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16th April 2018 Part-4: Daily News Analysis
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Asian Premium on Crude oil

Jatin Verma is teaching live on Unacademy Plus

Jatin Verma
Have appeared in UPSC CSE thrice. Have been taking Unacademy Plus courses Academics- Polity, Economics & Current Affairs.

U
Unacademy user
as always course is awesome sir..just regularity is an issue..if u cud provide it daily then it wud b of great help..waise b in may v stop seeing news before prelims..so April is effectively last month for dna before pre
Sir , It;s our good luck that we got teacher like you who are willing to deliver his knowledge at the LATE NIGHT of 01:30 A,m, ALSO, Your students are highly grateful to you for your UNIQUE METHODOLGY, HARD WORKING and DEDICATION towards enriching our minds with knowledge
thanku sir.its really helpful for the students like me for whom reading newspaper is a big task.thanku.god bless u and i really wish that all ur dreams come true.
Sir your courses are better always.. We facing some problem with hindi courses... please do maximum interaction in Hindi... Thanks a lot..
Rongali bihu festival in Assam marks the starting of new year and arrival of spring
  1. want to be startin anses hoiag 2 but thh Important News Articles (Taking Delhi/Noida edition as the base) Page 2 East News: Nagaland loses soil heavily due to 'jhum Page 7 Nation News: Govt. ties up with IIT-Delhi for safety switches on vehicles y has pl Page 7 Nation News: Chip in for viewership data, says I&B Ministry he # Page 10 News: Arun Jaitley takes oath as Rajya Sabha member for new term reve Page 10 News: Pakistan denies Sikh pilgrims consular access Page 11 News: PMLA will need more changes Page 12 World News: Modi's visit could see pacts on migrants, Ayurveda centre Page 12 World News: U.S. will impose new sanctions on Russia Page 13 Business News: 'Robust exports can help India grow at 890, Page 13 Business News: 'NPAs, high debt level to ebb in 6-9 months' Page 13 Business News: 'Closing down firms will not help local economy' Page 13 Business News: E-tailers may have to clarify if they profiteered from GST cut Page 13 Business News: India to ally with China on 'Asian premium' Page 14 Business Review: What demonetisation did to tax collections hink h causeb ferent et t a pu OLIse rk and t stay


  2. want to be startin anses hoiag 2 cranted to show the hos ht ant to Page 13 Business News : 'Robust exports can help India grow at 8%, at thh India can achieve more than 8% growth rate in a sustained manner if it takes steps to revive investments and make exports competitive, said an Asian Development Bank (ADB) Economist. In its Asian Development Outlook, 2018, the ADB said it expects India's growth to pick up to 7.3% in current fiscal and accelerate to 7.6% in the next financial year. (ADB) Economist said: Efforts will have to be made to streamline agriculture marketing and improve supply chain. This is the area where there is scope for more reforms. Right now, the investment and exports drivers are really not firing... Once those two engines fire up India can sustainably grow at 8%. India was still a "marginal player" in global trade and there was a lot of potential to increase exports. As Chinese exports are becoming expensive because of rising wages, India can reap u* benefits by improving competitiveness e ar ent - Ease of Doing Business and state of infra need to be improved to get the benefit from trade and be better integrated into the value chain. Lot more reforms would be needed in infrastructure and regulatory policies, if India wants to achieve a double digit growth Credit to infrastructure and industry is picking up, which is a positive sigin ts that


  3. want to be startin anses hoiag 2 cranted to show the hos ht at thh Page 13 Business News: 'NPAs, high debt level to ebb in 6-9 months . It may take at least 3 quarters before the twin balance sheet problem of banks (saddled with NPAs), and highly leveraged corporates, gets resolved: Assocham. Twin balance sheet problem: The stress on balance sheets of banks due to NPAs and heaviy indebted corporates. re he e Assocham said: The process of resolution of the companies under Insolvency and Bankruptcy Code (IBC) reference would gather pace in the coming months. e ar k h ent - It would take another 6-9 months before the banks see revival of confidence to lend afresh as they would then see reasonable amount of their NPAs get unlocked through a resolution. Besides, with sales growth expected to witness a revival, the ability to service debt would improve considerably. Assocham Secretary urged RBI to relax norms proposed on the revised framework for resolution a of stressed assets, claiming that they were harsh both on the banks as also borrowers. ts that


