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Tag Wise Current Affairs
Tag: Services
Government to set up unified authority for regulating all financial services in IFSCs
Tags: Services
Published on: 07 February 2019
IWAI inks MoU with Indian Oil on fuel needs for national waterways
Tags: Services, Industries
Published on: 27 February 2019
Government relaxes norms, investment limit for angel tax concession to startups
Tags: Services
Published on: 21 February 2019
Xuzhou Corridor: India launches 3rd IT corridor in China
Tags: Services, Industries
Published on: 11 March 2019
India, US to sign pact for exchange of CbC reports
Tags: Services, Industries
Published on: 16 March 2019
SpiceJet becomes first Indian low cost carrier to join IATA
Tags: Services
Published on: 22 March 2019
IRDAI constitutes Suresh Mathur Committee to review microinsurance framework
Tags: Services
Published on: 27 April 2019
FDI in services sector grew 36.5% to $9.15 billion in 2018-19: DPIIT
Tags: Services
Published on: 07 June 2019
Telecom companies to get two years to pay dues under AGR
Tags: Services
Published on: 21 November 2019
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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">Union Cabinet has approved establishment of unified authority for regulating all financial services in International Financial Services Centres (IFSCs) in India. This will be done through statutory backing with enactment of International Financial Services Centres Authority Bill, 2019.</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>International Financial Services Centre (IFSC)</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">IFSC caters to customers outside jurisdiction of the domestic economy. It deals with flows of finance, financial products and services across borders. London, New York and Singapore are considered as such global or international financial centres. India’s first IFSC was set up at GIFT City, Gandhinagar, Gujarat.</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>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currently in India, banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators, i.e. Reserve Bank of India (RBI), Securities Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI) and Pension Fund Regulatory and Development Authority(PFRDA).</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">Considering dynamic nature of business in IFSCs, it has necessitated high degree of inter-regulatory coordination. It also requires regular clarifications and frequent amendments in existing regulations governing financial activities in IFSCs. Hence, there was need for having unified financial regulator for IFSCs in India to provide world class regulatory environment to financial market participants.</span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Key features of IFSC Authority Bill</strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Management of Authority: </strong>It will consist of Chairperson, one Member each to be nominated by RBI, SEBI, IRDAI and PFRDA, two members to be nominated by Central Government and two other whole-time or full-time or part-time members.</span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Functions of Authority</strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will regulate all such financial services, financial products and Financial Institutes in IFSC which has already been permitted by Financial Sector Regulators for IFSCs.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It shall also regulate such other financial products, financial services or FIs as may be notified by Central Government from time to time.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It may also recommend to Central Government such other financial products, financial services and financial institutions which may be permitted in the IFSCs.</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>Powers of the Authority: </strong>It will exercise all powers exercisable by respective financial sector regulatory (viz. RBI, SEBI, IRDAI, and PFRDA etc.) under respective Acts in IFSCs for regulation of financial products, financial services and FIs that are permitted in the IFSC are concerned.</span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Processes and procedures of Authority: </strong>It will follow processes and procedures which are governed in accordance with provisions of respective Acts of Parliament of India applicable to such financial products, services or institutions.</span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Transactions in foreign currency: </strong>This authority in consultation with Central Government will specify foreign currency in which transactions of financial services in the IFSCs shall be done.</span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Significance of unified regulator for IFSCs </strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will provide world-class regulatory environment to market participants from an ease of doing business perspective. </span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will provide stimulus for further development of IFSCs in India and enable bringing back of financial services and transactions that are currently carried out in offshore financial centres to India.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will be essential from ease of doing business perspective. It will also generate significant employment in the IFSCs in particular as well as financial sector in India as a whole.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will provide Indian corporates easier access to global financial markets. It will also compliment and promote further development of financial markets in India.</span></span></li>
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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-family:"Quicksand",serif">Inland Waterways Authority of India (IWAI) has signed Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) for jointly developing infrastructure for fuels, lubricating oil, natural gas, LPG etc for meeting the requirement of national waterways. It is expected to lead to development of business activities in energy sector along the national waterways.</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">Features of MoU</span></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"><span style="font-family:"Quicksand",serif">It will provide general modalities of mutual cooperation for addressing futuristic demand of any form of energy for Inland Waterways and associated services.</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 covers development of infrastructure for receipt, storage, dispensing and supply of fuels, lubricating oils, LPF for domestic and commercial use, natural gas and any other related fuel and 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">It also covers infrastructure development for setting up of consumer pump for supplying fuels to vehicles, locomotives, machinery and equipments and retail outlets for fuel and gas at terminals and multimodal terminals. </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">IWAI and IOCL will conduct techno-economic feasibility studies for preparation of detailed land requirement, storage facilities and other supporting infrastructure with details of the cost. </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 studies will be based on the traffic potential, proximity to the local industries and waterways and its connectivity to rail heads.</span></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><span style="font-family:"Quicksand",serif">Background</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-family:"Quicksand",serif">106 new national waterways have been declared under National Waterways Act 2016 in addition to the existing 5 national waterways. The development of these new national waterways is being taken up by IWAI (nodal authority) in phased manner based on feasibility reports and DPRs. Besides, capacity of NW1 is also being augmented under Jal Marg Vikas Project (JMVP) with technical and financial assistance of World Bank. Under this project, multimodal terminals are being developed at Haldia, Sahibganj, Varanasi and intermodal terminals are being developed at Ghazipur and Kalughat. </span></span></span></p>
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'title' => 'Government relaxes norms, investment limit for angel tax concession to startups',
'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 Government has relaxed definition of startups and norms, investment limit for angel tax concession to startups. It is in line with government’s vision to promote culture of entrepreneurship and ease of doing business in India. It will also unshackle angel investing and bring in domestic monies for startups.</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">Relaxed Norms</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Definition of Startup:</span></strong><span style="font-family:"Quicksand",serif"> Entity will be considered as startup if its turnover for any of financial year, since its incorporation or registration, has not exceeded Rs 100 crore. Earlier limit was Rs 25 crore.</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">Moreover, entity will be considered start-up up to 10 years from its date of incorporation/registration instead of the previous period of 7 years</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">Investment limit of angel investors</span></strong><span style="font-family:"Quicksand",serif"> seeking exemption under Income Tax Act, 1961 has been increased to Rs 25 crore from 10 Crore. </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">Valuation of shares: </span></strong><span style="font-family:"Quicksand",serif">It is no more criterion for exemption of investments into eligible startups under Section 56 of Income Tax 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">Also, investments into eligible startups by non-residents, alternate investment funds - category I - shall also be exempt under this section beyond the limit of Rs 25 crores. </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">Further, an entrepreneur will also be eligible for exemption if it is private limited company recognised by DPIIT and is not investing in specified asset classes.</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">New Limitations:</span></strong><span style="font-family:"Quicksand",serif"> Startups eligible for exemption under Section 56(2)(viib) will not be allowed to invest in immovable property, loans and advances, transport vehicles above Rs 10 Lakh, capital contribution to other entities and some other assets except in ordinary course of its business.</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">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">Earlier, various startups had raised concerns on notices (angel tax notices) sent to them under section 56(2)(viib) of Income Tax Act, 1961, to pay taxes on angel funds received by them.</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">Section 56(2)(viib) of IT Act provides that amount raised by startup in excess of its fair market value will be deemed as income from other sources and would be taxed at 30%.</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 section was introduced in 2012 and was touted as anti-abuse measure. It was dubbed as angel tax due to its impact on investments made by angel investors in startup ventures.</span></span></span></li>
