TOPIC : GS 3 Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment.
A delayed intervention
What is the news?
- The Government has notified the rules and rates based on which exporters can claim rebates on taxes paid on their outbound cargo.
- These critical details after the scheme promising such rebates had meant that exporters have had to additional working capital to the extent of taxes paid but not refunded during this period.
- A new scheme was necessitated to replace the erstwhile merchandise exports incentive scheme after the WTO dispute settlement body held it was not compliant with the multilateral trade watchdog’s norms.
- The Government is confident that the new scheme, Remission of Duties and Taxes on Exported Products (RoDTEP), is WTOÂcompliant.
India Export Potential
- Covering 8,555 tariff lines, or roughly 65% of India’s exports, the remission rates now notified, range from 0.5% to 4.3% of the Freight On Board value of outbound consignments.
Clauses in detail
- For some goods, there is a cap on the value of the exported items.
- Steel, pharmaceuticals and chemicals have been excluded from the RoDTEP.
- Some sectors are concerned about the rates being lower than expected, while engineering firms are worried that taxes on key raw materials are not adequately offset.
- FineÂtuning may be needed, but a vacuum has been plugged at last.
Challenges
- Government to scale up exports to $400 billion this year helped expedite the disentangling of interÂministerial red tape over the RoDTEP scheme.
- A new foreign trade policy, with smaller exportÂrelated schemes and a mechanism of last two years’ pending dues under the earlier export incentive programme.
- Having opted out of RCEP, India is looking to reÂignite free trade pact negotiations with Australia, the U.K., the EU and the U.S.
- The global economy is on the struggle of one of its strongest rebounds as COVIDÂ19 vaccination drives cross a tipping point in many advanced economies.
- To look beyond China to service domestic consumption demand, India needs to aggressively step up to the opportunity.
- Although the second wave’s damage on the economy is less severe than the wreckage from last year’s national lockdown, domestic recovery is still feeble and
Way Forward
- Consumption may see some pullback on pentÂup demand as well as the impending festive season, but its sustainability is fragile.
- Firms up, private investments are unlikely to take off.
- Public capital spending and exports as the two growth engines with feasible firepower to aid the recovery momentum.
Mains Question
How with global demand booming, the Centre must act faster to rev up export growth engine?
PRELIMS PUNCHERS
- Wanchuwa festival
The spring comes to an end with a flourish and makes way for the rains, Tiwa communities in Karbi Anglong district perform the ritual sacrifice, which is accompanied by dances performed by young men of the community wearing brilliant tangerine head scarves. Following traditional custom, women winnow rice grains by hand and the men then ceremonially pound the rice into powder in large wooden mortars. Brewing fresh rice beer is also a major part of the festival.
Agriculture is the mainstay of the strong Tiwa community, who practise shifting cultivation and grow paddy, sesame, ginger, mustard and chilli. The Tiwas believe strongly that the Wanchuwa festival with its sacrifices, dances and rituals blesses seedlings and wards off natural calamities that damage the harvest.
- Afghanistan
It is a landlocked country at the crossroads of Central and South Asia. It is bordered by Pakistan to the east and south, Iran to the west, Turkmenistan, Uzbekistan, and Tajikistan to the north, and China to the northeast. The country is predominately mountainous with plains in the north and southwest
The geography in Afghanistan is varied, but is mostly mountainous and rugged, with some unusual mountain ridges accompanied by plateaus and river basins. It is dominated by the Hindu Kush range, the western extension of the Himalayas that stretches to eastern Tibet via the Pamir Mountains and Karakoram Mountains in Afghanistan’s far north-east. Most of the highest points are in the east consisting of fertile mountain valleys. The Hindu Kush ends at the west-central highlands, creating plains in the north and southwest, namely the Turkestan Plains and the Sistan Basin, these two regions consist of rolling grasslands and semi-deserts, and hot windy deserts, respectively. The Hindu Kush flow a number of streams that are tributaries of the Indus River, such as the Helmand River. One exception is the Kabul River which flows in an easternly direction to the Indus ending at the Indian Ocean.
