Loading...

⚠ ✕
❮ Top
☎ Help
☰
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search ✕
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
✕
Create New Category
Hide
Title :
Description :
❮❮ Hide
❮ Default View
Expand ❯❯
Close ✕
🔎 Filters / Advanced Search ❯
TEXT

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In
Main Text + AI Text ❯
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ---- ❯
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ---- ❯
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ---- ❯
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    11th Meeting of National Traders’ Welfare Board Convened in New Delhi
    DRI seizes 9.40 kg foreign-origin gold worth around Rs. 15 crore at Mumbai airport; three arrested
    DRI seizes over 125,000 kg foreign-origin smuggled areca nuts and 41,000 kg poppy seeds worth around Rs. 20.31 crore in Assam and Mizoram in a crackdo...
    Envision Energy Secures TÜV SÜD Certificate for Wind Farm Control System, Strengthening Long-Term Resilience for Future Energy Systems
    India's forex reserves fall USD 14.89 bn to USD 766 bn: RBI data
    No commitment given to bank unions on 5-day work week by Finance Ministry, say sources
    Ethanol can help raise farmers' income and reduce fuel imports: Gadkari
    Rupee rises 19 paise to close at 95.80 against US dollar
    Check Credit Score and Understand Credit Health with the Bajaj Finance Credit Pulse Report
    Europe uses subsidies, taxes and policy pauses to offset pain of high fuel prices
    Loyalty Juggernaut Advances Responsible AI with ISO/IEC 42001 Certification
    Draft Warehousing Operations Regulations, 2026 - uploading on the CBIC website for inviting comments/views/suggestions from stakeholders
    From Digital Banking to Resilient Banking – Technology, Cyber Security and AI as Pillars of Trust - Address by Shri Rohit Jain, Deputy Governor at t...
    Union Minister of Commerce and Industry Shri Piyush Goyal Highlights India’s Expanding Global Economic Engagement and Growing Integration with Globa...
    India Participates in 14th East Asia Summit Economic Ministers’ Meeting and 23rd ASEAN-India Economic Ministers Consultation
    Sebi board approves slew of reforms; widens investment avenues, FPI access
    GST Council to take a view on GST on UPI MDR: Sources
    K'taka Deputy CM Parameshwara rejects Opposition's allegation of 'bankruptcy'
    EOW registers case against businessman, 4 others for ''forgery, unauthorised transactions''
    India's Russian oil imports hold near 1.8 million bpd as Middle East fills gaps
❮
❯
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
September 25, 2026
Show AI Summary
Trader welfare policy discussions covered GST reform, digital commerce, finance access, export promotion, and coordinated institutional support.
Deliberations covered GST rationalisation, refund delays, audit duration, amnesty schemes, input tax credit anomalies and pending appeals, alongside proposed inclusion of traders in MSME facilitation committees, a centralised loan portal with a 30-day timeline, CIBIL score reforms and grievance helplines. Trader welfare measures considered timely contractor payments, safeguards against technical penalties, loan-repayment flexibility during lean periods and stronger Centre-State coordination.
September 25, 2026
Show AI Summary
Gold smuggling through powdered gold concealed in food products led to seizure and arrests under customs law.
Intelligence-led interception and baggage examination identified foreign-origin gold converted into fine powder and mixed with packaged food products of similar colour, texture and consistency. Segregation and assaying yielded 9.40 kg foreign-origin gold, which was seized under the Customs Act, 1962. Questioning linked the passengers to the same organised gold-smuggling syndicate, and they were arrested under that Act.
September 25, 2026
Show AI Summary
Customs seizure of suspected smuggled areca nuts and restricted poppy seeds followed intelligence-led cross-border enforcement operations.
Intelligence-led customs enforcement in Mizoram and Assam resulted in seizure, under the Customs Act, 1962, of suspected foreign-origin areca nuts and poppy seeds believed on preliminary inquiry to have been smuggled from Myanmar. Searches of locked, unattended godowns near the Indo-Myanmar border recovered the commodities, while interception of two trucks carrying poppy seeds without valid import documents led to seizure of the consignments and vehicles. Four persons connected with transportation of the poppy seeds were arrested.
September 25, 2026
Show AI Summary
Industrial control system cybersecurity certification validates system-level protection across wind farm controls, networks, and lifecycle security services.
IEC 62443-3-3 Security Level 2 certification applies to a wind farm control system covering SCADA, PPC, PLC and industrial network devices. It assesses system-level security requirements, including the interaction of components, networks and security mechanisms within an overall industrial control environment. The cybersecurity framework also spans secure development, certified core control components, system-level protection, and security integration and maintenance services across the lifecycle of wind energy technologies.
September 25, 2026
Show AI Summary
Foreign exchange reserve composition reflects a weekly decline driven by foreign currency assets despite a modest gold increase.
