Daily Current Affairs for UPSC Civil Services Exam – 18 August 2021

Daily Current Affairs for UPSC Civil Services Exam – 18 August 2021

In Today’s News:

  1. RBI’s Financial Inclusion Index
  2. RoDTEP scheme.
  3. National Livestock Mission.

1. RBI’s Financial Inclusion Index

News Summary

The annual FI-Index for the period ending March 2021 is 53.9 as against 43.4 for the period ending March 2017. The FI-Index will be published annually in July every year.

Prelims GS – Economic Development

Financial Inclusion Index:
  • The Reserve Bank of India has constructed a composite Financial Inclusion Index (FI-Index) to capture the extent of financial inclusion across the country.
  • The FI-Index has been conceptualized as a comprehensive index incorporating details of banking, investments, insurance, postal as well as the pension sector in consultation with the Government and respective sectoral regulators.
  • The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion.
  • The FI-Index comprises of three broad parameters (weights indicated in brackets) viz., Access (35%), Usage (45%), and Quality (20%) with each of these consisting of various dimensions, which are computed based on a number of indicators.

Click here to view the Courtesy: RBI official Press Release.

2. RoDTEP scheme

News Summary

The Central Government has notified RoDTEP Scheme Guidelines and Rates (Remission of Duties and Taxes on Exported Products). The scheme for zero-rating of exports will boost our exports & competitiveness in the global markets. The rates of RoDTEP will cover 8555 tariff lines.

Click here to view the official PIB release.

Prelims GS – Economic Development

RoDTEP scheme:
  • Remission of Duties and Taxes on Exported Products (RoDTEP) is a scheme under which a mechanism would be created for reimbursement of taxes/ duties/ levies, at the central, state, and local levels.
  • The refunds under the RoDTEP scheme would be a step towards zero-rating” of exports, along with refunds such as Drawback and IGST.
Salient Features:
  • At present, GST taxes and import/customs duties for inputs required to manufacture exported products are either exempted or refunded.
  • However, certain taxes/duties/levies are outside GST and are not refunded for exports, such as VAT on fuel used in transportation, Mandi tax, Duty on electricity used during manufacturing, etc.
  • These would be covered for reimbursement under the RoDTEP Scheme.
  • The sequence of introduction of the Scheme across sectors, prioritization of the sectors to be covered, degree of benefit to be given on various items within the rates set by the Committee will be decided and notified by the Department of Commerce (DoC).
  • The rebate would be claimed as a percentage of the Freight On Board (FOB) value of exports.
  • A monitoring and audit mechanism, with an Information Technology-based Risk Management System (RMS), would be put in to physically verify the records of the exporters.
  • As and when the rates under the RoDTEP Scheme are announced for a tariff line/ item, the Merchandise Exports from India Scheme (MEIS) benefits on such tariff line/item will be discontinued.

Mini Insights

Mains GS3 – Economic Development

Significance of RoDTEP scheme:
  • RoDTEP scheme is going to give a boost to the domestic industry and Indian exports providing a level playing field for Indian producers in the International market so that domestic taxes/duties are not exported.
  • It will lead to the cost competitiveness of exported products in international markets and better employment opportunities in export-oriented manufacturing industries.
  • In line with the vision of the Hon’ble Prime Minister, various export-oriented industries are being reformed and introduced to better mechanisms so as to increase their productivity, boost exports and contribute to the overall economy.

Click here to view the official PIB release.

3. National Livestock Mission

News Summary

Sub mission on Fodder and Feed Development helps in enhancing livestock productivity and farmers’ income.

Prelims GS – Agriculture

NLM:
  • National Livestock Mission launched during 2014-15 was formulated for the development of the livestock sector with the objectives to enhance the level of nutrition and standard of living of livestock keepers and farmers especially smallholders through sustainable, safe, and equitable livestock development.
  • It comes under the Department of Animal Husbandry and Dairying, Ministry of Fisheries, Animal Husbandry, and Dairying.
  • It has four Sub-Missions are as under:-
    • The Sub-Mission on Livestock Development
    • The Sub-Mission on Pig Development in North-Eastern Region
    • The Sub-Mission on Fodder and Feed Development
    • Sub-Mission on Skill Development, Technology Transfer, and Extension

Click here to view the official website to know more about NLM.

 

 

 

 

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