07 March 2020: PIB Summary & Analysis

March 7th, 2020 PIB:- Download PDF Here

TABLE OF CONTENTS

1. International Women’s Day
2. PM Jan Aushadi Pariyojana
3. Nari Shakti Puraskar
4. National Company Law Appellate Tribunal
5. Goods and Services Tax
6. Report on status of women in media in South Asia
7. Raksha Mantri sets defence export target at $5 billion in next five years

1. International Women’s Day

• International Women’s Day is celebrated on the 8th of March every year.
• It is a global day celebrating the social, economic, cultural and political achievements of women.
• The theme this year will be “Generation Equality: Realizing Women’s Right”.

2. PM Jan Aushadi Pariyojana

What’s in News?

Jan Aushadhi Diwas will be celeberated on 7^th march 2020.

• The Jan aushadhi Divas aims to provide further impetus and create awareness about the use of generic medicines.
• The day will also highlight the initiative undertaken by Government in the direction of making quality healthcare for all, like Ayushman Bharat, PMBJY, etc.

This topic has been covered in 6^th March PIB Summary and Analysis. Click here to read.

3. Nari Shakti Puraskar

What’s in News?

Prime Minister to interact with Nari Shakti Awardees.

• The National Award is given annually to individuals, groups, institutions in recognition of their exceptional work towards the cause of women empowerment, especially for vulnerable and marginalized women.

This topic has been covered in 6^th March Comprehensive News Analysis. Click here to read.

4. National Company Law Appellate Tribunal

What’s in News?

National Company Law Appellate Tribunal (NCLAT) Chairperson exhorts NCLAT & National Company Law Tribunal (NCLT) members to stick to time limits for cutting delays in insolvency cases.

NCLT has been covered in 2^nd December 2019 PIB Summary and Analysis. Click here to read.

Also read more about National Company Law Appellate Tribunal (NCLAT)

5. National Company Law Appellate Tribunal

What’s in News?

CGST Delhi detects Input Tax Credit fraud worth more than Rs 12 crore from 30 fake firms.

Goods and Service Tax (GST):

The Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. The GST is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.

Read more about Goods and Services Tax.

What is Input Credit (set off)?

• “Input Tax Credit” is an aggregate total amount of tax paid by a registered dealer on the total purchases made by him within the State from other dealers.
• It the tax that a business pays on a purchase and that it can use to reduce its tax liability when it makes a sale.
•  In other words, businesses can reduce their tax liability by claiming credit to the extent of GST paid on purchases.

Salient features of Input tax credit:

• It can be adjusted against the tax payable by the purchasing dealer on his sales.
• It is available for purchase of goods made within the state by a registered dealer from another registered dealer.
• It is allowed for both manufacturers and traders.

6. Report on status of women in media in South Asia

What’s in News?

Union Minister of Women and Child Development (WCD) and Textiles released a report prepared by IIMC on the Status of Women in Media in South Asia.

• The report was sponsored by the UNESCO.
• The report has been researched jointly by the South Asia Women’s Network (SWAN) and the Institute for Studies in Industrial Development.
• The working conditions of women in media was studied in the report, in nine countries of South Asia and has been brought out in two volumes.

7. Raksha Mantri sets defence export target at $5 billion in next five years

What’s in News?

Raksha Mantri Shri Rajnath Singh has called for an increased participation of the private sector in defence manufacturing to realise the Government’s vision of making India a $5 trillion economy by 2024.

• A slew of structural reforms has been undertaken by the Government to create increased synergy between the industry and the public sector to overcome the challenges of private investment in defence.
• Several steps have been taken under the ‘Make in India’ initiative, including:
  • Providing greater scope for domestic industry in defence tenders
  • Simplification of the industrial licensing process
  • Hike in FDI cap
  • Making defence export less stringent
  • Streamlining the defence offset policy
  • Opening the government-owned trial and testing facilities for the private sector
  • Setting up of two defence industrial corridors and promotion of innovation through participation of start-ups and small and medium enterprises.
• Defence Production Policy has been envisaged with clearly spelt out goal to achieve a turnover of $26 billion in aerospace and defence goods & services by 2025.
• Government has decided to enhance foreign equity cap from earlier 26 per cent to 49 per cent under the automatic route and beyond 49 per cent to up to 100 per cent under the government approval route.

March 7th, 2020 PIB:- Download PDF Here

Related Links:

Read more PIB articles here.