✅Gs-3 : Economy- Mobilization of Resources- GST
🛑GST on Prepackaged food
🛑Prepackaged food- Legal definition is found in Legal Metrology Act 2009- The GST Council in its previous meeting decided to impose 5% GST (instead of 0%) on single packages of food items like cereals, pulses, and flour weighing up to 25kg - this will be notified by CBIC- However, if the items are sold loose- i.e. without package- then no GST will be imposed.
🛑Issue : From businesses’ viewpoint, there are just too many tax rate slabs, compounded by aberrations in the duty structure through their supply chains with some inputs taxed more than the final product.Multiple rate changes since the introduction of the GST regime in July 2017 have brought the effective GST rate to 11.6% from the original revenue-neutral rate of 15.5%
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🛑GST on Prepackaged food
🛑Prepackaged food- Legal definition is found in Legal Metrology Act 2009- The GST Council in its previous meeting decided to impose 5% GST (instead of 0%) on single packages of food items like cereals, pulses, and flour weighing up to 25kg - this will be notified by CBIC- However, if the items are sold loose- i.e. without package- then no GST will be imposed.
🛑Issue : From businesses’ viewpoint, there are just too many tax rate slabs, compounded by aberrations in the duty structure through their supply chains with some inputs taxed more than the final product.Multiple rate changes since the introduction of the GST regime in July 2017 have brought the effective GST rate to 11.6% from the original revenue-neutral rate of 15.5%
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✅GS3- Mobilization of resources-Banking-> End of Bank board Bureau
➡️Financial Services Institution Bureau
🅾️Purpose : To select the chiefs of public sector banks and insurance companies-to issue guidelines and select general managers and directors of state-run non-life insurers, general insurers and Financial Institutions-FSIB will be the single entity for making recommendations for appointments of WTD (Whole-time Director) and NEC (Non-executive Chairman) in Public Sector Banks, India Private Limited company and Financial Institutions.
🅾️How did it come into existence?- The Cabinet Appointments Committee (ACC) has passed a government resolution to establish the Financial Services Institutions Bureau (FSIB) in place of the Banks Board Bureau (BBB) which was setup on recommendations of ‘The Committee to Review Governance of Boards of Banks in India( PJ NAYAK committee)- 2019 prelims Question was on this topic.
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➡️Financial Services Institution Bureau
🅾️Purpose : To select the chiefs of public sector banks and insurance companies-to issue guidelines and select general managers and directors of state-run non-life insurers, general insurers and Financial Institutions-FSIB will be the single entity for making recommendations for appointments of WTD (Whole-time Director) and NEC (Non-executive Chairman) in Public Sector Banks, India Private Limited company and Financial Institutions.
🅾️How did it come into existence?- The Cabinet Appointments Committee (ACC) has passed a government resolution to establish the Financial Services Institutions Bureau (FSIB) in place of the Banks Board Bureau (BBB) which was setup on recommendations of ‘The Committee to Review Governance of Boards of Banks in India( PJ NAYAK committee)- 2019 prelims Question was on this topic.
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Forwarded from VK IAS - (Science and technology)
#Economy #SnT
✅India’s Bioeconomy Report 2022
🅾️What?- Biotechnology Industry Research Assistance Council (BIRAC) released India’s Bioeconomy Report 2022.
🅾️Potential : India’s bioeconomy is likely to touch USD 150 billion by 2025 and over USD 300 billion by 2030. The country’s bioeconomy has reached over USD 80 billion in 2021, registering a 14.1 percent growth over USD 70.2 billion in 2020.
👆👆 To truly understand the infographic and this report- MUST READ THIS NEWS snippet- Importance of Nature based solutions-Bioprospecting- Click here
⚠️ Bioeconomy isn’t just seen as a way of replacing resources but rather as a solution to the problem via biotechnology innovation. In this way, by aligning industrial processes with nature’s cycles, it’s expected that efficiency increases and waste is eliminated
🔰Science and Tech news : https://www.tg-me.com/sciencehighlights
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✅India’s Bioeconomy Report 2022
🅾️What?- Biotechnology Industry Research Assistance Council (BIRAC) released India’s Bioeconomy Report 2022.
