at an almost similar price of ?71.26 a litre. Yet, the price of the Indian basket of crude more than halved from $50.90 a barrel on 2 March to $23.04 a barrel on 4 May. </span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. A type of fossil fuel, crude oil can be refined to produce usable products such as gasoline, diesel, and various other forms of petrochemicals.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Centre’s collection of excise duty and goods and services tax (GST) fell drastically as production and consumption of goods and services slid because of the lockdown. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">State governments’ collection of taxes on petrol, diesel and alcohol, and stamp duty on real estate transactions also fell. This left the governments with little option but to increase taxes on fuel.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The base price of petrol as of 1 March was ?32.61 a litre. It has since fallen to ?17.96 a litre, reflecting the fall in oil prices. However, between then and now, the central government has increased the excise duty on petrol by 65%, from ?19.98 a litre to ?32.98 a litre, primarily on account of the rise in special additional excise duty and additional excise duty (road and infrastructure cess). </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This apart, the Delhi government has increased the value-added tax (VAT) on petrol from 27% to 30%. As a result, taxes on the commodity have jumped from ?35.23 a litre to ?49.42 a litre.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In March, the retail selling price of petrol in Delhi was 120% more than its base price. Now it is 297% higher than its base price. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The case with diesel is similar. Between March and May, the central government increased the excise duty on diesel by 101%, from ?15.83 a litre to ?31.83 a litre.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">This tells us that the central government does not expect tax collections from excise duty on goods other than petrol and diesel, GST as well as income tax, individual and corporate, to match what it has budgeted for this fiscal. Hence, this massive increase in excise duties on petrol and diesel.</span></span></p>
</li>
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(int) 41 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 4417,
'title' => 'How pandemic is disrupting demand and supply of loans?',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Despite the Reserve Bank of India’s repeated efforts to bring down the interest rate in the economy as well as provide more money to the financial system, banks have not been extending more loans to the broader economy.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RBI has made it cheaper for the banks to borrow from it, by reducing the repo rate by 185 basis points since February 2019. Further, it has made it less remunerative for banks to park their funds with the RBI by cutting the reverse repo rate by 225 basis points.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Banks had parked close to Rs 7 lakh crore with the RBI. Essentially, banks have decided to even park the deposits that they get with the RBI instead of lending to either retail customers or businesses.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There are several sectors of the economy such as the micro, small and medium enterprises (MSMEs) that are facing acute shortage of funds especially in the wake of the COVID-19-induced economic disruption.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Credit growth to businesses was already struggling for the last several years. Most of the momentum to credit growth was coming from loans retail customers were taking. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">These were typically being taken by individuals buying homes, personal cars, and other consumer durables like televisions, refrigerators etc.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Even before the COVID-19 disruption in the past couple of months, demand for loans had already plummeted among businesses in the 2019-20 financial year. Retail loan growth also suffered a bit as the economy slowed down.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Crisil Research estimates that while demand for new loans would remain anaemic among the business, retail loans, which were pushing up the total credit growth rate, will fall to their lowest growth rate in a decade.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Demand for most commodities for which individuals would have typically taken a retail loan is likely to fall sharply. In terms of financing penetration, almost all commercial vehicles are financed, as are 75% of all passenger vehicles, and almost every second home (new units); this dip in demand completely shuts off the demand for retail loans.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Simply put, banks are increasingly risk-averse. Moreover, they do not know which firm will survive the COVID-19 disruption and which will flounder. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The irony is that banks may be willing to give loans to the bigger firms but these companies do not need new loans because they already have excess capacity while smaller firms, which are in dire need of funds, appear too risky for banks’ appetite.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The regulatory forbearance, in the form of a three-month-long moratorium on paying back loans, has made it difficult for banks to assess which firms are poor are managing their business and finances in this period.</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 4984,
'title' => 'Stamp duty on mutual funds',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had introduced changes to the Stamp duty Act last year by introducing a uniform rate of stamp duty on trading of shares and commodities.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The stamp duty will be applicable on all transactions, including shares, debt instruments, commodities and all categories of mutual fund schemes.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">All shares and mutual fund purchases will attract a stamp duty of 0.005 percent and any transfer of security (MF units) will attract a stamp duty of 0.015 percent.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While all categories of mutual funds (except for ETFs) will attract stamp duty for the first time, shares purchased by individuals at stock exchanges were charged stamp duty at different rates by respective states.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As for mutual funds, it will be applicable on all fresh purchases, including the fresh monthly purchases in previously registered Systematic Investment Plans. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will also be applicable if investors switch from one scheme to another and also in case of dividend reinvestment transactions. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Transfer of units from one demand account to another, including market/off-market transfers, will also attract stamp duty.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Impact on investors</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The impact on long-term investments by retail investors is nominal. Since the stamp duty will be charged as a one-time charge, if an investor invests Rs 1 lakh in a mutual fund scheme or in a stock and holds it for two years, he will have to pay a duty of only Rs 5. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, the impact is higher for investors with short-term investment horizons such as banks and corporates who invest in liquid and overnight schemes of mutual funds. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While the one-time charge is only 0.005 percent, if an investor has only a one-month investment horizon, the annualised cost would rise to 0.06 percent. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In case the investment horizon is one week, the annualised impact cost would be 0.26 percent and on a one-day investment horizon, the cost works out to 1.82%.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will also impact share purchases by individuals in several states where the rates earlier were lower than the new uniform rate of 0.005 percent.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Benefits to the government</strong></span></span></p>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">In the financial year 2019-20, the mutual fund industry mobilised aggregate funds of over Rs 188 lakh crore. If the industry continues to mobilise funds to the tune of Rs 190 lakh crore or higher, it will generate revenues of nearly Rs 1,000 crore for the government from mutual fund transactions itself.</span></span></p>
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'title' => 'China’s role in India’s silk weaving industry',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">At a time when Chinese goods are frowned upon, there is one industry that will simply come to its knees without its primary raw material from China – India’s silk weaving industry.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nearly 80 percent of the silk threads that weavers use across the country come from China. Of the rest, 10 percent comes from Karnataka and the rest from Bihar and Assam. </span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In India, there are primarily four types of silk thread sources – domestic, which include mulberry and eri, and wild that includes tussar and muga.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">With the dependence on Chinese silk threads, the Benarasi silk sari has taken a different shine and no longer holds the heaviness that came with pure zari. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Silk weaving across the country today, from Salem and Erode to West Bengal, Rajasthan and Varanasi all depend on China for its threads.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The difference in quality between Chinese threads and threads from Karnataka is in the finish and thickness. Reeling is how the raw silk filaments are drawn out from the cocoon. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The machines in India do not give the smoothness or the shine that Chinese threads have. This leads to thicker threads which can be used on handlooms, but not on the warp in power loom because of the speed with which the yarn is woven — and the chances of the breaking are greater.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The cost of Chinese silk threads is almost the same as that from Karnataka, which is anywhere between Rs 3,500 to Rs 5,000 per kg. However, with locally-made threads, there is 25 percent wastage after washing the threads.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">While Chinese silk threads are widely used, our own home-grown eri, tussar and khadi silk can be promoted and the cocoons made more accessible to weavers across the country.</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 4948,
'title' => 'Impact of banning Chinese imports in India',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Following the recent clashes with Chinese troops in Ladakh, there has been a growing clamor in the country to boycott goods from the neighboring country.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The development has caused an alarm among various industry bodies that are concerned about the adverse impact in the event of a blanket ban on exports in several sectors.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Industry associations, from pharmaceuticals to telecommunications and automobiles, are of the view that a “knee-jerk” offensive against <a href="https://indianexpress.com/article/world/china-coronavirus-tracker-region-wise-cases-and-deaths/">China</a> till alternative vendors are finalised or domestic capacities are built will hurt the economy, including the country’s exports.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">China accounts for a sizable portion of India’s top imports, especially where intermediate products or components and raw materials are concerned. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It has also been the top exporter of products like electrical machinery, equipment, and their parts, nuclear reactors, organic and inorganic chemicals, fertilizers as well as vehicles, their parts, and accessories.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">China also accounts for 45 percent of India’s total electronics imports. A third of machinery and almost two-fifths of organic chemicals that India purchases from the world come from China.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Automotive parts and fertilizers are other items where China’s share in India’s import is more than 25 percent. Several of these products are used by Indian manufacturers in the production of finished goods.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Even as an export market, China is a major partner for India. At $15.5 billion, it is the third-largest destination for Indian shipments. At the same time, India only accounts for a little over two percent of China’s total exports.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nearly $3.6 billion worth of ingredients that Indian drug-makers import to manufacture several essential medicines, China catered to around 68 percent. India is considered one of the largest pharma industries in the world and accounts for a considerable portion of imports of finished formulations by other large economies like the US.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An analysis shows that countries like the US, Vietnam, Japan, Mexico, and certain European countries could be tapped as alternate import sources for some critical electronic, vehicular, and pharmaceutical components as well.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government’s focus is expected to help ministries handhold industries where self-reliance needs to be built.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">While an increase in tariff can be one way to achieve import substitution, the more effective strategy would be to provide an ecosystem that addresses the cost disability of Indian manufacturing leading to such imports.</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 5072,
'title' => 'Market rebound',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Undeterred by the pandemic, projections of an economic contraction, and border tensions, India’s stock markets have staged a remarkable rebound.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Markets in India are broadly mirroring the trend elsewhere, effectively highlighting the disconnect between financial markets and the real economy across the world.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Investors appear to be focusing on the easing of some short-term tail risks, and placing their bets on central banks’ return to monetary-policy easing, ignoring the economic slump and the rise in global poverty.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The big concern is the unrealistic valuations, given that FY21 is a washout in terms of earnings for companies across sectors.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There are also red flags regarding fresh non-performing assets for banks, which may begin to show up after the moratorium period ends on August 31. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Experts feel that a lag in an economic revival, demand in the economy, and reinstatement of income levels may lead to stress in all segments — corporates, MSME, and retail in the quarter ended December 2020.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The near 40% gain in India’s benchmark indices — BSE and NSE — since the March 23 low came even as retail investor sentiment was weak and individuals held on to cash amid uncertainty.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While the gains in stock markets worldwide have been puzzling, there are some answers. The first is the ample liquidity in the market.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Reserve Bank of India cut its key policy rate by 115 basis points over the last three months and announced a liquidity injection of around Rs 8 lakh crore in the financial markets since its first announcement on March 27.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Some participants feel that a near halt in real estate investments and an increase in household savings on account of the COVID-19-related uncertainty has also been instrumental in money finding its way into the stock market.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">On the economy front, a better-than-expected revival in automobile sales in June over May, faster recovery in rural India, and expectations of a good monsoon has fuelled the bull run.</span></span></p>
</li>
</ul>
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(int) 46 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 5204,
'title' => 'Increasing gold prices',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">After over nine years, gold prices hit Rs 50,000 per 10 grams<strong> </strong>in India, the world’s second-largest gold consumer after China.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> The host of factors like global uncertainties triggered by COVID pandemic, weak dollar, low-interest rates, and stimulus programmes have increased the appetite for gold.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Though equity markets around the world rebounded sharply from their March lows, the high level of uncertainty surrounding the Covid-19 pandemic and the ultra-low interest rate environment supported strong flight-to-quality flows. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Like money market and high-quality bond funds, gold benefited from investors’ need to reduce risk, with the recognition of gold as a hedge fund that led to its increased demand.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gold is an integral part of wedding ceremonies in India and is traditionally used as a hedge against inflation and considered as a safe haven<strong> </strong>for investors during periods of uncertainties. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Whenever stock markets, real estate, and bonds fall across the world, investors turn to gold to park their funds. The fall in the value of other asset classes and global uncertainties in the wake of Covid-19 helped gold climb to a record high. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A key factor behind this robust performance is that the supply growth of gold has changed little over time, increasing by approximately 1.6 percent per year over the past 20 years.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gold, established as an investment, a reserve asset, and an adornment, is highly liquid, no one’s liability, carries no credit risk, and is scarce, historically preserving its value over time.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">With prices on the rise, investors have embraced gold in 2020 as a key portfolio hedging strategy. Regardless of the recovery type, the pandemic will likely have a lasting effect on asset allocation.</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 4446,
'title' => 'Contribution of excise tax to economy',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Following the easing of restrictions in the third phase of the nationwide lockdown, some of the cities showed long queues outside liquor stores around the country. </span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Manufacture and sale of liquor is one of the major sources of state revenue, and the reopening comes at a time when the states have been struggling to fill their coffers amid the disruption on account of the lockdown.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Liquor contributes a considerable amount to the exchequers of all states and Union Territories except Gujarat and Bihar, both of which have enforced prohibition. Generally, states levy excise duty on manufacture and sale of liquor. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Some states, for example Tamil Nadu, also impose VAT (value added tax). States also charge special fees on imported foreign liquor; transport fee; and label & brand registration charges. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A few states, such as Uttar Pradesh, have imposed a “special duty on liquor” to collect funds for special purposes, such as maintenance of stray cattle.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Reports show that a state excise duty on liquor is the second or third largest contributor to the category State’s Own Tax revenue; sales tax (now GST) is the largest. This is the reason states have always wanted liquor kept out of the purview of GST.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The states collected about Rs 12,500 crore per month from excise on liquor in 2018-19, which rose to about Rs 15,000 crore per month in 2019-20, and which was further expected to cross Rs 15,000 crore per month in the current financial year. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During that financial year, the five states that collected the highest revenue from excise duty on liquor were Uttar Pradesh (Rs 25,100 crore), Karnataka (Rs 19,750 crore), Maharashtra (Rs 15,343.08 crore), West Bengal (Rs 10,554.36 crore) and Telangana (Rs 10,313.68 crore).</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">With Bihar and Gujarat having prohibited liquor, Bihar had ‘nil’ revenue from liquor in 2018-19 and 2019-20, while Gujarat’s liquor revenue was negligible. Andhra Pradesh too announced prohibition last year; however, sale of the liquor has been allowed with “prohibition tax”.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The states’ revenues comprise broadly two categories — Tax Revenue and Non-Tax Revenue. Tax revenue is divided into two further categories: State’s Own Tax Revenue, and Share in Central Taxes. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Again, Own Tax Revenue comprises three principal sources: Taxes on Income (agricultural income tax and taxes on professions, trades, callings and employment); Taxes on Property and Capital Transactions (land revenue, stamps and registration fees, urban immovable property tax); and Taxes on Commodities and Services (sales tax, state sales tax/VAT, central sales tax, surcharge on sales tax, receipts of turnover tax etc).</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">According to the RBI report, in 2019-20, state GST had the highest share, 43.5%, in states’ Own Tax Revenue, followed by Sale Tax at 23.5% (mainly on petroleum products which are out of GST), state excise at 12.5%, and taxes on property and capital transactions at 11.3%.</span></span></p>
</li>
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(int) 48 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
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'id' => (int) 5480,
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'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Prime Minister, while addressing the Confederation of Indian Industry (CII) annual meeting this year, urged those present to think big and partner with the government in putting India on the path to growth.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There is much that can be achieved if government and industry work towards the same objective, and in a spirit of mutual trust.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Employment is one such area. There are three problems we must address: Labour regulation, living conditions for migrant labour in cities, and the strength of our rural economy.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Labour regulation must start with a clear-eyed recognition of facts. We have stringent labour laws to protect workers, but this covers only the formal sector, which is less than 15 per cent of employment. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The 85 per cent of our workforce who are informally employed, meanwhile, have almost no protection, and employers have almost complete flexibility.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Living conditions in our cities is the second challenge. India is unique in having 70 per cent of our population still residing in rural areas. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">We must encourage the migration of people to higher productivity occupations in our cities. And we must ensure that clean, affordable and accessible housing is available for all in our cities.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Reverse migration is also an opportunity to collaborate in spreading the geography of development. We have long had policies aimed at getting firms to invest in less-developed districts and the government has an ambitious goal of doubling farmer’s incomes.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">But the gap between the richest (urban) and poorest (rural) districts in the country still keeps growing. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The easiest way to grow farmer incomes is by having them grow more value-added crops. The Atmanirbhar agricultural reforms, which permit contract farming, and open up agricultural markets, are major medium-term reforms. Implemented right, they can transform agricultural markets.</span></span></p>
</li>
</ul>
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(int) 49 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 5553,
'title' => 'Rupee gains',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The rupee rose nearly two percent to 73.40 against the US dollar last week as foreign portfolio investors (FPIs) pumped more money into Indian markets and the Reserve Bank of India refrained from intervening in the foreign exchange market.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">FPIs have bought Rs 46,602 crore worth of shares so far in August, the highest monthly inflow in calendar year 2020. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">FPIs are making use of the interest rate differential to bring in dollars. Dollar inflows into the stock market and gains in other Asian currencies boosted the rupee’s value. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The US Federal Reserve’s recent policy shift towards hotter inflation could further boost inflows and boost the rupee’s value.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Globally, risk sentiments have strengthened on aggressive stimulus by the US Fed and there have been sharp inflows into the stock market.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RBI which bought $ 59.74 billion of forex reserves since April 1 this year to boost the country’s reserves did not intervene in the market to prevent the rupee appreciation in the bygone week.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">When the RBI buys dollars, it releases equivalent amount in the rupees into the system which, in turn, could put pressure on inflation and yields.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The US Federal Reserve recently signalled a major shift in its approach to managing inflation in a bid to aid the country’s economy’s recovery. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The new policy will allow the bank to keep interest rates lower for longer, stimulating growth to help tackle unemployment. The Fed move will lead to more capital flows to emerging markets like India.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Gold prices, which had recently retreated from the all-time high levels, rebounded as traders began to incorporate the Fed’s new policy which is focused on inflation. </span></span></p>
</li>
</ul>
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'title' => 'India’s forex reserves shooting up',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s foreign exchange reserves jumped by a record $11.9 billion in the week ending July 31 to hit a fresh high of $534.5 billion, making it the fifth-largest holder of reserves in the world.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">At a time when the economy is under stress and the growth is expected to contract in 2020-21, the rising forex reserves have come as a breather as it can cover India’s import bill of more than one year.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During the 10-month period between September 27, 2019 and July 31, 2020, the foreign exchange reserves have swelled by $100 billion.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In ten months India has added 25 percent of the reserves it had till September 20, 2019. India is now fifth in global ranking behind China ($ 3,298 billion), Japan ($ 1,383 billion), Switzerland ($ 896 billion), and Russia ($ 591 billion).</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government’s decision to reverse its budget decision relating to higher surcharge impact on FPIs along with a cut in the corporate tax rate in September played a significant role in turning the investor's mood and draw them to invest in the Indian economy and markets.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Reserve Bank functions as the custodian and manager of forex reserves and operates within the overall policy framework agreed upon with the government.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Reasons for increase in forex</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The rise in foreign exchange inflows has been through Foreign portfolio investment (FPI) and Foreign Direct Investment (FDI and has also been supported by decline in import bill over the last 4-5 months on account of dip in crude prices and trade impact following Covid-19 pandemic.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s oil import bill declined as the global spread of coronavirus since February 2020 not only roiled the stock markets but also led to a crash in the Brent crude oil prices.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Lockdown across countries in response to Covid-19 pandemic impacted global trade and has resulted in a sharp dip in import expenditure — electronics, gold, and also crude oil prices among others.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gold which was a big import component for India witnessed a sharp decline in the quarter ended June 2020 following the high prices and the lockdown induced by the Covid-19 pandemic.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Importance of forex</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It’s a big cushion in the event of any crisis on the economic front and enough to cover the import bill of the country for a year. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The rising reserves have also helped the rupee to strengthen against the dollar. The foreign exchange reserves to GDP ratio is around 15 percent. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Reserves will provide a level of confidence to markets that a country can meet its external obligations, demonstrate the backing of domestic currency by external assets, assist the government in meeting its foreign exchange needs and external debt obligations and maintain a reserve for national disasters or emergencies. </span></span></p>
