Crack Grade B 1
Economy and Social Issues April 2021
MyNEP2020:
Union Education Minister Shri Ramesh Pokhriyal ‘Nishank’ launched the
“MyNEP2020” Platform of NCTE Web Portal.
The platform seeks to invite suggestions/inputs/membership from the stakeholders
for preparing draft for development of National Professional Standards for
Teachers (NPST) and National Mission for Mentoring Program
membership (NMM).
The “MyNEP2020” platform will be operational from 1st April 2021 to 15th May
2021.
As a way forward for preparing documents on above two major recommendations of
NEP 2020, NCTE will work in close consultation and be guided by
individuals/organizations while moving forward.
The expert committee will finally formulate the draft by going through the several
revisions before release of the Drafts for public review.
National Council for Teacher Education (NCTE) is a statutory body of Indian
government set up under the National Council for Teacher Education Act, 1993 in
1995 to formally oversee standards, procedures and processes in the Indian
education system.
MCA registers 1.55 lakh company incorporations in FY 2020-21, an increase of 27%
year-on-year:
During the Financial Year 2020-21, Ministry of Corporate Affairs (MCA) registered more
than 1.55 Lakh company incorporations as compared to 1.22 Lakh companies during
FY 2019-20, an increase of about 27%.
Similarly, 42,186 Limited Liability Partnerships (LLPs) got incorporated as against
36,176 last year, an increase of about 17%.
The increase is significant considering the unprecedented situation faced by the country
due to COVID-19 pandemic.
The MCA launched SPICe+ (Simplified Proforma for Incorporating a Company
Electronically +) form in February 2020 and thereby integrating 10 different services
across 3 Central Government Ministries/Departments (Ministry of Corporate Affairs,
Ministry of Labour & Department of Revenue in the Ministry of Finance) and 3 State
Governments(Maharashtra, Karnataka and West Bengal).
10 Services:
Name Reservation
Company Incorporation
Director Identification Number
EPFO Registration No.
ESIC Registration Number
PAN
TAN
Profession Tax Registration Number for the state of Maharashtra, Karnataka and
West Bengal
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Bank Account number and
GSTN Number (on Optional basis)
The MCA is continuously striving to transform regulatory environment and has
taken several measures in recent past towards Ease of Doing Business like;
Revision of Definition of Small Companies which has reduced compliance burden on
about 2 lakh companies
Zero MCA fee for company incorporation up to Rs 15 lakh authorised capital
Incentivisation of incorporation of One Person Companies (OPCs)
De-criminalisation of technical & procedural violations under Companies Act
EXPORTS-IMPORT:
Overall, exports in 2020-21 contracted by 7.4% to $290 billion while imports fell
18.1% to $389 billion.
India’s merchandise exports in March 2021 were USD 34.0 billion with an
increase of 58.23%.
India’s merchandise imports in March 2021 were USD 48.12 billion an increase
of 52.89%.
Merchandise imports during April-March 2020-21 were USD 388.92 billion,
exhibiting a negative growth of 18.07%.
India is thus a net importer in March 2021, with a trade deficit of USD 14.11 billion,
an improvement by 41.4%.
Oil imports in April-March 2020-21 were USD 82.25 billion showing a decline of
37.0%.
Global trade has been hit hard by the coronavirus pandemic with signs of a recovery
visible now. In its latest projections, the World Trade Organization on Wednesday
said that global merchandise trade is expected to rise 8% in 2021, after declining
last year.
Trade Deficit: A trade deficit is an amount by which the cost of a country's imports
exceeds its exports.
o The trade deficit in goods shows a rise of demand in the economy.
o It is a part of the Current Account Deficit.
Current Account Deficit:
o The current account records exports and imports in goods and services and
transfer payments. It represents a country’s transactions with the rest of the
world and, like the capital account, is a component of a country’s Balance of
Payments (BOP).
o There is a deficit in Current Account if the value of the goods and services
imported exceeds the value of those exported.
o Major components are:
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Goods,
Services, and
Net earnings on overseas investments (such as interests and
dividend) and net transfer of payments over a period of time, such
as remittances
E-Way Bills:
E-Way Bill System under GST regime has achieved a new milestone of generation of
7.12 Crores E-way Bills in the month of March 2021.
This is the highest number of e-way bills generated in any month during last three
years’ journey of E-Way Bill system.
