new fiscal anchor.
These are meant to make it fiscally sustainable, offer high levels of transparency and offer flexibility over public finance management.
The debt-to-GDP is the proportion of the national debt in a country in comparison to its Gross Domestic Product (GDP).
It is useful to appoint the fiscal health of a country, and it provides an insight into the borrowing of the past and as it is happening.
The government has long-term aims of bringing down the ratio of debt to GDP to 50 1 of the central government by March 31, 2031.
The FY 2024-25 target of the fiscal deficit is now pegged at 4.8 per cent of GDP, as opposed to the initial target of 4.9 per cent.
The government has estimated further decrease to 4.4% of GDP in FY 2025-26.
Entity Locker
The new digital platform launched by the union government is referred to as entity locker.
It was designed to make business and organizational documentation easier to manage and verify.
It is created by National eGovernance Division (NeGD), Ministry of Electronics and Information Technology (MeitY).
This safe cloud-based platform serves a multifold mix of institutions and organizations in the form of corporations, MSMEs, trusts, startups, and societies.
It is integrated with such systems as the Ministry of Corporate Affairs (MCA), the Goods and Services Tax Network (GSTN), and the Directorate General of Foreign Trade (DGFT), which in turn provides immediate access to the necessary documents.
DIA scheme
The Government of India has introduced Diamonds Imprest Authorization (DIA) Scheme under the Department of commerce.
It was supposed to enhance the position of the country in the world diamond trade.
The project will ease and cut down the expenses involved in importing and handling of the diamonds by exporters.
The Exporters are now able to import up to 25 cents of natural cut and polished diamonds below 25 cents (less than 1/4 carat) duty free.
Before these diamonds can be exported, the exporters are required to increase the value to at least 10 per cent.
Eligible exporters must be rated higher than Two Star Export House (a recognition entailed by the Directorate General of Foreign Trade), and be exporting at least 15 million dollars per annum.
The involvement of India in the Digital Economy
The digital economy in India has become a key factor towards developing the Indian economy.
In 2022-23, it was contributing to 11.74 per cent of the GDP (INR 31.64 lakh crore or USD 402 billion).
It is utilizing 14.67 million employees (2.55 percent