  4. want to be startin anses hoiag 2 cranted to show the hos ht to Page 13 Business News: 'Closing down firms will not help local economy' at thh With the Tamil Nadu Pollution Control Board (TNPCB) rejecting the application of Sterlite Copper seeking renewal of its consent to operate its plant at Thoothukudi, the Vedanta Group unit finds itself facing a fresh challenge. Since its inception several summers ago, the copper smelter project in the port town had witnessed eWhen it is in the midst of a Rs. 2,500-crore expansion plan to double capacity, problems have Some locals and green brigades have mounted a campaign against the expansion on the ground The denial of consent, in the meanwhile, to operate the existing plant by the TNPCB for want of Sterlite Copper CEO said: testing times. re he begun to revisit the unit. that the smelter had been a source of pollution and risk to fisheries more clarifications had further complicated situation for the company e ar k h ent Given the current situation, it will take some time for a dialogue to commence. Sterlite is reaching out to the community on a daily basis. Efforts are to keep the channels of communication open so that a win-win solution can be arrived at for all parties. Sterlite is trying to create more awareness among community through various media. The plant was under regular maintenance, which is a planned activity once in every 3-4 years. ts that


  5. want to be startin anses hoiag 2 cranted to show the hos ht at th Page 13 Business News: 'Closing down firms will not help local economy' Sterlite Copper CEO said (contd.): - The consent to operate for the existing smelter was expiring on 31st March 2018, and they had applied to TNPCB 60 days in advance for renewal of the same. On 9th April 2018, Sterlite^ e received a communication rejecting the application for want of more clarifications. They are now working on providing the clarifications to TNPCB. Since the shut-down of the plant for maintenance activities is planned, the current situation has not impacted the overall business. But, it has certainly affected their community. programmes, which is a loss for all citizen of Tuticorin, including Sterlite. In the current situation there has been a lot of misrepresentation of facts, which has fuelled the protests. Dialogue is the way forward. Sterlite will continue to engage with all their local u stakeholders to address the current situation Sterlite has been one of the few companies which has been very positive on Tamil Nadu and its potential, and want to play a key role in this journey along with citizens of this State. he k h ent ts that


  6. want to be startin anses hoiag 2 cranted to show the hos ht to Page 13 Business News: E-tailers may have to clarifv if they profiteered from GST cut at thh . The National Anti-Profiteering Authority (NAA) in GST w soon reach out to e-commerce companies seeking responses on whether they profiteered from sale of good after reduction in the GST rates. rp If, after investigation, t is found that the e-commerce companies profiteered from the reduction in he GST, they will be asked to identify buyers and refund the tax amount to them. In case, they are unable to identify the buyers, they wil have to deposit the amount in the Consumer Welfare Fund e ar . Till now, FMCG major, HUL had deposited about R120 crore in the fund while last week almost ent 13 crore was deposited by Nestle. * The NAA, whose formation was approved by the Cabinet on November 16, a day after the u government announced sharp reduction in the GST rates on a large number of items of mass consumption, is mandated to ensure that the benefits of the reduction in GST rates on goods or services are passed on to the consumers by way of a reduction in prices. The authority had so far received about 250 complaints from consumers via its website. "Of these some are suo moto cases. We are working towards making consumers aware that they can come to us with complaints," NAA Chairman said ts that


  7. LT cranted to show the hos ht Page 13 Business News: E-tailers may have to clarify if they profiteered from GST cut (contd.) FMCG, real estate: Majority of complaints are against firms in real estate and the FMCG sector. The complaints include selling goods at an MRP that did not reflect the revised GST rates The benefits of input tax credit received by a business not being passed on to the end consumer. re he NAA has now partnered with community social network Local Circles to reach out to the people as part of their awareness campaign on the issue. e ar k h ent ts that


  8. want to be startin anses hoiag 2 cranted to show the hos ht Page 13 Business News: India to ally with China on 'Asian premium' Petroleum Minister Dharmendra Pradhan has said India would coordinate with China and other at thh Asian countries to raise voice against the "Asian premium" being charged by the Organisation of the Petroleum Exporting Countries (OPEC). Petroleum Minister said: re Indian Oil Corporation chairman would coordinate with the head of China National Petroleum Corporation (CNPC) to chalk out the strategy that would result in getting better price from OPEC countries, he said. India, China, Japan and Korea are the primary consumers of the energy market today. Asian premium is the issue India is raising and he had he proposed to coordinate with China and all these consuming countries in a bigger way in the meeting, on the sidelines of International u Energy Forum, with CNPC chairman. "There will be meetings, there will be consensus to put a point of view in front of the OPEC that we must get reasonable and responsible price for our consumption," Mr. Pradhan added. e ar k h ent - ts that