</ul>
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'title' => 'Xuzhou Corridor: India launches 3rd IT corridor in China',
'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 launched its third IT corridor in China’s Xuzhou city (Jiangsu Province) that will facilitate partnerships between Indian and Chinese IT companies. In this regard, National Association of Software and Services Companies (NASSCOM) has entered into partnership with China's Xuzhou city to help develop the IT corridor.</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-family:"Quicksand",serif">Xuzhou is centre of Huai Hai economic zone in China. It is important comprehensive national transportation hub and is located close to proximity of China’s major industrial and economic hub like Shanghai, Beijing, Hangzhou, Nanjing and Suzhou.</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-family:"Quicksand",serif">Xuzhou city IT Corridor</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">The primary aim of this IT corridor is to facilitate partnerships between Indian and Chinese companies.</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 Indian software and service industry associations to enter Chinese market and seize development opportunities in 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">It will also facilitate match-making between Indian companies wanting to collaborate with Chinese companies who are looking to adopt digital transformation from verticals such as manufacturing, automotive, healthcare, retail and utilities and help them create innovative product and solutions in co-create mode. </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 create more jobs in China and India and facilitate talent transfer between the two countries.</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-family:"Quicksand",serif">Previous corridors</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">NASSCOM already has launched such IT corridors at Dalian and Guiyang cities of China to cash in on burgeoning Chinese IT industry market. </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 first two corridors have paved way for cooperation in co-create mode in emerging technologies such as AI, IoT and Analytics in the Chinese market.</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">Through these two corridors, NASSCOM has brought to fore opportunities with over 300 companies where more than 10 Indian SME companies have signed deals worth 31 Million RMB (USD 4.5 million). </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 corridors already have sprung up business opportunities to tune of 24 Million RMB (USD 4.6 million) and 62 Million RMB (USD 8.9 million) respectively.</span></span></span></li>
</ul>
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'title' => 'India, US to sign pact for exchange of CbC reports',
'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 US has agreed to sign relevant bilateral agreement for exchange country-by-country (CbC) reports (local filing) filed by ultimate parent corporations based in either of the countries. This agreement will reduce compliance burden on subsidiaries of companies operating out of these countries.</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-family:"Quicksand",serif">Background</span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Income Tax Act requires subsidiaries of multinational companies (MNCs) to provide details of key financial statements from other jurisdictions from where they operate.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This provides IT Department (CBDT in this case) with operational view of such companies, primarily with regards to revenue and income tax paid.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The absence of an agreement between India and US till now entailed a possibility of local filing of CbC reports in India. </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-family:"Quicksand",serif">CbC reports filing </span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Its objective is to ensure that all relevant tax authorities have access to same information about an MNC’s value chain and resulting tax consequences.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It seeks to assist tax administration in having complete understanding of MNCs operations structure, by annually providing them with key information on global allocation of incomes and taxes paid. </span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Under this regime, CbC reports gets electronically transmitted between competent authorities as per signed framework.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In India, this provision is part of base erosion and profit sharing (BEPS) action plan and has been incorporated in IT Act.</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 India-US CbC agreement</span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enable both the countries to exchange CbC reports filed by ultimate parent entities of international groups in the respective jurisdictions.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Indian constituent entities of international groups headquartered in US, who have already filed CbC reports in US, will not be required to do local filing of CbC reports of their international groups in India. </span></span></span></li>
</ul>
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'title' => 'SpiceJet becomes first Indian low cost carrier to join IATA',
'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">Low cost Indian air carrier SpiceJet has become a member of global airlines’ grouping International Air Transport Association (IATA). With this, SpiceJet became first Indian budget carrier to join the IATA. Other Indian air carriers who are members of IATA are Air India, Jet Airways, Jet Lite and Vistara.</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">Significance of membership</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-family:"Quicksand",serif">It will aid SpiceJet’s plans to rapidly expand its international footprint. It will also allow SpiceJet to explore and grow its collaborations with IATA’s international member airlines through interlining and code shares. This will enable it to seamlessly expand the network options for its passengers in future.</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">International Air Transport Association (IATA)</span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is trade association for the world’s airlines.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It represents some 290 airlines primarily major carriers, representing 117 countries, accounting for 82% of total air traffic. </span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is headquartered in Montreal, Quebec, Canada.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was established in April 1945 and It is successor to International Air Traffic Association established in 1919.</span></span></span></li>
<li><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"> It supports airline activity and helps formulate industry policy and standards.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It helps airlines to operate safely, securely, efficiently, and economically under clearly defined rules. </span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It provides professional support is provided to all industry stakeholders with wide range of products and expert services. </span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It assists airlines by simplifying processes and increasing passenger convenience while reducing costs and improving efficiency. </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 improves understanding of air transport industry among decision makers and increase awareness of benefits of aviation sector to national and global economies. </span></span></span></li>
</ul>
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(int) 6 => object(Cake\ORM\Entity) {
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'title' => 'India ranks 17th in Global Startup Ecosystem',
'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"><span style="color:black">India was ranked 17th position among 100 countries (for year 2018) in Startup Ecosystem Ranking for 2019 released by StartupBlink. It was ranked 37th spot last year (2017). The report ranks countries based on the strength of its startup ecosystem. It takes into consideration startup ecosystems of 1,000 cities and 100 countries for the ranking</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-family:"Quicksand",serif"><span style="color:black">Startup Ecosystem Ranking for 2019</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"><strong><span style="font-family:"Quicksand",serif"><span style="color:black">Top three countries are:</span></span></strong><span style="font-family:"Quicksand",serif"><span style="color:black"> United States, United Kingdom, and Canada are top three in terms of global rankings.</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-family:"Quicksand",serif"><span style="color:black">India related facts: </span></span></strong><span style="font-family:"Quicksand",serif"><span style="color:black"> Bengaluru, New Delhi, and Mumbai were three Indian cities with the most vibrant startup ecosystems. Bengaluru was as top startup city in India at 11th spot, while New Delhi was ranked at 8th spot and Mumbai stood at 29th rank.</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-family:"Quicksand",serif"><span style="color:black">The rise in India’s rank in 2018 is attributed to number of factors. Total 3800 new startups were launched in India during 2018 and overall, Indian startups received $11 billion funding through 743 deals in 2018.</span></span></span></span></p>