Similarly, on 24th March 2021, 27.86 Lakh E-Way Bills have been generated
which is the highest in a day in last three years.
A total of 180.34 Crores of e-Way Bills have been generated in last 3 years.
E-Way Bill system was launched by National Informatics Centre (NIC) as per the
directions of the GST Council on 1st April 2018.
E-Way Bill needs to be generated for the movement of goods from one place to
another, having value more than Rs 50,000/-.
GST e-invoice:
GST e-invoice system, the game changer in the GST system, has successfully
completed journey of six months.
During this period more than 39.81 Crores e-invoices have been generated by
88,000+ suppliers.
E-invoice system was launched on 1st Oct 2020 for the tax payers whose annual
aggregate turnover is more than Rs 500 Crores and subsequently on 1st Jan 2021,
the tax payers whose annual aggregate turnover is between Rs. 100 Crores and
Rs. 500 Crores have been enabled.
From 1st April 2021, as per the government order, tax payers whose annual
aggregate turnover is between Rs. 50 Crores and Rs. 100 Crores are mandated to
generate e-invoice from the portal.
National Informatics Centre (NIC) has already enabled these tax payers on the
portal and is geared up to handle the generation of e-invoices by the tax payers.
GST Revenue collection for March’ 21 sets new record:
The gross GST revenue collected in the month of March 2021 is at a record of ₹
1,23,902 crore of which CGST is ₹ 22,973 crore, SGST is ₹ 29,329 crore, IGST
is ₹ 62,842 crore and rest is cess.
The revenues for the month of March 2021 are 27% higher than the GST revenues
in the same month last year.
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Credit Guarantee Scheme for Subordinate Debt (CGSSD):
Government of India announced creation of ‘Distressed Assets Fund- -
Subordinate Debt for Stressed MSMEs’ named as ‘Credit Guarantee Scheme for
Subordinate Debt (CGSSD)’on 13th May, 2020, under the AtmaNirbhar Bharat
Package.
Accordingly, a scheme viz. ‘Credit Guarantee Scheme for Subordinate Debt’was
approved by the Government on 1st June, 2020 and the scheme was launched on
24th June, 2020 to provide credit facility through lending institutions to the
promoters of stressed MSMEs viz. SMA-2 and NPA accounts who are eligible for
restructuring as per RBI guidelines on the books of the Lending institutions.
This scheme was to remain in operation till 31.03.2021.
In order to keep the avenues of assistance to stressed MSME Units open, the
Government has decided to extend this scheme for six months from 31.03.2021 to
30.09.2021.
The objective of the scheme is to provide personal loan through banks to the
promoters of stressed MSMEs for infusion as equity / quasi equity in the business
eligible for restructuring, as per RBI guidelines for restructuring of stressed MSME
advances
The scheme will provide a guarantee cover worth Rs 20,000 crore to more than two
lakh MSMEs, the Ministry of Micro, Small & Medium Enterprises said in an official
release.
Promoters will be given credit equal to 15% of their stake (equity plus debt) or Rs.
75 lakh whichever is lower.
90% guarantee coverage would come from scheme/ Trust and remaining 10%
from the concerned promoter(s).
There will be a moratorium of 7 years on payment of principal whereas maximum
tenor for repayment will be 10 years.
The scheme can be availed through Udaan Portal.
Udaan portal is a digital platform for Micro and Small Enterprises (MSEs) looking
forward to applying for collateral free loans wherein the portal gives Provisional
Guarantee Certificate to avail collateral free loans from their preferred Banks / Non-
Banking Financial Companies (NBFCs). The portal’s main objective is to provide
impetus to credit in financial ecosystem of India.
Labour Bureau launches two of the five all-India surveys:
The Labour Bureau has recently been tasked with five major All India Surveys by the
Government of India.
The five surveys are:
1. All-India Survey of Migrant Workers,
2. All-India Survey on Domestic Workers,
3. All-India Survey on Employment generated in Transport Sector,
4. All-India Survey of Employment Generated by Professionals and
5. All-India Quarterly Establishment based Employment Survey (AQEES).
www.crackgradeb.com | | 9971687048
Economy and Social Issues April 2021
MyNEP2020:
Union Education Minister Shri Ramesh Pokhriyal ‘Nishank’ launched the
“MyNEP2020” Platform of NCTE Web Portal.
