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My Notes 1-Feb-2018 01-02-2018
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01 February 2018

 

News

Budget expects to focus on direct taxes

As GST council is taking care of policy decisions related to indirect taxes, Budget document has little manoeuvrability with it. so, the focus of budget is expected to be on direct taxes.

As USA tax cuts on corporate income tax are influencing business decisions of corporates, Indian Government is also expected to offer benefits to corporates to attract investments. However, fiscal deficit concerns are very high.

Prime Minister Narendra Modi already has indicted that focus areas could be rural and farm sector.

 

India can’t be refugee capital

Centre has answered to the supreme court that allowing Rohingya’s and other immigrants can make India a refugee capital of the world.

 

INS Karanj boosts Indian Navy’s fire power

INS Karanj is a scorpene class submarine. India and France have an agreement to build 6 submarines at Mazagon docks in Mumbai. They are diesel submarines.

 

Editorial

Power of single identity

Social security number in USA has become a vehicle for delivery of social security benefits to citizens. Similarly, Aadhar has the potential to become the same for delivering welfare benefits from Indian Government.

Privacy concerns of Aadhar can be addressed through strong data protection laws and added layers of security. Already UIDAI has announced virtual ID to prevent identity theft. so, Aadhar and privacy need not be a zero sum game.

 

Making financial savings less taxing

Savers in India need a far simpler tax regime for financial products that doesn’t distort the freedom to choose. Govt of India uses tax benefits to direct savings of an Indian to particular financial instruments. For example, Income tax exemptions under section 80C is available only for investments promoted by the Government.

Among physical and financial instruments benefits are more available for physical instruments and among the financial instruments centre is pushing for shares and equity mutual funds. so, Government need to bring in uniform benefits across the spectrum to increase choices to customer.

 

For a clean Judiciary

In India Judicial corruption is remarkably high. Judicial accountability is very low and only procedure available for accountability is removal of Judge form the office. It involves parliamentary procedure and a judicial inquiry. So, India needs a judicial accountability act to ensure transparency and accountability in Judiciary.

 

Testing waters

India needs a permanent institutionalised mechanisms to address interstate river water disputes. The existing inter state river water disputes act and procedures created are in accordance with political situation existing in 1960. Now, competitive politics and federal relations have remarkably changed.

Today, as Governments at centre and states are not same, political opportunism for mobilising voters takes centre seat in deciding water disputes. so, credible forms inter state engagement need to be devised.

 

Reality check in srilanka

Local elections are a testing ground for national unity Government in srilanka. Srilankan freedom party and united national party, partners in nationality Government are contesting elections separately. Added to this, former president rajapaksa is supporting srilanka people party. The election outcome will decide future of reform and Government.

Added to this, there are many reforms that are tested for the first time in these elections.

  1. 25% of women reservations are provided.
  2. Mixed electoral model is introduced. 60% of the seats will be filled through first pass the post system and remaining 40% through proportional representation system.

 

 

 

 

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