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'title' => 'Â USTR places India on Priority Watch List',
'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">United States Trade Representatives (USTR) has placed 11 countries, including India, in its 'Priority Watch List' released as part of Special 301 Report. Besides it also has placed 25 countries, including Pakistan and Turkey on the Watch List. These countries were placed in these list for not taking sufficient measurable improvements to their Intellectual Property (IP) framework on long-standing and new challenges that have negatively affected US IP right holders over past year. These countries will be subjected to increased bilateral engagement with USTR to address IP concerns.</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">Special 301 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">It is prepared annually by Office of USTR. It identifies trade barriers to US companies and products due to intellectual property laws, such as copyright, patents and trademarks, in other countries. </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 countries which do not provide adequate and effective protection of intellectual property rights (IPR) or fair and equitable market access to US persons that rely upon intellectual property rights.</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">Why India is placed in 2019 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">Though India has taken steps to address intellectual property challenges and promote IP protection and enforcement over the past year, but many of the actions have not yet translated into concrete benefits for innovators and creators.</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">Long-standing deficiencies persist in India’s IPR framework and its remains one of world's most challenging major economies with respect to protection and enforcement of IP.</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">US businesses in India faces challenges which make it difficult for innovators to receive and maintain patents, particularly for pharmaceuticals.</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">Moreover, India’s insufficient enforcement actions, copyright policies do not properly incentivise creation and commercialisation of content and outdated and insufficient trade secrets legal framework.</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">USTR also has alleged that India also has restricted transparency of information provided on state-issued pharmaceutical manufacturing licenses, and expanded application of patentability exceptions to reject pharmaceutical patents.</span></span></span></li>
</ul>
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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-family:"Quicksand",serif">Insurance Regulatory and Development Authority of India (IRDAI) has constituted 13-member committee to review the regulatory framework on microinsurance and recommend measures to increase the demand for such products.</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">Composition: </span></strong><span style="font-family:"Quicksand",serif">It will be<em> headed by IRDAI Executive Director Suresh Mathur</em>. It comprises officials of the IRDAI, insurers representatives from life, general and health insurance companies in the public and private sectors and NGOs as it members<strong>.</strong></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">Terms of Reference of Committee </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-family:"Quicksand",serif">It has been tasked to suggest product designs with customer-friendly underwriting, including easy premium payment methods and simple claims settlement procedures. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will review regulatory framework on microinsurance in the country and abroad. </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-family:"Quicksand",serif">It will suggest changes in distribution structure, if any, including mobile-based and technology driven solutions. It will also give suggestions on creating effective awareness programmes<strong>. </strong>It will submit recommendations within three months.</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>
<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 committee has been formed in backdrop of less- than-desired offtake of microinsurance products despite their inherent benefits. India has seen to be very exciting market and pioneer in microinsurance sector in the world. Specifically intended for protection of low-income people, with affordable insurance products, microinsurance promises to support sustainable livelihoods of the poor. However, its market penetration remains low.</span></span></span></p>
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'title' => 'India ranks 43rd in competitiveness: 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:9.0pt"><span style="font-family:"Quicksand","serif"">India was ranked 43rd among 63 economies in recently released 2019 edition of IMD World Competitiveness Rankings. It has moved up by one place form 44th position in 2018 edition. Imporvement in India’s ranking was on account of its robust economic growth in real GDP, large labour force, its huge market size, improvements in business legislation and an increase in public expenditure on education. India was ranked 45th in 2017 and 41st in 2016.</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"">2019 IMD World Competitiveness Rankings</span></span></strong></span></span></p>
<ul>
<li><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"">Top 10 countries:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Singapore (1st), Hong Kong SAR (2nd), US (3rd), Switzerland (4th), United Arab Emirates (5th), Netherlands (6th), Ireland (7th), Denmark (8th), Sweden (9th) and Qatar (10th).</span></span></span></span></li>
<li><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"">Bottom 5:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Venezuela (63rd), Mongolia (62nd), Argentina (61st), Croatia (60th), Brazil (59th).</span></span></span></span></li>
<li><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"">Asia-Pacific region</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">: It has emerged as a global beacon with 11 out of 14 economies either improving or holding their ground.</span></span></span></span></li>
<li><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"">Challenges before India:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Maintaining high growth with employment generation, digital literacy and internet bandwidth in rural areas, managing fiscal discipline, issues related to implementation of Goods and Services Tax (GST) and resource mobilisation for infrastructure development.</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:9.0pt"><span style="font-family:"Quicksand","serif"">About IMD World Competitiveness Rankings</span></span></strong></span></span></p>
<ul>
<li><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 established in 1989. It defines competitiveness as extent to which country is able to foster environment in which enterprises can generate sustainable value.</span></span></span></span></li>
<li><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 ranks 63 countries/economies based 235 indicators that evaluates their ability to foster environment where enterprises can achieve sustainable growth, generate jobs and increase welfare for its citizens. </span></span></span></span></li>
<li><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 takes into account wide range of statistics such as unemployment, GDP and government spending on health and education, as well as data from an executive opinion survey covering topics such as social cohesion, globalisation and corruption.</span></span></span></span></li>
</ul>
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'title' => 'FDI in services sector grew 36.5% to $9.15 billion in 2018-19: DPIIT',
'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"">According to the Department for Promotion of Industry and Internal Trade (DPIIT) data, foreign direct investment (FDI) in services sector grew 36.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> to USD 9.15 billion in 2018-19. Services sector includes finance, banking, courier, insurance, outsourcing, R&D, tech testing and analysis. It attracted FDI worth US $6.7 billion in 2017-18.</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"">Key Facts</span></span></strong></span></span></p>
<ul>
<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"">FDI in other sectors:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Healthy growth in FDI inflows was recorded in fields of computer software and hardware, trading, automobile industry, and chemicals.</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"">However, overall FDI inflows declined for first time in last six years in 2018-19, falling 1</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">to US $44.37 billion as foreign investments fell significantly in telecommunication and pharmaceutical sectors. </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"">FDI in chemicals sector too registered marginal decline in 2017-18 as it attracted US $1.30 billion investments as compared to US $1.39 billion in 2016-17.</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"">Significance: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Increasing FDI inflows in services sector is vital as it contributes over 60</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">to the gross domestic product. This sector accounts for about 18</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">of the total FDI India received between April 2000 and March 2019.</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"">Foreign investments are crucial as India needs around US $1 trillion for overhauling its infrastructure sector such as airports, ports and highways to boost growth.</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"">Strong inflow of foreign investments will help to improve India's balance of payments (BoP) situation and strengthen value of rupee against global currencies, especially US dollar.</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"">Government support:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Union government has taken several measures like fixing timeliness for approvals and streamlining procedures to improve ease of doing business in the country and attract foreign investments.</span></span></span></span></li>
