Subject: Economy Context: GST Council agrees to extend compensation cess beyond 2022 Concept: GST Council Goods & Services Tax Council is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax. As per Article 279A (1) of the amended Constitution, the GST Council has to be […]
Subject: Economy Context: The Corporate Affairs Ministry and the Insolvency and Bankruptcy Board of India (IBBI) have written to the Reserve Bank of India (RBI), asking the central bank to permit Asset Reconstruction Companies (ARCs) to bid for stressed assets under the Insolvency And Bankruptcy Code (IBC). Concept: Under current regulations, Asset Reconstruction Companies (ARCs) […]
Subject: Economy Context: After contracting for six months in a row, the country’s exports grew by 5.27 per cent year-on-year to $27.4 billion in September, and the trade deficit narrowed to a three-month low of $2.91 billion, as per the Commerce Ministry data Concept: A trade deficit is an economic condition that occurs when a […]
Subject: Economy Context: Amid a surge in investor inflows that have pushed stock market indices to new highs over the past six months, the Finance Ministry has flagged specific concerns over “low filing” and “poor quality” of Suspicious Transaction Reports (STRs) by brokers. Concept: The FinCEN Files refer to a set of over 2,100 “Suspicious Activity Reports” […]
Subject: Economy Context: Think tanks want government to pursue a counter-cyclical fiscal policy when the economy faces its worst recession with millions of job losses in the wake of the Covid-19 pandemic, and the subsequent strict national lockdown. Concept: A counter-cyclical fiscal policy refers to strategy by the government to counter boom or recession through fiscal measures. […]
Subject: Economy Context: India recorded a surplus of $19.8 billion (3.9% of GDP) in its current account balance in the first quarter of FY21 according to RBI data. Concept: The current account records a nation’s transactions with the rest of the world in goods and services and its net transfer payments—over a defined period of time, […]