What is it? India’s economic growth rate in the January-March quarter of 2015-16.
Why is it important? With this, India retains the tag of the fastest growing major economy in the world for the second consecutive year. The growth has mainly been driven by a rebound in agriculture, improved government spending and private consumption, though companies are reluctant to make investments – putting the burden of boosting growth on the government.
Tell me more: India’s economy grew 7.6% in 2015-16 compared to 7.2% in the previous year. It also became a $2 trillion economy based on Tuesday’s exchange rate ($1 = Rs 67.26).
What is it? The entry tax imposed by the Uttar Pradesh government on goods purchased from e-commerce sites.
Why is it important? This decision is said to be done to protect offline retailers’ profits due to the new-age e-commerce firms. Industry lobby Nasscom has opposed similar moves by states (such as Assam, Uttarakhand, Bihar and Rajasthan) on the basis that it puts additional burden on customers and SME traders, besides increasing technology upgradation costs of e-commerce firms to accommodate these new levies, which would anyway become redundant once the Goods and Service Tax is implemented.
Tell me more: Flipkart, through its logistics arm eKart, has filed a writ petition in the High Court of Uttarakhand opposing the state’s move of imposing 10% entry tax on goods bought through e-commerce sites whereas the standard entry tax rate is 5%.
What is it? The estimated number of online shoppers in India by 2020, according to a report by Google and consulting firm A.T. Kearney.
Why is it important? This would account for a quarter of the total organised retail sales in four years, up by 10% from the current level. The growth, estimated at over 40% each year, will happen even if e-commerce firms decided to do away with discounts.
Tell me more: A third of the estimated 175 million shoppers are likely to drive two-thirds of online purchases.
What is it? The approximate number of students in Industrial Training Institutes (ITIs) who will be considered Class XII pass, as per a government announcement.
Why is it important? This makes formal and vocational streams of education equivalent, providing the opportunity to the ITI students to pursue higher education and get better jobs. The ITI graduates will get Class XII (if a student has passed Class X before joining the ITI) and Class X (if a student has passed Class VIII before joining the ITI) certificates from the national board of open schooling by giving an exam.
Tell me more: There were 13,105 ITIs as of May 2016, which is to be increased to 18,000 by September this year.
Why is it important? The cess, which is to be used for agriculture and for improving the wellbeing of farmers, is likely to help the government garner Rs 5,000 crore in the remaining 10 months of 2016-17. This would make some services including air and rail travel, mobile bills, eating out in restaurants, health check-ups, movie tickets, insurance policies, private tuition and coaching centres and some banking services more expensive – an extra spend of Rs 5 for every Rs 1,000 spent.
Tell me more: The cess, which is to be levied on the value of the service and not on the component of service tax (similar to Swachh Bharat cess) will apply to bills generated before June 1 but paid from today.