The platform seeks to invite suggestions/inputs/membership from the stakeholders
for preparing draft for development of National Professional Standards for
Teachers (NPST) and National Mission for Mentoring Program
membership (NMM).
The “MyNEP2020” platform will be operational from 1st April 2021 to 15th May
2021.
As a way forward for preparing documents on above two major recommendations of
NEP 2020, NCTE will work in close consultation and be guided by
individuals/organizations while moving forward.
The expert committee will finally formulate the draft by going through the several
revisions before release of the Drafts for public review.
National Council for Teacher Education (NCTE) is a statutory body of Indian
government set up under the National Council for Teacher Education Act, 1993 in
1995 to formally oversee standards, procedures and processes in the Indian
education system.
MCA registers 1.55 lakh company incorporations in FY 2020-21, an increase of 27%
year-on-year:
During the Financial Year 2020-21, Ministry of Corporate Affairs (MCA) registered more
than 1.55 Lakh company incorporations as compared to 1.22 Lakh companies during
FY 2019-20, an increase of about 27%.
Similarly, 42,186 Limited Liability Partnerships (LLPs) got incorporated as against
36,176 last year, an increase of about 17%.
The increase is significant considering the unprecedented situation faced by the country
due to COVID-19 pandemic.
The MCA launched SPICe+ (Simplified Proforma for Incorporating a Company
Electronically +) form in February 2020 and thereby integrating 10 different services
across 3 Central Government Ministries/Departments (Ministry of Corporate Affairs,
Ministry of Labour & Department of Revenue in the Ministry of Finance) and 3 State
Governments(Maharashtra, Karnataka and West Bengal).
10 Services:
Name Reservation
Company Incorporation
Director Identification Number
EPFO Registration No.
ESIC Registration Number
PAN
TAN
Profession Tax Registration Number for the state of Maharashtra, Karnataka and
West Bengal
www.crackgradeb.com | | 9971687048
, Crack Grade B 2
Bank Account number and
GSTN Number (on Optional basis)
The MCA is continuously striving to transform regulatory environment and has
taken several measures in recent past towards Ease of Doing Business like;
Revision of Definition of Small Companies which has reduced compliance burden on
about 2 lakh companies
Zero MCA fee for company incorporation up to Rs 15 lakh authorised capital
Incentivisation of incorporation of One Person Companies (OPCs)
De-criminalisation of technical & procedural violations under Companies Act
EXPORTS-IMPORT:
Overall, exports in 2020-21 contracted by 7.4% to $290 billion while imports fell
18.1% to $389 billion.
India’s merchandise exports in March 2021 were USD 34.0 billion with an
increase of 58.23%.
India’s merchandise imports in March 2021 were USD 48.12 billion an increase
of 52.89%.
Merchandise imports during April-March 2020-21 were USD 388.92 billion,
exhibiting a negative growth of 18.07%.
India is thus a net importer in March 2021, with a trade deficit of USD 14.11 billion,
an improvement by 41.4%.
Oil imports in April-March 2020-21 were USD 82.25 billion showing a decline of
37.0%.
Global trade has been hit hard by the coronavirus pandemic with signs of a recovery
visible now. In its latest projections, the World Trade Organization on Wednesday
said that global merchandise trade is expected to rise 8% in 2021, after declining
last year.
Trade Deficit: A trade deficit is an amount by which the cost of a country's imports
exceeds its exports.
o The trade deficit in goods shows a rise of demand in the economy.
o It is a part of the Current Account Deficit.
Current Account Deficit:
o The current account records exports and imports in goods and services and
transfer payments. It represents a country’s transactions with the rest of the
world and, like the capital account, is a component of a country’s Balance of
Payments (BOP).
o There is a deficit in Current Account if the value of the goods and services
imported exceeds the value of those exported.
o Major components are:
www.crackgradeb.com | | 9971687048
, Crack Grade B 3
Goods,
Services, and
Net earnings on overseas investments (such as interests and
dividend) and net transfer of payments over a period of time, such
as remittances
E-Way Bills:
E-Way Bill System under GST regime has achieved a new milestone of generation of
7.12 Crores E-way Bills in the month of March 2021.
This is the highest number of e-way bills generated in any month during last three
years’ journey of E-Way Bill system.
