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Aadhaar Card Linking Date Extended

The government mandate of linking all your bank accounts with Aadhaar card has seen a relaxation in the deadline. Earlier the deadline was 31 December 2017, but now it is extended to 31 March 2018. The Aadhaar card linking has been mandatory in order to put a stop on money laundering and black money generation. The deadline was extended on December 7.

Mukesh Ambani says GDP of India would double to $5 trillion in the next seven years

Speaking at the HT Leadership Summit in Delhi, Reliance Industries Ltd Chairman and MD Mukesh Ambani stated that the GDP of India would double to $5 trillion in the next seven years and to $10 trillion by the end of 2030. Ambani further stated that within this century, the country can become the most prosperous nation in the world and can overtake both China and the United States.

Paytm Payments Bank formally launched

The Paytm Payments Bank was formally launched on Tuesday. The bank was launched by CEO Vijay Shekhar Sharma. With this formal announcement, the offline services of the Paytm Payments Bank have also begun. Finance Minister Arun Jaitley was present on the occasion. At the event, the chief executive and founder shared details of the progress made by the bank so far and also talked about how the Paytm Payments Bank will grow.

BharatNet phase 2 launched
Governmnet of India has launched BharatNet Phase 2 to provide high-speed broadband service in all Gram Panchayats by March 2019. It is expected to cost around 34 thousand crore rupees.
Department of Telecommunications (DoT) has signed MoUs with states for the implementation of the second phase of BharatNet. Under this phase, broadband connectivity will be provided in remaining 1.5 lakh Gram Panchayats in the country. Broadband infrastructure on Optical Fibre network has been made available in more than one lakh Gram Panchayats as part of BharatNet Phase-1 and by December this year, all these Panchayats will be operational on the BharatNet infrastructure.
Almost 90 thousand installations have been completed and broadband services are expected to commence in 80 thousand Gram Panchayats soon.
GST rate on mass consumption items reduced

According to reports, GST Council has decided to reduce the tax rate of mass use items from 28 to 18 percent.  The Goods and Services Tax (GST), implemented "from July 1, has five tax slabs of 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent.

This is being announced at the full GST council meeting headed by Union Finance minister Arun Jaitley, is deliberating on to review the impact of the new tax regime.This decision will reduce rate of 177 goods from 28 to 18 percent.

India Post and Payment Bank to become operational by April 2018

The government stated that India Post Payments Bank will become operational in all 650 districts of the country by April next year.

They will facilitate financial inclusion. Minister of Communications Manoj Sinha said in New Delhi that these banks will be linked to 1.55 lakh rural post offices and carry out banking services.

The Minister said, two such banks are already operational in Ranchi and Raipur.

India levies anti-dumping duty on steel from EU, China, Korea

According to a notification issued by the Department of Revenue, India has slapped anti-dumping duty on certain stainless steel products from the European Union and several other nations, including China and Korea, to protect the domestic industry from cheap imports. The duty has been imposed by the Revenue department following a recommendation by the Directorate General of Anti-Dumping and Allied Duties (DGAD).

In a notification, the Revenue department states that the levy ranges between 4.58 percent and 57.39 percent of the landed value of cold-rolled flat products of stainless steel. The duty will be in effect until December 10, 2020, while certain grades of stainless steel have been exempted from the levy. The anti-dumping duty will be imposed on the imports of stainless steel products from China, Taiwan, South Korea, South Africa, Thailand, the United States and the European Union.

Gold options trading on MCX launched

Finance Minister Arun Jaitley has launched gold options trading on the leading commodity bourse MCX. MCX is the leading commodity bourse in the country with a market share of over 90 per cent. Options are derivatives which give a buyer the right but not the obligation to buy or sell an underlying asset or instrument at a specific price on or before a certain date.This is the first product for options trading that the regulator Sebi has allowed after 14 years of commencement of commodity exchanges in the country.The gold options contract launched today allows trading in 1kg gold.

IIP rises to 9-month high of 4.3% in August 2017

The data released by Central Statistical Organization shows that India's Industrial production is showing a nine-month high of four point three percent in August 2017. This has been due to robust performance of the mining and power sectors. Factory output had grown 4 percent in August 2016.

During August 2017, Manufacturing sector output grew 3.1 percent, mining sector output surged 9.4 percent, and electricity generation increased 8.3 percent.

Production of capital good rose 5.4 per cent in August. Consumer durables output increased 1.6 percent, and consumer non-durables output rose 6.9 percent during the month.

India to send 3 lakh youth to Japan for on-job training

According to reports, Union Minister Dharmendra Pradhan has stated that India will send three lakh youth to Japan for on-job training for 3-5 years as part of the government's skill development programme.

Japan will bear the financial cost of the skill training of Indian technical interns. This is as per the Memorandum of Cooperation (MoC) between India and Japan on the 'Technical Intern Training Program (TITP)'.

The minister stated that the agreement is expected to be signed during his three-day visit to Tokyo starting October 16.

State governments in India adopting GST at fast pace

According to Finance Minister Arun Jaitley, state governments in India, are adopting Goods and Services Tax (GST) at a fast pace. At an event jointly organised by CII and US India Business Council (USIBC) in New York, Jaitley said the global integration of Indian economy is happening at a time when other economies are becoming more protectionist. 

