GRASPING THE DEFENCE SELF-RELIANCE NETTLE
India’s Dependence for Defence For the most part of 2010 to 2020 The India had the dubious distinction of being the world’s largest arms importer, accounting for about 12% of global arms imports. Saudi Arabia jumped to first place in 2018 and 2019, but India still takes over 9% of global imports. This external dependence […]
CHINA, BETTER PREPARED FOR THE POST-COVID WORLD
Deep economic impact India has surpassed China with regard to the number of confirmed COVID-19 cases, and the economic impact is quite threatening. India’s exports in the month of April 2020 were the worst in the past 30 years. Well before this, India had been witnessing a persistent economic downward slide. The pandemic could, thus, […]
BRACING THE ECONOMIC FALLOUT OF CORONAVIRUS
China today is a bigger contributor to global growth than the US, Europe and Japan added together. It is a given that the lockdown in Hubei province will have a significant impact on the $13.6 trillion Chinese economy that is today the fulcrum around which global trade growth turns The beleaguered Chinese banking system is […]
TOWARDS A NEW WORLD ORDER
Why in news? The latest Oxfam Report presented at Davos points out that 2,153 billionaires have more wealth than 4.6 billion people. The emergence of billionaires and oligarchs in different parts of the world coincides with increased poverty among the already poor people, especially children. Excess consumption Egregious consumption of energy by the developed world […]
BALANCING THE NEEDS: 15th FC
The interim report of 15th FC has left some uncomfortable issues unanswered, which need to be resolved First Under the current arrangement, states were supposed to be compensated for any shortfall in their GST collections for a five-year period. Lack of clarity about Centre’s obligation to compensate states if collections from the compensation cess fall […]
SHUNNING FISCAL ADVENTURISM
In the run-up to the budget, there was enormous pressure on the finance minister to launch a fiscal stimulus so as to pump-prime the economy There is already considerable stimulus in the system. The finance minister took a step towards transparency by admitting to off-balance sheet borrowings of 0.8 per cent of GDP for both […]
LOWER RATE OF EPF SUBSCRIPTION WITH EPFO NOTIFIED
Why in news? The reduction in statutory rate of contributions from 12% to 10% for wage months May, 2020, June, 2020 and July, 2020 for all class of establishments covered under the EPF & MP Act, 1952 was announced on 13th May 2020. Details The above reduction of rate of contribution is not applicable to establishments like Central and State […]
THE HIGH COST OF RAISING TRADE WALLS
Finance Minister in her Budget speech said that, imports under Free Trade Agreements (FTAs) are on the rise. Undue claims of FTA benefits have posed threat to domestic industry. Such imports require stringent checks,” adding that the government will ensure that all FTAs “are aligned to the conscious direction of our policy”. The case of […]
AIMING A BILLION TRANSACTIONS A DAY: DAWN OF DIGITAL PAYMENT
Digital payment transactions on the Universal Payment Interface (UPI) platform rising from 0.1 million in October 2016 to 1.3 billion in January 2020 represents the magic of entrepreneurs, nonprofits and policymakers working together India was long a financially excluded nation — only 17 per cent of Indians had a bank account in 2011 The World […]
FASHIONING THE FRAMEWORK OF A NEW INDIA
Why in news? The Indian economy is going through a severe crisis: a slowdown as well as a structural crisis. In the words of the former Chief Economic Adviser, Arvind Subramanian, it is headed towards the ICU. Almost all sectors of the economy are in decline: the rate of growth of the national GDP has […]