Economy

/Tag: Economy

India’s First TISC in Punjab | PIB Summary

By | 2017-07-15T08:03:15+00:00 July 15th, 2017|Categories: Economy, GS Mains, GS Paper 3, PIB|Tags: , , , , , |

The Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, Government of India, signed an Institutional agreement with the Punjab State Council of Science and Technology in New Delhi today to establish India’s first Technology and Innovation Support Centre (TISC) at Patent Information Centre, Punjab, under the World Intellectual Property Organization’s (WIPO) TISC program. Objective The objective of the Technology and Innovation Support Centre is to stimulate a dynamic, vibrant and balanced Intellectual Property Rights (IPRs) system in India to foster creativity and innovation, thereby promoting entrepreneurship and enhancing social, economic and cultural development by establishing a network [...]

Cruise Tourism Reforms

By | 2017-07-12T06:34:11+00:00 July 12th, 2017|Categories: Economy, GS Mains, GS Paper 3, PIB|Tags: , , , , , |

The Ministry of Shipping, in conjunction with the Ministry of Tourism, has announced reforms to the regulatory processes governing the Cruise Tourism industry in the country. Objective – Cruise Tourism The objective is to revolutionize this industry which has a high employment generation potential, by simplifying the rules and procedures pertaining to various aspects of cruise port operations like security, immigration, and customs. The promotion of cruise tourism requires not just improvement in infrastructure but also uniformity, transparency and predictability in the procedures followed by multiple government organizations. In other words, Ease of Doing Business is critical for the success of cruise [...]

Creative India Innovative India Scheme

By | 2017-07-12T06:25:08+00:00 July 12th, 2017|Categories: Economy, Governance, GS Mains, GS Paper 2, GS Paper 3, PIB|Tags: , , , , , , , |

Taking forward the National Intellectual Property Rights (IPR) Policy 2016, a Scheme for IPR Awareness – Creative India Innovative India was launched by Cell for IPR Promotion and Management (CIPAM) under the aegis of the Department of Industrial Policy and Promotion. Creative India Innovative India | Details The Scheme aims at raising IPR awareness amongst students, youth, authors, artists, budding inventors and professionals to inspire them to create, innovate and protect their creations and inventions across India including Tier 1, Tier 2, Tier 3 cities as well as rural areas in the next 3 years. The Scheme for IPR Awareness aims to conduct [...]

Income Tax Tribunal Reforms | Live Mint

By | 2017-07-08T09:40:57+00:00 July 8th, 2017|Categories: Director's Desk, Economy, Governance, GS Paper 2, GS Paper 3|Tags: , , , |

The Income Tax Tribunal (ITAT) is the first independent forum where tax disputes are examined and where excesses of the state, if any, are remedied. In 2016, the Comptroller and Auditor general of India reported that 32,834 disputes were pending at the ITAT level, with Rs 1,35,984 crore of disputed amount. Income Tax Tribunal | Draft 2017 ITAT rules The draft 2017 ITATrules seek to make the tribunal more time-efficient by limiting the number of times a hearing can be adjourned. The draft rules also include provisions to ensure that time-sensitive matters are dealt with swiftly: stay applications must be listed [...]

National Biopharma Mission

By | 2017-07-04T08:09:52+00:00 July 4th, 2017|Categories: Economy, Governance, GS Mains, GS Paper 2, GS Paper 3, PIB|Tags: , , , , , , , , |

The first ever Industry-Academia mission to accelerate biopharmaceutical development in India will be formally launched in New Delhi on 30th June 2017. Details | Biopharma The program named Innovate in India (i3) will witness an investment of USD 250 million with USD 125 million as a loan from World Bank and is anticipated to be a game changer for the Indian Biopharmaceutical industry. It aspires to create an enabling ecosystem to promote entrepreneurship and indigenous manufacturing in the sector. i3 is committed to addressing these gaps with a Mission to make India a hub for design and development of novel, affordable and effective biopharmaceutical products [...]

Disinvestment of Air India

By | 2017-07-04T08:00:12+00:00 July 4th, 2017|Categories: Economy, Governance, GS Mains, GS Paper 2, GS Paper 3, PIB|Tags: , , , , , , , |

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval to fourth tranche recommendations of NITI Aayog on strategic disinvestment of CPSE (strategic disinvestment of Air India and five of its subsidiaries) based on the recommendations of Core Group of Secretaries on Disinvestment (CGD). Highlights ‘In principle’ approval for considering strategic disinvestment of Air India and five of its subsidiaries. Constitution of an Air India-specific Alternative Mechanism headed by Minister of Finance including Minister for Civil Aviation and such other Minister(s) to guide the process on strategic disinvestment from time to time and [...]

‘Make In India’ In Government Procurement

By | 2017-07-01T11:17:05+00:00 July 1st, 2017|Categories: Economy, Governance, GS Mains, GS Paper 2, GS Paper 3, PIB|Tags: , , , , , , , |

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved a policy for providing preference to 'Make in India' in government procurements. Significance The new policy will give a substantial boost to domestic manufacturing and service provision, thereby creating employment. It will also stimulate the flow of capital and technology into domestic manufacturing and services. It will also provide a further thrust towards the manufacture of parts, components, sub-components etc. of these items, in line with the vision of 'Make in India'. The new policy is the reflection of the Government of India to encourage ‘Make in India’ [...]

Restructuring Plan For Hindustan Organic Chemicals Ltd

By | 2017-06-27T07:50:38+00:00 June 27th, 2017|Categories: Economy, Governance, GS Mains, GS Paper 2, GS Paper 3, PIB|Tags: , , , , , , , |

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved a restructuring plan for Hindustan Organic Chemicals Ltd. (HOCL), a loss-making and sick Central Public Sector Enterprise (CPSE) under the Department of Chemicals & Petrochemicals. About the company | Hindustan Organic Chemicals The company, having units at Rasayani (Maharashtra) and Kochi (Kerala), has been making continuous cash losses since 2011-12 resulting in acute shortage of working capital. Most of its plants have remained shut down during the last few years. It could not pay regular salary and statutory dues to the employees since February 2015. Restructuring | Hindustan Organic Chemicals [...]

Boost To Transform Domestic Nuclear Industry

By | 2017-06-27T07:16:32+00:00 June 27th, 2017|Categories: Economy, Environment & Ecology, Geography, GS Mains, GS Paper 1, GS Paper 3, Infrastructure, Science and Technology, Security|Tags: , , , , , , , , , , , , |

In a significant decision to fast-track India’s domestic nuclear power program, and give a push to country’s nuclear industry, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for construction of 10 units of India’s indigenous Pressurized Heavy Water Reactors (PHWR).  The total installed capacity of the Plants will be 7000 MW. The 10 PHWR project will result in a significant augmentation of nuclear power generation capacity. Focus – Cabinet approves construction of 10 units of India’s indigenous Pressurized Heavy Water Reactors (PHWR) Analysis India has current installed nuclear power capacity of 6780 MW from [...]

Tax Treaty Related Measures | PIB Summary

By | 2017-06-27T07:02:02+00:00 June 27th, 2017|Categories: Economy, Governance, GS Mains, GS Paper 2, GS Paper 3, PIB|Tags: , , , , , , , |

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. About the Convention The Convention is an outcome of the OECD / G20 BEPS Project to tackle base erosion and profit shifting through tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity, resulting in little or no overall corporate tax being paid. The Final BEPS Project identified 15 actions to [...]

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