Professional Documents
Culture Documents
MAP
MAP
MAP
1. EMPLOYMENT 5
1.1 Small scale industries in Independent India 5
1.2 Domestic workers set to get legal status and minimum wages 5
1.3 Workers to get unique numbers in Unorganised sector 6
1.4 The Welfare schemes for Safai karamcharis and Manual Scavengers 6
1.5 Panel to suggest on new jobs 7
1.6 Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) 8
1.7 Employment and Enterprise Thrust in Rural Areas 8
1.8 Skill Development 8
1.9 Task Force on employment data 9
1.10 Bharat ke Kaushalzaade 9
1.11 MGNREGS - Status 10
1.12 Sustainable Tourism 10
1.13 Why China produces more entrepreneurs than India 11
3. INFRASTRUCTURE 16
3.1 Real Estate Regulation Act (RERA) 16
3.2 Kishanganga, Ratle projects get World Bank nod 16
3.3 Logistics gets infrastructure status 17
3.4 Ports and Waterways 18
3.4.1 Chabahar Port 18
3.4.2 Cruise tourism in the country 18
3.4.3 Water Highways 19
3.4.4 National waterway 4 19
3.4.5 The Buckingham Canal 20
3.4.6 RO- RO ferry service launch in Gujarat 20
3.5 Road Sector 20
3.5.1 Value Engineering Programme in highways projects 20
3.5.2 TOT - ‘toll-operate-transfer’- Model 21
3.5.3 Bharatmala Pariyojana 21
3.5.4 NHAI to get power to speed up Bharatmala programme 22
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6. TAXATION 46
6.1 Subsuming of environment related cesses under GST 46
6.2 Effect of GST on Business 47
6.3 Breaking the network of shell companies 48
6.4 New Income Tax law to simplify tax slabs 48
9. CURRENCY 60
9.1 Cryptocurrencies 60
9.2 Aadhaar - BHIM Integration 62
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12. MISCELLANEOUS 76
12.1 Innovate in India (i3) 76
12.2 Active Pharmaceutical Ingredient (API) 76
12.3 S&P retains India’s Sovereign rating at BBB-/A-3 77
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1. EMPLOYMENT
1.1 Small scale industries in Independent India
Medium, Small and Micro industries in the country account for nearly 40 per cent
of India’s manufacturing and 45 per cent of merchandise exports.
Increasing employment in rural India
Cottage industries:
● Cottage industries is key to providing jobs particularly in rural India.
Service sector:
● Services sector arises out of these industries is the key especially in rural
India where there is dearth of jobs other than agriculture.
● This will prevent large scale migration to urban areas as well.
● Also allowing 100 per cent FDI in food processing will create more jobs in
rural India apart from ensuring minimal wastage of food produce
Mudra Scheme( Fund the Unfunded):
It makes loans accessible to small entrepreneurs
● The Mudra scheme has ensured that several crores of youth got jobs
through self-employment.
● The youth of rural India not only get jobs for themselves but also become
employers for few others in their start-ups.
1.2 Domestic workers set to get legal status and minimum wages
Ministry of labour and employment is considering to formulate a national policy
for domestic workers.
● The policy aims to promote right to fair terms of employment relating to
minimum wages, protection from abuse/harassment and violence
● Access to social security benefits such as health insurance, maternity
benefits and old age pensions as provided by existing and upcoming
schemes of central and state government
● An institutional mechanism will be set up
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National Commission for Safai Karamcharis (NCSK) has suggested to NITI Aayog
that some of the welfare schemes for Safai Karamcharis and Manual Scavengers
may be brought under its purview.
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‘Kaushal Panjee’:
The event also witnessed the mobilization platform launch, branded ‘Kaushal
Panjee’ (Skill Register).
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Recent Changes:
● Current MSP rates saw a small increment for cereals, while promoting a
shift towards pulses and oilseeds.
MSP
● It is being fixed on 23 necessary crop by Commission for Agricultural Cost
and Price (CACP)
● MSP is a psychological comfort to farmers
● The direct beneficiaries of MSP is only 7 per cent to 8 per cent of the
farming community
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● In 2016, 100% FDI was permitted for retail trading (including through
e-commerce) of food products manufactured and/or processed in the
country.
