31 March 2018- The Hindu Editorial News Paper Analysis- [UPSC/SSC/IBPS] Current affairs - Videos

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  2. The relation between states and union had been detoriated due to the new policies like GST , demonetisation etc.
    GST and demonetisatin both effect our econony.
    Due to implementation of GST there is a lot of confusion among business. Consumers are not so hopeful with the implementation of GST and not willing to accept it.
    It increases the burden of tax compliance.
    Tax rate has been increased for many products, thus increasing their costs.
    Demonetisation also impact on our economy . All the people face many problems due to the shortage of new currency notes. Construction , textiles and real estate are some sectors where job losses. Daily wage workers have been adversely affected due to demonetisation.

  3. You didn't mention anything about survilience as a means of safety and the author is justifying it's legitimacy in the article "illusion of participation" . I was expecting you will elaborate something about it.

  4. Impact of the new economic measures on fiscal ties between the union and states in India

    Introduction
    after 1950s India has a federal form of government which means there are many states which collectively forms a ‘Union of states’. Part XI of the Indian constitution specifies the distribution of legislative, administrative and executive powers between the Union, also known as the Central government, and the States of India. But the way of working all the state governments is different from each other and the financial system of these states has also a federal form financial system.

    Constitutionally, the essence of the form of federal government is that all the states and the central government will work independently and they will act according to their demarcated spheres of action only. If the respective jurisdictions and responsibilities are equally divided among them, then it is the responsibility of the Union of India to provide them with the sources of raising funds in order to discharge the function of being a state and as an alley of the Union of India. The federal character of public finance in India had been started in the 1970s but it has also been revised and improved in the later period in order to make the strong fiscal relationship between centre and states.
    Body:
    Fiscal Policy Reforms in India and its Performance over the years
    1. Economic reforms of 1991
    The measures are taken to achieve its objectivesTo raise resources through taxationTo restrain the unproductive and non-planned expenditureSet back in fiscal policy during mid-nineties after adopting Fifth Pay Commission’s recommendations of raising wages and salaries which severely impacted on the fiscal position of the economy.
    2. Prudent Fiscal Policy since 2001-02
    It was to control huge fiscal deficitTo make balanced tax structure of direct and indirect taxation with minimum exemptionsIntroduced an expenditure policy to restrict the non-planned expenditureSet the limit of fiscal deficit at 3% under FRBM Act, 2003-04The Finance Commission recommended that the share states in the Union Tax Revenue should be raised from 32% to 42%- a sharp rise of 10% from the 13th Finance Commission’s recommendation of 32%.
    3. Roll out of GST- Restructure of Centre and State’s fiscal relationship
    GST- through a Constitutional Amendment Act as ‘One Nation-One Tax’.Reconfiguration of Centre-state fiscal relationRole and status of States in the newly introduced tax system- constitutionallyDesign and structure of GST- Decision-making body in GST CouncilCooperation between Centre and StatesThe spending decision should be more on the hand of StatesThe States can take measures alone to attract foreign and private investment in their respective statesAfter accepting recommendations of 14th Finance Commission, the Union Government has assured for the first time that public expenditure will be decisively in the jurisdiction of states to decide their own fiscal destiny by viewing its more functional responsibilities than the Centre
    Conclusion
    Negative Impact
    Consumers are not so hopeful with the implementation of GST and not willing to accept itThere is huge confusion on the application part of GST and its benefitsIt has raised the General Price level of Goods and ServiceThere is negligence on the part of businessman to transfer the benefits to the final consumersGST has increased the burden of tax complianceDue to GST, revenue of some of the states has been reduced and compelled to share its revenue with the Centre
    Losses for the States
    Revenue lossStated compensation is not enough for the statesInvestors will not show up in states due to wrong cash flows, complex account practices
    Positive Impact
    Cascading effect will vanishEstablishment of common market across the statesImprovement in tax compliancesMore transparency in the system will establishLower down the inflation because it reduces the input cost of a productSimplified Tax System..

  5. How do the new economic policies affect the center-state relationship?

    India has adopted a federal structure of government. Federalism means there will be clear separation power
    and there will be many states which will form Union of India.In the most of the form India has taken these
    points in consideration but still states are not clearly separated from Unoin. That is why we our constituion
    has given so many guidelines to form better relationships. Same kind of dependency we are able to observe in
    ecnomomy of India. Several number of changes has done these relations and they have posed the affects in both
    negative and positive form.

    Lets look upon some of the major reforms in Indian ecnomomy and how it affected the federal stucture?
    1. LPG reforms of 1991:
    This is considered as a major turn in the ecnomomy where the doemestic market were opened for the private players.
    the government has provided greator ease of doing business for the private company and control of the market was done
    by the demand and supply policy. If we take the results of this reform in the view of growth then we can observe
    that it was a win-win situation for both nation and the states.
    – there was the greater rate of growth, better employment opportunities, decline in poverty, FDI and FII, improved market
    base, many other forms of products in the market etc.
    – States were able to increase there revenue base, tax reforms has helped a lot. States has got a greater autonomy
    in the market because the control of the government was reduced.
    But there were dark sides also. These reforms has provided better opportunities for manufacturing and service sectors.
    So the agricultural based states were in loose. There was a huge burden of fiscal deficit after this. So states has
    become more dependent of the center for funds and aid.On one hand these reforms has provided greater autonomy to the
    states but also given a burden of loans and deficit that's why the center and states has come more closer to operate
    the economy in a better way.

