Economy DMPQ

:  Government budget is the annual financial statement presented by the finance minister which contains the following figure: Actual estimate for FY 2017-18 Budget estimate for FY 2018-19 and Revised estimate for FY 2018-19 Budget estimate for FY 2019-2020   The budget is divide into two parts:   Revenue budget Capital budget  

  Changes in the Income tax act: one of the condition for resident of India was leading to creation of shell companies i.e. during a financial year, a company shall have management of its affairs wholly in India. This provision was leading to creation of shell companies.   Ministry of Corporate Affairs (MCA) and Central … Read more

GST council is a constitutional body which consists of Finance minister as chairman, Union minister of state in charge of revenue of finance, Minister of finance or any other minister nominated by each state government to GST council.  It make recommendations on following issues: Taxes, cesses, and surcharges to be included under the GST Goods … Read more

In 1991, India launched a process of economic reforms in response to a fiscal and balance-of-payments (BoP) crisis. The reforms and the related programmes are still going on with changing emphasis and dimensions. The economic reform programme, that India launched, consisted of two categories of measures: Macroeconomic Stabilisation Measures and Structural Reform Measures. POSITIVE IMPACTS … Read more

Core sectors of an economy are the main or the key industries in the economy. In India, there are 8 sectors which are considered the Core Sectors. The eight core sectors of the Indian economy are: Electricity Steel Refinery products Crude oil Coal Cement Natural gas Fertilisers These industries have a major impact on the general economic … Read more

  Tax avoidance Tax evasion Legal way of saving taxes. Illegal in a financial system Recording of income Not recording of income. Help in saving, at the same time money can be channelized for economic growth Help in saving, but since money is not accounted. Money cannot be channelized for economic growth.   Positive extrenalities … Read more

  Promotion of commodity-based farmers’ organisations such as Small Cotton Farmers’ Estates to combine decentralised production with centralised services such as post-harvest management, value addition and marketing, for leveraging institutional support and facilitating direct farmer-consumer linkage. Improvement in implementation of Minimum Support Price (MSP). Arrangements for MSP need to be put in place for crops … Read more

Merchant discount rate on debit cards is the amount that a merchant has to pay to its service providers when a consumer swipes her card on the merchant’s point of sales terminal. It is also applicable for online transactions and QR based transactions.  The amount that the merchant pays for every transaction gets distributed among … Read more

  To ensure that all secondary schools have physical facilities, staffs and supplies at least according to the prescribed standards through financial support in case of Government/ Local Body and Government aided schools, and appropriate regulatory mechanism in the case of other schools. To improve access to secondary schooling to all young persons according to … Read more

Shell companies are typically corporate entities which do not have any active business operations or significant assets in their possession.  A shell company may be a legal entity or not. Issues associated with shell companies: There is no clear definition of shell companies. Even under the companies act they are not defined. Out of the … Read more