Gig Economy and Recent Developments in Karnataka

Why in the News? The Karnataka government recently published the draft Karnataka Platform-based Gig Workers (Social Security and Welfare) Bill, which aims to address the welfare and rights of gig workers in the state. This bill is part of a broader trend to improve social security for gig economy workers. About the Bill  Welfare Board: Establishment: The bill proposes the creat

Annual Survey of Unincorporated Enterprises (ASUSE) - 2021-22 and 2022-23

The Annual Survey of Unincorporated Enterprises (ASUSE) provides a detailed analysis of the unorganised or informal sector in India. This sector encompasses a variety of unincorporated enterprises, including Micro, Small, and Medium Enterprises (MSMEs), household units, and own-account enterprises. Survey Scope and Coverage Unincorporated Enterprises: Includes those not covered under form

India Grants Record Patents

1. Overview of Recent Developments Increase in Patents: India has seen a significant rise in the number of patents granted over the past decade. From March 2023 to March 2024, over one lakh patents were granted, with an average of 250 patents granted every working day. Patent Application Frequency: Every 6 minutes, a technology seeks intellectual property protection in India. 2. Under

Rise in LNG Imports

India has recently experienced a significant increase in its imports of Liquefied Natural Gas (LNG). In June 2024, India imported 2.60 million tonnes (mt) of LNG, marking the highest import volume in 44 months. This represents a notable rise from 1.77 mt in June 2023. The increased LNG imports are closely tied to a rise in gas-based power generation in the country. Key Data and Trends

Digital Bharat Nidhi (DBN)

Purpose: The Department of Telecommunications (DoT) has introduced draft rules to operationalize the Digital Bharat Nidhi (DBN), which will replace the Universal Service Obligation Fund (USOF). The DBN aims to enhance telecommunication services in underserved and remote areas, and address the limitations and underutilization of the USOF. Functioning of DBN Fund Management: Cont

Space Economy

Why in the News? The Indian Union Budget for 2024-25 announced the establishment of a ₹1,000 crore venture capital fund aimed at boosting the space economy in India. This fund is intended to support space tech startups and small- to medium-sized enterprises (SMEs) throughout their lifecycle. More on the News Purpose: The venture capital fund will provide financial support to space te

National Technical Textiles Mission

National Technical Textiles Mission (NTTM) highlights the approval of seven startup proposals under the GREAT (Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles) scheme. This initiative is part of the broader Research, Development, and Innovation (RDI) component of the NTTM. Key Points: Purpose of GREAT Initiative: The GREAT scheme aims to foster inn

World Wealth Report 2024

The World Wealth Report 2024 by the Capgemini Research Institute provides a comprehensive overview of global wealth, focusing on high-net-worth individuals (HNWIs) across 71 countries, which collectively represent over 98% of global gross national income and 99% of world stock market capitalization. Key Points from the Report: Coverage and Scope: The report encompasses 71 countrie

MSMEs in India

A recent report of CBRE-CREDAI says that Maharastra, TamilNadu and Uttar Pradesh (top 3 States) contribute 40% of registered MSMEs in India. Micro, Small and Medium Enterprises are known by the acronym MSME.

Ministry of Micro, Small and Medium Enterprise (MSME)

It is the apex executive body for the formulation and administration of rules, regulations and laws relating to MSMEs in India.MSME sector has emerged as a highly vibrant and dynamic sector of the Indian economy, fostering entrepreneurship and self-employment opportunities at comparatively lower capital cost, next only to agriculture. Union minister- Shri Narayan Rane Key Initiativ

North India's 1st Biotech Industrial Park

North India’s 1st industrial biotech park inaugurated in Jammu and Kashmir’s Kathua recently. Biotech Parks offer facilities to scientists and small and medium-sized enterprises (SMEs) for technology incubation, demonstration, and pilot plant studies. The parks are established to facilitate product advancement and innovation through the development of biot

Inoperative account by RBI

A savings or current account is treated as inoperative, if there are no ‘customer induced transactions’ in the account for a period of over 2 years. A customer induced transaction can be a financial transaction initiated by or done at the Behest of the account holder by the bank or third party, or A non-financial transaction, or A KYC (know your

DOUBLE TAXATION AVOIDANCE AGREEMENTS (DTAAS)

It is a mutually consented upon agreement between two countries on the taxability of specified incomes which both countries claim to have the right to levy tax on. Most countries have DTAAs to overcome the issue of double taxation arising due to cross border incomes. It is also aimed to promote international trade and amplify economic relations.  DTAAs ensures that the same income is