Rising EPFO and NPS Subscribers Point to Surge in Formal Jobs Sub: Economy Sec: Unemployment and Inflation Context: Formal employment in India is increasing, as evidenced by the significant rise in new subscribers to both the Employees Provident Fund Organisation (EPFO) and the National Pension System (NPS). This trend indicates growing formalization […]
Corporate tax cut Sub: Eco Sec: Fiscal Policy Context: Opposition party alleged that the corporate tax cut has put over Rs 2 lakh crore in the pockets of billionaires, while the middle class continues to bear the weight of heavy taxation in light of CBDT data. Data released by Central Board of Direct […]
Centre to amend rules on mandatory declaration of product details on bulk retail packets Subject: Economy Sec: Msc Context: The Rules mandate declaration of name and address of the manufacturer/ packer/ importer, country of origin, common or generic name of the commodity, etc. on all pre-packaged commodities. More About News: The Department of […]
45-Day MSME Payment Rule Sub: Eco Sec: Fiscal Policy Context: The SME Chamber of India has urged Finance Minister to continue the 45-day payment rule for MSMEs. Section 43B(h) of the Income Tax Act was introduced in the Finance Act 2023 to address delayed payments to MSMEs. Key Points: 45-Day Payment Rule: Larger […]
Union Government’s Financial Transfers to States Sub: Eco Sec: Fiscal Policy Context: Tamil Nadu CM alleged the Union government is withholding funds for vital state projects. Concerns arise over tax policies reducing financial transfers to states, potentially weakening cooperative federalism. Historical Financial Transfers: Fourteenth Finance Commission (2015-16): Recommended devolving 42% of Union tax […]
Withdrawal of Accommodation Sub: Eco Sec: Monetary Policy Why in news? State Bank of India’s economic research department said RBI will revisit its “withdrawal of accommodation” policy stance around September 2024, in line with its expectations. What does it mean? An accommodative stance means the central bank is prepared to expand the money supply to […]
RBI Allows Foreign Currency Accounts in GIFT City Sub: Economy Sec: External Sector The Reserve Bank of India (RBI) has allowed Indian citizens to open foreign currency accounts (FCA) in the International Financial Service Centre (IFSC) at Gujarat International Finance Tech-city (GIFT City) in Gujarat. This decision comes as a significant development for […]
Deregulating Non-Subsidised Fertilisers Sub: Economy Sec: National Income Urea, a crucial fertiliser, has had its maximum retail price (MRP) fixed since 2012 and is unlikely to be decontrolled or see a price hike soon. Similarly, other non-urea fertilisers under the nutrient-based subsidy (NBS) regime, though technically decontrolled, face informal price controls. Why Deregulate […]