🅾️Potential : India’s bioeconomy is likely to touch USD 150 billion by 2025 and over USD 300 billion by 2030. The country’s bioeconomy has reached over USD 80 billion in 2021, registering a 14.1 percent growth over USD 70.2 billion in 2020.
👆👆 To truly understand the infographic and this report- MUST READ THIS NEWS snippet- Importance of Nature based solutions-Bioprospecting- Click here
⚠️ Bioeconomy isn’t just seen as a way of replacing resources but rather as a solution to the problem via biotechnology innovation. In this way, by aligning industrial processes with nature’s cycles, it’s expected that efficiency increases and waste is eliminated
🔰Science and Tech news : https://www.tg-me.com/sciencehighlights
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#Economy
✅India International Bullion Exchange (IIBX):
🅾️Context - The Prime Minister has laid the foundation stone of the headquarters building of the International Financial Services Centers Authority (IFSCA) in GIFT City, Gandhinagar.
🅾️Bullion refers to physical gold and silver of high purity that is often kept in the form of bars, ingots, or coins. Presently Gold imports are governed by the RBI as per import licence given by Directorate General of Foreign Trade (DGFT) - only these licence holders( Usually banks) can sell to dealers and jewellers across the country.
🅾️ (IIBX) was 1st announced in the Union Budget 2020 - eases gold imports for jewellers at low costs-
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✅India International Bullion Exchange (IIBX):
🅾️Context - The Prime Minister has laid the foundation stone of the headquarters building of the International Financial Services Centers Authority (IFSCA) in GIFT City, Gandhinagar.
🅾️Bullion refers to physical gold and silver of high purity that is often kept in the form of bars, ingots, or coins. Presently Gold imports are governed by the RBI as per import licence given by Directorate General of Foreign Trade (DGFT) - only these licence holders( Usually banks) can sell to dealers and jewellers across the country.
🅾️ (IIBX) was 1st announced in the Union Budget 2020 - eases gold imports for jewellers at low costs-
🎖Follow @economyhighlights for Economy articles.
🎖Please Subscribe : Youtube.com/vikaskanukollu
Forwarded from VK IAS- prelims (UPSC highlights)
#Economy #GovtScheme
✅Revamped Distribution Sector Scheme
🅾️Purpose : reform-based and result-linked scheme to improve the financial sustainability and operational efficiencies of DISCOMs.
🅾️How?- financial assistance for the modernization of distribution infrastructure e.g., Smart Prepaid Meters.
🔰Objectives :
⚜️Reduce AT&C loss by 12-15%
⚜️Reduce financial deficit of DISCOMs to Zero.
⚜️Compulsory installation of smart meters (target of installing 250 million smart meters by 2025)
⚜️Time: 2021-22 to 2025-26
⚜️Nodal Agency: Under Ministry of Power (Rural electrification cooperation and Power finance corporation)
⚜️Eligibility: All state-owned DISCOMs- NOT PRIVATE- please note
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✅Revamped Distribution Sector Scheme
🅾️Purpose : reform-based and result-linked scheme to improve the financial sustainability and operational efficiencies of DISCOMs.
🅾️How?- financial assistance for the modernization of distribution infrastructure e.g., Smart Prepaid Meters.
🔰Objectives :
⚜️Reduce AT&C loss by 12-15%
⚜️Reduce financial deficit of DISCOMs to Zero.
⚜️Compulsory installation of smart meters (target of installing 250 million smart meters by 2025)
⚜️Time: 2021-22 to 2025-26
⚜️Nodal Agency: Under Ministry of Power (Rural electrification cooperation and Power finance corporation)
⚜️Eligibility: All state-owned DISCOMs- NOT PRIVATE- please note
@hinduhighlights for News analysis
@upschighlights for prelims info
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Forwarded from VK IAS by Vikas kanukollu (VK)
✅Gs3- Economic development-Oxfam reports on Inequality
🅾️A global paradigm to address inequality- Why 5 trillion economy is useless without 90% of wealth not reaching 90% of population- CLick here
🅾️When we speak of inequality in a world driven by technology- we are speaking about- Inequality in Industry 4.0- Click here
🅾️Rural india needs vernacular content
⚜️My opinion on lingustic diversity- Click here
🅾️To reduce that digital divide- we need the govt to take control and provide an enabling ecosystem to translate languages
🅾️NEP says that till class 5- Mother tongue should be the medium of instruction-Click here
🅾️But merely saying that will not be enough when you have technology- it can be done with AI- Bhashini - an AI tool is helping us with that.
