Government Budgeting

Concept : The Prevention of Money Laundering Act (PMLA), enacted by the Indian government, targets money laundering and associated financial offenses. Enacted in 2002, the PMLA aims to prevent and control money laundering activities and confiscate proceeds of crime derived from illicit activities. Key Provisions: Offences and Penalties: The PMLA …

TABLE OF CONTENTS News Concept Calculation Components of PMI PMI Releases News: Business activity in the services sectors likely clocked their fastest expansion in more than 13 and a half years in March, aided by a record uptick in export orders, as per the HSBC India Services Purchasing Managers’ Index …

TABLE OF CONTENTS News Concept Types of Exchange-Traded Currency Derivatives Currency Options News: The Reserve Bank of India (RBI) Thursday deferred the implementation of norms on exchange-traded currency derivatives (ETCDs) linked to Indian rupee until May 3 following concerns by investors. Concept : Derivatives are financial instruments whose value is …

The Finance Commission is a quasi-judicial body established by Article 280 of the Indian Constitution. Every five years or earlier if deemed necessary, it is established by the President of India. The Parliament determines the qualifications of the members of the Commission and their selection methods. Their recommendation is not …

Syllabus: Government Budgeting. Context Parliament on Friday cleared amendments to the Goods and Services Tax (GST) laws to facilitate the levy of 28% GST on the face value of all bets made in casinos, horse-racing and online gaming. Approval done Approved by the GST Council earlier this month, the legislative …

The allocation made for education in the Union Budget 2023 reminds a person of these lines from the Samuel Taylor Coleridge poem, “Work without Hope”: “Work without Hope draws nectar in a sieve, And Hope without an object cannot live. ” However, the news headlines shouted out a different story: …

The world is indeed looking up to the Indian economy as a ‘bright star’, as the Finance Minister noted in the Budget speech on February 1. In 2020, India accounted for 20.6% of the worldwide population of 15 to 29 year olds. Which means that in the years ahead, one …

Growth is affected by the size of government expenditure and its revenue and capital components. Government expenditure is budgeted to grow at 7.5% while nominal GDP growth is estimated to fall from 15.4% in 2022-23 to 10.5% in 2023-24. Thus, the total expenditure relative to GDP is shown to fall …

Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, presented the Economic Survey 2022-23 in the Union Parliament today. The highlights of the Survey are as follows: State of the Economy 2022-23: Recovery Complete Recovering from pandemic-induced contraction, Russian-Ukraine conflict and inflation, Indian economy is staging a broad based …

India to witness GDP growth of 6.0 per cent to 6.8 per cent in 2023-24, depending on the trajectory of economic and political developments globally. The optimistic growth forecasts stem from a number of positives like the rebound of private consumption given a boost to production activity, higher Capital Expenditure …