Economy Thehindubussinessline

Economy
Steel companies betting on India-Australia ECTA to source coking coal cheaper

Suresh P. Iyengar |Mumbai, April 10 | Updated On: Apr 10, 2022
The free trade agreement (FTA) signed between India and Australia last week will bring down the import
cost of coking coal for steelmakers and boost their financials as coal costs account for over 50 per cent of
production expenses.
After negotiating for about 11 years, both countries signed a historic trade deal — the Australia-India
Economic Cooperation and Trade Agreement (ECTA). This agreement will provide, among other benefits,
duty-free access to India for about 96.4 per cent of exports. Both governments expect this deal to boost
bilateral trade to $45-50 billion over the next five years.
Under the ECTA, the effective tariff of 2.5 per cent will be eliminated upon the agreement’s entry into force
for most types of coal including coking coal, which accounts for the majority of Australia’s coal exports to
India, said an Australian High Commission spokesperson.
Indian steel companies are completely dependent on imported coking coal as it is not produced in India.
Australia is the preferred destination compared to the US and Canada due to logistics convenience. Coking
coal shipments from Australia to India have grown over five-fold to 16.5 million tonnes between last
January and September, particularly after unofficial of ban of trade between China and Australia.
Australia accounts for 20 per cent of India’s coal imports while Russia accounts for only 3 per cent. India
has $3 billion trade deficit with Russia and, therefore, settling coal imports in roubles, if available at a
discounted rate, would be good for India since the rouble has depreciated after the outbreak of the
Ukraine war.
India’s services exports in 2021-22 touch all-time high of $250 billion

BL New Delhi Bureau |April 13 | Updated On: Apr 13, 2022
The previous high for services exports was in 2019-20 at $213 billion
India’s services exports in the financial year 2021-22 touched an all-time high of $250 billion despite the
travel & tourism, aviation and hospitality sectors being severely hit by the Covid-19 pandemic, Commerce
& Industry Minister Piyush Goyal has said.
“After the historic achievement of $420 billion goods exports (in 2021-22), India achieves yet another
feather in its cap by accomplishing services exports worth almost $250 billion for 2021-22. This shows the
commitment of the government led by PM Narendra Modi for `LocalGoesGlobal’, Goyal stated in a tweet
on Wednesday.
Moving from low-cost services
India is now moving from low-cost services such as call centres and BPOs to services up the value chain
such as AI, block chain, data analytics and Internet of Things, he added.
Goyal said that India’s Free Trade Agreements with UAE and Australia and the ones being negotiated with
the EU and the UK will more than make up for whatever losses may be suffered due to adverse situations
such as the Russia-Ukraine crisis.
India gears up to expand food exports in the wake of Ukraine conflict
Poornima Joshi |Updated On: Apr 13, 2022
1|Page
Piyush Goyal, Textile, Commerce and Industry Minister, addressing a press conference, in New Delhi, on
Wednesday | Photo Credit: KAMAL NARANG
Commerce Ministry is studying food import requirements of 180 countries and has rushed in with wheat,
especially to MENA countries impacted severely by the war
The Commerce Ministry has already set in place an internal mechanism to facilitate food exports and get
the paperwork ready for related sanitary and phytosanitary (SPS) applications.
Rising MENA demand

In the wake of the Russia-Ukraine conflict, the demand from the Middle East and North African (MENA)
countries, which are entirely dependent on the two warring nations for their wheat imports, has escalated.
In the last 40 days alone, contracts have been signed for exports worth 30-40 lakh tonnes of wheat, which
is almost half of what was exported in the entire 2021-22.
Egypt is among the largest importers of wheat from Russia and Ukraine and all previous attempts by India
to get a foot in have been in vain.
10-year G-Sec devolves partially on primary dealers at auction

BL Mumbai Bureau |Updated On: Apr 13, 2022
Market players demanded higher yields over fears that rising retail inflation may kick-start the
tightening cycle
The Reserve Bank of India on Wednesday partially devolved the auction of the 10-year benchmark
Government Security (G-Sec) on primary dealers as market players wanted to buy the paper at lower than
prevailing market price.
Out of the notified amount of ₹13,000 crore raised via auction of the 10-year G-Sec, RBI devolved about 12
per cent on primary dealers (PDs). This was the first auction of the 10-year G-Secs in FY23.
PDs are financial intermediaries that function as a link between the debt manager and investor, and
provide liquidity in the secondary market. As the underwriters at G-Sec auctions, they absorb the devolved
amount.
Supply crunch threatens to delay green-hydrogen fuel project
S Ronendra Singh |Rishi Ranjan Kala |Updated On: Apr 13, 2022
Supply crunch of components in the auto industry is threatening to stall the pilot project of running buses
on green hydrogen fuel cells, being implemented by Tata Motors and the Indian Oil Corporation (IOCL)
Recap
Tata Motors, in June last year, had announced that it won a tender of 15 hydrogen-based proton exchange
membrane (PEM) fuel cell buses from IOCL, which had invited bids in December 2020.
Proton-exchange membrane fuel cells (PEMFC), also known as polymer electrolyte membrane (PEM) fuel
cells, are a type of fuel cell being developed mainly for transport applications, as well as for stationary fuel-
cell applications and portable fuel-cell applications. Their distinguishing features include lower
temperature/pressure ranges (50 to 100 °C) and a special proton-conducting polymer electrolyte
membrane. PEMFCs generate electricity and operate on the opposite principle to PEM electrolysis, which
consumes electricity. They are a leading candidate to replace the aging alkaline fuel-cell technology, which
was used in the Space Shuttle.[1]
A proton exchange membrane fuel cell transforms the chemical energy liberated during

the electrochemical reaction of hydrogen and oxygen to electrical energy, as opposed to the
direct combustion of hydrogen and oxygen gases to produce thermal energy.
2|Page
A stream of hydrogen is delivered to the anode side of the MEA. At the anode side it is catalytically split
into protons and electrons. This oxidation half-cell reaction or hydrogen oxidation reaction (HOR) is
represented by:
Weaknesses[edit]
Fuel Cells based on PEM still have many issues:
1. Water management
Water management is crucial to performance: if water is evaporated too slowly, it will flood the membrane
and the accumulation of water inside of field flow plate will impede the flow of oxygen into the fuel cell,
but if water evaporates too fast, the membrane will dry and the resistance across it increases. Both cases
will cause damage to stability and power output.
2. Vulnerability of the Catalyst
The platinum catalyst on the membrane is easily poisoned by carbon monoxide, which is often present in
product gases formed by methane reforming (no more than one part per million is usually acceptable).
3. Limitation of Operating Temperature
The most commonly used membrane is Nafion by Chemours, which relies on liquid water humidification of
the membrane to transport protons. This implies that it is not feasible to use temperatures above 80 to
90 °C, since the membrane would dry. Other, more recent membrane types, based on polybenzimidazole
(PBI) or phosphoric acid, can reach up to 220 °C without using any water management
3|Page
4|Page
Start-ups to get 5 more years to convert ‘convertible notes’ into equity shares
Shishir Sinha |Updated On: Apr 13, 2022
Finance Ministry notifies various changes in FEMA (NDI) rules

Start-ups will now get five more years to convert convertible notes into equity shares. This is one of various
changes in Foreign Exchange Management (Non-debt Instruments or NDI) Rules, 2019, notified by the
Finance Ministry.
Another important change intends to allow an Indian company to issue share-based employee benefit to a
person outside India. These amendments are consequent to a change in FDI policy for permitting foreign
investment in LIC and other modifications.
More flexibility
Under the present structure of rules, a convertible note is an instrument issued by a start-up company
acknowledging receipt of money, initially as debt, repayable at the option of the holder, or which is
convertible into such number of equity shares of that company within a period not exceeding five years.
Now, the five years have been changed to ten year.
Clarifying “real estate business”
The definition of “real estate business” has also been aligned and harmonised.
Now, “real estate business” means “dealing in land and immovable property with a view to earning profit
from there and does not include development of townships, construction of residential or commercial
premises, roads or bridges, educational institutions, recreational facilities, city and regional level
infrastructure, townships, real estate broking services and Real Estate Investment Trusts (REITs) and
earning of rent or income on lease of the property, not amounting to transfer.”
5|Page
Mitra said that amendment now provides that dealing in land and immovable property with a view to
earning profit from there will be considered “real estate business”.
“The earlier exclusions have been retained and it has been specified that registered and regulated REITS
earning rent or income on lease of property, not amounting to transfer will not be considered as real
estate business”,” he explained.
Further, Arora said that earlier there used to be two definitions of “real estate business” — one under list
of prohibited sectors and another under permitted sectors.
“The two definitions have now been aligned for removal of doubt and provide clarity,” he said.
Share-based employees benefit
Another key amendment allows an Indian company to issue share-based employee benefits besides
employees’ stock option and sweat equity shares to its employees or directors, or employees or directors
of its holding company or joint venture, or wholly owned overseas subsidiary or subsidiaries resident
outside India.
Share-based employees benefit includes concepts such as restricted stock units. Under such a mechanism,
a company issues its equity shares to an employee subject to certain restrictions (such as vesting period) or
fulfilment of prescribed performance conditions.
Widening scope
Giving a sense of overall change, Mitra said these introduce opportunities for foreign investment in the Life
Insurance Corporation of India to up to 20 per cent under the automatic route but subject to the provisions
under the LIC Act and the Insurance Act. Many other incidental amendments have also been included
which are cover not only companies under the Companies Act, 2013, but also exten to body corporates
established or constituted under Central or State Act, which are incorporated in India.
Coal imports
Coal imports have been consistently heading south since FY20 — from 248.54 MT in FY20 to 215.25 MT in
FY21. During April-January period in FY22, coal imports fell further to 173.32 MT, against 180.56 MT during
the same period a year-ago. Inbound shipments by the power sector also fell from 69.22 MT in FY20 to
45.47 MT in FY21. During April 2021-January 2022 period in FY22, inbound shipments shrunk to 22.73 MT,
against 39.01 MT a year ago.
Cabinet approves new policy for use of land under de-mined coal mines to develop energy infrastructure
Our Bureau |New Delhi, April 13 | Updated On: Apr 13, 2022
The land will be leased out and there will be no change in the ownership
The Union Cabinet, on Wednesday, approved a utilisation policy for the use of land allocated for coal mines
that have completed their life. Henceforth, these will be used for coal infrastructure.
“The new policy provides for utilisation of such land for the purpose of development and setting up of
infrastructure relating to coal and energy,” said a government statement. Land that is no longer suitable or
economically viable for coal mining activities or those from which coal has been mined out / de-coaledwill
be reclaimed.
The land will be leased out and there will be no change in the ownership. Government coal companies,
such as Coal India Ltd (CIL) and its subsidiaries, will remain the owner of the land acquired under the CBA
Act, and the policy allows only leasing of the land for the specified purposes. Government coal companies
can deploy private capital in joint projects for coal and energy-related infrastructure development
activities.
The government company, which owns the land, will lease land for a specific period given under the policy,
and the entities for leasing will be selected through a transparent, fair and competitive bid process and
6|Page
mechanism to achieve optimal value. The land will be considered for activities such as setting up coal
washeries, conveyor systems, establishing coal-handling plants, constructing Railway sidings, rehabilitation
and resettlement of project-affected families due to acquisition of land under the CBA Act or other land
acquisition law, setting up thermal and renewal power projects and setting up or providing for coal
development related infrastructure including compensatory afforestation beside others.
Stating that the Union Ministry of Finance had reduced the Agriculture Infrastructure and Development
Cess on CPO imports to 5 per cent from the prevailing 7.5 per cent, crude palm oil (CPO)
Palm vs soft oils

On the ratio of palm oil and soft oil imports, he said the import of palm oil (both crude and refined)
decreased to 26.53 lt (47 per cent) during November-March 2021-22 from 30.90 lt (59 per cent) a year ago.
Import of soft oils increased to 29.89 lt (53 per cent) from 21.49 lt (41 per cent).
Donation to Somnath temple to get tax benefit
Shishir Sinha |New Delhi, April 12 | Updated On: Apr 13, 2022
The Central Board of Direct Taxes (CBDT) has issued a notification under section 80G of the Income Tax
Act
Ahead of the Gujarat State assembly poll, the Centre has granted the Somnath Temple in Gujarat the
status of place of “historic importance and a place of public worship of renown” under the Income Tax Act.
This means donation to the temple will get tax exemption.
The Central Board of Direct Taxes (CBDT) has issued a notification under section 80G of the Income Tax Act.
This section deals with ‘Deduction in respect of donations to certain funds, charitable institutions, etc.’ and
accordingly notifies places of worship. Before the Somnath Temple, Ram Janambhoomi Teerth Kshetra
(Ayodhya) got the benefit of this notification.
Present notification has been issued under clause (b) of sub-section (2) of section 80G of the Act which
prescribes exemption for donation made towards renovation or repair of notified temple, mosque,
gurdwara, church or other place to be a place of public worship of renown throughout any State or States..
Half of the donation will be eligible for exemption.
Some notified temples
Besides, places of worship such as Kapaleeswarar Thirukoil (Mylapore, Chennai), Ariyakudi Sri Srinivasa
Perumal Temple (Kottivakkam, Chennai), Shri Ram and Ramdas Swami Samadhi Temple and Ramdas Swami
Math (Sajjangad, District Satara, Maharashtra), Sivasuriyaperuman Temple (Suriyanarkoil, Thanjavur
District, Tamil Nadu), Mahakaleshwar Mandir Samiti (Ujjain, MP), Thuravoor Mahakshethram (Thuravoor,
Kerala) and Vanamamalai Mutt (Nanguneri, Tamil Nadu) are some of the notified places of worship of tax
exemption.
According to the website of Somnath temple, Somnath is first among the 12 Aadi Jyotirlings of India. It has
a strategic location on the western coast of India. The temple faced desecration by invaders from the 11th
to 18th century A.D. The modern temple was reconstructed due to the efforts of Sardar Patel who visited
the ruins of Somnath temple on November 13, 1947.
7|Page
Section 80G
This section prescribes donation made to notified funds or charitable institutions, including religious places
to be deducted from total taxable income. This deduction can be claimed by any taxpayer – individuals,
companies, firms or any other person. One can avail of this deduction, only when the contribution is made
via a cheque, draft, or cash. This means in-kind contributions such as food, material, clothes, medicines
etc., do not qualify for deduction.
From FY2017-18, any donations made in cash exceeding ₹2,000 will not be allowed as a deduction. It
means donation above ₹2,000 needs to be made only through cheque or digital means. Deduction under
section 80G is also available for the National Defence Fund set up by the Central Government, PM CARES,
the Prime Minister’s Drought Relief Fund, the Prime Minister’s National Relief Fund, National Foundation
for Communal Harmony, a University or any educational institution of national eminence as may be
approved by the prescribed authority, the National Blood Transfusion Council or to any State Blood
Transfusion Council, the Army Central Welfare Fund, the Indian Naval Benevolent Fund, the Air Force
Central Welfare, the Chief Minister’s Relief Fund or the Lieutenant Governor’s Relief Fund in respect of any
S
Govt exceeds FY22 asset monetisation target
Prabhudatta Mishra |New Delhi, April 12 | Updated On: Apr 12, 2022
The Minister directed ministries, which could not meet monetisation target, to expeditiously identify
quick-win assets and roll out transactions
After the Centre’s assets monetisation plan crossed the target in FY21-22, the government is upbeat about
exceeding the target in current fiscal as well for which plans worth ₹1.6-lakh crore are at advance stages of
clearance.
“The monetisation target for this year is ₹1.67-lakh crore and we are confident of achieving it,” a top
official of NITI Aayog said. There are several new companies who came on board last year and the message
has gone well about the opportunities in the country on monetisation plan, the official said.
Under NMP, the Centre targets to generate ₹6-lakh crore between 2021-22 and 2024-25 to unlock value in
infrastructure assets across sectors.
Steel companies betting on India-Australia ECTA to source coking coal cheaper

Suresh P. Iyengar |Mumbai, April 10 | Updated On: Apr 10, 2022
The free trade agreement (FTA) signed between India and Australia last week will bring down the import
cost of coking coal for steelmakers and boost their financials as coal costs account for over 50 per cent of
production expenses.
After negotiating for about 11 years, both countries signed a historic trade deal — the Australia-India
Economic Cooperation and Trade Agreement (ECTA). This agreement will provide, among other benefits,
duty-free access to India for about 96.4 per cent of exports. Both governments expect this deal to boost
bilateral trade to $45-50 billion over the next five years.
Under the ECTA, the effective tariff of 2.5 per cent will be eliminated upon the agreement’s entry into force
for most types of coal including coking coal, which accounts for the majority of Australia’s coal exports to
India, said an Australian High Commission spokesperson.
8|Page
Indian steel companies are completely dependent on imported coking coal as it is not produced in India.
Australia is the preferred destination compared to the US and Canada due to logistics convenience. Coking
coal shipments from Australia to India have grown over five-fold to 16.5 million tonnes between last
January and September, particularly after unofficial of ban of trade between China and Australia.
Australia accounts for 20 per cent of India’s coal imports while Russia accounts for only 3 per cent. India
has $3 billion trade deficit with Russia and, therefore, settling coal imports in roubles, if available at a
discounted rate, would be good for India since the rouble has depreciated after the outbreak of the
Ukraine war.
Dust blown in from Arabian deserts can drive up rain in India even during El Nino, say researchers
Vinson Kurian |Updated On: Apr 11, 2022
File picture: A woman makes her way in a dust storm in New Delhi | Photo Credit: SUSHIL KUMAR VERMA
This dust-induced relationship is key to understanding the changing rainfall characteristics given the
increasing potential for El Nino conditions, researchers said
Dust blown into the Arabian Sea from West Asia and North Africa can drive up rainfall in India, and more so
during drought years associated with a dreaded El Nino.
This dust-induced relationship will become increasingly important in understanding the changing
characteristics of rainfall here given the increasing potential for El Nino conditions, according to
researchers.
dust aerosols emitted from the deserts and blown into the Arabian Sea, especially during severe droughts,
go to increase rainfall over India.
This results from warming (due to which the moisture-holding capacity of air goes up) induced by dust over
the Arabian Sea, which, in turn, acts as a source of energy to speed up the monsoon circulation (winds and
moisture) towards the Indian region.
FM to meet PSBs' heads on April 23 to nudge them for credit expansion
PTI |New Delhi, April 10 | Updated On: Apr 10, 2022
In the Budget, ECLGS was extended by a year till March 2023. Further, the guarantee cover for the scheme
was expanded by ₹50,000 crore to ₹5-lakh crore. The coverage, scope and extent of benefits under ECLGS
3.0 pertaining to hospitality, travel, tourism and civil aviation sectors were expanded.
Also, the credit limit for eligible borrowers was increased to 50 per cent of their fund-based credit
outstanding from 40 per cent earlier. The enhanced limit is subject to a maximum of ₹200 crore per
borrower.
Finally, some action as monetary policy committee turns the cycle

Updated On: Apr 10, 2022
The MPC has revised up its headline inflation projections sharply to 5.7 per cent from the earlier estimate
of 4.5 per cent (Kotak: 5.8 per cent), accounting for the impact of the geopolitical tension that led to
elevated crude oil prices, rising input cost pressures, and higher domestic prices of cereals and edible oil
prices.
Acknowledging the increasing upside risks to inflation, the MPC has finally started the explicit policy
normalisation process by narrowing the effective policy corridor to pre-covid levels of 50 bps. This
9|Page
normalisation of the policy corridor comes with the introduction of Standing Deposit Facility (SDF) rate,
which will now define the floor of the corridor at (25bps below the repo rate), from the earlier floor of the
reverse repo rate (which was left unchanged at 3.35 inflation projections).
The policy corridor now has the floor of the SDF at 3.75 per cent, and the ceiling of the marginal standing
facility (MSF), which was also left unchanged at 4.25 per cent, providing “symmetry to the operating
framework of monetary policy”.
According to the RBI, the fixed rate reverse repo rate will only be used periodically at their discretion,
thereby effectively rendering this tool as redundant on a regular basis.
The SDF is an uncollateralised tool where banks can park unlimited surplus with the RBI, without SLR
securities as collateral (unlike the reverse repo). This tool would be useful when the RBI may be at the risk
of running down on securities when the liquidity surplus is massive.
While the introduction of SDF as a liquidity management tool was in the making, the timing remains in
question, given that the outstanding government securities of the RBI currently at around ₹12-13-lakh
crore and the liquidity surplus likely to reduce amid the Balance of Payment (BoP) deficit and currency
leakage. A reverse repo hike of 40bps would also have achieved similar outcomes.
As the economy has broadly emerged from the pandemic shock, the MPC framework’s mandate of shifting
the operating target rate (Weighted Average Call Money Rate/WACR) closer to the repo rate had to be
restated.
The normalisation of the effective liquidity adjustment facility (LAF) corridor, with the floor being set at
25bps below the repo rate, will shift the overnight call rates in between the SDF and repo rate.
Russian delegation to visit India in May to discuss rupee-rouble payment mechanism
Amiti Sen |New Delhi, April 9 | Updated On: Apr 09, 2022
Prior to the meeting, India to scrutinise Russia’s proposal of using its SPFS messaging system Messaging
system
Prior to the proposed meeting with Russian officials next month, India will scrutinise the proposal made by
the country to use Russia’s messaging system ‘Structured Financial Messaging Solution’ (SPFS), as a
replacement for the SWIFT system, to support a rupee-rouble payment mechanism.
Centre constitutes task force for development of animation, gaming, visual effects sector
BL New Delhi Bureau |Updated On: Apr 08, 2022
Youngsters playing video games on their mobile phones (file pic) | Photo Credit: RAGU R
RELATED
I&B Secretary to lead the panel, which will submit its first action plan within 90 days
The Centre has constituted a task force for the promotion of the Animation , Visual Effects, Gaming and
Comics (AVGC) sector under the aegis of the Information & Broadcasting Ministry. The task force, to be
headed by the I&B Secretary Apurva Chandra, will submit its first action plan within 90 days, an official
statement added.
Deregulate Bt brinjal and GM mustard: Ghanwat
10 | P a g e
BL Pune Bureau |Mumbai, April 7 | Updated On: Apr 07, 2022
‘States reluctant to permit field trials of GM crops’

The government must deregulate Bt brinjal and GM mustard, which have been already approved by The
Genetic Engineering Appraisal Committee (GEAC), the authority to permit genetically modified organisms
in the country. The government must also approve herbicide-tolerant varieties of cotton and other crops,
demanded Anil Ghanwat, President of Swatantra Bharat Party and a member of the Supreme Court-
appointed Committee on Farm Laws.
TDS on interest to be applicable even in death cases if EPF contribution exceeds ₹2.50 lakh
New rules came into effect from April 1

Employees who have contributed more than ₹2.50 lakh to the Employees Provident Fund (EPF) during FY22
or will do so in the subsequent years will be liable to pay tax on interest even in case of death. Also,
employees who are yet to link their EPF account with PAN or having invalid PAN will be subjected to Tax
Deducted at Source (TDS) at a higher rate.
These and others are part of the new instructions issued by the Employees Provident Fund Organisation
(EPFO) to implement Finance Ministry’s notification, dated August 31, 2021, related to the tax on interest
on contribution exceeding ₹2.50 lakh in a financial year.
This year’s Budget had restricted tax exemption for the interest income earned on employees’ contribution
to various provident funds on an annual contribution of ₹2.5 lakh. This is applicable only for the
contribution made on or after April 1, 2021. Accordingly, new taxation rules have come into effect from the
beginning of this month.
TDS applicability
According to the FAQs issued along with the EPFO instructions, one of queries is “Whether TDS will be
applicable in death cases?” “Yes, TDS will be applicable in death cases as in the case of a live member,”
says the answer. The FAQs also clarified that if the EPF account is linked with a valid PAN, rate of TDS will
be 10 per cent, and if not, 20 per cent.
TDS will be applicable to exempted establishments and exempted trusts and also international workers as
in the case of Indian workers. The effective date of TDS shall be first day of April or final settlement or
transfers, whichever is later on case of final claim settlement. In all other cases, TDS will be deducted on
the date of credit of interest.
IT rules amended to enable infra debt funds to issue zero coupon bonds
Experts say such an amendment will help in mobilisation of resources in a tax efficient manner
The Income Tax department has amended rules to enable infrastructure debt fund and NBFCs to issue zero
coupon bonds. Experts say such an amendment will help in mobilisation of resources in a tax efficient
manner.
A new notification has added the word ‘infrastructure debt fund’ along with infrastructure company and
public sector company. Accordingly, the infrastructure debt fund can issue zero coupon bonds (ZCB) apart
from rupee denominated bonds or foreign currency bonds.
No periodic payments
The Reserve Bank of India (RBI) says ZCBs are issued at a discount and redeemed at par. No interest
payments are made on such bonds at periodic intervals before maturity. These bonds are considered ideal
11 | P a g e
for people who require funds at a specific period of time in the future, like children’s education or
retirement or a planned tour.
ZCB can be issued in accordance with rule 8 B of the Income Tax Rules. Among other things, the rule
prescribes the period of the bond as not less than 10 years and not more than 20 years. The fund should
have an investment grade rating from at least two credit rating agencies. The bonds will be listed on stock
exchanges.
Debt funds will be required to invest 25 per cent or more of money collected through ZCBs before the end
of the financial year, immediately following the one in which the bond was issued. The remaining money
will be invested in next four financial years.
Accrued interest
Debt funds shall also give an undertaking that a sinking fund will be maintained for the interest which will
accrue on all the ZCBs subscribed, says the notification, adding that such interest shall be invested in
Government security.
Investors in ZCBs may face interest rates risk if sold prior to the date of maturity. Its value is inversely
related to the rise in the interest rates. In terms of taxation, investors in notified ZCBs are liable to pay only
capital gains tax on maturity. Capital appreciation in such cases is the difference between the maturity
price and purchase price of the bond.
Implement mandatory BIS licensing only on footwear priced above ₹1,000: Industry bodies urge Centre
BL New Delhi Bureau |New Delhi, April 7 | Updated On: Apr 07, 2022
CAIT, IFA want Centre to keep footwear for mass consumers in 5 per cent GST slab
The Confederation of All India Traders (CAIT) and the Indian Footwear Association (IFA) on Thursday urged
the Centre to keep GST tax rate on footwear at 5 per cent for products priced below ₹1,000 and 12 per
cent for products priced above ₹1,000. The two industry bodies have also urged the Center to enforce
compulsory BIS licensing norms only for footwear products priced above ₹1,000.
Stating that nearly 85 per cent of the Indian consumers buy footwear priced below ₹1000, the two industry
bodies added that nearly 90 per cent of the production of footwear is done by small units or cottage
industries for whom implementation of BIS standards will be challenging.
The industry bodies have also written to all State Finance Ministers on these issues. Effective January 1,
footwear is taxed at 12 per cent GST rate, while BIS certification norms making it mandatory for footwear
products to carry the Indian Standard Mark is expected to get implemented from July 1.
BIS grants licenses to 661 toy manufactures
Compulsory BIS certification

In a bid to crackdown on cheap toy imports and ensure safety, the Department for Promotion of Industry
and Internal Trade, had issued Toys (Quality Control) Order (QCO), 2020. Under this, toys now come under
compulsory BIS certification effective January 1, 2021.
Accordingly, it is mandatory for toys to conform to ‘Indian Standards for Safety of Toys’ and bear the
Standard Mark (ISI Mark). No person can now manufacture, import, distribute, sell, hire, lease, store or
exhibit for sale any toys without the ISI mark. Sellers, including retailers, are responsible for ensuring that
only toys with the ISI Mark are purchased from the manufacturers holding a valid BIS license.
BIS certification is also mandatory for imported toys and foreign manufactures.
Japan red flags India’s import ban on ACs with refrigerants again
12 | P a g e
Amiti Sen |Updated On: Apr 06, 2022
India says its move in accordance with obligations under Montreal Protocol
Japan has yet again red-flagged at the WTO, India’s prohibition on the import of air-conditioners with
refrigerants, terming it “irrational”. The country has sought for its withdrawal, said a Geneva-based trade
official.
The import ban placed on completely built units of air-conditioners (ACs) with refrigerants was imposed in
October 2020, until January 2023. As per orders, ACs with refrigerants cannot be imported without licenses
issued by the government. In defence of the move, India has been arguing that the measure is consistent
with its obligations under the Montreal Protocol on Substances that Deplete the Ozone Layer.
However, Japan has pointed out that the Indian measure does not distinguish between the types of
refrigerants, and prohibits ACs with any refrigerant, including ones with refrigerants that are not subject to
phase-out obligations under the Montreal Protocol or India’s domestic regulations.
“The Japanese delegate pointed out that since no discretion has been used in differentiating between
refrigerant types, the measure is unnecessary and irrational,” the official said.
The issue was taken up by Japan in a recent meeting of the WTO committee on Trade Related Investment
Measures (TRIMS). It had also raised the issue late last year, but did not get any assurance from India.
“Japan wants to discuss the matter bilaterally as the business of its AC manufacturing companies has been
hit because of the import prohibition. It also wants to ensure that India should not consider extending the
restrictions after January 2023,”
Japan, in its earlier intervention at the WTO, had made particular objections on import prohibition on ACs
with HCFC (hydrochlorofluorocarbons) refrigerants. It had argued that as per its understanding, India’s
Montreal obligations did not cover HFC and there were no particular laws and regulations that regulated
production and consumption of HFC. It had asked India to specify, if any, the domestic laws regulating
production and consumption of HFC.
In the recent meeting at the WTO, India said that the matter did not pertain to the TRIMs agreement and
should not be discussed at the committee. Japan could launch a dispute with India at the WTO if it is not
satisfied with the discussions it has with India on the matter
Fin Min notifies constitution of dispute resolution committee, scheme for small income tax payers
Arrangement will be available for assessees with taxable income up to ₹50 lakh and disputed income of
₹10 lakh
The Finance Ministry has notified constitution of a Dispute Resolution Committee and e-Dispute Resolution
Scheme to provide faceless disposal of cases. This arrangement will be available for assessees with taxable
income up to ₹50 lakh and disputed income of ₹10 lakh.
Two notifications have been issued with an aim to implement an announcement made in this year’s
Budget.
The committee
“The Centre shall constitute a dispute resolution committee for every region of principal chief
commissioner of income tax for dispute resolution,” one of the notifications said. The committee will have
two retired Indian Revenue Service (income tax) officers and one serving officer not below the rank of
principal commissioner of income tax or commissioner of income tax. They will be appointed for three
years.
13 | P a g e
The committee may grant waiver of penalty imposable or immunity from prosecution or both, in respect of
the order which is the subject matter of resolution. This will be subjected to two conditions – tax has been
paid in full and applicant has co-operated with the committee. However, no immunity will be granted
where the proceedings for the prosecution for an offence have been initiated before the date of receipt of
the application. Also, an immunity will stand withdrawn, if such person fails to comply with any of the
conditions to which the immunity was granted.
e-Dispute Resolution Scheme
The notification pertaining to the scheme says a person will not be required to appear either personally or
through authorised representative in connection with any proceedings before the committee or income
tax authority. However, the assessee may request for personal hearing.
Notification prescribes six months period to dispose-off the application. No appeal or revision can be made
against the order.
Tax officials say such a scheme is required considering the large amount of tax dues even from small
taxpayers. On Tuesday, the ministry informed Rajya Sabha that over ₹8.40-lakh crore demands are
outstanding with respect to individuals as on April 1. Officials say dispute means unwanted use of limited
resources, not just from taxpayers’ side but also from the tax department.
Recovery of arrears
Further, the officials said strategies and targets for recovery of arrears of taxes are laid down as part of the
Annual Central Action Plan document of the Central Board of Direct Taxes. Databases like Individual
Transaction Statement and those maintained by other agencies like FIU-IND are made available to the field
units for identification of assets for recovery.
Also, the Direct tax Vivad se Vishwas (DTVsV) Act was enacted with the objective of reducing pending
income tax disputes, generate timely revenue and benefit taxpayers by providing them peace of mind,
certainty and savings on account of time and resources that would otherwise be spent on litigation
process.
Agri Business
Arya.ag joins UN Global Compact programme
Our Bureau |Bengaluru, April 6 | Updated On: Apr 06, 2022
By conforming to the SDGs 2030 and 10 UNGC principles, Arya.ag will conduct business in alignment
with UN Global Compact Network India
Grain commerce platform Arya.ag said it has joined the UN Global Compact India, voluntarily confirming to
the universal sustainability principles and taking steps to support the UN sustainability development goals.
The United Nations Global Compact (UNGC) is an evolved framework of corporate governance driven
sustainability that requires members to conduct business conforming to 10 principles encompassing
elements such as human rights, labour, environment, and anti-corruption. Furthermore, members are
required to take action to achieve SDGs 2030.
“Conforming to benchmarks of the coveted UN Global Compact programme validates our efforts and
nudges us forward towards a more inclusive and purposeful organisation. Our aim is to set newer
reference points in the agritech space on aspects related to sustainability,” said Prasanna Rao MD, Arya.ag.
UNGC, the world’s largest corporate responsibility initiative, has over 16,000 companies and 3,000 non-
business signatories across 160 countries through over 70 local networks. The India Network, UN GCNI
presently has around 550 participating organisations.
IFFCO targets full capacity utilisation in nano-urea production in 2022-23
14 | P a g e
It can help save 22.5 lt of the crop nutrient’s import

Fertiliser cooperative IFFCO targets to produce 5 crore bottles of nano-urea this fiscal, utilising its full
capacity against about 80 per cent capacity utilisation recorded last year after it launched the liquid
nitrogen crop nutrient in August 2021.
Nano urea has been developed for the first time in the world by IFFCO and the government allowed its
usage in February, 2021. Nano urea contains nitrogen particles of 20-50 nanometre size. This is very small
in size and one conventional urea prill, with the average thickness of which is 2.8 mm, equals 55,000 nano
urea particles in size. One bottle of 500 ml costs ₹240 whereas the conventional subsidized urea is ₹266.5
per 45-kg bag.
Govt blocks 22 YouTube channels for spreading fake news
the Information & Broadcasting Ministry has issued orders blocking 22 news-based YouTube channels
spreading fake news endagering national security. This is the first time the Ministry has taken action
against Indian YouTube accounts, utilising emergency powers granted under IT Rules, 2021.
Farmers may have to pay more for DAP, potash, complex fertilisers
Some manufacturers have hiked prices, others await clarity on the situation
The fertiliser industry is not hopeful of an increase in subsidies from last year’s level for non-urea crop
nutrients despite global prices shooting up sharply.
Urea MRP is fixed and the entire subsidy is paid to fertiliser companies based on actual sales, whereas in
the case of MoP, DAP and complex, the subsidy is fixed on the basis of nutrients (N, P, K and S) and is
announced at the beginning of the year to help companies plan import, manufacturing and distribution in
advance so that these are available at the time of sowing that commences from June with the onset of
monsoon.
Livestock industry concerned over surging maize, soyameal prices
K V Kurmanath |Hyderabad, April 4 | Updated On: Apr 04, 2022
Urges Centre to allow import of GM soyameal, supply wheat for use as feed
The livestock industry in the country is under pressure as the feed costs have gone up sharply over the last
few weeks and its impact has begun to affect poultry farms. Some farms have begun to cut down their
capacities as a result.
Manufacturing PMI slips to six-month low in March
PMI is one of high frequency indicators of the health of economy. It is compiled by S&P Global from
responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.
Battery swapping policy will reduce the price of electric two-wheelers: NITI Aayog Vice Chairman
Rajiv Kumar, Vice Chairman, NITI Aayog

