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Thursday, January 16, 2020

Prelims booster(Micro notes), current affairs with static portions - 16 January,2020

India’s fiscal deficit
  • Former Economic Affairs Secretary S C Garg has stated that the true fiscal deficit for 2018-19 is 4.7%.
  • Contrary to these views, the Indian government says, the fiscal deficit just 3.4 per cent of the gross domestic product (GDP) for 2018-19. 
  • For long, it has been suspected that the official figures hide the true fiscal deficit.
  • It happens because of some  government’s expenditure was funded by the so-called “off-budget” items-As a result,extra expenditure did not figure in the official calculations.
  • fiscal deficit=the difference between the Revenue Receipts plus Non-debt Capital Receipts (NDCR) and the total expenditure, reflected the total borrowing requirements of Government
HSN Code
HSN Code
  • India not to allow imports without HSN code.
  • It is a six-digit identification code developed by the World Customs Organization (WCO).
  • This system has been introduced for the systematic classification of goods all over the world,Called the “universal economic language” for goods.
  • HSN classification is widely used for taxation purposes by helping to identify the rate of tax applicable to a specific product in a country that is under review.
  • It is a people centric fuel conservation mega campaign of Petroleum Conservation Research Association (PCRA)- a registered society(a non-profit organization) established in 1978 under the aegis of Ministry of Petroleum & Natural Gas, Government of India.
  • Saksham actively involves the Oil & Gas PSUs along with other stakeholders like State Governments
  • aims:-create focused attention on fuel conservation through people centric activities and sensitize the masses about the conservation and efficient use of petroleum products leading to better health and environment
Women, Business and the Law 2020
  • Women, Business and the Law (WBL) is a World Bank Group project collecting unique data on the laws and regulations that restrict women’s economic opportunities.
  • It is composed by eight indicators structured around women’s interactions with the law.
  • The indicators are:-Mobility, Workplace, Pay, Marriage, Parenthood, Entrepreneurship, Assets, and Pension.
  • India is placed 117th among 190 countries.

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