Tax payment is mandatory for every citizen of the country. There are two types of tax in india i.e. direct and indirect. Taxation in India is rooted from the period of Manu Smriti and Arthasastra. Present Indian tax system is based on this ancient tax system which was based on the theory of maximum social welfare.
In 1991, the P. V. Narasimha Rao government reduced the import duties, opened reserved sector for the private players, devalued the Indian currency to increase the export and reduce the adverse Balance of Payment (BOP) situation. This is also known as the LPG Model of growth.
Economic planning is the process in which the limited natural resources are used skillfully so as to achieve the desired goals. The concept of economic planning in India is derived from the Russia (then USSR). India has launched 12 five year plans so far and now NITI Aayog decided not to launch any five year plan. First five year plan was launched in 1951.
The GST bill was passed by Indian Parliament on August 8, 2016. After a few more formalities, the bill will finally become a law. This single tax will replace all the existing indirect taxes in India. Due to this single tax named GST, the prices of many commodities will decline and it is also expected to increase the Gross Domestic Product of the country by 2%.
Today, India tagged as the fastest growing economy in the whole world. The size of economy has grown to 2.54 lakh crores which made it the 7th largest economy in the world. In this article, we have compared the changes in the different sectors of economy of India between 2014 to 2017.In this article basically we have compared 3 years of the current NDA government which resumed office in 2014 and performance of previous UPA government.
The property which is held by a person in the name of other person but the price has been paid by someone else or somebody uses his/her name to allow someone to buy any house, land or any other property. Moreover, making fixed deposits in bank accounts by other names is also considered a Benami property.
Usually 12% of Basic Salary is being deducted from employee’s monthly salary and the same amount is being paid by the company. The main objective of EPF deduction from employee’s salary is to provide financial security to employees at the time of retirement. Ministry of Labour renders the interest at the rate 7% to 9% annual on the EPF amount.
National Highways Authority of India (NHAI; was set up in 1988) is responsible for development, maintenance and management of Highways in India. In India, the road network extends to 5,472,144 Kilometers out of which 97,991 Kilometers belongs to national highways. India has the second largest road network across the world.
White Revolution is associated with a sharp increase in the milk production. The White Revolution in India, also known as Operation Flood was launched in 1970s to make India self dependent in milk production. Dr Verghese Kurien is known as the father of The White Revolution in India. Currently India is the world’s largest milk producer.
Trade Unions in India are registered and file annual returns under the Trade Union Act (1926). Statistics on Trade Unions are collected annually by the Labour Bureau of the Ministry of Labour, Government of India. Congress associated, the Indian National Trade Union Congress (INTUC) is assumed as the biggest of the seven central trade unions, with a membership of 33.3 million.
It is known to everyone that agriculture is the backbone of Indian economy. It provides direct employment to 53% population of the country. Currently it is contributing 14% of Indian GDP. In this article we provided the status of Indian states in terms of different crops produced by them.
The latest report on the state per capita income released by the Ministry of Statistics and Programme Implementation on 20 Aug 2015, says that Goa has highest state per capita income followed by Delhi and Sikkim respectively. While Bihar, Uttar Pradesh, Manipur, Assam, and Jharkhand are top 5 poorest states in terms of NSDP per capita.
Suresh Tendulkar panel (in 2011-12) said that those who spend Rs. 27 in rural areas and Rs. 33 in urban areas are not poor. While an expert panel headed by former RBI governor C. Rangarajan said in a report submitted to the BJP government in July, 2014 that those spending over Rs 32 a day in rural areas and Rs 47 in towns and cities should not be considered poor.
Small and Medium Enterprises Development Bill 2005 (which was presented in the parliament on May 12, 2005) has been approved by the president and thus become an act. This act is named as ‘The Small And Medium Enterprises Development Act, 2006’. This act became effective from Oct. 2006.
The Overall generation in the country has been increased from 1048.673 during 2014-15 to 1107.386 BU* during the year 2015-16. The Category wise generation performance is as follows:- Thermal Increased by 7.45 %, Hydro Reduced by 6.09 %, Nuclear Increased by 3.63 %. Overall leader of electricity generation in India is thermal power (68%) of total power generation in India.
PSUs may be classified as Central Public Sector Enterprises (CPSEs), public sector banks (PSBs) or State Level Public Enterprises (SLPEs). CPSEs are administered by the Ministry of Heavy Industries and Public Enterprises. As on 26 October, 2014, there are 7 Maharatnas and 17 Navratnas in India.
Indian economy is termed as the developing economy of the world. Some features like low per capita income, higher population below poverty line, poor infrastructure, agriculture based economy and lower rate of capital formation, tagged it as a developing economy in the world.
The finance commission is constituted by the president of India under the provision of article 280 of the Indian constitution for five years. It decides the share of states in the total tax collection of the centre government. The 14th finance commission is headed by the former RBI governor Mr. Y.V. Reddy.
In India, a public sector company is that company in which the Union Government or State Government or any Territorial Government owns a share of 51 % or more. Currently there are just three sectors left reserved only for the government i.e. Railways, Atomic energy and explosive material.
National Bank for Agriculture and Rural Development (NABARD) was established on July 12, 1982 with the paid up capital of Rs. 100 cr. by 50: 50 contribution of government of India and Reserve bank of India.
Micro, Small and Medium Enterprises (MSME) contribute nearly 8 percent of the country’s GDP, 45 percent of the manufacturing output and 40 percent of the exports of India. Currently MSMEs are defined as per the MSME Act 2006.
Land reforms programmes in India includes: Abolition of Intermediaries, Tenancy reforms, consolidation of holdings and determination of holdings per family and to distribute surplus land among landless peoples.
After independence the first industrial policy was declared on the April 6, 1948 by then union industry minister Shyama Prasad Mukherjee. This policy established a base for mixed and controlled economy in India.
Service sector deals with the production of intangible goods like transportation, hotel & restaurants, real estate, arts, entertainment health & insurance services, education and telecom services etc. This sector contributes nearly 60 % of the Indian GDP.
High Yielding Variety Seeds (HYV seeds) are seeds are of better quality than normal quality seeds. These seeds are a better option of seeds in order to obtain a healthy and surplus crop. These seeds have good immune system to fight with insects and other diseases.
An international monetary threshold under which an individual is considered to be living in poverty is; if an individual’s earnings are less than one dollar/ day. It is calculated by taking the poverty threshold from each country.
The Public Distribution System (PDS) evolved as a system of management of scarcity and for distribution of food grains at affordable prices to BPL families. Government of India re-launched the Targeted Public Distribution System (TPDS) in June, 1997.
As we are aware that near about 53% population of India is engaged in agricultural activities. Here, the condition of the farmers and agricultural labourers depend on the intensity of monsoon. Hence they are living an insecure and underprivileged life and earning just Rs. 150/day along with full uncertainty.
To motivate the farmers for more food grain production, union government has launched policy of Minimum Support Price (MSP) since 1966-67. This policy ensures minimum price to farmers for each crop. On the other hand, Government launched the Mahatma Gandhi Rural Employment Guarantee Act (MGNREGA), Public Distribution System (PDS) for rural poor.
The public distribution system means the system of management of food economy and distribution of food grains at affordable price through Ration shops. This scheme provides staple food grains, such as wheat rice, sugar & kerosene to BPL families.