RE
15 | P a g e
Rajiv Kumar says that electric mobility and alternate fuels are among the biggest opportunities in the
country
The battery swapping policy is now in its final stages and will be announced soon. This will reduce the cost
of electric two-wheelers compared to the cost of fossil fuel two-wheelers and would be a turning point in
the e-mobility sector, said NITI Aayog Vice Chairman Rajiv Kumar, speaking at the Pune Alternate Fuel
Conclave.
“The most important feature I want to point out is NITI Aayog’s initiative of battery swapping policy. This is
now in its final stages. It will be announced soon. As soon as it is announced, the total cost of electric two-
wheelers will become lower than the cost of fossil fuel two-wheelers. That will be when we see a tipping
point (towards electric two-wheelers),” he said.
Kumar added that the government of India has announced various schemes to bring down prices of
electric vehicles and will roll out schemes amounting to $7.4 billion over the next ten years.
“States like Maharashtra are on the front seat. 26 States have announced EV policies and 18 of them have
notified it,” he said.
Decision on banning 27 pesticides by Agriculture Ministry likely this week

The government had published a draft notification in May 2020 inviting objections and suggestions from
stakeholders with regard to prohibition of 27 pesticides-- acephate, atrazine, benfuracarb, butachlor,
captan, carbendazin, carbofuran, chlorpyriphos, deltamethrin, dicofol, dimethoate, dinocap, diuron,
malathion, mancozeb, methimyl, monocrotophos, oxyfluorfen, pendimethalin, quninalphos, sulfosulfuron,
thiodicarb, thiophante methyl, thiram, zineb and ziram.
Later in January 2021, the ministry set up an expert committee under T P Rajendran, a former assistant
director general of Indian Council of Agricultural Research (ICAR), to consider the objections and
suggestions taking into consideration all aspects related to safety, toxicity, efficacy, updated status of
submission of required study and data, technical and scientific requirements, availability of safer
substitutes, farmers interests and ban status in other countries.
Though the committee was asked to submit its report in three months, it is learnt that the ministry
received the report in November 2021. The proposed ban on 27 pesticides is part of a move to phase out
66 contentious pesticides for their toxicity. The government had refused registration for 18 of them.
The Ministry of Agriculture has so far banned or phased out 46 pesticides and four pesticide formulations
for import, manufacture or sale in the country.
India-Aussie FTA: Goyal to lead export delegation to Australia to scout for new opportunities
Our Bureau |Updated On: Apr 04, 2022
Union Minister for Commerce & Industry Piyush Goyal | Photo Credit: -
Apparel, gems & jewellery, textiles, leather, oilseeds, services sectors to be represented
Exporters from sectors such as apparel, gems & jewellery, cotton textiles, leather and oilseeds are
travelling to Australia this week, as part of a business delegation led by Commerce & Industry Minister
Piyush Goyal to consolidate gains from the new opportunities opened up by the India-Australia Economic
Cooperation and Trade Agreement (ECTA) signed earlier this month.
16 | P a g e
“All sectors of exports are likely to benefit from the pact, especially apparel & textiles, leather, engineering,
gems & jewellery, and more particularly services wherein India has moved aggressively from a positive list
to negative list
Under the ECTA, Australia has agreed to provide zero-duty market access for 96.4 per cent value of Indian
exports (98 per cent of tariff lines) on the first day of implementation of the agreement. Tariffs on the
remaining 113 tariff lines, amounting to 3.6 per cent of India’s exports, will be phased out in five years.
India, on the other hand, will eliminate tariffs on more than 85 per cent of the Australian goods exports
immediately, rising to almost 91 per cent in over 10 years.
I&B Ministry launches ‘Broadcast Seva Portal’
BL New Delhi Bureau |New Delhi | Updated On: Apr 04, 2022
As part of the “Ease of Doing Business” initiative, the portal would enable speedy filing and processing of
applications for licenses, permissions and registrations as required by the industry
The Information & Broadcasting Ministry on Monday launched the Broadcast Seva Portal as part of its
efforts for the “Ease of Doing Business” initiatives. The portal would enable speedy filing and processing of
applications for licenses, permissions and registrations required by industry players.
“This portal will provide its services under the wider umbrella of Digital India in line with the ‘Minimum
Government, Maximum Governance’ mantra of the government. It will provides end-to-end solutions and
benefit more than 900 Satellite TV Channels, 70 teleport operators, 1,700 multi-service operators, 350
Community Radio Stations (CRS), 380 Private FM Channels and others,” he added.
Insecticides (India), Nissan Chemical launch two products

Our Bureau |Updated On: Apr 04, 2022
Shinwa is a novel insecticide and Izuki is a unique broad-spectrum fungicide that effectively controls the
pests in a variety of crops
Labour Codes: Industry awaits clarity, ball in States’ courts
Surabhi |Mumbai, April 4 | Updated On: Apr 04, 2022
“It is not possible for the Centre to give a definite date for their implementation as it will depend on
States,” said a top government source
“Labour is a concurrent subject and State governments are working on their own rules under the Codes at
present. A lot is dependent on the States as they have to finalise the rules,” he added.
“Till date, the provisions of Section 142 of the Code on Social Security, 2020 and the provisions related to
the Central Advisory Board as specified under Section 42 and 67 of the Code on Wages, 2019 have come
into effect,”
Tax-free Sikkim, a haven for commodity market speculators

PALAK SHAH |Updated On: Apr 03, 2022
Many grey areas have clouded the Income Tax Act in the tiny State: experts
Sikkim, a tiny State with a population of 6.58 lakh, is now an abode for commodity market speculators
thanks to its special tax haven-like status. . In February, the market share of Sikkim-based traders on the
Multi Commodity Exchange (MCX) in Mumbai climbed to 5.5 per cent from nil just over a couple of years
ago. Data show that MCX witnessed a total volume churn of over $110 billion on its platform during
17 | P a g e
February, of which Sikkim’s share stood at over $6 billion. The number of traders from the State, based on
unique client code, has increased to 2,217 compared to 674 in February 2020.
India’s tax haven
Sikkim, an erstwhile kingdom, was merged into India on condition its old laws and special status as
envisaged in Article 371(f) of the Constitution remain intact. Thus, the state followed its own Sikkim
Income Tax Manual 1948, which governed the tax laws. Under it, no resident was supposed to pay taxes to
the Centre.
However, when Sikkim’s tax laws were repealed in 2008, the Union Budget that year exempted the State’s
residents from tax by inserting section 10 (26AAA). Since an old law was being replaced with the Income
Tax Act 1961 of India, a section in the Act protected the special status given to Sikkim & “Sikkimese” as per
Article 371(f) was inserted. Thus, under 26AAA, the income accrued to Sikkimese individuals in the State or
by way of dividend or interest on securities from elsewhere were exempt. This, combined with exemption
of PAN requirements and lack of tax filings, makes it nearly impossible to assess market speculators from
Sikkim.
SEBI exempted PAN
Post-2008, market regulator SEBI exempted Sikkim residents from the mandatory PAN requirement for
investments in the Indian securities market and mutual funds. They gave a proof of residency to the
custodians and exchanges in Mumbai.
TReDS platform RXIL doubles biz volume to over ₹13,400 cr in FY22
K.R. Srivats |Updated On: Apr 03, 2022
 Launched in 2016, this Trade Receivables e-Discounting System (TReDS) platform, the first in the country that
has completed five years of existence, has doubled its business volumes to over ₹13,400 crore in 2021-22 as
against business of ₹6,500 crore recorded in the previous fiscal.
What is TReDS? By RBI

TReDS is an electronic platform for facilitating the financing/discounting of trade receivables of micro,
small and medium enterprises through multiple financiers. These receivables can be due from corporates
and other buyers, including government departments and public sector enterprises.
One of the big benefits of TReDS is that MSMEs are not required to give collateral and there will be no
recourse to them in case of defaults. It maybe recalled that the first transaction on TReDS in India
happened on January 9, 2017 and this transaction was put through RXIL.
There are three main TReDS platforms operating in the country. If put together, they have done
transactions worth ₹65,000 crore. Of this, PSUs contribution is hardly ₹4,500 crore.
1. What is TReDS?
Ans. TReDS is an electronic platform for facilitating the financing / discounting of trade receivables of
Micro, Small and Medium Enterprises (MSMEs) through multiple financiers. These receivables can be due
from corporates and other buyers, including Government Departments and Public Sector Undertakings
(PSUs).
2. Who are the participants in TReDS?
Ans. Sellers, buyers and financiers are the participants on a TReDS platform.

18 | P a g e
3. Who can participate as a seller in TReDS?
Ans. Only MSMEs can participate as sellers in TReDS.
4. Who can participate as a buyer in TReDS?
Ans. Corporates, Government Departments, PSUs and any other entity can participate as buyers in TReDS.
5. Who can participate as a financier in TReDS?
Ans. Banks, NBFC - Factors and other financial institutions as permitted by the Reserve Bank of India (RBI),
can participate as financiers in TReDS.
6. How does TReDS work?
Ans. Broadly, following steps take place during financing / discounting through TReDS:
i. Creation of a Factoring Unit (FU) - standard nomenclature used in TReDS for invoice(s) or bill(s) of
exchange - containing details of invoices / bills of exchange (evidencing sale of goods / services by the
MSME sellers to the buyers) on TReDS platform by the MSME seller (in case of factoring) or the buyer (in
case of reverse factoring);
ii. Acceptance of the FU by the counterparty - buyer or the seller, as the case may be;
iii. Bidding by financiers;
iv. Selection of best bid by the seller or the buyer, as the case may be;
v. Payment made by the financier (of the selected bid) to the MSME seller at the agreed rate of financing /
discounting;
vi. Payment by the buyer to the financier on the due date.
7. What is a Factoring Unit (FU)?
Ans. A Factoring Unit (FU) is a standard nomenclature used in TReDS for invoice(s) or bill(s) of exchange.
Each FU represents a confirmed obligation of the corporates or other buyers, including Government
Departments and PSUs.
8. Who can create an FU?
Ans. In TReDS, FU can be created either by the MSME seller or the buyer. If MSME seller creates it, the
process is called factoring; if the same is created by corporates or other buyers, it is called as reverse
factoring.
9. Whether TReDS could deal with reverse factoring?
Ans. Yes. The TReDS could deal with both receivables factoring as well as reverse factoring.
10. Whether the MSME seller would have to pay to the financier in case the buyer defaults in
repayment?
19 | P a g e
Ans. No. The transactions processed under TReDS are “without recourse” to the MSMEs.
11. Whether any authorisation is required to set up and operate a TReDS platform?
Ans. Yes, authorisation is required to be obtained from RBI under the Payment and Settlement Systems
(PSS) Act, 2007.
12. What is the eligibility criteria for setting up and operating TReDS?
Ans. Eligibility criteria for the purpose of setting up and operating a TReDS platform is provided in the
guidelines (as amended from time to time) for TReDS issued by RBI. These guidelines are available at the
following path: www.rbi.org.in → “Payment and Settlement Systems” dropdown →“Guidelines”. RBI’s
Press Release dated October 15, 2019 may also be read in this regard. The same can be accessed at the
following web links: https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=3504 and https://
www.rbi.org.in/scripts/FS_PressRelease.aspx?prid=48405&fn=9
13. Where can I find the details of TReDS entities authorised by RBI?
Ans. List of all authorised Payment System Operators (PSOs), including TReDS, is available at the following
path: www.rbi.org.in → “Payment and Settlement Systems” dropdown → “Information Useful to
Customer” → “List of Authorised Entities – Payment System Operators”. Following is the web link for
accessing the same: https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=12043
14. Whether TReDS entities undertake KYC (Know Your Customer) of participants?
Ans. Yes. The KYC process adopted by the TReDS entities shall adhere to the “Master Direction – Know
Your Customer (KYC) Direction, 2016” dated February 25, 2016 (as amended from time to time) issued by
RBI.
15. What is a settlement file and who generates it in TReDS?
Ans. A settlement file provides information as to how much amount has to be debited from and credited to
the accounts of participants (sellers, buyers and financiers), due on a particular date / time. In other words,
it indicates how much a financier has to pay to an MSME seller, and how much a buyer owes to the
financier on a particular date / time. The TReDS entities generate the settlement file and send the same to
existing payment systems (for instance, National Automated Clearing House) for actual payment of funds.
16. Whether defaults on TReDS platform are the responsibility of TReDS entities?
Ans. No. Default handling is outside the purview of TReDS platforms.
Property tax in TN increased after a gap of 24 years

T.E. Raja Simhan |Updated On: Apr 02, 2022
20 | P a g e
State government justifies hike by stating that there was a manifold increase in inflation over the years
After a gap of 24 years, the Tamil Nadu government on Saturday revised property tax to boost revenue for
local bodies. Residents of Chennai’s core areas will pay at least 50 per cent more.
India-Australia FTA in goods, services to double trade to $50 billion in five years
Amiti Sen |New Delhi, April 2 | Updated On: Apr 02, 2022
Australian wine, meat, wool, coal to get cheaper; Indian pharma, labour-intensive sector to benefit
India and Australia have signed an ambitious free trade agreement (FTA) in goods and services on Saturday
slashing import duties on a wide variety of items including wines, coal, meat, macadamia nuts and wool
from Australia and pharmaceuticals, textiles, engineering goods, leather and gems & jewellery from India.
Concessions have also been provided in the services sector with both countries willing to facilitate the
recognition of professional qualifications, licensing, and registration procedures between professional
services bodies. Australia has agreed to provide new access for young Indians to participate in working
holidays in the country.
“The agreement will help in taking bilateral trade from $27 billion to $45-50 billion in the next five years.
India expects one million jobs will be created in the country in the next five years,” Commerce and Industry
Minister Piyush Goyal said at a press conference after signing the agreement with Australian Trade
Minister Dan Tehan in a virtual event.
Excluded items
Importantly, many of India’s sensitive agriculture and dairy items, such as milk and other dairy products,
chickpeas, walnut, pistachio nut, wheat, rice, bajra, apple, sunflowers seed oil, sugar, and oil cake have
been excluded from the free trade pact.
There is, however, a provision that both countries will cooperate to promote agricultural trade as part of
the agreement and will work toward concluding an enhanced agricultural Memorandum of Understanding
(MoU). Other Indian items in the exclusion category include gold, silver, platinum, jewellery, iron ore, and
most medical devices.
India, Australia to sign FTA covering goods, services on Saturday

Amiti Sen |Updated On: Apr 01, 2022
File picture of Union Commerce and Industry Minister Piyush Goyal with his Australian counterpart Dan
Tehan | Photo Credit: -
Pharmaceutical sector expects to make huge gains as Australia agrees to relax regulations
India and Australia are all set to sign a free trade agreement (FTA) on Saturday, covering goods including
textiles, pharmaceuticals, health, education, renewables, and gems and jewellery, and a number of sectors
such as services, rules of origin, sanitary and phytosanitary measures and customs procedures. The
development comes barely seven months after the re-launch of negotiations in September last year.
The pact, to be called the India-Australia Economic Cooperation and Trade Agreement, will be signed by
Commerce & Industry Minister Piyush Goyal and his Australian counterpart Dan Tehan.
Claims ratio under Fasal Bima scheme falls in 2020-21
21 | P a g e
Crop insurance claims stand at ₹19,197 crore against ₹31,675 crore gross premium collected, as on March
31 for 2020-21 kharif and rabi seasons. PHOTO:M.A.SRIRAM | Photo Credit: SRIRAM MA
This is likely to bring back interest of private insurers in the crop insurance business
Claims to premium ratio under Pradhan Mantri Fasal Bima Yojana (PMFBY) and other crop insurance
scheme has been around 61 per cent in 2020-21 as against 85 per cent in 2019-20 as a favourable weather
lowered crop damages in most of major producing states except Madhya Pradesh, according to latest data
compiled by the Union Agriculture Ministry. The implication of lower claim ratio is seen to help bring back
interest of private insurers in the crop insurance business.
However, claims ratio is 106 per cent in Madhya Pradesh where the Agriculture Insurance Company (AIC)
had to pay out ₹7,494.2 crore against gross premium of ₹7,064.4 crore. In Haryana, the claims ratio is
higher than national average at 86.2 per cent (claims ₹ 1,127.5 crore) while it is 64.4 per cent ( ₹4,092.4
crore) in Rajasthan and 60.6 per cent (₹887 crore) in Chhattisgarh.
On the other hand, Uttar Pradesh has 31 per cent (₹500.8 crore), Tamil Nadu 60 per cent ( ₹1,887.2 crore),
Odisha 39.1 per cent (₹562 crore), Maharashtra 21.3 per cent ( ₹1,382.7 crore) and Karnataka 46.2 per cent
(₹959 crore).
Q2: What is Crop Insurance ?
Ans: Crop insurance is a means of protecting the agriculturist against financial losses due to
uncertainties that may arise from crop failures/losses arising from named or all unforeseen perils
beyond their control.
Q3. Objective of PMFBY ?

Ans: Pradhan Mantri Fasal Bima Yojana (PMFBY) aims at supporting sustainable production in
agriculture sector by way of - a) providing financial support to farmers suffering crop loss/damage
arising out of unforeseen events b) stabilizing the income of farmers to ensure their continuance in
farming c) encouraging farmers to adopt innovative and modern agricultural practices d) ensuring
flow of credit to the agriculture sector; which will contribute to food security, crop diversification
and enhancing growth and competitiveness of agriculture sector besides protecting farmers from
production risks.
Q4: What is Weather based Crop Insurance ?

Ans: Weather Based Crop Insurance aims to mitigate the hardship of the insured farmers against
the likelihood of financial loss on account of anticipated crop loss resulting from incidence of
adverse conditions of weather parameters like rainfall, temperature, frost, humidity etc.
Q5.How many Coverage of Crops ?

Ans: 1) Food crops (Cereals, Millets and Pulses), 2) Oilseeds, 3) Annual Commercial / Annual
Horticultural crops
Q6. What are Sum Insured /Coverage Limit ?

Ans: 1. Sum Insured per hectare for both loanee and non-loanee farmers will be same and equal to
the Scale of Finance as decided by the District Level Technical Committee, and would be pre-
declared by SLCCCI and notified. No other calculation of Scale of Finance will be applicable. Sum
Insured for individual farmer is equal to the Scale of Finance per hectare multiplied by area of the
22 | P a g e
notified crop proposed by the farmer for insurance. ‘Area under cultivation’ shall always be
expressed in ‘hectare’. 2. Sum insured for irrigated and un-irrigated areas may be separate
Q7. Last date for Crop Insurance Kharif Season

Ans: 10 August 2016
What types of Risks to be covered & exclusions?

Ans. 1. RISKS: Following risks leading to crop loss are to be covered under the scheme:- 1.1. YIELD
LOSSES (standing crops, on notified area basis): Comprehensive risk insurance is provided to cover
yield losses due to non-preventable risks, such as
(i) Natural Fire and Lightning

(ii) Storm, Hailstorm, Cyclone, Typhoon, Tempest, Hurricane, Tornado etc.
(iii) Flood, Inundation and Landslide
Drought, Dry spells
(iv) Pests/ Diseases etc.

(v) 5 8.1.2. PREVENTED SOWING (on notified area basis):-
In cases where majority of the insured farmers of a notified area, having intent to
sow/plant and incurred expenditure for the purpose, are prevented from
sowing/planting the insured crop due to adverse weather conditions, shall be eligible for
indemnity claims upto a maximum of 25% of the sum-insured
1.3. POST-HARVEST LOSSES (individual farm basis): Coverage is available upto a

maximum period of 14 days from harvesting for those crops which are kept in “cut &
spread” condition to dry in the field after harvesting, against specific perils of cyclone /
cyclonic rains, unseasonal rains throughout the country.
1.4. LOCALISED CALAMITIES (individual farm basis ): Loss / damage resulting from
occurrence of identified localized risks i.e. hailstorm, landslide, and Inundation affecting
isolated farms in the notified area.
EXCLUSIONS: Risks and Losses arising out of following perils shall be excluded:- War & kindred
perils, nuclear risks, riots, malicious damage, theft, act of enmity, grazed and/or destroyed by
23 | P a g e
domestic and/or wild animals, In case of Post–Harvest losses the harvested crop bundled and
heaped at a place before threshing, other preventable risks.
FSSAI finds only 13 players complying with coffee-chicory mixture labelling norms
FSSAI had examined 42 companies that have central licenses for coffee-chicory mixture-based products
The Food Safety and Standards Authority of India (FSSAI) has tightened its vigil in terms of compliance with
regulatory norms on labelling of coffee and coffee-chicory mixtures.
On Friday, FSSAI said it examined 42 companies that have central licenses for coffee-chicory mixture-based
products. But it found only 13 of them were compliant with these norms.
As per the regulations, every packaged coffee product must declare the percentage content of coffee and
chicory separately on its label. Also, coffee content in the coffee-chicory mixture should not be less than 51
per cent by mass and the the permissible limit of chicory content in such mixtures is at 49 per cent. In
addition, coffee-chicory blended products cannot use the term “pure” coffee.
Chicory coffee is a beverage that comes from the root of the chicory plant. It is gaining popularity as a
coffee substitute because it has a similar flavor but contains no caffeine. Some research adds that it may
also have some health benefits, and may help control blood sugar and improve bowel movements.
It is often used as a caffeine-free beverage on its own or as a mixture with ground roasted coffee because
it enhances the taste, aroma and makes coffee mellow. Another reason that chicory is added to coffee is
that it is cheaper while it has all the characteristics of coffee. Also, it reduces the caffeine intake when
mixed with coffee and being highly soluble it blends well with it.
Current account deficit jumps to $23 billion in Q3
BL Mumbai Bureau |April 1 | Updated On: Apr 01, 2022
As a percentage of GDP, the current account deficit was at 2.7 per cent during the October-December
quarter of FY22
As a percentage of GDP, the current account deficit was at 2.7 per cent during the October-December
quarter of FY22
As a percentage of GDP, the CAD, which arises when a country’s total import of goods, services and
transfers is greater than exports, at 2.7 per cent in the reporting quarter.
Net services receipts increased, both sequentially and on a year-on-year (y-o-y) basis, on the back of robust
performance of net exports of computer ($28.356 billion) and business services ($1.590 billion).
Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to
$23.4 billion, an increase of 13.1 per cent from their level a year ago, according to RBI’s statement on
“Developments in India’s Balance of Payments during the Third Quarter (October-December) of 2021-22”.
PLI scheme: Seafood exporters move Kerala HC against selection criteria
V. Sajeev Kumar |Updated On: Apr 01, 2022
Cap on turnover will benefit only a handful of top exporters, say petitioners
Kochi, April 1
Four leading seafood exporters have approached the Kerala High Court challenging the selection criteria of
beneficiaries under the PLI scheme for the seafood sector by the Ministry of Food Processing Industries.
It is submitted before the court that by fixing the PLI application eligibility criteria at a minimum annual
turnover of ₹600 crore per annum, only a handful of exporters are eligible for getting the ₹994 crore
24 | P a g e
allotted to the seafood sector. Value-added seafood exporters are totally ignored in the eligibility criteria
and excluding the vast majority of operators is arbitrary and unreasonable, the petitioners said.
The Central Government had approved the PLI scheme for giving incentives to select manufacturing
exporters to support India brands in international markets. The total outlay under the scheme is ₹10,900
crore to be released over six years. Marine products are one such segment and the minimum eligibility
criteria are fixed at ₹600 crore turnover for 2019-20.
External debt rose $11.5 billion in Oct-Dec
K.R. Srivats |Updated On: Mar 31, 2022
| Photo Credit: Kritchanut

Debt situation continues to be sustainable, prudently managed, says finmin
India’s external debt increased by $11.5 billion sequentially in October-December 2021 to $ 614.9 billion,
compared to the second quarter, official data released on Thursday showed. It rose by $46.6 billion on a
year-on-year basis for the quarter under review.
However, as a percentage of the Gross Domestic Product (GDP), the external debt declined slightly to 20
per cent as of December-end 2021 from 20.3 percent as of September-end 2021.
The majority of the external debt is private. General government external debt stood at $131.4 billion
as on December 31 was down from $132.0 billion as at the end of September 2021. Non-government
external debt, meanwhile, rose to $483.6 billion from $471.4 billion.
1.Commercial borrowings remained the largest chunk of the external debt, with a share of 36.8 percent.
2.Non-resident deposits follow with 23.1 percent and and
3.short-term trade credit is the third-largest component at 18.0 percent.
PM lauds Cabinet nod for Rs 6,062-crore funding programme for small and medium sector
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Modi, approved the Rs
6,062.45 crore or $ 808 million 'Raising and Accelerating MSM Performance' (RAMP) for the micro, small
and medium enterprises (MSMEs), an official release said.
RAMP will commence in FY23, it said.
Of the total outlay under the programme, Rs 3,750 crore ($500 million) will come from a World Bank loan,
and the remaining Rs 2,312.45 crore will be funded by the central government.
India has safeguards in place to mitigate risks from capital flows: IMF
CUE API |Washington, March 31 | Updated On: Mar 31, 2022
Review of Institutional View on capital flows
The IMF on Wednesday released a paper on the Review of the Institutional View (IV) on the Liberalisation
and Management of Capital Flows. The IV was adopted in 2012 and provides the basis for consistent fund
advice on policies related to capital flows.
The IV aims to help countries reap the benefits of capital flows, while managing the associated risks in a
way that preserves macroeconomic and financial stability, and does not generate significant negative
outward spillovers. The review introduces important changes that expand the toolkit for policymakers,
such as allowing the pre-emptive use of capital flow measures on inflows if financial vulnerabilities exist.
Hydrogen fuel, the future: Gadkari ‘drives’ home the point
S Ronendra Singh |Updated On: Mar 30, 2022
25 | P a g e
Tweets green hydrogen is an efficient, ecofriendly and sustainable energy pathway to make India
‘energy self-reliant’
New Delhi, March 30 Road and Transport Minister, Nitin Gadkari, who has been advocating ‘green’
vehicles, arrived in a hydrogen-powered car at the Parliament on Wednesday. The minister made this point
at a time when fuel prices have been gradually hiked as many as eight times over the last nine days.
Gadkari had launched India’s first hydrogen-based advanced fuel cell electric vehicle (FCEV) — Toyota
Mirai — earlier this month and he used the same car to drive to the Parliament. “Green hydrogen — an
efficient, ecofriendly and sustainable energy pathway to make India ‘energy self-reliant’,” the minister
tweeted.
BIMSTEC Summit: PM Modi calls for speedy work on FTA
BL New Delhi Bureau |March 30 | Updated On: Mar 30, 2022
Leaders from member countries sign charter, masterplan for transport connectivity
FINAL UPDATED STORY
HEADING: BIMSTEC nations must move forward on FTA proposal to increase mutal trade: Modi
STRAP: Leaders from member countries sign charter, masterplan for transport connectivity
New Delhi, March 30
BIMSTEC nations must work towards expediting a free trade agreement (FTA) to increase mutual trade,
Prime Minister Narendra Modi has said. “We must increase exchanges between enterprises and start-ups
in our country. In addition, we must also strive to adopt international norms in the area of trade
facilitation,” the PM said virtually addressing the 5th BIMSTEC Summit hosted by Sri Lanka on Wednesday.
Leaders from the seven member countries, including Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka
and Thailand, signed the BIMSTEC Charter, which formalises the grouping into an organisation made up of
member states that are littoral to, and dependent upon, the Bay of Bengal.
FTA with EU to provide more opportunities for India in Europe continent: Netherlands’ Foreign Minister
Hoekstra
Shishir Sinha |Updated On: Mar 30, 2022
Netherlands plans bilateral investment protection agreement with India

Netherlands hopes to have a bilateral investment protection agreement (BIPA) with India. In an interaction
with visiting journalists, Wopke Hoekstra, Foreign Minister, Netherlands, discussed issues ranging from
investment protection agreement to the Russian attack on Ukraine. Excerpts:
Netherlands is the fifth-largest foreign investor in India.
Cabinet hikes DA by 3% for central govt employees
PTI |New Delhi, March 30 | Updated On: Mar 30, 2022
The Union Cabinet has increased Dearness Allowance and Dearness Relief by 3 per cent to 34 per cent
The Union Cabinet on Wednesday hiked Dearness Allowance (DA) and Dearness Relief (DR) by 3 per cent to
34 per cent to benefit over 1.16 crore central government employees and pensioners.
The additional instalment will be effective from January 1, 2022, said an official release after the Cabinet
meeting.
"This increase is in accordance with the accepted formula, which is based on the recommendations of the
7th Central Pay Commission," it said.
Bank haircuts: FM says checks in place against questionable resolution
26 | P a g e
What is a haircut?
Put simply, when a bank takes a ‘haircut’, it accepts less than what is due from a loan account. For
instance, if a bank is owed ₹1,000 from a borrower and it agrees to take back only ₹800, it takes a haircut
of 20 per cent. Banks usually resort to haircuts when they think the chance of a full recovery is bleak.
Why worry?
Critics have frowned on the huge haircuts taken by banks during an insolvency process. Some members of
Parliament noted on Tuesday that huge haircuts defeat the purpose of the Insolvency and Bankruptcy
Code (IBC).
National Land Monetisation Corporation to have authorised capital of ₹5,000 crore
Abhishek Law |Updated On: Mar 29, 2022
The National Land Monetisation Corporation (NLMC) will have an initial authorised share capital of ₹5,000
crore and paid-up share capital of ₹150 crore, and will be a wholly-owned subsidiary of the Centre,
Bhagwat Kisanrao Karad, Union Minister of State for Finance, said in a written reply to a question in the
Rajya Sabha on Tuesday.
The minister stated that NLMC will undertake monetisation of surplus land and building assets of Central
Public Sector Enterprises (CPSEs) and other government agencies.
Major objectives
Its objectives would be to undertake professional and orderly monetisation of land and other non-core
assets referred to it; to own, hold, manage and monetise land and building assets of CPSEs under closure
and surplus land and buildings of 100 per cent Government of India owned enterprises under strategic
disinvestment and to advise and support monetisation of surplus land assets of demerged companies
holding surplus land as well as “other CPSEs”.
It would also advise and assist government departments, statutory bodies/authorities, autonomous
bodies, corporations, etc. on monetisation of surplus and under-utilised non-core assets.
According to Karad, the NLMC would be administered by a board of directors. The proposed board
structure envisages a mix of senior government officials and eminent professionals in the field of real
estate, banking, investment banking, construction, legal and related fields. Incorporation is underway and
is being steered by the Department of Public Enterprises, Ministry of Finance.
Karnataka coffee regions begin getting pre-monsoon rains on time
Vishwanath Kulkarni |Bengaluru, March 29 | Updated On: Mar 29, 2022
Blossom showers raise hopes among growers

Coffee-growing regions in Karnataka, the largest producing State which accounts for about 70 per cent of
the country’s output, are likely to receive timely pre-monsoon showers this year after almost 3-4 years.
The pre-monsoon showers during March-April, popularly called blossom showers, are crucial for triggering
the flowering of coffee plants. Subsequent showers after a fortnight, called backing showers are
considered important for the crop setting. In the absence of pre-monsoon showers, coffee growers, tend
to use large sprinkler systems to irrigate their plantations to trigger the blossoms.
Netherlands offers facilitation of green hydrogen export from India to Europe
Shishir Sinha |Hauge (Netherlands), March 29 | Updated On: Mar 29, 2022
Netherlands has offered to facilitate export of green hydrogen from India to Europe. It has also indicated to
take the green fuel in significant quantities for its domestic use.
27 | P a g e
Talking to visiting Indian journalists, Prince Jaime de Bourbon de Parme, Climate Envoy of Netherlands, said
that the war in Ukraine has put dialogue around energy dependence on a faster mode. There is a need for
alternatives to Russian gas. “One of the alternatives is green hydrogen. As it happens, it is one of the goals
for India to become a net exporter of green hydrogen; we could become a net importer, because the
Netherlands doesn’t have enough space to produce all the green hydrogen ourselves,” he said.
Green hydrogen is derived from water electrolysis using renewable energy like solar or wind. Biomass-
based hydrogen production technologies also qualify under the green category. On the other hand, brown
and grey hydrogen are produced through coal gasification and natural gas reforming, respectively. These
production pathways generate a significant amount of carbon dioxide. Integration with appropriate carbon
capture and utilisation technologies results in blue hydrogen.
Focus area
Indian Oil has already announced setting up the nation’s first ‘Green Hydrogen’ plant at its Mathura
refinery. Hydrogen being the cleanest form of energy is the latest focus area across the globe to satiate the
rising energy needs.
Countries can learn from India’s Jal Jeevan Mission, says Netherlands’ Special Envoy for International Water
Affairs
Shishir Sinha |Hague (Netherland), March 29 | Updated On: Mar 29, 2022
Netherlands to host water conference at UN next year

