Economy

AIM (Atal Innovation Mission), in association with CSIRO, is organizing a two-day hackathon on circular economy, ‘India–Australia Circular Economy Hackathon (I-ACE)’ I-ACE will focus on identification and development of innovative technology solutions by bright-minded students, startups and MSMEs of both nations. The four key themes for the hackathon are as follows: Innovation in packaging reducing … Read more DMPQ- Write a short note on India–Australia Circular Economy Hackathon(I-ACE).

Gujarat: Online consent system for environment clearances Geographic Information System (GIS)-based land identification system Maharashtra: Unified process with single identification for Value Added Tax and Professional Tax registration Time required for getting an electricity connection has been reduced to 21 days from 67 days and procedures involved has been cut down to 3 from existing … Read more DMPQ: Explain the State Government initiatives for Ease of doing business.

  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 DMPQ: What were the steps taken by government of India to regulate the Shell companies? (Economy)

The Revenue Budget comprises revenue receipts and expenditure met from these revenues. The revenue receipts include both tax revenue (like income tax, excise duty) and non-tax revenue (like interest receipts, profits). Capital Budget consists of capital receipts {like borrowing, disinvestment) and long period capital expenditure (creation of assets, investment). Capital receipts are receipts of the … Read more DMPQ- What do you mean by revenue budget and capital budget? Explain the components of the respective meanings also.

Transfer pricing refers to the rules and methods for pricing transactions within and between enterprises under common ownership or control. Transfer pricing can be exploited for tax avoidance and tax evasion through Base erosion and profit shifting strategies. Base erosion and profit shifting refer to corporate tax planning strategies used by multinationals to “shift” profits … Read more DMPQ- What is Transfer Pricing and how does it effect loss of revenue? What are the provisions made by the government to counter Transfer Pricing?

It was in the wake of the Liberalisation in 1991 that it cecame imperative for the government to reform the financial sector in order to reinvigorate the economy. GOI set up committee under the guidelines of  Narsimha. Recommendation: It advised the RBI not to use CRR as a principal investment of monetary and credit control … Read more DMPQ: Post 1991 Indian economy saw a sudden change in outlook. To bring reforms in the financial sector GOI set up Narsimha committee. Discuss its recommendation.

  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 DMPQ: What is the difference between Tax evasion and Tax avoidance? What are the methods of Tax evasion?

A Development Financial institution (DFI) is defined as “an institution endorsed or supported by Government of india primarily to provide development/Project finance to one or more sectors or sub-sectors of the economy. the institution differentiates itself by a thoughtful balance between commercial norms of operation, as adopted by any financial institution like commercial bank and … Read more DMPQ- Explain the Development Financial institution (DFI)

Recently Trump administration decided to do away with relaxation to major importers of Iran’s oil resource. US govt. has decided to be more proactive and want more imposition of sanctions on Iran to derail Iranian economy and eventually dis courage nuclear activity and funding to terrorist groups. This step is going to affect India as … Read more DMPQ:US has decided to do away with relaxation on Iran’s sanctions. How it is going to affect India?