</li>
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'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India is facing a structural demand problem. This challenge has aggravated over the past few months as jobs have been lost and incomes have collapsed.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Boosting demand, in particular domestic demand, is critical for an economic revival as external demand is likely to remain muted.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s growth story has been driven by demand generated by those who are at the top of India’s socio-economic pyramid, but that has now plateaued.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">One option is to turn to those at the bottom of the pyramid who have a high marginal propensity to consume. However, realising the untapped demand potential of this group requires enhancing their incomes and earnings.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Structural change that allows for productivity increase in the informal sector increases the incomes of low-wage workers.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An effective intervention in this context would be to ensure a decent minimum wage for those who are the bottom of the distribution — the casual labour. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This, in turn, will help set a higher wage floor for others engaged in low-paid work, including regular informal workers, thereby enhancing their earnings.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is important that minimum wages are paid in public workfare programs too, in particular MGNREGA works, which involve the employment of unskilled labour.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The minimum wage can be linked to the consumption expenditure of the relatively better-off group of workers, that is, the regular formal workers in some manner. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">This would create not just a dynamic linkage with the consumption of the better-off workers, but will also allow for the updating of the minimum wage every year.</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 5420,
'title' => 'Outflow in equity funds',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">After over four years, equity mutual funds have witnessed their first monthly outflow as investors pulled out a net Rs 2,480 crore in July, even as the benchmark indices rose around 7.5 per cent.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While the industry continued to see positive inflows following the spread of the Covid-19 pandemic and the sharp decline in the market, the net outflow reflects growing concern among investors over cash flows.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">When the markets witnessed sharp falls, investors continued with their investments and equity schemes witnessed net inflows of over Rs 10,000 crore in each of those two months.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Over the next four months, the reality of the crisis started to hit investor incomes and their capacity to invest, even as the markets started to recover, the fragility of the economy notwithstanding.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In April, net equity inflows fell to Rs 6,212 crore, and in May and June, it came down to Rs 5,256 crore and just Rs 240 crore respectively. And in July, inflows turned into net outflows as the industry saw redemptions overtaking gross inflows.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The net outflow in July is the result both of a fall in inflows from investors, and profit-booking by existing investors following the recovery in the markets.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Investors anticipating a decline in corporate performance and the general economy seem to have booked profits when the market recovered in July.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There is stress among a big section of investors, both salaried and self-employed, who are witnessing a decline in their income levels, and that is forcing them to stop their investments in equity mutual funds. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A good chunk of money is now going into fixed deposits of banks, despite the fall in interest rates. This could be an indication that investors are looking for safety of their capital in uncertain times.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Equity funds</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An equity fund is a mutual fund that invests principally in stocks. It can be actively or passively (index fund) managed. Equity funds are also known as stock funds.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Equity funds are ideal investment vehicles for investors that are not as well-versed in financial investing or do not possess a large amount of capital with which to invest. Equity funds are practical investments for most people.</span></span></p>
</li>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 5604,
'title' => 'Stock market margin norms',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The stock markets implemented a transparent and stringent mechanism of collecting 20 percent upfront margin on cash market transactions and tightened the pledging system to protect the interests of investors.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Though the new rules have created some teething troubles, such as arranging margins and settlement delays, the situation is expected to become normal in a few days.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Market regulator Sebi did not have any margin requirement for cash market transactions so far, but now clients will have to give 20 per cent of the cost of the shares and it will be applicable to buying and selling of securities. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The margins from clients were required only in the futures & options segment till last year and cash margins were not demanded from clients.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Earlier it was adjusted by brokers. While Sebi tightened the margins norms due to the misuse of securities by unscrupulous brokers in the industry, the new norms have created new challenges for the brokers. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Investors had lost crores of rupees in the unauthorized pledging of shares by Karvy. The Karvy issue forced the regulator to tighten the pledging system. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">They used to take out money from clients’ accounts and adjust for other clients’ requirements. Sebi rules say a client can pledge securities with a trading member, who will in turn re-pledge the same with the clearing member.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The clearing member will re-pledge the same to Clearing Corporation (CC). At the same time, shares will remain in the demat account of the client and the complete trail of pledging process will be registered in the demat account of the client. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The 20 percent upfront margin collection will help in orderly movement of the stock markets which had witnessed excessive speculation in the last couple of months.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The tightening of the pledging system will make investors’ money safer and lead to more transparency and less manipulation.</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 5677,
'title' => 'GST shortfall borrowing by states',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Covid pandemic has played havoc with the economy. Revenue streams of the government, the private sector and individuals have been severely impacted while the expenditure is shooting up with a rise in commitments.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">One significant area of loss of revenue to both the Centre and the states is GST. But while the states have the comfort of assured 14 per cent growth through the compensation mechanism, the Centre has no such guarantee.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Compensation Act mandates compensating the states for revenue loss on GST implementation from the Compensation Fund.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In case the amount in the GST Compensation Fund falls short of the compensation payable, the GST Council shall decide the mode of raising additional resources including borrowing from the market.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Additional resources could be raised by increasing the tax or the cess but in the present difficult times it would not be advisable to raise the burden of either the tax or the cess.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Financially imprudent for the Centre to borrow since large borrowings by the Centre would push up the bond yield rates, which in turn would push up the bond yield of the states setting off a spiral leading to hike in the interest rates for businesses and individuals.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The Centre has already breached the budgeted borrowing limits for the current year in the first four months itself. It makes sense for the states to borrow.</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 5693,
'title' => 'SEBI’s multicap directive for mutual funds',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The latest directive by the Securities and Exchange Board of India (Sebi) slapping limits on stock market investments of multi-cap schemes of mutual funds have upset their plans on investments.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Sebi has specified that the minimum investment in equity and equity-related instruments of large, mid, and small cap companies in multi-cap schemes should be 25 per cent each of total assets under management of the scheme. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">So, if a multi-cap scheme of a fund house has an AUM of Rs 10,000 crore, it will have to invest at least Rs 2,500 crore each in the three categories of stocks. The fund manager is free to invest the remaining Rs 2,500 crore in any category they want.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While Sebi guidelines said that multi-cap funds should invest at least 65 percent into equity and equity-related instruments, the fund managers were free to allocate the money into large, mid or small caps.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mutual funds were getting decent returns by investing in large-cap stocks, which were leading the Sensex rally in the last two years. On the other hand, mid and small cap stocks fared rather poorly when compared to large stocks. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Their returns may come down also or the schemes may carry higher risk. Mid and small caps don’t offer the desired comfort level to fund managers.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The companies that are ranked 101-250 are mid cap and the 251st company onwards comes under small-cap companies. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The categorisation has been done to ensure uniformity in respect of the investment universe for equity schemes. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mutual funds have been focusing on the top 100 large-caps as many of them are good performers and give decent returns to investors.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Since a lot of the rebalancing will result into funds moving out of large-cap companies to mid-cap and small-cap companies, this is expected to resulting into a decline in share prices of some large-cap companies.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Mutual Fund</strong></span></span></p>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">A mutual fund is a company that pools money from many investors and invests the money in securities such as stocks, bonds, and short-term debt. The combined holdings of the mutual fund are known as its portfolio. Investors buy shares in mutual funds.</span></span></p>
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(int) 56 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
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'title' => 'UP’s big film city plan',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Uttar Pradesh Chief Minister Yogi Adityanath has unveiled an ambitious plan to set up a “film city” and invited the film fraternity to come to the state.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Adityanath had announced that the country’s “biggest and most beautiful film city” would be set up in Gautam Budh Nagar district.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While there is excitement about the project, with government officials indicating that it is intended also to create employment opportunities in the state, this isn’t the first time that a government of UP has attempted to woo the film industry to set up base in the state. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Over the past few years, UP has offered financial incentives up to Rs 2 crore to attract filmmakers to the state. The scripts of these films are approved by the state government, and these movies have to fulfill certain criteria under the existing state film policy.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under the policy, a film made in Awadhi, Braj, Bundeli or Bhojpuri, can get up to 50 per of the cost of the film as subsidy, and up to 25 percent of the cost if it is made in Hindi, English or any other language.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This subsidy is subject to a maximum limit of Rs 1 crore if at least 50 percent of the shooting has been done in the state, and Rs 2 crore if two-thirds of the film is shot in UP.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The policy also provides for additional incentives if the director shoots a second or third film as well in the state; in such cases, the subsidy ceiling can go up to Rs 2.50 crore provided two-thirds of the shooting days are in the state for the third of successive movie of the same director or producer.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">If five main artistes in the film belong to Uttar Pradesh, an additional subsidy of Rs 25 lakh is given by the state towards wages; in case all artistes are from the state, the producer can be given up to Rs 50 lakh.</span></span></p>
</li>
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<li>
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<li>
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<li>
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</li>
<li>
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</li>
<li>
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about Biodiversity', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'cacategories' } ] $breadcrumb = [ (int) 0 => [ 'name' => 'Home', 'link' => 'https://currentaffairs.studyiq.com/' ], (int) 1 => [ 'name' => 'Miscellaneous', 'link' => 'https://currentaffairs.studyiq.com/tags/miscellaneous-3' ] ] $currentaffairs = [ (int) 0 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 87, 'title' => 'Cabinet approves creation of Agri-Market infrastructure fund ', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Cabinet Committee of Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi approved creation of Agri-Market Infrastructure Fund (AMIF) to upgrade and develop rural markets for agricultural goods. It will have corpus of Rs. 2000 crore with National Bank for Agriculture and Rural Development (NABARD).</span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Agri-Market Infrastructure Fund (AMIF)</strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It aims at development and up-gradation of agricultural marketing infrastructure in Gramin Agricultural Markets (GrAMs) and Regulated Wholesale Markets.</span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will provide State/UT Governments subsidized loan for their proposal for developing marketing infrastructure in 585 Agriculture Produce Market Committees (APMCs) and 10,000 GrAMs. </span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">States can also access this fund for innovative integrated market infrastructure projects including Hub and Spoke mode and in Public Private Partnership (PPP) mode. </span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, the disbursal of funds will be dependent on demands and proposals received from the states.</span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Using this fund physical and basic infrastructure will be strengthened in GrAMs using MGNREGA and other Government Schemes.</span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The interest subsidy for this fund will be provided by Department of Agriculture Cooperation & Farmers Welfare to NABARD in alignment with annual budget releases during 2018-19 and 2019-20 as well as upto 2024-25. </span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'cabinet-approves-fund-for-agri-market', 'image' => 'https://www.mediafire.com/convkey/fb34/qpztbc9sr9fzppr6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/fb34/qpztbc9sr9fzppr6g.jpg', 'metatitle' => 'Cabinet approves creation of Agri-Market infrastructure fund', 'metakeyword' => 'National Current Affairs, Agri Market Infrastructure Fund, NABARD, APMCs, GrAMs, Cabinet Committee of Economic Affairs, Cabinet Decisions, ', 'metadescription' => 'Cabinet Committee of Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi approved creation of Agri-Market Infrastructure Fund (AMIF)', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/m3yqy2g6g5ibt83/current_affair_9.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 1 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 99, 'title' => 'Government constitutes committee to boost domestic manufacturing of aircraft', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Government has decided to set up committee for development of regional transport aircraft for commercial use in the country. The committee will be tasked with creation of a special purpose vehicle (SPV) for development of regional transport aircraft. This is part of road map being prepared by Central Government to boost domestic manufacturing of aircraft.</span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India is one of fastest growing domestic aviation markets in the world and many airlines have embarked on fleet expansion to cater to the rising passenger traffic.</span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fleet size of domestic airlines is set to increase twofold to 1,100 planes by 2027. This is further expected to increase to 2,359 planes by 2040.</span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currently, Hindustan Aeronautics Limited (HAL) is the only entity that produces aircraft and helicopters for military and non-military purposes.</span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Measures to boost domestic manufacturing of aircrafts</strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Government also has formed separate committee of experts to explore manufacturing of aircraft, helicopters and associated equipment within the country.</span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Government is also planning to manufacture Regional Transport Aircraft (RTA) domestically under National Civil Aircraft Development (NCAD) programme.</span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NCAD programme aims at developing of 90-seater aircraft in two phases namely, design and development phase and manufacturing phase.</span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'govt-forms-panel-on-regional-transport-plane', 'image' => 'https://www.mediafire.com/convkey/bb27/lfgt9ggo84vozlt6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/bb27/lfgt9ggo84vozlt6g.jpg', 'metatitle' => 'Govt. forms panel on regional transport planes', 'metakeyword' => 'Economy Current Affairs, National Civil Aircraft Development programme, NCAD programme, Regional Transport Aircraft, Civil Aviation Sector, ', 'metadescription' => 'Government has decided to set up committee for development of regional transport aircraft for commercial use in the country', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/pc755tnqjsz85uw/8_FEB_Government_constitutes.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 2 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 132, 'title' => 'Government to develop National Gas Grid ', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Union Ministry of Petroleum & Natural Gas has envisaged to develop and expand National Gas Grid, by further adding 14,239 km of gas pipeline to country’s existing 16,788 km network. At present about 16,788 Km natural gas pipeline is operational and about 14,239 Km gas pipelines are being developed to increase availability of natural gas across the country.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Background</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">At present share of natural gas in India’s energy mix is just over 6%. Government has set aim to increase its share to 15% for mowing towards gas based economy, while world average is 24%. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">For this, Government is envisaging National Gas Grid focused to increase availability of cleaner cooking fuel such as PNG and transportation fuel (CNG) to all citizens of the country. </span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">National Gas Grid</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"> </p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Objectives </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Remove regional gas and green fuel access imbalances within the country with regard to access to natural gas</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Connect gas sources to major demand centres and ensure assured availability of gas to consumers in various sectors. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Develop City Gas Distribution (CGD) Networks in cities to supply compressed natural gas (CNG) and piped natural gas (PNG).</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Implementing Authority</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Petroleum and Natural Gas Regulatory Board (PNGRB) is nodal authority to authorize to grant authorization to entities for development of CGD network in Geographical Areas (GAs) as per PNGRB Act, 2006</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It identifies GAs for authorizing development of CGD network in synchronization with the development of natural gas pipeline connectivity and natural gas availability. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">After completion of 9th CGD Bidding Round, CGD network will be accessible in 178 GAs covering approximately 280 districts spread over 26 States/UTs.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Benefits</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Its expansion will benefit industrial and commercial units by ensuring uninterrupted supply of natural gas. It will also expand potential coverage of gas pipeline network to about 50% of country’s population, spreading over 35% of area. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It will provide better infrastructure for automobiles using gas. It will also aid in renewing of fertilizer sector and also give a boost to power and automotive sector.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Natural gas </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It is superior fuel as compared with coal and other liquid fuels, as it is safer, cheaper and environment friendly fuel. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It is 60 percent cheaper compared with petrol and around 45 percent cheaper when compared with Diesel. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It can be used in domestic kitchen, transport sector as well as fuel for industries and commercial units. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It can be supplied through pipelines and hence, there is no need to store it in cylinders in kitchen, thus saves space. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It is environment friendly fuel and it can play significant role in reducing carbon emission.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'govt-develop-national-gas-grid ', 'image' => 'https://www.mediafire.com/convkey/b6f1/70907j4kfu6dluh6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/b6f1/70907j4kfu6dluh6g.jpg', 'metatitle' => 'Government to develop National Gas Grid ', 'metakeyword' => 'In National Current Affairs, Ministry of Petroleum & Natural Gas has envisaged to develop and expand National Gas Grid, by further adding 14,239 km of gas pipeline to country’s existing 16,788 km network.', 'metadescription' => 'Union Ministry of Petroleum & Natural Gas has envisaged to develop and expand National Gas Grid, by further adding 14,239 km of gas pipeline to country’s existing 16,788 km network.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/2u2ybfh23xfowd4/12feb_Government_to_develop.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 3 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 158, 'title' => 'Cabinet hikes MSP of Jute', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister has increased Minimum Support Price (MSP) of Raw Jute for 2019-20 season. This decision was taken based on recommendations of Commission for Agricultural Costs and Prices (CACP). Jute Corporation of India (JCI) will continue to act as central nodal agency to undertake price support operations at the MSP in Jute growing states.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Factors taken into considerations</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">CACP, before recommending MSP hike for raw Jute, has taken into account cost of production, overall demand-supply, inter-crop price parity, domestic and international prices.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also took account terms of trade between agricultural and non-agricultural sectors and likely impact of MSP on user industries and minimum 50% as margin over weighted average cost of production.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Impact of increased MSP </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is expected to ensure appropriate minimum prices to farmers </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will yield returns of 55.81% over all India weighted average cost of production. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will step up investment in Jute cultivation and thereby production and productivity in the country.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Jute</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is one of the important natural fibers after cotton in terms of cultivation and usage. It is long, soft, shiny vegetable fiber that can be spun into coarse, strong threads.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It grows in plain alluvial soil and standing water. It is rain-fed crop and monsoon climate is most suitable for growing it. Soft water is necessary for jute production</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Ganges Delta account for almost 85% of world’s jute cultivation. India is largest producer or cultivator of jute in the world (accounting for 60%) followed by Bangladesh and China.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India’s top jute producing states are West Bengal (alone accounts for 50% production) followed by Bihar, Assam and Odisha. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Nearly 40 lakh farmers and 3.7 lakh workers in jute mills are dependent for their livelihood on jute sector.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Government support </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Jute sector in India is predominantly dependent on Government support which purchases jute products more than Rs. 6,500 crores every year.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Government has been making concerted efforts for development of this sector considering dependency large of population for their livelihood on jute sectors. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also has expanded scope of mandatory packaging norms using jute under Jute Packaging Material (JPM) Act, 1987. </span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'cabinet-hikes-msp-jute', 'image' => 'https://www.mediafire.com/convkey/1cfa/9zlh2qaqkaq61eh6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/1cfa/9zlh2qaqkaq61eh6g.jpg', 'metatitle' => 'Cabinet hikes MSP of Jute | Cabinet hikes MSP | Study IQ', 'metakeyword' => 'In National Current Affairs, Cabinet Committee on Economic Affairs , CCEA chaired by Prime Minister increased Minimum Support Price of Raw Jute for 2019-20 season. ', 'metadescription' => 'Cabinet Committee on Economic Affairs chaired by Prime Minister has increased Minimum Support Price (MSP) of Raw Jute for 2019-20 season. ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/j234fbikcezskm8/14_FEB_Cabinet_hikes_MSP.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 4 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 170, 'title' => 'Bharat 22 ETF subscribed over 10 times', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The second follow-on issue of Bharat 22 Exchange Traded Fund (B22ETF) received about Rs. 40,000 Crore and was subscribed over 10 times of base issue size which was fixed at Rs. 3,500 Crore. Government has decided to retain approximately Rs. 10,000 Crore as its divestment proceeds. Since its launch in November 2017, Government has raised Rs 22,900 crore through B22ETF in two tranches. </span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Bharat 22 Exchange Traded Fund (B22ETF)</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">B22ETF is passively managed fund that tracks S&P BSE Bharat 22 index. ICICI Prudential is its ETF Manager and Asia Index Private Ltd. Is its Index Provider.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was launched by Union Finance Ministry to meet some part of its disinvestment target of Rs. 80,000 Crore in current fiscal. It is second ETF launched by Union Finance Ministry, first was CPSE ETF’s 10. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It has total 22 stocks spread across six sectors viz. basic materials, energy, finance, industrials, FMCG and utilities with 20% cap on each sector and 15% cap on each stock. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is well-diversified ETF as it spans across six sectors. Sector wise weightage is basic materials (4.4%), energy (17.5%), finance (20.3%), FMCG (15.2%), and utilities (20%) and industrials (22.6%).</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It has three stocks of private sector companies viz. Axis Bank, ITC and Larsen & Toubro (L&T), which account for 44% of total investment. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">All other stocks are of public sector entities, including ONGC, IOC, SBI, BPCL, Coal India and Nalco.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The banking segment includes stocks from State Bank of India (SBI), Bank of Baroda (BoB), Axis Bank, Indian Bank, Power Finance Corporation and Rural Electrification Corporation.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The energy segment includes Oil and Natural Gas Corporation (ONGC), Bharat Petroleum (BP), Indian Oil Corporation (IOC) and Coal India Limited (CIL).</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Exchange-traded fund (ETF) </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is essentially index funds that are listed and traded on exchanges like stocks. It is basically basket of securities that are traded, like individual stocks, on an exchange.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Each stock in it is assigned weights that reflects composition of index. It is similar to mutual funds in certain manner but is more liquid as it can be sold quickly on stock exchanges like shares. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Its trading value is based on net asset value of underlying stocks that it represents. Its price changes daily as it is traded throughout day. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It owns underlying assets (shares of stock, bonds, foreign currency, etc.) and divides ownership of those assets into shares.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits:</span></strong><span style="font-family:"Quicksand",serif"> Trading through ETF route is considered as safer mode of disinvestment as it shields investors against stock market volatility. Its shareholders are entitled to proportion of profits, such as earned interest or dividends paid. It enables investors to gain broad exposure to entire stock markets or specific sectors with relative ease.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'bharat-22-etf-subscribed-over-10-times', 'image' => 'https://www.mediafire.com/convkey/88d7/55ar26rsff46tmr6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/88d7/55ar26rsff46tmr6g.jpg', 'metatitle' => 'Bharat 22 ETF subscribed over 10 times | Study IQ', 'metakeyword' => 'In Business and Economy Current Affairs, Second follow-on issue, Bharat 22 Exchange Traded Fund, B22ETF, received, Rs. 40,000 Crore, subscribed over 10 times,base issue size', 'metadescription' => 'The second follow-on issue of Bharat 22 Exchange Traded Fund (B22ETF) received about Rs. 40,000 Crore and was subscribed over 10 times of base issue size which was fixed at Rs. 3,500 Crore.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/hfa579yhkfec2o4/15feb_Bharat_22_ETF.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 5 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 190, 'title' => 'GeM and GS1 India ink MoU to empower buyers to informed choice ', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">GS1 India has signed Memorandum of Understanding (MoU) with Government e-Marketplace (GeM) to enable GeM's buyers and vendors to provide rich, accurate and standardized information on attributes of products across various categories. This will help in empowering them to take more informed decisions.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Under this MoU</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">GeM will access product data from GS1 India's DataKart, the National repository of information on attributes of millions of retail products in the country. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Every data of products on GeM will be subject to validity checks based on globally accepted GS1 standards. </span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">GS1 India</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is government-industry-ledstandards body registered under Societies Registration Act 1860. <em>It is affiliated with GS1, a not for profit global standards organisation.</em></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was established by Ministry of Commerce and Industry, CII, FICCI, ASSOCHAM, FIEO, IMC, APEDA, Spices Board, IIP and BIS. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It aims to improve efficiency, safety and visibility of supply chains across physical and digital channels through use of global GS1 standards.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">These standards help in strengthening consumer trust and confidence in products they buy by providing them access to trusted product data and empower them to make informed choices.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'gem-gs1-india-mou-empower-buyers', 'image' => 'https://www.mediafire.com/convkey/0333/bx35tvg9khhzvc06g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/0333/bx35tvg9khhzvc06g.jpg', 'metatitle' => 'GeM and GS1 India ink MoU to empower buyers to informed choice ', 'metakeyword' => 'In National Current Affairs, GS1 India has signed Memorandum of Understanding (MoU) with Government e-Marketplace (GeM)', 'metadescription' => 'GS1 India has signed Memorandum of Understanding (MoU) with Government e-Marketplace (GeM) to enable GeM's buyers ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/bql3kyuw2tga5rt/18feb_GeM_and_GS1_India_ink.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 6 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 175, 'title' => 'IWAI launches LADIS portal ', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Inland Waterways Authority of India (IWAI) launched LADIS (Least Available Depth Information System) portal to provide real-time information on available depth on stretches of National Waterways (NWs). Information provided through this portal will help better planning for movement of vessels and ensure optimum use of NWs.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">LADIS Portal </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is hosted on IWAI’s website (<a href="http://www.iwai.nic.in" style="color:#0563c1; text-decoration:underline">www.iwai.nic.in</a>) and has been developed in-house. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will provide details of least available depths (LAD) obtained from respective surveyors and regional incharge deputed with IWAI survey vessels which constantly move on NWs.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Initially, it will provide information only for NW-1, NW-2, Indo-Bagladesh Protocol route and NW-3, along with date of survey. Later it will be expanded to other NWs also.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will facilitate day to day operations of inland vessels plying on NWs and to avoid any hindrance in service and operation. </span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits of LADIS Portal </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will ensure that real-time data on LAD is disseminated for ship/barge and cargo owners so that they can undertake transportation on NWs in more planned way. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will help transporters by guiding them on suitability of time of movement as it will provide assured depth of waterway required for seamless movement of vessels.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enable vessel operators and cargo owners to prepare their sailing plans strictly as per applicable waterways related information (hydrographic survey reports, river Notices etc.).</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enhance credibility and efficiency of information sharing to achieve seamless operations on NWs, besides pre-empting problems that may occur during movement of vessels.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Inland Waterways Authority of India (IWAI)</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is nodal body in charge of development and regulation of inland waterways for shipping and navigation. It functions under Union Ministry of Shipping.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is statutory body established under Inland Waterways Authority of India Act, 1985. It was established in October 1986. It is headquartered in Noida, Uttar Pradesh.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Functions:</span></strong><span style="font-family:"Quicksand",serif"> Build necessary infrastructure in inland waterways, survey economic feasibility of new projects and carry out administration and regulations of these waterways. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Undertake projects for development and maintenance of inland waterways transportation infrastructure on national waterways.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'iwai-launches-ladis-portal ', 'image' => 'https://www.mediafire.com/convkey/8753/95pyo0sxypgs7we6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/8753/95pyo0sxypgs7we6g.jpg', 'metatitle' => 'IWAI launches LADIS portal | Latest Current Affairs GK News', 'metakeyword' => 'In National Current Affairs, Inland Waterways Authority of India, IWAI, launches, LADIS Portal, Least Available Depth Information System, provide, real-time information,available depth on stretches, National Waterways', 'metadescription' => 'Inland Waterways Authority of India launched LADIS (Least Available Depth Information System) portal to provide real-time information on available depth on stretches of National Waterways (NWs)', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/44rswuxvu17bf6g/16feb_IWAI_launches.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 7 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 281, 'title' => 'NPPA brings 42 non-scheduled cancer drugs under price control', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Drug price regulator National Pharmaceutical Pricing Authority (NPPA) has brought 42 non-scheduled anti-cancer drugs under price control through trade margin rationalisation. In this regard it has invoked extraordinary powers in public interest, under Para 19 of Drugs (Prices Control) Order, 2013.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">NPPA order</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Trade margin of these 42 non-scheduled anti-cancer drugs under price control has been capped up to 30% on selling price (MRP).</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It directs manufacturers to fix their retail price based on price at first point of sale of product of these non-scheduled formulations containing any of 42 drugs.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">These 42 non-scheduled anti-cancer drugs would cover 72 formulations and 355 brands. The revised prices will come into effect from March 8, 2019. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This decision will reduce retail prices of these drugs by up to 85% and entail minimum savings of Rs. 105 crores to consumers. Currently, 57 anti-cancer drugs are under price control as scheduled formulations.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">About National Pharmaceutical Pricing Authority (NPPA)</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is independent regulatory body under Department of Pharmaceuticals, Union Ministry of Chemicals and Fertilizers. It was set up in 1997. It is headquartered in New Delhi.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Mandate:</span></strong><span style="font-family:"Quicksand",serif"> (i) Fix/revise controlled bulk drugs prices and formulations placed in National List of Essential Medicines (NLEM) under Schedule-I of DPCO. (ii) Enforce prices and availability of medicines under DPCO, 2013. (iii) Monitor prices of decontrolled drugs in order to keep them at reasonable levels. (iv) Implements and enforces provisions of DPCO. (v) Recover amounts overcharged by manufacturers for controlled drugs from consumers.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">So far, around 1,000 drugs have been brought under price control under initiative. Non-scheduled drugs are allowed an increase of up to 10% in prices every year, which is monitored by the NPPA.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'nppa-42-non-scheduled-cancer-drugs-price-control', 'image' => 'https://www.mediafire.com/convkey/59a1/xpxzbi149362zwo6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/59a1/xpxzbi149362zwo6g.jpg', 'metatitle' => 'NPPA brings 42 non-scheduled cancer drugs under price control', 'metakeyword' => 'In National Current Affairs, NPPA, 42 non-scheduled, anti-cancer drugs, price control, trade margin rationalisation, Drugs (Prices Control) Order, 2013, DPCO', 'metadescription' => 'Drug price regulator National Pharmaceutical Pricing Authority, NPPA, has brought 42 non-scheduled anti-cancer drugs under price control regime through trade margin rationalisation ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/5xg8b16mj4z49tk/28feb_NPPA_brings_42_non-scheduled.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 8 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 574, 'title' => 'India, US ink pact to check tax evasion by MNCs', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India and United States (US) signed Inter-Governmental Agreement for Exchange of Country-by-Country (CbC) Reports (local filing) to check tax evasion by Multi National Cooperations (MNCs). The agreement aims to ensure that all tax authorities have access to same information about MNC’s value chain and resulting tax consequences. India already has signed Multilateral Competent Authority Agreement (MCAA) for Exchange of CbC Reports with 62 countries/jurisdictions.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong> </strong><span style="font-family:"Quicksand",serif">Features of agreement</span></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enable both countries to automatically exchange CbC Reports filed by parent entities of MNCs in the respective jurisdictions with effect from January 1, 2016.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will also reduce compliance burden by obviating need for Indian subsidiary companies of US MNCs to do local filing of CbC Reports.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is part of base erosion and profit shifting (BEPS) action plan incorporated in Income Tax (IT) Act.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Under IT Act, it is mandatory for Indian subsidiaries of MNCs to provide details of key financial statements from other jurisdictions where they operate.<strong> </strong></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This provides Income Tax (IT) department with better operational view of such companies, primarily with regards to revenue and income tax payment.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Country-by-Country (CbC) Report</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Template for it has been provided in BEPS Action 13 report (Transfer Pricing Documentation and Country-by-Country Reporting).</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It mandates MNCs to report annually and for each tax jurisdiction in which they do business information wrt to revenue and taxation<strong>. </strong>This report is called Country-by-Country (CbC) Report.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This CbC report contains aggregated country-by-country information relating to global allocation of income, taxes paid, and certain other indicators of MNCs.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also contains list of all constituent entities of MNC operating in particular jurisdiction and nature of main business activity of each constituent entity. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The information provided in CbC report enables enhanced level of assessment of tax risk by both tax administrations.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-us-ink-pact-check-tax-evasion-mncs', 'image' => 'https://www.mediafire.com/convkey/f406/5bwtb6rfgmx1gd66g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/f406/5bwtb6rfgmx1gd66g.jpg', 'metatitle' => 'India, US ink pact to check tax evasion by MNCs', 'metakeyword' => 'In Economy Current Affairs, India, United States, Inter-Governmental Agreement,r Exchange of Country-by-Country, CbC Reports, local filing, check tax evasion, Multi National Cooperations (MNCs).', 'metadescription' => 'India and United States (US) signed Inter-Governmental Agreement for Exchange of Country-by-Country (CbC) Reports (local filing) to check tax evasion by Multi National Cooperations (MNCs).', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/8k56ahpw8w0h07c/India%2C_US_ink_pact_to_check.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 9 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 650, 'title' => 'Unorganized sector generates largest number of jobs in India: Oxfam Report', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to Oxfam’s recently released 'Mind The Gap - State of Employment in India' report, in India, largest number of jobs are generated in the unorganized sector. The report also highlights that lack of quality jobs and increasing wage disparity are key markers of inequality in the Indian labour market</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Highlights of report</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Largest number of jobs were generated in the unorganized sector, which highlights questions over India's growth data and not being reflected in the growth of jobs.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Women’s participation:</span></strong><span style="font-family:"Quicksand",serif"> Regressive social norms continue to hamper women's participation in the workforce. On an average, women are paid 34% less than similarly qualified male workers for performing the same tasks. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Women are being left out of economic growth narrative as a consequence of poor policy choices and lack of investment in social security and infrastructure.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Demonitisation:</span></strong><span style="font-family:"Quicksand",serif"> Job generation was adversely impacted after demonetization and hit the women workforce most. There is decline in rural jobs.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Post-demonetisation period also saw drop in households with two or more persons being employed.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Between January and October 2016, 34.8% households saw two or more persons employed. Post-demonetisation, this dropped to 31.8% with women workers becoming the first casualties of job losses.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Social realities:</span></strong><span style="font-family:"Quicksand",serif"> Class and caste still continue to play crucial roles in determining employment for men and women, especially in stigmatised vocations like sanitation, jobs in the leather industry and rag-picking. Discrimination also exists in terms of market participation</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Policy interventions:</span></strong><span style="font-family:"Quicksand",serif"> Economic factors can be improved by way of policy interventions. There is need shift in development focus towards labour intensive sectors to create more jobs and pushes for better work conditions to make jobs more inclusive.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">There is need for higher investments in health and education to improve productivity. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Disparities in education system:</span></strong><span style="font-family:"Quicksand",serif"> Students from state education boards do considerably worse than those of independent national boards that cater to richer, better schools. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Within public education system, there are also glaring inequalities in educational investment.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif"><input alt="" src="https://www.mediafire.com/convkey/a604/tnef4an55i9za3m6g.jpg?size_id=5" style="height:534px; width:632px" type="image" /></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'unorganized-sector-generates-largest-number-jobs-india-oxfam-report', 'image' => 'https://www.mediafire.com/convkey/1288/pc88wd432x0o92d6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/1288/pc88wd432x0o92d6g.jpg', 'metatitle' => 'Unorganized sector generates largest number of jobs in India', 'metakeyword' => 'In Economy Current Affairs, Oxfam report, Mind The Gap - State of Employment in India,largest number, jobs, generated, unorganized sector', 'metadescription' => 'According to Oxfam’s recently released 'Mind The Gap - State of Employment in India' report, in India, largest number of jobs are generated in the unorganized sector.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/iyrboi1i8e22kxz/Unorganized_sector_generates.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 10 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 1072, 'title' => '5,000 millionaires left India in 2018: Report', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">According to Global Wealth Migration Review 2019, about 5,000 Indian high net worth individuals (HNWIs) or 2</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> of India's super rich migrated to other countries in 2018. It was released by Mauritius based AFRASIA Bank.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Report Highlights</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Global migration of HNWIs trend picked up over the last few years. China, Russia and India rank are top three countries seeing exodus of HNWIs worldwide, followed by UK and France. </span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Australia attracted major chunk of super rich immigrant, beating United States to 2nd place. Over 12,000 HNIs moved to Australia since 2008, against 10,000 to USA and 4000 to Canada. </span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">In the last 10 years, China has been best performing country in terms of wealth creation, growing by 130</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">, while India was ranked 4th with 96</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">. Mauritius and Ethiopia were ranked number 2 and 3. </span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">India related facts:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> is among world's top countries in wealth creation since 2008. But it is also losing HNWIs through migration.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">As per projections, India will be 4th largest wealth market by 2028, after US, China and Japan and ahead of UK and Germany.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">But interms of equitable distribution of wealth, 48</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> of India's wealth is concentrated in the hands of HNIs, against a global average of 36</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => '5000-millionaires-left-india', 'image' => 'https://www.mediafire.com/convkey/0ae8/y4fk4u54y3qfn306g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/0ae8/y4fk4u54y3qfn306g.jpg', 'metatitle' => '5,000 millionaires left India in 2018: Report', 'metakeyword' => 'In Economy Current Affairs, Global Wealth Migration Review 2019, 5,000, India, high net worth individuals (HNWIs),', 'metadescription' => 'According to Global Wealth Migration Review 2019, about 5,000 Indian high net worth individuals (HNWIs) or 2% of India's super rich migrated to other countries in 2018. I', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/7crdt4b4o856q1a/5%2C000_millionaires.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 11 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 1377, 'title' => 'India notifies tax info exchange pact with Marshall Islands', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India has notified a tax information exchange agreement (TIEA) with the Marshall Islands. It will enable bilateral sharing of banking information and allow officials of one country to undertake tax examinations in the other. TIEA between India and Marshall Islands for exchange of information with respect to taxes was signed in 2016 at Majuro, the Capital of the Marshall Islands. It was notified by India on May 21, 2019.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Significance</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will enhance mutual cooperation between India and the Marshall Islands. It will provide effective framework for exchange of information on tax matters which will help curb tax evasion and tax avoidance.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Tax information exchange agreement (TIEA) </span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is based on international standards of tax transparency and exchange of information. It enables sharing of information on request. It enables bilateral sharing of information, including banking and ownership information for tax purposes. It also allows officials of one country to undertake tax examinations in the other.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-notifies-tax-info-exchange-pact', 'image' => 'https://www.mediafire.com/convkey/0e64/0jjkpopwbqkc14a6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/0e64/0jjkpopwbqkc14a6g.jpg', 'metatitle' => 'India notifies tax info exchange pact with Marshall Islands', 'metakeyword' => 'India has notified a tax information exchange agreement (TIEA) with the Marshall Islands. It will enable bilateral sharing of banking information ', 'metadescription' => 'India has notified a tax information exchange agreement (TIEA) with the Marshall Islands. It will enable bilateral sharing of banking information ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/kep7qbx2o8hv8np/India_notifies.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 12 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 1665, 'title' => 'India to host 3rd International Sunflower Seed and Oil Conference', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India will be hosting the 3rd edition of International Sunflower Seed and Oil Conference (ISSOC) 2019 in Maharashtra, Mumbai from July 19 to 20, 2019. The aim of the conference is to encourage better communications among sunflower oil producers, industry groups, academic researchers and local governments.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">ISSOC 2019</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is being organized by International Sunflower Oil Association (ISOA) and hosted by the Solvent Extractors’ Association of India (SEA).</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will see the participation of around 300 delegates from across the world with interests in sunflower seed, oil, and meal.</span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Note:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> The first edition of this conference was held in 2015 at Shanghai, China and 2nd edition in 2017 at Odessa, Ukraine.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India’s consumption of sunflower oil</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Sunflower seed is seen as healthy table-seed and culinary seed having wide applications in variety of food preparations including cakes and pastries. In 2018-19, globally sunflower seed production was at 51.41 million tonnes, sunflower oil at 19.45 million tonnes and sunflower meal at 20.90 million tonnes.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India is the largest importer of sunflower oil with imports of about 2.8 million tonnes. The global imports of sunflower oil is around 9.6 million tonnes. This shows significance of India in global sunflower seed and oil market as every producer or exporting country in the world looks to India for a market.