🔰Join
@hinduhighlights for News analysis
@upschighlights for prelims info
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🅾️A global paradigm to address inequality- Why 5 trillion economy is useless without 90% of wealth not reaching 90% of population- CLick here
🅾️When we speak of inequality in a world driven by technology- we are speaking about- Inequality in Industry 4.0- Click here
🅾️Rural india needs vernacular content
⚜️My opinion on lingustic diversity- Click here
🅾️To reduce that digital divide- we need the govt to take control and provide an enabling ecosystem to translate languages
🅾️NEP says that till class 5- Mother tongue should be the medium of instruction-Click here
🅾️But merely saying that will not be enough when you have technology- it can be done with AI- Bhashini - an AI tool is helping us with that.
🔰Join
@hinduhighlights for News analysis
@upschighlights for prelims info
🎖Please Subscribe : Youtube.com/vikaskanukollu
Forwarded from VK IAS by Vikas kanukollu (VK)
✅Gs3- Economic growth/Infra- Power sector
🅾️Issues with Electricity Act(Amendment) Bill 2020
📍Important provision : More than one power distributor can operate in an area and they will be allowed to use the power distribution infrastructure of other suppliers. This is aimed at boosting competition and giving more choice to the consumers. Regulators to fix a minimum tariff ceiling to discourage unhealthy pricing wars among distributors and a maximum ceiling to ensure consumers are protected.
🅾️General points for power sector : Click here
🔰Freebie model of governance- Click here
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@upschighlights for prelims info
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🅾️Issues with Electricity Act(Amendment) Bill 2020
📍Important provision : More than one power distributor can operate in an area and they will be allowed to use the power distribution infrastructure of other suppliers. This is aimed at boosting competition and giving more choice to the consumers. Regulators to fix a minimum tariff ceiling to discourage unhealthy pricing wars among distributors and a maximum ceiling to ensure consumers are protected.
🅾️General points for power sector : Click here
🔰Freebie model of governance- Click here
🎖Join
@hinduhighlights for News analysis
@upschighlights for prelims info
🎖Please Subscribe : Youtube.com/vikaskanukollu
Forwarded from VK IAS by Vikas kanukollu (VK)
✅Gs-3 : Mobilization of Resources- Green growth-> Climate financing
📍Main idea : A global carbon tax
📍Other ideas :
⚜️1. Sovereign Green Bond
⚜️2. Transition bond
⚜️3. The need to integrate environmental taxes in the Goods and Service Tax
⚜️4. Multilateral financing- bank led development- this article.
📍FACTORS TO CONSIDER -for a success of an environmental law/policy : Click here
🛑Prelims : Global financial architecture for green finance
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📍Main idea : A global carbon tax
📍Other ideas :
⚜️1. Sovereign Green Bond
⚜️2. Transition bond
⚜️3. The need to integrate environmental taxes in the Goods and Service Tax
⚜️4. Multilateral financing- bank led development- this article.
📍FACTORS TO CONSIDER -for a success of an environmental law/policy : Click here
🛑Prelims : Global financial architecture for green finance
🔰Join
@hinduhighlights for News analysis
@upschighlights for prelims info
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✅Gs-3 : Economic Development- Meaning of Developed country
🎖This is a part of PM Modi's 'Panch Pran'-
🔶1. Become a developed country - this article is about this point.
🔶2. Erase all traces of servitude
🔶3. Being proud of our legacy
🔶4. The strength of our unity
🔶5. Duties of citizens which include the PM and CMs
🅾️The World Bank classifies countries based on Gross National Income every year on 1st July :
➡️Quote/ philosophy to be used : “Jai Jawan, Jai Kisaan, Jai Vigyaan, Jai Anusandhan”- Defence, Agriculture, Scientific temper and R&D- pillars of India's growth story.
🛑What to take away from this article?- Revise your basics on human development Index- Click here
⚠️What is not covered here :Environmental angle- How to build on an approach to nature-based solutions that put people at the core.