India's foreign exchange reserves declined by USD 14.881 billion to USD 765.901 billion for the week ended 18 September 2026. The contraction was principally driven by a reduction in foreign currency assets, which also reflect valuation effects from movements in non-US reserve currencies. Gold reserves increased, while Special Drawing Rights decreased and the reserve position with the International Monetary Fund remained reported separately.
September 25, 2026
Show AI Summary
Five-day banking proposal remains under consideration amid strike plans and measures for uninterrupted banking and advance disbursements.
Five-day banking remains under governmental consideration, with no Finance Ministry commitment to implementation. Unions linked the proposal to the 12th Bipartite Settlement/9th Joint Note, which contemplated extended Monday-to-Friday working hours. Family pension revision and a pension option for resignees were identified as addressed, while withdrawal of the Performance Linked Incentive scheme remains in abeyance. Public sector banks were instructed to remain open on the preceding Sunday, and central government salaries, wages and pensions were directed to be disbursed in advance.
September 25, 2026
Show AI Summary
Alternative fuel transition promotes ethanol, electric and hydrogen mobility to reduce imports, pollution, and strengthen farm income.
Alternative-fuel and public-transport measures seek to reduce dependence on imported petroleum, curb air pollution, and support farmer income and employment. Ethanol is positioned as a farm-income source through increased demand and returns for maize growers, alongside electricity, hydrogen and waste-derived CNG. Development and introduction of flex-fuel vehicles, using engines capable of operating on ethanol, electric tractors, hydrogen-powered vehicles and hydrogen buses form part of a cleaner-mobility strategy.
September 25, 2026
Show AI Summary
Foreign-exchange market intervention expectations supported rupee appreciation amid improved risk sentiment, while importer demand and crude prices constrained gains.
Foreign-exchange market conditions supported a 19-paise appreciation of the rupee to 95.80 against the US dollar, aided by improved global risk sentiment and expectations of Reserve Bank intervention. Dollar demand from importers, high crude prices and US dollar strength constrained gains. Lower crude prices and dollar weakness could support the rupee, while geopolitical escalation may create pressure. Market participants expected intervention if the currency weakened toward 96.
September 25, 2026
Show AI Summary
Credit health assessment combines score, repayment history, utilisation, accounts and enquiries to support informed borrowing and profile monitoring.
Credit health is broader than a numerical credit score and encompasses the way credit has been managed over time. Credit analysis requires a combined review of the score, repayment history, credit accounts, credit utilisation, credit history and credit enquiries. A credit report may identify management of EMIs and credit-card dues, existing borrowing obligations, use of revolving credit relative to available limits, and recent lender checks associated with credit applications. Incorrect or unfamiliar entries may be reviewed and, where necessary, raised with the relevant lender or credit bureau.
September 25, 2026
Show AI Summary
Fuel-price mitigation measures use tax reductions, targeted subsidies and energy-security policies to ease pressure on households and energy-intensive industries.
European fuel-price intervention combines targeted subsidies, fuel-tax reductions, temporary regulatory flexibilities and energy-security investment to moderate the economic effects of sharply higher gasoline and diesel prices caused by disrupted supplies. Member States have temporary discretion to grant state aid to households and energy-intensive sectors, including agriculture, transport and fishing, and limited flexibility under EU spending rules for investments that improve energy security and reduce dependence on imported fossil fuels.
September 25, 2026
Show AI Summary
AI management certification anchors responsible lifecycle governance, transparency, accountability, security, and human oversight for agentic loyalty systems.
ISO/IEC 42001:2023 certification applies to an Artificial Intelligence Management System governing AI development, deployment, oversight and continual improvement within the GRAVTY platform. The framework supports AI-related risk management, responsible governance, transparency, accountability, security and human oversight throughout the AI lifecycle. Its scope includes supervised and unsupervised learning models and large language models supporting personalised engagement, fraud management, loyalty intelligence, autonomous decision-making, operational automation and workflow support.
September 25, 2026
Show AI Summary
Digital warehousing controls propose electronic tracking, secure transport, monthly returns, and risk-based compliance verification for warehoused goods.
Draft Warehousing Operations Regulations, 2026 would require public and private warehouse licensees to use the electronic portal and a digital warehouse management system for receipt, storage, transfers, removals and accounting of warehoused goods. Transport would generally require a one-time-lock and transit-risk insurance, subject to specified exemptions. Licensees would verify locks and goods, report discrepancies, maintain auditable electronic records, submit monthly returns, and permit removals for home consumption or export only upon electronic clearance orders. Non-confirmation, discrepancies and contraventions would trigger information demands, risk-based verification and action under the Customs Act.
September 25, 2026
Show AI Summary
