CA-FC-Day-66-2020-iastoppers
Flash Cards

Day#66 Current Affairs Flash Cards [PRELIMS 2020]

Remission of Duties or Taxes on Export Product (RoDTEP) scheme; Projections of annual population growth in India; Crisis in economy; Aeronautical Development Agency (ADA); Directorate General of Foreign Trade (DGFT); etc.
By IASToppers
October 09, 2019

 

 

What is the main purpose in launching of Remission of Duties or Taxes on Export Product (RoDTEP) scheme?

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Answer:

The RoDTEP scheme was launched by Finance Minister of India to boost the exports of the country.

Enrich Your Learning:

Remission of Duties or Taxes on Export Product (RoDTEP) scheme

  • The scheme was launched by Finance Minister of India to boost the exports of the country.
  • The scheme was launched in the backdrop of India’s merchandise exports declining by 6.05 per cent to USD 26.13 billion in August compared to earlier months of 2019.
  • The scheme to replace the existing Merchandise Exports from India Scheme (MEIS) and create a fully automated route for Input Tax Credit (ITC) in the GST to help increase the exports in India.

Features:

  • The scheme is expected to completely replace all Merchandise Exports from India Scheme (MEIS) from January 1, 2020.
  • Textiles and sectors which currently enjoy incentives up to 2 per cent over MEIS will transit into RoDTEP from January 1, 2020.
  • The scheme provides an additional export credit of up to Rs. 68,000 crores and the projected forgone revenue will be up to Rs. 50,000 crores.
  • MoF has allocated a budget of Rs. 1,700 crores to provide higher insurance cover through Export Credit Guarantee Corporation (ECGC), to increase the lending opportunities from banks.Features

 

 

Establishment of Directorate General of Foreign Trade (DGFT) was done as a result of which economic activity by Government of India?

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Answer:

Directorate General of Foreign Trade (DGFT) was established as a result of liberalization in the economic policies of the Government.

Enrich Your Learning:

Directorate General of Foreign Trade (DGFT)

  • Directorate General of Foreign Trade (DGFT) organisation is an attached office of the Ministry of Commerce and Industry and is headed by Director General of Foreign Trade.
  • The organisation was established in 1991, when liberalization in the economic policies of the Government took place.
  • This organization has been essentially involved in the regulation and promotion of foreign trade through regulation.
  • Keeping in line with liberalization and globalization and the overall objective of increasing of exports, DGFT has since been assigned the role of “facilitator”.
  • The shift was from prohibition and control of imports/exports to promotion and facilitation of exports/imports, keeping in view the interests of the country.
  • It is responsible for formulating and implementing the Foreign Trade Policy with the main objective of promoting India’s exports.
  • Head Quarter of DGFT I sin New Delhi with regional offices in different cities of India.

 

 

Aeronautical Development Agency (ADA) was entrusted with the development of what for Indian Air Force?

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Answer:

Aeronautical Development Agency (ADA) was entrusted with the development of a multirole Light Combat Aircraft to meet the requirements of Indian Air Force.

Enrich Your Learning:

Aeronautical Development Agency (ADA)

  • Aeronautical Development Agency (ADA) is a Society under the Department of Defence Research and Development, Ministry of Defence, Government of India.
  • The Society was entrusted with the design and development of a multirole Light Combat Aircraft to meet the requirements of Indian Air Force.

Objective:

  • To undertake, aid, promote, guide, manage, co-ordinate and execute research in aeronautical science, design and development of various types of aircraft and rotorcraft.

ADA is responsible for:

  • Co-ordinated management of full range activities leading to development of advance technology flight vehicles.
  • Promoting development of a national base in Aeronautics.

Design & development tasks assigned:

  • Tejas– AF Mark 1 until Final Operational Clearance (FOC) and type certification
  • Tejas (Navy) Mark 1 & Mark 2 until its operational clearance
  • Tejas– AF Mark 2 until its operational clearance
  • AMCA– until its operational clearance

Key Fact:

  • Light Combat Aircraft (LCA) is being designed and developed with ADA as the nodal agency. Hindustan Aeronautics Limited (HAL) is the principal partner in LCA development.

 

 

In context of current economic crisis in India, rural regular wages declined at lower rate as compared to the urban regular wages. True or False?

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Answer:

True.

Rural regular wages declined by 0.3% per annum, while urban regular wages declined by 1.7%.

Enrich Your Learning:

A deep crisis in economy:

  • Between 2011-12 and 2017-18, earnings of regular workers declined in both rural and urban areas.
  • Rural regular wages declined by 3% per annum, while urban regular wages declined by 1.7%.
  • This is the second time in the last five decades that regular wages have declined in real terms.
  • The first period of decline was between 1999-2000 and 2004-05. The decline then was marginal.
  • Wages do not show a sharp decline in rural areas as compare to urban areas.
  • The decline is sharper in case of regular workers with graduate or higher educational qualifications, who generally represent the middle class.
  • All through the last five decades, wages of this section recorded faster growth, but this time they declined by 3% per annum resulted in lower demands for goods and services consumed by the middle class.

Challenges:

  • With most categories of workers reporting either stagnant or declining incomes, the credibility of the national accounts estimates is under question.
  • The crisis of demand is no longer restricted to rural areas, and is far more widespread than indicated by various data sources.

 

 

What are the projections of annual population growth in India as per the Economic Survey 2019?

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Answer:

  • Average annual population growth in India will slow progressively to 1.1% during 2011-2021, 0.7% in 2021-2031 and 0.5% in 2031-2041.

Enrich Your Learning:

  • Population growth rates are always high in the early stages of development because of demographic factors. As death rates drop because of improvements in public health systems that eliminate epidemic diseases, birth rates do not because poverty and illiteracy persist.
  • At the stages of development, high population growth was observed in country because of its improved public health systems which lead to drop in death rates.
  • As income levels rise, poverty is reduced and literacy (particularly among women) spreads, birth rates come down.
  • As development leads to higher income levels, birth rates decline further to levels that merely replace the existing population. Such demographic transitions are integral to development processes.
  • At later stages, in rich countries, birth rates might drop further so that their population declines.

Demographic transition in India:

  • It has been much slower than elsewhere in Asia, essentially because poverty and illiteracy persist, while the public provision of education and healthcare has been grossly inadequate.
  • The average annual rate of population growth dropped to 1.3% in 2011-2016 from 2.1% in 1951-1971 and 2.2% in 1971-1991. It was 1.8% in 1991-2011.
  • Birth rates (per 1,000 population) dropped from 37 in 1971 and 29 in 1991 to 22 in 2011 and 19 in 2016.
  • Fertility rates (births per woman) dropped from 5.2 in 1971 consecutively to 2.3 in 2016.

Projections in the Economic Survey 2019

  • The fertility rate will drop to 1.8 in 2021 and 1.7 in 2031.
  • The natural replacement level fertility rate is 2.1, which means that an Indian woman would have to give birth on an average to 2.1 children for the population size to remain constant.
  • In India, given the sex ratio, with more men than women compared to the natural level, the replacement rate would need to be higher.
  • The number of working-age people (20-59 years) and their share in total population will continue to increase for more than two decades and peak at 59% in 2041.
  • This would make large population a source of rapid economic growth, which could bring about a profound change in the well-being of people. Our economy could be transformed in the next 25 years.
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Daily Current Flash Cards 2020 Prelims 2020
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