PAPERLESS LICENSING FOR PETROLEUM SERVICE STATIONS
Why in News? The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry has launched paperless licensing process through Petroleum and Explosives Safety Organisation (PESO) for petroleum service stations (retail outlets storing and dispensing petrol/diesel for motor conveyances) under the Petroleum Rules, 2002. This initiative for petroleum pump licensing is […]
CBDT REVISING RETURN FORMS
Why in news? In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to Covid-19 pandemic situations, the CBDT is revising the return forms for FY 2019-20 (Assessment Year 2020-21). CBDT The Central Board of Direct Taxes (CBDT) is a Statutory Body functioning under […]
Explained: Why Oil Prices Dropped to Negative? – for UPSC Exam
The Free Fall of Oil Prices: Oil Economics- Of Brent, WTI and OPEC plus Explained for UPSC Exam (Read full article to understand how oil futures & contracts work, their impact on Oil prices) What is happening? For the first time ever, a key U.S. oil benchmark, West Texas Intermediate, went below zero on 20th […]
WHY GOLD PRICES HAVE BEEN RISING BEFORE AND DURING COVID-19?
Introduction to rising Gold Prices Much before Covid-19’s impact reverberated across economies and led to a crash in global stock markets, gold prices had started their upward glide since May 2019 to culminate into a nearly 40 per cent jump in less than a year. The present gold prices in India are even higher, as […]
SERVICES AT OUR DOORSTEP: DELIVERY WORKERS ARE THE NEW FRONT-LINE FORCE
Why in news? The ‘ferrymen’ of Wuhan, who have been providing groceries, food and medicines to citizens isolated in their homes, have been the backbone of cities that have been most hit by the novel coronavirus. Delivery infrastructure or digitally enabled micro-logistics are key to how citizens navigate their ‘social distanced’ lives during the pandemic. […]
IT’S WRONG TO PRESUME THAT MERGERS WILL SOLVE BANKS’ WOES
Hurdles in the proposed merger of nationalised banks The main hurdle will be to the smooth process of integration. In our country, all our banks have their own importance in terms of origin, growth, expansion and geographical [focus], and have been contributing to economic development in their own way. When banks were nationalised in 1969, […]
NO GREEN SHOOTS OF A REVIVAL IN SIGHT AS YET
Why is news? On February 28, as per its release calendar, the National Statistical Office (NSO) put out the third quarter gross domestic product (GDP) estimates, that is, for October-December 2019. Is it Economic Revival? Domestic output grew at 4.7% at constant prices (that is, net of inflation) in 2019, compared to the same period […]
MONETARY POLICY CAN’T COMBAT THE COVID-19 IMPACT
Why in news? The huge 50 basis points cut in rates by the U.S. Federal Reserve on 3rd March 2020, to lift economic sentiment hit by COVID-19 has disrupted central banking worldwide. Even as analysts debate whether a monetary policy response is the right strategy, central banks across the world are feeling the pressure to […]
BANKING ON BAILOUTS
Why in news? Just one day after it placed the financially troubled Yes Bank under a moratorium, the Reserve Bank of India announced a draft ‘Scheme of Reconstruction’ that entails the State Bank of India (SBI) investing capital to acquire a 49% stake in the restructured private lender. Views on the Moratorium on Yes Bank […]
AN UNREST, A SLOWDOWN AND A HEALTH EPIDEMIC
Why in news? This article is written by Former Prime Minister Dr Manmohan Singh. He listed following issues India is facing today: Trinity of social disharmony, economic slowdown and a global health epidemic. Social unrest and economic ruin are self-inflicted while the health contagion of COVID-19 disease, caused by the novel coronavirus, is an external shock. Communal tensions have been […]