  9. want to be startin anses hoiag 2 cranted to show the hos ht to at thh Page 14 Business Review: What demonetisation did to tax collections The argument about whether demonetisation was good or bad for the economy refuses to die down even a vear after the event. Former RBI Governor Raghuram Rajan took potshots at it in a recent speech. Former RBI Governor Raghuram Rajan highlighted: re he While one can endlessly debate, with very little data, on whether the ban on high-value currency notes dealt a body blow to terrorism, corruption and counterfeiting, one area in which its impact can be quantified with data is tax compliance. e ar k h In the last 16 months, there has been a lot of premature analysis on India's tax compliance metrics based on sporadic data points cited by the Finance Minister and tax officials. But with the deadline for FY17 return filings ending on March 31, official data on direct tax collections for FY17 and ,u. FY18 is available. This makes an objective analysis possible on what demonetisation did to India's - tax base. The news is mostly good Better collections: India managed a second consecutive year of strong growth in its direct tax collections in FY18. Net collections (gross mop ups minus refunds) increased by 17.1% in the just concluded fiscal year, to Rs. 9.95 lakh crore. This was after a 14.6% increase in the mop ups in FY17. ts that


  10. want to be startin anses hoiag 2 cranted to show the hos ht ant to at thh Former RBI Governor Raghuram Rajan highlighted (contd.): . It should be noted that IT rates have largely stayed put in the last couple of years, with only minor . Now, compared with the first two years of the NDA rule, the last two years' numbers are very ,:, . But seen from a historical perspective, a 14% or even 17% annual increase in direct taxes isn't . Well, a good way to gauge if direct tax collections have really revived up post-demonetisation, is increases in the surcharge and cess components. healthy. In FY15 and FY16, India's direct tax kitty witnessed growth ofjust 8.9% and 6.9% extraordinary for the Indian economyv to evaluate direct Tax Buoyancy. he e ar Given that direct taxes both for individuals and businesses are levied as a percentage of their annual income, it is reasonable to expect taxes collected to march in step with GDP growth. This is what tax buoyancy measures, by dividing the growth in tax collections for each year by the nominal GDP growth. Higher the number, the better the compliance. Applying this measure to India shows that tax buoyancy has indeed picked up_post- demonetisation. (In the seven years from FY08 to FY14, direct tax buoyancy hovered between 0.5 and 1.1 times, averaging out at 1 for the period). But since demonetisation, direct tax buovancv doubled from 0.6 times in FY16 to 1.3 times in FY17 and accelerated further to 1.7 times in FY18 With this the Centre's direct tax coffers could fill up even faster in the coming years. ent ts


  11. want to be startin anses hoiag 2 cranted to show the hos ht Former RBI Governor Raghuram Rajan highlighted (contd.): . Of the estimated population of 132 crore, the working population is estimated at about 40% (52.8- at thh crore). If half of the workforce is assumed to be engaged in agriculture, that's a potential tax base of 26 crore individuals. With individual income tax payers already topping 6 crore, it is clear that a p fourth of those who owe income tax are already paying tax he Detractors will point out that, though India's tax base has grown at a furious pace in the last couple re of years, the CBDT's tax collections haven't kept pace with the number of newbies joining the tax system e ar . But hopefully, as India's income levels improve over the next few years and it transitions into a ent middle-income economy, these new return filers will graduate into the higher tax slabs and cough- up their due share of taxes . This should pave the way for the government to loosen up on its anti-evasion measures and rune its sky-high income tax rates ts that


  12. Thank you Jatin Verma 155k Followers Follow Ratings & Reviews Roman Saini A great course by Jatin Verma where he has literally covered all the important news from The Hindu. Must watch. Mohit Rai If i achieve my aim, my first salary will go to this great individual making this great informative and well-researched videos. I should take this opportunity to thanlk and congratulate him for the wonderful work he is doing for all the aspirants. He is meticulous and almost perfect in his approach and understanding. Please keep making such videos as a single 26k Enrollments Enroll