Business Standard - India added 1 crore personal income tax payers in Fiscal Year 2016-17 - a period after demonetisation, said a newspaper report citing data tabled in the Lok Sabha on Monday. On November 8, 2016, Prime Minister Narendra Modi outlawed 86% of the cash in circulation to target undeclared 'black money' and fight corruption. The Supreme Court this January upheld the legality of this decision, saying it was taken in consultation with the Central Bank and followed due process. Read more
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1 hour ago WHAT IS DIGITAL ECONOMY? The digital economy refers to the economic activities that emerge from connecting individuals, businesses, devices, data and operations through digital technology. It encompasses the online connections and transactions that take place across multiple sectors and technologies, such as the internet, mobile technology, big data and information and communications technology. SIZE AND SHARE OF INDIA’S DIGITAL ECONOMY The Indian economy has been digitalising at a remarkable...
10 hours ago COUNTERVAILING DUTY Countervailing duty (CVD) is a type of import duty which a government imposes on the imports to protect it’s domestic producers from the negative impact of subsidies being given by the exporting country to their exporters or producers. CVD is thus an import tax by the importing country on imported products to counterbalance undue subsidies. WHY? Foreign governments many times provide subsidies to their producers to make their products cheaper and boost their demand in other...
1 day ago GIFFEN GOODS A Giffen good is a low-income, non-luxury product which does not have much alternatives. As a result, even if the prices of such goods increase, their demand is higher. GIffen goods therefore are the goods that do not follow the standard law of demand. As per the law of demand, the demand for a commodity falls when its prices increase. It looks logical too because in such cases when a commodity is getting costlier, people would shift to other cheaper alternatives. But what would...
2 days ago SIZE OF INDIA’S DIGITAL BANKING As India moves toward becoming a 1 trillion dollar digital economy by 2025, it also requires securing its financial infrastructure. It is expected that by 2047, the country’s digital economy is expected to touch 5-6 trillion dollars, when India's GDP will be touching 25-30 trillion dollars. India’s banking sector is experiencing a remarkable digitalisation, which has brought a kind of revolution in the ways banking is performed by the common users....
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