WTO GENESIS The General Agreement on Trade and Tariff (GATT) came into existence in 1947 It sought substantial reduction in tariff and other barriers to trade and to eliminate discriminatory treatment in international commerce. India became a signatory to GATT in 1947 along with twenty two other countries Reasons for GATT to be carved into WTO GATT faced many problems‚ with the world trade becoming more and more complex‚ GATT was unable to deal with it. Eg. In the agriculture
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STRENGTHS OF INDIAN ECONOMY – “The Might” During Obama’s Visit to India‚ Mr Barak Obama‚ the most powerful man on the earth‚ made the statement that 21st century is going to be the century Indo-American relationship. In this one line‚ there are many hidden statements and prospective. And‚ the most important of them is recognizing India as an emerging Economic Super Power. India has the potential to become one of the global economic leaders by 2025. There are several aspects which will contribute
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CURRENT SITUATION OF INDIAN’S ECONOMY DUE TO INFLATION India’s inflation could accelerate in the current fiscal year due to the rupee’s sharp depreciation‚ said the Reserve Bank of India (RBI). The Indian rupee touched record low of 65.52/dollar on Thursday and is down 16 percent so far this year despite efforts by policymakers to prop it up. "The pass-through of the depreciation of the rupee exchange rate by about 11 percent in the four months of 2013-14 is incomplete and will put upward
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Indian Railways has a wide network throughout the nation. With the help of this widely spread railway networks‚ you can reach any place of India. Both passengers and freight can be transported to anywhere of India by the help of Indian Railways. This also creates impact on the Indian Economy. This article deals with how Indian Railways impact the Economy of India or the impact of Indian Railways on the Indian economy. India is a land of diverse culture as well as religion. In different parts of
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Q: Write a note on External sector in Indian Economy? External Sector The external sector plays a key role in enabling the conditions to accelerate the pace of external liberalization process. Despite the international uncertainties‚ Indian external sector is in a strong position and driving the macro-economic strength of the country. Global imbalances and their disruptive impact on currency markets‚ hardening of interest rates‚ volatility in crude oil price etc. continue to be some of the major
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tax e.g.‚ Income Tax‚ Wealth Tax‚ Gift Tax‚ etc. It is directly paid by the tax payer to the government without any intermediary and it comes from own pocket. •Indirect Taxes: If the liability of payment of tax can be passed on by the tax payer to some other person it is an indirect tax e.g. Sales Tax‚ Value Added Tax (VAT) etc. It is not directly paid by the person on whom it is levied‚ but is paid indirectly through the medium of other persons. Source of Income tax –Law in India Income Tax Act
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Economy of Ghana National income determinants and the economy of Ghana NATIONAL INCOME ACCOUNTING National income accounting refers to a set of rules and techniques that are used to measure the national income of a country. In other words‚ National income is a measure of the value of goods and goods produced by the residents of an economy in a given period of time‚ usually a quarter or a year. National income can be real or nominal. Nominal national income refers to the current year
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MSc Sustainable Community Design Heriot Watt University/ Findhorn Foundation College Q. Discuss the mechanisms for developing a circular metabolism in an urban environment and how these feed into the development of a sustainable community. INTRODUCTION The majority of cities today display a linear metabolism: a one way flow with resources and food coming in and waste products being pumped out. Food is brought into cities‚ eaten and then sewage is discharged
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SWOT Analysis of Indian Economy India is the ninth largest economy in the world in terms of GDP. The Indian Economy due to its peculiar trends has been a subject of interest for the world. After independence‚ the Indian economy was more like a socialist economy: democratic‚ large public sectors and heavy regulations on private sectors. Around the 1990s the economy reached a point of stagnation. Then‚ in 1991‚ India saw the largest economic reforms pioneered by Dr Manmohan Singh‚ the then finance
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Indian Economy and the curse of Gold The Indian economy grew at around 5% for the fiscal year ending March 31‚ 2013‚ down from 6.2% the previous year. With economic growth slowing for nearly three years now and the economy expected to grow at around 4.8% this year‚ the slump is attributed to several persistent structural issues – prominent amongst which a widening Current Account Deficit (CAD). To quote the RBI governor‚ "The biggest risk to the economy stems from the CAD." CAD represents
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