Technology risk governance requires banks to retain accountability, test resilience, and govern artificial intelligence before scaling financial services.
Technology risk governance must treat technology architecture as a first-order enterprise risk, alongside conventional financial risks, because the availability and integrity of core banking, payments, onboarding, credit, fraud-monitoring and reporting systems determine whether customers can access essential financial services. Banks may outsource technology functions but retain accountability for access controls, concentration, recoverability, data protection and exit options. Effective resilience requires secure architecture, asset visibility, timely remediation of vulnerabilities and legacy systems, identity and access management, effective controls, third-party oversight, post-incident learning, and regular recovery testing.
September 25, 2026
Show AI Summary
Global value chain integration advances trade partnerships, semiconductor capacity, and deep-tech innovation within broader economic engagement.
India's global economic engagement prioritises trade and economic partnerships to strengthen participation in global value chains and supply chains, facilitating cross-border movement of goods and services. The approach is linked to projected semiconductor demand and development of artificial-intelligence capabilities, alongside innovation, deep-tech startup support and private-sector space activity. The startup ecosystem is described as having expanded substantially, with current policy emphasis on deep-tech innovation and participation in global markets.
September 25, 2026
Show AI Summary
Trade agreement review targets balanced, user-friendly, trade-facilitative rules to address asymmetries and strengthen regional commerce.
The ongoing review of the ASEAN-India Trade in Goods Agreement seeks to enhance trade flows, address trade asymmetries, and deliver a balanced, effective, user-friendly, and trade-facilitative arrangement for businesses. It forms part of India's commitment to mutually beneficial trade partnerships and regional trade arrangements.
September 24, 2026
Show AI Summary
Portfolio management reforms broaden permitted investments, establish independent fund managers, and retain registered managers' responsibility for client portfolios.
Portfolio-management reforms replace the 2020 framework and expand investments into IPOs, primary-market debt, listed overseas equity and debt, and direct plans of Indian mutual fund schemes. Investment-grade unlisted non-convertible debt may comprise up to 10 per cent of client assets under management with client consent. Independent Fund Managers may operate with registered portfolio managers, which retain responsibility and liability. Accredited-investor eligibility is broadened, while specified compliance requirements are relaxed where adequate audit trails and internal controls exist.
September 24, 2026
Show AI Summary
Merchant discount rate on UPI merchant payments may be treated as a taxable payment settlement service with input credit availability.
GST treatment of MDR charged on UPI merchant payments above Rs 2,000 is to be considered by the GST Council. The MDR framework imposes a merchant-borne charge for payment processing and settlement. As these activities are services, MDR may attract GST at 18 per cent, subject to the Council's view. Merchants paying GST on MDR may claim input tax credit, potentially reducing their net tax burden.
September 24, 2026
Show AI Summary
Fiscal responsibility limits frame cautions on new projects as budgetary discipline rather than financial crisis.
Finance-department advice treats fiscal indicators as grounds for restraint in approving additional expenditure rather than as evidence that funds are unavailable. Funding new projects may be difficult until additional resources are mobilised or allocations already approved are reallocated. Project proposals lacking budgetary provision or earmarked funding may create cash-flow pressures and fiscal-management challenges, requiring deferment until resources are finalised.
September 24, 2026
Show AI Summary
Corporate document forgery allegations trigger investigation into unauthorised insolvency consortium participation and disputed share transfers.
An FIR concerns alleged cheating, forgery, criminal conspiracy, corporate-document misuse, and unauthorised financial liabilities arising from participation in a corporate insolvency resolution process. Allegations include entering a consortium arrangement without the Parekh Group's knowledge or authorisation, reliance on a fabricated and unapproved board resolution, and unauthorised transfer of shares to a group-controlled entity. Investigation covers disputed-record authenticity, alleged digital-signature misuse, and financial transaction trails.
September 24, 2026
Show AI Summary
Energy security shapes continued Russian crude sourcing as alternative suppliers replace shortfalls amid potential sanctions-related restrictions.
Russian crude imports are operating near 1.8 million barrels daily in September, with refinery maintenance, stronger Chinese buying, and disruptions to Russian export infrastructure constraining availability. Middle Eastern supply, especially from Iraq and Saudi Arabia, has offset reduced Russian volumes. Potential tougher restrictions on countries purchasing Russian oil could complicate procurement, but energy security and tight physical oil markets make a significant near-term reduction in Russian crude purchases unlikely. Replacement remains technically possible but may raise procurement costs and competition for medium-grade crude.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Customs, DGFT & SEZ

