Indian Economy -Civil Service Gurukul

2022-01-01 20:25:26 Open / Comment

2021-12-22 19:16:25 Lokur Commission

Background:

The West Bengal government had, in July 2021, set up a Commission of Inquiry (Lokur Commission), under the 1952 Act, to look into the alleged surveillance of phones using the Pegasus spyware developed by the Israeli cyber-intelligence company NSO Group.

The Commission will look into the alleged breach of privacy of several individuals.


Who can set up such commissions?

While both central and state governments can set up such Commissions of Inquiry, states are restricted by subject matters that they are empowered to legislate upon.

If the central government set up the commission first, then states cannot set up a parallel commission on the same subject matter without the approval of the Centre.
But if a state has appointed a Commission, then the Centre can appoint another on the same subject if it is of the opinion that the scope of the inquiry should be extended to two or more states.


What are its powers?

Under The Commissions of Inquiry Act, 1952, a Commission set up by the government shall have the powers of a civil court, while trying a suit under the Code of Civil Procedure, 1908.

This means that the Commission has powers to summon and enforce the attendance of any person from any part of India and examine her on oath, and receive evidence.
It can order requisition of any public record or copy from any court or office.


What kind of subjects can a Commission probe?

Commissions set up by the central government can make an inquiry into any matter relatable to any of the entries in List I (Union List) or List II (State List) or List III (Concurrent List) in the Seventh Schedule to the Constitution, while Commissions set up by state governments can look into entries in List II or List III.



Pegasus inquiry commission matter is related to:

The West Bengal government has cited public order and police entries. While these subjects are in the State List, an argument could also be made that the subject matter of the inquiry essentially falls under the Central List.
Also, Entry 31 of the Union List deals with posts and telegraphs, telephones, wireless, broadcasting and other like forms of communication.

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2021-10-29 03:29:17 Industrial Park Ratings System Report.
The Department for Promotion of Industry and Internal Trade (DPIIT) has released the Industrial Park Ratings System Report.

Industrial Park Ratings System (IPRS)

The IPRS pilot exercise was launched in 2018 with an objective of enhancing industrial infrastructure competitiveness and supporting policy development for enabling industrialization across the country.

The IPRS report is an extension of the India Industrial Land Bank which features more than 4,400 industrial parks in a GIS-enabled database.

It seeks to help investors identify their preferred location for investment.

With this report, the investors can even remotely refer to this report to identify the suitable investable land area, as per the various parameters of infrastructure, connectivity, business support services and environment and safety standards.

Highlights of the report

41 Industrial Parks have been assessed as "Leaders" in the Industrial Park Ratings System Report released by DPIIT.

90 Industrial Parks have been rated as under the Challenger category while 185 have been rated as under "Aspirers".

These ratings are assigned on the basis of key existing parameters and infrastructure facilities etc.

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2021-05-14 19:50:59 NITI Aayog report on digital financial inclusion:


Key recommendations in the report include:

1. Strengthening the payment infrastructure to promote a level playing field for NBFCs and banks.
2. Digitizing registration and compliance processes and diversifying credit sources to enable growth opportunities for MSMEs.
3. Building information sharing systems,including a ‘fraud repository’, and ensuring that online digital commerce platforms carry warnings to alert consumers to the risk of frauds.
4. Enabling agricultural NBFCs to access low-cost capital and deploy a ‘phygital’ (physical + digital) model for achieving better long-term digital outcomes. Digitizing land records will also provide a major boost to the sector.
5. To make city transit seamlessly accessible to all with minimal crowding and queues, leveraging existing smartphones and contactless cards, and aim for an inclusive, interoperable, and fully open system such as that of the London ‘Tube’.

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2021-04-19 03:26:55 What are Small Savings Instruments?

Saving schemes are instruments that help individuals achieve their financial goals over a particular period.

These schemes are launched by the Government of India, public/private sector banks, and financial institutions.

The government or banks decide the interest rate for these schemes and are periodically updated.

You can use the savings you make through these schemes for emergencies, retirement, higher education, children's education, marriage, at the time of job loss, to reduce debts and more.

Why are they significant?

Saving schemes are important for individuals of a country and, in turn, for an economy because of the following reasons:

Safety: Depositing your hard-earned excess money in saving schemes will help secure it for your future needs. Holding on to liquid money may not be safe.

Retirement Funds: Periodically, depositing money in long-term saving schemes can help you build a retirement corpus..

Tax Savings: Many saving schemes offer one or the other kind of tax benefitsmay it be tax deductions, exemption, or both.

Avoid Unwanted Expenses: When you have all the money at hand, you may end up spending it on unwanted items.

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2021-03-11 07:17:48 Contingency Fund of
India

It is the emergency fund for the nation constituted under Article 267(1).
It is used at a time when there is a crisis in the nation — a natural calamity, for instance
— and money is required to deal with it.
The Union government has its own contingency fund with a corpus of Rs 500 crore.
It is at the disposal of the President of India, who releases the funds on request of the
Union Cabinet, which later gets an approval from Parliament.
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2020-11-10 21:33:33 What is the Finance Commission?

The Finance Commission (FC) was established by the President of India in 1951 under Article 280 of the Indian Constitution.

It was formed to define the financial relations between the central government of India and the individual state governments.

The Finance Commission (Miscellaneous Provisions) Act, 1951 additionally defines the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission.

As per the Constitution, the FC is appointed every five years and consists of a chairman and four other members.

Since the institution of the First FC, stark changes in the macroeconomic situation of the Indian economy have led to major changes in the FC's recommendations over the years.

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2020-11-04 16:25:30 Currency Swaps

A currency swap, also known as a cross-currency swap, is an off-balance sheet transaction in which two parties exchange principal and interest in different currencies.
The purpose of a currency swap is to lower exposure to exchange rate risk or reduce the cost of borrowing a foreign currency.

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Benefits of currency swap:

The absence of an exchange rate risk is the major benefit of such a facility.
This facility provides India with the flexibility to use these reserves at any time in order to maintain an appropriate level of balance of payments or short-term liquidity.
Currency swaps between governments also have supplementary objectives like promotion of bilateral trade, maintaining the value of foreign exchange reserves with the central bank and ensuring financial stability (protecting the health of the banking system). Open / Comment

2020-11-04 06:28:27 Open / Comment

2020-11-01 07:11:28 How to remember any topic of UPSC easily.
Click on this link to see video
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