Netherlands has lauded India’s Jal Jeevan Mission, saying the global community can learn a lot from it.
Meanwhile, the European nation is set to host special conference on Water at United Nations next March,
and seek partnership with India on this issue.
This will be the first conference on water at the UN after 1977, which will be co-hosted by Tajakistan
Jal Jeevan Mission intends to provide safe and adequate drinking water through individual household tap
connections by 2024 to all households in rural India. The programme will also implement source
sustainability measures as mandatory elements, such as recharge and reuse through grey water
management, water conservation and rain water harvesting. It will be based on a community approach to
water, and will include extensive information, education and communication as a key component of the
mission. The government claims that since the inception of the mission in August 2019, 6 crore rural
households have got connection.
Corporate debt: SC stays NCLAT order allowing lenders to go after personal guarantors
K.R. Srivats |New Delhi, March 28 | Updated On: Mar 28, 2022
NCLAT had said there is no bar on IBC proceedings against a personal guarantor if no process on against
corporate debtor
In the latest turn of events on the vexed issue of insolvency framework around personal guarantors to
corporate debts, the Supreme Court has stayed the NCLAT order that allowed lenders to initiate insolvency
proceedings against personal guarantors of a corporate debtor even when no insolvency proceeding is
pending against the corporate debtor before the NCLT .
Fully maintainable
The National Company Law Appellate Tribunal (NCLAT) had, in January, ruled in the SBI Stressed Asset
Management Branch vs Mahendra Kumar Jajodia ( personal guarantor to corporate debtor) case that there
is no bar or prohibition against insolvency and bankruptcy proceedings being instituted against a personal
guarantor in the absence of proceedings against the corporate debtor.
28 | P a g e
NCLAT ruled that the application was fully maintainable under Section 60 of the IBC and could not have
been rejected only on the ground that no CIRP or liquidation proceeding is pending before the NCLT. The
Appellate Tribunal set aside the NCLT’s October 5, 2021 order and revived the application filed by SBI
Stressed Asset Management before the NCLT.
With Mahendra Kumar Jajodia (personal guarantor) preferring an appeal before the SC against the NCLAT
order, the Apex Court has now stayed the NCLAT ruling, sources close to the development said. Notices
have been issued against the parties concerned.
The Apex Court granted stay on the NCLAT order last week after relying on certain observations in its
landmark decision of Lalit Kumar Jain v. Union of India and Ors, they said.
India-UAE CEPA: India’s first step towards liberalisation of government procurement
Amiti Sen |New Delhi, March 28 | Updated On: Mar 28, 2022
In the recently-concluded India-UAE Comprehensive Economic Partnership Agreement (CEPA), the
government has agreed to extend “national treatment” to UAE firms albeit with a number of safeguards
and exceptions.
Domestic industry is apprehensive that allowing UAE firms in the area of government procurement could
hit domestic companies and also encourage other partners such as the EU, Japan, Australia and the UK to
ask for similar access. But sources tracking the development maintain that with safeguards in place and
several exclusions, domestic interests will be protected.
The India-UAE CEPA, which is likely to come into force from May, will open up preferential market access
for India on over 97 per cent of UAE’s tariff lines which account for 99 per cent of Indian exports to the
country, including for labour-intensive sectors such as gems and jewellery, textiles, leather, footwear, and
sports goods. India will offer preferential access to the UAE on over 90 per cent of its tariff lines.
The inclusion of government procurement in the India-UAE CEPA could immediately lead to countries like
Japan asking for market access in the area. “There is a provision in the India-Japan CEPA that if India
opened up more to other countries in future free trade pacts, it will have to open up for Japan too, subject
to negotiations.
At present, India does allow foreign companies to participate in government procurement contracts, but it
does so on its own terms, pointed out Biswajit Dhar, Professor, JNU. “The flexibility that WTO gives us
regarding providing favourable treatment to domestic players in government procurement will be gone
once we start taking on bilateral commitments in the area. Although in the India-UAE CEPA, the
government has tried to build in protection by stating that it can retain its flexibility to favour domestic
companies by passing specific orders, once other countries too start making demands in the area, the
going may become more difficult for India,”
Recent IBC changes dealing effectively with NBFC insolvency issues, says FM Sitharaman
The RBI had in December last year issued a Prompt Corrective Action (PCA) framework for non banking
finance companies (NBFC). The PCA framework for NBFCs was put in place to further strengthen the
supervisory tools applicable to NBFCs.
The decision on the PCA framework came after four big finance firms — IL&FS, DHFL, SREI and Reliance
Capital— collapsed in the last three years after collecting public funds through fixed deposits and non
convertible debentures besides huge exposure from the banking system.
20 years of GM crops in India: Cottoning on agri-innovation
29 | P a g e
CD Mayee/Bhagirath Choudhary |Updated On: Mar 26, 2022
The Vajpayee government approved Bt cotton this day in 2002

Millions of cotton growers have been agitating for a fair price of cotton for a long while. For the first time in
history, the ginners, yarn manufacturers and textile industrialists have raised their voices through
agitation. Actually, they have chosen this path due to the increasing prices of cotton. It is the first time that
prices of cotton have gone beyond ₹10,000 per quintal during the last 75 years. In many places, various
trades were done at ₹11,320, which is almost double than the minimum support price (MSP) or
guaranteed price of ₹6,025.
Technology Fatigue
Twenty years ago, India’s Atal Bihari Vajpayee government approved the first genetically modified Bt
cotton for commercial cultivation on March 26, 2002. Then, in 2006 the Government approved double
gene Bt cotton resistant to a voracious American bollworm complex including pink bollworm. But the pink
bollworm, a pest of the American bollworm complex is back to haunt cotton farmers. It has lately lost its
potency to pink bollworm although it continues to ward off Helicoverpa armigera, popularly known as
American bollworm, a principal pest of cotton.
However, the outbreak of pink bollworm was reported for the first time in 2013-14 in Gujarat. Then it
spread to Maharashtra, Andhra Pradesh and Telangana. By Kharif 2021, the pest infested cotton planted in
three cotton growing zones in India.
However, the price control of cotton has always been a preferred policy intervention by the Government
of India. The unending price control of cotton seeds under the Cotton Seed Price (Control) Order, 2015 is a
classic example of how the short-sighted policy matters has ruined the prospects of R&D, hybridization, the
introduction of new technology and product development & commercialization to tackle emerging
problems of sucking pest, boll-rot and pink bollworm. Cottonseed price control has stalled introduction of
much needed technologies of weed management and thus fuelled the growth of illegal market for
herbicide-tolerant cotton in India.
Farmers’ Uprising
The rising cotton prices have become a double-edged sword for the Government. On one hand, the
Government has to decide the cotton seed MRP amidst the growing cost of production and all-time high
procurement price for seed companies. On the other hand, it has to deal with farmers who openly defy the
law to cultivate unauthorised Bt/HT cotton seeds in the quest to access new technologies, pending
approval for commercial cultivation for long time.
Government fixes the maximum retail price (MRP) of Bt cotton seeds every year, irrespective of cotton
genetics, hybrid vigour and agronomic performance under the Cotton Seed Price (Control) Order, 2015.
Such lopsided policy deters R&D and product development and has impeded the growth of seed and
biotech industry in India. This year, the Government has to announce MRP of cotton seeds while factoring
it into the cost of production of cotton seed. It should also be adjusted for the survival of cotton seed
industry while ensuring the fair price for small cotton farmers.
Cotton farmers have benefited enormously from Bt cotton resulting in substantial increase in cotton
production from 13 million bales in 2002 to 35 million bales in 2020-21. While Bt cotton continues to
provide protection against American bollworm, the yield losses to pink bollworm, boll rot and sucking pest
coupled with expensive weed management has become a nightmare for the cotton sector. Farmers do not
want to lose even a kg of cotton to pests and diseases. Therefore, they opt for unauthorized Bt/Ht cotton
30 | P a g e
seeds and illegal cultivation to secure their crop, until the Government considers approval of Bt/HT cotton
pending for commercial approval.
Avionic interference
In January, top US airlines wrote to the Biden administration stating that 5G services deployment around
airports should be banned because it may interfere with sensitive airplane instruments such as altimeters
and significantly hamper low-visibility operations. Frequencies within the C-band being used for the 5G
services are near airwaves used for aviation communication.
Following this, several airlines around the world including Air India had curtailed flights to the US which
was resumed after AT&T and Verizon voluntarily limited 5G deployment near certain airports as a
temporary measure.
Generally, all airlines ask passengers to switch off their phones during take-off and landing because of
concerns related to interference with avionics. But so far, this concern has only been on paper because
mobile operators and airlines have been using different frequency bands. Therefore there was no real risk
of interference. But in the US, since both telecom companies and airlines use the C-band, there could be a
higher probability of interference.
Extend pre-pack insolvency regime to all corporates, says Labour Minister Bhupender Yadav
In India, pre-packaged insolvency facility is now allowed only for MSMEs

The Centre must extend the facility of pre-packaged insolvency to all corporates and not only MSMEs as is
the case now, Union Labour Minister Bhupender Yadav suggested on Saturday.
This will allow lenders to improve their rate of recovery which remains a major concern, Yadav said in his
virtual address at an international conference on Insolvency and Bankruptcy Code (IBC), organised jointly
by the Indian Institute of Insolvency Professionals of ICAI (IIIPI) and insolvency regulator IBBI.
A pre-packaged insolvency — in the Indian framework context — is an arrangement where the resolution
of a company’s business is negotiated with a buyer before the appointment of an insolvency
professional. It is a blend of informal and formal mechanisms, with the informal process stretching up to
NCLT admission, followed by an existing NCLT supervised process for resolution, as specified under the
Insolvency and Bankruptcy Code (IBC).
MSME pre-packs
However, the government had deemed it fit to first introduce pre-packs for MSMEs as they are critical for
the country’s economy and contribute significantly to India’s gross domestic product besides providing
employment to a sizeable population. In addition to this, they relatively suffered the most during Covid-19.
The objective of introducing pre-pack for MSMEs is that it is a cost effective mechanism and quickens the
resolution process.
Overloading of wagons: Railway Board reduces punitive charges
BL New Delhi Bureau |New Delhi, March 23 | Updated On: Mar 24, 2022
31 | P a g e
For wagons other than covered wagons such as the BCNHL, BCCW, BFNSM22.9, BCFC and BCFCM, there
will not be any punitive charge for additional load upto one tonne
The Railway Board has amended the Railways (Punitive Charges for overloading of wagon) Rules, 2012 and
reduced rates of punitive charges for overloading of wagons. The punitive charges, according to a gazette
notification published on Wednesday, will be levied if the aggregated pay load in a rake does not exceed
the combined permissible carrying capacity of the rake.
For wagons other than covered wagons such as the BCNHL, BCCW, BFNSM22.9, BCFC and BCFCM, there
will not be any punitive charge for additional load upto one tonne. If it is more than one tonne but not
more than four tonnes, two times of the freight rate applicable to that commodity will be charged as
punitive charge. For overloading of more than four tonnes, two and half times of the freight rate applicable
to that commodity will be charged. It was three and five times of the freight charge respectively according
to the 2012 order, which has now been amended.
49 regional, GI agri products find new export destinations
Local products like murmura (puffed rice), moringa, jamun and sitabhog also got new export markets

Out of over 100 niche geographical indications (GI) tagged products under its domain, the government’s
agri promotion body APEDA has initiated a special initiative under which as many as 13 products sourced
directly have got exported to new destinations such as South Korea, UK, US, UAE, Singapore, Bahrain and
Japan.
Besides, as many as 36 other niche local products like murmura (puffed
rice), moringa, jamun and sitabhog also got new export markets.
There are 417 registered GI products and around 150 of them are agricultural and food products. APEDA-
promoted products (under 27 broad categories) have a share of nearly 50 per cent in the country’s total
exports of agriculture products including marine, spices, tea and coffee.
Among GI products, Suvarnarekha mangoes from Andhra Pradesh were shipped to South Korea for the first
time, while Dahanu Gholvad sapota, Marathwada Kesar mango from Maharashtra reached the UK,
Jalgaon’s banana (Maharashtra) to UAE, Nendran banana from Kerala to Singapore, Shahi litchi and
Bhagalpuri Zardalu mango from Bihar to the UK.
Among non-GI products, apricots from Ladakh were shipped for the first time to Dubai, while apples from
Himachal Pradesh were exported to Qatar and Bahrain
Indians sending money abroad for education under LRS nearly at pre-Covid level
Our Bureau |New Delhi, March 21 | Updated On: Mar 21, 2022
Under the LRS, all resident individuals, including minors, are allowed to freely remit up to $0.25 million per
financial year (April-March) for any permissible current or capital account transaction or a combination of
both. Further, resident individuals can avail of foreign exchange facility within the limit of $0.25 million for
studies abroad or for expenses in connection with medical treatment abroad, etc .
The scheme was introduced on February 4, 2004, with a limit of $25,000. The LRS limit has been revised in
stages consistent with prevailing macro and micro economic conditions.
By Finance Act, 2018, ‘Education Cess’ and ‘Secondary and Higher Education Cess’ totalling @ 3 per cent
was replaced by ‘Health and Education Cess’ @ 4 per cent with effect from Assessment Year 19-20 (i.e.
Financial Year 2018-19).
The Health and Education Cess is the part of the Central Tax, which is not shareable with States. However,
Central Government releases share in shareable Central Taxes/ Duties to State Governments as “Tax
32 | P a g e
devolution” in accordance with approved from the year 2013-14 till date. There is no pendency as regards
tax devolution to States, she said.
Tax buoyancy likely to touch all-time high of 3 this fiscal
Shishir Sinha |New Delhi, March 20 | Updated On: Mar 21, 2022
tax buoyancy is a measure of the responsiveness of tax revenues to growth in nominal GDP and to
discretionary changes in tax policies. It is the ratio of percentage change in gross tax revenue to percentage
change in Gross Domestic Product (GDP) over the previous year.
Syama Prasad Mookerjee Port, Kolkata begins ship-to-ship operation for LPG cargo bound for Bangladesh
BL Kolkata Bureau |Updated On: Mar 20, 2022
Apart from ushering a new beginning in the Indo Bangladesh relation, it will also open connectivity
between Kolkata Port and Mongla port of Bangladesh where the LPG cargo is bound for, said a press
statement issued by SMPK.
Japan commits ₹3.2-lakh crore investment in India over 5 years

Clean energy partnership

India and Japan inked six agreements following talks between Prime Minister Modi and his Japanese
counterpart. Both countries also announced launch of a clean energy partnership for cooperation in areas
of electric vehicles, storage systems including batteries, electric vehicle charging infrastructure,
development of solar energy and hydrogen etc.
Japan also on Saturday announced a sustainable development initiative for the northeastern region.
Competition law: Centre extends merger notification exemption by five more years till June 2027
33 | P a g e
The law requires combinations to be notified within 30 days before they are implemented.
However, keeping in mind the practical challenges that were faced by the companies to notify the CCI
within 30 days, the Centre had in June 2017, granted companies an exemption from this norm for five
years.
As per the Competition Act, 2002, when there is an acquisition of one or more enterprises by one or more
persons or merger or amalgamation of enterprises it shall be termed as a combination of such enterprises
and persons (there are thresholds for a transaction to be considered as a combination).
SEBI amends rules governing alternative investment funds

The regulations concerning Category III AIFs became effective from Wednesday
Capital markets regulator SEBI has amended the rules pertaining to investment aspects of certain category
of alternative investment funds (AIFs).
Under the rules, Category III AIFs can invest not more than 10 per cent of the investable funds in an
investee company, directly or through investment in units of other AIFs, Sebi said in a notification on
Wednesday.
Various types of funds such as hedge funds, PIPE Funds, etc. are registered as Category III AIFs.
Further, the large value funds for accredited investors of Category III AIFs can invest up to 20 per cent of
the investable funds in an investee company, directly or through investment in units of other AIFs.
This is provided that for investment in listed equity of an investee company, Category III AIFs may calculate
the investment limit of 10 per cent of either the investable funds or the net asset value of the scheme,
while large value funds for accredited investors of Category III AIFs may calculate the investment limit of 20
per cent of either the investable funds or the net asset value of the scheme.
The new norms called SEBI's AIF Regulations, 2022 became effective from Wednesday.
In November 2021, the regulator allowed category III AIFs, including large value funds for accredited
investors of Category III AIFs, to calculate the concentration norm based on net asset value (NAV) of the
fund for investment in listed equity of an investee company.
AIFs, in market parlance, refers to a privately pooled investment vehicle which collects funds from
investors whether Indian or foreign for investing these funds in India.
Broadly, the AIF rules govern venture capital funds, private equity funds, SME funds, hedge funds among
others.
Bring ATF under GST ambit: IndiGo CEO

BL New Delhi Bureau |Updated On: Mar 16, 2022
Says rationalisation of taxes will result in high growth for the sector
IndiGo CEO and Whole Time Director, Ronojoy Dutta, has reiterated the need to bring ATF under GST
ambit.
The move will help airlines claim input tax credit that will in turn help offset “increase in cost and make
flying viable for airlines and affordable for consumers”.
Indo-Australian Chamber of Commerce launches East India Chapter
34 | P a g e
BL Kolkata Bureau |Updated On: Mar 15, 2022
The Indo-Australian Chamber of Commerce (IACC) has launched its East India Chapter to build stronger
economic ties between eastern India and Australia.
IACC is the only bilateral chamber of commerce in India that promotes trade and investment between
India and Australia. IACC is a national bilateral chamber, headquartered in Chennai, with successful
Chapters in western India and Bengaluru. The Northern India Chapter will be launched within the next few
months, said a press statement.
Unemployment rate on the rise at 12.7: Periodic Labour Force Survey
Trade unions says this is a result of the Centre persistently ignoring the problem of unemployment and
job loss
Urban unemployment rate is rising in the country, according to the Periodic Labour Force Survey (PLFS) of
April-June 2021. According to the report, 12.7 persons out of 100 in the labour force, are unemployed.
The PLFS report said the unemployment rate among labour force between 15-29 years is 25.5. In the last
quarter it was 22.9, and in the corresponding quarter of 2020 it was 34.7. The unemployment rate among
women in this age group is 31 and among men it is 24. The rate among all ages during the period is 12.7.
The rate among women in all ages is 14.3 and men in all ages is 12.2. In the last quarter this was 9.4, 11.8
and 8.7, respectively. During the first wave of Covid, between April and June 2020, the rates were 20.9 for
labour work force of all ages, 21.2 for females and was 20.8 for males.
The highest urban unemployment rate for persons of all ages is in Kerala – 24.4 followed by Chhattisgarh
(19.2). Gujarat has the lowest (5.5) followed by Delhi (7.9). “According to the current weekly status (CWS)
approach, a person was considered as unemployed in a week if he/she did not work even for 1 hour on any
day during the reference week but sought or was available for work at least for 1 hour on any day during
the reference week,” said the survey.
Labour Force Participation Rate (LFPR), the percentage of persons in labour force (working or seeking or
available for work) in the population of all ages is 37.1. In the last quarter it was 37.5 and in the
corresponding quarter of 2020, the number was 35.9. The Worker Population Ratio (WPR), the percentage
of employed persons in the population of all ages, was 32.4, and in the previous quarter it was 34.0 and in
the corresponding quarter of 2020 it was 28.4.
Real Estate
Govt brings clarity in policy for FDI in real estate business
PTI |Updated On: Mar 15, 2022
FDI is not permitted in an entity which is engaged in or proposes to engage in real estate business,
construction of farm houses and trading in transferable development rights
To bring more clarity in its FDI policy for the realty sector, the government on Monday "amended and
aligned" the existing definitions of the real estate business.
It added that earning rent/income on lease of a property, not amounting to transfer, will not amount to
real estate business.
"Real estate business means dealing in land and immovable property with a view to earning profit, and
does not include development of townships, construction of residential /commercial premises, roads or
bridges, educational institutions, recreational facilities, city and regional level infrastructure, townships...,"
the note said.
35 | P a g e
FDI is prohibited in real estate business and construction of farm houses, according to the note.
All you need to know about oil shocks and their economic impact
Richa Mishra |Updated On: Mar 14, 2022
On March 8, the US announced a complete ban on Russian oil, liquefied natural gas and coal imports in a
bid to deprive President Putin of the economic resources he uses to fund “his needless war of choice”.
Russia is the third biggest producer of oil in the world, behind the US and Saudi Arabia. And if Russian gas
stopped flowing into Western Europe, already heated prices would increase even more. Russian gas
accounts for about 40 per cent of the EU’s natural gas imports. What were the earlier oil shocks like?
In the post-World War II era, there have been two major oil crises.
In 1973, Arab members of Organization of the Petroleum Exporting Countries (OPEC) imposed an embargo
on supply to the US, Japan and Western Europe, for supporting Israel in the Yom Kippur war. These nations
consumed more than half the world’s energy. Oil prices quadrupled to almost $12 a barrel. Although the
embargo was lifted in 1974, oil prices remained high.
The Iranian revolution triggered the second oil shock in 1979 and the situation hit a nadir with the
outbreak of the Iran-Iraq war (1980-88). In 1981, the price of oil stabilised at $32 per barrel.
How has the present crisis impacted the oil prices?
The current geo-political crisis involving Russia — the second largest exporter of oil and the largest
exporter of gas — resulted in Brent hitting $140/barrel (14-year high) recently before settling down to
$110 a barrel level. Though there may not be supply constraints in the long-term with incremental
productions coming from other producing countries like Iran, Venezuela, OPEC members and the US,
energy prices will remain volatile in the near term.
No excise duty cut on petrol-diesel, for now
Shishir Sinha |Amiti Sen |Rishi Ranjan Kala |New Delhi, March 13 | Updated On: Mar 13, 2022
The government has ruled out cutting Central Excise Duty on petrol and diesel. In the meantime, the
government is looking to Russian window for supply of crude which is expected to cool down the impact of
surging prices of Indian basket of crude
The Centre collects ₹27.90 a litre on petrol and ₹21.80 a litre on diesel with specific rate structure. That is
not going to change even with the price of Indian basket of crude surging to $128.24 a barrel on March 9
from $117.39 on March 3. Significantly, the oil marketing companies (OMCs) so far have not revised retail
prices of petrol and diesel since November.
Efficient Warehousing: The Cornerstone of India’s food security
Salman Ullah Khan |Updated On: Mar 13, 2022
The idea of logistic parks and unified logistics interface platform announced in Budget 2022 needs
execution beyond policy making
In July 2021, the State of Food Security and Nutrition in the World (SOFI) report revealed that food
insecurity in India increased by 6.8 percentage points during 2018-2020. Though the mentioned period was
one when the Covid-19 pandemic was spreading across the country and a national lockdown had been
announced, India’s population has been facing food insecurity for decades now. The same report reveals
that over six crore people became prey to food insecurity during 2014-2019.
The primary solution for this issue seems to be an increase in crop production. However, it is imperative to
realise that improved harvest quantity will remain insignificant unless there is a mitigation strategy to
36 | P a g e
reduce post-harvest losses across the country. In this direction, one of the most pragmatic and effective
solutions is efficient warehousing.
A report titled 'The State of Food Security Nutrition in the World 2021 (SOFI)' has studied the impact of
Covid-19 pandemic-induced income loss on food intake and malnutrition.
 The report is presented by the Food and Agriculture Organization of the United Nations,
the International Fund for Agricultural Development, the United Nations Children's Fund, the World
Food Programme and the World Health Organization.
 Earlier, the Global Food Policy Report 2021 (released by the International Food Policy Research
Institute (IFPRI)) stated that the impacts of rising poverty and reduced livelihoods are reflected
clearly in rising levels of food insecurity and decreasing diet quality
The idea of Logistic Parks and Unified Logistics Interface Platform announced in Budget 2022 need proper
execution for efficient warehousing logistics. Both announcements are a step in the right direction, but the
onus is on the combination of government and private players to ensure that policy making yields ground
results. Undoubtedly, efficient warehousing is a bipartite solution that improves food security and
simultaneously, enables agricultural growth for small-scale farmers.
EPFO fixes 8.1% as interest rate on EPF deposits for 2021-22

This is the lowest since 1977-78, when the EPF interest rate stood at 8 per cent
Retirement fund body EPFO on Saturday decided to lower the interest on provident fund deposits for
2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent
provided in 2020-21, sources said.
This is the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
"The Employees' Provident Fund Organisation's (EPFO's) apex decision making body Central Board of
Trustees has decided to provide 8.1 per cent rate of interest on Employees Provident Fund (EPF) for 2021-
22 in its meeting held on Saturday," a source said.
The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by the Central Board of Trustees
(CBT) in March 2021.
It was ratified by the Finance Ministry in October 2021 and thereafter, EPFO issued directions to field
offices to credit the interest income at 8.5 per cent for 2020-21 into the subscribers' account.
Now, after the CBT decision, the interest rate on EPF deposits for 2021-22 will be sent to the Ministry of
Finance for concurrence. EPFO provides the rate of interest only after it is ratified by the government
through the Finance Ministry.
Former Revenue Secretary AB Pandey appointed as NFRA Chairperson
Two full-time members also appointed

The Appointments Committee of the Cabinet (ACC) has appointed former Revenue Secretary Ajay
Bhushan Pandey as the Chairperson of National Financial Reporting Authority (NFRA), the country’s sole
independent audit regulator.
National Financial Reporting Authority
From Wikipedia, the free encyclopedia
37 | P a g e
Jump to navigationJump to search
National Financial Reporting Authority
Agency overview
Formed 1 October 2018
Jurisdiction Statutory Body
Ab pandey Chairperson
Agency executive
Website nfra.gov.in
National Financial Reporting Authority (NFRA) is an independent regulator set up to oversee the auditing
profession and accounting standards in India under the Companies Act 2013. [1] It came into existence in
October 2018. The chairperson since March 2022 is [[Ajay bhusan pandey] [citation needed]
History[edit]
After the Satyam scandal took place in 2009, the Standing Committee on Finance proposed the concept of
the National Financial Reporting Authority (NFRA) for the first time in its 21st report. [2] Companies Act,
2013 then gave the regulatory framework for its composition and constitution. The Union Cabinet
approved the proposal for its establishment on 1 March 2018. It is hoped that the establishment of NFRA
as an independent regulator for the auditing profession will improve the transparency and reliability of
financial statements and information presented by listed companies and large unlisted companies in India.
[3]
Powers & duties[edit]

According to Section 132 of Companies Act 2013, "NFRA is responsible for recommending accounting and
auditing policies and standards in the country, undertaking investigations, and imposing sanctions against
defaulting auditors and audit firms in the form of monetary penalties and debarment from practice for up
to 10 years."[3]
Pursuant to the NFRA Rules, 2018, the powers of the NFRA were extended to include the governing of
auditors of companies listed in any stock exchange, in India or outside of India, unlisted public companies
above certain thresholds, and other companies specified in Rule 3 (1) therein.
India, Canada to work on interim trade pact, re-launch CEPA talks
38 | P a g e
Union Minister for Commerce and Industry Piyush Goyal with Canadian Minister for International Trade
Mary Ng, in a meeting in New Delhi, on Friday
Ministers agree to facilitate Indian farm exports, expedite recognition of pest risk management for
Canadian pulses
India and Canada have agreed to re-launch the negotiations for India-Canada Comprehensive Economic
Partnership Agreement (CEPA) and also work on an interim agreement to bring early commercial gains to
both the countries before the full pact is finalised.
Sustainable finance: MCA to continue providing an enabling environment for India Inc: Secretary Verma
Addresses ESG Summit organised virtually by industry chamber FICCI
The Corporate Affairs Ministry (MCA) will continue to strive to provide an enabling environment for Indian
companies with the objective of making them globally competitive and aligned with sustainable
development goals, Rajesh Verma, Secretary, MCA has said.
Addressing the first ever ESG Summit organised virtually by industry chamber FICCI, Verma said that ESG
(environmental, social and governance) investments and sustainable finance will play a critical role in India
achieving a $5 trillion economy. For achieving this milestone, the country’s growth process needs to be
aligned with the aim of achieving sustainable development goals by 2030 and net zero by 2070, he said.
environmental, social, and governance (ESG)
Organic cotton production on the rise, led by M.P. and Odisha

Radheshyam Jadhav |Pune, March 9 | Updated On: Mar 09, 2022
RELATED
Non-existent organic cotton farmers in official data need investigation

But production confined to few States due to high cost, slack demand and farmers turning to illegal GM
seeds
India’s cotton production of over 360 lakh bales (about 6.12 million tonnes) accounts for around 25 per
cent of the global output of the fibre .
The production of organic cotton in India is 1.23 million tonnes (mt), which is 51 per cent of global organic
cotton production of 2.40 mt. The other organic cotton-producing countries are China, Kyrgyzstan, Turkey,
Tajikistan, Tanzania, USA, Uganda, Greece, Benin, Peru, Burkina Faso, Pakistan, Egypt, Ethiopia, Brazil, Mali,
and Argentina.
However, organic cotton production is limited to few States owing to the high production cost, lower
demand and farmers turning to illegal GM seeds.
In the last five years, the organic cotton production has seen a rise even with the proliferation of illegal
herbicide-tolerant Bt (HTBt) cotton seeds in Maharashtra, Andhra Pradesh, Telangana and other States. But
organic cotton production is concentrated in Madhya Pradesh, Maharashtra, Gujarat, Odisha, and
Rajasthan. Together, these States have produced 18,61,926 tonnes of organic cotton, which is 99 per cent
of the total cotton production in India in the last five years.
Madhya Pradesh tops the organic cotton producers chart with 38 per cent of the total production during
the last five years followed by Odisha (20 per cent) and Maharashtra (19 per cent). Gujarat ( 15 per cent)
and Rajasthan ( eight per cent) are the other two major organic cotton producers.
39 | P a g e
Interestingly, the Department of Agriculture and Farmers Welfare is implementing a cotton development
programme under National Food Security Mission (NFSM) in 15 major cotton-growing States to enhance
production and productivity. But as per the government data, only eight States have produced organic
cotton in the last five years.
Government sets up NLMC for asset monetisation of CPSEs
With monetisation of non-core assets, the government would be able to generate substantial revenues by
monetising unused and under-used assets, said a statement
RELATED
DHFL Resolution: SC to hear Piramal Group’s appeal on Friday

Sensex up over 1,000 pts intraday, Nifty above 16,300
It will be a wholly-owned Government of India company with an initial authorised share capital of
₹5,000 crore and paid-up share capital of ₹150 crore
Union Cabinet on Wednesday approved setting up of a National Land Monetization Corporation (NLMC) to
undertake monetization of non-core assets such as surplus land of Central Public Sector Enterprises (CPSE)
and various government agencies.
“With monetisation of non-core assets, the Government would be able to generate substantial revenues
by monetising unused and under-used assets,” a statement issued by the Government after Cabinet
meeting said. This proposal aims to fulfil announcement made in the Union Budget 2021-22.
The new company will have an initial authorized share capital of ₹5000 crore and paid-up share capital of
₹150 crore.
Unlocking asset value
At present, CPSEs have considerable surplus, unused and under used non-core assets in the nature of land
and buildings. For CPSEs undergoing strategic disinvestment or closure, monetization of these surplus land
and non-core assets is important to unlock their value. NLMC will support and undertake monetization of
these assets, the statement said.
“This will also enable productive utilization of these under-utilized assets to trigger private sector
investments, new economic activities, boost local economy and generate financial resources for economic
and social infrastructure,” it said.
Speeding up disinvestment
NLMC is also expected to own, hold, manage and monetize surplus land and building assets of CPSEs under
closure and the surplus non-core land assets of CPSEs under strategic disinvestment. This will speed up the
closure process of CPSEs and smoothen the strategic disinvestment process of CPSEs. These assets may be
transferred to NLMC to hold, manage and monetize these assets.
NLMC will also advise and support other Government entities (including CPSEs) in identifying their surplus
non-core assets and monetizing them in a professional and efficient manner to generate maximum value
realization. In these cases (e.g., on-going CPSEs and listed CPSEs under strategic disinvestment), NLMC will
undertake surplus land asset monetization as an agency function. It is expected that NLMC will act as a
repository of best practices in land monetization, assist and provide technical advice to Government in
implementation of asset monetisation programme.
FMC launches new insecticide for tomato, okra
40 | P a g e
BL New Delhi Bureau |Updated On: Mar 08, 2022
Dosa, idli, tiffin mix to attract 18 per cent GST: Tamil Nadu AAAR
Shishir Sinha |New Delhi, March 7 | Updated On: Mar 07, 2022
HAI seeks infrastructure status for the hospitality Industry

BL Mumbai Bureau |March 7 | Updated On: Mar 07, 2022
Indian Economy
Prev Next
Infrastructure Status for Convention Centres
 20 May 2021

 2 min read
Tags:
 GS Paper - 3
 Growth & Development
 Infrastructure
Why in News
The Finance Ministry has granted ‘Infrastructure’ status for exhibition and convention centres.
 In 2020, the government had added affordable rental housing projects to the list of sectors
recognised as infrastructure.
Key Points
 Infrastructure Status to Exhibition-cum-Convention Centre:
o Exhibition-cum-Convention Centre has been included in the Harmonised Master List of

Infrastructure sub-sectors by insertion of a new item in the category of Social and Commercial
Infrastructure.
o However, the benefits available as ‘infrastructure’ projects would only be available for projects

with a minimum built-up floor area of 1,00,000 square metres of exclusive exhibition space or
convention space or both combined.
 This includes primary facilities such as exhibition centres, convention halls, auditoriums,

plenary halls, business centres, meeting halls etc.
41 | P a g e
o This move will enable more such projects to come up across India’s tourist destinations.
 Need for the Infrastructure Status:
o India doesn’t have large convention centres or single halls with capacities to hold 7,000 to
10,000 people, unlike countries like Thailand that is a major global MICE destination.
o Becoming a MICE (Meetings, Incentives, Conferences and Exhibitions)

destination can generate significant revenue with several global companies active in India.
 Harmonised Master List of Infrastructure sub-sectors:
o The list is notified by the Ministry of Finance and included following categories:
 Transport and Logistics: Roads and bridges, Inland waterways, Airport, etc.
 Energy: Electricity Generation, Electricity Transmission, etc.
 Water and Sanitation: Solid Waste Management, Water treatment plants, etc.
 Communication: Telecommunication, etc.
 Social and Commercial Infrastructure: Education Institutions (capital stock), Sports