KEY HIGHLIGHTS OF THE ECONOMIC SURVEY 2021-22

January 31, 2022

Contents
Summary
Note

Note

-

Bookmark

Print

Print

9.2 PERCENT GROWTH EXPECTED IN REAL TERMS IN 2021-22

GDP PROJECTED TO GROW 8.0-8.5 PERCENT IN 2022-23

PANDEMIC: GOVERNMENT’s SUPPLY SIDE REFORMS PREPARING ECONOMY FOR SUSTAINED LONGTERM EXPANSION 

CAPEX GROWS BY 13.5 PERCENT (YoY) DURING APRIL-NOVEMBER, 2021

FOREIGN EXCHANGE RESERVES TOUCH  US$ 633.6 BILLION ON 31st DECEMBER, 2021 

MACROECONOMIC STABILITY INDICATORS SUGGEST ECONOMY WELL PLACED TO TAKE ON CHALLENGES OF 2022-23
MASSIVE GROWTH IN REVENUE RECEIPTS

SOCIAL SECTOR: EXPENDITURE ON SOCIAL SERVICES AS PROPORTION OF GDP INCREASES TO 8.6 PERCENT IN 2021-22 (BE) AS COMPARED TO 6.2 PERCENT IN 2014-15 

WITH REVIVAL OF ECONOMY, EMPLOYMENT INDICATORS BOUNCED BACK TO PRE-PANDEMIC LEVELS DURING LAST QUARTER OF 2020-21

MERCHANDISE EXPORTS AND IMPORTS REBOUND STRONGLY AND SURPASS PRECOVID LEVELS 

BANK CREDIT ACCELERATES TO 9.2 PERCENT AS ON 31st DECEMBER, 2021

₹ 89,066 CRORE RAISED VIA 75 IPOs; SIGNIFICANTLY HIGHER THAN IN ANY YEAR IN LAST DECADE

CPI-C INFLATION MODERATES TO 5.2 PERCENT IN 2021-22 (APRIL-DECEMBER)

FOOD INFLATION AVERAGES AT A LOW OF 2.9 PERCENT IN 2021-22 (APRIL-DECEMBER)

EFFECTIVE SUPPLY SIDE MANAGEMENT KEEPS PRICES OF MOST ESSENTIAL COMMODITIES UNDER CONTROL

AGRICULTURE: GVA REGISTERS BUOYANT GROWTH OF 3.9% IN 2021-22

RAILWAYS: CAPITAL EXPENDITURE SEES SUBSTANTIAL INCREASE TO ₹ 155,181 CRORE IN 2020-21; BUDGETED TO FURTHER INCREASE TO ₹ 215,058 CRORE IN 2021-22, A FIVE TIMES INCREASE COMPARED TO 2014 LEVEL 

PER DAY ROAD CONSTRUCTION INCREASES TO 36.5 KMS IN 2020-21 – RISE OF 30.4 PERCENT COMPARED TO THE PREVIOUS YEAR

SDGs: OVERALL SCRORE ON NITI AAYOG DASHBOARD IMPROVES TO 66 IN  2020-21

The Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman presented the Economic Survey 2021-22 in Parliament today. The highlights of the Economic Survey are as follows:

State of the Economy:

  • Indian economy estimated to grow by 9.2 percent in real terms in 2021-22 (as per first advanced estimates) subsequent to a contraction of 7.3 percent in 2020-21. 
  • GDP projected to grow by 8- 8.5 percent in real terms in 2022-23.  
  • The year ahead poised for a pickup in private sector investment with the financial system in good position to provide support for economy’s revival. 
  • Projection comparable with World Bank and Asian Development Bank’s latest forecasts of real GDP growth of 8.7 percent and 7.5 percent respectively for 2022-23.
  • As per IMF’s latest World Economic Outlook projections, India’s real GDP projected to grow at 9 percent in 2021-22 and 2022-23 and at 7.1 percent in 2023-2024, which would make India the fastest growing major economy in the world for all 3years.
  • Agriculture and allied sectors expected to grow by 3.9 percent; industry by 11.8 percent and services sector by 8.2 percent in 2021-22.
  • On demand side, consumption estimated to grow by 7.0 percent, Gross Fixed Capital Formation (GFCF) by 15 percent, exports by 16.5 percent and imports by 29.4 percent in 2021-22.
  • Macroeconomic stability indicators suggest that the Indian Economy is well placed to take on the challenges of 2022-23.
  • Combination of high foreign exchange reserves, sustained foreign direct investment, and rising export earnings will provide adequate buffer against possible global liquidity tapering in 2022-23.
  • Economic impact of “second wave” was much smaller than that during the full lockdown phase in 2020-21, though health impact was more severe.
  • Government of India’s unique response comprised of safety-nets to cushion the impact on vulnerable sections of society and the business sector, significant increase in capital expenditure to spur growth and supply side reforms for a sustained long-term expansion.
  • Government’s flexible and multi-layered response is partly based on an “Agile” framework that uses feedback-loops, and the use of eighty High Frequency Indicators (HFIs) in an environment of extreme uncertainty.

Fiscal Developments:

  • The revenue receipts from the Central Government (April to November, 2021) have gone up by 67.2 percent (YoY) as against an expected growth of 9.6 percent in the 2021-22 Budget Estimates (over 2020-21 Provisional Actuals).
  • Gross Tax Revenue registers a growth of over 50 percent during April to November, 2021 in YoY terms.  This performance is strong compared to pre-pandemic levels of 2019-2020 also. 
  • During April-November 2021, Capex has grown by 13.5 percent (YoY) with focus on infrastructure-intensive sectors.
  • Sustained revenue collection and a targeted expenditure policy has contained the fiscal deficit for April to November, 2021 at 46.2 percent of BE.
  • With the enhanced borrowings on account of COVID-19, the Central Government debt has gone up from 49.1 percent of GDP in 2019-20 to 59.3 percent of GDP in 2020-21, but is expected to follow a declining trajectory with the recovery of the economy. 

External Sectors:

  • India’s merchandise exports and imports rebounded strongly and surpassed pre-COVID levels during the current financial year.
  • There was significant pickup in net services with both receipts and payments crossing the pre-pandemic levels, despite weak tourism revenues.
  • Net capital flows were higher at US$ 65.6 billion in the first half of 2021-22, on account of continued inflow of foreign investment, revival in net external commercial borrowings, higher banking capital and additional special drawing rights (SDR) allocation.
  • India’s external debt rose to US $ 593.1 billion at end-September 2021, from US $ 556.8 billion a year earlier, reflecting additional SDR allocation by IMF, coupled with higher commercial borrowings.
  • Foreign Exchange Reserves crossed US$ 600 billion in the first half of 2021-22 and touched US $ 633.6 billion as of December 31, 2021.
  • As of end-November 2021, India was the fourth largest forex reserves holder in the world after China, Japan and Switzerland.

