The planning commission which has a legacy of 65 years has replaced by NITI Aayog. The utility and significance of the Planning Commission had been questioned for long. The replacement seems to be more relevant and responsive to the present economic needs and scenario in the country.
EVOLUTION OF NITI AAYOG
The NITI Aayog was formed on January 1, 2015. In Sanskrit, the word “NITI” means morality, behavior, guidance, etc
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What is a Universal Basic Income?
• A universal basic income (UBI) is an unconditional and universal right. It requires that every person should have a right to a basic income to cover their needs, just by virtue of being citizens.
• The Economic Survey (ES) 2016-17 says the time has come to think of UBI for a number of following reasons
• Social Justice – An UBI promotes many of the basic values of a society which respects all individuals as free and equal.
• Poverty Reduction – Conditional in the presence of a well-functioning financial system, a Universal Basic Income may simply be the fastest way of reducing poverty.
• Agency – The poor in India have been treated as objects of government policy. An unconditional cash transfer treats them as agents, not subjects.
• By taking the individual and not the household as the unit of the beneficiary, UBI can also enhance agency, especially of women within households.
• Administrative Efficiency – It is a way of ensuring that state welfare transfers are more efficient so that the state can concentrate on other public goods. Continue reading “Universal Basic Income”
Though the Union Budget is essentially a Statement of Account of public finances, it has historically become a significant opportunity to indicate the direction and the pace of India’s economic policy. The 2017-18 Union Budget was presented amidst a somewhat wobbly backdrop of the world economy facing considerable uncertainty, increasing signs of a retreat from globalization of goods the world over, and high expectations from people back home relating to good governance. Amidst all these developments, India has stood out as a bright spot in the world economic landscape. India‟s macro-economic stability continues to be the foundation of economic success. Continue reading “Decoding Union Budget 2017-18”
Economic Survey says economic growth to return to normal as new currency notes in required quantities come back into circulation and follow-up action on demonetisation is taken.
The CPI based core inflation remained stable in the current fiscal year averaging around 5 per cent.
The Economic Survey says that the rupee performed better than most of the other emerging market economies.
The total area coverage under Rabi crops as on 13.01.2017 for 2016-17 is 616.2 lakh hectares which is 5.9 per cent higher than that in the corresponding week of last year.
The area coverage under Gram (Channa Dal) as on 13.01.2017 for 2016-17 is 10.6 percent higher than that in the corresponding week of last year. Continue reading “Key Highlights of Economic Survey 2016-17”
The Union Budget for the year 2017-18 was presented by the Finance Minister Mr. Arun Jaitley in the Parliament on 1 st February 2017.
- Agricultural credit during the year 2017-18 is targeted at Rs.10 lakh crores, with 60 days interest waiver.
- The government intends to double the NABARD fund (for long term irrigation) corpus from Rs. 20,000 crore to Rs. 40,000 crore.
- A dedicated micro irrigation fund will be set up for NABARD with Rs 5,000 crore initial corpus.
- Dairy processing infrastructure fund will be initially created with a corpus of Rs. 2000 crore.
- Soil testing: The government will set up mini labs in Krishi Vigyan Kendras for soil testing.
Continue reading “Key Highlights of Union Budget 2017-18”