ECONOMY by VIVEK SINGH

2021-03-26 06:14:50 Source: PIB
There has been a lot of focus on Jute Industry, so just look at the underlined information. No need to go into the various schemes.

For more details on Jute, refer the following link: https://t.me/VivekSingh_Economy/2636 Open / Comment

2021-03-25 06:35:28 From the above poll, 20% of the total number of people voted i.e. 2535 have qualified for the Mains 2020 which means approx. 500 students will be appearing for Interview. I will conduct one class on Economic Issues (mostly view based issues) in Delhi and the same will be put online also. The tentative date would be between 5th to 15th April. Will let you know on this channel once the date is confirmed.

Nothing relevant in the newspapers today for Economy. Open / Comment

2021-03-24 06:59:27 The above news is from Indian Express. Some relevant points.

1) The IBC 2016 was suspended from 25th March 2020 to 24th March 2021 (for one year) due to Covid-19 pandemic. This meant that no one can move to NCLT under IBC 2016 if the default has occurred due to Covid-19 related issues.

2) The threshold limit was also increased from Rs. 1 lakh to Rs. 1 crore and this is going to continue. This means that if the default in the debt is of more than Rs. 1 crore then only anyone can approach to NCLT under IBC 2016.

3) Pre-pack: Point No. 2 https://t.me/VivekSingh_Economy/2873 Open / Comment

2021-03-24 06:53:44 Open / Comment

2021-03-24 06:49:49 Employees' Provident Fund Organization (EPFO) is a statutory body established by the Employees' Provident Fund and Miscellaneous Provisions Act, 1952 and is under the administrative control of the Ministry of Labour and Employment, Govt. of India. It is one of the World’s largest Social Security Organizations in terms of clientele and the volume of financial transactions undertaken

Employees Provident Fund [EPF] is a scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 and is regulated under the purview of Employees’ Provident Fund Organisation (EPFO). Basically, EPF is normally like a benefit to an employee during the retirement provided by the organization.

EPF registration is mandatory for all establishments which is a factory (service industry is also covered) engaged in an industry having 20 or more persons. An employee working in an organization contributes 12% of his/her basic salary into this scheme and generally the same amount is also contributed by the employer. The interest income is tax free under this scheme. Now, people whose salary was huge were contributing more money (in absolute terms) and were getting benefits in terms of TAX free interest income. So, as per today's news Govt. has introduced amendment through Finance Bill 2021 and it has put a cap that if the employee is contributing till Rs. 2.5 lakhs annually in the scheme then only the interest income will be tax free otherwise not. And in case there is no employer contribution then the interest income will be tax free till Rs. 5 lakhs contribution.

The EPF Interest Rate is determined by EPFO in consultation with the Finance Ministry for every financial year.
No need to go in further detail regarding this news. Its covered in HINDU/EXPRESS both. Open / Comment

2021-03-23 10:03:07 Source: Hindu
Govt. is focussing on district wise export potential and it is involving States in identifying potential export sectors and the logistics bottlenecks to be fixed. Till now most of the export promotion was driven by Centre.

India's exports is around 20% of GDP and imports are around 22% of GDP. Hence foreign trade is around 42% of GDP. Open / Comment

2021-03-23 09:55:19 Source: Indian Express
The article discusses the power asymmetry between Technology Platforms/Market Places and the Self employed persons in the Gig Economy.

The new Code on Social Security 2020 has been passed and it has defined new forms of employment like gig/platform worker and aggregators. The Code has introduced a clause which asks aggregators to contribute between one to two percent of the turnover subject to a limit of five percent payable to gig/platform workers. The details will be clear one the Code gets implemented. Open / Comment

2021-03-22 17:46:08 A Note for Students targeting 2021:
If you are following the latest (5th) edition of the Indian Economy book which is already released and are willing to follow the ECO MCQ PDF which will be released on 20th April then you may ignore revising the previous channel posts. These two things (Book + MCQ) will cover most of the concept and current updates.

This does not mean that you should not follow the channel. It is MUST to keep on following the channel. But in case you are finding it difficult to revise then you can just follow the Book and MCQ.

But following the channel always helps in building perspective and it is always their in your subconscious mind and improves your analytical and answer writing skills.

Those who are targeting the exam in 2022.
Reading the recently released BOOK and following the channel is MUST.
The Economy Module Online (Pre-cum-Main) Course will start in May 2021.
Offline course will start once the Govt. allows.
Details you will get with time. Open / Comment