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30th August 2017 Part-3:Daily News Analysis
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Minimum Wages Bill; New Industrial Policy on anvil

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.

Unacademy user
you are a super man. you can make even 10 parts for dna. all serious aspirants will follow you, no matter whatever the length is
So basically inverted duty structure means when FINISHED PRODUCT cost more than spare assemble parts???? Please reply anyone???
I think yes...and earlier we are on Top - Down Approach now we may go to Bottom - Up model....
Chaitanya kaskar
2 years ago
Inverted duty structure is a situation where import duty on finished goods is low compared to the import duty on raw materials that are used in the production of such finished goods. For example, suppose the tariff (import tax) on the import of steel is 10% and the tariff on the imports of iron ore which is used in the production of steel is 20%; this is a case of inverted duty structure.
Aashuman Singh
2 years ago
Chaitanya the example like, suppose I import parts of car to assemble it , and if imported parts cost "more" than finished product, is this the example of inverted duty structure??? or the reverse????
Chaitanya kaskar
2 years ago
Yes.. this example given by you also state an "inverted duty structure"
i like you're doing 3-4 parts of news thanks
nice initiative after long time i'm happy to see your more than 2 videos i like your work when you give pointwise like in 30 aug DNA 1st videos Problem reason solution and previous experiences in water flood mgmt and telecom.
Sir as u said our indian cultural is in transition stage(traditionality vs Modernity).It may be happening with Indian econom as well.As it is in a mid way of being fully digitalised...
  1. DAILY NEWS ANALYSIS from THE HINDU 30th August 2017 By JATIN VERMA Educator Unacademy For Daily The Hindu News & Editorial analysis- Visit my Unacademy profile-

  2. Page 12 World News: N. Korea fires ballistic missile over Japan Nuclear-armed North Korea fired a ballistic missile over Japan in a major escalation that triggered global alarm and a furious response from the government in Tokyo. determine whether it was a success or failure. It appeared to be a KN-17, or Hwasong-12. threat", while the UN Security Council called an emergency meeting at Tokyo and Washington's . It was likely an intermediate-range ballistic missile (IRBM) and further analysis was under way to . A visibly unsettled Japanese Prime Minister Shinzo Abe said it was an "unprecedented,serious and grave request. . 2009 satellite launch:The last time a North Korean rocket overflew Japan was in 2009, when bunch Washington,Seou and to caried out two st ehe Pyongyang said it was a satellite launch. Washington, Seoul and Tokyo believed it was a clandestine test of an intercontinental ballistic missile (ICBM). Pyongyang last month carried out two overt ICBM tests that appeared to bring much of the U.S. mainland within reach for the first time and heightened strains in the region. Guam is about 3,500 km from North Korea-although the missile was fired in an easterly direction and not towards the U.S. outpost, home to 1,60,000 people and host to major military facilities. Mr.Abe said the overflight was an "outrageous act" that"greatly damages regional peace and security.

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  4. International News: Rohingya in Bangladesh face expulsion despite UN warning Rohingya Muslims fleeing to Bangladesh from escalating violence in Myanmar face the growing danger of sickness and attempts by the Bangladesh authorities to send them home, despite a United Nations plea that they be allowed to seek shelter. . A series of coordinated attacks by Rohingya insurgents on security forces in the north of Myanmar?s Rakhine state has triggered a fresh exodus to Bangladesh of Muslim villagers trying to escape the violence.

  5. Business Page 13:Centre to unveil 'future-ready' industrial policy in October. [GSM-3: Economy- Industrial Policy] The Govt. would announce the new future-ready' Industrial Policy in October, by suitably incorporating measures to facilitate the use of smart technologies such as the internet of things (loT), artificial intelligence (Al) and robotics for advanced manufacturing. The new policy would aim at making India a manufacturing hub by promoting 'Make in India'.lt would subsume the National Manufacturing Policy. Wide consultations Commerce and Industry Minister would hold consultations on the framework with stakeholders, including industry captains, think tanks and State g Six thematic focus groups: [i] manufacturing and MSME; [i]technology and innovation; [ii]ease of doing business; [iv]infrastructure, investment, [vltrade and fiscal policy; and [vi]skills and employability for the future, would facilitate inputs.

  6. The 'illustrative outcomes' of the policy outlined in the paper include increasing the number of global-Indian firms in the Fortune-500 category in the long-term, in the medium-term helping attract $100 billion inward FDI annually and supporting outward FDI to assert Indian presence in world markets, and addressing the problem of low job creation in the formal sector. developing alternatives to banks and improving access to capital for MSMEs through peer to peer lending, and crowd funding, providing a credit rating mechanism for MSMEs, addressing the problem of inverted-duty structure and also balancing it against obligations under multilateral or bilateral trade agreements, studying the impact of automation on jobs and employment, ensuring minimal/zero waste from industrial activities and targeting certain sectors to radically cut emissions.

  7. . Besides, a Task Force on Artificial Intelligence for India's Economic Transformation has also been constituted. Since the last Industrial Policy announced in 1991, India has transformed into one of the fastest growing economies in the world and is now equipped to deploy a different set of ideas and strategies to build a globally competitive Indian industry, it added. The discussion paper said the constraints to industrial growth includes [il] inadequate infrastructure, [i]restrictive labour laws, [ii]complicated business environment. [ivjslow technology adoption, [Vlow productivity, [vi]challenges for trade including the Indian MSME sector facing tough competition from cheap imports from China and FTA countri (vijnadequate expenditure on R&D and Innovation.

  8. Minimum wage to vary across states. [GSM-2&3: Polity & Economy] The Code on Wages Bill proposed by the Union govt will not fix a single national level minimum wage for the whole country, but will vary across states and geographies It provides for national minimum wage for different geographical areas so as to ensure that no State Government fixes the minimum wage below the national minimum wage, notified for that area by the Central Government," the text of the Code on Wages Bill 2017 introduced in Lok Sabha reads. wage levels would vary state-wise and in some cases, may differ based on geographies - coastal, hilly or plains recognising that India is a vast country with cost of living varying across states. The Centre will fix different wages through a notification after consulting the Central Advisory Board. . If the minimum wages fixed by the states are already higher than the national minimum wage, the states will not be allowed to lower their wage levels, according to the provisions of the Bill. The Code on Wages Bill combines four labour laws []Payment of Wages Act, 1936, [ii] Minimum Wages Act, 1948, Liii] Payment of Bonus Act, 1965 and [iv]Equal Remuneratiom Act, 1976.

  9. . Further, the Bill proposes that the minimum wages so fixed by the Central government be applicable to all employments covering both organised and unorganised sector.The present law, Minimum Wages Act of 1948, applies to employees working in 45 scheduled employments. Presently: [ilvarious states are free to fix their own level of minimum wages as per the local conditions, cost of living and other factors [il Centre fixes a National Floor Level Minimum Wage - a non-statutory measure to ensure that states fix their minimum wages beyond this floor level. This is one of the reasons why the changes to the minimum wage law assumes significance as through this Bill, the minimum wages set by the Centre will become statutory. . With effect from July I this year, the Labour Ministry announced a hike in the National Floor Level Minimum Wage from 160 Per day to 76 a day and sent advisories to states for compliance. . However, till April I this year,at least II States, including Andhra Pradesh, Gujarat,Arunachal Pradesh, Himachal Pradesh, Manipur, Nagaland, Tripura and Tamil Nadu, had fixed their minimum wage level below the National Floor Level Minimum Wage of 60 recommended by the Central government as on that date.

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