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => '3rd-international-sunflower-seed-oil-Conference', 'image' => 'https://www.mediafire.com/convkey/9d45/cdvi00656q6rxb26g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/9d45/cdvi00656q6rxb26g.jpg', 'metatitle' => 'India to host 3rd International Sunflower Seed', 'metakeyword' => 'India to host 3rd International Sunflower Seed and Oil Conference', 'metadescription' => 'India will be hosting the 3rd edition of International Sunflower Seed and Oil Conference (ISSOC) 2019 in Maharashtra, Mumbai from July 19 to 20, 2019', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/42znv4kd48kbd63/India_to_host_3rd_International.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 13 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 1800, 'title' => '7th Economic Census begins from Tripura', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Union Government will kick off 7th Economic Census, a massive exercise aimed to get complete count of all economic units in the country from the north eastern state of Tripura. The census will be conducted by Ministry of Statistics and Programme Implementation (MoSPI) and is being conducted this year after a gap of five years. MoSPI haspartnered with CSC e-Governance services India Ltd (CSC SPV), , a Special Purpose Vehicle (SPV) under Union Ministry of Electronics and Information Technology as the implementing agency to conduct the census. It will be launched in other states/union territories in August and September.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">7th Economic Census</span></span></strong></span></span></p> <ul> <li style="text-align: justify;"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will undertake complete count of all establishment located within the geographical boundary of the country. It will help to put in place threshold turnover in monetary terms for households/ establishments for inclusion in the coverage of the Census. </span></span></span></span></li> <li style="margin-left: 0in; margin-right: 0in; text-align: justify;"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The data will be collected through door to door survey of each household and commercial establishment as per the provisions of Collection of Statistics Act, 2008.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Coverage:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It will cover all establishments including household enterprises, engaged in production or distribution of goods or services in the non-farm agricultural and non-agricultural sector will be counted. It will also identify villages with no economic activity for policy purposes.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Implementing agencies:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Union Ministry of Statistics and Programme Implementation (MoSPI) and CSC e-Governance Services India Limited.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Digital Support:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It will be carried out through an IT-based digital platform for data capture, validation, report generation and dissemination.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">National Business Register:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Economic Census will help to prepare a National Business Register which can be linked with existing databases at the central and state government levels. It will list of all establishments, tagged by geographical location up to village/ward level for local level planning purposes and provide information on number of workers working in establishments (which are under operation), activity-wise and area-wise.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Technical modalities:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Task group comprising representatives from NCAER, EPIC-India, Department of Industrial Policy and Promotion, labour and employment ministry, GST Network, Reserve Bank of India and NITI Aayog, will look at technical modalities related to the conduct of the census.</span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Economic Censuses </span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It was launched in 1976 as a plan scheme. It undertakes complete count of all establishments located within the geographical boundary of the country.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It also provides detailed information on operational and other characteristics such as number of establishments, source of finance, type of ownership, number of persons employed etc.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It covers all entrepreneurial units in the country involved in any economic activities of either agricultural or non-agricultural sector and engaged in production and distribution of goods and or services not for own consumption.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Information gather from this census is used for micro level/ decentralized planning and to assess contribution of various sectors of the economy in the gross domestic product (GDP).</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">So far total Six Economic Censuses (EC) have been conducted till date. The first in 1977, second in 1980, third in 1990, fourth in 1998, fifth in 2005 and sixth edition in 2013.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => '7th-economic-census-begins-tripura', 'image' => 'https://www.mediafire.com/convkey/a271/qrvtchp1vftjo496g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/a271/qrvtchp1vftjo496g.jpg', 'metatitle' => '7th Economic Census begins from Tripura', 'metakeyword' => 'Union Government will kick off 7th Economic Census, a massive exercise aimed to get complete count of all economic units in the country from the north eastern state of Tripura.', 'metadescription' => 'Union Government will kick off 7th Economic Census, a massive exercise aimed to get complete count of all economic units in the country from the north eastern state of Tripura.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/8qwakja09cjjsiv/7th_Economic_Census_begins_from_Tripura.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 14 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 1967, 'title' => 'INX media scam', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"> </p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""> Former Finance Minister P Chidambaram was arrested by the Central Bureau of Investigation in relation to the INX Media case. </span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"> </p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">The CBI has registered an FIR alleging irregularities in Foreign Investment Promotion Board (FIPB) clearance given to INX media for receiving funds from abroad to the tune of Rs 305 crores.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">It is alleged that Chidambaram received kick backs and tweaked FDI rules to allow excessive flow of foreign investments into INX media firm.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">According to ED, INX Media was granted permission by the FIPB for FDI inflow amounting to Rs 4.62 crore from three Mauritian companies into INX Media.</span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">Instead of the approved Rs 4.62 crore FDI, INX Media brought in a much larger sum of </span></span></span><span style="font-family:"Times New Roman","serif""><span style="color:#222222">Rs 305 crores.</span></span> <span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">It then went a step further and even brought in downstream investments, clearly violating rules. </span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">To facilitate changes, a bribe of $1 Million was transferred to Karti Chidambaram, son of P.Chidambaram through various foreign banks. The bribe amount was then used to buy various benami properties abroad.</span></span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Foreign Investment Promotion Board (FIPB)</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">The Foreign Investment Promotion Board (FIPB) was a national agency of </span></span></span><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Government of India<span style="color:#222222">, with the remit to consider and recommend </span>foreign direct investment<span style="color:#222222"> (FDI) which does not come under the automatic route.</span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222"> It was housed in the Department of Economic Affairs, Ministry of Finance. FIPB was abolished on 24 May 2017.</span></span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'inx-media-scam', 'image' => 'https://www.mediafire.com/convkey/4285/k1u9zvw3hzolyfw6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/4285/k1u9zvw3hzolyfw6g.jpg', 'metatitle' => 'INX Media Scam | Media Scam', 'metakeyword' => 'INX media scam, media scam', 'metadescription' => ' Former Finance Minister P Chidambaram was arrested by the Central Bureau of Investigation in relation to the INX Media case. ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/ni1thwqab78tum6/INX_media_scam.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 15 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2078, 'title' => 'GST collection up by 4.5% in August', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Issue</span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif">The gross GST collection in August, 2019 stood at 98,202 crore, up 4.51% compared to 93,960 crore in the same month last year</span></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif">The GST collection, although higher on year-on-year basis, is still lower than government's expectations of 1 lakh crores.</span></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Background</span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GST collection is a significant part of government’s revenue collection which is estimated to be around Rs 1 lakh crore every month to meet targets.</span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The on going slowdown has reduced the revenue amount from target of Rs 1 lakh crores to Rs 98,202 crores.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Details</span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The total number of summary returns in GSTR 3B forms filed in the month of July upto 31 August was 75.8 lakhs</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Indirect tax collection in the month of August is generally subdued due to seasonality factor and hence may not be considered a reflection of consumption slowdown.</span></span></li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Effects</span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A lower GST mop-up is set to strain government finances and make it difficult to meet fiscal target.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The burden would increase on the Centre for compensating states for revenue shortfall. The pressure on the revenue department could also go up to meet the targets which in turn may result in coercive actions against trade and businesses.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The lower revenue is expected to hamper infrastructural and social reforms intended by the government.</span></span></li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Way Forward</span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">To boost sales and initiate growth the government is expected to resort to rate cuts in some sector such as automobile and consumer goods like biscuits.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">By plugging the leakages the government hopes to increase the revenue amount.</span></span></li> </ul> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="color:#212121">GST</span></span></span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Goods and Services Tax (GST) is an indirect tax (or consumption tax) imposed in India on the supply of goods and services. It is a comprehensive multistage, destination based tax. It is collected from point of consumption and not point of origin like previous taxes.</span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'gst-collection-up-in-august', 'image' => 'https://www.mediafire.com/convkey/d1c3/2cnsrzsh8o4hbj16g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/d1c3/2cnsrzsh8o4hbj16g.jpg', 'metatitle' => 'GST collection up by 4.5% in August', 'metakeyword' => 'GST collection up by 4.5% in August', 'metadescription' => 'The gross GST collection in August, 2019 stood at ?98,202 crore, up 4.51% compared to ?93,960 crore in the same month last year', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/eto97u8klakvfjw/GST_collection_up.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 16 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2113, 'title' => 'India among top 10 countries with Gold reserves', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Issue</span></strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India has overtaken the Netherlands to move into the list of top ten countries in terms of total gold reserves.</span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the World Gold Council, India has gold reserves totalling 618.2 tonnes, which is marginally higher than the Netherlands’ reserves of 612.5 tonnes.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Background</span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s gold reserves have grown substantially in the past couple of decades from 357.8 tonnes in the first quarter of 2000 to the current 618.2 tonnes.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Demand is concentrated among emerging market central banks with diversification being the key driver in the face of ongoing geopolitical and economic uncertainty.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Details</span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the latest release by the World Gold Council, U.S. leads the country list with total gold reserves of 8,133.5 tonnes followed by Germany with 3,366.8 tonnes.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While the IMF is ranked third with a holding of 2,451.8 tonnes, it is followed by countries such as Italy (2,451.8 tonnes), France (2,436.1 tonnes), Russia (2,219.2 tonnes), China (1,936.5 tonnes), Switzerland (1,040 tonnes) and Japan (765.2 tonnes) before India at the 10th spot.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Significance</span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Most central banks are raising their gold holdings as the dollar is strengthening, as they feel the need to diversify their reserves. </span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gold is seen as a better hedge against the dollar than any other currency<span style="font-size:11.5pt"><span style="background-color:white"><span style="font-family:"Arial","sans-serif""><span style="color:black">.</span></span></span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-among-top-10-countries', 'image' => 'https://www.mediafire.com/convkey/9312/1rar01toxog7rng6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/9312/1rar01toxog7rng6g.jpg', 'metatitle' => 'India among top 10 countries with Gold reserves', 'metakeyword' => 'India among top 10 countries with Gold reserves', 'metadescription' => 'India has overtaken the Netherlands to move into the list of top ten countries in terms of total gold reserves.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/bkmk5phl4wlyxe4/India_among_top_10_countries.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 17 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2176, 'title' => 'Exports to handle economic slowdown', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Slowdown in domestic manufacturing could be negated by fast-tracking exports. As trade windows open due to trade tensions between the U.S. and China, an opportunity is created for Indian exports to the U.S. market.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Ahead of the Union Commerce and Industries Minister’s meeting with exporters and importers on September 11 to discuss trade policy instruments, exporters have flagged certain concerns, saying the government should help build large capacity for exports instead of announcing measures only for the MSME sector.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The CII has said that the exporters were at the mercy of foreign shipping lines in the absence of a national shipping line due to which their profits eroded significantly. A national shipping regulatory body should also be formed to determine freight rates.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Remedial measures are needed to protect the huge employment and investments made in SEZs where many units were finding it difficult to carry on their businesses due to some mid-term policy changes. There is also a suggestion for the government to give a one time I-T exemption.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Measures to boost exports includes “full reimbursement “ of various imposts on exports and relaxed lending norms to improve credit flow to reverse a slide in the growth of outbound shipments.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Way ahead</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For Indian exporters to become competitive, the government needs to ensure that transaction costs are cut drastically, embedded taxes are fully offset, raw materials are made available at reasonable prices and credit is extended at cheaper rates.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Land acquisition needs to be made easier and companies must not be dragged into unnecessary legal hurdles.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'exports-to-handle-economic-slowdown', 'image' => 'https://www.mediafire.com/convkey/e2fb/yn5dq2jp3ld436z6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/e2fb/yn5dq2jp3ld436z6g.jpg', 'metatitle' => 'Exports to handle economic slowdown', 'metakeyword' => 'Slowdown in domestic manufacturing could be negated by ', 'metadescription' => 'Slowdown in domestic manufacturing could be negated by fast-tracking exports. As trade windows open due to trade tensions between the U.S. and China,', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/5g51yhxi92shgmz/Exports_to_handle_economic_slowdown.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 18 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2214, 'title' => 'Aadhar authentication for GST', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">To keep fake traders at bay, Aadhaar authentication or physical verification will be made mandatory for new traders coming under the Goods and Services Tax regime from January 2020.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Goods and Services Tax is an indirect tax imposed in India on the supply of goods and services. It is a comprehensive multistage, destination based tax.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under the new rule, those who do not prefer Aadhaar authentication, can go for physical verification, which will be carried out in three days. Currently, Aadhaar authentication is optional and no physical verification is required.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GST network is trying to make returns system more simple compared to the earlier one. All types of taxpayers will get a new system under three formats: <strong>Sahaj</strong>, <strong>Sugam </strong>and <strong>Normal.</strong></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Refunding will be made online to bring more transparency and convenience for traders and exporters.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>GST Network</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Goods and Service Tax Network (or GSTN) is a non-profit, non-government organization. It will manage the entire IT system of the GST portal, which is the mother database for everything GST.</span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'aadhar-authentication-for-gst', 'image' => 'https://www.mediafire.com/convkey/22d0/dpvkbqhpyw82t9n6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/22d0/dpvkbqhpyw82t9n6g.jpg', 'metatitle' => 'Aadhar authentication for GST', 'metakeyword' => 'To keep fake traders at bay, Aadhaar authentication', 'metadescription' => 'To keep fake traders at bay, Aadhaar authentication or physical verification will be made mandatory for new traders coming under the Goods and Services Tax ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/2hszidavcnzb7bo/Aadhar_authentication_for_GST.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 19 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2242, 'title' => 'India and GSP', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> A group of 44 influential lawmakers has urged the Trump administration to reinstate India’s designation as a beneficiary developing nation under the key GSP trade programme as part of a potential trade deal between the two countries.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Trump administration had terminated India’s designation as a beneficiary developing nation under the Generalized System of Preferences (GSP), which had reduced India’s exports to the US significantly. India was the largest beneficiary of the programme in 2017 with USD 5.7 billion in imports to the US given duty-free status .</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">American businesses and workers have suffered most from GSP termination to date instead of the foreign beneficial country it is alleged.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Despite facing higher tariffs due to lost GSP, imports from India of (previously) GSP-eligible products increased over 40 per cent in June/July 2019 compared to a year earlier. This may be the result of companies shifting sourcing away from China.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Latest data also shows that loss of GSP for India cost American companies about USD 30 million in July.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>GSP</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GSP is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under the GSP programme, nearly 2,000 products including auto components and textile materials can enter the US duty-free if the beneficiary developing countries meet the eligibility criteria established by Congress.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-and-gsp', 'image' => 'https://www.mediafire.com/convkey/9756/nag4f0eavl09y9u6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/9756/nag4f0eavl09y9u6g.jpg', 'metatitle' => 'India and GSP', 'metakeyword' => 'a year earlier. This may be the result of companies shifting sourcing away ', 'metadescription' => 'Despite facing higher tariffs due to lost GSP, imports from India of (previously) GSP-eligible products increased over 40 per cent in June/July 2019 compared to ', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/01bqmwzqrw8n7oy/Government_to_link_MGNREGA_wages_to_inflation.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 20 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2328, 'title' => 'India- USA trade deal fails', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The India-US limited trade agreement that was intended to be signed to prevent on going escalations in tariff war has failed to get through.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The announcement of an agreement was expected to coincide with bilateral meeting between Prime Minister Narendra Modi and President Donald Trump. Trump had announced that a bigger trade deal would be coming into place soon.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Sources have cliamed that the prospects of an agreement faltered due to the failure to reach an agreement on Information and communications technology (ICT) products.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The U.S. has wanted India to eliminate tariffs (20%) on ICT products, but India is concerned that this could open up the market to flooding by Chinese technology.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The U.S. wanted greater access to Indian markets for medical devices, such as stents and knee implants, ICT and dairy products and sought the removal of price caps.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India wanted the reinstatement of preferential market access to U.S. markets under the Generalized System of Preferences (GSP) program, which was revoked in early June.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It had also wanted facilitation of processes in agricultural product markets where it already had access such as easier certification of food product irradiation facilities and greater access in some agricultural markets like table grapes, pomegranates for instance.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Other Issues</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Some of the larger issues for the U.S. include digital trade like for instance regulations around data localization and FDI in e-commerce.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India also continued to appear on U.S.’s “Priority Watch List” this year along with 10 other countries.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The annual list identifies countries which, according to the U.S., pose challenges to American intellectual property rights.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-usa-trade-deal-fails', 'image' => 'https://www.mediafire.com/convkey/c751/30cjs1foyx9jrb46g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/c751/30cjs1foyx9jrb46g.jpg', 'metatitle' => 'India- USA trade deal fails', 'metakeyword' => 'Sources have cliamed that the prospects of an agreement ', 'metadescription' => 'Sources have cliamed that the prospects of an agreement faltered due to the failure to reach an agreement on Information and communications technology ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/8rr002wrblqcwra/India-_USA_trade_deal_fails.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 21 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2384, 'title' => 'India set to lose WTO case', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A WTO dispute settlement panel has upheld a US complaint that export subsidy programmes provided by the Indian government violated provisions of the trade body’s subsidies and countervailing measures (SCM) pact.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In 2018, the US complained that India’s export-related programmes violated Article 3.1(a) of WTO’s SCM agreement. Under Article 3.1, developing countries with gross per capita of $1,000 per annum are not entitled to provide export subsidies that are contingent upon export performance.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The three-member dispute settlement panel has struck down Indian export promotion schemes on the grounds that India is not entitled to provide such subsidies because its per capita gross national product (GNP) has crossed $1,000 per annum.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India will have a month to challenge the ruling before an appellate body, the highest court for global trade disputes. If the appellate body upholds the panel’s ruling, India will be required to discontinue the existing export promotion schemes.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Ruling comes at an opportune time for US, which is piling pressure on New Delhi to open the Indian market for medical products, particularly heart stents and knee implants, dairy items and other products, as part of an interim trade deal.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India had announced it would discontinue export subsidies soon. Despite these pronouncements, the government has continued with export subsidies.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Implications</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The programmes that could be affected are export-oriented units scheme, electronics hardware technology parks scheme, bio-technology parks scheme, merchandise exports from India scheme, export promotion capital goods scheme, special economic zones and duty-free imports for exporters.</span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Export subsidies</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Export subsidy is a government policy to encourage export of goods and discourage sale of goods on the domestic <a href="https://en.wikipedia.org/wiki/Market_(economics)" title="Market (economics)">market</a> through direct payments, low-cost <a href="https://en.wikipedia.org/wiki/Loans" title="Loans">loans</a>, tax relief for exporters, or government-financed international advertising.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An export subsidy reduces the price paid by foreign importers, which means <a href="https://en.wikipedia.org/wiki/Domestic_market" title="Domestic market">domestic</a> consumers pay more than foreign consumers. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The <a href="https://en.wikipedia.org/wiki/World_Trade_Organization" title="World Trade Organization">World Trade Organization</a> (WTO) prohibits most subsidies directly linked to the volume of <a href="https://en.wikipedia.org/wiki/Exports" title="Exports">exports</a>, except for <a href="https://en.wikipedia.org/wiki/Least_Developed_Countries" title="Least Developed Countries">LDCs</a>.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-set-to-lose-wto-case', 'image' => 'https://www.mediafire.com/convkey/c0a8/c0rrtv88k2as1766g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/c0a8/c0rrtv88k2as1766g.jpg', 'metatitle' => 'India set to lose WTO case', 'metakeyword' => 'India set to lose WTO case', 'metadescription' => 'A WTO dispute settlement panel has upheld a US complaint that export subsidy programmes provided by the Indian government violated ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/03fxacwdo5f9lbz/India_set_to_lose_WTO_case.