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'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 Supreme Court of India upheld the Department of Telecom (DoT)’s interpretation of adjusted gross revenue (AGR). Following the order, the telcos are now staring at dues of an estimated 1.4 lakh crore, which needs to be paid to the government within three months.</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 telecom industry is reeling under a debt of over 4 lakh crore and has been seeking a relief package from the government. </span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government recently announced setting up of a Committee of Secretaries to examine the financial stress in the sector, and recommend measures to mitigate it.</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 definition of AGR has been under litigation for 14 years. While telecom companies argued that it should comprise revenue from telecom services, the DoT’s stand was that the AGR should include all revenue earned by an operator, including that from non-core telecom operations.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The AGR directly impacts the outgo from the pockets of telcos to the DoT as it is used to calculate the levies payable by operators.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Telecom companies now owe the government not just the shortfall in AGR for the past 14 years but also an interest on that amount along with penalty and interest on the penalty.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The total amount to the government is owed by about 15 operators. However, 10 of them have either closed operations or are undergoing insolvency proceedings in the last 14 years.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Of the current players, Bharti Airtel and Vodafone Idea are the most affected by this order. While the total dues of Bharti Airtel are estimated to be about 42,000 crore, for Vodafone Idea the amount is around 40,000 crore.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The committee will consider some of the long-standing demands of the industry, including granting a delay in payment of dues for spectrum for the next two financial years (2020-21 and 2021-22).</span></span></p>
</li>
</ul>
<p style="margin-right:0in"> </p>
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'tag' => 'Services',
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'title' => 'Telecom companies to get two years to pay dues under AGR',
'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 Union Cabinet has approved a two-year moratorium to telecom operators on pending spectrum payment, which will help telcos avoid an immediate outflow of over 42,000 crore.</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">As per the government, following the Supreme Court judgement, the telcos now owe 1.47 lakh crore in license fees (92,642 crore) and spectrum usage charge (55,054.51 crore). </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 deferred amount will be equally spread over the remaining instalments to be paid by the companies without any increase in the existing time period for making the instalment payments.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The move will help Bharti Airtel prevent an outgo of 11,746 crore, while for Vodafone Idea and Reliance Jio, the amount stands at 23,920 crore and 6,670 crore, respectively.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Cellular Operators' Association of India (COAI) said the move will certainly provide some immediate cash flow relief to the industry.</span></span></p>
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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Adjusted Gross Revenues</strong></span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The DoT argued that AGR includes all revenues (before discounts) from both telecom and non-telecom services. </span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The companies claimed that AGR should comprise just the revenue accrued from core services and not dividend, interest income or profit on sale of any investment or fixed assets.</span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The definition of AGR has been such a contentious issue because it has huge financial implications for both telcos and the government. The revenue shared by telcos with the government goes into the consolidated fund of India.</span></span></p>
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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Union Cabinet has approved a two-year moratorium to telecom operators on pending spectrum payment, which will help telcos avoid an immediate outflow of over 42,000 crore.</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">As per the government, following the Supreme Court judgement, the telcos now owe 1.47 lakh crore in license fees (92,642 crore) and spectrum usage charge (55,054.51 crore). </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>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The deferred amount will be equally spread over the remaining instalments to be paid by the companies without any increase in the existing time period for making the instalment payments.</span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The move will help Bharti Airtel prevent an outgo of 11,746 crore, while for Vodafone Idea and Reliance Jio, the amount stands at 23,920 crore and 6,670 crore, respectively.</span></span></p>
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This will be done through statutory backing with enactment of International Financial Services Centres Authority Bill, 2019.</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>International Financial Services Centre (IFSC)</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">IFSC caters to customers outside jurisdiction of the domestic economy. It deals with flows of finance, financial products and services across borders. London, New York and Singapore are considered as such global or international financial centres. India’s first IFSC was set up at GIFT City, Gandhinagar, Gujarat.</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> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currently in India, banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators, i.e. Reserve Bank of India (RBI), Securities Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI) and Pension Fund Regulatory and Development Authority(PFRDA).</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">Considering dynamic nature of business in IFSCs, it has necessitated high degree of inter-regulatory coordination. It also requires regular clarifications and frequent amendments in existing regulations governing financial activities in IFSCs. Hence, there was need for having unified financial regulator for IFSCs in India to provide world class regulatory environment to financial market participants.</span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Key features of IFSC Authority Bill</strong></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Management of Authority: </strong>It will consist of Chairperson, one Member each to be nominated by RBI, SEBI, IRDAI and PFRDA, two members to be nominated by Central Government and two other whole-time or full-time or part-time members.</span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Functions of Authority</strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will regulate all such financial services, financial products and Financial Institutes in IFSC which has already been permitted by Financial Sector Regulators for IFSCs.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It shall also regulate such other financial products, financial services or FIs as may be notified by Central Government from time to time.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It may also recommend to Central Government such other financial products, financial services and financial institutions which may be permitted in the IFSCs.</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>Powers of the Authority: </strong>It will exercise all powers exercisable by respective financial sector regulatory (viz. RBI, SEBI, IRDAI, and PFRDA etc.) under respective Acts in IFSCs for regulation of financial products, financial services and FIs that are permitted in the IFSC are concerned.</span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Processes and procedures of Authority: </strong>It will follow processes and procedures which are governed in accordance with provisions of respective Acts of Parliament of India applicable to such financial products, services or institutions.</span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Transactions in foreign currency: </strong>This authority in consultation with Central Government will specify foreign currency in which transactions of financial services in the IFSCs shall be done.</span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Significance of unified regulator for IFSCs </strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will provide world-class regulatory environment to market participants from an ease of doing business perspective. </span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will provide stimulus for further development of IFSCs in India and enable bringing back of financial services and transactions that are currently carried out in offshore financial centres to India.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will be essential from ease of doing business perspective. It will also generate significant employment in the IFSCs in particular as well as financial sector in India as a whole.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will provide Indian corporates easier access to global financial markets. It will also compliment and promote further development of financial markets in India.