    2. FRBM act of 2003:
    Reforms of 1991 has given a good amount of growth to the Indian ecnomomy but parallely it has destroyed the fiscal discipline of India. That why the government of India has introduced a FRBM act which has a main object to reduce the deficit of Indian ecnomomy. It has prosed limitation for fiscal and revenue deficit. Same guidelines were drawn for both center and states. The sole spirit of the is act was opposing the federalism but it was necessary to do because India is an Union of the individual states so it is not possible to grow without states.
    – although the act has proposer same guidelines for center and states but it was the individual responsibility to act upon the
    target provided.
    – This act has given same targets but a greater autonomy to states. Now states have opportunity to follow their own exercise to control the fiscal deficit.

    3. Recent changes in Indian ecnomomy:
    Bigger changes are GST, 14th finance commision and Demonetization and the smaller ones are Ease of doing business, FDI rules, SDG goals, environmental commitments etc.
    – GST was the biggest surprise for the states as many states were not willing for this. GST concept is like opposite to the federal structure as it proposes to have single taxation structure in the country. That time states were afraid the loose their revenue shares as they will have to follow the guidelines provided the central GST council. This reform has reduced the autonomy of the states in some measures but provided better control over the market.
    – 14th finance commission has given its reccomendation and now center has to share 42% tax revenue with states. This step will provide better income to the states and reduction in the dependency. After accepting these recommendations center has realised that more independence should be provided to the states so that they will have better resource and revenue to run their own business. Also
    now its time to follow better federalism in economic structure.
    – Demonetization was also another step to curb the black money but most of states have felt negative impact. Some of small
    and medium industries of states has suffered a lot and people has considered this as an undesired burden. But the same has helped states to go for a cashless economy a many states have proposed schemes to enchance the digital market.

    As we can observe that economic federalism is India is not too much clear as both center and states have mutual benfits. It is true that financially the states are not independent in India but they have a liberty to run their own policies in the states.
    Same time there is restriction for fiscal discipline which all the states has to follow in the end. India has become fastest growing economy but with the help of its states and same time states need the support from center to fulfill their financial needs.

  6. Impact of new economic reforms on the fiscal ties between state and union:
    For every citizen of India, Last two years are considered to be revolutionary in terms of Economic Reforms. Starting from Demonetization 8 Nov 2016 to Roll out of Good and Services tax GST 1 July 2017. Though large number of people in our community questioning the implementation procedures followed, still the need of these reforms is yet to be analyzed. Government basically bring tax reforms in order generate more revenues, maintain transparency, reduce tax evasion and reduce tax burden on corporates and individuals already paying very high taxes. Consider an example in India 50% of the overall Tax have been collecting from just 5% of the Population.
    Economic reform in from GST by Center and State together represents cooperation, decision making, understanding the need of tax problem and is a perfect example of Democracy in which center has addressed the issues States were having and simultaneously provided the solution and Implemented the Biggest Tax reforms in our country till date. First financial year of the GST came to end, we must understand and analyze the impact it has made on one of the biggest economy of World.
    GST has implemented under Constitutional Amendment Act “One Nation One Tax”. GST is form of indirect tax which is imposed on the various Good and Services. GST will eliminate central excise duty, Value added Tax, Sales Tax. The purpose of doing is also to prevent Cascading effect which increases price of Product, makes it Uncompetitive in domestic Market. The Good and Services like rural products , services of doctors which were exempted from indirect tax are also exempted from GST.
    GST has wide and long term impacts on the logistics part of our Country, as it also form Back bone of Make in India. Uninterrupted moving of Good within a country reduces transportation time. Earlier when a Good is moving from one state to another it has to be pay border tax across various borders it passes by. For Example if Trucks carrying Leather materials from Agra has to go Orissa, then it has to cross Uttar Pradesh, Chhattisgarh, Madhya Pradesh. While Passing it has to pay border tax at the start and end of these tax simultaneously. A Truck driver has to stand in a queue in every border for paying of Border Tax. This process increases not time but also Cost Transportation. GST eliminated this process of collecting border tax, Implemented levy of Tax at Source only.
    Future of GST fully depends on How Center and State will participate together. It will be interesting to see how Collection and distribution of tax among states and center takes place. Moreover bringing more people to a tax regime though GST still seems to be mysterious.

  7. Hello Veer sir, I just wanted to ask k " aap sare important articles discuss krte ho ya sirf editorials …? " asking this because I m following only u for current afairs…? & thankyou so much àp bahut achha explain krte ho….

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