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 22 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2416, 'title' => 'GST collection drops', 'description' => '<p><strong>Issue</strong></p> <p>The revenue collected through GST has dropped for the second consecutive month in September to a 19-month low of Rs. 91,916 crore.</p> <p><strong>Background</strong></p> <p>The lower collection of GST has been attributed to lower growth in GDP numbers in the current quarter. This slowdown has impacted consumption pattern of the public and has resulted in lower revenue collection.</p> <p> </p> <p><strong>Details</strong></p> <ul> <li> <p>The revenue during September 2019 is 2.67% lower than what was collected in the same month of the previous year.</p> </li> <li> <p>During April-September, the domestic component has grown by 7.82% while the GST on imports has shown negative growth and the total collection has grown by 4.9%.</p> </li> <li> <p>The lower collections is assumed to be low due to the lower GDP growth numbers, as GST is a transaction tax that is immediately impacted by any decline in any economic activity.</p> </li> <li> <p>It has also been observed that drop in State GST collections has been sharper than for central GST (CGST).</p> </li> </ul> <p> </p> <p><strong>GST</strong></p> <ul> <li> <p>Goods and Services Tax is an indirect tax imposed in India on the supply of goods and services. It is a comprehensive multistage, destination based tax.</p> </li> <li> <p>Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%.</p> </li> <li> <p>Petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments.</p> </li> <li> <p>The single GST subsumed several taxes and levies, which included central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi.</p> </li> <li> <p>India adopted a dual GST model, meaning that taxation is administered by both the Union and state governments. Transactions made within a single state are levied with Central GST (CGST) by the Central Government and State GST (SGST) by the State governments.</p> </li> <li> <p>For inter-state transactions and imported goods or services, an Integrated GST (IGST) is levied by the Central Government.</p> </li> </ul> <p> </p> <p><strong>Reverse charge Mechanism</strong></p> <ul> <li> <p>Reverse Charge Mechanism (RCM) is a system in GST where the receiver pays the tax on behalf of unregistered, smaller material and service suppliers.</p> </li> <li> <p>The receiver of the goods is eligible for Input Tax Credit, while the unregistered dealer is not.</p> </li> </ul> <p> </p> <p><strong>Administration</strong></p> <ul> <li> <p>GST Council is the governing body of GST having 33 members and is chaired by the Union Finance Minister.</p> </li> <li> <p>GST Council is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India.</p> </li> <li> <p>The council is headed by the union finance minister and assisted by the finance minister of all the states of India.</p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'gst-collection-drops', 'image' => 'https://www.mediafire.com/convkey/aef6/3zw7hfv7g5eomdm6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/aef6/3zw7hfv7g5eomdm6g.jpg', 'metatitle' => 'GST collection drops', 'metakeyword' => 'The lower collection of GST has been attributed to lower growth ', 'metadescription' => 'The lower collection of GST has been attributed to lower growth in GDP numbers in the current quarter. This slowdown has impacted consumption pattern of ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/h9chfz78xp3o3w7/GST_collection_drops.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 23 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2477, 'title' => 'RCEP deal', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Agriculture<strong> </strong>Minister Narendra Singh Tomar has communicated to Commerce minister Piyush Goyal the importance of protecting farmers’ interests while negotiating the RCEP trade agreement.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">RCEP will remove customs duty on about 80-85% of items. The result will be that Chinese and other cheap goods will flood the Indian market even more. There are some concerns regarding impact of this deal on domestic sectors.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>RCEP</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RCEP (Regional Comprehensive Economic Partnership) is a proposed free trade agreement between India, China, Japan, South Korea, Australia, New Zealand and the ten member-states of the ASEAN (Association of South East Asian Nations) grouping.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Benefits of RCEP</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is expected to provide market access for India’s goods and services exports and encourage greater investments and technology into India. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It would facilitate India’s MSMEs to effectively integrate into the regional value and supply chains.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RCEP would help India streamline the rules and regulations of doing trade, thus reducing the trade costs.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Threats due to RCEP</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Concerns expressed by various industry sectors have been the possibility of large-scale dumping of Chinese goods and the impact on Indian manufacturing.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The effect on Indian agriculture if the domestic market is opened up to dairy and farm produce, especially from Australia and New Zealand.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">RCEP will cause widespread unemployment and reduce the income of rural farmers who will be impacted due to easy goods imports from other countries.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'rcep-deal', 'image' => 'https://www.mediafire.com/convkey/d37c/ccn3pm1vi4p65mh6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/d37c/ccn3pm1vi4p65mh6g.jpg', 'metatitle' => 'RCEP (Regional Comprehensive Economic Partnership) deal', 'metakeyword' => 'RCEP deal, Regional Comprehensive Economic Partnership', 'metadescription' => 'Agriculture Minister Narendra Singh Tomar has communicated to Commerce minister Piyush Goyal the importance of protecting farmers’ interests', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/7nk61qrup8nqv22/RCEP_deal.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 24 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2496, 'title' => 'Religare fund diversion case', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Religare Enterprises Ltd promoter Shivinder Singh and his brother were arrested by the Delhi Police for alleged diversion of public money for their own benefit.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Enforcement Directorate (ED) had carried out searches<strong> </strong>at the homes of the brothers after revelations from the Mauritius Leaks on their offshore holdings showed great irregularities in their account books.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is alleged that funds were allegedly diverted from REL, a company listed in India, to a Jersey firm that was solely owned by Malvinder Singh and Shivinder Singh, using a web of offshore companies.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The alleged persons had absolute control on Religare Enterprises Limited (REL) and its subsidiaries that put Religare Finvest Limited (RFL) in poor financial condition by way of distributing the loans to the companies having no financial standing and controlled by the alleged persons. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">These companies wilfully defaulted on repayments, causing a loss to RFL to the tune of Rs 2,397 crore to the investors.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Poor financial health of Religare Finvest was to a large extent on account of wilful default on significant unsecured loans, defined for internal purposes as corporate loan book by borrower entities either related, controlled or associated with the promoters.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The loans were given at a non-arms-length basis, which is in violation of corporate governance norms, as well as other regulations for Non-Banking Financial Companies (NBFCs) prescribed by the Reserve Bank of India (RBI).</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'religare-fund-diversion-case', 'image' => 'https://www.mediafire.com/convkey/5f4b/cvi2c1clr1kjf316g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/5f4b/cvi2c1clr1kjf316g.jpg', 'metatitle' => 'Religare fund diversion case', 'metakeyword' => 'Religare fund diversion case', 'metadescription' => 'Religare Enterprises Ltd promoter Shivinder Singh and his brother were arrested by the Delhi Police for alleged diversion of public money for their own benefit.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/wo1ukwjhm1bhjjh/Religare_fund_diversion_case.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 25 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2505, 'title' => 'US-China trade deal', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The United States and China have agreed to the first phase of a deal to end the trade war. This has prompted President Trump to suspend the tariff hikes imposed on China.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This is one of the biggest step toward resolution of a 15-month tariff war between the world's two largest economies that has hit financial markets and slowed global growth.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The accord contains provision for agriculture, currency and some aspects of intellectual property protections, which is expected to normalise relations up to certain extent.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mr. Trump has also agreed not to proceed with a hike in tariffs to 30% from 25% on about $250 billion in Chinese goods that was supposed to have gone into effect.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>US-China tariff wars</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The China–United States trade war was an ongoing economic conflict between the world’s two largest national economies, China and the United States. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">President Donald Trump in 2018 began setting tariffs and other trade barriers on China with the goal of forcing it to make changes to "unfair trade practices".</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Among those trade practices and their effects are the growing trade deficit, the theft of intellectual property, and the forced transfer of American technology to China.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In the United States, the trade war has brought struggles for farmers and manufacturers and higher prices for consumers.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In other countries it has also caused economic damage, though some countries have benefited from increased manufacturing to fill the gaps.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Effect on India</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India could increase its trade footprint in the midst of the US-China trade conflict, particularly under categories on which Washington has imposed tariffs on Beijing.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Diversion in investment flows is an opportunity that India could benefit from, as manufacturers seek alternative origination destinations away from China.</span></span><br /> </p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'us-china-trade-deal', 'image' => 'https://www.mediafire.com/convkey/fe38/3f3usw8o1ypt4jl6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/fe38/3f3usw8o1ypt4jl6g.jpg', 'metatitle' => 'US-China trade deal', 'metakeyword' => 'US-China trade deal', 'metadescription' => 'Diversion in investment flows is an opportunity that India could benefit from, as manufacturers seek alternative origination destinations away from China.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/m0dzlbffdq37xqw/US-China_trade_deal.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 26 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2788, 'title' => 'India resumes buying Malaysian palm oil', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Refiners in India have resumed buying Malaysian palm oil after a gap of nearly a month as Kuala Lumpur has been offering a $5 per tonne discount over supplies from rival Indonesia.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Indian refiners stopped purchases from Malaysia last month fearing India could raise import taxes or enforce other measures to curb imports after Kuala Lumpur criticised India for its actions in Kashmir.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The resumption in purchases by India, the biggest buyer of Malaysian palm oil this year, could support Malaysian palm oil prices.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India's top vegetable oil trade body had told members to stop buying palm oil from Malaysia in a call aimed at helping New Delhi punish the country for criticising India over its policy towards Kashmir.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Indonesia</strong> is the world's <strong>biggest producer of palm oil</strong>, followed by Malaysia.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Palm oil accounts for nearly two-thirds of India's total edible oil imports. India buys more than 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>India</strong>, the <strong>world's biggest importer of edible oils</strong>, also buys soya oil from Argentina and Brazil, and sunflower oil from Ukraine.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Other Major imports by India</strong></span></span></p> <ul> <li style="list-style-type:none"> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Petroleum Oil</strong></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India gets its crude oil from the Middle-East, especially Saudi Arabia and Iraq.</span></span></p> <ul> <li style="list-style-type:none"> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Precious stones</strong></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Precious stones are imported particularly from African countries.</span></span></p> <ul> <li style="list-style-type:none"> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Electronics</strong></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">More than half of the shipments of electronics come from China.</span></span></p> <ul> <li style="list-style-type:none"> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Heavy machinery</strong></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Industrial machines, engines, pumps are imported mainly from Japan and China.</span></span></p> <ul> <li style="list-style-type:none"> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Organic chemicals</strong></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Fertilizers are imported particularly from USA and Europe.</span></span></p> <ul> <li style="list-style-type:none"> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Plastics</strong></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Most of the imported plastics come from western countries.</span></span></p> <ul> <li style="list-style-type:none"> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Animal and vegetable oil</strong></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Malaysia and Indonesia are major exporters to India.</span></span></p> <ul> <li style="list-style-type:none"> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Iron and steel</strong></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Japan, China and South Korea export Iron and steel products to India.</span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-resumes-buying-malaysian-palm-oil', 'image' => 'https://www.mediafire.com/convkey/dd61/u8v2iob351m5yfa6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/dd61/u8v2iob351m5yfa6g.jpg', 'metatitle' => 'India resumes buying Malaysian palm oil', 'metakeyword' => 'India resumes buying Malaysian palm oil', 'metadescription' => 'Refiners in India have resumed buying Malaysian palm oil after a gap of nearly a month as Kuala Lumpur has been offering a $5 per tonne discount', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/pwqcknh5zryahg3/India_resumes_buying_Malaysian_palm_oil.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 27 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2829, 'title' => 'Patenting in India', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Industrial leaders have argued that Indian patenting environment needs revamp if innovation in Science and technology has to develop more than competitors, China and the USA.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In 2008, India had filed 750 global patents, when China had 6,000, and the U.S. had 53,000 patents. In the next 10 years, that’s in 2018, the U.S. had only 56,000 patents, but China had 60,000 patents and India just 2,100 patents.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Patent laws in India</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The principal law for patenting system in India is the Patents Act, 1970. Initially, according to the provisions of this law no product patent but only process patents could be granted for inventions relating to food, drugs and chemicals. However, since 2005 product patenting is allowed in India.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Intellectual Property Rights</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Intellectual property is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. </span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Types of Intellectual Property Rights</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A <strong>patent </strong>is a form of right granted by the government to an inventor or their successor-in-title, giving the owner the right to exclude others from making, using, selling, offering to sell, and importing an invention for a limited period of time, in exchange for the public disclosure of the invention</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A<strong> copyright</strong> gives the creator of an original work exclusive rights to it, usually for a limited time. Copyright may apply to a wide range of creative, intellectual, or artistic forms, or "works". Copyright does not cover ideas and information themselves, only the form or manner in which they are expressed it is necessary to recognize and respect the intellectual creations of a creator.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An <strong>industrial design</strong> right protects the visual design of objects that are not purely utilitarian. An industrial design consists of the creation of a shape, configuration or composition of pattern or color, or combination of pattern and color in three-dimensional form containing aesthetic value. An industrial design can be a two- or three-dimensional pattern used to produce a product, industrial commodity or handicraft.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Plant breeders' rights</strong> or plant variety rights are the rights to commercially use a new variety of a plant. The variety must amongst others be novel and distinct and for registration the evaluation of propagating material of the variety is considered.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A <strong>trademark</strong> is a recognizable sign, design or expression which distinguishes products or services of a particular trader from similar products or services of other traders.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A <strong>trade secret</strong> is a formula, practice, process, design, instrument, pattern, or compilation of information which is not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors and customers. </span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'patenting-in-india', 'image' => 'https://www.mediafire.com/convkey/b89c/w4pxhen5yw1dsku6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/b89c/w4pxhen5yw1dsku6g.jpg', 'metatitle' => 'Patenting in India | Indian patenting environment', 'metakeyword' => 'Patenting in India, Indian patenting environment', 'metadescription' => 'Industrial leaders have argued that Indian patenting environment needs revamp if innovation in Science and technology has to develop more than competitors', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/sgfv4kts310d9qr/Patenting_in_India.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 28 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 3123, 'title' => 'GST council adds lotteries in 28% tax bracket', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GST council has voted for inclusion of lotteries in 28% tax bracket under the GST regime during a meeting. </span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There have been widespread concerns about the shortfall in tax revenue at a time of economic slowdown and lower consumption. In the first eight months of this financial year, only about 50% of GST collection targets and 60% of compensation cess collection targets have been achieved.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">With regard to lotteries, there is a dual rate regime at present, with state-run lotteries taxed at 12%, while state-authorised lotteries (run by private players) face a 28% tax rate.</span></span></p> </li> </ul> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Other decisons</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Council decided to waive the late fee for GSTR-1 taxpayers who have not filed returns from July 2017 to November 2019 if all the returns are filed by January 10, 2020.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Council has decided that all entities with 20% ownership by central or state governments will be exempt from GST payable for long-term land leases from January 1, 2020.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>GST council</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">GST Council is the governing body of GST having 33 members, out of which 2 members are of centre and 31 members are from 29 state and 3 Union territories with legislation.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The council is headed by the union finance minister Nirmala Sitharaman assisted with the finance minister of all the states of India.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GST council is responsible for any revision or enactment of rule or any rate changes of the goods and services in India.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The council contains the following members (a) Union Finance Minister (as chairperson) (b) Union Minister of States in charge of revenue or finance (as member) (c) the ministers of states in charge of finance or taxation or other ministers as nominated by each states government (as member). </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">GST Council is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India. </span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'gst-council-adds-lotteries-in-28-tax-bracket', 'image' => 'https://www.mediafire.com/convkey/fd60/m9fe7av6w8uez5v6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/fd60/m9fe7av6w8uez5v6g.jpg', 'metatitle' => 'GST council adds lotteries in 28% tax bracket', 'metakeyword' => 'GST council adds lotteries in 28% tax bracket', 'metadescription' => 'There have been widespread concerns about the shortfall in tax revenue at a time of economic slowdown and lower consumption.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/c0ibaylmf7tgtm7/GST_council_adds_lotteries_in_28%25_tax_bracket.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 29 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 3127, 'title' => 'National Company Law Tribunal', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The NCLAT restored Cyrus Mistry as the Executive Chairman of the Tata Group. This judgement renders N. Chandrasekaran's appointment as Executive Chairman of the company illegal.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The National Company Law Tribunal had previously dismissed Mistry’s legal action on the grounds that such cases, brought by investors, require a minimum shareholding condition to be met.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>NCLT</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The <strong>National Company Law Tribunal</strong> is a <strong>quasi</strong>-<strong>judicial</strong> body in India that adjudicates issues relating to Indian companies.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The tribunal was established under the Companies Act 2013 and was constituted on 1 June 2016 by the government of India and is based on the recommendation of the Justice Jain committee on law relating to insolvency and winding up of companies.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The tribunal has <strong>sixteen</strong> benches, six at <strong>New Delhi</strong> (one being the principal bench) and two at <strong>Ahmedabad</strong>, one at <strong>Allahabad</strong>, one at <strong>Bengaluru</strong>, one at <strong>Chandigarh</strong>, two at <strong>Chennai</strong>, one at <strong>Cuttack</strong>, one at <strong>Guwahati</strong>, three at <strong>Hyderabad</strong> of which one is at <strong>Amaravathi</strong>, one at <strong>Jaipur</strong>, one at <strong>Kochi</strong>, two at <strong>Kolkata</strong> and five at <strong>Mumbai</strong>.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Decisions of the tribunal may be appealed to the <strong>National Company Law Appellate Tribunal</strong>, the decisions of which may further be appealed to the Supreme Court of India on a point of law.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Functions</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">All proceedings under the Companies Act, including proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of companies shall be disposed of by the National Company Law Tribunal. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NCLT bench is chaired by a Judicial member who is supposed to be retired/Serving High Court Judge and a Technical member who is from Indian Corporate Law Service, ICLS Cadre.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The National Company Law Tribunal is the adjudicating authority for insolvency resolution process of companies and limited liability partnerships under the Insolvency and Bankruptcy Code, 2016.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'national-company-law-tribunal', 'image' => 'https://www.mediafire.com/convkey/0dff/8fza9glaergnvcd6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/0dff/8fza9glaergnvcd6g.jpg', 'metatitle' => 'National Company Law Tribunal', 'metakeyword' => 'National Company Law Tribunal', 'metadescription' => 'The NCLAT restored Cyrus Mistry as the Executive Chairman of the Tata Group. This judgement renders N. Chandrasekaran's appointment as Executive', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/7w09h4g3tij6q3s/National_Company_Law_Tribunal.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 30 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 3190, 'title' => 'Two slab GST envisioned', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Government think-tank NITI Aayog Member Ramesh Chand has made a case for only two slabs under the Goods and Services Tax (GST) regime as against the current multiple slabs.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GST, which replaced almost all the indirect taxes, came into force on July 1, 2017 and the tax rates have been revised several times since then.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currently, there are four GST rate slabs, 5%, 12%, 18% and 28%. Several items fall in the exempt or nil duty category. Besides, cess is also levied on five goods.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Besides frequent demand for reduction in the rates on various goods and services, there has also been expectations for a slash in the number of tax slabs.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The focus should be on steady increase in revenue collection from the new indirect tax regime rather than tinkering with rates.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong> Benefits of lesser tax slabs in GST system</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Reduced confusion</strong></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Since the tax slabs will be reduced significantly, there will be less confusion among business fraternity regarding the tax rates while filing returns.</span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Boost consumption</strong></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Lowering the tax slabs will reduce the rates on certain fast moving consumer goods. This will in turn boost consumption and growth.</span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Easy estimation</strong></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Now that the slabs are reduced, there will be better chance for government to predict revenue estimation from GST as chances for going wrong will be low.</span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'two-slab-gst-envisioned', 'image' => 'https://www.mediafire.com/convkey/69e1/tf13jbj6v2mywct6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/69e1/tf13jbj6v2mywct6g.jpg', 'metatitle' => 'Two slab GST envisioned', 'metakeyword' => 'Two slab GST envisioned', 'metadescription' => 'Government think-tank NITI Aayog Member Ramesh Chand has made a case for only two slabs under the Goods and Services Tax (GST) regime', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/odwgybypqdodrvk/Two_slab_GST_envisioned.