Infrastructure, Hospitals (capital stock), Tourism infrastructure, etc.
o Inclusion in the list implies access to concessional funds, promotion of projects and continuity
of construction for the specified sub-sectors.
o However, the infrastructure tag now does not include vital tax breaks.
The infrastructure tag no longer involves significant tax breaks but would help such projects get easier
financing from banks, said experts. However, restrictions on size may be a dampener for some ventures.
Last August, the government had added affordable rental housing projects to the list of sectors recognised
as infrastructure.
Govt connects national waterways on Brahmaputra and Ganga through Indo-Bangladesh protocol route
Patna: Union Minister of Ports, Shipping & Waterways Sarbananda Sonowal with Union MoS of Ports,
Shipping & Waterways Shantanu Thakur and others, during the flagging off ceremony of the MV Lal
Bahadur Shastri carrying foodgrains from Patna to Guwahati, at Inland Waterways Authority of India (IWAI)
terminal, in Patna, Saturday, Feb. 5, 2022. | Photo Credit: -
Inland Waterways Authority of India (IWAI) is planning a fixed schedule sailing between national
waterways-1 (NW1) and NW2.
The Ministry of Ports, Shipping andWaterways has successfully conducted the maiden voyage of foodgrains
via inland waterways from Patna to Pandu through Bangladesh in Guwahati.
42 | P a g e
The Minister of Ports, Shipping & Waterways and AYUSH, Sarbananda Sonowal along with Assam Chief
Minister Himanta Biswa Sarma on Sunday welcomed the self-propelled vessel, MV Lal Bahadur Shastri,
carrying a total of 200 tonnes of foodgrains for Food Corporation of India (FCI) as it completed the maiden
pilot run from Patna to Pandu via Bangladesh.
The vessel sailed from Patna on NW-1 (river Ganga) and passed through Bhagalpur, Manihari, Sahibganj,
Farakka, Tribeni, Kolkata, Haldia, Hemnagar; Indo-Bangladesh Protocol (IBP) route through Khulna,
Narayanganj, Sirajganj, Chilmari and NW-2 through Dhubri, and Jogighopa covering a distance of 2,350 km,
Shipping Ministry said in a statement.
Unmanned Flying Objects, at your service
TE Raja Simhan |Updated On: Mar 06, 2022
From capturing candid shots at in a wedding, to spraying pesticides to surveillance of places where
access is difficult for humans, drones as a service (DaaS) is the next big thing
The Software as a Service (SaaS) model has completely transformed the software industry in the last few
years, with India being one of the leaders in this space.
One need not buy the software but subscribe to it for a fee, thus removing the hassles of owning it and
maintaining it. Taking a cue, the Drone as a Service (DaaS) is emerging as the next major trend, with many
Indian startups that have sprung up in the last few months offering drones to clients in various sectors,
including agriculture, in this model.
Like SaaS, in DaaS, a farmer or a company that wants to use drones regularly need not invest in the
equipment, software or hardware but can rent it from a drone service provider on pay-per-use or monthly
rent.
Under the DaaS model, companies can avail drone services on ‘pay per use’, which helps reduce their initial
investment, making it easier for them to adopt and benefit from this new technology,
States leave behind ‘scissor effect’, show healthy recovery in own tax revenue
NARAYANAN V |Updated On: Mar 06, 2022
Top ten states witnessed 16 per cent growth in own tax revenue to ₹7.87-lakh crore at the end of the
third quarter of this fiscal year
State finances, derailed by the economic shocks of the Covid-19 pandemic, appear to be getting back on
track. Thanks to an economic recovery led pick-up in own tax revenues, coupled with higher tax devolution
from the Centre, aggregate revenue receipts of states show decent growth in the first three quarters of the
current fiscal as compared to the pre-Covid period.
The double whammy (also termed as scissor effect) of the Covid-19 pandemic — a collapse in
revenue and rise in health-related and other costs — is likely to have a significant impact on state
government finances.
‘scissor effects’ — loss of revenues due to demand slowdown, coupled with higher expenditure associated
with the pandemic.
Enforcing laws, higher tax can reduce tobacco use in India, says WHO official Vinayak Prasad
Monika Yadav |Updated On: Mar 05, 2022
Tobacco is the biggest threat to public health and India can achieve the target of 30 per cent relative
reduction in its use by 2030 by accelerating the process of enforcing laws at the Centre and State level,
43 | P a g e
Tobacco control in India is implemented through Cigarettes and Other Tobacco Products Act (COTPA) and
National Tobacco Control Programme (NTCP). Both these laws, programmes and policies largely need to
be implemented at the State level
Illicit trade
The tobacco industry will raise arguments against it citing illicit trade, but with stronger revenue protection
and enforcement measures as enshrined under the Illicit Trade Protocol( ITP) of WHO-Framework
Convention on Tobacco Control (FCTC), the problem of illicit trade can be addressed. India is a party to
both FCTC and ITP and committed to implement all its provisions, he further added.
Agri Business
Guidelines on agri infra fund may be tweaked to make it need-based as credit disbursal is slow
Prabhudutta Mishra |New Delhi, March 5 | Updated On: Mar 05, 2022
Even as projects worth about ₹1,500 crore have been sanctioned by the Centre in the last two months
under AIF, the credit disbursal is just 41 per cent
The Centre is considering tweaking the guidelines of the ₹1-lakh crore Agriculture Infrastructure Fund (AIF)
in order to make it need-based and not target-based, so that whatever amount approved materialises into
actual projects.
Funding
The AIF will fund projects post-harvest infrastructure and community farming assets at farm gates, in
which primary agricultural co-operative societies (PACS), farmers producer organisations (FPOs),
Agriculture Produce Market Committees (APMCs), agriculture entrepreneurs and start-ups are allowed to
avail the credit at cheaper interest rates.
National Bank for Agriculture and Rural Development (Nabard) is providing re-finance facility under AIF to
co-operative banks at 4 per cent interest, while the Centre is granting a further 3 per cent interest
subvention to all beneficiaries of AIF, making the effective rate for PACS at just 1 per cent, whereas private
sector is getting the credit at 5-6 per cent interest from commercial banks after the 3 per cent Central
subsidy.
Launched in August 2020, the AIF is a medium to long-term debt financing facility for investment in viable
projects for agri infrastructure during the priod 2020-29 . Besides interest subsidy, credit guarantee
coverage under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme for loans
up to ₹2 crore is also provided.
Vanilla farming regains flavour amid dropping prices
V.Sajeev Kumar |Kochi, April 12 | Updated On: Apr 12, 2022
Traders pointed out that Madagascar – which accounts for 80 per cent of the world’s vanilla production –
was back in farming after a lower yield a few years back due to climatic issues. Besides, countries such as
Indonesia, Uganda, Mexico, Tanzania and India are also active in production. This has paved the way for more
availability of the crop, facilitating drop in prices to $150-200, from $550 per tonne five years back. The
downward trend is expected to continue for some more time.
Labour availability
Vanilla is predominantly an export crop and its domestic usage is very minimal. The industry mainly uses
synthetic vanilla, not the natural one, for applications in the food industry and cosmetics, he said.
44 | P a g e
However, the labour intensity of the crop forced farmers to turn away from vanilla cultivation as it requires
manual pollination of flowers. Labour shortage in earlier days and price volatility discouraged farmers. But
now, there is an encouraging response from the farming community towards vanilla. This is mainly because
labour shortage has been resolved with the return of migrant workers after the Covid pandemic. Covid had
disrupted all agriculture activities in the high ranges, he said.
Centre targets to distribute fortified rice to all ration card holders in 2 years, to cost ₹2,700 crore annually
The pilot scheme on “Fortification of Rice and its Distribution under Public Distribution System” was
implemented for a period of three years, beginning from 2019-20, at an estimated budget of ₹174.64 crore
| Photo Credit: HANDOUT_E_MAIL
The Cabinet Committee on Economic Affairs (CCEA) has approved a plan under which rice, fortified with
vitamins that can help prevent malnutrition, will be released from government stocks for the Public
Distribution System (PDS) and other welfare programmes such as mid-day meals.
However, this will be done in another two phases and will be rolled out in all districts for all schemes by
March 2024.
Three-phased approach
The Cabinet has approved the distribution of fortified rice through PDS and other government schemes in
three phases, Information and Broadcasting Minister Anurag Thakur said on Friday. The entire cost of rice
fortification, estimated at ₹2,700 crore per year, would be borne by the Centre as part of the food subsidy.
Integrated Child Development Services (ICDS), Pradhan Mantri Poshan Shakti Nirman-PM POSHAN
(previously known as mid-day meal scheme) and other welfare schemes (OWS) of the Food Ministry will be
covered under the fortified rice scheme apart from 81 crore beneficiaries under the National Food Security
Act (NFSA).
Already ICDS and PM POSHAN across the country are covered from April 2021, which was implemented
under a 3-year pilot scheme launched in 2019-20. Besides, PDS beneficiaries in one district each in Andhra
Pradesh, Gujarat, Maharashtra, Tamil Nadu, Chhattisgarh, Uttar Pradesh, Odisha, Telangana, Madhya
Pradesh, Uttarakhand and Jharkhand have also been receiving the fortified rice.
Target: March 2024
In the next phase, the government targets to cover all 291 aspirational and high-burden districts (identified
on basis of cases of stunting) under PDS and OWS schemes by March 2023, while the remaining districts
will get it by March 2024.
Nanoparticles to protect rice, other crops from diseases
Our Bureau |Hyderabad, March 5 | Updated On: Mar 05, 2022
A group of scientists from the University of Hyderabad (UoH), the Indian Institute of Rice Research (IIRR)
and IIT Kanpur have developed a novel nanoparticle-based bio-degradablecarbonoid-metabolite (BioDCM)
that can protect agricultural crops from pathogens.
The invention of these novel nanoparticles would act as shields to protect crops, especially rice crop, from
infection and diseases. The technology is a protective biological alternative that can be used to enhance
crop protection against various diseases in rice crops.
45 | P a g e
Joint study on India-Bangladesh FTA to be finalised soon
Amiti Sen |New Delhi, March 5 | Updated On: Mar 05, 2022
Strengthening connectivity projects, re-opening border haats also discussed at Commerce Secretary level
meet
India and Bangladesh have decided to finalise a joint study on the feasibility of a proposed bilateral free
trade agreement (FTA) at the earliest.
Jal Jeevan Mission: Less than half of rural households have access to piped water supply
Parvathi Benu |Updated On: Mar 03, 2022
However, only 37 per cent of them have the functional tap connections
Only close to half of the rural households in India have access to Piped Water Supply (PWS), according to
the latest data by the Ministry of Jal Shakti. While over 19 crore (19,27,76,015) rural households are
recorded across the country, the data says that only 9,11,37,165 have access to piped water supply as of
February this year; that is, a 47.28 per cent of rural households.
At the same time, all the rural households of three states - Goa, Haryana and Telangana, and three Union
Territories, Andaman and Nicobar Islands, Dadra and Nagar Haveli and Puducherry have access to running
water, according to the government data. The coverage is part of the Jal Jeevan Mission of the Ministry of
Jal Shakti.
The Jal Jeevan Mission i was announced on the Independence Day of 2019. It was the revamped 2009
scheme of the National Rural Drinking Water Programme . This mission’s goal is to provide household tap
connection to all rural households by 2024.
New IBBI Chief bats for comprehensive cross-border insolvency framework
The time is ripe to enact a formal comprehensive cross border insolvency framework, especially when
Indian businesses are expanding operations across countries and with increasing financial market linkages,
the recently appointed IBBI Chairman Ravi Mital has said.
Proposed law
The new comprehensive framework is likely to be largely patterned on the UNCITRAL model law on cross-
border insolvency, which has been adopted by the US, the UK, Japan and Singapore. The UN Model law is
now proposed to be tweaked to suit the Indian context and requirements.
Mital noted in the IBBI newsletter that adoption of cross-border insolvency regime will further India’s
image as most improved jurisdiction in terms of insolvency resolution.
Currently, the provisions of IBC provides for cross-border insolvency cases through bilateral agreements
and issuance of letters of request to foreign courts by Adjudicating Authorities under Sections 234 and
Sections 235.
The insolvency laws committee (ILC) felt that this process is an ad-hoc framework that is susceptible to
delays and uncertainty for creditors, debtors and courts.
The ILC therefore suggested the adoption of UNCITRAL model law with necessary modifications to suit the
Indian context. The Model law has been adopted by 50 countries so far covering 54 jurisdictions.
the IBC currently envisages the resolution of cross-border insolvency through bilateral agreements and
letters of request in terms of sections 233 and 234 of the IBC. “Since no such bilateral agreement has been
executed yet, the current regime remains hollow and inadequate. To effectively remedy this situation, the
46 | P a g e
government has proposed the current framework in line with the UNCITRAL model law on cross-border
insolvency
Industry must focus on semi-conductors, EVs to remove import dependence: PM
“Our manufacturing sector is 15 per cent of our GDP, but we have infinite opportunities. Our products
need ‘zero defect, zero effect’- best quality with no effect on environment,” Modi said.
Referring to declaration of 2023 as `International Year of Millets’, the PM said that since global demand for
millets was rising, Indian mills need to be prepared in advance for maximum production and packaging.
E-bill system will end ‘rent seeking’ in government contracts, says Sitharaman
E-bill proposal was made in the Budget this year

New Electronic Bill (e-Bill) processing system will stop any possible ‘rent seeking’ in clearance of dues to
contractors or suppliers to government departments, Finance Minister Nirmala Sitharaman said here on
Wednesday.
The Minister launched the new mechanism while inaugurating foundation day event of Controller General
of Accounts (CGA), the book keeper of the government. In her Budget speech, she had announced that as a
further step to enhance transparency and to reduce delays in payments, a completely paperless, end-to-
end online e-Bill System will be launched for use by all central ministries for their procurements. The
system will enable suppliers and contractors to submit online their digitally signed bills and claims and
track their status from anywhere.
It will be implemented across all central ministries and departments and suppliers and contractors will now
be able to submit their claim online that will be trackable in real time basis. “Put your claim with digital
signatures and you do not have to come to government offices. Your payment reaches (to you) as soon
your claim reaches with digital signature,” Sitharaman said.
Giving details of the e-bill system, Additional Controller General of Accounts Dharitri Panda said currently
the claimaints are required to submit physical copies of bills to the departments for scrutiny. With the e-bill
initiative, claimants would be able to submit digitally signed bills on the PFMS and check status without
approaching offices.
Coal demand is higher than the current levels supply and the gap cannot be bridged completely as there is
insufficient availability and reserve of prime coking coal in India. Besides, coal imported by power plants
designed on imported coal and high grade coal required for blending purposes is also imported as this
cannot be fully substituted by domestic coal as reserves of high grade coal are limited.
Presently, coal is under Open General License (OGL) and consumers are free to import coal from the source
of their choice. Thermal power based on domestic coal can use imported coal up to 10 per cent for
blending with domestic coal, where technically feasible, to meet the increased power demand in the
country.
47 | P a g e
Centre says it is unable to recover wrongly claimed premium on organic produce from certification bodies
BL Mangaluru Bureau |Mangaluru, April 6 | Updated On: Apr 06, 2022
APEDA supervises the functioning of National Accreditation Body (NAB), which is in charge of NPOP affairs.
He said Kisan Rail trains have been introduced by Indian Railways to move perishables, including fruits,
vegetables, meat, poultry, fishery and dairy products, from production or surplus regions to consumption
or deficient regions. The features of the Kisan Rail include speedy movement ensuring minimum damage
during transit; multi commodity, multi consignor, multi consignee and multi stoppages; and no minimum
limit on quantity that can be booked.
He said the potential circuits for movement of Kisan Rail services are identified in consultation with Union
Ministry of Agriculture and Farmers Welfare and Agriculture/Animal Husbandry/Fisheries Departments of
the State governments and local bodies and agencies, mandis etc, Based on demand, rakes are provided on
priority for running of Kisan Rail services, he said.
India, South Africa, Namibia oppose talks at WTO on e-commerce, investment, MSMEs
Amiti Sen |New Delhi, February 28 | Updated On: Feb 28, 2022
Marrakesh Agreement
One of the aims of the Marrakesh Agreement was to unravel the fragmented system of rules, which was
created by the Tokyo Round’s plurilateral codes. “To return to a system of plurilateral agreements would
be contrary to the letter and the spirit which binds members to this institution. It would be a step in the
wrong direction,”
Decentralisation should combine with resource distribution to power growth, says C Rangarajan
48 | P a g e
BL Thiruvananthapuram Bureau |Updated On: Feb 28, 2022
Unfortunately, expenditure by local governments is miniscule compared to the national expenditure. Even
in relation with the expenditure of State governments, this is very small. This goes against the letter and
spirit of democratic decentralisation.
Economy
Cabinet approves up to 20 per cent FDI in LIC under automatic route
Shishir Sinha |Updated On: Feb 26, 2022
Minor tweaks made to facilitate FDI in other corporate bodies, too

The Union Cabinet on Saturday approved amendment in the Foreign Direct Investment (FDI) policy to
facilitate FDI up to 20 per cent in IPO-bound Life Insurance Corporation of India Limited.
“FDI up to 20 per cent under the automatic route is being allowed in LIC,”
The government has approved listing of shares of LIC, which is a statutory corporation established under
LIC Act, 1956, on the stock market through an IPO by part-sale of government stake in it and raising fresh
equity capital for LIC .
“Since, as per present FDI policy, the FDI ceiling for public sector banks is 20 per cent on government
approval route, it has been decided to allow foreign investment up to 20 per cent for LIC and such other
bodies corporate. Further, in order to expedite the capital raising process, such FDI has been kept on the
automatic route, as is in the case of rest of the insurance sector,”
As on date, insurance sector hac FDI limit of 49 per cent, but LIC is excluded from this. That is why there is
need to change FDI norms. Sources said that initially, FDI can be capped up to 20 per cent with approval
route in LIC. Present norms prescribe 20 per cent limit under approval route for public sector banks which
include State Bank of India.
. It has mentioned that not more than 50 per cent of the Net Offer shall be available for allocation to QIBs
(Qualified Institutional Bidders). Foreign investors will be part of QIB.
Further, it said that not less than 15 per cent of the Net Offer or the Net Offer less allocation to QIB Bidders
and RIBs shall be available for allocation to non-institutional bidders or high net-worth individuals (HNI)
while not less than 35 per cent will be for retail investor i.e ., those who are putting the bid up to ₹2 lakh .
“The Employee Reservation Portion shall not exceed 5 per cent of our post-Offer Equity Share capital. The
Policyholder Reservation Portion shall not exceed 10 per cent of the Offer size
Aflatoxin (carcinogen) exposure is expected to increase in India among others such as Africa, Europe and
North America. Other carcinogenic toxins originate from cyanobacteria blooms which are projected to
increase in frequency and distribution with climate change.
‘Long-term capital gains are made by well-off people and the tax on it is justified’
BL Chennai Bureau |Updated On: Feb 28, 2022
. If one can compare tax rates, one can notice that the other countries are charging long-term capital gains
tax at the applicable rate of 25 to 30 per cent. These are the kind of rates in India we have 10 per cent. And
the long-term period is 12 months,”
49 | P a g e
“About 40 per cent of raw material for cement production – limestone – is in the south, and there is
no ordinary portland cement in the north. Unless cement moves from south to north, there will be a
shortage of cement in the north. The cement industry will be blamed for cartelising. Cement cannot be
stored and if we store more than a certain amount of cement, we will be asked to be closed by the
Environment Ministry. Projects are being held up,”
Centre plans to make India a 3D-printed design and manufacturing hub

BL New Delhi Bureau |Updated On: Feb 25, 2022
The government releases a national additive manufacturing strategy to add $2-3 billion to GDP by 2025
To cater to next-generation digital manufacturing and mitigate immediate disabilities of local industries,
the government released a “National Strategy on Additive Manufacturing (AM)” or 3D printing that aims to
add $2-3 billion to the GDP by 2025.
“The value of precision electronics is high. It is estimated to contribute $2-3 billion in GDP in the coming
two-three years,” Ashwini Vaishnaw, Minister of Electronics and Information Technology, Communications
and Railways, said while releasing the strategy.
Under this, the government plans to create 50 India-specific technologies for material, machine, process,
and software to make India a 3D-printed design and manufacturing hub.
Tamil Nadu pips Karnataka as the leader in overall renewable capacity
G Balachandar |Updated On: Feb 25, 2022
With rapid growth, Gujarat is racing towards the pole position

Tamil Nadu has achieved the Number One position in overall installed renewable energy capacity in the
country, wresting the top slot back from Karnataka.
In 2018, Karnataka toppled Tamil Nadu to become the leader in total installed capacity in the clean energy
sector, supported by huge capacity addition in the solar segment and good progress in the wind power
capacity. In January 2019, Karnataka’s total renewable capacity was 13,402 MW, while Tamil Nadu’s total
capacity was 12,125 MW.
Thanks to faster capacity addition in Tamil Nadu in recent years across solar and wind segments, the State
has now regained the top position that it lost to Karnataka.
Installed renewable capacity
As of January 31, 2022, Tamil Nadu’s total installed renewable capacity stood at 15,914 MW as compared
to Karnataka’s total clean energy capacity of 15,795 MW, according to the information provided by the
Ministry of New and Renewable Energy (MNRE).
“Tamil Nadu has been one of the early proponents of clean energy and is at the forefront of India’s clean
energy transition. We believe, with the State government’s endeavour to become energy self-sufficient,
there is immense opportunity for solar energy generation across segments- rooftop, large-scale solar parks,
wind-solar hybrid projects,
Tamil Nadu’s total solar capacity increased to 4,894 MW (includes ground-mounted, rooftop and off-grid
capacity) as of January 31, 2022, from 2,575 MW as of March 31, 2019, while wind capacity grew to 9,857
MW from 8,969 MW during the period.
Karnataka’s solar capacity increased to 7,535 MW as of January 31, 2022, from 6,096 MW as of March 31,
2019, while its wind capacity grew to 5,077 MW from 4,695MW.
50 | P a g e
Rajasthan not far behind
Now, Gujarat is racing to become Number one with a huge increase in capacity addition in recent months.
As of January 31, 2022, Gujarat’s total renewable capacity was 15,518 MW. It is the Number One state in
total rooftop solar installations. Of the total 6,405 MW of rooftop capacity in the country, Gujarat
accounted for 1,679 MW.
“Rajasthan and Gujarat added the highest renewable capacity (4.8 GW and 2.4 GW respectively) in the
current fiscal year till January 31, 2022.
Rajasthan’s total solar capacity crossed 10,000 MW, the first state to achieve this, and stood at 10,507
MW, followed by Karnataka (7,535 MW) and Gujarat (6,310 MW) and Tamil Nadu (4,894 MW). Rajasthan’s
overall renewable capacity was 14,983 MW.
From April 1, GST e-invoice is mandatory for businesses with ₹20 crore turnover
Shishir Sinha |New Delhi, February 25 | Updated On: Feb 25, 2022
RELATED
More measures likely to curb fake invoices under GST

More and more businesses now required to issue e-invoice
The Central Board of Indirect Taxes & Custom (CBIC) has lowered the threshold for mandatory issuance of
e- invoice (electronic invoice) under Goods & Services Tax (GST) to ₹20 crore from the earlier prescribed
limit of ₹50 crore.
It means businesses with turnover of ₹20 crore or more will have to issue e-invoice from April 1. If the
invoice is not valid, ITC (Input Tax Credit) on the same cannot be availed by the recipient, besides attracting
applicable penalties. Experts say this amendment seems to be tailored to suit the Government’s digital
economy agenda.
E-invoicing prescribes a standardised format of invoice which can be read by a machine. It is a system in
which B2B (Business-to-Business) invoices are authenticated electronically by GSTN (Goods & Services Tax
Network) for further use on the common GST portal. Under the electronic invoicing system, an
identification number will be issued against every invoice by the Invoice Registration Portal (IRP) to be
managed by the GSTN.
Govt to integrate 6 online agri trading platforms with eNAM

Prabhudutta Mishra |New Delhi, Feb 25 | Updated On: Feb 25, 2022
Currently, e-NAM has connected 1,000 mandis across the country, whereas the online platforms
developed in the private sector are mostly limited to specific geographies or commodities. Besides, e-NAM
platforms are also operational at FPO premises in certain States which allow them. Even if transactions are
done through e-NAM, mandi fees are payable as per local rules in each State. While some States such as
51 | P a g e
Rajasthan follow uniform fees across all mandis, though charges vary from commodity to commodity,
some others like Gujarat have allowed APMC to decide the market fees.
India Data Accessibility and Use Policy: Welcome step, but cyber security concerns need to be addressed,
say experts
S Ronendra Singh |Updated On: Feb 23, 2022
‘Policy aims to ensure effective data-based paradigms for better governance’

The government’s draft on the ‘India Data Accessibility and Use Policy’ is a move aimed to ensure more
effective data-based governance paradigms for better and more broad-based governance, say industry
veterans and experts.
The Ministry of Electronics and Information Technology (MeitY) on Monday came out with a draft policy
that proposes a framework for government-to-government data sharing and moots that all data for every
government department or its organisation shall be open and sharable by default, with certain riders. It
proposes to make available certain data for the purpose of R&D and innovation. “Minimally processed data
sets shall be made available at no cost to promote innovation and R&D ... for restricted access data sharing
as per the licensing model adopted, pricing of data sets will be decided by the owner/government
department or agency and must be notified in a transparent manner,” said the draft.
A way forward in agricultural trade with UAE
M Angamuthu |Updated On: Feb 22, 2022
The comprehensive economic partnership agreement will boost to agri exports and serve as a gateway
to GCC, West Asia & Africa.
India and UAE have been strategic partners right since diplomatic ties were established in 1972. The two
nations signed the historic Comprehensive Economic Partnership Agreement (CEPA) during the virtual
summit meeting between Prime Minister Narendra Modi and Sheikh Mohamed bin Zayed Al Nahyan,
Crown Prince of Abu Dhabi on February 18, aimed at boosting the merchandise trade between the
countries to $100 billion over the next five years.
The agreement is set to benefit almost 90 per cent of the trade, both exports and imports, between the
two countries. The free trade pact will be further deepened over the next decade with the UAE set to
eliminate import duties on 97 per cent of tariff lines in the next five years, while India will bring down
tariffs to zero on 90 per cent of items over ten years.
In a first of its kind, there is a digital trade element to enhance cooperation in paperless trading, digital
payments and online consumer protection. Bilateral trade volumes would increase manifold when two-
way investment flows pick up.
India’s export share of principal commodities in the UAE
In India’s export of principal commodities of all agri products, UAE is the 4th largest export
destination(value: $1865.82 million, quantity: 20,61,039.77 tonnes) with the share of 5.23 per cent in the
current year 2021-22 (April-December) in the global market. The major products exported from India
during the referred period are sugar, basmati rice, spices, marine products, miscellaneous processed items,
wheat, fresh fruits, cashew, buffalo meat, non-basmati rice etc.
Productivity-linked wages will be a ‘win-win’ situation in plantation sector: APK Chairman
V.Sajeev Kumar |Updated On: Feb 22, 2022
52 | P a g e
What are the current issues faced by the sector?
Mono-cropping with high labour costs and climate change are having a significant impact on the financial
position of producers. Multi cropping and liberalization in land laws to allow other activities need to be
speedily implemented for the sector’s survival. Kerala has the highest plantation wages in the entire
country. The productivity here is lower than our counterparts Tamil Nadu and Karnataka and far below the
North-eastern states.
As nearly 65 per cent of the cost of production comes from labour, it is a major impediment. Hopefully, all
stakeholders will realize and work towards improving productivity and keeping wages at a reasonable level
so that the employers can afford to pay the same and the workforce are able to sustain a decent living.
India’s ₹43,000 crore submarine project P-75I faces multiple delays
Swaraj Baggonkar |Updated On: Feb 20, 2022
INS Vagir is one of the eight F-Class vessels

If the bid submission takes place in June, it will take another two years for the government to consider it
before orders are placed by the end of 2024
Web and
The Indian Navy’s wait for six conventional diesel-electric submarines under the project name P-75(I), is
likely get extended, pushing the acquisition plans forward by almost a year. The ₹43,000 project is part of
the 30-year submarine building plan of the government that began in 1999.
INS Vagsheer
Mazagon Dock Shipbuilders has the capacity to simultaneously construct 11 submarines at its Mumbai
facility. The company is presently building INS Vagsheer, which is the sixth and the last of the Kalavari-class
Scorpene submarines under Project 75 (P75).
Four submarines of this class - INS Kalavari, INS Karanj, INS Khanderi, INS Vela - have been commissioned
into the Indian Navy while a fifth, INS Vagir, began its sea trials earlier this month.
Indians remitted $13.8 b abroad in April-Dec, surpassing FY21 level
NARAYANAN V |Chennai, February 19 | Updated On: Feb 19, 2022
Education accounted for a third, followed by travel

Indians have sent more money abroad in the first nine months of the current fiscal compared to the whole
of FY21. Thanks to pick up in overseas education and pent-up travel demand, outward remittances, under
the Liberalised Remittance Scheme (LRS), touched $13.80 billion during April-December 2021, exceeding
$12.68 billion in remittances made for whole of FY21.
Under LRS, a resident individual can remit up to $250,000 in a financial year for current account
transactions such as private visit, gift or donation, overseas employment expenses, emigration,
maintenance of close relatives abroad, business trip, medical treatment abroad, and overseas educational
expenses.
South Asia’s largest study abroad platform, Leap Scholar, says it has helped over 60,000 students move
overseas for education and facilitated more than $150 million worth of education loans in 2021. “With
aspirations for global education and careers being higher than ever, we expect this pent-up demand to
continue and 2022 will see new highs in the study abroad space,” Singh added.
53 | P a g e
With $4.16 billion in spending, ‘travel’ was the second highest purpose of outward remittance followed by
‘maintenance of close relatives’, under which Indians sent $2.31 billion during the first three quarters of
the current fiscal.
New policy to cut green hydrogen cost by 40-50 per cent: IOC
PTI |New Delhi, February 20 | Updated On: Feb 20, 2022
The Indian Oil Corporation (IOC) plans to replace 'grey hydrogen' with 'green hydrogen'
India's largest oil firm IOC will set up 'green hydrogen' plants at its Mathura and Panipat refineries by 2024
to replace carbon-emitting units as it sees the just announced green hydrogen policy as a watershed
moment in the country's energy transition that will help cut costs.
Oil refineries, fertiliser plants and steel units use hydrogen as process fuel to produce finished products.
In refineries, hydrogen is used to remove excess sulphur from petrol and diesel.
This hydrogen presently is produced from fossil fuels such as natural gas or naphtha and results in carbon
emissions.
IOC plans to replace this 'grey hydrogen' with 'green hydrogen' — also referred to as 'clean hydrogen' — by
using electricity from renewable energy sources, such as solar or wind power, to split water into two
hydrogen atoms and one oxygen atom through a process called electrolysis.
the current cost estimates are based on alkaline water electrolysis, which consumes some 55 units to
produce 1 kg of hydrogen. The use of polymer electrolyte membrane (PEM) electrolysis would bring down
the requirement of electricity by 10 units, thus further reducing cost.
“Ministry of Power (MoP) has planned that charging stations should be in an area of 3×3 km grid.
Currently, India has a total of 1640 operational public EV chargers. Out of which, 9 cities (Surat, Pune,
Ahmedabad, Bengaluru, Hyderabad, Delhi, Kolkata, Mumbai, and Chennai) account for approximately 940
stations,”
Making “White Revolution” 2.0 Adulteration Free

Kishore Indukuri |Updated On: Feb 19, 2022
Recently, the Supreme Court asked States to amend their laws to make the production and marketing of
adulterated milk an offence punishable with life imprisonment
“White Revolution” is a term coined way back in the 1970s to commemorate the idea of revolutionising
milk production in India to make the country self-sustainable in quality food and complete diet. It is a quest
that India embarked upon and now, the country is the global leader in milk production and consumption.
The seriousness of the problem can be comprehended from the fact that the Supreme Court has advised
States to amend their laws to make the production and marketing of adulterated milk an offence
punishable with life imprisonment. At present, the offenders are punished for a maximum of six
months under the Food Safety and Standards Act.
54 | P a g e
And the milk can be containing anything — right from toxins like urea, formalin, paint and detergents that
give a false impression of the higher fat content to water and similar ingredients that increases the volume.
PM flags off 100 'kisan drones' to spray pesticides in farms across India
PTI |February 19, 2022 | Updated On: Feb 19, 2022
Farmers in delta region use drones as they battle recurrent pest attacks | Photo Credit: VIJAYA KUMAR T
The drones were described as “very novel and exciting initiative” for farmers
Prime Minister Narendra Modi expressed confidence that India's rising capability in the drone sector will
give the world a new leadership, as he flagged off 100 'kisan drones' in different parts of the country for
spraying pesticides and other farm materials.
Modi launched the drones on Friday with officials describing it as a "very novel and exciting initiative" for
farmers.
In his speech, the prime minister said a new culture of drone start-ups is getting ready in India. Their
numbers will soon be in thousands from over 200 now, leading to the generation of employment
opportunities on a massive scale.
‘New revolution’
The prime minister said his government did not waste time on apprehensions about opening up the drone
sector but trusted India's young talent and moved ahead with a new mindset. He said his government has
given priority to technology and innovations in the Budget and policy measures.
Noting that drones have diverse usages, Modi said, they have been used in the 'Swamitva Yojana' aimed at
creating a record of land ownership in villages and transporting medicines and vaccines.
He said 'kisan drones' are the beginning of a new revolution. Farmers can use high-capacity drones in the
coming times to transport their produce like fruits, vegetables and flowers to markets in a minimal time,
boosting their income.
Maharashtra farmers sow illegal Bt brinjal, defy Centre’s fiat
BL Pune Bureau |February 17 | Updated On: Feb 17, 2022
The cultivation, which is illegal since it is unapproved by the nodal agency Genetic Engineering Appraisal
Committee (GEAC), was launched on Thursday to protest against the Union Government’s slackness in
approving new varieties of ban on genetically modified (GM) crops. The Centre has asked State
governments to crackdown on such cultivation.
GM crop status
So far, the Union government has approved only the cultivation of non-food crop - cotton - among GM
varieties. Since 2006, no new variety, including cotton, has been approved by GEAC, the nodal agency to
clear GM crops in the country. Introduction of new GM crops also suffered a setback when the Supreme
Court announced a 10-year- moratorium on cultivation of such varieties in 2009. Though the moratorium
ended in 2019, no application has been filed for testing any new GM variety. Besides Bt brinjal, farmers
have also been cultivating herbicide tolerant Bt cotton and a new GM variety cotton dubbed as 4G.
Govt notifies green hydrogen & ammonia policy; targets 5 million tonnes output by 2030
Our Bureau |Updated On: Feb 17, 2022
55 | P a g e
Policy offers free transmission for 25 years, ISTS connectivity on priority & plans to set up manufacturing
zones for green hydrogen & ammonia
The Ministry of Power on Thursday notified the green hydrogen and ammonia policy under which the
government is offering to set up manufacturing zones for production, connectivity to the ISTS (inter-state
transmission system) on priority basis, and free transmission for 25 years if the production facility is
commissioned before June 2025.
The government has raised its production target by five times from 1 million tonnes (m) to 5 mt by 2030. In
October last year, Minister of State for New and Renewable Energy Bhagwanth Khuba had said that India is
targeting initially around1 million tonnes annual green hydrogen production by 2030.
The policy offers that green hydrogen and ammonia manufacturers may purchase renewable power from
the power exchange or set up renewable energy (RE) capacity themselves or through any other, developer,
anywhere. The government will provide open access within 15 days of receipt of application and
manufacturers can bank (store) their unconsumed renewable power, up to 30 days, with the Discom and
take it back when required, Power Ministry said in a statement.
ALSO READ
“Waiver of inter-State transmission charges for 25 years will be allowed to the manufacturers of green
hydrogen/ ammonia for projects commissioned before June 30, 2025. The manufacturers of green
hydrogen/ ammonia and the RE plant shall be given connectivity to the grid on priority basis to avoid any
procedural delays. The benefit of Renewable Purchase Obligation (RPO) will be granted incentive to the
hydrogen/Ammonia manufacturer and the Distribution licensee for consumption of renewable power,” it
added.
Index of mineral production of mining and quarrying sector for December 2021 up by 2. 6 per cent
BL New Delhi Bureau |February 16 | Updated On: Feb 16, 2022
Mineral production rose by 16 per cent during April-December

