Govt. sets up ‘bad bank’ to clear the NPA mess
Context: The Cabinet has cleared a Rs. 30,600 crore guarantee programme for securities to be issued by the National Asset Reconstruction Company Limited (NARCL). Relevance: GS-III: Indian Economy (Growth and Development of Indian Economy, NPAs, Banking) Dimensions of the Article: NPA stress in the Indian financial system What is an Asset Reconstruction Company? What are […]
Government offers moratorium on AGR dues for telcos
Context: The Cabinet approved several measures to extend a lifeline to the cash-strapped telecom sector, including a redefinition of the much-litigated concept of adjusted gross revenue (AGR) to exclude non-telecom revenue and a four-year moratorium on players’ dues to the government. Relevance: GS-III: Indian Economy (Growth and Development of Indian Economy, Taxation), GS-II: Governance […]
Agriculture Ministry inks MoU with 5 firms
Context: Recently, the Ministry of Agriculture and Farmers Welfare signed 5 Memorandums of Understanding (MOUs) with private companies for taking forward Digital Agriculture. These pilot projects are part of the Digital Agriculture Mission and will draw on the National Farmers Database which already includes 5.5 crore farmers identified using existing national schemes. Relevance: GS-III: Indian […]
India, Singapore to link their fast payment systems
Context: The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announced a project to link their respective fast payment systems — Unified Payments Interface (UPI) and PayNow which will facilitate instant low-cost cross border fund transfer. Relevance: GS-III: Indian Economy (Growth and Development of Indian Economy, Monetary Policy, Inflation) Dimensions of […]
Centre appoints new members to NCLT, ITAT
Context: The government has appointed 31 people as judicial, technical and accountant members at the NCLT and the ITAT, amid the Supreme Court flagging concerns about vacancies in various tribunals. Relevance: GS-III: Indian Economy (Capital Market, Statutory Bodies) Dimensions of the Article: ITAT NCLT NCLAT Differences between NCLT and NCLAT ITAT India’s Income Tax Appellate […]
Govt. mulls allowing SEZ occupants to sell locally
Context: The government is considering a proposal to allow producers in Special Economic Zones (SEZs) to sell their output to the domestic market without treating them as imports. It is also reviewing the exclusion of export-oriented units (EOUs) and SEZs from the recently notified tax refund scheme for exports. Relevance: GS-III: Indian Economy (Growth and […]
Crypto banking and decentralized finance
Context: The development of Bitcoin and thousands of other cryptocurrencies in a little over a decade has changed the definition of money – due to which a parallel universe of alternative financial services has come into existence, allowing crypto businesses to move into traditional banking territory. Relevance: GS-III: Indian Economy (Banking, Money, Monetary Policy), GS-III: […]
Govt. must constitute GST tribunal: SC
Context: The Supreme Court said that the government had no option but to constitute the Goods and Services Tax (GST) Appellate Tribunal. The tribunal has not been constituted even four years after the central GST law was passed in 2016. Relevance: GS-III: Indian Economy (Taxation), GS-II: Governance (Government Policies and Initiatives), Prelims Dimensions of the […]
Economy grows 20.1% in Q1, lags pre-COVID level
Context: Economic statistics for the first quarter of the current fiscal (April to June period), released by the National Statistical Office (NSO) shows that India’s Gross Domestic Product (GDP) has grown by more than 20% in the first quarter of 2021-22. Relevance: GS-III: Indian Economy (Growth and Development of Indian Economy) Dimensions of the Article: […]
India said to likely block Chinese investment in LIC
Context: There are reports that New Delhi wants to block Chinese investors from buying shares in Life Insurance Corp. (LIC) which is due to go public, underscoring tensions between the two nations. Relevance: GS-III: Indian Economy (International trade), GS-II: International Relations (India and its Neighbors, India’s Foreign Policies) Dimensions of the Article: About tightening the […]