Subject: Economy Context: The consolidated deficit of the Union and States could be as high as 12% of GDP and the overall debt could go up to 85%. Concept: The Fiscal Responsibility and Budget Management (FRBM) Act, 2003, intends to bring transparency and accountability in the conduct of the fiscal and monetary actions of the government. The […]
Subject: Economy Context: Minister of Railways and commerce & industry has reviewed the progress of Dedicated Freight Corridor Corporation India (DFCCIL) Concept: Dedicated Freight Corridors (DFC) is one of the largest rail infrastructure projects undertaken by the Government of India. The overall cost is pegged at Rs 81,459 crores. DFCCIL has been set up as […]
Subject: Economy Context: A list of 108 military subsystems and components has been identified for development by the Indian industry and the Defence Research and Development Organisation (DRDO) will provide support for the process Concept: Items in negative list cannot be imported. India has been among the top three defence importers in the world So […]
Subject: Economy Context: For the first time, farm sector witnessed growth even as GDP sees a contraction Concept: April-June may be the first time that India’s economy would contract year-on-year since the government started coming out with quarterly estimates of GDP from 1996-97. But the data for the quarter, to be released by the National […]
Subject: Economy Context: Union Textiles Ministry is planning to commission a study to analyse whether the Goods and Services Tax (GST) on textiles and apparels was creating an inverted duty structure. Concept: The inverted duty structure denotes prevalence of higher taxes on inputs than on finished items.
Subject: Economy Context: The Reserve Bank of India’s first Monetary Policy Committee completes its four-year term with a mixed record. Concept: The Monetary Policy Committee (MPC) constituted by the Central Government under Section 45ZB of RBI Act determines the policy interest rate required to achieve the inflation target. Accordingly, the Central Government in September 2016 […]