GST Compensation: Finance Ministers of several States have demanded that the GST compensation scheme be extended beyond June 2022. The adoption of GST was made possible by States ceding almost all their powers to impose local-level indirect taxes and agreeing to let the prevailing multiplicity of imposts be subsumed into the GST. This was agreed […]
Category: Economics Current Affairs
Free Trade Agreement (FTA)
Free Trade Agreement (FTA): The Commerce and Industry Ministry said that India is in dialogue with Israel for concluding a Free Trade Agreement (FTA). The announcement coincides with the 30th anniversary of the establishment of diplomatic ties between the two countries. Free Trade Agreement (FTA): It is a pact between two or more nations to […]
Small-Value Digital Payments In Offline Mode
Small-Value Digital Payments In Offline Mode: The Reserve Bank of India (RBI) has come out with the framework for facilitating small-value digital payments in offline mode, a move that would promote digital payments in semi-urban and rural areas. The framework incorporates feedback received from the pilot experiments on offline transactions conducted in different parts of […]
Financial Resolution And Deposit Insurance (FRDI) Bill
Financial Resolution And Deposit Insurance (FRDI) Bill: The Finance Ministry has sought views of the Reserve Bank of India (RBI) on drafting a modified version of the Financial Resolution and Deposit Insurance (FRDI) Bill in order to deal with Insolvency of Firms in the financial sector. In 2018, the Government had withdrawn the FRDI Bill […]
Regional Comprehensive Economic Partnership (RCEP)
Regional Comprehensive Economic Partnership (RCEP): The RCEP will come into effect on January 1, 2022, marking the formation of the world’s largest free trade zone in terms of trade volume. RCEP is a trade deal between the 10-member Association of Southeast Asian Nations (ASEAN) and China, Japan, South Korea, Australia and New Zealand. Aims and […]
FSSAI Draft Regulations For GM Foods
FSSAI Draft Regulations For GM Foods: Social activists working among farmers have come out against the Food Safety and Standards Authority of India’s (FSSAI) draft regulations on genetically modified (GM) food, terming it “unacceptable”. They want FSSAI to explicitly say that GM foods will not be allowed into India by way of production or imports. […]
Digital Lending
Digital Lending: A Reserve Bank of India (RBI) Working Group (WG) on digital lending, including lending through online platforms and mobile apps submitted its recommendations in November this year. Key recommendations: A separate legislation should be enacted to oversee such lending. Setup a nodal agency to vet the Digital Lending Apps. A Self-Regulatory Organisation should […]
PLI Scheme For Textiles
PLI Scheme For Textiles: The Ministry of Textiles has said that it will accept applications from January 1 for the Production Linked Scheme for Textiles announced in September this year. The Government had launched the Production-Linked Incentive (PLI) scheme for the textiles sector worth Rs 10,683 crore. This is part of a larger PLI scheme […]
Consumer Protection (Direct Selling) Rules, 2021
Consumer Protection (Direct Selling) Rules, 2021: Central Government in exercise of the powers conferred by clause (zg) of sub-section (2) of section 101 read with section 94 of the Consumer Protection Act, 2019 has notified the Consumer Protection (Direct Selling) Rules, 2021. These Rules shall apply to all goods and services bought or sold through […]
Gig Workers
Gig Workers: The surge in demand for gig workers, particularly in the shared services and logistics segments, in the aftermath of the Covid-19 pandemic led to mushrooming of job discovery platforms. A gig economy is a free market system in which temporary positions are common and organisations contract with independent workers for short-term engagements. According […]