The index of mineral production of mining and quarrying sector for December 2021 was at 120.3, up 2. 6
per cent y-o-y.
As per the provisional statistics of Indian Bureau of Mines (IBM), the cumulative growth for the period from
April to December of this fiscal was up 16 per cent y-o-y, as per a government statement.
India-Australia ink LoI for reducing cost of solar & clean hydrogen
The fourth India–Australia Energy Dialogue was held on Tuesday

India and Australia on Tuesday signed a letter of intent (LoI) for working towards bringing down the cost of
renewable energy (RE) technologies. Both the countries will also focus on scaling up the manufacturing of
low cost solar and clean hydrogen.
The Central Government may, with a view to regulating equitable distribution of fertilisers and making
fertilisers available at fair prices, by notification in the Official Gazette, fix the maximum prices or rates at
which any fertiliser may be sold by a dealer, manufacturer, importer or a pool handling agency.
56 | P a g e
Industry experts said the current Fertiliser Control Order 1985 is more than sufficient to deal with
emergency situations and putting such draconian provisions under a separate Act may lead to bringing
back the “inspector raj”, reminiscent of the pre-1991 era.
How APEDA has helped increase India’s exports of agricultural products
Subramani Ra Mancombu |Updated On: Feb 13, 2022
Set up in 1986, the authority has come a long way accounting for 49% of total shipments of farm items
As Indian agricultural product exports begin to make inroads in the global market, especially leading in
non-basmati rice exports, the Agricultural and Processed Food Products Export Development Authority
(APEDA) is playing a significant role, accounting for 49 per cent of the overall shipments of these products.
Founded on February 13, 1986, APEDA began with agricultural exports to the tune of $0.6 billion. Last
fiscal, its shipments of agricultural products totalled $20.67 billion and expanded its footprints to 205
countries.
APEDA was set up under an Act by Parliament by the Government under the Ministry of Commerce and
Industry once it realised the importance of agriculture and processed food products exports.
Last and this fiscal, dragon fruit, patented village rice, jackfruit, jamun, Burmese grapes, dehydrated mahua
flowers and puffed rice are some of the ethnic and GI tagged products shipped out of the country. GI
varieties of mango, GI tagged Shahi litchi, Bhalia wheat, Madurai malli, Mihidana, Sitabhog, Dahanu
Gholvad Sapota, Jalgaon banana, Vazhakulam pineapple and Marayoor jaggery are among these, says
Angamuthu.
In order to give further fillip to exports, country specific agri-export strategy reports have been prepared
for 60 countries to tap the potential. A Market Intelligence Cell has been set up in APEDA and it has begun
putting out E-market intelligence reports comprising detailed market analysis.
APEDA has set up a farmer connect portal on its website for providing a platform for farmer producers
organisations (FPOs) or farmer producer companies (FPCs), Cooperatives to interact with exporters.
APEDA has also integrated a Blockchain solution in its GrapeNet traceability platform, which is a web-based
certification and traceability software system for monitoring fresh grapes exports to the European Union.
The Blockchain solution, called APEDA Trust Chain, helps track all the details of the export consignment,
right down to the location of the vineyards.
Non-basmati rice, India’s top export item among the many agricultural and processed food product exports
in the APEDA basket, contributed close to one-fourth of the total exports in 2020-21. The top three
products in the APEDA export basket in 2020-21 were non-basmati rice (23.22%), basmati rice (19.44%)
and buffalo meat (15.34%). These products together account for 58 per cent of total shipments.
Other initiatives
In fact, APEDA pioneered its first traceability system for the export of grapes to EU countries in the year
2005-06,
APEDA, which has been designated as secretariat for National Programme for Organic Production, has
been able to achieve export growth over the past two years despite disruption of supplies during Covid-19
pandemic.
It was set up by the Ministry of Commerce and Industry under the Agriculture and Processed Food
products Export Development Authority. The Act was passed by Parliament in December 1985. It was
formed and came into effect from 13 February 1986
Government cuts agri cess on crude palm oil
Prabhudutta Mishra |New Delhi, February 12 | Updated On: Feb 13, 2022
57 | P a g e
Will help domestic refiners as it widens the gap with refined oil
The Union government has decided to reduce the agricultural infrastructure development cess (AIDC) on
crude palm oil (CPO) to 5 per cent effective from February 13 from the current 7.5 per cent which will help
it to widen the gap between crude and refined oil. After this reduction, the effective gap will be 8.5 per
cent between CPO and RBD palmolein.
In a notification issued on Saturday, the Finance Ministry has also extended the validity of the new duty on
CPO and other crude oils to September 30. The effective duty on these crude edible oils will be 5.5 per
cent.
The Food Ministry, on February 3, had notified the order imposing stock limit on edible oils and oilseeds
making it mandatory for States to implement it.
Indian consumers can expect little relief from high edible oil prices at least until May as a combination of
factors such as labour shortage in South-East Asia oil palm plantations, surging crude oil prices and dry
weather in South America will keep them elevated.
ICAI makes ‘peer review’ mandatory to further improve audit, assurance quality
K. R. Srivats |Updated On: Feb 11, 2022
Nihar Jambusaria, President, Institute of Chartered Accountants of India | Photo Credit: Jaishankar
P@Chennai
To roll out mechanism across categories of enterprises over next three years, says ICAI President
Jambusaria
The CA Institute has taken the next big step towards further improving audit and assurance quality in the
country. Its Central Council has now made peer review mechanism mandatory for certain categories of
firms and plans to introduce it in phases over the next three years,
A ‘peer review’ is an examination of the audit or assurance work of an audit firm/auditor by another CA
Institute’s practising member.
Peer review, as a concept, was introduced on a voluntary basis in 2002. It was then rolled out with the
objective of maintaining, upgrading, promoting and certifying the quality of audit in India, in view of the
fact that the audit system had come under close scrutiny globally.
Policy
India bans import of drones, except for R&D, defence & security purposes
Abhishek Law |Updated On: Feb 10, 2022
The Budget proposed the Drone Shakti scheme to facilitate application and use of ‘drones as service’ in
the country
India has banned import of drones except for R&D, defence and security purposes. The ban, which comes
into immediate effect, is aimed at promoting the domestic drone manufacturing industry.
A Wednesday notification by the DGFT said, “Import policy of drones in... under HS code 8806 is
‘Prohibited’ with exceptions provided for R&D, Defence and Security purposes. Import of drone
components shall be ‘Free’. This shall come into force with immediate effect”.
58 | P a g e
Early harvest agreement
An interim or early harvest trade agreement is used to liberalise tariffs on the trade of certain goods
between two countries or trading blocs before a comprehensive FTA (Free Trade Agreement) is
concluded.
One-fifth of country’s chemical pesticides’ demand comes from Maharashtra

AJ Vinayak |Mangaluru, February 8 | Updated On: Feb 08, 2022
Three agriculture-centric States in the country also lead in the demand for chemical pesticides
Nearly half of the country’s demand for chemical pesticides in 2020-21 came from the three States—
Maharashtra, Uttar Pradesh and Telangana . Almost 46.38 per cent of the demand for 70,668 tonnes of
chemical pesticides was from these three States.
Maharashtra contributed nearly one-fifth of the country’s demand for chemical pesticides during 2020-21.
While Maharashtra led the demand for chemical pesticides at 14,396 tonnes, Uttar Pradesh and Telangana
followed it with 11,850 tonnes and 6,535 tonnes, respectively, during the period.
Some States in India do not use chemical pesticides. In a written reply in Rajya Sabha on Tuesday, Mansukh
Mandaviya, Union Minister for Health and Family Welfare and Chemicals and Fertilizers, said the
northeastern States such as Meghalaya and Sikkim have been notified as ‘organic State’.
Pesticide ‘mancozeb’ led the table in terms of production in the country.
Production of another key pesticide, ‘acephate’, went up from 21,081 tonnes to 29,588 tonnes in 2020-21,
Production of another key pesticide, ‘2,4-D’,
No DAP shortage
The Central government has asked the fertilizer companies to manufacture additional DAP (di-ammonium
phosphate) to meet the demands during the current rabi season.
According to information provided to the Lok Sabha by the Ministry, a central financial assistance of 30 per
cent of the benchmark cost or price discovered through tender, whichever is lower, is provided for solar
pump installations under PM-KUSUM. Another 30 per cent is provided by the respective State, with the
rest borne by the farmer. The scheme is demand-driven and there are no fixed targets for the states.
US regains top spot as India’s trade partner in 2021
Amiti Sen |Updated On: Feb 03, 2022
India posted its second highest ever monthly trade deficit of $20 billion in January, worsening from a $17.7
billion deficit in December, piling pressure on a widening current account deficit and limiting scope for the
central bank to cut interest rates. REUTERS/Babu (INDIA - Tags: BUSINESS) | Photo Credit: BABU
Though China slipped to second position, its exports to India spiralled
New Delhi, February 3
59 | P a g e
The US has regained its position as India’s top trading partner in calendar year 2021 with China slipping to
the second spot. But imports from Beijing spiralled 49 per cent to $87.48 billion, compared to imports in
2020, widening the bilateral trade deficit. The escalation in imports from the China, however, is mostly due
to an increase in shipments of capital goods, intermediate goods and raw materials, with a much lower rise
in consumer goods, according to figures collated by the Commerce Department.
The PMFBY is voluntary for States and UTs as well as for farmers. States/UTs can participate in the scheme
keeping in view their risk perception and financial considerations etc. Since the inception of the scheme 27
States and UTs implemented the PMFBY in one or more seasons.
Budget 2022 | Roll-out of e-passports to ease global travel, boost tourism: Experts
Amiti Sen |New Delhi, February 1 | Updated On: Feb 01, 2022
Issue of e-passports with embedded chips to start in 2022-23, says FM

In a move to make international travel easier for citizens and also give a boost to the tourism sector, the
Centre is set to start issuing e-passports in 2022-23.
“The issuance of e-passports using embedded chip and futuristic technology will be rolled out in 2022-23
to enhance convenience for the citizens in their overseas travel,” Finance Minister Nirmala Sitharaman
stated in her Budget 2022-23 speech on Tuesday.
Last month, the Ministry of External Affairs signed an agreement for implementation of the second phase
of the Passport Seva Programme with Tata Consultancy Services Limited, and had stated the issuance of e-
passports will be introduced.
The next generation e-passport for citizens will have fully secure biometric data and will allow smooth
passage through immigration posts globally, according to Ministry of External Affairs Secretary Sanjay
Bhattacharyya, who shared information on the proposed launch of e-passports in a tweet last month.
The e-passports will follow the International Civil Aviation Organisation (ICAO) standards and will be
produced at India Security Press, Nashik, the tweet said.
Digital Skilling, E-learning finds a sweet spot in Budget 2022
BL Mumbai Bureau |Updated On: Feb 01, 2022
To reorient skilling programmes and industry partnerships to promote employability.

Government announced a slew of digital skilling and digital university-focussed initiatives at the Union
Budget 2022. Skilling programmes and industry partnerships will be reoriented to promote skilling avenues
and employability.
The National Skill Qualification Framework (NSQF) will now be updated based on the changing industry
needs.
The government will be launching Digital Ecosystem for Skilling and Livelihood – the DESH-Stack e-portal to
skill, reskill and upskill citizens through online training. There will be API-based trusted skill credentials,
payment and added discovery layers to find relevant jobs and entrepreneurial opportunities.
The government is now expanding ‘one class-one TV channel’ programme of PM eVIDYA from 12 to 200 TV
channels. This will enable all states to provide supplementary education in regional languages for classes 1-
12.
.Separately, the FM announced, “A Digital University will be established to provide access to students
across the country for world-class quality universal education with personalised learning experience at
their doorsteps. This will be made available in different Indian languages and ICT formats. The University
60 | P a g e
will be built on a networked hub-spoke model, with the hub building cutting edge ICT expertise. The best
public universities and institutions in the country will collaborate as a network of hub-spokes.”
₹6,000-crore RAMP programme, a boost for MSME sector

Our Bureau |New Delhi, February 1 | Updated On: Feb 01, 2022
Emergency Credit Line Guarantee Scheme will be extended up to March 2023, said FM
In a bid to make the MSME sector more competitive, the Centre on Tuesday said it will be rolling out the
Raising and Accelerating MSME Performance (RAMP) programme with an outlay of ₹6,000 crore over five
years.
It also said that Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) scheme will be
revamped with a required infusion of funds and will facilitate additional credit of ₹2-lakh crore for Micro
and Small Enterprises (MSMEs) and expand employment opportunities.
‘The decision to reduce MAT will help cooperative societies’
BL Pune Bureau |Updated On: Feb 01, 2022
The government’s decision to reduce the minimum alternative tax (MAT) for cooperative societies from
the current 18.5 per cent to 15 per cent on par with private companies will help the cooperative societies
to strengthen their financial positions and plan new schemes.
Finance Minister Nirmala Sitharaman while presenting the Budget on Tuesday also said the government
has also proposed to reduce the surcharge on cooperative societies from the present 12 per cent to 7 per
cent for those having total income of more than ₹1 crore up to ₹10 crore.
National Tele-Mental Health Programme launched
Monika Yadav |Updated On: Feb 01, 2022
Network to include 23 tele-mental health centres of excellence; Nimhans in Bengaluru to be nodal

centre
Telemedicine has been increasingly acknowledged as a viable system to widen access to healthcare, and in
March 2020, the Telemedicine Practice Guidelines were released jointly by the Ministry of Health and
Family Welfare and NITI Aayog. In a document in 2021, the think tank had noted that the telemedicine
market size in India was $830 million in 2019. Mental health would now be included in the services
provided. “The pandemic has accentuated mental health problems in people of all ages. To better access to
quality mental health counselling and care services, a National Tele-Mental Health Programme will be
launched. This will include a network of 23 tele-mental health centres of excellence with Nimhans
(National Institute for Mental Health and Neurosciences) being the nodal centre and International Institute
of Information technology (IIIT-Bangalore) providing technology support,” Sitharaman said.
“While the National Mental Tele-health initiative is an important step, as the next step it would be great if
the mental health industry is supported by removing GST from all mental health care services, directing
insurance firms to bring mental health into mainstream health coverage and setting up premier mental
health focussed academic institutions and hospitals. This is just the first step and we’re certain with
reforms like this, we’re on the right path to create a mental and emotionally healthy society,
Budget gives a push for chemical-free, natural farming
61 | P a g e
BL Bengaluru Bureau |Updated On: Feb 01, 2022
Presenting the Union Budget on Tuesday, Sitharaman said, “Chemical-free natural farming will be
promoted throughout the country, with a focus on farmers’ lands in 5-km wide corridors along the River
Ganga, at the first stage.”
Interestingly, on Monday, the Economic Survey had made a pitch for reduction in use of chemical fertilisers
and promote the use of low-cost organic inputs to protect the soil. The main aim for promotion of natural
farming is elimination of chemical fertilisers and pesticides usage and promotion of good agronomic
practices.
“Natural farming also aims to sustain agriculture production with eco-friendly processes in tune with
nature to produce agricultural produce free of chemicals. Soil fertility and soil organic matter is restored by
natural farming practices. Natural farming systems require less water and are climate friendly,” the Survey
had said.
Natural farming in India is being promoted through a dedicated scheme of Bharatiya Prakritik Krishi
Paddhati Programme (BPKP). The scheme promotes on-farm biomass recycling with major stress on
biomass mulching, use of on-farm cow dung-urine formulations, periodic soil aeration and exclusion of all
synthetic chemical inputs. Under BPKP, financial assistance of ₹12,200 per hectare for 3 years is provided
for cluster formation, capacity building and continuous hand-holding by trained personnel, certification
and residue analysis.
Budget 2022: Loopholes on bonus, dividend stripping plugged
PALAK SHAH |Mumbai, February 1 | Updated On: Feb 01, 2022
Budget 2022 has plugged the loop hole on tax avoidance through bonus stripping and dividend stripping in
the capital markets.
Listed stocks and mutual fund (MF) units have been covered under the amended provisions of bonus
stripping and units of infrastructure investment trust (InvIT), real estate investment trust (REIT) and
alternative investment Funds (AIFs) have been covered to stop dividend stripping, budget documents
show.
Bonus stripping is a situation when purchase or sale of shares or MF is done in a manner, which would
result in short-term capital loss that can be adjusted against capital gains.
Dividend stripping is where any units of funds are bought for a short period ahead of the dividend being
declared, called cum-dividend, and then selling them when the units go ex-dividend. This way one is
entitled to dividend without tax since units of InvIT, REIT and AIFs have been exempt from tax.
However, since the amended provisions will come into effect from April 2023, experts say this will create a
frenzy for bonus and dividend announcements in the next couple of months.
The money earned through bonus stripping will be assessed under the income tax from 2022-2023.
Section 94 of the Income Tax Act contains anti avoidance provisions to deal with transactions in securities
and units of mutual funds. . However, this section did not apply to bonus stripping undertaken in case of
securities and MF units and dividend stripping on units of InvIT, REIT, AIFs or pooled investments.
PM GatiShakti master plan for expressways to be formulated in FY23

Our Bureau |Updated On: Feb 01, 2022
62 | P a g e
For a faster facilitation of this programme the Centre will allocate Rs 1 lakh crore to assist the states; part
of which will be used for PM GatiShakti. This allocation will be in the form a 50-year interest free loans
which will be over and above the normal borrowings allowed to the states.
“PM Gati Shakti masterplan for expressways will be formulated in 2022-23 to facilitate faster movement of
people and goods. The national highways network will be expanded by 25,000 kms in 2022-23,”
Sitharaman said.
The National Master Plan for multi-modal connectivity, is essentially a digital platform to bring 16
Ministries including Railways and Roadways together for integrated planning and coordinated
implementation of infrastructure connectivity projects.
The scope of PM GatiShakti National Master Plan will encompass the seven engines — Roads, Railways,
Airports, Ports, Mass Transport, Waterways, and Logistics Infrastructure — for economic transformation,
seamless multimodal connectivity and logistics efficiency. It will also include the infrastructure developed
by the state governments as per the GatiShakti Master Plan. The focus will be on planning, financing
including through innovative ways, use of technology, and speedier implementation.
Data Centre, Energy Storage System to be included in the list of infrastructure: FM
BL Mumbai Bureau |Mumbai, February 1: | Updated On: Feb 01, 2022
This will facilitate credit availability for digital infrastructure and clean energy storage’
Technology and IT services were prioritised in the Union Budget 2022, not only in terms of enhancing these
sectors through policies and fund allocation but also integrating them in to various aspect of governance to
make the system more efficient.
In an attempt to boost this sector, the Finance Minister Nirmala Sitharaman is adding data centres and
energy storage systems to harmonising list of infrastructure, making it eligible for incentives and credit
availability.
“Data Centres and Energy Storage Systems including dense charging infrastructure and grid-scale battery
systems will be included in the harmonised list of infrastructure. This will facilitate credit availability for
digital infrastructure and clean energy storage.”
Budget 2022-23: FM extends tax incentive for start-ups by one year

BL Bengaluru Bureau |Bengaluru, February 1 | Updated On: Feb 01, 2022
Start-ups have emerged as drivers of growth for our economy. Over the past few years, the country has
seen a manifold increase in successful start-ups. Eligible start-ups established before March 31, 2022 had
been provided a tax incentive for three consecutive years out of ten years from incorporation. In view of
the Covid pandemic, I propose to extend the period of incorporation of the eligible start-up by one more
year, that is, up to March 31, 2023 for providing such tax incentive,” the Finance Minister said.
Further, the minister has also capped the surcharge on long term capital gains arising on transfer of any
type of assets at 15 per cent. She noted that this step will give a boost to the start-up community and re-
affirms the government’s commitment to Atmanirbhar Bharat.
This year’s budget also touched upon the importance of start-ups’ contribution in various sectors such as
agritech, and defence among others. The finance minister has said that start-ups will be promoted to
facilitate ‘Drone Shakti’ through varied applications and for Drone-As-A-Service (DrAAS).
The Economic Survey noted that India had a record number of start-ups (44) reach unicorn status in 2021,
and overtook the UK to emerge the No. 3 country by number of unicorns, after the US and China. As of
January 14, 2022, India had 83 unicorns with a total valuation of $277.77 billion.
63 | P a g e
Budget 2022
Digital skilling and e-learning for governments schools to get enhanced
BL Mumbai Bureau |Mumbai, Feb 1: | Updated On: Feb 01, 2022
The government will be launching a portal to skill, reskill and upskill citizens through online training
The government announced a slew of digital skilling and digital university-focussed initiatives at the Union
Budget 2022.
“Skilling programmes and partnership with the industry will be reoriented to promote continuous skilling
avenues, sustainability, and employability. The National Skill Qualification Framework (NSQF) will be
aligned with dynamic industry needs,” the Finance Minister, Nirmala Sitharaman said.
The government will be launching a Digital Ecosystem for Skilling and Livelihood – the DESH-Stack e-portal
to skill, reskill and upskill citizens through online training. There will be API-based trusted skill credentials,
payment and added discovery layers to find relevant jobs and entrepreneurial opportunities.
Boost in e-learning
Students from marginalised communities, weaker sections and rural areas who are mostly studying in
government schools were the most impacted during the last two years of pandemic due to lack of
adequate e-learning resources.
The government is now expanding ‘one class-one TV channel’ programme of PM eVIDYA from 12 to 200 TV
channels. This will enable all States to provide supplementary education in regional languages for classes 1-
12.
For various vocational courses, 750 virtual labs in science and mathematics, and 75 skilling e-labs for
simulated learning environment will be set-up in 2022-23.
High quality e-content will be developed for delivering lessons. Teachers too will be helped with
developing e-content.
Separately, the FM announced, “A digital university will be established to provide access to students across
the country for world-class quality universal education with personalised learning experience at their
doorsteps. This will be made available in different Indian languages and ICT formats. The University will be
built on a networked hub-spoke model, with the hub building cutting edge ICT expertise. The best public
universities and institutions in the country will collaborate as a network of hub-spokes.”
Battery swapping policy will boost adoption of EVs, say industry veterans
S Ronendra Singh |New Delhi, February 1 | Updated On: Feb 01, 2022
What is Battery Swapping?

With electric vehicles becoming more prominent, especially with the increasing use case in commercial
vehicle space, various stakehokders are looking for solutions to make electric vehicles more affordable,
easy to charge and economical to operate. One such technology that gives all these benefits to fleet
operator is battery swapping.
Have you seen those boxes at various restaurants with portable batteries that you can pay and use and
return? Something similar is being done for electric vehicles, more specifically electric 2 wheelers and 3
wheelers. A battery swapping technology, as the name suggests, is a method where user can swap a
battery to keep the vehicle running.
A swapping station is installed at strategic location which comprises of multiple batteries getting charged
constantly. An EV user can locate a swapping stations, replace the depleting battery with a charged one,
64 | P a g e
put the empty battery on charge and can go to work. This technology has opened immense opportunities
for fleet owners who wants to keep their vehicles running without worrying about charging time.
Considering the constraint for space in urban areas for setting up charging stations at scale, a battery
swapping policy will be brought out and interoperability standards will be formulated,” Finance Minister
Nirmala Sitharaman said in her Budget speech on Tuesday.
Government and policymakers have recognised battery swapping as the most effective solution to
accelerate EV adoption in India by addressing range anxiety and hesitancy in adoption as well as
considering the pragmatic aspects of setting up charging infrastructure – for instance, space constraints in
urban areas for dedicated charging stations
Budget: Railways to aid farmers, MSMEs

Centre to develop new products and logistic services for farmers, MSMEs
The Union Budget has a major announcement to improve Railway connectivitys. To link the Railways with
small and medium farmers and the MSME sector, Finance Minister Nirmala Sitharaman said the Centre will
develop new products and efficient logistic services. The “One Station, One Product” concept will be
popularised to help farmers and MSMEs, she said.
She announced that 2,000 km of rail network will be brought under the indigenous world-class technology
KAWACH to augment safety and capacity. “400 new-generation Vande Bharat trains with better energy
efficiency and passenger riding experience to be manufactured in next three years,” Sitharaman said. She
said the PM Gati Shakti is driven by seven engines: roads, railways, airports, ports, mass transport,
waterways and logistics infra. “All seven engines will pull forward the economy in unison, supported by
energy transmission, IT communciation, bulk water and sewerage and social infra,” she said.
What is Kavach?
It is India’s very own automatic protection system in development since 2012, under the name Train
Collision Avoidance System (TCAS), which got rechristened to Kavach or “armour”.
Simply put, it is a set of electronic devices and Radio Frequency Identification devices installed in
locomotives, in the signalling system as well the tracks, that talk to each other using ultra high radio
frequencies to control the brakes of trains and also alert drivers, all based on the logic programmed into
them. One of its features is that by continuously refreshing the movement information of a train, it is able
to send out triggers when a loco pilot jumps signal, called Signal Passed at Danger (SPAD), a grave offence
in railway operations with respect to safety, and the key to accidents like collision. The devices also
continuously relay the signals ahead to the locomotive, making it useful for loco pilots in low visibility,
especially during dense fog.
How far is the rollout?
So far, Kavach has been deployed on over 1,098 km and 65 locomotives in ongoing projects of the South
Central Railway. In future it will be implemented on 3000 km of the Delhi-Mumbai and Delhi-Howrah
corridors where the tracks and systems are being upgraded to host a top speed of 160 kmph.
RBI to launch a digital rupee using blockchain technology: FM
Our Bureau |Mumbai, February 1 | Updated On: Feb 01, 2022
65 | P a g e
The digital rupee using blockchain and other technology will be issued by the RBI starting 2022-23,” she
said.
In her Budget speech 2022-23, Sitharaman said that the introduction of a CBDC will boost the Indian
economy. “It will lead to efficient and cheaper currency management,”
Finance Minister calls for supplementary teaching methods, expansion of e-Vidya scheme
Feb 1 Finance Minister Nirmala Sitharaman has underlined the need for supplementary teaching methods.
n her Budget speech, the Minister proposed expansion of ‘one class, one TV channel programme of PM e-
Vidya’ to more students across the country.
“This will enable all states to provide supplementary education in regional languages for Classes 1 to 12,”
she said, adding that ‘high quality e-content’ will be developed in all languages.
“We recognise the need to impart supplementary teaching and build a recipient mechanism for education
delivery,” she said.
The Finance Minister also announced that a Digital University will be created to provide access to all
students. The best public universities in the country will collaborate with the government.
Union Budget: Giving wings to Kisan Drones
Prabhudutta Mishra |Updated On: Feb 01, 2022
Budget moots drone use for crop assessment, land records and insecticide spraying to drive agri-tech
revolution
“Kisan Drone” will be the next big focus of the government as it has potential to create an agri-tech
revolution. Finance Minister Nirmal Sitharaman said Kisan Drones would be used for crop assessment, land
records and spraying of insecticides. The government had, in December last year, released guidelines and
standard operating procedure (SOP) for spraying pesticides through drones to reduce exposure to
hazardous chemicals and ensure judicious use. As the adoption of the technology depends on its cost-
effectiveness, since over 80 per cent of farmers in the country hold less than 2 hectares, the government
recently announced a subsidy plan to popularise the use of drones. It will offer 40-100 per cent subsidy
until March 2023 for drone purchases, for which it has revised the,uidelines in the existing scheme on farm
mechanisation h
Budget : All Post Offices to be brought under the core banking system : FM
This will enable post office customers to get access to digital financial services
In a strategic move, India will bring all its post offices, the world’s largest postal department, under the
core banking system. This step has been taken to improve financial inclusion, the Finance Minister Nirmala
Sitharaman stated in her budget speech. This will enable post office customers to get access to digital
financial services and transfer money from post office accounts to bank accounts.
She said that all 1.5 lakh post offices in India will be brought under the core banking system and help post
office customers get access to digital financial services.
“This will enable financial inclusion and access to accounts through net banking, mobile banking, ATMs,
and also provide online transfer of funds between post office accounts and bank accounts. This will be
helpful especially for farmers and senior citizens in rural areas, enabling interoperability, and financial
inclusion,” added Sitharaman.
66 | P a g e
The Economic Survey for 2021-22 said that keeping in view the importance of beekeeping as part of the
integrated farming system (IFS) in the country, the government approved the allocation of ₹500 crore for
NBHM for three years from 2020-21 to 2022-23. The mission was announced as a part of the Aatma
Nirbhar Bharat scheme.
“NBHM aims for the overall promotion and development of scientific beekeeping in the country to achieve
the goal of ‘Sweet Revolution’ which is being implemented through National Bee Board (NBB).”
Diversified agro-climatic conditions of the country provide great potential and opportunities for
beekeeping/honey production and export of honey.
Beekeeping is an agro-based activity undertaken by farmers/landless labourers in rural areas as part of the
IFS. Beekeeping has been helpful in the pollination of crops, thereby, increasing income of the
farmers/beekeepers by way of increasing crop yield and providing honey and other high-value bee-hive
products such as bee wax, bee pollen, royal jelly, bee venom, etc.
Economic Survey: India’s per capita milk availability rises to 427 grams/day
BL Ahmedabad Bureau |January 31 | Updated On: Jan 31, 2022
With 15% share in monthly income, livestock sector becomes a stable source of income for agri
households
Increased focus on agricultural allied sectors such as animal husbandry has helped improve India’s per
capita milk availability to 427 grams per day for the year 2020-21, up from 319 grams in 2014-15. The
Economic Survey 2020-21, tabled in Parliament on Monday showed that the livestock sector including
animal husbandry, dairying and fisheries grew at a CAGR of 8.15 per cent during 2014-15 to 2019-20 (at
constant prices).
Govt plans to bring 30,000 hectares around coal mines under green cover by 2030: Economic Survey
Coal-sector PSUs have already brought 56,000 hectare land around coal mining areas under green cover
Even as coal demand is projected to hover around 1.3-1.5 billion tonnes by 2030, the government is
increasing green cover around coal mines in a bid to check carbon emissions. Coal-producing PSUs have
already brought 56,000 hectares of land under green cover and an additional 30,000 hectares is expected
to be added by 2030, the Economic Survey 2021-22 said.
Carbon stock increases
According to the India State of Forest Report 2021, the total carbon stock in the country’s forests is
estimated to be 7,204 million tonnes, and the carbon stock in forest has increased by 79.4 million tonnes
as compared to the last assessment of 2019. According to the Central Electricity Authority, as of December
2021, the share of non-fossil sources in installed capacity of electricity generation was 40.20 per cent.
Besides, the government embarked upon its most ambitious coal sector reform by opening up mining for
the private sector, which will bring efficiency and competition in coal production, attract investments and
best-in-class technology, and help create more jobs in the coal sector.
So far, 28 coal mines have been successfully auctioned. Out of these, 27 coal mines have been auctioned to
private companies. Auction process for 88 coal mines is underway.
Greater market, product diversification through FTAs can push exports: Economic Survey
Amiti Sen |New Delhi, January 31 | Updated On: Jan 31, 2022
67 | P a g e
The US remained the top export destination for India in April-November 2021, followed by United Arab
Emirates and China. However, China’s share in India’s total imports reduced to15.5 per cent from 17.7 per
cent in corresponding period a year earlier, reflecting increased diversification of India’s import sources,
the survey stated.
Belgium replaced Malaysia and entered into the top ten leading export destinations during April-November
2021, with more than $1 billion worth of pearls, precious and semi-precious stones, and iron and steel
shipped to the country.
Other countries among India’s top ten export destinations include Bangladesh, Hong Kong, Singapore, the
Netherlands, the UK and Germany.
The survey took a note of the trade agreement negotiations initiated by India over the last few years,
which include a Comprehensive Economic Cooperation Agreement (CECA) with Australia, a FTA with the
European Union and Comprehensive Economic Partnership Agreements with with Canada and the UAE.
“Negotiations are complete for agreement with UAE and at advance stage with Australia,” the Survey
pointed out.
A truck ferries a shipping container at a port in the southern Indian city of Chennai February 13, 2013. India
posted its second highest ever monthly trade deficit of $20 billion in January, worsening from a $17.7
billion deficit in December, piling pressure on a widening current account deficit and limiting scope for the
central bank to cut interest rates. REUTERS/Babu (INDIA - Tags: BUSINESS) | Photo Credit: BABU
China’s share in India’s total imports has declined, reflecting increased diversification of import sources
India can achieve greater market and product diversification by entering into more Free Trade Agreements
(FTAs) with its trade partners and reviewing existing agreements to make them more favourable leading to
higher exports.
Over the last 25 years, the country has significantly diversified its export destinations, but more than 40
per cent of India’s exports is still accounted for by only seven countries, according to the Economic Survey
released by the Finance Ministry on Monday.
Consumer Price Index for industrial workers shows decrease
BL New Delhi Bureau |Updated On: Jan 31, 2022
The Consumer Price Index for Industrial Workers (CPI-IW) for December, 2021, released by the Labour
Bureau here on Monday, decreased by 0.3 points and stood at 125.4 points. The index decreased by 0.24
point compared to November, 2021 and 0.92 point when compared to December, 2020.
The downward pressure came from food and beverages group that contributed 0.39 points to the total
change.
Eco Survey projects growth rate of 8-8.5% for FY 23, indicates more spending in the Budget
Shishir Sinha |New Delhi, January 31 | Updated On: Jan 31, 2022
Economic Survey : GeM portal enabled “substantial reduction” in prices of goods for govt procurement
Our Bureau |New Delhi, January 31 | Updated On: Jan 31, 2022
68 | P a g e
Online shopping, e-payment, retail and delivery concept, laptop with shopping cart at center | Photo
Credit: elenab
The Government e-Marketplace (GeM), used by all Ministries and government departments to procure
goods and services, has enabled substantial savings in the government procurement process.
“The use of this e-marketplace has resulted in a substantial reduction in prices in comparison to the rates
used earlier, with average prices falling by at least 15-20 per cent, up to 56 per cent,” the Survey said. It
added that prior to the GeM, government procurement prices were much higher than the prices prevailing
in the market and there were constant complaints about inefficiency and rent seeking.
The Economic Survey analysed prices of a sample of 22 products (as on January 6), out of which, 10 were
found to be cheaper on the GeM portal compared to prices on sites such as Amazon and Flipkart. “While in
the last year’s analysis, GeM prices were on an average 3 per cent lower when compared to other
platforms, this time it is around 9.5 per cent lower for the chosen sample,” it added.
Economic Survey moots policy thrust to ensure supply of metals for Solar PV, battery storage
The Survey anticipates that as nations line up resources to ensure supply of metals and minerals required
for making RE equipment, including batteries, their prices are likely to increase going ahead. The two main
pillars for mitigation action to achieve net-zero carbon ambition are transition to clean and renewable
sources of energy and storage of this energy. The World bank in its report ‘Minerals for Climate Action’ has
in its report mentioned that this transition from conventional fossil fuel-based energy to clean energy as
well as battery storage will be more mineral intensive, it said. “Minerals and metals like copper, aluminium,
iron, manganese, nickel, etc are critical for developing clean energy sources like solar photovoltaic (PV),
wind, nuclear, while minerals like lithium and graphite are important for energy storage.
India is working on acquiring mines of strategic minerals such as lithium and cobalt in producing countries
like Australia, Argentina, Bolivia and Chile. The government’s move is aimed at ensuring a committed
supply of raw material especially for renewable energy (RE) and e-mobility sectors. While, in the country,
the Atomic Minerals Directorate (AMD) conducted preliminary surveys on surface and limited subsurface
exploration, which revealed presence of Lithium resources of 1,600 tonnes (inferred category) in the
pegmatites of Marlagalla–Allapatna area in Mandya district of Karnataka.
India better placed to weather latest US Fed taper episode: Eco Survey
K.R.Srivats |Updated On: Jan 31, 2022
The Economic Survey for 2021-22 has highlighted that due to accretion of large foreign exchange reserves
in recent months, vulnerability indicators relating to reserves such as reserves to total external debt,
reserves to short-term debt (residual maturity), reserve cover of imports, etc., have shown marked
improvement in first half of 2021-22 vis-à-vis FY 2013-2014, the taper- tantrum year.
The external debt to GDP ratio has also declined since the said 2013 taper tantrum episode. Besides, India
witnessed a current account surplus of 0.9 per cent Q1 of 2021-22 on top of similar surplus in 2020-21
after a gap of 17 years. On the other hand, India experienced the highest ever current account deficit of 4.8
69 | P a g e
per cent of GDP in 2012-13 on the back of an equally large deficit of 4.3 per cent during the previous year
(2011-12), it highlighted.
“Have enough policy room to tide over possible liquidity withdrawal impact of monetary tightening by
systemically important central banks”
Unlike 2013, India is now well placed with plenty of policy room and tools to “manoeuvre” the impact of
monetary policy tightening that several major central banks have started to undertake to drain the sea of
liquidity in the financial system amid inflation concerns, the Economic Survey for 2021-22 said on Monday.
The ramifications of these global monetary tightening is expected to be limited on India’s external sector
given that the country has strengthened its economic and financial position since 2013, when the earlier
taper episode rattled Indian financial markets, according to the Survey.
“While acknowledging India’s transformation from being among the Fragile Five countries in the wake of
the earlier episode (2013 US Fed induced taper tantrum) to the fourth largest forex reserve holder during
the current episode,
Railways to get enhanced capex: Survey
Our Bureau |Updated On: Jan 31, 2022
“Up to 2014, capex on Railway was barely ₹45,980 crore per annum and consequently the Railway was
charecterised by high levels of inefficiency and highly congested routes unable to meet the growing
demand. Post 2014, a conscious effort was made to improve the railway sector by substantially increasing
the capex. The capex outlay for 2021-22 is ₹2,15,000 crore which is more than five times the 2014 level,”
The capex will increase further in the coming years as more projects are taken on hand and several sources
of capital funding are developed. The Survey hoped that the railway system will emerge as an engine of
national growth.
Electricification process
One of the key area that may witness investment will be the electrification process as the Railways is
targeting for 100 per cent electrification of its network by December 2023. The National Rail Plan,
announced earlier, also lays down the road map for capacity expansion of the railway network by 2030 to
cater to growth up to 2050
The government allows 100 per cent FDI in the food processing sector under the automatic route.
However, in case of trading of food products manufactured or produced in India, including through e-
commerce, 100 per cent FDI is allowed under the Government approval route.
‘India requires 2nd green revolution’