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 31 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 3328, 'title' => 'India plans to cut palm oil imports from Malaysia', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Indian Ministry of Commerce and Industry has issued a notification declaring that the import of refined palm oil “is amended from 'Free' to 'Restricted.'</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The move is said to be retaliation against top supplier Malaysia after its criticism of India's actions in Kashmir and a new citizenship law.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India's restrictions on imports of refined palm oil will lead to a price war between the world's two biggest suppliers of the commodity, Indonesia and Malaysia.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">New Delhi had earlier informally asked palm oil refiners and traders to avoid buying Malaysian palm oil. The decision to restrict all imports of refined palm oil is also likely to boost business for Indian refiners of the vegetable oil.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Palm oil is crucial for the Malaysian economy as it accounts for 2.8 per cent of gross domestic product and 4.5 per cent of total exports. State-owned and private Malaysian refineries will likely have to scramble to find new buyers for their refined product.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Palm oil accounts for nearly two-thirds of India's total edible oil imports. The country buys more than 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia. Indonesia is the world's biggest producer of palm oil, followed by Malaysia.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-plans-to-cut-palm-oil', 'image' => 'https://www.mediafire.com/convkey/59f4/67x4sg0px5v8lqo6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/59f4/67x4sg0px5v8lqo6g.jpg', 'metatitle' => 'India plans to cut palm oil imports from Malaysia', 'metakeyword' => 'India plans to cut palm oil imports from Malaysia', 'metadescription' => 'The Indian Ministry of Commerce and Industry has issued a notification declaring that the import of refined palm oil “is amended from 'Free' to 'Restricted.'', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/mx2pas02t7ub2kt/India_plans_to_cut_palm_oil_imports_from_Malaysia.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 32 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 3367, 'title' => 'China removed from list of currency manipulators', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Trump administration is dropping its designation of China<strong> </strong>as a currency manipulator in advance of the January 15 signing of a Phase 1 U.S.-China trade agreement.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The preliminary pact that the two sides are set to sign includes a section that’s intended to prevent China from manipulating its currency to gain trade advantages.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Even while removing China from its currency black list, the Treasury Department does name China as one of 10 countries it says require placement on a watch list that will mean their currency practices will be closely monitored.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In addition to China, the countries on that monitoring list are Germany, Ireland, Italy, Japan, South Korea, Malaysia, Singapore, Switzerland and Vietnam.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The administration had dropped China’s designation as a currency manipulator because of commitments in the Phase 1 trade agreement that President Donald Trump is to sign with China .</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The initial decision to brand China as a manipulator had come in a surprise announcement in August which reversed a Treasury finding in May that no country was manipulating its currency. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The initial decision to brand China as a manipulator had come in a surprise announcement in August which reversed a Treasury finding in May that no country was manipulating its currency. </span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Currency manipulation</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central bank weakens its own currency to subsidize exports and raise the price of imports, sometimes by as much as 30-40%, and it is thereby a method of protectionism. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currency manipulation is not necessarily easy to identify and some people have considered quantitative easing to be a form of currency manipulation.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currency manipulation has a disproportionate effect on the secondary sector of the economy and lobbyists of the U.S. manufacturing sector have regularly referred to China as a currency manipulator.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'china-removed-from-list-of-currency-manipulators', 'image' => 'https://www.mediafire.com/convkey/aefc/qzecbkx2xhayfeq6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/aefc/qzecbkx2xhayfeq6g.jpg', 'metatitle' => 'China removed from list of currency manipulators', 'metakeyword' => 'China removed from list of currency manipulators', 'metadescription' => 'The Trump administration is dropping its designation of China as a currency manipulator in advance of the January 15 signing of a Phase 1 U.S.-China', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/6dxbn99651wxjsd/China_removed_from_list_of_currency_manipulators.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 33 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 3537, 'title' => 'Economic survey and its importance', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">One day before the Union budget, the Chief Economic Adviser (CEA) of the country releases the Economic Survey. The Economic Survey for 2019-2020 will be tabled in Parliament on January 31.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Economic Survey is a report the government presents on the state of the economy in the past one year, the key challenges it anticipates, and their possible solutions.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The document is prepared by the Economic Division of the Department of Economic Affairs (DEA) under the guidance of the CEA, currently Dr Krishnamurthy Subramanian.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For the past few years, the Economic Survey has been presented in two volumes. For example, in 2018-19, while Volume 1 focussed on research and analysis of the challenges facing the Indian economy, Volume 2 gave a more detailed review of the financial year, covering all the major sectors of the economy.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Importance</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Economic Survey is a crucial document as it provides a detailed, official version of the government’s take on the country’s economic condition. It can also be used to highlight some key concerns or areas of focus.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government is not constitutionally bound to present the Economic Survey or to follow the recommendations that are made in it.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">But while the Centre is not obliged to present the Survey at all, it is tabled because of the significance it holds.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Expectations from the 2020 survey</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Economic Survey ahead of the Union Budget is expected to offer key insights into the path ahead for the government to revive growth.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Survey is expected to shed light on the crucial gaps that the Budget will aim to fill in terms of unemployment, private investment, and a slump in consumption.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The dilema of remaining fixated on deficit targets or making a concerted push towards more expenditure to kickstart growth is one of the key challenges the government is facing.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'economic-survey-and-its-importance', 'image' => 'https://www.mediafire.com/convkey/333b/mgjtz0gj49z64kk6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/333b/mgjtz0gj49z64kk6g.jpg', 'metatitle' => 'Economic survey and its importance', 'metakeyword' => 'Economic survey and its importance', 'metadescription' => 'One day before the Union budget, the Chief Economic Adviser (CEA) of the country releases the Economic Survey. The Economic Survey for 2019-2020', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/0g1r8793z5powhr/Economic_survey_and_its_importance.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 34 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 3581, 'title' => 'Government abolishes duty on polyester manufacturing chemical PTA', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Domestic manufacturers of polyester have called the move of abolishing duty on PTA chemical a huge relief for the industry, claiming they had been fighting to remove the duty for four-and-a-half years.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During her Budget speech, Finance Minister Nirmala Sitharaman said the government was abolishing in public interest an anti-dumping duty that was levied on imports of a chemical called PTA.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>PTA</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Purified Terephthalic Acid</strong> (PTA) is a crucial raw material used to make various products, including polyester fabrics. PTA makes up for around 70-80% of a polyester product and is, therefore, important to those involved in the manufacture of man-made fabrics or their components.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This includes products like polyester staple fibre and spun yarn. Our cushions and sofas may have polyester staple fibre fillings. Some sportswear, swimsuits, dresses, trousers, curtains, sofa covers, jackets, car seat covers and bed sheets have a certain proportion of polyester in them.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">PTA is a raw material for many of the industries. There has been persistent demand that they should be allowed to source that particular product at an affordable rate, even if it means importing it.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Easy availability of this critical input at competitive prices was desirable to unlock immense potential in the textile sector, seen as a significant employment generator.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The duty had meant importers were paying an extra $27-$160 for every 1,000 kg of PTA that they wanted to import from countries like China, Taiwan, Malaysia, Indonesia, Iran, Korea and Thailand. Removing the duty will allow PTA users to source from international markets and may make it as much as $30 per 1,000 kg cheaper than now.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Reason for anti-dumping duty</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The anti-dumping duty on PTA was imposed after two domestic manufacturers, MCC PTA India Corp Pvt Ltd and Reliance Industries Ltd, approached the Directorate General of Trade Remedies (DGTR) in October 2013.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The companies had argued that some countries had been exporting the product to India at prices lower than its value in their own domestic markets. This dumping of PTA into the Indian market had a significant adverse impact on the domestic industry, they argued.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The polyster manufacturing companies had alleged that the product’s cost had become more expensive domestically, which made their own products pricier and less attractive for their domestic and international buyers.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Anti-dumping duties</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An anti-dumping duty is a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Dumping is a process where a company exports a product at a price lower than the price it normally charges in its own home market.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The World Trade Organization does not regulate the actions of companies engaged in dumping, but instead focuses on how governments can or cannot react to dumping.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'govt-abolishes-duty-on-polyester', 'image' => 'https://www.mediafire.com/convkey/8860/noty75yeieaa8866g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/8860/noty75yeieaa8866g.jpg', 'metatitle' => 'Govt abolishes duty on polyester manufacturing chemical PTA', 'metakeyword' => 'Government abolishes duty on polyester manufacturing chemical PTA', 'metadescription' => 'Domestic manufacturers of polyester have called the move of abolishing duty on PTA chemical a huge relief for the industry, claiming they had been fighting', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/8lue07ow722zqre/Government_abolishes_duty.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 35 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 3769, 'title' => 'India-US bilateral trade', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">President Donald Trump announced that India and the United States will be making a very major trade deal, and that the countries were in the early stages of discussion for an incredible trade agreement to reduce barriers of investment.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The current balance of trade, which is tilted in India’s favour, has long been a sore point with Trump, who has described India as a “tariff king”.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">US-India goods trade in 2018 is worth $87.9 billion and India is US’s ninth largest goods trading partner. US goods exports to India $33.5 billion and goods imports from India $54.3 billion (2018). The deficit stands at $25.2 billion.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Total US-India trade in services is $54.8 billion. US services exports $25.2 billion and services imports from India $29.6 billion (2018).</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">1,97,000 American jobs are supported by US exports of goods and services to India.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Top US exports to India</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Precious metal and stone (diamonds) $7.9 billion</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mineral fuels $6.7 billion</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Aircraft $2.9 billion</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Machinery $2.2 billion</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Organic chemicals $1.6 billion</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Top US imports from India</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Precious metal and stone (diamonds) $11 billion</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Pharmaceuticals $6.3 billion</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Machinery $3.3 billion</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mineral fuels $3.2 billion</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Vehicles $2.8 billion</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-us-bilateral-trade', 'image' => 'https://www.mediafire.com/convkey/b67b/yl2ck4xogzggt7w6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/b67b/yl2ck4xogzggt7w6g.jpg', 'metatitle' => 'India-US bilateral trade', 'metakeyword' => 'India-US bilateral trade', 'metadescription' => 'President Donald Trump announced that India and the United States will be making a very major trade deal, and that the countries were in the early stages of discussion for an incredible', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/5ge4s1ewbclrynb/India-US_bilateral_trade.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 36 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 3942, 'title' => 'Circuit breaker in stock market', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The indexes plunged more than 10 per cent each day earlier and a circuit breaker was triggered for the first time since 2009 halting trading for 45 minutes.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Bombay Stock Exchange (BSE) experienced the second biggest single-day fall in its history as it fell by 8.2 per cent, slightly lower than the 11 per cent fall it saw during the 2008 financial crisis.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The New York Stock Exchange (NYSE) said that safeguards in the US stock market are working as planned, after a seven per cent drop in the S&P 500 led to a 15-minute halt in trading as circuit breakers were triggered.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">These declines came amid the <a href="https://indianexpress.com/article/explained/this-word-means-coronavirus-6210554/">coronavirus</a> outbreak, due to which several countries have shut their borders affecting airlines, tourism and the hospitality sectors and has led to a scare among market participants worldwide.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Circuit breakers are triggered to prevent markets from crashing, which happens when market participants start to panic induced by fears that their stocks are overvalued and decide to sell their stocks.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In June 2001, the Securities and Exchange Board of India (SEBI) implemented index-based market-wide circuit breakers.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This index-based market-wide circuit breaker system applies at three stages of the index movement, at 10, 15 and 20 per cent. When triggered, these circuit breakers bring about a coordinated trading halt in all equity and equity derivative markets nationwide.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For instance, if the S&P BSE Sensex were to fall more than 10 per cent before 1 pm on a given day, circuit breakers would be triggered for a period of 45 minutes; in case it fell more than 15 per cent on or after 2 pm, circuit breakers would be triggered for the remainder of the day and in case it fell more than 20 per cent at any time of the day, the trading would be halted for the remainder of the day.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'circuit-breaker-in-stock-market', 'image' => 'https://www.mediafire.com/convkey/26b6/fyng7vidzlzz58z6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/26b6/fyng7vidzlzz58z6g.jpg', 'metatitle' => 'Circuit breaker in stock market', 'metakeyword' => 'Circuit breaker in stock market', 'metadescription' => 'The indexes plunged more than 10 per cent each day earlier and a circuit breaker was triggered for the first time since 2009 halting trading for 45 minutes.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/whoo002ycnipssa/3.Circuit_breaker_in_stock_market.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 37 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 4227, 'title' => 'Dollar swap agreement', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India is working with the United States to secure a dollar swap line that would help in better management of its external account and provide extra cushion in the event of an abrupt outflow of funds.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India already has a $75 billion bilateral currency swap line with Japan, which has the second highest dollar reserves after China. The Reserve Bank of India also offers similar swap lines to central banks in the SAARC region within a total corpus of $2 billion.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While India is largely expected to tide over any challenge posed by continued outflows of funds from the markets, a swap line with the US Federal Reserve provides additional comfort to the forex markets. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Foreign institutional investors (FIIs) have been large sellers in the Indian equity and debt markets in March and April so far, as concerns over the economic effects of the COVID-19 pandemic has hit investor sentiment.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Even as the stock markets have seen a pullback from earlier low levels, there is apprehension that the economic impact of COVID-19 will last for a significant length of time, and there is unlikely to be any V-shaped recovery in the economy or in the financial markets.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Despite the slump in global crude oil prices and reduction in imports due to the pandemic outbreak, a sharp outflow of funds resulting from foreign portfolio investors (FPIs) looking for safer havens amidst the current global uncertainty, has pulled down India’s foreign exchange reserves.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In a swap arrangement, the US Fed provides dollars to a foreign central bank, which, at the same time, provides the equivalent funds in its currency to the Fed, based on the market exchange rate at the time of the transaction. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The parties agree to swap back these quantities of their two currencies at a specified date in the future, which could be the next day or even three months later, using the same exchange rate as in the first transaction.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">These swap operations carry no exchange rate or other market risks, as transaction terms are set in advance. The absence of an exchange rate risk is the major benefit of such a facility.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The Fed already has permanent swap arrangements with the Bank of Canada, the Bank of England, the European Central Bank, the Bank of Japan, and the Swiss National Bank. Other large economies including India, China, Russia, Saudi Arabia and South Africa currently do not have a currency swap line with the US.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'dollar-swap-agreement', 'image' => 'https://www.mediafire.com/convkey/7d70/mhgarqrarxhfes06g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/7d70/mhgarqrarxhfes06g.jpg', 'metatitle' => 'Dollar swap agreement', 'metakeyword' => 'Dollar swap agreement', 'metadescription' => 'India is working with the United States to secure a dollar swap line that would help in better management of its external account and provide extra cushion in the event of an abrupt ', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/117anyd3y7x3qde/5.Dollar_swap_agreement.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 38 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 4277, 'title' => 'Ways and Means Advances', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Reserve Bank of India (RBI) announced a 60% increase in the Ways and Means Advances (WMA) limit of state governments over and above the level as on March 31, with a view to enabling them “to undertake COVID-19 containment and mitigation efforts” and “to better plan their market borrowings”.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Ways and Means Advances (WMA) window is intended only to tide over temporary mismatches in cash flow of receipts and payments.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">WMA is a facility for both the Centre and states to borrow from the RBI. These borrowings are meant purely to help them to tide over temporary mismatches in cash flows of their receipts and expenditures.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Section 17(5) of the RBI Act, 1934 authorises the central bank to lend to the Centre and state governments subject to their being repayable “not later than three months from the date of the making of the advance”.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The interest rate on WMA is the RBI’s repo rate, which is basically the rate at which it lends short-term money to banks. That rate is currently 4.4%. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The governments are, however, allowed to draw amounts in excess of their WMA limits. The interest on such overdraft is 2 percentage points above the repo rate, which now works out to 6.4%. Further, no state can run an overdraft with the RBI for more than a certain period.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For the Centre, the WMA limit during the first half of 2020-21 (April-September) has been fixed at Rs 120,000 crore. This is 60% higher than the Rs 75,000 crore limit for the same period of 2019-20. The limit for the second half of the last fiscal (October-March) was Rs 35,000 crore. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For the states, the aggregate WMA limit was Rs 32,225 crore till March 31, 2020. On April 1, the RBI announced a 30% hike in this limit, which has now been enhanced to 60%, taking it to Rs 51,560 crore.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Reasons for increasing WMAs</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The lockdown has resulted in revenues drying up, and it is the states that are actually feeling the heat. With economic activity at a near standstill, there is hardly any money coming in from GST, petroleum products, liquor, motor vehicles, stamp duty or registration fee. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">At the same time, the states are also incurring the bulk of the on-the-ground expenditures for combating the novel coronavirus. These extend not only to purchases of testing kits, personal protective equipment and ventilators or deployment of healthcare and police personnel, but even to providing food, shelter and other relief measures to those worst hit by the lockdown.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">In a scenario where their expenses are real, mounting and cannot be deferred, even as revenues are collapsing and uncertain, the states are facing an unprecedented cash crunch. Most of them have resorted to slashing expenditures of other departments in order to meet COVID-19 exigencies, with some even deferring or cutting salaries of employees. </span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'ways-and-means-advances', 'image' => 'https://www.mediafire.com/convkey/eff5/uqy4vis8zsg10bf6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/eff5/uqy4vis8zsg10bf6g.jpg', 'metatitle' => 'Ways and Means Advances', 'metakeyword' => 'Ways and Means Advances', 'metadescription' => 'The Reserve Bank of India (RBI) announced a 60% increase in the Ways and Means Advances (WMA) limit of state governments over and above the level as on March 31', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/n0yv1vyc6x16pyp/5.Ways_and_Means_Advances.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 39 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 4327, 'title' => 'Facebook -Reliance Jio deal significance', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Facebook’s purchase of a nearly 10% stake in Reliance Industries’ digital business unit Jio Platforms brings one of the world’s largest Internet companies on the table with India’s largest telecom player.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The deal pushes the Indian conglomerate ahead in its plans of de-leveraging its balance sheet while accelerating the launch of its new commerce business.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This not only marks Facebook’s long-pending formal entry into India’s telecom sector but also catapults it to a place among the biggest foreign investors in India’s technology space.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Reliance Industries Chairman Mukesh Ambani had said the group had prepared a roadmap for becoming a zero net-debt company within 18 months. The Facebook deal significantly contributes to that plan by paring about Rs 43,574 crore from its outstanding debt as of September 2019 of Rs 2.92 lakh crore. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The other primary contributors to the debt-reduction plan will be a potential $15 billion (around Rs 1.05 lakh crore) deal with Saudi Aramco for a 20% stake in Reliance Industries’ refining and petrochemicals business and Rs 7,000 crore from a 49% sale in its fuel retail joint-venture to British firm BP. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Experts have said the arrangement among Reliance Retail, Jio Platforms and Facebook-owned WhatsApp to offer consumers the ability to access the nearest kiranas, or grocery stores.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This can provide products and services to their homes by transacting with JioMart using WhatsApp and has come at a very opportune time. WhatsApp boasts 400 million users in India. Further, using WhatsApp’s base also allows Reliance Retail to promote its services to users of Jio’s rival telecom players.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The partnership with Reliance could also help Facebook navigate the regulatory environment in India, where it has had several skirmishes with the authorities, including for its major initiatives such as WhatsApp Pay.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The deal also marks Facebook’s entry among elite investors in India’s technology space, joining the likes of SoftBank, Amazon and Google that have together poured in billions of dollars in Indian tech startups and their own ventures over the years. </span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Prior to Jio Platforms, Facebook had invested around $20-25 million in social commerce platform Meesho in 2019, and participated in a $110 million funding round for edu-tech company Unacademy earlier this year.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'facebook-reliance-jio-deal-significance', 'image' => 'https://www.mediafire.com/convkey/0119/455xc38nb7esfk36g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/0119/455xc38nb7esfk36g.jpg', 'metatitle' => 'Facebook -Reliance Jio deal significance', 'metakeyword' => 'Facebook -Reliance Jio deal significance', 'metadescription' => 'Facebook’s purchase of a nearly 10% stake in Reliance Industries’ digital business unit Jio Platforms brings one of the world’s largest Internet companies on the table with India’s', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/1zi2i5htbzust58/5.Facebook_-Reliance_Jio_deal_significance.