</span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'govt-to-set-up-unified-authority', 'image' => 'https://www.mediafire.com/convkey/2ec1/52w2rb75c2ewws56g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/2ec1/52w2rb75c2ewws56g.jpg', 'metatitle' => 'Govt to set up unified authority to regulate IFSCs | Study IQ', 'metakeyword' => 'Economy Current Affairs, Bills and Acts, International Financial Services Centres, IFSCs,', 'metadescription' => 'Union Cabinet has approved establishment of unified authority for regulating all financial services in International Financial Services Centres (IFSCs) in India', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/1hqk4nrrachc2k5/1.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' => 'Services', 'keyword' => 'services', 'id' => (int) 277, 'title' => 'IWAI inks MoU with Indian Oil on fuel needs for national waterways', '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) has signed Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) for jointly developing infrastructure for fuels, lubricating oil, natural gas, LPG etc for meeting the requirement of national waterways. It is expected to lead to development of business activities in energy sector along the national waterways.</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">Features of 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">It will provide general modalities of mutual cooperation for addressing futuristic demand of any form of energy for Inland Waterways and associated services.</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 covers development of infrastructure for receipt, storage, dispensing and supply of fuels, lubricating oils, LPF for domestic and commercial use, natural gas and any other related fuel and 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">It also covers infrastructure development for setting up of consumer pump for supplying fuels to vehicles, locomotives, machinery and equipments and retail outlets for fuel and gas at terminals and multimodal terminals. </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">IWAI and IOCL will conduct techno-economic feasibility studies for preparation of detailed land requirement, storage facilities and other supporting infrastructure with details of the cost. </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 studies will be based on the traffic potential, proximity to the local industries and waterways and its connectivity to rail heads.</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">Background</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-family:"Quicksand",serif">106 new national waterways have been declared under National Waterways Act 2016 in addition to the existing 5 national waterways. The development of these new national waterways is being taken up by IWAI (nodal authority) in phased manner based on feasibility reports and DPRs. Besides, capacity of NW1 is also being augmented under Jal Marg Vikas Project (JMVP) with technical and financial assistance of World Bank. Under this project, multimodal terminals are being developed at Haldia, Sahibganj, Varanasi and intermodal terminals are being developed at Ghazipur and Kalughat. </span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'iwai-mou-indian-oil-fuel-needs-national-waterways', 'image' => 'https://www.mediafire.com/convkey/a74e/7tt1ppwedakt9ho6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/a74e/7tt1ppwedakt9ho6g.jpg', 'metatitle' => 'IWAI inks MoU with Indian Oil on fuel needs for national waterway', 'metakeyword' => 'In National Current Affairs, IWAI, MoU,Indian Oil Corporation Limited (IOCL), jointly developing, infrastructure for fuels, national waterways', 'metadescription' => 'IWAI has signed Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) for jointly developing infrastructure for fuels,', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/iknrr4w1t6w0tal/27feb_IWAI_inks_MoU_with_Indian_Oil.pdf', '[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' => 'Services', 'keyword' => 'services', 'id' => (int) 222, 'title' => 'Government relaxes norms, investment limit for angel tax concession to startups', '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 Government has relaxed definition of startups and norms, investment limit for angel tax concession to startups. It is in line with government’s vision to promote culture of entrepreneurship and ease of doing business in India. It will also unshackle angel investing and bring in domestic monies for startups.</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">Relaxed Norms</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Definition of Startup:</span></strong><span style="font-family:"Quicksand",serif"> Entity will be considered as startup if its turnover for any of financial year, since its incorporation or registration, has not exceeded Rs 100 crore. Earlier limit was Rs 25 crore.</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">Moreover, entity will be considered start-up up to 10 years from its date of incorporation/registration instead of the previous period of 7 years</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">Investment limit of angel investors</span></strong><span style="font-family:"Quicksand",serif"> seeking exemption under Income Tax Act, 1961 has been increased to Rs 25 crore from 10 Crore. </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">Valuation of shares: </span></strong><span style="font-family:"Quicksand",serif">It is no more criterion for exemption of investments into eligible startups under Section 56 of Income Tax 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">Also, investments into eligible startups by non-residents, alternate investment funds - category I - shall also be exempt under this section beyond the limit of Rs 25 crores. </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">Further, an entrepreneur will also be eligible for exemption if it is private limited company recognised by DPIIT and is not investing in specified asset classes.</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">New Limitations:</span></strong><span style="font-family:"Quicksand",serif"> Startups eligible for exemption under Section 56(2)(viib) will not be allowed to invest in immovable property, loans and advances, transport vehicles above Rs 10 Lakh, capital contribution to other entities and some other assets except in ordinary course of its business.</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">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">Earlier, various startups had raised concerns on notices (angel tax notices) sent to them under section 56(2)(viib) of Income Tax Act, 1961, to pay taxes on angel funds received by them.</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">Section 56(2)(viib) of IT Act provides that amount raised by startup in excess of its fair market value will be deemed as income from other sources and would be taxed at 30%.</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 section was introduced in 2012 and was touted as anti-abuse measure. It was dubbed as angel tax due to its impact on investments made by angel investors in startup ventures.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'govt-relaxes-norms-angel-tax-startups', 'image' => 'https://www.mediafire.com/convkey/db61/2w6unsw42765oqb6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/db61/2w6unsw42765oqb6g.jpg', 'metatitle' => 'Govt relaxes norms, investment limit for to startups', 'metakeyword' => 'In Economy Current Affairs, Government has relaxed definition of startups and norms, investment limit for angel tax concession to startups.', 'metadescription' => 'Union Government has relaxed definition of startups and norms, investment limit for angel tax concession to startups. It is in line with government’s vision to promote culture of entrepreneurship and ease of doing business in India.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/gr8yi0fz41gt1or/21feb_Government_relaxes_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) 3 => object(Cake\ORM\Entity) { 'tag' => 'Services', 'keyword' => 'services', 'id' => (int) 411, 'title' => 'Xuzhou Corridor: India launches 3rd IT corridor in China', '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 launched its third IT corridor in China’s Xuzhou city (Jiangsu Province) that will facilitate partnerships between Indian and Chinese IT companies. In this regard, National Association of Software and Services Companies (NASSCOM) has entered into partnership with China's Xuzhou city to help develop the IT corridor.</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-family:"Quicksand",serif">Xuzhou is centre of Huai Hai economic zone in China. It is important comprehensive national transportation hub and is located close to proximity of China’s major industrial and economic hub like Shanghai, Beijing, Hangzhou, Nanjing and Suzhou.</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-family:"Quicksand",serif">Xuzhou city IT Corridor</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">The primary aim of this IT corridor is to facilitate partnerships between Indian and Chinese companies.</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 Indian software and service industry associations to enter Chinese market and seize development opportunities in 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">It will also facilitate match-making between Indian companies wanting to collaborate with Chinese companies who are looking to adopt digital transformation from verticals such as manufacturing, automotive, healthcare, retail and utilities and help them create innovative product and solutions in co-create mode. </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 create more jobs in China and India and facilitate talent transfer between the two countries.</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-family:"Quicksand",serif">Previous corridors</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">NASSCOM already has launched such IT corridors at Dalian and Guiyang cities of China to cash in on burgeoning Chinese IT industry market. </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 first two corridors have paved way for cooperation in co-create mode in emerging technologies such as AI, IoT and Analytics in the Chinese market.</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">Through these two corridors, NASSCOM has brought to fore opportunities with over 300 companies where more than 10 Indian SME companies have signed deals worth 31 Million RMB (USD 4.5 million). </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 corridors already have sprung up business opportunities to tune of 24 Million RMB (USD 4.6 million) and 62 Million RMB (USD 8.9 million) respectively.