K V Kurmanath |Hyderabad, January 31 | Updated On: Jan 31, 2022
The RBI has stressed the need for another green revolution in the nation in its latest bulletin. Beset with
serious challenges like over production of crops like rice and wheat, depletion of soil health and volatility in
70 | P a g e
food prices, the country would require a second green revolution focussed on the agriculture-water-energy
nexus to make agriculture more climate resistant and environmentally sustainable, the report said.
“The use of biotechnology and breeding will be important in developing eco-friendly, disease-resistant,
climate-resilient, more nutritious and diversified crop varieties,” the bulletin said.
“Over production of crops like rice, wheat and sugarcane has led to rapid depletion of ground water table,
soil-degradation and massive air pollution, raising questions about environmental sustainability of current
agricultural practices in India,
“Supply side hindrances like low public investments, inadequate cold storage capacity, and nascent food
processing industry are partly responsible for volatility in food prices in the country,” it pointed out.
National Rail Plan to raise share of railways in freight to 40-45 per cent, says Economic Survey
BL Mumbai Bureau |Updated On: Jan 31, 2022
Adds that it is necessary from the sustainability perspective and also from national commitments to
reduce emission levels
The Indian Railways has drawn up a National Rail Plan seeking to create a “future ready” railway system
capable of meeting the passenger demand and increase the modal share of railways in freight to 40-45 per
cent from the current 26-27 per cent.
“The target of 40-45 per cent modal share for railways is necessary from the perspective of sustainability
and also from the national commitments made globally for reducing emission levels,” stated the Economic
Survey.
The National Rail Plan lays down the roadmap for capacity expansion of the railway network by 2030 to
cater to growth up to 2050. According to the plan, the freight ecosystem is expected to grow from the
present level of 4,700 MT to 8,200 by 2030.
“At present, the railway capacity is barely able to carry 1,220 MT which is around 26-27 per cent of the
modal share. The plan provides a pipeline of projects, which on completion, will increase railway capacity
to capture 45 per cent of freight traffic,” the Survey said.
A close reading of the NFHS-5, the health of India
Ashwini Deshpande
NOVEMBER 28, 2021 07:24 IST
There are many pluses in the report card. A comparison of NFHS-5 with NFHS-4 (2015-16) reveals
improvement in several dimensions such as educational attainment, institutional deliveries, vaccinations,
infant mortality and much more.
The biggest positive headline news from NHFS-5 is that the total fertility rate (TFR), which is the average
number of children born to a woman during her lifetime, has been falling over time and is now just below
the replacement rate of 2.1. This is true across all States of India. This means that the total population has
stabilised.
Data on sex ratio
Another headline reveals that nationally, there are 1,020 adult women per 1,000 men for the first
time
71 | P a g e
To gauge this, the key metric to examine would be the sex ratio at birth (SRB). The natural SRB is
105 boys to 100 girls, which typically stabilises to a 50-50 adult sex ratio. If there are pervasive sex
selective abortions, leading to a masculine SRB (i.e., more than 105 boys to 100 girls), a part of
this imbalance would carry forward into adulthood. But adult sex ratio is shaped by many factors
other than sex selective abortions. In household surveys, the adult sex ratio might also be
affected by sampling errors, arising, for instance, from undercounting migrant males.
The natural SRB translates to 952 girls per 1,000 boys. Nationally, the SRB has improved from 919
in 2015-16 to 929 in 2019-21, but it is still short of the natural SRB. Major States with low SRBs
are spread all over the country: Uttar Pradesh, Haryana, Punjab, Rajasthan, Bihar, Delhi,
Jharkhand, Andhra Pradesh, Tamil Nadu, Odisha, Maharashtra. While many States have seen an
improvement in their SRBs, some have also witnessed a worsening, e.g. Maharashtra, Tamil Nadu
and Odisha. Therefore, we need to recognise that the move to a small family size combined with
persistent son preference is likely to impede the improvements in SRB.
Anaemia and malnutrition
A key health indicator that has worsened is the incidence of anaemia in under-5 children (from
58.6 to 67%), women (53.1 to 57%) and men (22.7 to 25%) in all States of India. Anaemia has
debilitating effects on overall health, which is why the World Health Organization characterises it
as a serious public health concern; 20%-40% incidence is considered moderate. Indian States
show variation: from 39.4% in Kerala to 79.7% in Gujarat: but barring Kerala, all States are in the
“severe” category. It is tempting to think of the worsening as the COVID-19 effect.
The three indicators of malnutrition: stunting (low height-for-age), wasting (low weight-for-height) and
underweight (low weight-for-age): show an overall improvement.
Also, along with an improvement in these three indicators, we see an increase in the proportion of
overweight children, women and men. Being overweight also reflects malnutrition, with serious health
consequences in the form of non-communicable diseases.
In addition to anthropometric measures, lack of adequate nutrition is also measured by micronutrient

deficiencies, i.e. lack of vitamins and minerals that are essential for body functions such as producing
enzymes, hormones and other substances needed for growth and development. While the NHFS does not
have data on this, the issue of micronutrients is related to diets. It would be good to note here that Indian
diets display a rich diversity.
In private health facilities, 47.5% births are by C-section (14.3% in public health facilities). These figures are
highly unnatural and call into question unethical practices of private health providers who prioritise
monetary gain over women’s health and control over their bodies.
Total fertility rate on decline, anemia remains a concern

Our Bureau |New Delhi, November 24 | Updated On: Nov 24, 2021
Many indicators of NFHS-5 are similar to NFHS-4 | Photo Credit: baytunc
72 | P a g e
Full immunisation drive among children aged 12-23 months rose to 76%
In the Phase 2 data of the National Family Health Survey-5, the total fertility rate (TFR) has seen a decline
from 2.2 to 2 at the national level while the overall contraceptive prevalence rate (CPR) has seen an
increase. However, anemia among children and women continues to be a cause of concern.
“More than half of the children and women (including pregnant women) are anemic in all the phase-II
States/UTs and all-India level compared to NFHS-4, in spite of substantial increase in the composition of
iron folic acid (IFA) tablets by pregnant women for 180 days or more,” according to the findings of the
report.
“Institutional births have increased substantially from 79 per cent to 89 percent at all-India Level.
Institutional delivery is 100 per cent in Puducherry and Tamil Nadu and more than 90 per cent in 7
States/UTs out of 12 Phase-II States/UTs,” said the report.
Many indicators of NFHS-5 are similar to NFHS-4 carried out in 2015-16 to make possible comparisons over
time. However, NFHS-5 includes some new focal areas, such as
 death registration,
 pre-school education,
 expanded domains of child immunisation, and
 components of micro-nutrients to children.
There are at least four heart-warming takeaways from the fifth round of the National Family Health
Survey (NFHS) — conducted in two phases between June 2019 and April 2021, covering 6.3 lakh
rural and urban households.
First, the sex ratio of the population stands at 1,020 women for 1,000 men, a historic high and a
major turnaround from 991:1,000 in NFHS 4 conducted in 2015-16.
Second, there has been a fall in total fertility rate (TFR) below replacement levels of 2.1 children per
woman, to two, against 2.2 in NFHS 4. In simple terms, this means India’s population may have
begun to fall, which is also borne out by the reduced proportion of people below 15 years of age.
This should put paid to alarmism over India’s population — although this is still growing in a few
States.
Third, infant mortality and maternal mortality rates continue to fall, while access to institutional
care has improved.
Fourth, gender indices such as female literacy, operating a bank account, use of clean cooking fuel
and menstrual hygiene have shown a major improvement. This perhaps points to the outreach of
flagship welfare schemes. Health insurance coverage has improved as well. Empowerment through
literacy becomes the stepping stone for gains in other spaces.
There is also an intriguing mismatch between sex ratio at birth (SRB) and the sex ratio of the
population, which the NFHS 5 researchers should explain. Both, the poor and the rich northern
States lag behind the national average in reproductive indices. Uttar Pradesh and Bihar have above-
replacement TFRs but favourable sex ratios, whereas Punjab has a low TFR but an alarming sex ratio
of 938 per thousand and an SRB of 904. The NFHS factsheet cautions that comparisons are subject
to the problem of sample sizes being small in certain States. Maharashtra and Gujarat have a TFR
73 | P a g e
below replacement levels, but sex ratios well below 1:1. These figures reiterate a truism: that
economic growth may not translate into gender well-being. The latter is brought about through
social change.
More than 66 lakh MSMEs registered on Udyam portal: Economic Survey

G Balachandar |Chennai, January 31 | Updated On: Jan 31, 2022
The paperless registration process has boosted the ease of doing business for MSMEs, says the Survey
More than 66 lakh MSMEs had registered on the Udyam portal and the initiative has improved the ease of
doing business for MSMEs, pointed out The Economic Survey 2021-22 that was tabled in Parliament on
Monday by the Finance Minister Nirmala Sitharaman.
The Union Ministry of MSME introduced Udyam registration with effect from July 1, 2020. The Udyam
Registration is based on the composite criteria of investment and turnover for the classification of new and
existing MSMEs.
Further, among the new measures, the retail and wholesale trades were included as MSMEs and they are
allowed to be registered on the portal.
However, the benefits to retail and wholesale trade MSMEs are to be restricted to priority sector lending
only. In this regard, now, street vendors can also register as retail traders on the portal and avail the
benefit of priority sector lending, it said.
Digital and paperless
The registration process is fully online, digital, paperless and is based on self-declaration. No documents or
proof are required to be uploaded for registering as an MSME. Aadhaar and PAN are required for
registration and details on investment and turnover of enterprises are taken automatically from relevant
government databases.
The new registration process has boosted the ease of doing business for MSMEs by reducing transaction
time and costs, said the Survey.
Champions portal
The Survey also stated that the CHAMPIONS portal (www.champion.gov.in), an ICT-based technology
system, is also aimed at making the smaller units big by helping and handholding them.
A network of control rooms is created in a Hub & Spoke Model where the hub is situated in the Ministry of
MSME, New Delhi whereas 68 spokes are located across the country in various offices and institutions of
Ministry. As of January 16, 2022, 42,304 grievances have been received, out of which 41,965 (99.1 per
cent) grievances have been replied.
It said MSMEs contributed significantly to the economic and social development of the country by fostering
entrepreneurship and generating employment opportunities.
The relative importance of MSMEs can be gauged from the fact that the share of MSME GVA in total GVA
(current prices) for 2019-20 was 33.08 per cent, it added.
BL Explainer: What is the ‘Agile Framework’ used in this year’s Economic Survey
N Madhavan |Updated On: Jan 31, 2022
The framework is based on 12 principles

What is an Agile Framework?
It is a framework for project and policy implementation that is considered highly efficient for getting work
done. It was developed in 2001 and is based on 12 principles which include customer satisfaction,
collaboration, adapting to change, feedback loops, breaking project silos, etc.
74 | P a g e
Why is it in the news now?
The Economic Survey 2021-22 has called for embracing this framework for policy making under conditions
of extreme uncertainty. In fact, it is the central theme of the survey. It has said this framework is based on
feed-back loops, real time monitoring of actual outcomes, flexible responses, safety net buffers and so on.
It also adds that this framework was behind India’s informed response to the Covid-19 shock.
What was the framework that India followed earlier?
India and most countries across the world typically follow the Waterfall Approach. This involves analysis of
the issue, detailed planning and meticulous implementation. India’s earlier five-year plans were based on
this. Waterfall Framework is linear and is developed systematically from phase to phase. It is said that this
approach works best for projects with concrete timelines, well-defined deliverables and little uncertainties.
Why is the Agile Framework preferred today?
Real time availability of data allows constant monitoring of a policy at a time when there are lot of
uncertainties. This helps governments to adopt the Agile Framework. The Survey says short term policy
responses can be tailored to an evolving situation rather than what a model may have predicted.
Is the Agile Framework economical to implement?
Yes. That is the case when it comes to project management. According to some studies, projects
implemented through Agile Framework are four times cheaper than a similar project implemented through
Waterfall Strategy. For policy implementation, too, that may be the case.
Govt mandates storage of ISD, satphone, conference calls, messages details for 2 years
PTI |Updated On: Jan 30, 2022
The move follows an amendment made in the unified licence in Dec by the Department of Telecom
The government has mandated storage of international calls, satellite phone calls, conference calls and
messages made over normal networks as well as on the internet for a period of at least two years,
according to circulars issued by the telecom department.
The move follows an amendment made in the unified licence (UL) in December by the Department of
Telecom (DoT) which extended storage of call data records as well as internet logs to two years from
earlier provision of one year.
UL holders are telecom companies like Bharti Airtel, Reliance Jio, Vodafone Idea, BSNL for providing all
kinds of telecom services, except satellite phone services.
‘Maintain all records’
“The licensee shall maintain all commercial records, call data record, exchange detail record, IP detail
record with regard to the communications exchanged on the network. Such records shall be archived for at
least two years for scrutiny by the licensor for security reasons and may be destroyed thereafter unless
directed otherwise directed by the licensor,” the circular dated January 27 for voice mail, audiotex and
unified messaging service license said.
A similar amendment has been issued for licence issued to BSNL for providing satellite phone calls
and data services as well as for VSAT licence holders who provide satellite based services on
January 24 mandating them to maintain call data and internet communications records for at least
two years.
75 | P a g e
The FSSAI released the draft regulations in November 2021, proposing that food products or food
ingredients derived from GMOs may be sold in the country after obtaining prior approval. It laid down the
procedure for prior approval as well as safety assessment and labelling norms. It specified norms that labs
will need to adhere for testing GM foods.
ALSO READ
The FSSAI had sought stakeholder views on the draft proposals. India, at present, does not allow GM food
in the country.
Budget 2022: Exporters seek PLI-like scheme for container manufacturing
India-Central Asia Summit: PM Modi calls for 30-year roadmap for regional connectivity, cooperation
Our Bureau |Updated On: Jan 27, 2022
Presidents of all five Central Asian countries — Kazakhstan, Kyrgyz Republic, Tajikistan,
Turkmenistan and Uzbekistan — participated in the meeting.
‘Remove MAT for troubled firms under resolution’

K Ram Kumar |Mumbai, Jan 27 | Updated On: Jan 27, 2022
A company admitted by the National Company Law Tribunal (NCLT) for resolution should be exempt
from Minimum Alternate Tax untill it sees a turnaround. This, and Goods and Services Tax (GST)
concessions are among the expectations of asset reconstruction companies (ARCs) from the
upcoming Union Budget, according to Raj Kumar Bansal, MD and CEO, Edelweiss ARC.
Given that banks seem inclined to recover via alternative (non-ARC) channels, how can the Government
or RBI keep the ARC channel attractive?
The Government or RBI should bring in measures that ensure the smooth functioning of ARCs, based on
the recommendations of the RBI’s ARC committee. This could later translate into effective working of ARCs
and make them an attractive channel for resolution of stressed assets. Firstly, our recommendation would
be to reduce the 15 per cent upfront payment to 2.5 per cent to acquire stressed assets. This would be
along the lines of the norms provided for Alternative Investment Funds (AIFs) to raise funds against bad
loans.
Secondly, the definition of qualified buyers (QB) under SARFAESI can be extended to include more
potential investors such as HNIs, corporates and NBFCs.
$150-million India-UAE VC Fund set up to boost start-up ecosystem
Fund to fuel growth of start-ups in India and the UAE

A $150-million India-UAE venture capital fund to fuel growth of start-ups in India and the UAE was
launched on Tuesday from the India Pavilion at EXPO2020 Dubai.
Investment opportunities
Chowdhry said in his virtual address that the fund will bring investment opportunities to start-ups in India
and the UAE. The Indian Angel Network Fund (IAN) will offer benefits to the investors from the UAE
including the experience and knowledge that India offers. “We are delighted to witness this collaboration
and hope to see great results in the near future,” he said.
76 | P a g e
The African Group, the ACP and the G33 group of developing countries and LDCs, too, expressed similar
views and asked for a more balanced version that could taken on board more elements from their
proposals. China expressed solidarity with this group and also put its weight behind a review.
India, through its own proposals and as part of the G33 group, has been seeking a permanent solution for
rules on public stock holding that would allow subsidies for such programmes, including minimum support
prices for farm produce, to be provided without the present limit of up to 10 per cent the value of produce.
Although a peace clause has been agreed to which gives immunity to India and other developing countries
against legal action in case the subsidy caps are breached, it is subject to various difficult conditions
including onerous notification obligations.
Developing nations have also been demanding a special safeguard mechanism that would permit them to
impose import restrictions if there is surge in import of an agricultural item or a decline in its price resulting
in loss of livelihood of farmers in the country and a threat to food security.
Govt announces subsidy to popularise drone in agriculture
Prabhudutta Mishra |New Delhi, January 22 | Updated On: Jan 22, 2022
A 100 per cent grant will be for Farm Machinery Training and Testing Institutes, ICAR institutes, Krishi
Vigyan Kendras
In a move aimed at making drones more accessible to the farmers, the Union Agriculture Ministry has
decided to provide 40-100 per cent subsidy until March 2023 in purchasing drone by revising guidelines in
the existing scheme on farm mechanization.
The guidelines of Sub-Mission on Agricultural Mechanization (SMAM) have been amended which envisages
a grant up to 100 per cent of the cost of agriculture drone or ₹10 lakhs, whichever is less, as a grant for the
purchase of drones, the Ministry said in a statement Saturday. But, this 100 per cent grant will be limited
to only Farm Machinery Training and Testing Institutes, Indian Council of Agricultural Research (ICAR)
institutes, Krishi Vigyan Kendras and State Agriculture Universities for taking up large-scale demonstrations
of this technology on the farmers’ fields,
Pradhan Mantri Awas Yojana sees Covid-led slowdown in urban areas, rural fares better
Abhishek Law |Updated On: Jan 22, 2022
India’s flagship housing scheme, Pradhan Mantri Awas Yojana (PMAY), which aims at housing for all
by 2022, is witnessing pandemic-induced hiccups with less than 50 per cent of the homes
sanctioned being completed in the urban areas. The rural segment has fared better with a 65 per
cent completion rate.
The PMAY-U scheme aims to provide permanent homes to the economically weaker sections and
lower income families; and interest subsidy to mid-income groups.
‘Queen of cereals’ maize set to rule rabi season

Radheshyam Jadhav |Pune, January 20 | Updated On: Jan 22, 2022
IFFCO reaches to Kuttanad farmers to promote nano urea liquid

V.Sajeev Kumar |Updated On: Jan 20, 2022
IFFCO, the cooperative fertiliser company, has reached out to farmers in Kuttanad – the rice bowl of Kerala
– through a boat campaign to popularise its nano urea liquid.
77 | P a g e
Kuttanad is a region covering Alappuzha, Kottayam and Pathanamthitta districts. The Kuttanad Below Sea-
level Farming System (KBSFS) is unique and it is the only system in India that practices rice cultivation at
around 1.2-3 metre below sea level.
What is nano urea liquid?
Nano urea liquid is a source of nitrogen – a major essential nutrient required for the proper growth and
development of a crop. It was developed for the first time in the world at IFFCO-Nano Biotechnology
Research Centre, Kalol in Gujarat through indigenous proprietary patented technology.
Nitrogen is an essential nutrient and key constituent of amino acids, enzymes, genetic material (DNA-RNA),
photosynthetic pigments (chlorophyll) and energy transfer compounds (ATP-ADP) of a crop.
A healthy crop should contain about 4 per cent nitrogen in foliage to maintain its physiological processes.
Foliar application of nano urea at critical crop growth stages effectively fulfils its nitrogen requirement for
higher crop productivity.
DigiYatra Scheme for airports may face privacy issues: IFF
Debangana Ghosh |Forum Gandhi |Updated On: Jan 18, 2022
Passengers’ data could be commercialised by the government’

Ahead of DigiYatra Scheme’s first phase of launch, scheduled at Varanasi, Pune, Kolkata and Vijayawada
airports in March, the Internet Freedom Foundation (IFF), on Tuesday, said privacy risks are likely to occur
due to features such as facial recognition for check-ins and data recall. The digital rights advocacy group
also mentioned that this might lead to passengers’ data being commercialised by the government.
The Ministry of Civil Aviation’s DigiYatra Scheme was first launched in June 2017 to improve passengers’
airport experience by making it paperless and digitised. This digital framework planned involves digitising
existing manual processes, enhancing security standards and ultimately rolling out the Digi Yatra system
that requires passenger’s digital ID backed by verifiable government-issued documents such as Aadhaar,
passport and others, enabling seamless travel experience.
Govt revises EV charging station norms; prescribes revenue sharing model for land, open access
Rishi Ranjan Kala |Updated On: Jan 15, 2022
Revised norms cover individual owners and public charging stations

In a significant development, the Power Ministry has put into effect the revised guidelines and standards
for electric vehicle (EV) charging infrastructure in a bid to encourage faster adoption of EVs in the country
as well as to fast track the setting up of related infrastructure. The revised norms cover individual owners
and public charging stations (PCS). Promulgated on Friday, the major revision in the consolidated
guidelines and standards for public and private entities are with respect to land. Now they can get
government land for setting up charging stations through a revenue sharing model for 10 years. It also
allows a government land-owning agency to offer land to a private entity for setting up PCS on a bidding
basis with floor price of ₹1 per kilowatt hour (kWh).
Besides, an individual or entity is free to set up a PCS without requiring a license, but the station will
have to meet technical, safety as well as performance standards and protocols under the
guidelines. They will also have to abide by norms set up by Power Ministry, Bureau of Energy
Efficiency (BEE) and Central Electricity Authority (CEA) from time to time.
The Bureau of Energy Efficiency (BEE) will be the central nodal agency for rollout of EV PCS.
PCS will be required to tie up with at least one online Network Service Provider to enable advance
remote or online booking of charging slots by EV owners,
78 | P a g e
GST: Gujarat HC rules goods in transit cannot be confiscated because of wrong route or under-valuation
Shishir Sinha |New Delhi, Januray 12 | Updated On: Jan 12, 2022
Court allowed release of vehicles

Gujarat High Court has held that goods in transit cannot be confiscated under Central Goods & Services Tax
(CGST) Act on grounds of wrong route or under-valuation.
The petitioners, an arecanut seller and a truck owner, moved to court after the vehicle and goods were
seized. Tax officials listed two issues for confiscation. According to them, first, it was travelling to the
different direction away from its original destination. So it is clear that the goods were not moving to the
place destined for. Hence, it appears that the goods are being transported with intention to evade tax.
Second, the value of goods being transported is shown ₹286 which is low compared to its Real Market
Value ie ₹330.
A Bench of Justices JB Pardiwala and Nisha M Thakore, went through all the submissions and after hearing
al the arguments and said that there cannot be any mechanical detention of a consignment in transit solely
on the basis of the two reasons – wrong route and undervaluation.
India wants South Korea to lower non-tariff barriers for textiles, pharma, rice, engineering, steel
Fast-tracking negotiations
The two Ministers also agreed to fast-track negotiations on the up-gradation of the bilateral
Comprehensive Economic Partnership Agreement (CEPA) which, India believes, has delivered
disproportionately more benefits to the South Koreans. The CEPA was implemented in 2010.
“India made it clear to South Korea that while it appreciated the strengthening of trade and investment
ties with the country, the large trade deficit, at over $ 8 billion in 2020-21, had to be checked and that
would be partly possible by removal of identified non-tariff barriers,” the source said.
However, the sensors developed by the three institutions is more hi-tech and can be hooked on to
compatible with Internet-of-Things (IoT). They feature ‘ultra-small graphene particles’, made from
graphene quantum dots, which are nano-sized fragments of graphene. Graphene, by the way, is a material
made of Carbon, where the Carbon atoms are arranged as a honey-comb sheet. The arrangement of atoms
imparts the material a few fantastic properties—graphene has been described to be “harder than diamond
but more elastic than rubber, tougher than steel, but lighter than aluminium.”
Graphene quantum dots are disc-shaped materials made of a few layers of graphene, measuring mere
nanometers; they have been scoped for a variety of sensing applications. Synthesising graphene dots,
however, is not easy.
The Central Electricity Regulatory Commission (CERC) has approved the application of Pranurja
Solutions Ltd, a company promoted by BSE, PTC Ltd and ICICI Bank, to set up a power exchange,
which will be the country’s third after IEX and PXIL.
Join low-carbon transition move, India tells major emitting industries

M. Ramesh |Glasgow, Nov 9 | Updated On: Jan 09, 2022
79 | P a g e
Leadership Group for Industry Transition, LeadIT, is an Indian-Swedish climate change initiative. It
will help the countries to take the lead in heavy industry transition as well as meet Paris Agreement
goals and create new sustainable jobs, Recently, the UN Secretary-General Antonio Guterres
commended India and Sweden for their climate change initiative. He announced this during the
Clean Energy Ministerial hosted by Chile.
What is the News?
On the sidelines of COP 26 in Glasgow, the LeadIT (Leadership Group for Industry transition) Summit 2021
was held in hybrid mode presided by India and Sweden.
What is the Leadership Group for Industry Transition(LeadIT)?
Launched by: LeadIT was launched by the Prime Ministers of Sweden and India with support from
the World Economic Forum (WEF) during the UN Secretary-General’s Climate Action Summit in 2019, in
New York.
Purpose: Voluntary initiative for promoting low-carbon transition through active participation of private
sector companies. Especially in the sectors like Iron & Steel, Aluminium, Cement and Concrete,
petrochemicals, fertilisers, bricks, heavy-duty transport.
Secretariat: It is hosted by Stockholm Environment Institute (SEI), Sweden.
What is the significance of the LeadIT Initiative?
Industry sectors together contribute about 30% of the total CO2 emissions. Hence, initiatives like LeadIT to
drive low carbon development pathways in the industry sector are critical for achieving the goals of the
Paris Agreement.
First India-Nordic Summit
 It was held in April, 2018.
 India and five Nordic countries - Sweden, Norway, Finland, Iceland and Denmark held the
summit to deepen cooperation.
Leadership Group on Industry Transition
80 | P a g e
 The Leadership Group for Industry Transition (LeadIT) gathers countries and companies that are
committed to action to achieve the Paris Agreement.
 It was launched by the governments of Sweden and India at the UN Climate Action Summit in
September 2019 and is supported by the World Economic Forum.
 LeadIT members subscribe to the notion that energy-intensive industry can and must progress on
low-carbon pathways, aiming to achieve net-zero carbon emissions by 2050.
US backs India-UK led solar Green Grids Initiative at COP26

PTI |London, November 7 | Updated On: Nov 07, 2021
The ISA, launched at COP21 in Paris had recently expanded to include all UN member states, aims to
help mobilise USD 1 trillion of funding by 2030.
The US has partnered with the UK and India-led Green Grids Initiative of a global energy grid launched by
Prime Minister Narendra Modi at the COP26 climate summit in Glasgow.
“The GGI-OSOWOG is focusing on the two most important pieces of the puzzle. We at the US Department
of Energy are happy to be a partner with GGI-OSOWOG,” she said.
81 | P a g e
The International Solar Alliance (ISA) under India’s presidency and the UK’s COP26 Presidency had
launched GGI-OSOWOG during the World Leaders’ Summit of COP26 on Tuesday.
The Steering Committee of GGI-OSOWOG comprises five members besides India and the UK – the US,
Australia and France – and has been set up to deliver the vision of One Sun One World One Grid under
which 80 countries have resolved to combine their efforts to create more interconnected grids, endorsing
the ‘One Sun Declaration’.
“The GGI-OSOWOG initiative has sustainable development and climate change mitigation at its core with
focus on underserved areas. It will stimulate green investment and create millions of green jobs,” he said.
The One Sun Declaration for GGI-OSOWOG will be focused on building new transmission lines crossing
frontiers and connecting different time zones, creating a global ecosystem of interconnected renewables
that are shared for mutual benefit and global sustainability.
Lithium deposits occur in two forms — in salt waters under salt flats called ‘salars’ (similar to India’s Rann
of Kutch) and in the form of crystals trapped in igneous pegmatite rocks. Argentina has 23 salar projects
(two in operation, one under construction and the others in advanced feasibility stage), and six 40
pegmatite exploration projects. Its ‘inferred reserves’ are estimated at 21.2 million tonnes of LCE.
Argentina is a mineral-rich country, like its neighbours Chile and Bolivia, and the three countries are
sometimes referred to as ABC of lithium, or ‘lithium triangle’. But while Chile and Bolivia have vibrant
mining industry, Argentina “is getting into mining” (only now).
Govt approves ₹12,000-cr green energy corridor phase-II to modernise transmission
New Delhi, January 6 | Green Energy Corridor | Updated On: Jan 06, 2022
Will aid grid integration of 20 GW of renewable energy capacity across seven States
The Cabinet Committee on Economic Affairs (CCEA) on Thursday approved the second phase of the Green
Energy Corridor (GEC) for Intra-State Transmission System (InSTS), a move that will aid grid integration and
evacuation of close to 20 gigawatts of renewable energy (RE) capacity across seven States. The scheme will
be implemented by FY26 and is likely to cost more than ₹12,000 crore.
The GEC-Phase II scheme aims to add around 10,750 circuit kilometres (ckm) of transmission lines and
about 27,500 mega volt-amperes (MVA) transformation capacity of substations. It will facilitate grid
integration and power evacuation of RE projects in Gujarat, Himachal Pradesh, Karnataka, Kerala,
Rajasthan, Tamil Nadu and Uttar Pradesh, the Ministry of New and Renewable Energy said in a statement.
Inverted tax structure simply refers to a condition where the tax rate on inputs used is higher than
the tax rate on the outputs for sale. The condition may not be prevalent for all industries.
What is the inverted duty structure?

An inverted duty structure comes up in a situation where import duties on input goods are higher than on
finished goods. In other words, the GST rate paid on purchases is more than the GST rate payable on sales.
Why do businesses want to see it gone?

