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- The Prime Minister of India recently visited Guyana, marking the first visit by an Indian leader to the South American nation in over five decades, a significant milestone in strengthening ties with the Indian diaspora there.
- About Guyana:
- Guyana is a country located in the northeastern region of South America.
- Geographical Borders:
- It is bordered by the Atlantic Ocean to the north, Suriname to the east (along the Courantyne River), Brazil to the south and southwest, and Venezuela to the west.
- Additionally, it shares maritime borders with Barbados and Trinidad and Tobago.
- Though geographically part of South America, Guyana is culturally and historically tied to the Caribbean and is a founding member of the Caribbean Community (CARICOM).
- Historical Background:
- The land now known as Guyana was originally inhabited by Indigenous peoples, who named it "guiana," meaning "land of water."
- Guyana began as a Dutch colony in the 17th century, before becoming a British possession in 1815.
- In 1966, Guyana gained independence from the United Kingdom.
- Today, the country reflects a blend of British and Dutch colonial influences, while also addressing the legacies of these periods.
- Guyana has territorial disputes with Suriname and Venezuela, which are remnants of colonial-era agreements.
- Language and Capital:
- Guyana is the only English-speaking country in South America.
- The capital and principal port city of Guyana is Georgetown.
- Guyana has been a member of the Commonwealth since 1970.
- The 55th edition of the International Film Festival of India (IFFI) recently kicked off with a glamorous opening ceremony at the Dr. Shyama Prasad Mukherjee Indoor Stadium in Panaji, Goa.
- About the International Film Festival of India (IFFI):
- Founded in 1952, the IFFI is one of Asia's most prestigious film festivals.
- Held annually in Goa, the festival serves as a platform for filmmakers from around the world to showcase their cinematic achievements. Its mission is to foster global understanding and appreciation of diverse film cultures, while promoting social and cultural exchange. It also aims to strengthen international friendship and cooperation through the medium of film.
- The first edition of IFFI was hosted in Mumbai, with subsequent editions held in cities like Calcutta, Delhi, Madras, and Trivandrum.
- Notably, it is the only film festival in South Asia recognized by the International Federation of Film Producers Associations (FIAPF) as a competitive feature film festival.
- The Food and Agriculture Organization (FAO) of the United Nations has extended its technical expertise and resources to address the challenges posed by climate change on the country’s aquaculture sector and the fishing communities reliant on it.
- About Aquaculture:
- Aquaculture refers to the cultivation and management of aquatic plants, animals, and other organisms for commercial, recreational, and scientific purposes.
- It is essentially the aquatic counterpart to agriculture, involving the farming of marine and freshwater species to supplement natural resources. This includes activities such as producing organisms for other aquaculture ventures, providing food and industrial products, supporting sport fisheries, supplying bait animals, stocking fee-fishing operations, cultivating ornamental species, and providing organisms for the pharmaceutical and chemical industries.
- Aquaculture is one of the world’s fastest-growing food production sectors, currently supplying over half of the seafood consumed globally.
- Major Producers:
China dominates global aquaculture production, accounting for nearly 60% of farmed seafood. Other key producers include Indonesia, India, and Vietnam
- CENVAT allows manufacturers to use the credit for excise duty or additional duty paid on input services to offset the excise duty owed on their final products or output services.
- Under the CENVAT system, manufacturers receive credit for taxes paid on raw materials, which they can then apply to reduce the excise duty they need to pay to the tax authorities.
- CENVAT was introduced as an enhancement to the earlier Modified Value Added Tax (MODVAT) system.
- As raw materials go through various production stages, excise duty is levied on the value added at each stage of manufacturing. CENVAT eliminates this form of double taxation, streamlining the tax process for both manufacturers and consumers.
- In 2004, the Indian government introduced the 'CENVAT Credit Rules' to standardize and implement CENVAT nationwide, providing tax credits to Indian manufacturers of final products for the excise duties they pay.
- CENVAT credit refers to the benefit available to manufacturers when they use specific inputs in the production of their goods.
- A manufacturer can claim CENVAT credit in the following scenarios:
- Excise duty on final products: Manufacturers and producers of finished goods.
- Service tax on output services: Providers of taxable and exempt services.
- Inputs and capital goods: When these goods are used in partial processing.