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🎖This is a part of PM Modi's 'Panch Pran'-
🔶1. Become a developed country - this article is about this point.
🔶2. Erase all traces of servitude
🔶3. Being proud of our legacy
🔶4. The strength of our unity
🔶5. Duties of citizens which include the PM and CMs
🅾️The World Bank classifies countries based on Gross National Income every year on 1st July :
➡️Quote/ philosophy to be used : “Jai Jawan, Jai Kisaan, Jai Vigyaan, Jai Anusandhan”- Defence, Agriculture, Scientific temper and R&D- pillars of India's growth story.
🛑What to take away from this article?- Revise your basics on human development Index- Click here
⚠️What is not covered here :Environmental angle- How to build on an approach to nature-based solutions that put people at the core.
🎖Follow @Economyhighlights- for Economy news
🎖Please Subscribe : Youtube.com/vikaskanukollu
Forwarded from VK IAS by Vikas kanukollu (VK)
✅Gs-2- Govt policies
✅Gs-3- Economic growth- Need for Data driven policies
➡️Context : Policies are supposed to be based on data- But delay in right quality of date can result in inappropriate policies.
🅾️Data has the potential to revamp civilizations just like industrial revolution- - Click here
🅾️With the advent of 5G, the world is only going to change at a much faster pace- Hence Institutions need to upskill and restructure themselves from time to time
🔰Join
@hinduhighlights for News analysis
@upschighlights for prelims info
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✅Gs-3- Economic growth- Need for Data driven policies
➡️Context : Policies are supposed to be based on data- But delay in right quality of date can result in inappropriate policies.
🅾️Data has the potential to revamp civilizations just like industrial revolution- - Click here
🅾️With the advent of 5G, the world is only going to change at a much faster pace- Hence Institutions need to upskill and restructure themselves from time to time
🔰Join
@hinduhighlights for News analysis
@upschighlights for prelims info
🎖Please Subscribe : Youtube.com/vikaskanukollu
Forwarded from VK IAS by Vikas kanukollu (VK)
✅GS3- Mobilization of resources- Banking privatization vs Recapitalization
🅾️Usual argument- PSBs are inefficient- But the other side of the coin- this article presents it
🅾️1) PSB's are more important than private banks for financial inclusion- Difficult to find banks in rural areas.
➡️My personal opinion- antidote can be neo banks- backed with regulatory resilience of RBI- they are very effective in financial inclusion
🅾️2) PSBs use their employees( labor efficiency) better than the Private Sector Banks-
🅾️3)countercyclical role of PSB lending : PSB lending is less procyclical than Private Sector Banks. - Pvt banks-less lending during slowdown- inclusive growth agenda takes a hit.
🅾️4) For NPAs=(NARCL) will help - but it has its issues- Click here
🔰Join
@hinduhighlights for News analysis
@upschighlights for prelims info
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🅾️Usual argument- PSBs are inefficient- But the other side of the coin- this article presents it
🅾️1) PSB's are more important than private banks for financial inclusion- Difficult to find banks in rural areas.
➡️My personal opinion- antidote can be neo banks- backed with regulatory resilience of RBI- they are very effective in financial inclusion
🅾️2) PSBs use their employees( labor efficiency) better than the Private Sector Banks-
🅾️3)countercyclical role of PSB lending : PSB lending is less procyclical than Private Sector Banks. - Pvt banks-less lending during slowdown- inclusive growth agenda takes a hit.
🅾️4) For NPAs=(NARCL) will help - but it has its issues- Click here
🔰Join
@hinduhighlights for News analysis
@upschighlights for prelims info
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✅Gs3- Inclusive growth/ Budgeting- Freebie debate
➡️The diagnosis of the freebie issue - Click here
🔴NOW READ THIS ENTIRE ARTICLE BY EX RBI GOV.
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➡️The diagnosis of the freebie issue - Click here
🔴NOW READ THIS ENTIRE ARTICLE BY EX RBI GOV.