Businesses paying taxes under this structure continue to have Input Tax Credit in their ledger even after
paying off the output tax liability, leading to crucial working capital remaining stuck in the form of credit.
82 | P a g e
There is confusion about central laws not providing for any refund of credit accumulation on account of
differential tax rates, particularly when the rate of tax on inputs is more than rate of tax on output.
Services sectors such as hotels and hospitality have pointed out to Section 54(3) of the CGST Act, which
states that unutilized ITC can be claimed, but the tax department does not consider the unutilized ITC on
services while calculating “Net ITC” as per Rule 89(5) of CGST Rules. Hence, there is confusion on whether a
taxpayer is eligible to claim a refund of unutilised ITC on input services or not.
Rolling out flex fuel vehicles in 6 months, an ‘uphill task’

Mumbai, December 29 | Updated On: Dec 29, 2021
Auto industry may not be able to move to even E20 by that time, says expert panel report
Union Minister Nitin Gadkari’s ambition to have flex fuel vehicles (FFV) running on Indian roads within the
next six months appears to be a tall order, considering that the automotive industry would not even move
to E20 by that time, a report prepared by an expert committee has stated.
FFVs can run either on 100 per cent petrol or 100 per cent ethanol or their blends. Present generation
petrol-powered vehicles can run on blends to the extent of 10 per cent ethanol or E10. E20 or ethanol 20
per cent blending in a phased manner is slated to take place only by 2023, which has been brought forward
from 2025.
“It is possible to roll out E20 material-compliant vehicles by April 2022 and E20 engine-compatible vehicles
by April 2023. However, considering the supply of ethanol blended fuel, it is recommended that these may
be rolled out all across the country from April 2023. Vehicles with E20 tuned engines can be rolled out all
across the country from April 2025,” a report by the expert committee, formed under the aegis of NITI
Aayog and Ministry of Petroleum and Natural Gas, said.
“We have advised automobile manufacturers in India to start manufacturing FFVs and Flex Fuel Strong
Hybrid Electric Vehicles complying with BS-6 norms in a time bound manner within a period of 6 months,”
Gadkari tweeted on December 27.
The report adds that in order to use higher ethanol blends, the vehicles are supposed to be designed
holistically to take care of material compatibility, engine tuning (spark timing) and optimisation
(compression ratio) to garner the advantage of higher-octane ethanol blends.
“However, high compression ratio engines may face catastrophic failure due to engine knocking when
operated with low or nil ethanol content (i.e. low octane fuel). Similarly, the vehicles which are designed
for low or nil content of ethanol in gasoline will result in lower fuel economy if used with higher ethanol
blends,” the report clarified.
“It should be noted that flex fuel vehicles themselves could be more expensive than regular vehicles due to
the upgradation of materials, engine parts and fuel system. Further, running cost (due to lower fuel
efficiency) will be higher by more than 30 per cent when run with E100 fuel. Unless the E100 fuel cost at
retail outlets is made more than 30 per cent cheaper, customers will not prefer the fuel/use for their
vehicle. Customer acceptance will be the big challenge in this case,” SIAM stated in the report.
The cost of flex fuel vehicles (four-wheelers) would be higher in the range of ₹17000 and ₹25000. The two-
wheeled flex fuel vehicles would be costlier in the range of ₹5,000 and ₹12,000 compared to normal petrol
vehicles, according to SIAM.
While the calorific value of ethanol is two-third of petrol, according to Gadkari, by use of better technology
ethanol’s calorific value can be brought on par with that of petrol.
83 | P a g e
FinMin notifies revised HSN for GST purpose
Our Bureau |New Delhi, December 29 | Updated On: Dec 29, 2021
New Harmonised System of Nomenclature will be applicable on various food, non-food items
The Finance Ministry has notified new HSN (Harmonised System of Nomenclature) for number of various
food and non-food items under Goods & Services Tax (GST) law. These will be applicable from January 1.
There is no change in GST rate but only in HSN.
Experts say businesses are required to notice these changes and use them in issuance of e-way bill, e-
invoicing etc. HSN is the identity of commodity being traded in global market. Same identity is used for
domestic taxation to avoid any mismatch. Considering changes in international level, government
amended certain provision related with custom duty for new HSN through the Finance Act. Now, new
notification under GST law has incorporated these changes for GST too.
HS Codes under the First Schedule of the Customs Tariff Act, 1975 are applicable even while doing
classification for the purpose of GST. In this regard, it is very important to refer the Tariff
Notification of goods issued under GST law wherein the rates of GST have been notified as specified
from Schedule I to VI which duly mentions the Chapter / Heading / Sub-heading / Tariff item along
with the description of goods.
 HSN stands for Harmonised System of Nomenclature code. This is a 6-digit code that classifies various
products.
 Manufacturers, importers and exporters have been using HSN codes for a long time now.
 The HSN code contains 21 sections. These are divided into 99 chapters which are divided into 1244
sections.
 Various services are also classified uniformly for recognition, measurement and taxation.
The ministry of finance has announced that businesses with turnover of Rs 5 crore and above will have to
furnish six-digit HSN or tariff code on the invoices issued for supplies of taxable goods and services from
April 1. Those with turnover of up to Rs 5 crore in the preceding financial year would also be required to
furnish four-digit HSN code on B2B invoices.
What is HSN code?
84 | P a g e
HSN stands for Harmonised System of Nomenclature code. It is mandatory for both B2B an ..
Bond yields hit 20-month high

BL Mumbai Bureau |December 28 | Bond Market | Updated On: Dec 29, 2021
Experts cite inflation, possibility of higher borrowing programme to cause the upward movement
Yield on the 10-year benchmark Government Security (G-Sec) hit a 20-month high due to concerns on the
possibility of higher Government borrowing and the inflationary impact of rising crude oil prices.
Bond yield and price are inversely correlated and move in opposite directions.
Centre notifies rules for direct selling companies
Also directs State governments to set up a mechanism to monitor activities

The Centre on Tuesday notified rules for the direct selling industry prohibiting promotion of pyramid
schemes and participation in money circulation schemes.
The government said that the existing direct selling companies will need to ensure they comply with the
Consumer Protection (Direct Selling) Rules, 2021 within 90 days. It also directed State governments to set
up a mechanism to monitor or supervise the activities of direct sellers and direct selling entities.
The Consumer Affairs Ministry said that the rules lay down duties and obligations of both direct selling
entities and their direct sellers to “safeguard the interest of consumers”.
Redressal mechanism
Under the new rules, direct selling companies will need to establish an adequate grievance redressal
mechanism.
85 | P a g e
“A direct selling entity which explicitly or implicitly vouches for the authenticity of the goods or services
sold, or guarantees that such goods or services are authentic, shall bear the liability in any action related to
the authenticity of such goods or services,” the notification stated.
These companies will need to display information regarding their grievance redressal mechanism on their
website including information about grievance redressal officers. The grievance redressal officer will need
to acknowledge the receipt of consumer complaints within 48 working hours. Complaints will need to be
resolved within a month and reasons will need to be given to the complainant if there is a delay of more
than a month.
“Every direct selling entity shall appoint a nodal officer who shall be responsible for ensuring compliance
with the provisions of the Act and the rules,” the official statement added.
The Rules also state that direct selling companies or their direct sellers cannot “induce consumers to make
a purchase based upon the representation that they can reduce or recover the price by referring
prospective customers to the direct sellers for similar purchases.”
Direct selling companies will need to monitor practices adopted by their direct seller to ensure they are in
compliance with the norms through a legally binding contract with them. In addition, both direct selling
entities and direct sellers “using e-commerce platforms” for sale need to comply with the Consumer
Protection (e-Commerce) Rules, 2020.
Labour reforms, social security fund for informal workers will top Labour Ministry agenda in 2022
PTI |New Delhi, December 31 | Looking Ahead | Updated On: Dec 31, 2021
Govt committed to welfare of labour, says Minister Bhupender Yadav

In a major move, the Ministry launched the e-Shram portal on August 26, 2021 for creating a national
database of over 38 crore informal sector workers. It will help the government to ensure last-mile delivery
of benefits of various social security schemes to the informal-sector workers.
Four labour codes
The Central government has notified four labour codes. The Code on Wages, 2019, was notified on August
8, 2019 while the three others — the Industrial Relations Code, 2020, the Code on Social Security, 2020,
and the Occupational Safety, Health and Working Conditions Code, 2020 — were notified on September
29, 2020.
Also read Are jobs really being created?
The Code on Social Security provides for creating a social security fund that will help in bringing informal
sector workers under the social security net as well as welfare schemes.
“The purpose is to register the data of the unorganised workers and that is the mandate under the social
security code. I am also happy that all trade unions have wholeheartedly supported this mission.”
About the progress on the implementation of the labour codes, Yadav, earlier this month, told the Rajya
Sabha that Occupational Safety, Health and Working Conditions Code is the only code on which the least
number of 13 states have pre-published the draft rules.
One of the key issues is about the definition of wages which caps allowances at 50 per cent and provides
for higher deduction of provident fund and gratuity. Once implemented, such a move will mean that
eventually the take home salary of employees will come down and the employers will also be required to
restructure the salaries' structure.
86 | P a g e
Besides, there is a provision in the industrial relations code that any unit with up to 300 workers will not
need permission from the appropriate government for closure, retrenchment and lay off. At present, the
threshold is 100 workers.
Besides, the trade unions also claim that there are other provisions which make forming trade unions a
little cumbersome. “We are also ready to talk on issues under tripartite (arrangement). So many forums
have already been active,” Yadav said.
Insolvency cases: After missed timelines in 2021, process likely to speed up with improved infrastructure
PTI |New Delhi, December 31 | Updated On: Dec 31, 2021
CLT and NCLAT continued to grapple with lack of resources in terms of vacant positions of judges and
poor infrastructure
The insolvency resolution process, which seeks to address stressed assets in a quick and time-bound
manner, appeared to lose its steam in 2021 with delays and eyebrows were raised over actual realisations
as creditors took steep "hair cuts" in some cases.
The National Company Law Tribunal, the designated authority under the insolvency law, and the appellate
tribunal NCLAT continued to grapple with a lack of resources in terms of vacant positions of judges and
poor infrastructure. As a result, the virtual adjudication process, the mode adopted in the wake of the
pandemic, also slowed down.
The Insolvency and Bankruptcy Code (IBC) provides for a market-linked and time-bound resolution of
stressed assets. The Insolvency and Bankruptcy Board of India (IBBI) is a key institution under the Code.
The Insolvency and Bankruptcy Code (IBC) provides for a market-linked and time-bound resolution of
stressed assets. The Insolvency and Bankruptcy Board of India (IBBI) is a key institution under the Code.
The new model of aggregation in form of FPC, registered under the Companies Act, 1956 has emerged as
an effective FPO in States like Maharashtra.
India imposes anti-dumping duty on 5 Chinese goods for 5 years
India has imposed antidumping duties on five Chinese products, including certain aluminium goods and
some chemicals, for five years to guard local manufacturers from cheap imports from the neighbouring
country.
According to separate notifications of the Central Board of Indirect Taxes and Customs (CBIC), the duties
have been imposed on certain flat rolled products of
(i) aluminium;
(ii) sodium hydrosulphite (used on dye industry);
(iii) silicone sealant (used in manufacturing of solar photovoltaic modules, and thermal power
applications);
(iv) hydrofluorocarbon (HFC) component R-32; and hydrofluorocarbon blends (both have uses in
refrigeration industry).
These duties were imposed following recommendations of the commerce ministry's investigation arm
Directorate General of Trade Remedies (DGTR).
The DGTR in separate probes have concluded that these products have been exported at a price below
normal value in Indian markets, which has resulted in dumping.
87 | P a g e
"The anti-dumping duty imposed under this notification (on Silicone Sealant ) shall be levied for a period of
five years (unless revoked, superseded or amended earlier) from the date of publication ofthis notification
in the Official Gazette and shall be payable in Indian currency," the CBIC has said.
.
Similarly it has also slapped the duty on imports of calcined gypsum powder from Iran, Oman, Saudi Arabia
and United Arab Emirates (UAE) for five years.
While DGTR recommends the duty to be levied, the finance ministry imposes it.
Countries initiate anti-dumping probes to determine if the domestic industry has been hurt by a surge in
below-cost imports. As a counter-measure, they impose duties under the multilateral WTO regime.
Anti-dumping measures are taken to ensure fair trade and provide a level-playing field to the domestic
industry. Both India and China are members of the Geneva-based World Trade Organisation (WTO).
Electric vehicles incentivised under FAME II to touch 2 lakh mark for 2021
G. Balachandar |Chennai, December 23 | Updated On: Dec 23, 2021
It includes 1.19 lakh two-wheelers, 20,042 three-wheelers and 580 four wheelers
FAME India II Scheme was redesigned in June 2021 based on experience particularly during Covid-19
pandemic and feedback from industry and users. The revised FAME II programme led to faster proliferation
of electric vehicles as it enabled lowering of upfront cost of electric vehicles.
Demand incentive for electric two wheelers was increased to ₹15,000/kWh from ₹10,000/kWh with
maximum cap increased to 40 per cent from 20 per cent of the cost of vehicles. Also, the scheme was
extended for a further period of two years, i.e. till March 2024.
With 54 unicorns, India overtakes UK to third spot: Hurun index
Our Bureau |Bengaluru, December 22 | Unicorn Spotting | Updated On: Dec 22, 2021
India’s list of unicorns is led by edtech platform BYJU’s which is valued at $21 billion
India has a total of 54 unicorns, ranking it third in the world, according to Hurun Global Unicorn Index
2021.
The report said India has more than doubled the number of unicorns from last year and overtook the UK in
the tally. “Whilst there are a further 65 unicorns founded by Indians abroad, mainly in Silicon Valley, the
percentage of homegrown unicorns has increased from one third to 45 per cent suggesting that the start-
up ecosystem in India is maturing,” said Anas Rahman Junaid, Managing Director and Chief Researcher,
Hurun India.
The report said there are 122 unicorns in e-commerce globally, of which 15 are in India. In the e-commerce
sector, India is the third-largest, only behind the US and China. Further, 39 unicorns in the world have seen
their valuation dip below $1billion this year. Among Indian start-ups, Paytm Mall was valued at $3 billion in
2020, the e-commerce company saw its valuation drop below $1 billion this year.
FinMin imposes anti-dumping duty on refrigerant R-32 from China
K.R.Srivats |New Delhi, Dec 22 | Updated On: Dec 22, 2021
88 | P a g e
R32 is a refrigerant used in small split air conditioning systems.
Finance Ministry has imposed definitive anti-dumping duty on imports of "Hydrofluorocarbon (HFC)
component R-32" from China.
R32 is a refrigerant used in small split air conditioning systems. This definitive anti-dumping duty would be
valid for five years.
Aadhaar mandatory for filing GST refund claim from January 1
Shishir Sinha |New Delhi, December 22 | GST | Updated On: Dec 22, 2021
The Aadhaar card is also needed for application for the revocation of cancellation of GST registration
From January 1, Aadhaar authentication of registration will be mandatory for being eligible for filing refund
claim and application for revocation of cancellation of registration by GST assesses. The Finance Ministry
has notified the date.
The GST Council, in its meeting on September 17, decided to make Aadhar authentication mandatory. On
September 24, Finance Ministry notified the rules and said these will be applicable from the date to be
notified later. Now, this has been done with notification dated December 21.
Aadhar authentication will make one eligible for filing of application for revocation of cancellation of
registration and for refund including that related with integrated tax (IGST) paid on goods exported out of
India.
Aadhaar authentication was introduced vide Finance Act, 2019 and implemented in 2020 to curb the
menace of tax evasion in view of easy registration process, which was granted in 3 working days and no
field inspection with no check. Aadhaar had been made mandatory like LPG subsidy, scholarship etc. as per
Supreme Court Judgement, however, some exceptions are made under GST even for persons without
Aadhaar.
If new taxpayers furnish Aadhar details, then the facility of auto-approval of registration is available, else a
detailed physical verification process is made operational to confirm their identity using other documents.
Gazette notifies scheme for setting up semiconductor fabs in India
Ronendra Singh |New Delhi, December 22 | Updated On: Dec 22, 2021
“The scheme will be implemented through a nodal agency (India Semiconductor Mission). Such nodal
agency will be responsible for carrying out technical appraisal and financial appraisal of the applications
received under the scheme; recommending selection of applicants; and carrying out other responsibilities
as assigned by the MeitY from time to time,” the notification said.
Cabinet approves ₹76,000 cr for development of semiconductors ecosystem
The functions and responsibilities of the nodal agency will be elaborated in the scheme guidelines that
MeitY would issue separately, it added.
The applicant(s) will also be evaluated on the ‘quality and cost-based selection’ (QCBS) criteria, which will
include technical parameters such as process technologies, project implementation capacity and operation
capability.
This will also include financial parameters such as fiscal support sought from the government. “The QCBS
evaluation criteria shall be decided by MeitY in consultation with nodal agency and approved by the
MeitY,” the notification stated.
Industry welcomes Cabinet approval of semiconductor PLI scheme
It further said that support under the scheme will be provided on pari passu basis for six years and the
government will provide fiscal support of up to 50 per cent of a project cost for display fabs.
89 | P a g e
The government may also extend the benefits of the Modified Electronics Manufacturing Clusters (EMC
2.0) scheme for the development of infrastructure and/or common facility centre, subject to the proposal
satisfying the EMC 2.0 framework requirements, it said.
For the semiconductor ecosystem, the government will provide 30 per cent of the capital expenditure and
the tenure of the scheme will be three years, starting January 1.
States’ VAT collections from fuels flat, but Centre rakes in 36% more in FY21
States’ collections rose 1.2 per cent compared with FY20

State governments’ taxes and cesses (sales tax/VAT) collections from auto fuels rose, albeit marginally by
1.2 per cent, on an annual basis to ₹2.02-lakh crore in the financial year 2020-21, the Rajya Sabha was
informed on Monday.
VAT collections
For the April-June quarter in FY22, the State VAT collections were around ₹55,974 crore.
Petrol and diesel are currently not under GST and States levy VAT on top of the excise duty charged by the
Centre.
The excise duty on petrol is ₹27.90 per litre, while that on diesel is ₹21.80 a litre. Out of the total taxes on
petrol, the basic excise duty is ₹1.40.
Besides, the government levies a special additional excise duty of ₹11 per litre, a road and infrastructure
cess of ₹13 as well as an agriculture infrastructure and development cess of ₹2.50.
In the case of diesel, the basic excise duty is ₹1.80. A special additional excise duty and road and
infrastructure cess of ₹8 is also charged.
Besides, ₹4 is charged as agriculture infrastructure and development cess.
Fillip to economy
In November 2021, after retail prices of petrol and diesel rose to record levels, the Central government had
reduced the Central excise duty on petrol by ₹5 and diesel by ₹10.
The measure was aimed to give a fillip to the economy and to boost consumption and keep inflation low,
thus helping the poor and middle classes.
India allows refined palm oil imports until December 2022

Reuters |Mumbai, December 21 | Updated On: Dec 21, 2021
The move could reduce India’s crude palm oil imports

India on Monday allowed imports of refined palm oil until December 2022, the government said in a
notification, as the world’s biggest vegetable oil buyer tries to bring down edible oil prices.
The move could reduce India’s crude palm oil (CPO) imports, with buyers shifting to refined palm oil as
exporting countries such as Indonesia levy higher taxes on CPO shipments than refined palm oil.
90 | P a g e
The Indian Ministry of Commerce and Industry issued a notification on Monday saying imports of refined
palm oil would be allowed until December 31, 2022.
Imports permitted
Indian buyers could import 1.5 million tonnes of refined palm oil and 7 million tonnes of CPO in the
2021/22 marketing year that started on November 1, said Sandeep Bajoria, chief executive of Sunvin
Group, a vegetable oil brokerage and consultancy firm.
India fulfils more than two-thirds of edible oil demand through imports, and palm oil accounts for more
than 60 per cent of the total imports.
Fifth largest investor

Japan is the fifth largest investor in the Indian economy with cumulative FDI inflows of $34.5 billion in the
April 2000 to December 2020 period accounting for 7 per cent of total FDI inflows in the same period.
OECD releases Pillar-II model rules for domestic implementation of 15% global minimum tax
India may use these rules to prescribe provisions in the Budget

The Organisation for Economic Co-operation and Development (OECD) on Monday published detailed rules
to assist in the implementation of new international tax system, which will ensure multinational
enterprises (MNEs) will be subject to a minimum 15 per cent tax rate from 2023.
India is one among 137 countries that are signatory to new global tax regime. These rules have come at a
time when preparations are underway for the Budget for the next fiscal. This would imply that the Finance
Ministry may take a cue from these rules to include similar provisions in the Finance Bill.
“They are drafted as model rules that provide a template that jurisdictions can translate into domestic law,
which should assist them in implementing Pillar Two within the agreed time frame and in a co-ordinated
manner,” OECD said
The rules define the scope and set out the mechanism for the Global Anti-Base Erosion (GloBE) Rules under
Pillar Two. These will assist countries to bring the GloBE rules into domestic legislation in 2022. The
minimum tax will apply to MNEs with revenue above €750 million and is estimated to generate around
$150 billion in additional global tax revenues annually.
Two-pillar solution
“The model rules released today are a significant building-block in the development of a two-pillar
solution, converting the foundations of a political agreement reached in October into enforceable rules,”
Pascal Saint-Amans, Director of the OECD Centre for Tax Policy and Administration, said.
Jaitapur project will further promote business cooperation between India, France: Consul General of France
in Mumbai
December 20 | Updated On: Dec 20, 2021
The newly appointed Consul General of France in Mumbai, Jean Marc Sere Charlet, has said that successful
commissioning of the Jaitapur project, the largest nuclear power plant in the world, will further promote
business cooperation between India and France.
The Consul General was speaking to Maharashtra Governor, Bhagat Singh Koshyari, at Raj Bhavan Mumbai
on Monday.
91 | P a g e
For the last 11 years, the project has been discussed. French company EDF and Nuclear Power Corporation
of India Limited (NPCIL) are working together on the project. There would be six state-of-the-art EPR
reactors with an installed capacity of 9.6 GWe that will produce low carbon electricity. It would provide
electricity to seven crore households.
Also read: Bringing back reactors for green hydrogen
The Consul General told the Governor that France will be holding its cultural festival ‘Bonjour India’ after
which India will also hold its ‘Namaste France’ in France.
Snowfall, rain taper over North-West India in La Niña effect
Vinson Kurian |Thiruvananthapuram, December 20 | Updated On: Dec 20, 2021
Icy-cold winds
Passage of back-to-back western disturbances tend to change the wind direction from cold north-
westerlies to warm and humid easterlies. But with La Niña in place, we expect less amount of winter rains
and thus icy cold winds would blow into North-West India bringing down the mercury.
A study published by the International Journal of Climatology says that an El Niño leads to enhanced winter
precipitation over North-West India and vice-versa (during La Niña). During the warm phase, western
disturbances intensify due to strong north-easterly flows from Siberia.
La Niña has the potential to affect India’s winter as it influences the wind pattern and speed,
“ La Niña brings cold air from Siberia and South China over the Indian sub-continent that interacts with the
tropical heating. The cold air associated with the resulting north-south trough tends to extend much
further south into India,”
Blue-sky thinking: Net-zero aviation is more than a flight of fantasy
PTI |Queensland, December 20 | Updated On: Dec 20, 2021
Build back better

The aviation sector’s progress in cutting emissions has been disappointing to date. For example, in
February last year, research on the world’s largest 58 airlines found even the best-performing ones were
not doing anywhere near enough to cut emissions.
Most recently, at the COP26 climate change summit in Glasgow, the industry merely reasserted a
commitment to a plan known as the Carbon Offsetting and Reduction Scheme for International Aviation.
The scheme relies on carbon offsetting, which essentially pays another actor to reduce emissions on its
behalf at lowest cost, and doesn’t lead to absolute emissions reduction in aviation. The scheme also
encourages alternative cleaner fuels, but the level of emissions reduction between fuels varies
considerably.
TRIPS waiver: India, South Africa, US, EU try for breakthrough

Amiti Sen |New Delhi, December 19 | TRIPS Waiver | Updated On: Dec 19, 2021
Even the looming threat of the Omicron variant has not broken the deadlock in the World Trade
Organisation (WTO) on relaxing certain intellectual property (IP) rules for Covid-19 vaccines and medical
products.
“The India-South Africa TRIPS waiver proposal has the support of more than 100 members. Yet, if major
players such as the EU and the US don’t come on board fully, there is not much hope for it,” an official
told BusinessLine.
92 | P a g e
The EU is one of the key opposers to the TRIPS waiver proposal, which was first put forward by India and
South Africa on October 2, 2020. The bloc has argued that IPs are not a barrier to scaling up manufacturing
of vaccines or other health products needed for the Covid-19 response and a waiver will not lead to
widespread manufacturing.
The EU has instead floated its own proposal underlining that the existing WTO provision of allowing
governments to issue compulsory licences to non-patent holders for manufacture of patented medical
products during public health emergencies be further simplified.
Accounting bodies to get powers to act against erring firms
K.R.Srivats |New Delhi, Dec 17 | Regulation Auditors | Updated On: Dec 17, 2021
FM introduces Bill to overhaul disciplinary mechanism of the three institutes

The government on Friday moved an amendment Bill to empower the three accounting bodies — the CA
Institute, the Company Secretaries Institute and the Cost Accountants Institute — to take disciplinary
action against erring firms, a long-pending demand of the professional bodies.
It, however, diluted the representation of the professional bodies in the composition of the respective
Disciplinary Committees.
So far, these professional bodies could only act against their members and not against the firms they
represented. The new Bill — The Chartered Accountants, the Cost and Works Accountants and the
Company Secretaries ( Amendment) Bill 2021 — introduced in the Lok Sabha by Finance Minister Nirmala
Sitharaman on Friday requires every firm to get itself registered with the Institutes concerned.
The Councils of the Institutes will have to maintain a register of firms with the details of pendency of any
actionable information or complaint or imposition of penalty against them. Also, the Councils are to be
empowered to remove a firm from the Register of Firms if it has been debarred from undertaking any
activity or activities relating to the profession of a chartered accountant in practice under any law or by any
competent court.
For speedy disposal of disciplinary cases, the Bill specifies a time limit of 270 days.
Significant change
One of the significant changes is revamping the composition of the Disciplinary Committee and the Board
of Discipline — a move seen by experts as a blow to the professional institutes as it takes away their
powers to guide the outcomes in disciplinary mechanism.
Per the Bill, the Presiding Officer of the Disciplinary Committee would be a non-member of the Institute,
which would mean that the Presidents of these bodies can no longer be the Presiding officer.
From the current situation where the five-member disciplinary committee includes three Institute
nominees, including the President, and two government nominees, the Bill moots a shift to two Institute
members and three non-members including the Presiding Officer appointed by the government.
The blow has, however, been softened by allowing the selection of the Presiding Officer from a panel
recommended by the Council of the Institutes.
India on guard as some WTO members try to link environment to trade talks
Amiti Sen |New Delhi, December 16 | Updated On: Dec 16, 2021
These are “illegal” efforts by rich nations to impose conditions on developing nations, say experts
India is watching out as hectic efforts are on at the World Trade Organisation to bring environment at the
“heart of trade discussions” — a move that the country has been strongly opposed to. Around 80 member
countries, co-sponsoring three environment-related initiatives, on Wednesday, stated that they would
work on making trade and trade rules address these problems.
93 | P a g e
The WTO, too, seems to be in support of the new initiative with Director-General Ngozi Okonjo-Iweala
joining ministers from supporting countries in welcoming the initiatives.
The three initiatives, which include the Trade and Environmental Sustainability Structured Discussions
(TESSD), the Informal Dialogue on Plastics Pollution and Sustainable Plastics Trade (IDP), and Fossil Fuel
Subsidy Reform (FFSR), has the support of over 80 member countries, both developed and developing, per
the WTO.
“The WTO has no mandate to intervene in national or international environmental policies. This is because
environment can be used as a tool to impose unjustified trade restrictions such as the proposed carbon
taxes by some developed nations. Developing countries may also be forced to lower tariffs on so-called
environmental goods with dual uses. India will not support such discussions,”
Carbon border tax
The EU has already announced its plans of imposing a carbon border tax on imported goods from countries
with less stringent climate policies. This is to be done in a phased manner from 2026. The US, too, is
proposing to follow suit. Developed countries also have been trying to persuade developing countries to
reduce tariffs on so-called environment friendly goods, for instance parts for an effluent treatment plant,
which could also be used for other purposes.
Making environment a part of the WTO trade talks could add legitimacy to such unilateral trade barriers
and market access expansion efforts, say experts.
The DG pointed out that it was in 1994 that leaders adopted the first decision recognising the “mutual
supportiveness” of international trade and environmental action and created the WTO Committee on
Trade and Environment (CTE).
However, what is important to note is that one of the principles on which the work of the CTE was based
was the recognition that the WTO is only competent to deal with trade.
According to the parameters guiding CTE, the WTO’s only task is to study questions that arise when
environmental policies have a significant impact on trade and its members do not want it to intervene in
national or international environmental policies or to set environmental standards. Other agencies that
specialise in environmental issues are better qualified to undertake those tasks.
Global shipping industry launches quarantine facilities to combat pandemic-induced crew crisis
Our Bureau |Mumbai, Dec 16 | Updated On: Dec 16, 2021
New quarantine programme

The Crew Enhanced Quarantine International Programme (CrewEQUIP) is a partnership between the
International Maritime Employers’ Council (IMEC), the International Chamber of Shipping (ICS) and the
International Transport Workers’ Federation (ITF). Collectively, the organisations represent more than 80
per cent of the global merchant fleet and nearly one million international seafarers through almost 200
affiliated unions.
CrewEQUIP will create a list of trusted hotels available for crew quarantines that are independently
reviewed. The programme is designed to overcome frequent changes in government border policies
affecting international crew by having the highest standards and industry-best protocols in place, ensuring
the scheme will continue to safely get crew to vessels even if governments increase their quarantine
requirements.
94 | P a g e
The programme is designed to overcome frequent changes in government border policies affecting
international crew
“This new quarantine facility programme will give industry more confidence to support the movement of
more seafarers regularly around the world safe in the knowledge that there is a considerably less risk of
Covid-19 being introduced to a vessel if a seafarer has joined via a CrewEQUIP-approved facility, where the
highest standards will prevail,” he added.
While a global, permanent system with digital vaccine and testing recognition is still urgently needed, the
groups said CrewEQUIP would be important to have in place in the meantime to support greater levels of
crew change.
Under the CrewEQUIP scheme, shipping companies and their representatives such as crewing agents and
vessel managers are able to sponsor pre-embarkation quarantine facilities for seafarers to be considered
for recognition. Facilities must meet CrewEQUIP’s stringent standards for hygiene, testing integrity and
data security.
A facility must also pass inspections by Lloyd’s Register, the programme’s external auditor, to become and
remain recognised CrewEQUIP providers.
“CrewEQUIP will make the quarantine process smoother for both seafarers and shipowners and ensure
high standards are upheld.”
Expenditure incurred on ad, sales promotion by e-commerce cos is revenue expense: ITAT
Shishir Sinha |New Delhi, December 16 | Updated On: Dec 16, 2021
Experts claim this ruling in the Snapdeal case benefits many e-com cos facing litigation.
Expenditure incurred on promotion for brand 'Snapdeal' is purely revenue in nature, Delhi Bench of
Income Tax Appellate Tribunal (ITAT) has said. Experts say the ruling will be a huge relief to e-commerce
operators facing litigation on the same issue by treating advertisement expenses as revenue.
The assessee is a web-based platform of ‘Snapdeal’, which treats vendors and customers for online
purchase of goods. The assessee has incurred expenditure on advertising, sales promotion and publicity,
claiming it to be revenue expenditure. In contrast, the Assessing Officer held that half of such spending is
capital expenditure as it has helped the assessee maintain and create a ‘Snapdeal’ brand.
After hearing all the arguments and going through the facts placed on record, ITAT said that there was
nothing in the Income-tax Act; nor was there any material on record suggestive of the fact that the
assessee could not claim these expenses as revenue expenditure. “The fact remained that as assessee is
operating in online marketing business as aggregator which is a highly competent consumer market the
assessee had to stay ahead of its competition and thus engage itself in brand promotional activities and
has necessarily to incur these expenses,” it said.
Accounting for Advertising Expense
Advertising is recorded as an asset when there is a reliable and demonstrated relationship between
total costs and future benefits resulting directly from the incurrence of those costs.
95 | P a g e
Natural farming is India’s answer to the world on food security, environment concerns: PM Modi
Rutam V Vora |Ahmedabad, December 16 | Natural Farming | Updated On: Dec 16, 2021
Appeals farmers to adopt chemical-free farming

The Government of Andhra Pradesh introduced Zero Budget Natural Farming (ZBNF) in 2016 as an
alternative to chemical-based and capital intensive agriculture through its implementing agency Rythu
Sadhikara Samstha (RySS). The main objective of the ZBNF is to make agriculture economically viable,
agrarian livelihoods profitable, thereby reduce agrarian distress through cost reduction and sustainable
agricultural practices that are climate-resilient. ZBNF aims to reduce the cost of cultivation, enhance soil
fertility, enhance yields, reduce risks, and protect from uncertainties of climate change by promoting the
adoption of an agroecology framework.
The Government of Andhra Pradesh has launched a scale-out plan to transition 6 million farms/farmers to
100% chemical-free agriculture by 2024.
Zero Budget Natural Farming (ZBNF)
Zero Budget Natural Farming (ZBNF) technology uses locally available resources to manage soil nutrition,
fertility, pests, and weeds.
The technology completely avoids the use of inorganic fertilisers, pesticides, and herbicides. It
emphasises the effective utilisation of water through specified methods and recommends less tilling, to
produce higher yields. This farming practice asserts that ZBNF is resilient to climate change, reduces the
cost of cultivation, and increases farmers’ income.
Universal Principles Of Natural Farming
 Soil To Be Covered With Crops 365 Days (Living Root)

 Minimal Disturbance Of Soil
 Biostimulants As Necessary Catalysts
 Use Indigenous Seed
 Diverse Crops,Trees 15 -20 Crops
 Integrate Animals In To Farming
 Increase Organic Residues On The Soil
 Pest Management Through Botanical Extracts
 No Synthetic Fertilizers, Pesticides, Herbicides
96 | P a g e
Benefits
A study taken up in the implementation area reports the following benefits
 ZBNF processes require 50%–60% less water and less electricity (than non-ZBNF) for all the selected
crops.
 For the irrigated crops, ZBNF requires 45% - 70% less input energy (12–50 GJ per acre) and results in
55%–85% less emissions (1.4–6.6 Mt CO2e) than non-ZBNF. For the rain-fed crops, ZBNF requires
42%–90% less input energy (1.1–16 GJ per acre) and results in 85%–99% less emissions (0.5–11 Mt
CO2e).
 ZBNF reduces methane emissions significantly through multiple aeration. It also has the potential
to avoid residue burning by practising mulching.
 The cost of cultivation is lower in ZBNF for all crops by INR 3,000–INR 22,000 per acre, except in
cotton (higher by INR 9,000, due to greater labour engagement).
 The difference in yield between ZBNF and non-ZBNF for chilli and paddy is negligible . For the
remaining crops, non-ZBNF exhibits higher yields, with an increase in the range of 0.3 Mt/acre–0.7
Mt/acre. The net revenue is higher in ZBNF by INR 9,000–INR 37,000 for all the crops (except
cotton), because of the lower cost of cultivation. Furthermore, non-ZBNF-based chilli, maize, and
groundnut show higher dispersion (more risk) than ZBNF crops.
 The study also observed a positive outlook towards ZBNF by the farmers, in terms of ease of
production and health benefits.
 Organic Farming is a method of farming system which promarily aims at cultivation of the land and
raising crops in such a way, as to keep the soil alive and in good health by use of organic wastes
(crop, animal adn farm waste, aquatic wastes) and other biological materials along with the
beneficial microbed (biofertilisers) to release nutrients to crops for increased sustainable
production in a necofriendly pollution free environment. Prevailing systems of Organic Farming in
India are Vedic Krishi, Zero Budget Natural Farming, Organic Farming, Biodynamic Agriculutre, Yogic
Agriculture, Homa Farming, Natueco Farming, Permaculture, The One-Straw Revolution.
 Vedic Krishi
 Vedic Krishi is to re-enliven Natural Law in agriculutre, bringing farmer, the process of farming and
the environment in complete harmony with each other. Natural Law is the unseen intelligence of
nature the upholds and nourishes all life.
 To know more, click here,
 Zero Budget Natural Farming (ZBNF)
 Zero Budget Natural Farming (ZBNF) is a concept which promts organic farming without the off
farm or market oriented inputs with the ecological friendly techniques under which is based on four
basic inputs these are i) Beejarmruit ii) Jeevamrut iii) Aacchadana (Mulching) and iv) Waaphasa
(Aeration) This basic concept has been promoted by Mr.Subash Palaker.
 Biodynamic Agriculture
 Biodynamic Agriculture is a method of Farming to treat the farm as a living system which interacts
the environment, to build healthy, living soil and produces food that nourishes adn vitalizes
humankind. In this system energies from cosmos, mother earth, mother cows and plants are
systematically and synergistically bathnessed. The principle of biodynamic is making life giving
97 | P a g e
compost our of dead material. So far 09 biodynamic preparations have been developed named as
formulation BD 500-508.
 Yogi Agriculture
 Yogic Agriculture or "Sashwat yoga Kheti"/ Gou Mata Kheti/ Vaishnav kheti, Ahinsa farming,
Adhvoot Shivanand farming, and rishi krishi are the other names. This is a process that includes
seed empowernment (through mediation), mind and heart development of farmer (through
mediation) and integrated organic farming (through cow products, crop rotation and integrated
pest management).
 Homa Farming
 Homa Farming has its origin from Vedas and is based on the principle that "you heal the
atmosphere and healed atmosphere will heal you. The basic aspect of homa farming is the chanting
of Sanskrit mantras (Agnihotra puja) as specific times in the day before a holy fire. No specific
agricultural practice associated with homa farming. The ash that result from puja is used to
energies composts, plants, animals etc.
 Natueco Farming
 Natueco farming emphasis 'Neighborhood Resource Enrichment' by additive Regeneration' rather
than through dependence on external commercial inputs. The three relevant of Natueco farming
are Soil enrichment of soil by recycling of the biomass by establishing a proper energy chain. Roots
Development and maintenance of white feeder root zone for efficient absorption of nutrients.
Canopy Harvesting the sun through proper canopy management for efficient photosynthesis. amrit
Jal, Amrit Mitti and Ganggamma Chakra/ or Mandal are used in this system.
 Permaculture
 Permaculture is a system of cultivation intended to maintain permanent agriculture of horticulture
by relying on renewable resources and a self-sustaining ecosystem. An innovative framework for
creating sustainable ways of living. It is a practical method of developing ecologically harmonious,
efficient and productive systems that can be used by anyone, anywhere. Permaculture is a word
orginally coind by Bill Mollison and David Holmgren In the mid 1970's to describe and "integrated
evolving system of perennial or Self perpeluating plant and animal species usefull to man".
 The One-Straw Revolution
 "Fukuoka's do-nothing approach to farming is not only rovolutionary in terms of growing food, but
it is also applicable to other aspects of living, (Creativity, childrearing, activism, career, etc.). He
found ways that food could be grown in a non-polluting, sustainable manner. After a number of
years, he had rebuilt the soil on his family farm and proved that he could equal or better the yields
of the "Petroleum farmers" with his no chemical, lazy man's way of natural farming.
 Natural farming is an ecological farming approach established by Masanobu Fukuoka (1913–2008),
a Japanese farmer and philosopher, introduced in his 1975 book The One-Straw Revolution.

