INTRODUCTIONThe Foreign Exchange Management Act of 1999 (FEMA) is an act of the Indian parliament that aims to “consolidate” and amend the law relating to foreign exchange with the goal of facilitating international trade and payments and promoting the orderly development and maintenance of the Indian foreign exchange market. It was passed into law on…
DEFINATIONA foreign policy is a set of political goals that determine how a country interacts with the rest of the world. The execution of this party requires relying on political, socio-cultural, commerce, and defence ties between countries, as well as participation in multi-lateral conferences involving a large number of countries. OBJECTIVE AND PRINCIPLESIndia has adopted…
The goal of economics is to promote well-being. Economic development cannot be considered the same as economic output, along with that people’s welfare should be considered. However, GDP was never intended to measure welfare or well-being. It only measures the objective data by measuring a country’s economic output which accounts for the total number of…
WHAT ARE OIL BONDS? Oil bonds are special securities issued by the government to oil marketing companies in lieu of cash subsidy. These bonds are typically of a long-term tenure like 15-20 years and oil companies are paid interest. Oil bonds are special securities issued by the government to oil marketing companies in lieu of…
WHAT IS WIPO? World Intellectual Property Organization (WIPO), is an international organization designed to promote the worldwide protection of both industrial property (inventions, trademarks, and designs) and copyrighted materials (literary, musical, photographic, and other artistic works). The organization, established by a convention signed in Stockholm in 1967, began operations in 1970 and became a specialized…
Introduction Duty Entitlement Passbook Scheme (DEPB) is an export incentive scheme implemented by the Indian Government to the exporters of the country. The scheme refunds duties that are paid by the exporters in the form of credit. This scheme came into force on 01.04.1997, had both pre-export and post-export DEPB of which, the latter was…
Any nation can stand on world stage only on the basis of a healthy economy. For a developing country, the domestic economy depends a lot on public and private sectors. But in our country when public sector has not been performing up to the expectations. In fact, the public sector in India has been hindering…
INTRODUCTION Mahatma Gandhi Employment Guarantee Act 2005 (or, NREGA No 42, later renamed as the “Mahatma Gandhi National Rural Employment Guarantee Act” or MGNREGA), is an Indian labour law and social security measure that aims to guarantee the ‘right to work’. This act was passed in 23 August 2005[4] under the UPA government of Prime…
INTRODUCTION Mahatma Gandhi Employment Guarantee Act 2005 (or, NREGA No 42, later renamed as the “Mahatma Gandhi National Rural Employment Guarantee Act” or MGNREGA), is an Indian labour law and social security measure that aims to guarantee the ‘right to work’. This act was passed in 23 August 2005[4] under the UPA government of Prime…