Finance Minister stated that India is now a better place to do business because of the series of steps taken by the government in the last three years. Finance minister also informed that India is now capable of taking big decisions and implementing them at a large-scale. He said as many as 250 highways projects are under construction. India is now having surplus power and capacity of Indian ports have been expanded, he said. 

Anti-dumping duty imposed on imports of steel wire rods from China

The Centre has imposed anti-dumping duty on imports of certain steel wire rods from China for five years. This has been done to safeguard the interest of domestic players from cheap in-bound shipments.The duty was imposed after the Commerce Ministry's Directorate General of Anti-Dumping and Allied Duties (DGAD) recommended duty on such imports. Earlier the DGAD had concluded that wire rod of alloy or non-alloy steel has been exported to India at below the normal value due to which domestic industry has suffered material injury.

In a notification, Department of Revenue said that the anti-dumping duty imposed shall be effective for a period of five years from the date of its imposition and shall be payable in Indian currency. These steel products are used in many sectors such as automotive components, railway, engineering and construction.

India has already slapped anti-dumping duty on certain cold-rolled flat steel products from four nations, including China and South Korea. Anti-dumping measures are taken to ensure fair trade and provide a level-playing field to the domestic industry.

India's coffee output pegged at record 3.5 lakh tons in 2017-18

According to crop forcast released by Coffee Board, Coffee output in India, is pegged to be a record 3.50 lakh tonnes in the 2017-18 marketing year started this month on higher acreage.  The Coffee Board said the crop's forecast for 2017-18 is placed at 3.50 lakh tonnes, comprising 1.03 lakh tonnes of Arabica and 2.47 lakh tonnes of Robusta varieties. Higher output is mainly attributed to the additional bearing area of about 13,500 hectare in traditional growing areas of Karnataka, Kerala and Tamil Nadu.

Sensex falls over 300 points

Amidst recent surgical strike at the Myanmar Border, Sensex has fallen over 300 points while the Nifty 50 trades below 9,800. Sun Pharma lost 2% post AGM, Divis Labs fell 7% in USFDA observations for unit 2. Dr. Reddy Labs was under pressure. Being the seventh session of loss in a row, this fall is the longest losing run in 2017. Due to which the rupee sunk to a more than six month low on a foreign fund outflows.

RBI issues bright yellow rupees 200 note

The Reserve Bank of India (RBI) announced that it would issue Rs 200 notes on Friday. This new Rs. 200 note is the second new denomination to be issued since the demonitisation exercise. The base color of the Rs. 200 note will be bright yellow. It will bear the signature of Urijit Patel, the RBI governor on the front. The note will have the 'Swachh Bharat' logo with slogan along with a motif of Sanchi Stupa on the reverse side. The new note is smaller than the existing 100 note with dimensions of 66mmx146mm. As per the experts, the new 200 note will improve the efficiency of the present currency system in India. In a statement, the RBI said, “There is a logical need to introduce the missing denomination of Rs. 200, which will make the present currency system more efficient.” The new Rs 200 notes is called the 'missing middle' by the chief economic advisor of SBI group Soumya Kanti Ghosh.

Taxation system has become transparent since GST implementation

According to Government, the implementation of Goods and Services Tax, GST, will be beneficial for the country as well as the states. The government sources stated that the taxation system in the country has become more transparent after GST came into existence.

Wholesale inflation falls to 0.9% in June

According to reports, Wholesale inflation for June 2017 fell to 0.9 per cent as prices of food articles, including vegetables, declined. The inflation has dropped to the lowest level in the last two quarters. Inflation in food articles was negative (-) 3.47 percent in June and inflation in vegetables stood at -47.32 percent in June 2017.

India foodgrain output at record 273.38 Metric Tonnes in 2016-17

According to reports, Foodgrain production in the country has been estimated at a record level of over 273 million tonnes during 2016-17. This information was provided by Minister of State for Agriculture SS Ahluwalia. The production of rice, wheat, coarse cereals and pulses touched new record levels in the last fiscal.  

Growth of India's industrial output is at 1.7% in May

According to reports, India's industrial output has grown at a slower rate of 1.7 per cent in May 2017 year on year basis. Industrial output had grown 8 per cent in May last year. According to the data released by the Central Statistics organization, mining sector output contracted 0.9 per cent in May, while manufacturing sector output grew 1.2 per cent. Output in the capital goods segment,declined to 3.9 per cent in May. But electricity generation grew by 8.7 per cent in May.

Aircraft, aircraft engines import exempt from GST

According to reports, government is exempting the import of aircraft, aircraft engines and its parts via leasing route from the purview of the Goods and Services Tax (GST).The notification from the Finance Ministry states that airlines will not have to pay GST at the time of import. However, lease rentals will be subject to GST. 




FAQs and Answers on Indian History and Geography
Which State is biggest Jute producer? West Bengal is the largest producer of jute in India. India is the largest producer of jute in the world. Approximately 60 percent of the total world produce of jute is cultivated in India… Read More...
Which State is the Largest Tea producer? Assam is the largest producer of tea in India. India is one of the largest producers of tea in the world, second only to China. India recorded a total production of 1233.14 million… Read More...
Which State is the Largest Mica Producer? Andhra Pradesh is the largest producer of mica in India. For over hundred years, India had enjoyed monopoly in production and export of sheet mica in the world. Of late,… Read More...