GOVERNMENT MULLS ENHANCING AUDIT INDEPENDENCE, ACCOUNTABILITY
The government has proposed significant amendments to existing regulations to enhance independence and accountability of auditors. Background: Many auditors and auditing entities coming under the regulatory lens for alleged misdoings Suggestions for curbing five “threats” for the independence of auditors which pertain to self-interest, self-review, advocacy, familiarity and intimidation. economic concentration of the “Big Four” […]
CREDIT, DEBIT CARD DETAILS OF 4 LAKH INDIANS UP FOR SALE
Why in news? A whopping 98% out of a large packet of sensitive credit and debit card details, that have been put up for sale on the dark net, are those of Indian customers, GroupIB a Singapore based cybersecurity company has revealed. According to GroupIB’ s statement released, the stash of 4,61,976 card payment details […]
RATES TO FALL DESPITE RBI’S STATUS QUO
Why in news? The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) decided at a meeting to keep the interest rates unchanged in the wake of a rise in inflation, but emphasized that there would be space for rate reduction
NILGIRIS: PESTICIDE LEVELS IN POTATO, CARROT
Why in news? A study of fruits and vegetables grown in the Nilgiris has found that some of the produce might be harbouring high levels of pesticide, beyond what is considered advisable Details: Organophosphate use was high in carrot and potato cultivation Using liquid chromatography in tandem with mass spectrometry, the research team developed a […]
RAIL, FLIGHT SERVICES TO TRANSPORT FARM PRODUCE
Why in news? FM has announced ‘Kisan Rail’ Programme Details The Centre has raised the target for agricultural credit by 11% to ₹15 lakh crore in 2020-21 and proposed to begin special rail and flight services to transport farm produce as part of a 16-point action plan for the agriculture sector announced in the Union […]
PRIVATE PLAYERS ALLOWED TO SET UP DATA PARKS
Why in news? Union Budget for 2020-21 has made a provision for private players to get into data center market Details All ‘public institutions’ at the gram panchayat level, such as anganwadis, health and wellness centres, government schools, PDS (public distribution system) outlets, post offices and police stations will be provided with digital connectivity Fiber […]
India’s dominance as global economic power for three-fourths of economic history manifests by design.
Kautilya’s Arthashastra postulates the role of prices in an economy (Spengler, 1971). Historically, Indian economy relied on the invisible hand of the market with the support of the hand of trust: Invisible hand of the market reflected in openness in economic transactions. Hand of trust appealed to ethical and philosophical dimensions. What is Invisible hand […]
THALINOMICS: THE FORMULA BEHIND ONE SQUARE MEAL
For the average worker in India’s organised manufacturing sector, the affordability of a plate of vegetarian food — comprising rice or roti, dal and sabzi has improved 29% since 200607, according to Thalinomics, a take on the economics of food by the Economic Survey. For non-vegetarians, affordability has risen 18%.
NEEDED: FEWER REGULATIONS FOR START-UPS
India needs to work on improving the ease of doing business, especially the ease of starting business, registering property, paying taxes, or enforcing contracts, according to the Economic Survey. Cumbersome norms “If you want to start up a firm in India, it takes 18 days on an average with 10 procedures that can be often […]
What is Union Budget?
According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year. Theme 1: ASPIRATIONAL INDIA Agriculture Sector • Budget is aimed at doubling farmer income by 2022 by: State […]