● The central food processing scheme, Kisan Sampada Yojana
○ aim to benefit 20 lakh farmers and generate 5.3 lakh jobs by 2020
○ Aim development of food processing and related infrastructure
● capital grants for the development of mega food parks, cold chain
infrastructure, preservation facilities and agro-processing clusters.
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● Application of genomic in Zebu Cattle and their crosses and buffaloes.
● Application of assisted reproductive technologies (ARTs) in cattle and
buffaloes.
● Capacity building in genomic and assisted reproductive technology.
Related research and development in Genomics and ART in accordance with the
respective laws and regulations of the two countries and is covered
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● The calves so born will be of high genetic merit and the offsprings born will
be free from diseases.
● Will result in rapid propagation of high genetic merit indigenous cattle
● The program is implemented with the objective of conservation and
development of indigenous breeds
Embryo Transfer Technology (ETT):
● Embryo Transfer Technology (ETT) is a technique by which embryos are
collected from a donor female of superior genetics and are transferred in
recipient females, which serve as surrogate mothers.
2.6 India becomes second largest fish producing country in the world
The scheme ‘Blue Revolution’ has been launched with the outlay of Rs. 300 crore
for the integrated development of the Fisheries sector in the country.
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3. INFRASTRUCTURE
3.1 Real Estate Regulation Act (RERA)
Banks, in consultation with the Reserve Bank of India, have decided not to extend
loans to those projects which have not been registered under RERA.
● The government enacted RERA and all the sections of the Act have come
into force with effect from May 1 this year
● Under this law, a developer will have to maintain 70% money collected
from homebuyers in a separate account, to avoid diversion of funds
● Aims to improve transparency in real estate sector
● Builders are expected to disclose project-related information, including
project plan, layout and government approvals-related information to
prospective customers.
● Any major changes in the project can only be done after receiving the
consent of two-thirds of homebuyers in that project.
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● IWT designates these two rivers as well as the Indus as the "Western
Rivers" to which Pakistan has unrestricted use
The government has granted infrastructure status to the logistics sector, including
multi-modal logistics parks and cold chains, enabling the industry to access funds
at a cheaper rate.
Benefits
● The cost of funding could come down by up to 50 basis points.
● Those going for external commercial borrowing could get it even cheaper.
● Better access to funds and consequent rise in investments for industrial
parks, warehouses and transportation.
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3.5.4 NHAI to get power to speed up Bharatmala programme
The National Highways Authority of India (NHAI) is set to get the power to
approve projects with a construction cost of more than Rs 1,000 crore to ensure
faster implementation of the Bharatmala programme.
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About FASTag:
● FASTag is a device that employs Radio Frequency Identification ( RFID)
technology for making toll payments directly from the prepaid or savings
account linked to it
● It enables the commuter to drive through toll plazas, without stopping for
cash transactions.
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● That is because all these technologies have similar components that can
together create necessary volumes to bring down the prices of these
components.
3.6 Railways
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3.6.5 Monorail
A monorail project for Cyberabad as part of the Telangana State government’s
plan to improve connectivity and cut down commute time in the IT hub of
Hyderabad is taking shape.
What is a monorail?
● Monorail, in simple terms, is an electric-powered bus that runs on an
elevated concrete beam.
● The Mumbai Monorail, which is the only such system that is currently under
construction in India, is a four-car train, with a capacity of 140 passengers
per car.
● For cities that have a population of less than three million, monorail is the
ideal mode of transport.
● For denser cities, monorail can ideally serve as the feeder line that brings
passengers in and takes them out of the Metro network.”
Comparison between Mono and Metro rail
● Capacity-to-cost ratio is better for a Metro system, even though the per
kilometre construction cost is more.
● Monorail is ideal for building a regional network.
● Within the city, the monorail system will reach its capacity very fast.
● Monorail is much better solution for the rapidly expanding suburbs of the
city.
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The Border Roads Organisation (BRO) has constructed the world's highest
motorable road in Ladakh region of Jammu and Kashmir, passing through
Umlingla Top at a height of over 19,300 feet.
Key facts:
● The feat was achieved under 'Project Himank' of the organisation.
● constructing the road at the altitude of over 19,300 feet was filled with life
threatening challenges.
