GST Compensation Mechanism Subject: Economy Section: Fiscal Policy The introduction of the Goods & Services Tax (GST) required States and Union Territories (with Legislature) to subsume their sovereignty in a GST Council, raising the issue of loss on account of migration from Value Added Tax/Sales Tax to GST. As per Section 18 of […]
Agricultural Credit Subject: Economy Section: Agriculture Context: Mandated to provide and regulate credit for agriculture, NABARD has deviated from its objectives by investing in private corporations. Therefore, it’s time to consider a separate ‘Rashtriya Kisan Bank’ that is completely dedicated to agriculture and rural development. Issue? In the last 10 years, agriculture credit […]
RBI guidelines for Non-bank payment system operators (PSOs) Subject: Economy Section: Banking Context: The RBI recently reviewed the operations of Non-bank payment system operators (PSOs) authorised to operate any payment system by it. Details: Non-bank payment system operators (PSOs) will require prior approval of the RBI for any takeover or acquisition of control […]
The Unified Payments Interface- UPI Subject: Economy Section: Monetary Policy Context: More than 40% of all retail digital payments (non-cash and non-paper payments) in India happen through UPI now. Concept: The UPI was launched in 2016 and is operated by the National Payments Corporation of India (NPCI) It is an advanced version of […]
International Investment Position Subject: Economy Section: External sector Context: India’s foreign exchange reserves have declined from a peak of $642 billion as of October 29, 2021, to $590.50 billion in June 2022, a fall of $51.50 billion. However, the comfort is that the current level of forex reserves are large enough to cover […]
The States’ start-up ranking 2021 Subject: Economy Section: Economy Context: The results of the third edition of Ranking of States on Support to Startup Ecosystems were released by the Minister of Commerce and Industry, Shri Piyush Goyal in New Delhi. Details: It ranked States and Union Territories into 5 Categories: Best Performers, Top […]