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-launches-3rd-it-corridor-china', 'image' => 'https://www.mediafire.com/convkey/372b/in4oedbc7ex8jvb6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/372b/in4oedbc7ex8jvb6g.jpg', 'metatitle' => 'Xuzhou Corridor: India launches 3rd IT corridor in China', 'metakeyword' => 'In Business and Economy Current Affairs, Xuzhou Corridor, India, launches,3rd, IT corridor, China', 'metadescription' => 'India launched its third IT corridor in China’s Xuzhou city (Jiangsu Province) that will facilitate partnerships between Indian and Chinese IT companies. ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/dp362apb10vq61y/11Mar_Xuzhou_Corridor.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' => 'Services', 'keyword' => 'services', 'id' => (int) 468, 'title' => 'India, US to sign pact for exchange of CbC reports', '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 US has agreed to sign relevant bilateral agreement for exchange country-by-country (CbC) reports (local filing) filed by ultimate parent corporations based in either of the countries. This agreement will reduce compliance burden on subsidiaries of companies operating out of these countries.</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-family:"Quicksand",serif">Background</span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Income Tax Act requires subsidiaries of multinational companies (MNCs) to provide details of key financial statements from other jurisdictions from where they operate.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This provides IT Department (CBDT in this case) with operational view of such companies, primarily with regards to revenue and income tax paid.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The absence of an agreement between India and US till now entailed a possibility of local filing of CbC reports in India. </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-family:"Quicksand",serif">CbC reports filing </span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Its objective is to ensure that all relevant tax authorities have access to same information about an MNC’s value chain and resulting tax consequences.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It seeks to assist tax administration in having complete understanding of MNCs operations structure, by annually providing them with key information on global allocation of incomes and taxes paid. </span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Under this regime, CbC reports gets electronically transmitted between competent authorities as per signed framework.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In India, this provision is part of base erosion and profit sharing (BEPS) action plan and has been incorporated in IT Act.</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 India-US CbC agreement</span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enable both the countries to exchange CbC reports filed by ultimate parent entities of international groups in the respective jurisdictions.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Indian constituent entities of international groups headquartered in US, who have already filed CbC reports in US, will not be required to do local filing of CbC reports of their international groups in India. </span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-us-sign-pact-for-exchange-cbc-reports', 'image' => 'https://www.mediafire.com/convkey/7263/ben61eru1z7sm966g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/7263/ben61eru1z7sm966g.jpg', 'metatitle' => 'India, US to sign pact for exchange of CbC reports', 'metakeyword' => 'In Business and Economy Current Affairs, India, US, sign, bilateral agreement, exchange country-by-country (CbC) reports, local filing, filed by ultimate parent corporations based in either of the countries', 'metadescription' => 'India and US has agreed to sign relevant bilateral agreement for exchange country-by-country (CbC) reports (local filing) filed by ultimate parent corporations based in either of the countries', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/xfjz9zxawzm39uy/16_Mar_India%2C_US_to_sign_pact_for_exchange_of_CbC_reports.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' => 'Services', 'keyword' => 'services', 'id' => (int) 519, 'title' => 'SpiceJet becomes first Indian low cost carrier to join IATA', '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">Low cost Indian air carrier SpiceJet has become a member of global airlines’ grouping International Air Transport Association (IATA). With this, SpiceJet became first Indian budget carrier to join the IATA. Other Indian air carriers who are members of IATA are Air India, Jet Airways, Jet Lite and Vistara.</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">Significance of membership</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-family:"Quicksand",serif">It will aid SpiceJet’s plans to rapidly expand its international footprint. It will also allow SpiceJet to explore and grow its collaborations with IATA’s international member airlines through interlining and code shares. This will enable it to seamlessly expand the network options for its passengers in future.</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">International Air Transport Association (IATA)</span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is trade association for the world’s airlines.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It represents some 290 airlines primarily major carriers, representing 117 countries, accounting for 82% of total air traffic. </span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is headquartered in Montreal, Quebec, Canada.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was established in April 1945 and It is successor to International Air Traffic Association established in 1919.</span></span></span></li> <li><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"> It supports airline activity and helps formulate industry policy and standards.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It helps airlines to operate safely, securely, efficiently, and economically under clearly defined rules. </span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It provides professional support is provided to all industry stakeholders with wide range of products and expert services. </span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It assists airlines by simplifying processes and increasing passenger convenience while reducing costs and improving efficiency. </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 improves understanding of air transport industry among decision makers and increase awareness of benefits of aviation sector to national and global economies. </span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'spicejet-first-indian-low-cost-carrier-join-iata', 'image' => 'https://www.mediafire.com/convkey/8b09/cemfilb9mgt5j8k6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/8b09/cemfilb9mgt5j8k6g.jpg', 'metatitle' => 'SpiceJet becomes first Indian low cost carrier to join IATA', 'metakeyword' => 'In Business and Economy Current Affairs, Low cost, air carrier, SpiceJet, first, member, International Air Transport Association, IATA', 'metadescription' => 'Low cost Indian air carrier SpiceJet has become a member of global airlines’ grouping International Air Transport Association (IATA).', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/9cx7vb619a9n3d0/SpiceJet_becomes_first_Indian.pdf', '[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' => 'Services', 'keyword' => 'services', 'id' => (int) 810, 'title' => 'India ranks 17th in Global Startup Ecosystem', '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"><span style="color:black">India was ranked 17th position among 100 countries (for year 2018) in Startup Ecosystem Ranking for 2019 released by StartupBlink. It was ranked 37th spot last year (2017). The report ranks countries based on the strength of its startup ecosystem. It takes into consideration startup ecosystems of 1,000 cities and 100 countries for the ranking</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-family:"Quicksand",serif"><span style="color:black">Startup Ecosystem Ranking for 2019</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"><strong><span style="font-family:"Quicksand",serif"><span style="color:black">Top three countries are:</span></span></strong><span style="font-family:"Quicksand",serif"><span style="color:black"> United States, United Kingdom, and Canada are top three in terms of global rankings.</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-family:"Quicksand",serif"><span style="color:black">India related facts: </span></span></strong><span style="font-family:"Quicksand",serif"><span style="color:black"> Bengaluru, New Delhi, and Mumbai were three Indian cities with the most vibrant startup ecosystems. Bengaluru was as top startup city in India at 11th spot, while New Delhi was ranked at 8th spot and Mumbai stood at 29th rank.</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-family:"Quicksand",serif"><span style="color:black">The rise in India’s rank in 2018 is attributed to number of factors. Total 3800 new startups were launched in India during 2018 and overall, Indian startups received $11 billion funding through 743 deals in 2018.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-ranks-17th-global-startup-ecosystem', 'image' => 'https://www.mediafire.com/convkey/8ddb/24gg8p7bywo99jj6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/8ddb/24gg8p7bywo99jj6g.jpg', 'metatitle' => 'India ranks 17th in Global Startup Ecosystem', 'metakeyword' => 'In Economy Current Affairs India, ranks, 17th position, 100 countries, year 2018, Startup Ecosystem Ranking for 2019,StartupBlink', 'metadescription' => 'India was ranked 17th position among 100 countries in Startup Ecosystem Ranking for 2019 released by StartupBlink ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/tg3g1yas7mksd74/India_ranks_17th.