Enhance connectivity
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● Three Members will be from the RBI and the other three Members of MPC
will be appointed by the Central Government
● The Members of the Monetary Policy Committee appointed by the Central
Government shall hold office for a period of four years
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At the bankers’ retreat, known as Gyan Sangam, the idea of consolidation was
first floated.
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India could slightly delay the implementation of global risk norms Basel III as the
banking sector is already under stress due to demonetisation and the GST roll out.
● As per the Reserve Bank direction, the Basel III capital regulation is being
implemented from April 1, 2013 in India in phases, and it will be fully
adopted as on March 31, 2019.
● The country has witnessed three important structural reforms
demonetisation, Goods and Services Tax (GST), Real Estate Regulatory
Authority (RERA).
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● The PMMY (Pradhan Mantri Mudra Yojna) Scheme was launched in April,
2015.
● The scheme’s objective is to refinance collateral-free loans given by the
lenders to small borrowers.
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5.4 Masala Bonds Move Out of Corp Bond Investment Cap
The Reserve Bank of India has removed masala bonds, or rupee-denominated
debt securities sold abroad, from the corporate bond investment limit that
remains almost full amid strong overseas investor interest.
● The move will release additional space for yield-hungry foreign portfolio
investors (FPI), who can now invest up to another 44,000 crore in domestic
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5.7 Investment
5.7.1 Bilateral Investment Treaty dispute management strategy
The government had mandated a high-level committee chaired by Justice B.N.
Srikrishna to focus on arbitrations involving the Union of India, and specifically
bilateral investment treaties (BIT) arbitrations.
Recommendations
● Creation of the post of an international law adviser (ILA) with the rank of
additional solicitor general
● Creation of a five-member permanent inter-ministerial committee (IMC)
● The designation of the Department of Economic Affairs (DEA) as the nodal
agency for receiving correspondences in existing BITs
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Invest India
● Was set up in 2010 as a Department of Industrial Policy & Promotion
(DIPP)- The Federation of Indian Chambers of Commerce and Industry
(FICCI) collaboration
● Is a dedicated field agency to target foreign companies and pursue them to
invest in India.
● It’s being reported that a large proportion of the recent FDI is buying into
stressed assets, at distress prices
Status of FDI flows into India
India is now ranked amongst top 3 FDI destinations (World Investment Report
2016, Unctad) and ninth in the FDI Confidence Index in 2016
What the FDI inflow do for the economy?
● In principle, FDI—as against foreign portfolio investment which flows into
the secondary capital market—brings in long-term fixed investments,
technology and managerial expertise, together with foreign firms’
managerial control.
If the proposed industrial policy is serious about realizing the vision of Make In
India, it needs to look elsewhere, not at FDI.
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Government of India, in consultation with the Reserve Bank of India (RBI), had
floated Series III of Sovereign Gold Bonds 2017-18.
● The Bonds will be issued on the succeeding Monday after each subscription
period.
● The issue price shall be Rs 2,961 (Rupees Two thousand Nine hundred Sixty
one only) – per gram with Settlement on December 4, 2017
What is Sovereign Gold Bond (SGB)?
● SGBs are government securities denominated in grams of gold.
● They are substitutes for holding physical gold. Investors have to pay the
issue price in cash and the bonds will be redeemed in cash on maturity.
Who is the issuer?
● The Bond is issued by Reserve Bank on behalf of Government of India.
Sovereign Gold Bond (SGB) Benefits:
● Hassle free: Bond Ownership of gold without ant physical possession (No
risk and no cost of storage).
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6. TAXATION
6.1 Subsuming of environment related cesses under GST
This is a Constitution (122nd Amendment) Bill, 2014.(For more details, refer to
GST article in www.iesgeneralstudies.com)
Background:
The Goods and Services Tax subsumed a variety of existing Central and State
levies. Among them were three environment-related cesses: the high-profile
Swachh Bharat Cess and Clean Energy Cess levied on all taxable services since
2015 and on coal since 2010, and the historical Water Cess chargeable since 1977
on water consumption by industry and local authorities.
What are the subsumed cesses?
GST subsumed several central & state cesses levies under it.Environment cesses
subsumed- Water Cess, Clean Energy Cess and Swachh Bharat Cess.
● Water Cess was levied on water consumption by industry and local
authorities. It was used to augment the resources of the Central and
State pollution control boards to address water pollution.
