Economic Policies of India: Make in India & GST

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What was the primary aim of the 'Make in India' initiative?

To make India a global hub for design, innovation, and manufacturing (correct)

To reduce foreign investment in India

To encourage traditional farming practices

To increase the import of goods into India

Which year was the 'Make in India' initiative launched?

2018

2014 (correct)

2012

2016

What significant economic situation prompted the launch of 'Make in India'?

A rise in inflation rates to an unprecedented level

India's growth rate declining to its lowest in a decade (correct)

The global recession affecting Indian exports

High unemployment rates in the country

How many sectors does the 'Make in India' initiative focus on?

27 Signup and view all the answers

Which of the following is NOT grouped under the manufacturing sectors in 'Make in India'?

Tourism and Hospitality Signup and view all the answers

What is one of the goals associated with 'Atmanirbhar Bharat' as part of 'Make in India'?

To enhance self-sufficiency in various sectors Signup and view all the answers

Which sector is categorized under the service sectors in the 'Make in India' initiative?

Medical Value Travel Signup and view all the answers

Which statement best describes the 'Fragile Five' term in the context of India’s previous economic status?

Refers to India being perceived as vulnerable due to its economic challenges Signup and view all the answers

What is the primary role of the Commission mentioned in the content?

To act as an advisory body to the government Signup and view all the answers

When was the first pre-independence law commission established in India?

1834 Signup and view all the answers

Who chaired the first law commission established in 1834?

Lord Macaulay Signup and view all the answers

Which officers aid the Commission on the legal side?

Law officers of the Indian Legal Service Signup and view all the answers

What type of recommendations does the Commission initiate?

Recommendations to the Government in the form of Reports Signup and view all the answers

What is the purpose of the GST Compensation Fund?

To compensate tax revenue loss to States on account of GST implementation Signup and view all the answers

Who can provide suggestions to the Commission?

Any person or institution Signup and view all the answers

What happens to unutilized funds in the GST Compensation Fund at the end of the transition period?

They are distributed between the Central and State Governments Signup and view all the answers

Which service assists the Commission on the administrative side?

Central Secretariat Service Signup and view all the answers

Who is tasked with deciding on the taxation of luxury, sin, and demerit goods under GST?

The GST Council Signup and view all the answers

What is a key function of the Reports produced by the Law Commission?

To facilitate accurate data collection and regular monitoring Signup and view all the answers

Which entities are required to collect and remit GST cess?

All taxable persons under GST, excluding those in the composition scheme Signup and view all the answers

How is the State government’s share of unutilized funds distributed?

Based on total revenues from State tax or GST in the last transition year Signup and view all the answers

Which types of supplies attract GST cess?

Both intrastate and interstate supplies Signup and view all the answers

How many members comprise the GST Council according to the content?

39 members Signup and view all the answers

What period is mentioned for the collection and remittance of GST cess?

3 years Signup and view all the answers

What role do supercomputers play in High-Performance Computing for climate resilience?

They process large amounts of data efficiently. Signup and view all the answers

Which technology is utilized to predict weather patterns with higher precision?

Artificial Intelligence and Machine Learning. Signup and view all the answers

What is a key focus of Mission Mausam related to agriculture?

Monsoon forecasts to improve water management. Signup and view all the answers

What do Earth System Models improve in the context of weather forecasting?

Forecasting monsoon patterns, cyclones, and extreme weather events. Signup and view all the answers

What type of systems does GIS-Based Automated Decision Support provide?

Real-time data dissemination and alerts. Signup and view all the answers

What is the primary purpose of the MSME platform?

To connect Indian exporters and MSMEs with stakeholders. Signup and view all the answers

Which of the following is a component of the PM E-DRIVE scheme?

Incentives for electric vehicle purchases. Signup and view all the answers

What is the total financial outlay for the PM E-DRIVE scheme over two years?

Rs 10,900 crore. Signup and view all the answers

What will buyers of electric vehicles receive under the PM E-DRIVE scheme?

An e-voucher for demand incentives. Signup and view all the answers

Which ministry oversees the SAMRIDH scheme?

Ministry of Electronics & IT. Signup and view all the answers

What is the main aim of the SAMRIDH scheme?

To accelerate startup innovation and product development. Signup and view all the answers

How much funding has been allocated for the deployment of E-ambulances under the PM E-DRIVE scheme?

Rs 500 crore. Signup and view all the answers

Which of the following statements is true about India's Free Trade Agreements (FTAs) as mentioned in the content?

They offer various benefits, impacting international trade. Signup and view all the answers

Study Notes

Make In India

Launched in 2014 by India's Prime Minister Narendra Modi, the "Make in India" initiative aimed to boost the nation's economy and competitiveness.
The initiative focused on 27 sectors categorized into two groups: manufacturing and services.
It was introduced as India's growth rate had plummeted to its lowest in a decade by 2013, and the country faced pressure from being deemed one of the "Fragile Five" nations.
The initiative aimed to promote India as a hub for design, innovation, and manufacturing, and a stepping stone toward "Atmanirbhar Bharat" or self-reliance.

Goods and Services Tax (GST) & Compensation Cess

The GST Council has formed a 10-member GoM to decide on taxation of luxury, sin, and demerit goods after the compensation cess ends in March 2026.
The funds from the Compensation Cess were made to compensate state governments for revenue loss incurred due to GST implementation.
Any unutilized funds will be shared equally between the central government and all state governments after the transition period.

MSMEs and the Indian Export Promotion Council

India's Export Promotion Council was established in 1948 to boost exports and connect Indian MSMEs (Medium, Small, and Medium Enterprises) with various stakeholders including Indian Missions Abroad, Export Promotion Councils, and other Partner Government Agencies.
The Council provides information on trade events, benefits of India's FTAs (Free Trade Agreements), and other international trade-related information.

PM E-DRIVE Scheme and Electric Mobility

The PM E-DRIVE scheme is a government initiative for promoting electric mobility in India, with an allocation of Rs. 10,900 crore over two years.
It allocates Rs. 3,679 crore for incentives on the purchase of EVs including electric 2-wheelers, 3-wheelers, ambulances, trucks, and emerging EV categories.
The scheme includes e-vouchers for EV buyers and a budget of Rs. 500 crore for electric ambulance deployment.

SAMRIDH Scheme

SAMRIDH is a flagship program of the Ministry of Electronics & IT (MeitY) for startup acceleration under the National Policy on Software Products - 2019.
MeitY launched the second cohort of SAMRIDH in 2024.

The Law Commission of India

The Law Commission is an independent advisory body, functioning under the Ministry of Law and Justice, that revises and evaluates laws and recommends changes to the government.
Established in 1834 by the British Government in India, the first Law Commission was chaired by Lord Macaulay.
The commission makes recommendations in the form of reports based on its terms of reference and welcomes suggestions from any person, institution, or organization.

Mission Mausam: Addressing Climate Change

Mission Mausam is a government initiative with a focus on enhancing India's capacity in atmospheric sciences, weather modeling, forecasting, and surveillance.
The initiative aims to strengthen climate resilience and improve weather forecasting abilities.
Key areas include prediction of monsoon patterns, cyclones, and extreme weather events.
The mission will utilize AI, ML, and high-performance computing, and implement GIS-based automated decision support systems.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

This quiz covers the key aspects of the 'Make in India' initiative launched in 2014 to enhance India's economic growth and competitiveness. It also delves into the Goods and Services Tax (GST) and its impact on state revenue and taxation policies. Test your knowledge on these vital economic reforms shaping India's future.