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' => 'Services', 'keyword' => 'services', 'id' => (int) 847, 'title' => ' USTR places India on Priority Watch List', '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">United States Trade Representatives (USTR) has placed 11 countries, including India, in its 'Priority Watch List' released as part of Special 301 Report. Besides it also has placed 25 countries, including Pakistan and Turkey on the Watch List. These countries were placed in these list for not taking sufficient measurable improvements to their Intellectual Property (IP) framework on long-standing and new challenges that have negatively affected US IP right holders over past year. These countries will be subjected to increased bilateral engagement with USTR to address IP concerns.</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">Special 301 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">It is prepared annually by Office of USTR. It identifies trade barriers to US companies and products due to intellectual property laws, such as copyright, patents and trademarks, in other countries. </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 countries which do not provide adequate and effective protection of intellectual property rights (IPR) or fair and equitable market access to US persons that rely upon intellectual property rights.</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">Why India is placed in 2019 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">Though India has taken steps to address intellectual property challenges and promote IP protection and enforcement over the past year, but many of the actions have not yet translated into concrete benefits for innovators and creators.</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">Long-standing deficiencies persist in India’s IPR framework and its remains one of world's most challenging major economies with respect to protection and enforcement of IP.</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">US businesses in India faces challenges which make it difficult for innovators to receive and maintain patents, particularly for pharmaceuticals.</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">Moreover, India’s insufficient enforcement actions, copyright policies do not properly incentivise creation and commercialisation of content and outdated and insufficient trade secrets legal framework.</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">USTR also has alleged that India also has restricted transparency of information provided on state-issued pharmaceutical manufacturing licenses, and expanded application of patentability exceptions to reject pharmaceutical patents.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'ustr-places-india-priority-watch-list', 'image' => 'https://www.mediafire.com/convkey/2e64/slxx594us5z0e2g6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/2e64/slxx594us5z0e2g6g.jpg', 'metatitle' => ' USTR places India on Priority Watch List', 'metakeyword' => 'In Business and Economy Current Affairs, USTR, placed, India, 11 countries, Priority Watch List, Special 301 Report', 'metadescription' => ' USTR, placed, India, 11 countries, Priority Watch List, Special 301 Report', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/id6nickwwuxiiqx/_USTR_places_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) 8 => object(Cake\ORM\Entity) { 'tag' => 'Services', 'keyword' => 'services', 'id' => (int) 854, 'title' => 'IRDAI constitutes Suresh Mathur Committee to review microinsurance framework', '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">Insurance Regulatory and Development Authority of India (IRDAI) has constituted 13-member committee to review the regulatory framework on microinsurance and recommend measures to increase the demand for such products.</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">Composition: </span></strong><span style="font-family:"Quicksand",serif">It will be<em> headed by IRDAI Executive Director Suresh Mathur</em>. It comprises officials of the IRDAI, insurers representatives from life, general and health insurance companies in the public and private sectors and NGOs as it members<strong>.</strong></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">Terms of Reference of Committee </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-family:"Quicksand",serif">It has been tasked to suggest product designs with customer-friendly underwriting, including easy premium payment methods and simple claims settlement procedures. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will review regulatory framework on microinsurance in the country and abroad. </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-family:"Quicksand",serif">It will suggest changes in distribution structure, if any, including mobile-based and technology driven solutions. It will also give suggestions on creating effective awareness programmes<strong>. </strong>It will submit recommendations within three months.</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> <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 committee has been formed in backdrop of less- than-desired offtake of microinsurance products despite their inherent benefits. India has seen to be very exciting market and pioneer in microinsurance sector in the world. Specifically intended for protection of low-income people, with affordable insurance products, microinsurance promises to support sustainable livelihoods of the poor. However, its market penetration remains low.</span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'suresh-mathur-committee-review-microinsurance-framework', 'image' => 'https://www.mediafire.com/convkey/fcb4/rzq5z673ng0r3oo6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/fcb4/rzq5z673ng0r3oo6g.jpg', 'metatitle' => 'Suresh Mathur Committee to review microinsurance framework', 'metakeyword' => 'In Finance Current Affairs, IRDAI, constitutes, 13-member committee, Suresh Mathur Committee, review, regulatory framework, microinsurance, recommend measures, increase demand for such products.', 'metadescription' => 'IRDA has constituted 13-member committee to review the regulatory framework on microinsurance and recommend measures to increase the demand for such products.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/wfc32yu73zzr5ke/IRDAI_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) 9 => object(Cake\ORM\Entity) { 'tag' => 'Services', 'keyword' => 'services', 'id' => (int) 1244, 'title' => 'India ranks 43rd in competitiveness: 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:9.0pt"><span style="font-family:"Quicksand","serif"">India was ranked 43rd among 63 economies in recently released 2019 edition of IMD World Competitiveness Rankings. It has moved up by one place form 44th position in 2018 edition. Imporvement in India’s ranking was on account of its robust economic growth in real GDP, large labour force, its huge market size, improvements in business legislation and an increase in public expenditure on education. India was ranked 45th in 2017 and 41st in 2016.</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"">2019 IMD World Competitiveness Rankings</span></span></strong></span></span></p> <ul> <li><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"">Top 10 countries:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Singapore (1st), Hong Kong SAR (2nd), US (3rd), Switzerland (4th), United Arab Emirates (5th), Netherlands (6th), Ireland (7th), Denmark (8th), Sweden (9th) and Qatar (10th).</span></span></span></span></li> <li><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"">Bottom 5:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Venezuela (63rd), Mongolia (62nd), Argentina (61st), Croatia (60th), Brazil (59th).</span></span></span></span></li> <li><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"">Asia-Pacific region</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">: It has emerged as a global beacon with 11 out of 14 economies either improving or holding their ground.</span></span></span></span></li> <li><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"">Challenges before India:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Maintaining high growth with employment generation, digital literacy and internet bandwidth in rural areas, managing fiscal discipline, issues related to implementation of Goods and Services Tax (GST) and resource mobilisation for infrastructure development.</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:9.0pt"><span style="font-family:"Quicksand","serif"">About IMD World Competitiveness Rankings</span></span></strong></span></span></p> <ul> <li><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 established in 1989. It defines competitiveness as extent to which country is able to foster environment in which enterprises can generate sustainable value.</span></span></span></span></li> <li><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 ranks 63 countries/economies based 235 indicators that evaluates their ability to foster environment where enterprises can achieve sustainable growth, generate jobs and increase welfare for its citizens. </span></span></span></span></li> <li><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 takes into account wide range of statistics such as unemployment, GDP and government spending on health and education, as well as data from an executive opinion survey covering topics such as social cohesion, globalisation and corruption.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-ranks-43rd-competitiveness-report', 'image' => 'https://www.mediafire.com/convkey/acb8/27tymkb6cn2n7066g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/acb8/27tymkb6cn2n7066g.jpg', 'metatitle' => 'India ranks 43rd in competitiveness: Report', 'metakeyword' => 'India ranks 43rd in competitiveness: Report', 'metadescription' => 'India ranks 43rd in competitiveness: Report, India was ranked 43rd among 63 economies in recently released 2019 edition of IMD World Competitiveness Rankings', 'author' => 'Nikhil Paigude', '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) 10 => object(Cake\ORM\Entity) { 'tag' => 'Services', 'keyword' => 'services', 'id' => (int) 1382, 'title' => 'FDI in services sector grew 36.5% to $9.15 billion in 2018-19: DPIIT', '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"">According to the Department for Promotion of Industry and Internal Trade (DPIIT) data, foreign direct investment (FDI) in services sector grew 36.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> to USD 9.15 billion in 2018-19. Services sector includes finance, banking, courier, insurance, outsourcing, R&D, tech testing and analysis. It attracted FDI worth US $6.7 billion in 2017-18.