● Clean Energy Cess, a kind of carbon tax was levied on coal produced in
India or imported coal at the rate of Rs. 400/tonne in 2016, to finance
clean environment initiatives.
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● Swachh Bharat Cess was levied on all taxable services, to be used for
financing Swachh Bharat initiative.
Issues in subsuming the cesses
● The water cess is the second most important source of revenue for State
pollution control boards after consent fees.
● The loss of this revenue will be a huge setback for boards which already
suffer from poor technical capacity and autonomy.
● The channelling of money through State budgets will make the boards even
more vulnerable to the discretion of State governments, which have a
dismal track record of empowering the pollution watchdogs.
A new levy called the GST Compensation Cess has been introduced to make good
apprehended losses to States in the first five years of GST implementation.
Cess purpose
● A cess is a levy for a specific purpose.
● Under Article 270 of the Constitution, a cess tax has special privilege as the
proceeds can be retained exclusively by the Union and need not be shared
with States.
Dilution of characteristics
● Once the money is transferred to State governments, it can be used to fund
just about any scheme and may even be used merely to adjust the
respective State government’s fiscal deficit.
● There is no relation between the persons contributing to the cess and the
recipients, the State governments.
● There is no provision in the Amendment Act for an additional tax to
compensate the States for apprehended losses from GST implementation.
GST tax reforms will have the most far-reaching ramifications in logistics sector
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● Almost all our development policies, which are directed towards pushing
double-digit income growth has little concern for environmental capital.
● It suggests that during the initial period of economic development, where
per capita income is low, deterioration of environmental quality caused by
rapid industrialisation and urbanisation is inevitable.
The Indian context
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The Union Cabinet has approved India’s Membership for European Bank for
Reconstruction & Development (EBRD). Department of Economic Affairs, Ministry
of Finance will take necessary steps to acquire the membership of the EBRD.
Benefits
● The membership of EBRD will enhance India’s international profile and
promote its economic interests.
● It will give India access to EBRD’s Countries of Operation and sector
knowledge.
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9. CURRENCY
9.1 Cryptocurrencies
Since the start of the year, the cryptocurrency has achieved the incredible feat of
increasing more than 1,000 per cent in value.
Why value increased?
● Bitcoin’s surging popularity, demand and growing awareness of the crypto
market has all contributed to its unprecedented rise.
● The token is a store of value used to exchange for goods and services.
Bitcoin is not regulated nor is it a legal tender – but it is popular and in high
demand which drives prices.
Fiat cryptocurrency
The fiat cryptocurrency was a digital currency which would be issued by the
Reserve Bank of India (RBI) in place of the physical one at present.
Non Fiat cryptocurrency
A type of digital currency in which encryption techniques are used to regulate the
generation of units of currency and verify the transfer of funds, operating
independently of a central bank.
Bitcoin
● Bitcoin, the first virtual currency, was born seven years back.
● Bitcoin offers the promise of lower transaction fees than traditional online
payment mechanisms and is operated by a decentralized authority, unlike
government issued currencies.
● There are no physical Bitcoins, only balances associated with public and
private keys.
Bitcoin Cash
● The bitcoin block chain is forced to split in two.
● This creates two separate digital assets: the original Bitcoin and Bitcoin
Cash.
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Why split?
● To solve the scaling issue.
● Core developers want to keep the blocks limited in their size to protect
against hacks.
● The miners want to increase the size of blocks to make the network faster.
What is Virtual Currency?
It is a type of unregulated, digital money, which is issued and usually controlled by
its developers, and used and accepted among the members of a specific virtual
community.
What is a block chain?
● It is a distributed database
● used to maintain a continuously growing list of records, called blocks.
● Each block contains a timestamp and a link to a previous block.
● By design, blockchains are inherently resistant to modification of the data.
● Once recorded, the data in any given block cannot be altered retroactively
without the alteration of all subsequent blocks
● The blockchain thus stands as a tamper-proof record of all transactions on
the network, accessible to all participants.
Ethereum
Ethereum is not just a platform but also a programming language (Turing
complete) running on a blockchain, helping developers to build and publish
distributed applications.
Ether is used broadly for two purposes:
● It is traded as a digital currency exchange like other cryptocurrencies and
● It is used inside Ethereum to run applications and even to monetize work.
According to Ethereum, it can be used to “codify, decentralize, secure and trade
just about anything.
