Summary

RBI surveys show general economy in 'pessimistic zone', jobs big worry

A series of surveys undertaken by the Reserve Bank of Infia (RBI) have inndicated that more people see consumer confidence declining, business sentiment in manufacturing dipping, inflation on the rise and growth sliding.

Ready for war at short notice, says IAF chief

The Indian Air Force is prepared to fight a war at 'short notice' and is fully geared up to respond to any security challenge to the country in the most befitting manner, Air Chief Marshal BS Dhanoa said on Sunday.

Islamic State faces final assault in its former Syrian capital Raqqa

A final assault on Islamic State (IS)'s last line of defence in its former Syrian capital Raqqa was scheduled to begin on Sunday night.

Nukes a deterrent ensuring N Korea's sovereignty: Kim

North Korean leader Kim Jong Un said nuclear weapons were a 'powerful detterent' that guaranteed sovereignty, state mdia reported on Sunday, hours after US President Donald Trump said 'only one thing will work' in dealing with the isolated country.

Iran warns US, says more curbs will risk its bases

Iran warned the US against designating its Revolutionary Guards Corp as a terrorist group and saiid US regional military bases would be at risk if further sanctions were passed.

Editorial

A better GST

On 1st July, at the stroke of midnight Prime Minister Narendra Modi introduced the Goods and Services Tax (GST) regime and implemented it across the country. While the new taxation system have many benefits and brought about a good change in markets, it also have a unruling effect on businesses and small firms. We all know that businesses are meant to encourage firms and companies make surplus investments. However, due to the implementation of GST- either for the mismanaged filling of returns or the frailing procedures of claiming refunds for the taxes and purchases, the businesses and small firms have lost the jest to take risks in future. The smaller firms of the market are facing a huge compliance burden. Though the Union Finance Minister have permitted the businesses with less than 1.5 crore turnover to file quarterly returns instead of per month, it is only a small relief to the firms. The turnover limit for benefitting from the composition scheme has been raised from Rs 75 lakhs to Rs 1 crore. The compositions scheme allows the smaller manufacturers and firms, good traders as well as eateries to pay taxes easily at flat 1-5% without going through the GST procedures. Another relief is aimed at exporters where they are duly promised that all lagging funds of the integrated GST paid on the exported goods would be expeditiously cleared. The NDA government have provided a relief of sorts to the small firms and businesses- only that it lasts log enough for them to start investing in the market.

Pakistan, Storyteller

Pakistan portrays itself as a moderate nation and one of the greatest sufferer of terrorism in the international platform. The coutnry gets a huge space which allows it to portray itself as a victim. Pakistan has such a focussed quai diplomatic campaign that is shows itself as the moderate of all nations and even shruggs of its involvement in any sort of terrorist activity in the outside word. All retired professionals, military officers and academicians portray Islamanad's notion of Pakistan as a sufferer. Be it the famed strategic specking circuit of London, the think tanks of Washington or the forums of Belgium all create the impression that Pakistan has been continuously facing many challenges from the extremist violence stature from Islamic forces. Pakistan has great tactics in creating the equilibrium stature n the global forums who mark it as one of the greatest victims. India needs to carefully evaluate these tactics and also boost its own quasi diplomatic outreach for the global platforms.

What Gujarat did yesterday

The agri-GDP of Gujarat recorded a tremendous growth of 8% during the year 2002-03 to 2013-14. This was much higher than the Indian figure recorded at 3.3% per annum. This can be highly credited to the ‘agrarian miracle’ done by Narendra Modi when he was Gujarat’s chief minister. Seeing this, it was also expected that the minister would implement the ‘Gujarat development model’ across all states in India. However, that didn’t happen and the growth of all-India agri-GDP lowered to 1.8% in three years. Though the monsoon and climatic factors are to be blamed, but it is just a single factor. The development in Gujarat during the high growth rate occurred mostly due to four factors. Firstly, the Atal Bihari Vajpayee government decided to allow the use of Bt cotton for commercial purposes. This benefitted Gujarat a lot with higher production levels and exports. Secondly, as the Bt cotton seeds came in from the global seed company Monsanto, the Central government at that time looked further to more developed companies and best technologies which led Monsanto to quit. The third most factor is that the Gujarat government provided basic infrastructure to the farmers and good all weather roads which helped the farmers, distributors and suppliers to benefit a lot. The fourth positive factor is the presence of good marketing associations in agriculture and especially in the diary industry which boosted its growth tenfold. Inspired from these factors and the model, the concerned authorities should implement them to the country as a whole to bring about surplus benefit and increase the agri-GDP growth rate of India.

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