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UPSC Economy by VK IAS (Vikas Kanukollu)
✅Gs3- Financial Inclusion 🅾️Measures taken to deepen digital payments - Geotagging of payment infra 🅾️Why is this important?- India was long a financially excluded nation — only 17% of Indians had a bank account in 2011. According to the World Bank, it would…
✅Gs3- Banking- Digital Payments and payment system
🅾️Measures taken to deepen digital payments - Click here
➡️The value of transactions made using the UPI crossed USD100 billion in a month for the first time in October, 2021 according to data from the NPCI, India’s digital payments industry is likely to grow from Rs. 2,153 trillion at 27% Compounded Annual Growth Rate (CAGR) to Rs. 7,092 trillion by 2025.
⚜️In this scenario- the public would go back to cash based economy if fees is imposed on it- Yes, no service is cost free but when the government pays for UPI- the benefits are- more data- more fintech companies- reduction in unaccounted cash flows in small businesses- can open up avenues for more GST collections- less black money- in short there will be multiplier effect- so UPI should remain a public good.
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🅾️Measures taken to deepen digital payments - Click here
➡️The value of transactions made using the UPI crossed USD100 billion in a month for the first time in October, 2021 according to data from the NPCI, India’s digital payments industry is likely to grow from Rs. 2,153 trillion at 27% Compounded Annual Growth Rate (CAGR) to Rs. 7,092 trillion by 2025.
⚜️In this scenario- the public would go back to cash based economy if fees is imposed on it- Yes, no service is cost free but when the government pays for UPI- the benefits are- more data- more fintech companies- reduction in unaccounted cash flows in small businesses- can open up avenues for more GST collections- less black money- in short there will be multiplier effect- so UPI should remain a public good.
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✅Gs-3 : IPR - National Innovation Policy, 2016
🅾️IPR- WIPO conventions - Click here
🅾️Legal routes for government to control Vaccine price
🎖Formula for High paying jobs = Economic angle + Social angle
🔴Economic angle = {IPR i.e. R&D + Right incentives(PLI- for Quality , not quantity) + Ease of Doing business( Easing labor laws, tax laws etc)}
🔴Social angle = { Health+Education+ Skills}
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🅾️IPR- WIPO conventions - Click here
🅾️Legal routes for government to control Vaccine price
🎖Formula for High paying jobs = Economic angle + Social angle
🔴Economic angle = {IPR i.e. R&D + Right incentives(PLI- for Quality , not quantity) + Ease of Doing business( Easing labor laws, tax laws etc)}
🔴Social angle = { Health+Education+ Skills}
✅Follow @economyhighlights for Economy articles
✅Please Subscribe : Youtube.com/vikaskanukollu
#Economy
✅National Small Savings Fund (NSSF)
🅾️ Part of the Public Account of India was established in 1999.
🅾️Custodian of the fund : Ministry of Finance (Department of Economic Affairs) under National Small Savings Fund (Custody and Investment) Rules, 2001, framed by the President under Article 283(1) of the Constitution.
🅾️Objective : de-link small savings transactions from the Consolidated Fund of India
🅾️Do they impact the Fiscal Deficit?- NSSF operates in the public account, its transactions do not impact the fiscal deficit of the Centre directly.
🅾️Categories of schemes : Click here
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✅National Small Savings Fund (NSSF)
🅾️ Part of the Public Account of India was established in 1999.
🅾️Custodian of the fund : Ministry of Finance (Department of Economic Affairs) under National Small Savings Fund (Custody and Investment) Rules, 2001, framed by the President under Article 283(1) of the Constitution.
🅾️Objective : de-link small savings transactions from the Consolidated Fund of India
🅾️Do they impact the Fiscal Deficit?- NSSF operates in the public account, its transactions do not impact the fiscal deficit of the Centre directly.
🅾️Categories of schemes : Click here
✅Follow @economyhighlights for Economy articles
✅Please Subscribe : Youtube.com/vikaskanukollu
✅Gs-3 : Cybersecurity in banking-
🅾️Previous- RBI guidelines for data security of banking sector and Tokenization- in layman terms- Click here
⚜️How tokens instead of credit card details can make digital transactions safer?- Click here
⚜️ Data tokenization postponed by 6 months- Reasons?- Click here
🔰Latest development- From 1st Oct. 2022, the card holder can get the card tokenised by initiating a request on the app provided by the token requestor.
➡️Follow @economyhighlights for Economy articles.