Bitcoins Ethereum
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language language
Block time Minutes In seconds
transaction
Purpose As an alternative to Facilitates peer-to-peer contracts
regular money and applications via its own currency
vehicle
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● The Insolvency and Bankruptcy Board of India (IBBI) has also been given
additional powers.
The International Centre for Alternative Disputes Resolution was set up in 1995
with the objective of promoting alternative dispute resolution mechanism and
providing facilities for the same. The government will establish an Indian
Arbitration Council via an Act, lending muscle to efforts to establish India as a
global hub for institutional arbitration. Indian Arbitration Council is conceived as a
flagship institution to conduct international and domestic arbitration.
Highlights
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10.8 Draft Regulation of CAR on Civil Use of Drones
The Directorate General of Civil Aviation announced draft regulations on civil use
of Remotely Piloted Aircraft Systems, commonly known as Drones.
Draft regulations
● All commercial categories of drones except those in the Nano category and
those operated by government security agencies will have to be registered
by DGCA as per ICAO proposed policy, in the form of Unique Identification
Number (UIN)
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● The Mini and above categories will require Unmanned Aircraft Operator
Permit (UAOP)
● The model aircraft up to maximum takeoff weight of 2 Kgs flown below 200
feet inside educational institution premises will not require UIN/UAOP
● It mandates remote pilots to undergo requisite training, except for Nano
and micro categories
● The Micro and above category drones will have to be equipped with radio
frequency identification/Subscriber Identification Module (RFID/SIM)
return to home option and anti-collision lights.
Automobile Sector
● To push global automotive companies to engineer vehicles in India and not
just assemble them here
● Invest India, the government's investment promotion arm, has proposed
several ideas for the auto sector.
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● Newer and younger firms including startups established after 2014 report a
more favorable business environment
3.Informational gaps
● There is low awareness among enterprises of the steps being undertaken
by states to improve ease of doing business
4. Labor regulations are a bigger constraint for labor intensive firms
● Finding a skilled and a contract worker is still a problem.
● Firms lose a greater number of days due to strikes and lockouts.
5. Barriers to growth
● The experience of firms with fewer employees is different from that of
larger firms
● Firms with more than 100 employees took significantly longer to get
necessary approvals than smaller firms with less than 10 employees.
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A new Bureau of Indian standards (BIS) Act 2016 was notified and brought into
force with effect from 12th October, 2017
Important Provisions
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11.9 India is paving the way for an electric future
The government wants only electric vehicle to ply on India’s roads by 2030 as part
of its climate change commitment and to reduce spending on oil imports.
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Actions
11.10 ISRO aims to make India a global hub for satellite building
Indian Space Research Organisation (ISRO) has floated tender inviting private
firms to bid and build 30 satellites.
● The space agency has lined up 60 satellite launches over the next five years,
including a mission to the moon with a rover.
● The ISRO would identify four to five private players by February for building
satellites.
● The tender also allows private firms to absorb technology from foreign
firms.
● Each satellite would cost Rs 150-400 crore.
● The space agency has already started forming a private consortium with
Godrej, Larsen & Toubro, Hindustan Aeronautics Ltd and its commercial
arm, Antrix Corp.
● Private consortium will assemble its first PSLV rocket by 2020.
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12. MISCELLANEOUS
12.1 Innovate in India (i3)
Is launched under the National Biopharma Mission
● It is the first ever Industry-Academia mission to accelerate
biopharmaceutical development in India
● The program will witness an investment of USD 250 million
● India has been an active player in the pharmaceutical industry and has
contributed globally towards making life saving drugs and low cost
pharmaceutical products.
● The mission is to be implemented by Biotechnology Industry Research
Assistance Council (BIRAC), a Public Sector Undertaking of Department of
Biotechnology
Aims
● To develop India’s technological and product development capabilities in
biopharmaceuticals
● To strengthen and support the entire product development value chain for
accelerating the research
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India imports about 84% of the APIs it needs, China alone accounted for 65.3% of
the total. This included ingredients for essential antibiotics.
● Tensions over the border issue, can hit pharma sector and it is worrying
because we do not even have the API capacity to manufacture a
paracetamol
The Drug Controller General of India (DCGI) has got local drugmakers to draw up
an emergency plan on dealing with any blockade
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