WTwo severe power blackouts affected most of northern and eastern India on 30 and 31 July 2012. The 30 July 2012 blackout affected over 400 million people and was briefly the largest power outage in history by number of people affected, beating the January 2001 blackout in Northern India. The blackout on 31 July is the largest power outage in history. The outage affected more than 620 million people, about 9% of the world population, or half of India's population, spread across 22 states in Northern, Eastern, and Northeast India. An estimated 32 gigawatts of generating capacity was taken offline. Of the affected population, 320 million initially had power, while the rest lacked direct access. Electric service was restored in the affected locations between 31 July and 1 August 2012.
WBlack Money and Imposition of Tax Act, 2015 is an Act of the Parliament of India. It aims to curb black money, or undisclosed foreign assets and income and imposes tax and penalty on such income. The Act has been passed by both the Houses of the Parliament. The Act has received the assent of the President of India on 26 May 2015. It came into effect from 1 July 2015.
WThe Competition Act, 2002 was enacted by the Parliament of India and governs Indian competition law. It replaced the archaic The Monopolies and Restrictive Trade Practices Act, 1969. Under this legislation, the Competition Commission of India was established to prevent the activities that have an adverse effect on competition in India. This act extends to whole of India.
WDoing Business in 21st Century India: How to Profit Today in Tomorrow's Most Exciting Market is a 2008 non-fiction marketing book written by Gunjan Bagla, an Indian-American author and businessman and the managing director of Amritt, Inc.. The book is a guide for North American and European firms on doing business in the rapidly developing Indian market. It was published in hardcover in July 2008 by Business Plus, an imprint of Hachette Book Group USA. The book was released in hardback in the United States in July 2008 and in paperback to the rest of the world in September 2008.
WThe economic liberalisation in India refers to the economic liberalization of the country's economic policies with the goal of making the economy more market and service-oriented and expanding the role of private and foreign investment. Although unsuccessful attempts at liberalization were made in 1966 and the early 1980s, a more thorough liberalization was initiated in 1991. Specific changes included reducing import tariffs, deregulating markets, and reducing taxes, which led to an increase in foreign investment and high economic growth in the 1990s and 2000s. From 1992 to 2005, foreign investment increased 316.9% and India's gross domestic product (GDP) grew from $266 billion in 1991 to $2.3 trillion in 2018
WThe Essential Commodities Act (ECA) is an act of the Parliament of India that was established to ensure the delivery of certain commodities or products, the supply of which, if obstructed due to hoarding or black marketing, would affect the normal life of the people. This includes foodstuff, drugs, fuel etc. This act was modified by the Essential Commodities (Amendment) Act, 2020 as part of the 2020 Indian farm reforms.
WThe Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) is an Act of the Parliament of India to institutionalize financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall management of the public funds by moving towards a balanced budget and strengthen fiscal prudence. The main purpose was to eliminate revenue deficit of the country and bring down the fiscal deficit to a manageable 3% of the GDP by March 2008. However, due to the 2007 international financial crisis, the deadlines for the implementation of the targets in the act was initially postponed and subsequently suspended in 2009. In 2011, given the process of ongoing recovery, Economic Advisory Council publicly advised the Government of India to reconsider reinstating the provisions of the FRBMA. N. K. Singh is currently the Chairman of the review committee for Fiscal Responsibility and Budget Management Act, 2003, under the Ministry of Finance (India), Government of India.
WThe Gold (Control) Act, 1968 is a repealed Act of the Parliament of India which was enacted to control sale and holding of gold in personal possession. However excessive demand for gold in India with negligible indigenous production is met with gold imports leading to drastic devaluation of Indian rupee and depletion of foreign exchange reserves to alarming levels. Devaluation of Indian rupee is also leading to steep rise in food commodity prices due to costlier petroleum products imports. In these circumstances, the gold import policy of India aims at curbing the gold imports to manageable level time to time by imposing taxes and legal restrictions.
WThe Hindu rate of growth is a term referring to the low annual growth rate of the economy of India before the economic reforms of 1991, which stagnated around 3.5% from 1950s to 1980s, while per capita income growth averaged around 1.3%. The term contrasts with South Korea's Miracle on the Han River and the Taiwan Miracle. While these Asian Tigers had similar income level as India in the 1950s, exponential economic growth since then has transformed them into developed countries today. The Indian economy of this period is characterised as Dirigism.
WIndia Unbound: From Independence to Global Information Age is a 2000 non-fiction book by Gurcharan Das. It is an account of India's economic journey after its Independence in 1947.
WThe Indian Century is the idea that the 21st century will be dominated by India, as the 20th century is often called the American Century, and the 19th century as Pax Britannica. The phrase is used particularly in the assertion that the economy of India could overtake the economy of the United States and economy of China as the largest national economy in the world, a position it held from 1 to 1500 CE and in 1700 CE.
WThe Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.
WThe Licence Raj or Permit Raj was the system of licences, regulations and accompanying red tape that were required to set up and run businesses in India between 1947 and 1990. Up to 80 government agencies had to be satisfied before private companies could produce something and, if granted, the government would regulate production. The term plays off "British Raj", the period of British rule in India. It was coined by Indian independence activist and statesman Chakravarthi Rajagopalachari, who firmly opposed it for its potential for political corruption and economic stagnation, founding the Swatantra Party to oppose these practices.
WMake in India is an initiative by the Government of India to encourage companies to manufacture in India and incentivize dedicated investments into manufacturing. The policy approach was to create a conducive environment for investments, develop a modern and efficient infrastructure, and open up new sectors for foreign capital. The initiative targeted 25 economic sectors for job creation and skill enhancement, and aimed "to transform India into a global design and manufacturing hub."
WViolence occurred in Nandigram, East Midnapore, West Bengal, India, in 2007 in the aftermath of a failed project by the communist Government of West Bengal to acquire land for a special economic zone (SEZ). The policy led to an emergency in the region, and 14 people died in a police shooting. Mamata Banerjee and her All India Trinamool Congress party noted the issue, and the slogan Ma Mati Manush was used in their election campaigns. The Central Bureau of Investigation later exonerated the Buddhadeb Bhattacharya government of responsibility for the shootings.
WThe Pradhan Mantri Gram Sadak Yojana (PMGSY) is a nationwide plan in India to provide good all-weather road connectivity to unconnected villages. Of 178,000 habitations with a population of above 500 in the plains and above 250 in the hilly areas planned to be connected by all-weather roads, 82% were already connected by December 2017 and work-in-progress on the remaining 47,000 habitations was on-track for completion by March 2019.
WPrevention of Money Laundering Act, 2002 is an Act of the Parliament of India enacted by the NDA government to prevent money-laundering and to provide for confiscation of property derived from money-laundering. PMLA and the Rules notified there under came into force with effect from July 1, 2005. The Act and Rules notified there under impose obligation on banking companies, financial institutions and intermediaries to verify identity of clients, maintain records and furnish information in prescribed form to Financial Intelligence Unit - India (FIU-IND).
WThe redevelopment of Mumbai's cotton mills began in 1992, when efforts began to demolish the numerous cotton mills that once dotted the landscape of Mumbai, India, to make way for new residential and commercial buildings, as part of the wider modernization of Mumbai.
WThe Securities and Exchange Board of India (SEBI) is the regulator of the securities and commodity market in India owned by the Government of India. It was established on 12 April 1988 and given Statutory Powers on 30 January 1992 through the SEBI Act, 1992.