Monetary Management and Financial Intermediation:

  • The liquidity in the system remained in surplus.
    • Repo rate was maintained at 4 per cent in 2021-22.
    • RBI undertook various measures such as G-Sec Acquisition Programme and Special Long-Term Repo Operations to provide further liquidity.
  • The economic shock of the pandemic has been weathered well by the commercial banking system:
    • YoY Bank credit growth accelerated gradually in 2021-22 from 5.3 per cent in April 2021 to 9.2 per cent as on 31st December 2021.
    • The Gross Non-Performing Advances ratio of Scheduled Commercial Banks (SCBs) declined from 11.2 per cent at the end of 2017-18 to 6.9 per cent at the end of September, 2021.
    • Net Non-Performing Advances ratio declined from 6 percent to 2.2 per cent during the same period.
    • Capital to risk-weighted asset ratio of SCBs continued to increase from 13 per cent in 2013-14 to 16.54 per cent at the end of September 2021.
    • The Return on Assets and Return on Equity for Public Sector Banks continued to be positive for the period ending September 2021.
  • Exceptional year for the capital markets:
    • ₹ 89,066 crore was raised via 75 Initial Public Offering (IPO) issues in April-November 2021, which is much higher than in any year in the last decade.
    • Sensex and Nifty scaled up to touch peak at 61,766 and 18,477 on October 18, 2021.
    • Among major emerging market economies, Indian markets outperformed peers in April-December 2021.

Prices and Inflation:

  • The average headline CPI-Combined inflation moderated to 5.2 per cent in 2021-22 (April-December) from 6.6 per cent in the corresponding period of 2020-21.
    • The decline in retail inflation was led by easing of food inflation.
    • Food inflation averaged at a low of 2.9 per cent in 2021-22 (April to December) as against 9.1 per cent in the corresponding period last year.
    • Effective supply-side management kept prices of most essential commodities under control during the year.
    • Proactive measures were taken to contain the price rise in pulses and edible oils.
    • Reduction in central excise and subsequent cuts in Value Added Tax by most States helped ease petrol and diesel prices.
  • Wholesale inflation based on Wholesale Price Index (WPI) rose to 12.5 per cent during 2021-22 (April to December).
    •  This has been attributed to:
      • Low base in the previous year,
      • Pick-up in economic activity,
      • Sharp increase in international prices of crude oil and other imported inputs, and
      • High freight costs.
  • Divergence between CPI-C and WPI Inflation:
    • The divergence peaked to 9.6 percentage points in May 2020.
    • However, this year there was a reversal in divergence with retail inflation falling below wholesale inflation by 8.0 percentage points in December 2021.
    • This divergence can be explained by factors such as:
      • Variations due to base effect,
      • Difference in scope and coverage of the two indices,
      • Price collections,
      • Items covered,
      • Difference in commodity weights, and
      • WPI being more sensitive to cost-push inflation led by imported inputs.
    • With the gradual waning of base effect in WPI, the divergence in CPI-C and WPI is also expected to narrow down.

Sustainable Development and Climate Change:

  • India’s overall score on the NITI Aayog SDG India Index and Dashboard improved to 66 in 2020-21 from 60 in 2019-20 and 57 in 2018-19.
  • Number of Front Runners (scoring 65-99) increased to 22 States and UTs in 2020-21 from 10 in 2019-20.
  • In North East India, 64 districts were Front Runners and 39 districts were Performers in the NITI Aayog North-Eastern Region District SDG Index 2021-22.
  • India has the tenth largest forest area in the world.
  • In 2020, India ranked third globally in increasing its forest area during 2010 to 2020.
  • In 2020, the forests covered 24% of India’s total geographical, accounting for 2% of the world’s total forest area.
  • In August 2021, the Plastic Waste Management Amendment Rules, 2021, was notified which is aimed at phasing out single use plastic by 2022.
  • Draft regulation on Extended Producer Responsibility for plastic packaging was notified.
  • The Compliance status of Grossly Polluting Industries (GPIs) located in the Ganga main stem and its tributaries improved from 39% in 2017 to 81% in 2020.
  • The consequent reduction in effluent discharge has been from 349.13 millions of litres per day (MLD) in 2017 to 280.20 MLD in 2020.
  • The Prime Minister, as a part of the national statement delivered at the 26th Conference of Parties (COP 26) in Glasgow in November 2021, announced ambitious targets to be achieved by 2030 to enable further reduction in emissions.
  • The need to start the one-word movement ‘LIFE’ (Lifestyle for Environment) urging mindful and deliberate utilization instead of mindless and destructive consumption was underlined.