Organic farming is a production system which avoids or largely excludes the use of synthetically
compounded fertilizers, pesticides, growth regulators, genetically modified organisms and livestock
food additives. To the maximum extent possible organic farming system rely upon crop rotations,
use of crop residues, animal manures, legumes, green manures, off farm organic wastes,
biofertilizers, mechanical cultivation, mineral bearing rocks and aspects of biological control to
98 | P a g e
maintain soil productivity and tilth to supply plant nutrients and to control insect, weeds and other
pests.
Similarities between natural farming and organic farming:
 Natural and organic both are chemical free and more or less poison free farming methods.
 Both systems discourage farmers from using any chemical fertilizers, pesticides on plants and in all
agricultural practices.
 Both farming methods encourage farmers to use local breeds of seeds, and native varieties of
vegetables, grains, pulses and other crops.
 Organic and natural farming methods promote nonchemical and homemade pest control methods.
Key differences between natural farming and organic farming:
 In organic farming, organic fertilizers and manures like compost, vermicompost, cow dung manure,
etc. are used and added to farmlands from external sources.
 In natural farming, neither chemical nor organic fertilizers are added to the soil. In fact, no
external fertilizers are added to soil or give to plants whatsoever.
 In natural farming, decomposition of organic matter by microbes and earthworms is encouraged
right on the soil surface itself, which gradually adds nutrition in the soil, over the period.
 Organic farming still requires basic agro practices like plowing, tilting, mixing of
manures, weeding, etc. to be performed.
 In natural farming there no plowing, no tilting of soil and no fertilizers, and no weeding is done just
the way it would be in natural ecosystems.
 Organic farming is still expensive due to the requirement of bulk manures, and it has an ecological
impact on surrounding environments; whereas, natural agriculture is an extremely low-cost farming
method, completely molding with local biodiversity.
 There are many working models of natural farming all over the world, the zero budget natural
farming (ZBNF) is the most popular model in India. This comprehensive, natural, and spiritual
farming system is developed by Padma Shri Subhash Palekar.
Data Protection Bill: House panel suggests one authority for all data
BL New Delhi Bureau |December 16 | Updated On: Dec 16, 2021
For greater accountability of social media platforms; suggests governments and fiduciaries implement
law in 2 years
A Joint Select Committee of Parliament has recommended substantial changes to the Personal Data
Protection (PDP) Bill. The Committee on PDP legislation tabled its report with a draft amended Bill in
Parliament on Thursday. It has made 81 recommendations for modifications and the draft amended Bill
has 150 corrections and improvements to various clauses of the PDP Bill.
The Bill provides for the establishment of a Data Protection Authority (DPA) and addresses issues arising
out of the Supreme Court’s verdict establishing privacy as a fundamental right in Justice KS Puttaswamy-
versus-Union of India . The panel also considered the recommendations and the draft Bill of Justice
Srikrishna committee. The panel felt that all data have to be dealt with by one DPA. “Since the Bill provides
99 | P a g e
for the establishment of one Data Protection Authority, we cannot have two DPAs, one dealing with
privacy and personal data and the other with non-personal data
Major recommendation
Another major recommendation is treating all social media platforms as publishers and be held
accountable for the content they host. The panel noted that these platforms have the ability to select the
receiver of the content and also exercise control over the access to any such content hosted by them.
“Once application for verification is submitted with necessary documents, social media intermediaries
must mandatorily verify the account,” it said.
The panel pressed for developing an indigenous financial system on the lines of ‘ripple’ in the US and the
EU’s INSTEX. It said in the present SWIFT network, privacy has been compromised.
It called for preparing a policy for gradual data localisation. It has asked the Centre to devise a single
window system to deal with complaints, penalties and compensation. It wants the government to set up a
statutory body for media regulation.
Penalty provisions
The panel recommended that penalty provisions for data fiduciaries should be flexible as digital technology
is evolving rapidly. If a fiduciary fails to register with the DPA or does not undertake data protection impact
assessment or does not conduct a data audit, the penalty could be ₹5 crore or two per cent of its total
worldwide turnover of the preceding financial year, whichever is higher. For processing personal data in
violation of the provisions of the Bill, or for personal data of children, or for transfer of personal data
outside India, the penalty could be ₹15 crore or four per cent of its total worldwide turnover of the
preceding financial year, whichever is higher.
Head of the government departments should not be made directly responsible for data breach, it said. The
fiduciary should report a data breach within 72 hours. Tabling the report, panel member Jairam Ramesh
said in the Rajya Sabha that the work of the Joint Select Committee is an example of cooperation. “If the
Chairman is cooperative, the Opposition is responsive,” he said.
Union Cabinet clears electoral reform proposals
Among the reforms, one is to voluntarily link the electoral roll with Aadhaar to root out multiple
enrolments.
The Union Cabinet on Wednesday cleared a Bill on electoral reforms, including one to link the electoral roll
with Aadhaar on a voluntary basis to root out multiple enrolments.
Electoral law will also be made “gender neutral” for service voters.
A man army officer’s wife is entitled to be enrolled as a service voter but a woman army officer’s husband
is not, according to provisions in the electoral law. But this may change once the Bill gets the Parliament’s
nod and ‘wife’ is replaced with ‘spouse’.
Another provision will allow the youth to enrol as voters on four different dates every year. As of now, only
those turning 18 on or before January 1 of every year are allowed to register.
Cabinet Committe on Economic Affairs extends PMKSY up to 2025-26
Funding approved
Central funding of 90 per cent of water component for two national projects – Renukaji Dam (Himachal
Pradesh) and Lakhwar Multipurpose (Uttarakhand) – has also been approved by the CCEA, the minister
100 | P a g e
said. The two projects would provide beginning of storage in Yamuna basin, benefitting Himachal Pradesh,
Uttarakhand, Uttar Pradesh, Haryana and Rajasthan. Delhi’s water supply will also be augmented, he said.
PMKSY, started in 2015-16, was an amalgamation of many ongoing schemes including Accelerated
Irrigation Benefit Programme (AIBP), River Development and Ganga Rejuvenation, Integrated Watershed
Management Programme (IWMP) and On Farm Water Management (OFWM).
Out of 140 million hectares net agricultural land in the country, about 48 per cent are irrigated. But canal
irrigation has a penetration in only 26 per cent of the total irrigated area while two-third of these areas
source water from the ground through borewells/tubewells.
WTO panel order won’t impact sugar industry: ISMA
Says the government has already rejected the findings and will file appeal
The sugar industry has said that the latest order of the WTO panel with regard to Indian sugar exports will
have no impact as currently there is no export subsidy.
A World Trade Organisation (WTO) panel on December 14 ruled against India’s sugar export subsidy and
domestic support to sugarcane growers in a dispute filed by Australia, Brazil and Guatemala.
“First and foremost, as soon as the Indian Government submits an appeal to the Appellate Authority, as
per WTO rules the current subsidies and domestic market support can be continued till any final decision is
taken by the Appellate Authority,”
Further, the export subsidies were being given in the last few years are as per the provisions of Article 9.1
(d) and (e) of Agreement of Agriculture under WTO rules, and therefore the Indian export subsidies on
sugar are fully compliant with the rules and may not need any changes, ISMA said. The WTO rules allow
domestic market support for any commodity, including sugar and sugarcane, wherein the government can
give market support up to 10 per cent of the value of the commodity, it said.
The panel report shall be adopted by the WTO’s Dispute Settlement Body (DSB) within 20 to 60 days of
circulation, unless the DSB decides by consensus not to adopt it or either party notifies its decision to
appeal. Since India plans to appeal, this is likely to be a long-drawn dispute.
‘India needs to use more zinc in agriculture to achieve food security’
Our Bureau |Bengaluru, Dec 14 | Minerals | Updated On: Dec 15, 2021
“According to estimates, about 40 per cent of the agricultural soils or about 60 million hectares in India are
zinc deficient. Most of this zinc deficiency is found in the soils of Western India, mainly Rajasthan, Central
and South India. Increasing awareness among the farmers to use the micronutrient in fertiliser
formulations is crucial to boost not only food production and productivity but also increasing farm
incomes,”
Increasing awareness
In a bid to promote use of zinc, IZA along with Hindustan Zinc recently announced a project to study the
effect of zinc application on crop productivity, soil health and popularising the zinc fertilisation among the
farmers in collaboration with the Maharana Pratap University (MPU) in Udaipur
NGT asks CPCB to issue guidelines for poultry farms with over 5,000 birds
101 | P a g e
Says their owners cannot be considered small farmers nor their pollution potential left unregulated
The National Green Tribunal (NGT) has asked the Central Pollution Control Board (CPCB) to issue guidelines
for poultry farms with more than 5,000 birds, saying their owners cannot be considered small farmers nor
their pollution potential left unregulated.
Respond to gig workers’ plea seeking benefits, recognition: SC tells Centre
Legal Correspondent |New Delhi, December 13 | Updated On: Dec 14, 2021
App-based delivery employees want to be termed ‘unorganised’, avail of social security benefits
The Supreme Court on Monday asked the Centre to respond to a petition filed by a body representing app-
based delivery persons seeking statutory benefits, social security rights, and recognition as “unorganised
workers” for them.
Social Security Code
During the hearing, the bench referred to the Social Security Code of 2020 that delves into rights and
benefits for ‘gig or platform workers’. The Social Security Code, 2020, brings unorganised sector, gig
workers, and platform workers under the ambit of social security schemes, including for their insurance
and health.
‘Unequal work conditions’
“Failure of the state to register them as ‘unorganised workers’ or to provide them social security
under the existing law is violation of their rights under Article 21 of the Constitution of India,” the
petition stated. It argued that their unequal work conditions breached the “right to decent and
fair conditions of work”.
During the hearing, the Bench referred to the Social Security Code of 2020 that delves into the
rights and benefits for ‘gig or platform workers’.
The Code brings the unorganised sector, gig workers and platform workers under the ambit of
social security schemes, including for their insurance and health.
Madhya Pradesh tops the list with 0.76 million ha of area under organic cultivation — that is over 27 per
cent of India’s total organic cultivation area.
The top three states — Madhya Pradesh, Rajasthan and Maharashtra — account for about half the area
under organic cultivation. The top 10 states account for about 80 per cent of the total area under organic
cultivation.
India’s top organic state Madhya Pradesh has about 90 per cent of its organic area under NPOP. The top
three states — Madhya Pradesh, Maharashtra and Rajasthan — collectively have over 80 per cent of their
organic area under NPOP. Only a few states like Andhra Pradesh, Uttarakhand, Telangana and Bihar
covered more by PKVY than NPOP.
102 | P a g e
Even though India has very small organic area under cultivation, in terms of number of organic farmers it is
being ranked first. India has over 1.9 million farmers as of March 2020, which is 1.3 per cent of 146 million
agricultural landholders.
Lakshadweep is second only to Sikkim, which was India's first state to be declared completely
organic.
India ranks first in number of organic farmers, 9th in area; Sikkim becomes first fully organic state
India turns a net exporter of steel to China

Suresh P. Iyengar |Mumbai, December 9 | Updated On: Dec 09, 2021
Steel exports to China have accounted for ₹19,267 crore so far this fiscal | Photo Credit: jordachelr
India has become net exporter of steel to China as manufacturers explore global opportunities with the
slowdown in domestic demand.
Steel exports have accounted for ₹19,267 crore so far this fiscal, while imports are at ₹16,369 crore
despite border tensions with China. The US and China were top destinations for steel exports, while
China and Germany stood as the top sources of imports for India.
India is the third-largest manufacturing hub of steel pipes in the world and steel pipes constitute 8-
10 per cent of the steel consumption.
GST Council to consider clarifying GST issue on ice cream parlour

Shishir Sinha |New Delhi, December 9 | Updated On: Dec 09, 2021
The GST Council, expected to meet later this month, is likely to take up the issue related with levy
mechanism on ice cream parlour. Ice cream companies have urged for clarification on the
applicability of GST at the rate of 18 per cent on parlour.
Uber urges govt to rethink GST levy on auto rides booked online
103 | P a g e
K.R.Srivats |New Delhi, Dec 8 | Updated On: Dec 08, 2021
Ride-hailing major Uber has urged the government to reconsider its recent decision to levy a 5 per
cent Goods and Services Tax (GST) on Auto rides booked online from January 1 next year.
India a poor and unequal country, with an affluent elite: World Inequality Report 2022
Chennai, December 8 | Updated On: Dec 08, 2021
In India, female labour’s income is one of the lowest in the world, says World Inequality Lab
India is a poor and very unequal country, according to a report from World Inequality Lab authored by
economists such as Lucas Chancel and Thomas Piketty, among others.
“The average national income of Indian adult population is €7,400 while the bottom 50 per cent earns
more than €2000 (₹53,610); the top 10 per cent earns more than 20 times more (€42 500 or ₹ 11,66,520),”
the report said. While the top 10 per cent and top 1 per cent hold 57 per cent and 22 per cent of total
national income respectively, the share of the bottom 50 per cent has gone down to 13 per cent.
In a first, over 1,000 individuals have net worth of ₹1,000 cr
The report also states that the quality and inequality data released by the Government is declining, making
it difficult to assess recent inequality changes.
Gender inequality
The report also highlights that gender inequality is on the rise. In India, the female labour income is equal
to 18 per cent which is lower than the average in Asia (21 per cent excluding China). This value is one of the
lowest in the world and is slightly higher than the average share in the Middle East (15 per cent).
Who publishes the World Inequality report?
World Inequality Lab

Recently, the World Inequality Report 2022 was released by the Paris-based World Inequality Lab (WIL).
The report gives comprehensive data on global trends in inequality in income and wealth. The research is
based on data compiled and written by leading economists of the world
Drone spraying of fertiliser: norms to be finalised soon
Prabhudutta Mishra |New Delhi, December 7 | Fertiliser On Flight | Updated On: Dec 08, 2021
The Centre is finalising the guidelines for the use of drones in applying fertiliser to crops. India expects to
emulate Israel and Europe in adopting this new method, which may help reduce consumption, save on
subsidy and improve soil health.
“We are in the process of framing guidelines that will help create village-level entrepreneurs who can
operate the drones,” a Fertiliser Ministry official said.
The government had scrapped the Unmanned Aircraft Systems (UAS) Rules and introduced the liberalised
Drone Rules in August. “The new rules are based on the premise of trust and self-certification. Approvals,
compliance requirements and entry barriers have been significantly reduced,” said Prime Minister
Narendra Modi at the time.
Omicron scare: Centre mandates Air Suvidha Portal for ease of travelling
104 | P a g e
The portal had assisted 2.5 lakh passengers from Dec. 1-5, and over one core benefited since its launch in
August last year.
Amid the Omicron scare, the Civil Aviation and Health Ministry on Tuesday mandated contactless self-
declaration at Air Suvidha Portal which helps the centre in contact tracing. The implementation of the Air
Suvidha has been mandated to provide hassle-free, queue free, and convenient air travel to all
international passengers arriving in India, the Government said in a release.
Air Suvidha portal developed by Civil Aviation Ministry aids passengers in providing their details of travel
and final stay along with RT PCR, vaccination status etc.
To ensure the necessary prevention of the Omicron variant, the exemption forms from the Air Suvidha
portal has been discontinued, and filling of the details have been made compulsory for all international
passengers arriving in India.
Why farmers are demanding a fair and remunerative price for milk
Radheshyam Jadhav |Pune, December 7 | Updated On: Dec 07, 2021
Why FRP?
“The private and cooperative milk bodies decide procurement rates as per their wish. There is no basis for
the fixing of milk price. Especially during the lockdowns, farmers sold milk at ₹15-18 per litre to milk
bodies. The fixing of milk price must not be arbitrary. It should have a formula,”
The India-Africa Forum Summit is the third of its kind and, since the first was held in 2008, two-way
annual trade has more than doubled to $72 billion.
New transfer pricing rules aimed at reducing litigation: Finance Ministry

Our Bureau |New Delhi, October 20 | Updated On: Dec 06, 2021
Transaction price falling in the specified range will be accepted and no adjustment will be made by the tax
authorities, a Ministry statement said.
The use of multiple year data would average out any variations in a particular year and improve the
transfer pricing analysis. The Ministry has notified amended rules for transfer pricing that are aimed to
105 | P a g e
reduce litigation which includes the introduction of a “range concept” for determining arm’s length price
and “use of multiple year data” for undertaking comparability analysis in transfer pricing cases.
“The range concept will be applicable in certain cases for determining the price and will begin with the
35{+t}{+h} percentile and end with the 65{+t}{+h} percentile of the comparable prices,” said an official
release.
What Is Transfer Price?
Transfer price, also known as transfer cost, is the price at which related
parties transact with each other, such as during the trade of supplies or labor between
departments. Transfer prices may be used in transactions between a company and its
subsidiaries, or between divisions of the same company in different countries.
KEY TAKEAWAYS
 Transfer prices that differ from market value will be advantageous for one entity,
while lowering the profits of the other entity.
 Multinational companies can manipulate transfer prices in order to shift profits to
low tax regions.
 To remedy this, regulations enforce an arm's length transaction rule that requires
pricing to be based on similar transactions done between unrelated parties.
Understanding Transfer Price
Transfer prices are used when individual entities of a larger multi-entity firm are treated
and measured as separately run entities. It is common for multi-entity corporations to
be consolidated on a financial reporting basis; however, they may report each entity
separately for tax purposes.
A transfer price arises for accounting purposes when related parties, such as divisions
within a company or a company and its subsidiary, report their own profits. When
these related parties are required to transact with each other, a transfer price is used
to determine costs. Transfer prices generally do not differ much from the market price.
If the price does differ, then one of the entities is at a disadvantage and would
ultimately start buying from the market to get a better price.
For example, assume entity A and entity B are two unique segments of Company
ABC. Entity A builds and sells wheels, and entity B assembles and sells bicycles.
Entity A may also sell wheels to entity B through an intracompany transaction. If entity
A offers entity B a rate lower than market value, entity B will have a lower cost of
goods sold (COGS) and higher earnings than it otherwise would have. However, doing
so would also hurt entity A's sales revenue.
Pension regulator keen to make NPS popular among NRIs

New Delhi, July 22 | Updated On: Jul 22, 2015
Pension regulator PFRDA wants to push its National Pension System (NPS) product in a big way among the
Non-Resident Indian (NRI) community, especially the blue-collared workers in the Gulf region.
Enrolling into NPS could provide the much needed social security for the large number of expatriates in the
Gulf, PFRDA Chairman Hemant Contractor said here on Wednesday.
106 | P a g e
On the anvil is a focused communication strategy to popularise NPS among the NRIs.
Pension Fund Regulatory and Development Authority (PFRDA) will engage “more seriously” with points of
presence service-providers such as banks to extend NPS to NRIs, said RV Verma, Member, PFRDA.
The Centre is also likely to soon clarify under the Foreign Exchange Management Act (FEMA) guidelines
that NPS is an eligible investment for NRIs, he said.
NPS will also be added in the list of permissible investments (under FEMA), Verma said.
The case for oil palm in North-East India
Updated On: Dec 07, 2021
Oil palm needs less water than rice, sugarcane and banana
The National Mission on Edible Oils - Oil Palm (NMEO-OP) was launched by the Government of India on
August 18, 2021, with the aim of bringing more area under oil palm and reducing dependence on imports
of palm oil.
Special focus has been given to promote oil palm cultivation extensively in the North-East and provide
additional financial support, such as additional 2 per cent on the price of crude palm oil exclusively for oil
palm farmers from the region, over other parts of the country.
Post-launch of the aforesaid mission, certain questions have been raised on biodiversity and monoculture
plantations, oil palm being a water-intensive crop and ecological implications, such as deforestation,
carbon emission etc., by citing the example of South-East Asian and African countries, where palm oil is
grown at the cost of the environment.
Micro irrigation, a game changer
From the early 90s, oil palm cultivation was started in India in areas where either the land was fallow or
through crop conversion (short-duration crop to oil palm cultivation) under the system of irrigation. This
was the first such instance in the world where oil palm was grown successfully and sustainably without
touching forest cover and under irrigation, unlike SE Asia where it is grown by deforestation, under rain-fed
conditions.
Grow oil palm, grow with oil palm
Oil palm (OP) is no more of a monoculture crop since, with micro-irrigation, a lot of less water-intensive
intercrops like pepper, ginger, turmeric, etc., are grown under partial shade conditions in the existing
plantation.
Crop per drop concept through micro irrigation has been a game-changer in OP plantation. The total water
requirement in an oil palm field is less than that of other popular crops like rice, banana and sugarcane.
In India, oil palm is good for sequestering carbon. It was proven in one study in Andhra Pradesh that the
net green house gas removal by sinks in palm plantations over a period of 20 years is estimated to be
equivalent to 10.35 lakh tonnes of carbon dioxide.
This is list of free-trade agreements between two sides, where each side could be a country (or other customs
territory), a trade bloc or an informal group of countries.
Note: Every customs union, common market, economic union, customs and monetary union and economic and
monetary union is also a free-trade area.
India has bilateral agreements with the following countries and blocs: [1][28][29][30]
107 | P a g e
 Afghanistan
 ASEAN (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand,
Vietnam)
 Bhutan
 Chile
 Japan
 Malaysia
 Mercosur (Argentina, Brazil, Paraguay, Uruguay and Venezuela)
 Nepal
 Singapore
 Sri Lanka
 South Korea
 United Arab Emirates
 Australia
From Nov 1, NPS subscribers to pay a fund

management fee
K Ram Kumar |Mumbai, October 27 | Updated On: Dec 06, 2021
The rate will be at 0.01% of assets under management

Come November, around 93 lakh subscribers to the National Pension System will feel the pinch
as the National Pension Trust starts levying a fee.
The fee will be at 0.01 per cent of the assets under management and has been approved by the
Pension Fund Regulatory and Development Authority (PFRDA). On the NPS AUM of ₹1 lakh
crore, the fee will amount to ₹10 crore. Each contributor will pay a fee of 0.01 per cent, but the
amount will vary with his/her subscription.
NPS was launched in 2004 with the objective of providing a retirement income to all
citizens. Under the NPS, the accumulated wealth depends on the contributions made and the
income generated from investment of such wealth.
Initially, NPS was introduced for the new government recruits (except Armed forces). With
effect from May 1, 2009, NPS has been opened for all citizens of the country, including
unorganised sector workers, on voluntary basis.
CRA (central record-keeping agency) is responsible for recordkeeping, administration and
customer service functions for all NPS subscribers, including receiving instructions from
subscribers through the points of presence, transmitting such instructions to pension funds and
effecting switching instructions received from subscribers.
The NPS Trust, which was established by PFRDA in 2008, takes care of the assets and funds
under the NPS in the interest of the beneficiaries (subscribers).
108 | P a g e
What is NPS?
The National Pension System (NPS), earlier known as the New Pension Scheme, is a pension system open to
all citizens of India. The NPS invests the contributions of its subscribers into various market-linked instruments
such as equities and debts and the final pension amount depends on the performance of these investments. It
has an applicable interest rate of 12% to 14% on contributions made.
Any Indian citizen in the age group of 18-60 can open an NPS account. NPS is administered and regulated by
the Pension Fund Regulatory Authority of India (PFRDA). The NPS matures at the age of 60 but can be
extended until the age of 70.
Partial withdrawals up to 25% of your contributions can be made from the NPS after three years of account
opening but for specific purposes like home buying, children’s education, or serious illness.
NPS Returns
NPS does not have a fixed interest rate but the returns are market-linked. Money contributed to the NPS account
can be invested in up to 4 asset classes – equities, corporate bonds, government bonds and alternative assets
through various pension funds.
Tax Benefits on Investment
 NPS subscribers can claim tax benefits on investment upto Rs. 1.5 lakh under section 80C of the Income
Tax Act, 1961. The deduction comes under the overall upper limit of Rs. 1.5 lakh under section 80C.
 NPS investors can claim additional tax benefits on investments upto Rs. 50,000 over and above the limit
of Rs. 1.5 lakh under section 80CCD (1b).
 Over and above the investment limit of Rs. 1.5 lakh under section 80C and limit of Rs. 50,000 under
section 80CCD (1b), tax benefits can be claimed on the contributions from the employer upto 10% of the
basic salary of the employee under section 80CCD (2). This deduction is available only for employees
and there is no upper limit on that.
Tax Benefits on Returns
 NPS returns are market linked and therefore returns depend on the performance on broader market
performance. However, returns earned on NPS investments are entirely tax exempt.
Tax Benefits on Maturity
 NPS account matures at the age of 60. However, only 60% of the accumulated corpus can be withdrawn
at the time of maturity. It is mandatory to invest rest 40% of the corpus in annuity.
109 | P a g e
PFRDA urges central autonomous bodies to adopt
NPS
Our Bureau |New Delhi, Aug 7 | Updated On: Dec 06, 2021
Pension regulator PFRDA has urged all central autonomous bodies to adopt National Pension
System, stating that any delay in decision making will not be in the interest of their employees.
"Its still not too late to decide on this. The most compelling reason for opting for NPS this year
is the additional tax benefits that new subscribers will get this year,"
As many as 350 CABs are remaining outside the ambit of NPS as on date, Contractor said.
110 | P a g e
Already 498 CABs have already signed up for NPS and the total assets under management of
the contributions made by their employees stood at Rs 5,113 crore.
Railway Safety Committee should continue under

Civil Aviation Ministry: Report
Mamuni Das |New Delhi, June 12 | RAILWAY RESTRUCTURING | Updated On: Dec 06,
2021
The Commissionerate of Railway Safety (CRS) should continue to be under the Ministry of
Civil Aviation, as is the case now, instead of it being made a subset of the railway regulator, the
Bibek Debroy Committee on railway restructuring has stated in its final report, which was
submitted to the Railways today.
The interim report had suggested that the rail safety function should be moved to the regulator.
The report has also moved the idea of having a regulator up the priority list seeking a regulator
faster, said sources in the know.
2021 census to go digital

Our Bureau |New Delhi, February 1 | Updated On: Feb 01, 2021
Budget 2021 will go down in history for a number of firsts including the Finance Minister
presenting the first digital Budget and announcing that the eighth census of
Independent India will be the first digital census in the history of the country.
In September last year, Home Minister Amit Shah had announced that the 2021 census will be
conducted through a mobile phone application, moving away from the traditional pen and paper
to give Digital India a boost.
The nationwide exercise will be carried out in 16 languages, the Home Minister had added.
Supply Chain Resilience Initiative to help promote

trade facilitation, says Jaishankar
Our Bureau |New Delhi, July 6 | Updated On: Jul 06, 2021
The Supply Chain Resilience Initiative (SCRI) launched by India, Japan and Australia, in
April, will help in promoting trade facilitation by identifying supply chain risks and
mapping out the complementarities, Minister of External Affairs S Jaishankar has said.
111 | P a g e
The SCRI was formulated with commitment to a free, fair, inclusive, transparent, and stable
trade and investment, he added.
Better trade and economic cooperation can also be facilitated by comprehensive strengthening
and reforming of the entire multilateral architecture, including the United Nations and its
principal organs.
The structural adjustment programme (SAP) is an economic reform package suggested by the multilateral
agencies (IMF and World Bank) for developing countries. Its core aims are to fuel local productivity, expand
the economic base, realize viability in balance of payments, cause reduction in government expenditure,
improve economic competence and boost the growth potential of the economy in order to move the
developing countries forward
The SAP, also dubbed ‘Washington Consensus’, allowed developing nations to shift from the administrative
control model to a more market-based system as a means to improve economic performance.
The Washington Consensus is a set of ten economic policy prescriptions considered to constitute the
"standard" reform package promoted for crisis-wracked developing countries by Washington, D.C.-based
institutions such as the International Monetary Fund (IMF), World Bank and United States Department of
the Treasury.[1] The term was first used in 1989 by English economist John Williamson.[2] The
prescriptions encompassed free-market promoting policies [3] in such areas as macroeconomic
stabilization, economic opening with respect to both trade and investment, and the expansion of market
forces within the domestic economy.
112 | P a g e

Economy Thehindubussinessline

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Economy Thehindubussinessline

Uploaded by

Copyright:

Available Formats

Economy

Steel companies betting on India-Australia ECTA to source coking coal cheaper

India’s services exports in 2021-22 touch all-time high of $250 billion

Rising MENA demand

10-year G-Sec devolves partially on primary dealers at auction

A proton exchange membrane fuel cell transforms the chemical energy liberated during

Finance Ministry notifies various changes in FEMA (NDI) rules

Palm vs soft oils

Steel companies betting on India-Australia ECTA to source coking coal cheaper

Finally, some action as monetary policy committee turns the cycle

‘States reluctant to permit field trials of GM crops’

New rules came into effect from April 1

Compulsory BIS certification

It can help save 22.5 lt of the crop nutrient’s import

Rajiv Kumar, Vice Chairman, NITI Aayog

Decision on banning 27 pesticides by Agriculture Ministry likely this week

Insecticides (India), Nissan Chemical launch two products

Tax-free Sikkim, a haven for commodity market speculators

What is TReDS? By RBI

2. Who are the participants in TReDS?

Ans. Sellers, buyers and financiers are the participants on a TReDS platform.

Ans. Only MSMEs can participate as sellers in TReDS.

4. Who can participate as a buyer in TReDS?

5. Who can participate as a financier in TReDS?

6. How does TReDS work?

7. What is a Factoring Unit (FU)?

8. Who can create an FU?

9. Whether TReDS could deal with reverse factoring?

15. What is a settlement file and who generates it in TReDS?

Ans. No. Default handling is outside the purview of TReDS platforms.

Property tax in TN increased after a gap of 24 years

India, Australia to sign FTA covering goods, services on Saturday

Q3. Objective of PMFBY ?

Q4: What is Weather based Crop Insurance ?

Q5.How many Coverage of Crops ?

Q6. What are Sum Insured /Coverage Limit ?

Q7. Last date for Crop Insurance Kharif Season

What types of Risks to be covered & exclusions?

(i) Natural Fire and Lightning

Drought, Dry spells

(iv) Pests/ Diseases etc.

1.3. POST-HARVEST LOSSES (individual farm basis): Coverage is available upto a

| Photo Credit: Kritchanut

Netherlands plans bilateral investment protection agreement with India

Blossom showers raise hopes among growers

Netherlands to host water conference at UN next year

The Vajpayee government approved Bt cotton this day in 2002

In India, pre-packaged insolvency facility is now allowed only for MSMEs

Local products like murmura (puffed rice), moringa, jamun and sitabhog also got new export markets

Japan commits ₹3.2-lakh crore investment in India over 5 years

Clean energy partnership

SEBI amends rules governing alternative investment funds

Bring ATF under GST ambit: IndiGo CEO

EPFO fixes 8.1% as interest rate on EPF deposits for 2021-22

Two full-time members also appointed

National Financial Reporting Authority

Formed 1 October 2018

Jurisdiction Statutory Body

Powers & duties[edit]

Organic cotton production on the rise, led by M.P. and Odisha

Non-existent organic cotton farmers in official data need investigation

DHFL Resolution: SC to hear Piramal Group’s appeal on Friday