Similarly, on 24th March 2021, 27.86 Lakh E-Way Bills have been generated
which is the highest in a day in last three years.
A total of 180.34 Crores of e-Way Bills have been generated in last 3 years.
E-Way Bill system was launched by National Informatics Centre (NIC) as per the
directions of the GST Council on 1st April 2018.
E-Way Bill needs to be generated for the movement of goods from one place to
another, having value more than Rs 50,000/-.
GST e-invoice:
GST e-invoice system, the game changer in the GST system, has successfully
completed journey of six months.
During this period more than 39.81 Crores e-invoices have been generated by
88,000+ suppliers.
E-invoice system was launched on 1st Oct 2020 for the tax payers whose annual
aggregate turnover is more than Rs 500 Crores and subsequently on 1st Jan 2021,
the tax payers whose annual aggregate turnover is between Rs. 100 Crores and
Rs. 500 Crores have been enabled.
From 1st April 2021, as per the government order, tax payers whose annual
aggregate turnover is between Rs. 50 Crores and Rs. 100 Crores are mandated to
generate e-invoice from the portal.
National Informatics Centre (NIC) has already enabled these tax payers on the
portal and is geared up to handle the generation of e-invoices by the tax payers.
GST Revenue collection for March’ 21 sets new record:
The gross GST revenue collected in the month of March 2021 is at a record of ₹
1,23,902 crore of which CGST is ₹ 22,973 crore, SGST is ₹ 29,329 crore, IGST
is ₹ 62,842 crore and rest is cess.
The revenues for the month of March 2021 are 27% higher than the GST revenues
in the same month last year.
www.crackgradeb.com | | 9971687048
, Crack Grade B 4
Credit Guarantee Scheme for Subordinate Debt (CGSSD):
Government of India announced creation of ‘Distressed Assets Fund- -
Subordinate Debt for Stressed MSMEs’ named as ‘Credit Guarantee Scheme for
Subordinate Debt (CGSSD)’on 13th May, 2020, under the AtmaNirbhar Bharat
Package.
Accordingly, a scheme viz. ‘Credit Guarantee Scheme for Subordinate Debt’was
approved by the Government on 1st June, 2020 and the scheme was launched on
24th June, 2020 to provide credit facility through lending institutions to the
promoters of stressed MSMEs viz. SMA-2 and NPA accounts who are eligible for
restructuring as per RBI guidelines on the books of the Lending institutions.
This scheme was to remain in operation till 31.03.2021.
In order to keep the avenues of assistance to stressed MSME Units open, the
Government has decided to extend this scheme for six months from 31.03.2021 to
30.09.2021.
The objective of the scheme is to provide personal loan through banks to the
promoters of stressed MSMEs for infusion as equity / quasi equity in the business
eligible for restructuring, as per RBI guidelines for restructuring of stressed MSME
advances
The scheme will provide a guarantee cover worth Rs 20,000 crore to more than two
lakh MSMEs, the Ministry of Micro, Small & Medium Enterprises said in an official
release.
Promoters will be given credit equal to 15% of their stake (equity plus debt) or Rs.
75 lakh whichever is lower.
90% guarantee coverage would come from scheme/ Trust and remaining 10%
from the concerned promoter(s).
There will be a moratorium of 7 years on payment of principal whereas maximum
tenor for repayment will be 10 years.
The scheme can be availed through Udaan Portal.
Udaan portal is a digital platform for Micro and Small Enterprises (MSEs) looking
forward to applying for collateral free loans wherein the portal gives Provisional
Guarantee Certificate to avail collateral free loans from their preferred Banks / Non-
Banking Financial Companies (NBFCs). The portal’s main objective is to provide
impetus to credit in financial ecosystem of India.
Labour Bureau launches two of the five all-India surveys:
The Labour Bureau has recently been tasked with five major All India Surveys by the
Government of India.
The five surveys are:
1. All-India Survey of Migrant Workers,
2. All-India Survey on Domestic Workers,
3. All-India Survey on Employment generated in Transport Sector,
4. All-India Survey of Employment Generated by Professionals and
5. All-India Quarterly Establishment based Employment Survey (AQEES).
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