GOVT. AMENDS INSOLVENCY LAW THROUGH ORDINANCE
Context: The government has amended the insolvency law to provide for a pre-packaged resolution process for micro, small and medium enterprises. Relevance: GS-III: Indian Economy (Development and Growth of Indian Economy, Banking Sector and NBFCs, NPAs) Dimensions of the Article: About the Ordinance passed by the Government Insolvency and Bankruptcy Code (Amendment) Bill, 2020 Objectives […]
DELAY IN CBDT APPOINTMENTS RAISES CONCERNS
Context: A delay in appointing members of the Central Board of Direct Taxes (CBDT), the apex body of the Income Tax Department, is puzzling the entire revenue service and tax bureaucracy. The Committee of Secretaries (CoS) shortlisted names for CBDT members, however, there appears to be no progress in the appointment process, and the government […]
INDIA ASKS STATE REFINERS TO REVIEW OIL IMPORT CONTRACTS
Context: Amid tensions with Saudi Arabia over oil production cuts, India has asked its State refiners to review contracts they enter into for buying crude oil from the Middle East nation and negotiate more favourable terms. Relevance: GS-III: Indian Economy (International Trade, Mobilization of Resources, Growth and Development of Indian Economy) Dimensions of the Article: […]
RE-EXAMINING THE EPF TAX RULES
Context: An important announcement regarding provident fund has been made in the Union Budget 2021 by Finance Minister that interest on employee contributions to provident fund of over Rs 2.5 lakh per annum would be taxed, starting from April 1, 2021. Relevance: GS-III: Indian Economy (Economic development and growth, Government Policies and Initiatives, Issues with […]
STILL NO RECOGNITION OF THE THIRD TIER
Context: Unlike the previous Finance Commissions, the Fifteenth Finance Commission was in the background of the COVID-19 pandemic which reinforced the significance of local governments, gram sabha and other participatory institutions in containing the crisis and delivering social protection in India. Relevance: GS-II: Polity and Governance (Constitutional Provisions, Structure of Government, Fiscal federalism), GS-III: Indian […]
UNESCAP REPORT ON INDIA’S ECONOMIC OUTPUT IN 2021
Context: ‘Economic and Social Survey of Asia and the Pacific 2021’ was released by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) with the focus on the COVID-19 pandemic’s impact. Relevance: GS-III: Indian Economy (Economic Growth and Development in India), GS-II: International Relations (Important International organizations and their reports) Dimensions […]
4% INFLATION TARGET RETAINED FOR 2021-26 RBI’S RATE PANEL
Context: The Government of India has decided to retain the inflation target of 4%, with a tolerance band of +/- 2 percentage points for the Monetary Policy Committee of the Reserve Bank of India (RBI) for 2021-2026. Relevance: GS-III: Indian Economy (Economic Development of India, Macroeconomics, Monetary Policy, Inflation) Dimensions of the Article: India’s decision […]
INDIA DOES NOT SHINE WHEN ONLY SOME GLEAM
Context: The novel coronavirus pandemic had exposed the precariousness of lives of the common people and the emerging universal truth is that economic inequality is rising sharply in all countries. Relevance: GS-III: Indian Economy (Economic Growth and Development, Planning usage and Mobilisation of resources, Inclusive growth and issues therein) Mains Questions: Any new architecture of […]
DOUBLING DOWN ON A RESILIENT INDIA
Context: Google, Facebook, Walmart, Samsung, Foxconn, and Silver Lake have been just a handful of the firms that made big ticket bets on India in 2020. Due to this, even though India experienced one of the world’s sharpest economic contractions, it also saw the fastest growth in Foreign Direct Investment (FDI) inflows among all the […]
BANKRUPTCY COURTS AWAIT A FLOOD OF DEFAULT FILINGS
Context: In order to provide relief to Covid-19 pandemic-hit companies, the government temporarily suspended the initiation of corporate insolvency resolution processes in 2020. The government is expecting a flurry of default cases in the National Company Law Tribunal (NCLT) now and preparing a framework so that the lender and the borrower could settle the matter […]