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🅾️Previous- RBI guidelines for data security of banking sector and Tokenization- in layman terms- Click here
⚜️How tokens instead of credit card details can make digital transactions safer?- Click here
⚜️ Data tokenization postponed by 6 months- Reasons?- Click here
🔰Latest development- From 1st Oct. 2022, the card holder can get the card tokenised by initiating a request on the app provided by the token requestor.
➡️Follow @economyhighlights for Economy articles.
🎖Please Subscribe : Youtube.com/vikaskanukollu
Forwarded from VK IAS by Vikas kanukollu (VK)
✅Gs-3 : Agriculture- FPO - Value chain of Agriculture
🅾️Farmers Producers Organisation- Click here
🅾️Structure for making a note on the issue : (200w)- Click here
🅾️Agriculture Infrastructure Fund- Click here
🅾️What are social stock exchanges?-Click here
➡️Follow @economyhighlights for Economy articles.
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🅾️Farmers Producers Organisation- Click here
🅾️Structure for making a note on the issue : (200w)- Click here
🅾️Agriculture Infrastructure Fund- Click here
🅾️What are social stock exchanges?-Click here
➡️Follow @economyhighlights for Economy articles.
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Forwarded from VK IAS by Vikas kanukollu (VK)
✅Gs-3 : Economy- Economic growth- Impossible trilemma
🅾️Why is the trilemma impossible?
Ans : It states that country cannot have a Fixed Exchange Rate- An Independent Monetary Policy (Independence of External Factors) and Free Capital flows at the same time. any 2 of the 3 are possible- at least one should be sacrificed.
👆Why so?- Lets say you have free capital flow- then dollar flows out- how can we fix the exchange rate and yet have independent M.P.?- You can either have a free MP or fix the exchange rate- doing both= disaster - impossible in a world that is so closely interconnected through globalisation- What is the Potential of foreign capital?
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🅾️Why is the trilemma impossible?
Ans : It states that country cannot have a Fixed Exchange Rate- An Independent Monetary Policy (Independence of External Factors) and Free Capital flows at the same time. any 2 of the 3 are possible- at least one should be sacrificed.
👆Why so?- Lets say you have free capital flow- then dollar flows out- how can we fix the exchange rate and yet have independent M.P.?- You can either have a free MP or fix the exchange rate- doing both= disaster - impossible in a world that is so closely interconnected through globalisation- What is the Potential of foreign capital?
➡️Follow @economyhighlights for Economy articles.
🎖Please Subscribe : Youtube.com/vikaskanukollu
#Economy
✅Crypto-Asset Reporting Framework-CARF
🅾️What?- Organization for Economic Co-operation and Development (OECD)'s framework to ensure the collection and automated exchange of information on crypto assets
🅾️Why?- India - imposes a tax of 30% on crypto assets- to evade this- investors are opening Benami accounts in places like Mauritius
👆In short- CARF= to avoid tax frauds- If you are a crypto investor -you Invest anywhere within a tax jurisdiction that has low tax - Indian government will know- if that country signs the CARF agreement.
🅾️Exemptions : This definition does not include entities that use cryptography only to keep records and does not have ownership rights. It also does not include Central Bank Digital Currency, which has separate reporting requirements.
⚠️Courtesy : CNBC TV 18
➡️Follow @economyhighlights for Economy articles.
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✅Crypto-Asset Reporting Framework-CARF
🅾️What?- Organization for Economic Co-operation and Development (OECD)'s framework to ensure the collection and automated exchange of information on crypto assets
🅾️Why?- India - imposes a tax of 30% on crypto assets- to evade this- investors are opening Benami accounts in places like Mauritius
👆In short- CARF= to avoid tax frauds- If you are a crypto investor -you Invest anywhere within a tax jurisdiction that has low tax - Indian government will know- if that country signs the CARF agreement.
🅾️Exemptions : This definition does not include entities that use cryptography only to keep records and does not have ownership rights. It also does not include Central Bank Digital Currency, which has separate reporting requirements.
⚠️Courtesy : CNBC TV 18
➡️Follow @economyhighlights for Economy articles.
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✅Gs-3 : Economic growth- Banking- Nobel prize in Economics
🅾️Banking theory- Role of banks
🅾️How can technology impact banks in the future?- Click here
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🅾️Banking theory- Role of banks
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