</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"">Key Facts</span></span></strong></span></span></p> <ul> <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"">FDI in other sectors:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Healthy growth in FDI inflows was recorded in fields of computer software and hardware, trading, automobile industry, and chemicals.</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"">However, overall FDI inflows declined for first time in last six years in 2018-19, falling 1</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">to US $44.37 billion as foreign investments fell significantly in telecommunication and pharmaceutical sectors. </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"">FDI in chemicals sector too registered marginal decline in 2017-18 as it attracted US $1.30 billion investments as compared to US $1.39 billion in 2016-17.</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"">Significance: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Increasing FDI inflows in services sector is vital as it contributes over 60</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">to the gross domestic product. This sector accounts for about 18</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">of the total FDI India received between April 2000 and March 2019.</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"">Foreign investments are crucial as India needs around US $1 trillion for overhauling its infrastructure sector such as airports, ports and highways to boost growth.</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"">Strong inflow of foreign investments will help to improve India's balance of payments (BoP) situation and strengthen value of rupee against global currencies, especially US dollar.</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"">Government support:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Union government has taken several measures like fixing timeliness for approvals and streamlining procedures to improve ease of doing business in the country and attract foreign investments.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'fdi-services-sector-grows-2018-19', 'image' => 'https://www.mediafire.com/convkey/7f59/z49w9vhf488h74i6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/7f59/z49w9vhf488h74i6g.jpg', 'metatitle' => 'FDI in services sector grew 36.5% to $9.15 billion in 2018-19', 'metakeyword' => 'Department for Promotion of Industry and Internal Trade, DPIIT data, foreign direct investment, FDI, services sector, grew, 36.5%, US $9.15 billion in 2018-19', 'metadescription' => 'Department for Promotion of Industry and Internal Trade (DPIIT) data, foreign direct investment (FDI) in services sector grew 36.5% to USD 9.15 billion in 2018-19', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/et6rf8q98bwv14a/FDI_in_services.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' => 'Services', 'keyword' => 'services', 'id' => (int) 2675, 'title' => 'Telecom sector in stress', '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 Supreme Court of India upheld the Department of Telecom (DoT)’s interpretation of adjusted gross revenue (AGR). Following the order, the telcos are now staring at dues of an estimated 1.4 lakh crore, which needs to be paid to the government within three months.</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 telecom industry is reeling under a debt of over 4 lakh crore and has been seeking a relief package from the government. </span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government recently announced setting up of a Committee of Secretaries to examine the financial stress in the sector, and recommend measures to mitigate it.</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 definition of AGR has been under litigation for 14 years. While telecom companies argued that it should comprise revenue from telecom services, the DoT’s stand was that the AGR should include all revenue earned by an operator, including that from non-core telecom operations.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The AGR directly impacts the outgo from the pockets of telcos to the DoT as it is used to calculate the levies payable by operators.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Telecom companies now owe the government not just the shortfall in AGR for the past 14 years but also an interest on that amount along with penalty and interest on the penalty.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The total amount to the government is owed by about 15 operators. However, 10 of them have either closed operations or are undergoing insolvency proceedings in the last 14 years.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Of the current players, Bharti Airtel and Vodafone Idea are the most affected by this order. While the total dues of Bharti Airtel are estimated to be about 42,000 crore, for Vodafone Idea the amount is around 40,000 crore.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The committee will consider some of the long-standing demands of the industry, including granting a delay in payment of dues for spectrum for the next two financial years (2020-21 and 2021-22).</span></span></p> </li> </ul> <p style="margin-right:0in"> </p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'telecom-sector-in-stress', 'image' => 'https://www.mediafire.com/convkey/d56d/y639kgc45jxzc486g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/d56d/y639kgc45jxzc486g.jpg', 'metatitle' => 'Telecom sector in stress', 'metakeyword' => 'Telecom sector in stress', 'metadescription' => 'The Supreme Court of India upheld the Department of Telecom (DoT)’s interpretation of adjusted gross revenue (AGR). ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/sk04ej1yubspgem/Telecom_sector_in_stress.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' => 'Services', 'keyword' => 'services', 'id' => (int) 2851, 'title' => 'Telecom companies to get two years to pay dues under AGR', '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 Union Cabinet has approved a two-year moratorium to telecom operators on pending spectrum payment, which will help telcos avoid an immediate outflow of over 42,000 crore.</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">As per the government, following the Supreme Court judgement, the telcos now owe 1.47 lakh crore in license fees (92,642 crore) and spectrum usage charge (55,054.51 crore). </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 deferred amount will be equally spread over the remaining instalments to be paid by the companies without any increase in the existing time period for making the instalment payments.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The move will help Bharti Airtel prevent an outgo of 11,746 crore, while for Vodafone Idea and Reliance Jio, the amount stands at 23,920 crore and 6,670 crore, respectively.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Cellular Operators' Association of India (COAI) said the move will certainly provide some immediate cash flow relief to the industry.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Adjusted Gross Revenues</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The DoT argued that AGR includes all revenues (before discounts) from both telecom and non-telecom services. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The companies claimed that AGR should comprise just the revenue accrued from core services and not dividend, interest income or profit on sale of any investment or fixed assets.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The definition of AGR has been such a contentious issue because it has huge financial implications for both telcos and the government. The revenue shared by telcos with the government goes into the consolidated fund of India.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'telecom-companies-to-get-two-years', 'image' => 'https://www.mediafire.com/convkey/c6cd/t4b5vgc0lvfsi966g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/c6cd/t4b5vgc0lvfsi966g.jpg', 'metatitle' => 'Telecom companies to get two years to pay dues under AGR', 'metakeyword' => 'Telecom companies to get two years to pay dues under AGR', 'metadescription' => 'The Union Cabinet has approved a two-year moratorium to telecom operators on pending spectrum payment, which will help telcos avoid an immediate', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/5c8wja179t2z8ou/Telecom_companies_to_get_two_years_to_pay_dues_under_AGR.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], 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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 Union Cabinet has approved a two-year moratorium to telecom operators on pending spectrum payment, which will help telcos avoid an immediate outflow of over 42,000 crore.</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">As per the government, following the Supreme Court judgement, the telcos now owe 1.47 lakh crore in license fees (92,642 crore) and spectrum usage charge (55,054.51 crore). </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 deferred amount will be equally spread over the remaining instalments to be paid by the companies without any increase in the existing time period for making the instalment payments.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The move will help Bharti Airtel prevent an outgo of 11,746 crore, while for Vodafone Idea and Reliance Jio, the amount stands at 23,920 crore and 6,670 crore, respectively.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Cellular Operators' Association of India (COAI) said the move will certainly provide some immediate cash flow relief to the industry.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Adjusted Gross Revenues</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The DoT argued that AGR includes all revenues (before discounts) from both telecom and non-telecom services. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The companies claimed that AGR should comprise just the revenue accrued from core services and not dividend, interest income or profit on sale of any investment or fixed assets.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The definition of AGR has been such a contentious issue because it has huge financial implications for both telcos and the government. 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