Agriculture and Food Management:

  • The Agriculture sector experienced buoyant growth in past two years, accounting for a sizeable 18.8% (2021-22) in Gross Value Added (GVA) of the country registering a growth of 3.6% in 2020-21 and 3.9% in 2021-22.
  • Minimum Support Price (MSP) policy is being used to promote crop diversification.
  • Net receipts from crop production have increased by 22.6% in the latest Situation Assessment Survey (SAS) compared to SAS Report of 2014.
  • Allied sectors including animal husbandry, dairying and fisheries are steadily emerging to be high growth sectors and major drivers of overall growth in agriculture sector.
  • The Livestock sector has grown at a CAGR of 8.15% over the last five years ending 2019-20. It has been a stable source of income across groups of agricultural households accounting for about 15% of their average monthly income.
  • Government facilitates food processing through various measures of infrastructure development, subsidized transportation and support for formalization of micro food enterprises.
  • India runs one of the largest food management programmes in the world.
  • Government has further extended the coverage of food security network through schemes like PM Gareeb Kalyan Yojana (PMGKY).

Industry and Infrastructure:

  • Index of Industrial Production (IIP) grew at 17.4 percent (YoY) during April-November 2021 as compared to (-)15.3 percent in April-November 2020.

· Capital expenditure for the Indian railways has increased to ₹ 155,181 crores in 2020-21 from an average annual of ₹ 45,980 crores during 2009-14 and it has been budgeted to further increase to ₹ 215,058 crores in 2021-22 – a five times increase in comparison to the 2014 level.

· Extent of road construction per day increased substantially in 2020-21 to 36.5 Kms per day from 28 Kms per day in 2019-20 – a rise of 30.4 percent.

· Net profit to sales ratio of large corporates reached an all-time high of 10.6 percent in in July-September quarter of 2021-22 despite the pandemic (RBI Study).

  • Introduction of Production Linked Incentive (PLI) scheme, major boost provided to infrastructure-both physical as well as digital, along with measures to reduce transaction costs and improve ease of doing business, would support the pace of recovery.

Services:

  • GVA of services crossed pre-pandemic level in July-September quarter of 2021-22; however, GVA of contact intensive sectors like trade, transport, etc. still remain below pre-pandemic level.

· Overall service Sector GVA is expected to grow by 8.2 percent in 2021-22.

· During April-December 2021, rail freight crossed its pre-pandemic level while air freight and port traffic almost reached their pre-pandemic levels, domestic air and rail passenger traffic are increasing gradually – shows impact of second wave was much more muted as compared to during first wave.

· During the first half of 2021-22, service sector received over US$ 16.7 billion FDI – accounting for almost 54 percent of total FDI inflows into India.

· IT-BPM services revenue reached US$ 194 billion in 2020-21, adding 1.38 lakh employees during the same period.

· Major government reforms include, removing telecom regulations in IT-BPO sector and opening up of space sector to private players.

· Services exports surpassed pre-pandemic level in January-March quarter of 2020-21 and grew by 21.6 percent in the first half of 2021-22 - strengthened by global demand for software and IT services exports.

· India has become 3rd largest start-up ecosystem in the world after US and China. Number of new recognized start-ups increased to over 14000 in 2021-22 from 733 in 2016-17.

· 44 Indian start-ups have achieved unicorn status in 2021 taking overall tally of unicorns to 83, most of which are in services sector.

Social Infrastructure and Employment:

  • 157.94 crore doses of COVID-19 vaccines administered as on 16th January 2022; 91.39 crore first dose and  66.05 crore second dose.

· With revival of economy, employment indicators bounced back to pre-pandemic levels during last quarter of 2020-21.

· As per the quarterly Periodic Labour Force Survey (PFLS) data up to March 2021, employment in urban sector affected by pandemic has recovered almost to the pre-pandemic level.

· According to Employees Provident Fund Organisation (EPFO) data, formalization of jobs continued during second COVID wave; adverse impact of COVID on formalization of jobs much lower than during the first COVID wave.

· Expenditure on social services (health, education and others) by Centre and States as a proportion of GDP increased from 6.2 % in 2014-15 to 8.6% in 2021-22 (BE)

· As per the National Family Health Survey-5:

  • Total Fertility Rate (TFR) came down to 2 in 2019-21 from 2.2 in 2015-16
  • Infant Mortality Rate (IMR), under-five mortality rate and institutional births have improved in 2019-21 over year 2015-16

· Under Jal Jeevan Mission (JJM), 83 districts have become ‘Har Ghar Jal’ districts.

  • Increased allotment of funds to Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGS) to provide buffer for unorganized labour in rural areas during the pandemic.

Topics

Acts Income Tax