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 40 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 4474, 'title' => 'Why crude oil is cheaper but not petrol?', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On 1 March, petrol sold at ?71.71 a litre in Delhi. On 6 May, it sold at an almost similar price of ?71.26 a litre. Yet, the price of the Indian basket of crude more than halved from $50.90 a barrel on 2 March to $23.04 a barrel on 4 May. </span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. A type of fossil fuel, crude oil can be refined to produce usable products such as gasoline, diesel, and various other forms of petrochemicals.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Centre’s collection of excise duty and goods and services tax (GST) fell drastically as production and consumption of goods and services slid because of the lockdown. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">State governments’ collection of taxes on petrol, diesel and alcohol, and stamp duty on real estate transactions also fell. This left the governments with little option but to increase taxes on fuel.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The base price of petrol as of 1 March was ?32.61 a litre. It has since fallen to ?17.96 a litre, reflecting the fall in oil prices. However, between then and now, the central government has increased the excise duty on petrol by 65%, from ?19.98 a litre to ?32.98 a litre, primarily on account of the rise in special additional excise duty and additional excise duty (road and infrastructure cess). </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This apart, the Delhi government has increased the value-added tax (VAT) on petrol from 27% to 30%. As a result, taxes on the commodity have jumped from ?35.23 a litre to ?49.42 a litre.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In March, the retail selling price of petrol in Delhi was 120% more than its base price. Now it is 297% higher than its base price. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The case with diesel is similar. Between March and May, the central government increased the excise duty on diesel by 101%, from ?15.83 a litre to ?31.83 a litre.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">This tells us that the central government does not expect tax collections from excise duty on goods other than petrol and diesel, GST as well as income tax, individual and corporate, to match what it has budgeted for this fiscal. Hence, this massive increase in excise duties on petrol and diesel.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'why-crude-oil-is-cheaper-but-not-petrol', 'image' => '', 'fbimage' => '', 'metatitle' => 'Why crude oil is cheaper but not petrol', 'metakeyword' => 'Why crude oil is cheaper but not petrol', 'metadescription' => 'On 1 March, petrol sold at ?71.71 a litre in Delhi. On 6 May, it sold at an almost similar price of ?71.26 a litre. Yet, the price of the Indian basket of crude more than halved', 'author' => null, 'downlaodpdf' => '', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 41 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 4417, 'title' => 'How pandemic is disrupting demand and supply of loans?', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Despite the Reserve Bank of India’s repeated efforts to bring down the interest rate in the economy as well as provide more money to the financial system, banks have not been extending more loans to the broader economy.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RBI has made it cheaper for the banks to borrow from it, by reducing the repo rate by 185 basis points since February 2019. Further, it has made it less remunerative for banks to park their funds with the RBI by cutting the reverse repo rate by 225 basis points.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Banks had parked close to Rs 7 lakh crore with the RBI. Essentially, banks have decided to even park the deposits that they get with the RBI instead of lending to either retail customers or businesses.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There are several sectors of the economy such as the micro, small and medium enterprises (MSMEs) that are facing acute shortage of funds especially in the wake of the COVID-19-induced economic disruption.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Credit growth to businesses was already struggling for the last several years. Most of the momentum to credit growth was coming from loans retail customers were taking. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">These were typically being taken by individuals buying homes, personal cars, and other consumer durables like televisions, refrigerators etc.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Even before the COVID-19 disruption in the past couple of months, demand for loans had already plummeted among businesses in the 2019-20 financial year. Retail loan growth also suffered a bit as the economy slowed down.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Crisil Research estimates that while demand for new loans would remain anaemic among the business, retail loans, which were pushing up the total credit growth rate, will fall to their lowest growth rate in a decade.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Demand for most commodities for which individuals would have typically taken a retail loan is likely to fall sharply. In terms of financing penetration, almost all commercial vehicles are financed, as are 75% of all passenger vehicles, and almost every second home (new units); this dip in demand completely shuts off the demand for retail loans.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Simply put, banks are increasingly risk-averse. Moreover, they do not know which firm will survive the COVID-19 disruption and which will flounder. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The irony is that banks may be willing to give loans to the bigger firms but these companies do not need new loans because they already have excess capacity while smaller firms, which are in dire need of funds, appear too risky for banks’ appetite.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The regulatory forbearance, in the form of a three-month-long moratorium on paying back loans, has made it difficult for banks to assess which firms are poor are managing their business and finances in this period.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'how-pandemic-is-disrupting-demand-and-supply-of-loans', 'image' => 'https://www.mediafire.com/convkey/b58e/sb7ygviezmd8zo26g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/b58e/sb7ygviezmd8zo26g.jpg', 'metatitle' => 'How pandemic is disrupting demand and supply of loans?', 'metakeyword' => 'How pandemic is disrupting demand and supply of loans?', 'metadescription' => 'Despite the Reserve Bank of India’s repeated efforts to bring down the interest rate in the economy as well as provide more money to the financial system, banks', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/ih7bhgdxx9dn2ri/5.How_pandemic_is_disrupting.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 42 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 4984, 'title' => 'Stamp duty on mutual funds', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had introduced changes to the Stamp duty Act last year by introducing a uniform rate of stamp duty on trading of shares and commodities.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The stamp duty will be applicable on all transactions, including shares, debt instruments, commodities and all categories of mutual fund schemes.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">All shares and mutual fund purchases will attract a stamp duty of 0.005 percent and any transfer of security (MF units) will attract a stamp duty of 0.015 percent.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While all categories of mutual funds (except for ETFs) will attract stamp duty for the first time, shares purchased by individuals at stock exchanges were charged stamp duty at different rates by respective states.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As for mutual funds, it will be applicable on all fresh purchases, including the fresh monthly purchases in previously registered Systematic Investment Plans. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will also be applicable if investors switch from one scheme to another and also in case of dividend reinvestment transactions. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Transfer of units from one demand account to another, including market/off-market transfers, will also attract stamp duty.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Impact on investors</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The impact on long-term investments by retail investors is nominal. Since the stamp duty will be charged as a one-time charge, if an investor invests Rs 1 lakh in a mutual fund scheme or in a stock and holds it for two years, he will have to pay a duty of only Rs 5. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, the impact is higher for investors with short-term investment horizons such as banks and corporates who invest in liquid and overnight schemes of mutual funds. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While the one-time charge is only 0.005 percent, if an investor has only a one-month investment horizon, the annualised cost would rise to 0.06 percent. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In case the investment horizon is one week, the annualised impact cost would be 0.26 percent and on a one-day investment horizon, the cost works out to 1.82%.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will also impact share purchases by individuals in several states where the rates earlier were lower than the new uniform rate of 0.005 percent.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Benefits to the government</strong></span></span></p> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">In the financial year 2019-20, the mutual fund industry mobilised aggregate funds of over Rs 188 lakh crore. If the industry continues to mobilise funds to the tune of Rs 190 lakh crore or higher, it will generate revenues of nearly Rs 1,000 crore for the government from mutual fund transactions itself.</span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'stamp-duty-on-mutual-funds', 'image' => 'https://www.mediafire.com/convkey/7e66/ax41qrjwxbxr2sb6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/7e66/ax41qrjwxbxr2sb6g.jpg', 'metatitle' => 'Stamp duty on mutual funds', 'metakeyword' => 'Stamp duty on mutual funds', 'metadescription' => 'The government had introduced changes to the Stamp duty Act last year by introducing a uniform rate of stamp duty on trading of shares and commodities.', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/w4e666e52qw3tro/3.Stamp_duty_on_mutual_funds.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 43 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 5006, 'title' => 'China’s role in India’s silk weaving industry', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">At a time when Chinese goods are frowned upon, there is one industry that will simply come to its knees without its primary raw material from China – India’s silk weaving industry.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nearly 80 percent of the silk threads that weavers use across the country come from China. Of the rest, 10 percent comes from Karnataka and the rest from Bihar and Assam. </span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In India, there are primarily four types of silk thread sources – domestic, which include mulberry and eri, and wild that includes tussar and muga.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">With the dependence on Chinese silk threads, the Benarasi silk sari has taken a different shine and no longer holds the heaviness that came with pure zari. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Silk weaving across the country today, from Salem and Erode to West Bengal, Rajasthan and Varanasi all depend on China for its threads.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The difference in quality between Chinese threads and threads from Karnataka is in the finish and thickness. Reeling is how the raw silk filaments are drawn out from the cocoon. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The machines in India do not give the smoothness or the shine that Chinese threads have. This leads to thicker threads which can be used on handlooms, but not on the warp in power loom because of the speed with which the yarn is woven — and the chances of the breaking are greater.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The cost of Chinese silk threads is almost the same as that from Karnataka, which is anywhere between Rs 3,500 to Rs 5,000 per kg. However, with locally-made threads, there is 25 percent wastage after washing the threads.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">While Chinese silk threads are widely used, our own home-grown eri, tussar and khadi silk can be promoted and the cocoons made more accessible to weavers across the country.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'chinas-role-in-indias-silk-weaving-industry', 'image' => 'https://www.mediafire.com/convkey/978c/kir6chzo3yfhmg56g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/978c/kir6chzo3yfhmg56g.jpg', 'metatitle' => 'China’s role in India’s silk weaving industry', 'metakeyword' => 'China’s role in India’s silk weaving industry', 'metadescription' => 'At a time when Chinese goods are frowned upon, there is one industry that will simply come to its knees without its primary raw material from China – India’s ', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/ybz2ftk3u6erz7b/5.China%25E2%2580%2599s_role_in_India%25E2%2580%2599s_silk_weaving_industry.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 44 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 4948, 'title' => 'Impact of banning Chinese imports in India', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Following the recent clashes with Chinese troops in Ladakh, there has been a growing clamor in the country to boycott goods from the neighboring country.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The development has caused an alarm among various industry bodies that are concerned about the adverse impact in the event of a blanket ban on exports in several sectors.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Industry associations, from pharmaceuticals to telecommunications and automobiles, are of the view that a “knee-jerk” offensive against <a href="https://indianexpress.com/article/world/china-coronavirus-tracker-region-wise-cases-and-deaths/">China</a> till alternative vendors are finalised or domestic capacities are built will hurt the economy, including the country’s exports.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">China accounts for a sizable portion of India’s top imports, especially where intermediate products or components and raw materials are concerned. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It has also been the top exporter of products like electrical machinery, equipment, and their parts, nuclear reactors, organic and inorganic chemicals, fertilizers as well as vehicles, their parts, and accessories.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">China also accounts for 45 percent of India’s total electronics imports. A third of machinery and almost two-fifths of organic chemicals that India purchases from the world come from China.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Automotive parts and fertilizers are other items where China’s share in India’s import is more than 25 percent. Several of these products are used by Indian manufacturers in the production of finished goods.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Even as an export market, China is a major partner for India. At $15.5 billion, it is the third-largest destination for Indian shipments. At the same time, India only accounts for a little over two percent of China’s total exports.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Nearly $3.6 billion worth of ingredients that Indian drug-makers import to manufacture several essential medicines, China catered to around 68 percent. India is considered one of the largest pharma industries in the world and accounts for a considerable portion of imports of finished formulations by other large economies like the US.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An analysis shows that countries like the US, Vietnam, Japan, Mexico, and certain European countries could be tapped as alternate import sources for some critical electronic, vehicular, and pharmaceutical components as well.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government’s focus is expected to help ministries handhold industries where self-reliance needs to be built.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">While an increase in tariff can be one way to achieve import substitution, the more effective strategy would be to provide an ecosystem that addresses the cost disability of Indian manufacturing leading to such imports.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'impact-of-banning-chinese-imports-in-india', 'image' => 'https://www.mediafire.com/convkey/703c/d7910psz66ue8kl6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/703c/d7910psz66ue8kl6g.jpg', 'metatitle' => 'Impact of banning Chinese imports in India', 'metakeyword' => 'Impact of banning Chinese imports in India', 'metadescription' => 'Following the recent clashes with Chinese troops in Ladakh, there has been a growing clamor in the country to boycott goods from the neighboring country.', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/kg11mamsq0eewqk/1.Impact_of_banning_Chinese_imports_in_India.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 45 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 5072, 'title' => 'Market rebound', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Undeterred by the pandemic, projections of an economic contraction, and border tensions, India’s stock markets have staged a remarkable rebound.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Markets in India are broadly mirroring the trend elsewhere, effectively highlighting the disconnect between financial markets and the real economy across the world.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Investors appear to be focusing on the easing of some short-term tail risks, and placing their bets on central banks’ return to monetary-policy easing, ignoring the economic slump and the rise in global poverty.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The big concern is the unrealistic valuations, given that FY21 is a washout in terms of earnings for companies across sectors.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There are also red flags regarding fresh non-performing assets for banks, which may begin to show up after the moratorium period ends on August 31. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Experts feel that a lag in an economic revival, demand in the economy, and reinstatement of income levels may lead to stress in all segments — corporates, MSME, and retail in the quarter ended December 2020.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The near 40% gain in India’s benchmark indices — BSE and NSE — since the March 23 low came even as retail investor sentiment was weak and individuals held on to cash amid uncertainty.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While the gains in stock markets worldwide have been puzzling, there are some answers. The first is the ample liquidity in the market.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Reserve Bank of India cut its key policy rate by 115 basis points over the last three months and announced a liquidity injection of around Rs 8 lakh crore in the financial markets since its first announcement on March 27.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Some participants feel that a near halt in real estate investments and an increase in household savings on account of the COVID-19-related uncertainty has also been instrumental in money finding its way into the stock market.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">On the economy front, a better-than-expected revival in automobile sales in June over May, faster recovery in rural India, and expectations of a good monsoon has fuelled the bull run.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'market-rebound', 'image' => 'https://www.mediafire.com/convkey/db96/04d2o7pq95ez8fr6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/db96/04d2o7pq95ez8fr6g.jpg', 'metatitle' => 'Market rebound', 'metakeyword' => 'Market rebound', 'metadescription' => 'Undeterred by the pandemic, projections of an economic contraction, and border tensions, India’s stock markets have staged a remarkable rebound.', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/g5xbmtq67mu6rjx/1.Market_rebound.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 46 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 5204, 'title' => 'Increasing gold prices', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">After over nine years, gold prices hit Rs 50,000 per 10 grams<strong> </strong>in India, the world’s second-largest gold consumer after China.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> The host of factors like global uncertainties triggered by COVID pandemic, weak dollar, low-interest rates, and stimulus programmes have increased the appetite for gold.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Though equity markets around the world rebounded sharply from their March lows, the high level of uncertainty surrounding the Covid-19 pandemic and the ultra-low interest rate environment supported strong flight-to-quality flows. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Like money market and high-quality bond funds, gold benefited from investors’ need to reduce risk, with the recognition of gold as a hedge fund that led to its increased demand.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gold is an integral part of wedding ceremonies in India and is traditionally used as a hedge against inflation and considered as a safe haven<strong> </strong>for investors during periods of uncertainties. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Whenever stock markets, real estate, and bonds fall across the world, investors turn to gold to park their funds. The fall in the value of other asset classes and global uncertainties in the wake of Covid-19 helped gold climb to a record high. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A key factor behind this robust performance is that the supply growth of gold has changed little over time, increasing by approximately 1.6 percent per year over the past 20 years.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gold, established as an investment, a reserve asset, and an adornment, is highly liquid, no one’s liability, carries no credit risk, and is scarce, historically preserving its value over time.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">With prices on the rise, investors have embraced gold in 2020 as a key portfolio hedging strategy. Regardless of the recovery type, the pandemic will likely have a lasting effect on asset allocation.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'increasing-gold-prices', 'image' => 'https://www.mediafire.com/convkey/1fa2/vj4p9ne4uky8dgt6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/1fa2/vj4p9ne4uky8dgt6g.jpg', 'metatitle' => 'Increasing gold prices', 'metakeyword' => 'Increasing gold prices', 'metadescription' => ' The host of factors like global uncertainties triggered by COVID pandemic, weak dollar, low-interest rates, and stimulus programmes have increased the appetite', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/4hqzlox3zug2sxb/Increasing_gold_prices.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 47 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 4446, 'title' => 'Contribution of excise tax to economy', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Following the easing of restrictions in the third phase of the nationwide lockdown, some of the cities showed long queues outside liquor stores around the country. </span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Manufacture and sale of liquor is one of the major sources of state revenue, and the reopening comes at a time when the states have been struggling to fill their coffers amid the disruption on account of the lockdown.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Liquor contributes a considerable amount to the exchequers of all states and Union Territories except Gujarat and Bihar, both of which have enforced prohibition. Generally, states levy excise duty on manufacture and sale of liquor. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Some states, for example Tamil Nadu, also impose VAT (value added tax). States also charge special fees on imported foreign liquor; transport fee; and label & brand registration charges. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A few states, such as Uttar Pradesh, have imposed a “special duty on liquor” to collect funds for special purposes, such as maintenance of stray cattle.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Reports show that a state excise duty on liquor is the second or third largest contributor to the category State’s Own Tax revenue; sales tax (now GST) is the largest. This is the reason states have always wanted liquor kept out of the purview of GST.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The states collected about Rs 12,500 crore per month from excise on liquor in 2018-19, which rose to about Rs 15,000 crore per month in 2019-20, and which was further expected to cross Rs 15,000 crore per month in the current financial year. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During that financial year, the five states that collected the highest revenue from excise duty on liquor were Uttar Pradesh (Rs 25,100 crore), Karnataka (Rs 19,750 crore), Maharashtra (Rs 15,343.08 crore), West Bengal (Rs 10,554.36 crore) and Telangana (Rs 10,313.68 crore).</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">With Bihar and Gujarat having prohibited liquor, Bihar had ‘nil’ revenue from liquor in 2018-19 and 2019-20, while Gujarat’s liquor revenue was negligible. Andhra Pradesh too announced prohibition last year; however, sale of the liquor has been allowed with “prohibition tax”.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The states’ revenues comprise broadly two categories — Tax Revenue and Non-Tax Revenue. Tax revenue is divided into two further categories: State’s Own Tax Revenue, and Share in Central Taxes. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Again, Own Tax Revenue comprises three principal sources: Taxes on Income (agricultural income tax and taxes on professions, trades, callings and employment); Taxes on Property and Capital Transactions (land revenue, stamps and registration fees, urban immovable property tax); and Taxes on Commodities and Services (sales tax, state sales tax/VAT, central sales tax, surcharge on sales tax, receipts of turnover tax etc).</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">According to the RBI report, in 2019-20, state GST had the highest share, 43.5%, in states’ Own Tax Revenue, followed by Sale Tax at 23.5% (mainly on petroleum products which are out of GST), state excise at 12.5%, and taxes on property and capital transactions at 11.3%.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'contribution-of-excise-tax-to-economy', 'image' => 'https://www.mediafire.com/convkey/a4f0/nppfh0x9pl7had76g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/a4f0/nppfh0x9pl7had76g.jpg', 'metatitle' => 'Contribution of excise tax to economy', 'metakeyword' => 'Contribution of excise tax to economy', 'metadescription' => 'Following the easing of restrictions in the third phase of the nationwide lockdown, some of the cities showed long queues outside liquor stores around the country.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/eollmx03amoc2i8/4.Contribution+of+excise+tax+to+economy.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 48 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 5480, 'title' => 'Employment boost', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Prime Minister, while addressing the Confederation of Indian Industry (CII) annual meeting this year, urged those present to think big and partner with the government in putting India on the path to growth.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There is much that can be achieved if government and industry work towards the same objective, and in a spirit of mutual trust.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Employment is one such area. There are three problems we must address: Labour regulation, living conditions for migrant labour in cities, and the strength of our rural economy.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Labour regulation must start with a clear-eyed recognition of facts. We have stringent labour laws to protect workers, but this covers only the formal sector, which is less than 15 per cent of employment. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The 85 per cent of our workforce who are informally employed, meanwhile, have almost no protection, and employers have almost complete flexibility.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Living conditions in our cities is the second challenge. India is unique in having 70 per cent of our population still residing in rural areas. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">We must encourage the migration of people to higher productivity occupations in our cities. And we must ensure that clean, affordable and accessible housing is available for all in our cities.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Reverse migration is also an opportunity to collaborate in spreading the geography of development. We have long had policies aimed at getting firms to invest in less-developed districts and the government has an ambitious goal of doubling farmer’s incomes.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">But the gap between the richest (urban) and poorest (rural) districts in the country still keeps growing. </span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The easiest way to grow farmer incomes is by having them grow more value-added crops. The Atmanirbhar agricultural reforms, which permit contract farming, and open up agricultural markets, are major medium-term reforms. Implemented right, they can transform agricultural markets.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'employment-boost', 'image' => 'https://www.mediafire.com/convkey/fc5e/m85j0zlyqw8dlg56g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/fc5e/m85j0zlyqw8dlg56g.jpg', 'metatitle' => 'Employment boost', 'metakeyword' => 'Employment boost', 'metadescription' => 'The Prime Minister, while addressing the Confederation of Indian Industry (CII) annual meeting this year, urged those present to think big and partner with the government', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/lrs5nwfdgcpf2pd/2.Employment+boost.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 49 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 5553, 'title' => 'Rupee gains', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The rupee rose nearly two percent to 73.40 against the US dollar last week as foreign portfolio investors (FPIs) pumped more money into Indian markets and the Reserve Bank of India refrained from intervening in the foreign exchange market.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">FPIs have bought Rs 46,602 crore worth of shares so far in August, the highest monthly inflow in calendar year 2020. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">FPIs are making use of the interest rate differential to bring in dollars. Dollar inflows into the stock market and gains in other Asian currencies boosted the rupee’s value. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The US Federal Reserve’s recent policy shift towards hotter inflation could further boost inflows and boost the rupee’s value.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Globally, risk sentiments have strengthened on aggressive stimulus by the US Fed and there have been sharp inflows into the stock market.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RBI which bought $ 59.74 billion of forex reserves since April 1 this year to boost the country’s reserves did not intervene in the market to prevent the rupee appreciation in the bygone week.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">When the RBI buys dollars, it releases equivalent amount in the rupees into the system which, in turn, could put pressure on inflation and yields.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The US Federal Reserve recently signalled a major shift in its approach to managing inflation in a bid to aid the country’s economy’s recovery. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The new policy will allow the bank to keep interest rates lower for longer, stimulating growth to help tackle unemployment. The Fed move will lead to more capital flows to emerging markets like India.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Gold prices, which had recently retreated from the all-time high levels, rebounded as traders began to incorporate the Fed’s new policy which is focused on inflation. </span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'rupee-gains', 'image' => 'https://www.mediafire.com/convkey/401f/zxvlwbuhwh1940r6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/401f/zxvlwbuhwh1940r6g.jpg', 'metatitle' => 'Rupee gains', 'metakeyword' => 'Rupee gains', 'metadescription' => 'The rupee rose nearly two percent to 73.40 against the US dollar last week as foreign portfolio investors (FPIs) pumped more money into Indian markets and the Reserve', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/w1ik2947znxg3t7/5.Rupee+gains.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 50 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 5367, 'title' => 'India’s forex reserves shooting up', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s foreign exchange reserves jumped by a record $11.9 billion in the week ending July 31 to hit a fresh high of $534.5 billion, making it the fifth-largest holder of reserves in the world.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">At a time when the economy is under stress and the growth is expected to contract in 2020-21, the rising forex reserves have come as a breather as it can cover India’s import bill of more than one year.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">During the 10-month period between September 27, 2019 and July 31, 2020, the foreign exchange reserves have swelled by $100 billion.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In ten months India has added 25 percent of the reserves it had till September 20, 2019. India is now fifth in global ranking behind China ($ 3,298 billion), Japan ($ 1,383 billion), Switzerland ($ 896 billion), and Russia ($ 591 billion).</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government’s decision to reverse its budget decision relating to higher surcharge impact on FPIs along with a cut in the corporate tax rate in September played a significant role in turning the investor's mood and draw them to invest in the Indian economy and markets.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Reserve Bank functions as the custodian and manager of forex reserves and operates within the overall policy framework agreed upon with the government.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Reasons for increase in forex</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The rise in foreign exchange inflows has been through Foreign portfolio investment (FPI) and Foreign Direct Investment (FDI and has also been supported by decline in import bill over the last 4-5 months on account of dip in crude prices and trade impact following Covid-19 pandemic.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s oil import bill declined as the global spread of coronavirus since February 2020 not only roiled the stock markets but also led to a crash in the Brent crude oil prices.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Lockdown across countries in response to Covid-19 pandemic impacted global trade and has resulted in a sharp dip in import expenditure — electronics, gold, and also crude oil prices among others.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gold which was a big import component for India witnessed a sharp decline in the quarter ended June 2020 following the high prices and the lockdown induced by the Covid-19 pandemic.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Importance of forex</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It’s a big cushion in the event of any crisis on the economic front and enough to cover the import bill of the country for a year. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The rising reserves have also helped the rupee to strengthen against the dollar. The foreign exchange reserves to GDP ratio is around 15 percent. </span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Reserves will provide a level of confidence to markets that a country can meet its external obligations, demonstrate the backing of domestic currency by external assets, assist the government in meeting its foreign exchange needs and external debt obligations and maintain a reserve for national disasters or emergencies. </span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'indias-forex-reserves-shooting-up', 'image' => 'https://www.mediafire.com/convkey/ce88/mf4x4ex1z0fovyi6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/ce88/mf4x4ex1z0fovyi6g.jpg', 'metatitle' => 'India’s forex reserves shooting up', 'metakeyword' => 'India’s forex reserves shooting up', 'metadescription' => 'India’s foreign exchange reserves jumped by a record $11.9 billion in the week ending July 31 to hit a fresh high of $534.5 billion, making it the fifth-largest', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/cq8xxmfi8xesi1d/2.India’s+forex+reserves+shooting+up.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 51 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 5370, 'title' => 'How India can boost overall demand in economy?', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India is facing a structural demand problem. This challenge has aggravated over the past few months as jobs have been lost and incomes have collapsed.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Boosting demand, in particular domestic demand, is critical for an economic revival as external demand is likely to remain muted.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s growth story has been driven by demand generated by those who are at the top of India’s socio-economic pyramid, but that has now plateaued.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">One option is to turn to those at the bottom of the pyramid who have a high marginal propensity to consume. However, realising the untapped demand potential of this group requires enhancing their incomes and earnings.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Structural change that allows for productivity increase in the informal sector increases the incomes of low-wage workers.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An effective intervention in this context would be to ensure a decent minimum wage for those who are the bottom of the distribution — the casual labour. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This, in turn, will help set a higher wage floor for others engaged in low-paid work, including regular informal workers, thereby enhancing their earnings.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is important that minimum wages are paid in public workfare programs too, in particular MGNREGA works, which involve the employment of unskilled labour.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The minimum wage can be linked to the consumption expenditure of the relatively better-off group of workers, that is, the regular formal workers in some manner. </span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">This would create not just a dynamic linkage with the consumption of the better-off workers, but will also allow for the updating of the minimum wage every year.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'how-india-can-boost-overall-demand-in-economy', 'image' => 'https://www.mediafire.com/convkey/611d/7tqdembow6wkfci6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/611d/7tqdembow6wkfci6g.jpg', 'metatitle' => 'How India can boost overall demand in economy?', 'metakeyword' => 'How India can boost overall demand in economy?', 'metadescription' => 'India is facing a structural demand problem. This challenge has aggravated over the past few months as jobs have been lost and incomes have collapsed.', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/jw63ho8wu01pxtu/5.How+India+can+boost+overall+demand+in+economy.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 52 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 5420, 'title' => 'Outflow in equity funds', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">After over four years, equity mutual funds have witnessed their first monthly outflow as investors pulled out a net Rs 2,480 crore in July, even as the benchmark indices rose around 7.5 per cent.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While the industry continued to see positive inflows following the spread of the Covid-19 pandemic and the sharp decline in the market, the net outflow reflects growing concern among investors over cash flows.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">When the markets witnessed sharp falls, investors continued with their investments and equity schemes witnessed net inflows of over Rs 10,000 crore in each of those two months.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Over the next four months, the reality of the crisis started to hit investor incomes and their capacity to invest, even as the markets started to recover, the fragility of the economy notwithstanding.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In April, net equity inflows fell to Rs 6,212 crore, and in May and June, it came down to Rs 5,256 crore and just Rs 240 crore respectively. And in July, inflows turned into net outflows as the industry saw redemptions overtaking gross inflows.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The net outflow in July is the result both of a fall in inflows from investors, and profit-booking by existing investors following the recovery in the markets.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Investors anticipating a decline in corporate performance and the general economy seem to have booked profits when the market recovered in July.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There is stress among a big section of investors, both salaried and self-employed, who are witnessing a decline in their income levels, and that is forcing them to stop their investments in equity mutual funds. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A good chunk of money is now going into fixed deposits of banks, despite the fall in interest rates. This could be an indication that investors are looking for safety of their capital in uncertain times.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Equity funds</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An equity fund is a mutual fund that invests principally in stocks. It can be actively or passively (index fund) managed. Equity funds are also known as stock funds.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Equity funds are ideal investment vehicles for investors that are not as well-versed in financial investing or do not possess a large amount of capital with which to invest. Equity funds are practical investments for most people.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'outflow-in-equity-funds', 'image' => 'https://www.mediafire.com/convkey/1630/g5h32n0yzu0l2sh6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/1630/g5h32n0yzu0l2sh6g.jpg', 'metatitle' => 'Outflow in equity funds', 'metakeyword' => 'Outflow in equity funds', 'metadescription' => 'After over four years, equity mutual funds have witnessed their first monthly outflow as investors pulled out a net Rs 2,480 crore in July, even as the benchmark indices', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/1r47hkp5z15kte4/1.Outflow+in+equity+funds.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 53 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 5604, 'title' => 'Stock market margin norms', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The stock markets implemented a transparent and stringent mechanism of collecting 20 percent upfront margin on cash market transactions and tightened the pledging system to protect the interests of investors.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Though the new rules have created some teething troubles, such as arranging margins and settlement delays, the situation is expected to become normal in a few days.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Market regulator Sebi did not have any margin requirement for cash market transactions so far, but now clients will have to give 20 per cent of the cost of the shares and it will be applicable to buying and selling of securities. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The margins from clients were required only in the futures & options segment till last year and cash margins were not demanded from clients.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Earlier it was adjusted by brokers. While Sebi tightened the margins norms due to the misuse of securities by unscrupulous brokers in the industry, the new norms have created new challenges for the brokers. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Investors had lost crores of rupees in the unauthorized pledging of shares by Karvy. The Karvy issue forced the regulator to tighten the pledging system. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">They used to take out money from clients’ accounts and adjust for other clients’ requirements. Sebi rules say a client can pledge securities with a trading member, who will in turn re-pledge the same with the clearing member.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The clearing member will re-pledge the same to Clearing Corporation (CC). At the same time, shares will remain in the demat account of the client and the complete trail of pledging process will be registered in the demat account of the client. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The 20 percent upfront margin collection will help in orderly movement of the stock markets which had witnessed excessive speculation in the last couple of months.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The tightening of the pledging system will make investors’ money safer and lead to more transparency and less manipulation.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'stock-market-margin-norms', 'image' => 'https://www.mediafire.com/convkey/e7f1/mocb34qy67q3t7v6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/e7f1/mocb34qy67q3t7v6g.jpg', 'metatitle' => 'Stock market margin norms', 'metakeyword' => 'Stock market margin norms', 'metadescription' => 'The stock markets implemented a transparent and stringent mechanism of collecting 20 percent upfront margin on cash market transactions and tightened', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/x7t8osbhelffv3o/5.Stock+market+margin+norms.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 54 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 5677, 'title' => 'GST shortfall borrowing by states', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Covid pandemic has played havoc with the economy. Revenue streams of the government, the private sector and individuals have been severely impacted while the expenditure is shooting up with a rise in commitments.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">One significant area of loss of revenue to both the Centre and the states is GST. But while the states have the comfort of assured 14 per cent growth through the compensation mechanism, the Centre has no such guarantee.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Compensation Act mandates compensating the states for revenue loss on GST implementation from the Compensation Fund.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In case the amount in the GST Compensation Fund falls short of the compensation payable, the GST Council shall decide the mode of raising additional resources including borrowing from the market.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Additional resources could be raised by increasing the tax or the cess but in the present difficult times it would not be advisable to raise the burden of either the tax or the cess.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Financially imprudent for the Centre to borrow since large borrowings by the Centre would push up the bond yield rates, which in turn would push up the bond yield of the states setting off a spiral leading to hike in the interest rates for businesses and individuals.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The Centre has already breached the budgeted borrowing limits for the current year in the first four months itself. It makes sense for the states to borrow.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'gst-shortfall-borrowing-by-states', 'image' => 'https://www.mediafire.com/convkey/fd61/vvc62cnqg6ed5ur6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/fd61/vvc62cnqg6ed5ur6g.jpg', 'metatitle' => 'GST shortfall borrowing by states', 'metakeyword' => 'GST shortfall borrowing by states', 'metadescription' => 'The Covid pandemic has played havoc with the economy. Revenue streams of the government, the private sector and individuals have been severely impacted ', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/kg9ng8bw6k7faz9/GST+shortfall+borrowing+by+states.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 55 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 5693, 'title' => 'SEBI’s multicap directive for mutual funds', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The latest directive by the Securities and Exchange Board of India (Sebi) slapping limits on stock market investments of multi-cap schemes of mutual funds have upset their plans on investments.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Sebi has specified that the minimum investment in equity and equity-related instruments of large, mid, and small cap companies in multi-cap schemes should be 25 per cent each of total assets under management of the scheme. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">So, if a multi-cap scheme of a fund house has an AUM of Rs 10,000 crore, it will have to invest at least Rs 2,500 crore each in the three categories of stocks. The fund manager is free to invest the remaining Rs 2,500 crore in any category they want.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While Sebi guidelines said that multi-cap funds should invest at least 65 percent into equity and equity-related instruments, the fund managers were free to allocate the money into large, mid or small caps.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mutual funds were getting decent returns by investing in large-cap stocks, which were leading the Sensex rally in the last two years. On the other hand, mid and small cap stocks fared rather poorly when compared to large stocks. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Their returns may come down also or the schemes may carry higher risk. Mid and small caps don’t offer the desired comfort level to fund managers.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The companies that are ranked 101-250 are mid cap and the 251st company onwards comes under small-cap companies. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The categorisation has been done to ensure uniformity in respect of the investment universe for equity schemes. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mutual funds have been focusing on the top 100 large-caps as many of them are good performers and give decent returns to investors.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Since a lot of the rebalancing will result into funds moving out of large-cap companies to mid-cap and small-cap companies, this is expected to resulting into a decline in share prices of some large-cap companies.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Mutual Fund</strong></span></span></p> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">A mutual fund is a company that pools money from many investors and invests the money in securities such as stocks, bonds, and short-term debt. The combined holdings of the mutual fund are known as its portfolio. Investors buy shares in mutual funds.</span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'sebis-multicap-directive-for-mutual-funds', 'image' => '', 'fbimage' => '', 'metatitle' => 'SEBI’s multicap directive for mutual funds', 'metakeyword' => 'SEBI’s multicap directive for mutual funds', 'metadescription' => 'The latest directive by the Securities and Exchange Board of India (Sebi) slapping limits on stock market investments of multi-cap schemes of mutual funds', 'author' => null, 'downlaodpdf' => '', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 56 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 5789, 'title' => 'UP’s big film city plan', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Uttar Pradesh Chief Minister Yogi Adityanath has unveiled an ambitious plan to set up a “film city” and invited the film fraternity to come to the state.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Adityanath had announced that the country’s “biggest and most beautiful film city” would be set up in Gautam Budh Nagar district.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While there is excitement about the project, with government officials indicating that it is intended also to create employment opportunities in the state, this isn’t the first time that a government of UP has attempted to woo the film industry to set up base in the state. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Over the past few years, UP has offered financial incentives up to Rs 2 crore to attract filmmakers to the state. The scripts of these films are approved by the state government, and these movies have to fulfill certain criteria under the existing state film policy.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under the policy, a film made in Awadhi, Braj, Bundeli or Bhojpuri, can get up to 50 per of the cost of the film as subsidy, and up to 25 percent of the cost if it is made in Hindi, English or any other language.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This subsidy is subject to a maximum limit of Rs 1 crore if at least 50 percent of the shooting has been done in the state, and Rs 2 crore if two-thirds of the film is shot in UP.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The policy also provides for additional incentives if the director shoots a second or third film as well in the state; in such cases, the subsidy ceiling can go up to Rs 2.50 crore provided two-thirds of the shooting days are in the state for the third of successive movie of the same director or producer.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">If five main artistes in the film belong to Uttar Pradesh, an additional subsidy of Rs 25 lakh is given by the state towards wages; in case all artistes are from the state, the producer can be given up to Rs 50 lakh.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The policy further offers that if a film training institute is set up in any major city apart from Noida or Greater Noida, the state would provide 50 per cent, or up to Rs 50 lakh, of the cost as a subsidy.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">‘Film Bandhu’ has given a grant of Rs 22.59 crore to 38 big and small Hindi and Bhojpuri films over the past three years, which shot at least half of the film in UP.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'ups-big-film-city-plan', 'image' => '', 'fbimage' => '', 'metatitle' => 'UP’s big film city plan', 'metakeyword' => 'UP’s big film city plan', 'metadescription' => 'Uttar Pradesh Chief Minister Yogi Adityanath has unveiled an ambitious plan to set up a “film city” and invited the film fraternity to come to the state.', 'author' => null, 'downlaodpdf' => '', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 57 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 5790, 'title' => 'Shapoorji Pallonji to exit from Tata', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">After an association of close to 84 years, the Shapoorji Pallonji Mistry (SP) Group has offered to exit from Tata Sons as litigation with the Tatas has affected the business expansion plans of the SP Group.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The market value of SP Group’s stake in the listed entities of Tata Group is estimated to be over Rs 148,000 crore, going by the market capitalisation of all listed group firms. </span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Earlier this month, Tata Sons moved the Supreme Court seeking to restrain SP Group firms from raising capital against security of their shareholding in Tata Sons. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Tatas argued that the articles of association (AoA) stipulate that shares cannot change hands, including to lenders or other parties, and the right of first refusal rests with Tata Sons. The SP Group was planning to raise funds for real estate expansion by pledging Tata Sons shares.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Tata Group is open to buying the shares in Tata Sons held by the SP Group to aid the latter are fundraising efforts. The Supreme Court restrained the SP Group from transferring or pledging Tata Sons shares.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">SP group owns an 18.37% stake in Tata Sons, the holding company of Tata Group, while the majority 66% is controlled by Tata Trusts headed by Ratan Tata. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is learnt that the Tata Sons Articles of Association states that if any shareholder of Tata Sons wants to sell his/her shares, then he has to first offer it to Tata Sons. 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'id' => (int) 5790, 'title' => 'Shapoorji Pallonji to exit from Tata', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">After an association of close to 84 years, the Shapoorji Pallonji Mistry (SP) Group has offered to exit from Tata Sons as litigation with the Tatas has affected the business expansion plans of the SP Group.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The market value of SP Group’s stake in the listed entities of Tata Group is estimated to be over Rs 148,000 crore, going by the market capitalisation of all listed group firms. </span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Earlier this month, Tata Sons moved the Supreme Court seeking to restrain SP Group firms from raising capital against security of their shareholding in Tata Sons. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Tatas argued that the articles of association (AoA) stipulate that shares cannot change hands, including to lenders or other parties, and the right of first refusal rests with Tata Sons. 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