Category: Economics Current Affairs

Open Network For Digital Commerce (ONDC): The Union Minister of Commerce & Industry chaired a meeting for the review of the Open Network for Digital Commerce (ONDC) initiative of Department for Promotion of Industry and Internal Trade (DPIIT). ONDC is globally first-of-its-kind initiative that aims to democratise Digital Commerce, moving it from a platform-centric model […]

Open Acreage Licensing Programme: In an attempt to boost domestic hydrocarbon production, the petroleum and natural ministry launched the sixth bid round under the liberal Open Acreage Licensing Programme (OALP). Earlier, the Cabinet Committee on Economic Affairs (CCEA) approved the Policy framework on reforms in the exploration and licensing sector for enhancing domestic exploration and […]

Fugitive economic offender:   UK High Court has granted fugitive diamond merchant Nirav Modi permission to appeal against a magistrates’ court order, in favour of extradition to India to face charges of fraud and money laundering before the Indian courts, on mental health and human rights grounds. The U.K.’s Home Department, in April 2020, approved […]

The Monetary Policy: RBI: The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) kept the key policy rate — Repo rate, or the RBI’s lending rate to banks — unchanged at four per cent for the seventh time in a row, and reverse repo rate — RBI’s borrowing rate from banks — […]

E-Prisons Project: The Ministry of Home Affairs (MHA) has provided financial assistance of Rs. 99.49 crores to the States and Union Territories (UTs) for the E-Prisons Project. Also, acting on the request of the MHA, NIMHANS, an Institute of National Importance, has recently issued a set of guidelines on the management of mental health issues […]

Retrospective Tax Law Of 2012: The Government of India took the first step towards doing away with the contentious retrospective tax law of 2012, which was used to raise large tax demands on foreign investors such as Vodafone and Cairn Energy, and blamed for vitiating India’s investment climate. Union Finance and Corporate Affairs Minister introduced […]

New Framework For Payment Systems Operators: The Reserve Bank of India (RBI) has issued a framework for payment and settlement related activities by payment system operators. This framework is issued under provisions of Payment and Settlement Systems Act, 2007. The Payment and Settlement Systems Act, 2007 provides for the regulation and supervision of payment systems […]

Fast Track Special Court: The Union Cabinet has approved the continuation of 1023 Fast Track Special Court (FTSCs) including 389 exclusive POCSO Courts as a Centrally Sponsored Scheme (CSS) from 01.04.2021 to 31.03.2023 with an outlay of Rs. 1572.86 crore (Rs.971.70 crore as Central Share and Rs.601.16 crore as State share). Central Share is to […]

Zero Hunger: According to a recent report by the United Nations, the goal of achieving Sustainable Development Goals (SDG) 2 i.e. ‘Zero Hunger’ has been hit in the wake of the novel coronavirus disease (Covid-19) pandemic. The zero hunger goal works in tandem with many others: Poverty elimination (SDG1), good health and well-being (SDG3), and […]

National Child Labour Project: In 2020-21, over 58,000 children were rescued across India from work, rehabilitated and mainstreamed under the National Child Labour Project, according to figures tabled in Lok Sabha by Minister for Labour and Employment. The National Child Labour Project (NCLP) Scheme is a Central Sector Scheme. Under this Scheme the District Project […]