Union Budget 2011-12 Highlights

OVERVIEW OF THE ECONOMY
- Gross Domestic Product (GDP) estimated to have grown at 8.6 per cent in 2010-11 in real terms.

October Current Affairs (22-31)

National affairs
India, Malaysia taking bilateral ties forward, sign six pacts
India and Malaysia signed six pacts, with the accord for implementing the Comprehensive Economic Cooperation Agreement (CECA) from July 1, 2011 being the centrepiece.

September Current Affairs (1-7)

National affairs
Government 13,742-cr plan ready for Naxal zone
THE Planning Commission has finalised a 13,742-crore Integrated Action Plan (IAP) for Naxal-affected districts. The scope of IAP, earlier envisaged to cover 35 Naxal-affected districts, has been widened to cover governance reforms and devolution of power to grassroot institutions in 60 districts over the next three fiscal.

July 15-24 Current Affairs

National affairs
Three year plan structure for GST Regime
Goods and services tax (GST), which is to replace existing VAT, service tax, excise duties and central sales tax among others, will be placed from April 1, 2011. Pranab Mukerjee has unveiled a three-rate structure for GST which would finally converge into a single-rate regime of 16% on all goods and services.
 Under the GST regime, there will ultimately be a flat tax rate of 16% — 8% for central GST and 8% for state GST and the proposed three tier structure for the new indirect tax regime-  20 per cent for goods, 16 per cent for services and 12 per cent for essential items. As per the formula, the Centre and the states will equally share t he revenue.