Update on 2/1/2014: The Government of India has constituted the 16th Finance Commission and appointed Arvind Panegriya as the Chairman. The commission will submit recommendations for the five-year period (2026-27 to 2030-31) (You may also read: NITI Aayog replaces Planning Commission) What is Finance Commission? It is a quasi-judicial body set up under Article 280 …
The Government launched the Saubhagya scheme or Pradhan Mantri Sahaj Bijli Har Ghar Yojana in September 2017. The Saubhagya scheme was launched to ensure electrification of all willing households in the country. Under the scheme, power connection will be provided free of cost to all poor families. Other households would also be provided electricity connections …
Introduction to General Anti-Avoidance Rule Internationally and in India, tax avoidance has been a major issue. Tax avoidance is basically exploiting the loopholes in the law to obtain a tax advantage. A taxpayer is entitled to conduct transactions in a manner so as to reduce his tax liability. But, these transactions should have economic or commercial …
Understanding General Anti-Avoidance Rule (GAAR) Read More »
Universal basic income is in news these days. The economists and policymakers from across the world have been debating the concept of universal basic income (UBI). The idea of UBI was originally proposed as a solution to high inequality and job loss caused by increased automation in the developed countries. Finland launched a 2-year pilot study …
What is universal basic income and is India ready for it? Read More »
GDP is the total value of all goods and services produced in the economy in a given period of time. You may read: GDP Demystified for a better understanding of GDP. If we use the current prices of goods and services to calculate GDP, we get Nominal GDP. India’s GDP in the year 2016-17 was estimated to be Rs.1,52,51,028 …
What is the difference between Nominal and PPP GDP? Read More »
International credit rating agency Moody’s upgraded India’s sovereign bond rating for the first time in 14 years. The last upgrade had happened in 2004. However, the rating outlook was changed from ‘stable’ to ‘positive’ in 2015. Highlights: Moody’s upgrades India’s credit rating to Baa2 stable from Baa3 positive. Credit rating is a measure of credit-worthiness of …
Moody’s India rating upgraded for the first time in 14 years Read More »
The Government of India has made Aadhar card compulsory for filing income tax returns and applying for PAN. The Aadhar has to be linked to your bank accounts and mobile numbers as well. Here’s all you need to know about Aadhar cards. What is Aadhar? Aadhar is a 12 digit unique-identity number assigned by the Indian …