Sources : https://www.thehindu.com/news/international/explainer-whats-next-for-afghanistan/article35977836.ece
- The Wild Life (Protection) Act, 1972
It is an Act of the Parliament of India enacted for protection of plants and animal species. Before 1972, India had only five designated national parks. Among other reforms, the Act established schedules of protected plant and animal species; hunting or harvesting these species was largely outlawed. The Act provides for the protection of wild animals, birds and plants; and for matters connected there with or ancillary or incidental theggreto. It extends to the whole of India.
It has six schedules which give varying degrees of protection. Schedule I and part II of Schedule II provide absolute protection – offences under these are prescribed the highest penalties. Species listed in Schedule III and Schedule IV are also protected, but the penalties are much lower. Animals under Schedule V, e.g. common crows, fruit bats, rats and mice, are legally considered vermin and may be hunted freely. The specified endemic plants in Schedule VI are prohibited from cultivation and planting. The hunting to the Enforcement authorities have the power to compound offences under this Schedule they impose fines on the offenders.
- ‘B. tumakurense’
A new plant of the Brachystelma R.Br. species has been found in Tumakuru, and has been named after the district from where its type material was collected. Brachystelma R.Br. is the second largest genus in the tribe Ceropegieae with over 116 species distributed in the old-world tropics. They are slender stemmed with a brilliant display of colours in their flowers, especially in their corolla and coronal structures.
They are mainly distributed in Peninsular India in dry hill ranges. There are seven species from Karnataka. All of them exhibit erect stems and are non-climbing in nature. During explorations in Devarayanadurga Tumakuru district, Karnataka material of Brachystelma was collected. It was found in flowering while bearing leaves and primarily comparable with B. bourneae Gamble, B. maculatum Hook.f. and B. rangacharii Gamble, but is distinctive in certain features and hence described here as a new species.
PRELIMS QUESTIONS
qn1 Consider the following statement with regard to Wanchuwa festival
- It is performed by Bodo
- It is in Kabri Anlong district
Select the correct statement using code given below.
(a). 1only      (b) 2 only
(c).Both      (d). None of above
Answer : B
The spring comes to an end with a flourish and makes way for the rains, Tiwa communities in Karbi Anglong district perform the ritual sacrifice, which is accompanied by dances performed by young men of the community wearing brilliant tangerine head scarves. Following traditional custom, women winnow rice grains by hand and the men then ceremonially pound the rice into powder in large wooden mortars. Brewing fresh rice beer is also a major part of the festival.
Agriculture is the mainstay of the strong Tiwa community, who practise shifting cultivation and grow paddy, sesame, ginger, mustard and chilli. The Tiwas believe strongly that the Wanchuwa festival with its sacrifices, dances and rituals blesses seedlings and wards off natural calamities that damage the harvest.
Qn2. New Flowering Species recently found on which of the following state
1Maharashtra
2.Kerala
3.Karnataka
4.Nilgiris in Tamil Nadu
Answer : C
A new plant of the Brachystelma R.Br. species has been found in Tumakuru, and has been named after the district from where its type material was collected. Brachystelma R.Br. is the second largest genus in the tribe Ceropegieae with over 116 species distributed in the old-world tropics. They are slender stemmed with a brilliant display of colours in their flowers, especially in their corolla and coronal structures.
They are mainly distributed in Peninsular India in dry hill ranges. There are seven species from Karnataka. All of them exhibit erect stems and are non-climbing in nature. During explorations in Devarayanadurga Tumakuru district, Karnataka material of Brachystelma was collected. It was found in flowering while bearing leaves and primarily comparable with B. bourneae Gamble, B. maculatum Hook.f. and B. rangacharii Gamble, but is distinctive in certain features and hence described here as a new species.