Indian Economy

According to the Agricultural Ministry, India will achieve foodgrain production of 3305.34 Lakh Metric Tonnes (LMT) in the current agricultural year According to the third advance estimates of production of major crops, government is estimating record production of rice, wheat, maize, soybean, rapeseed and mustard, and sugarcane. The total foodgrain production is likely to …

SEBI will soon introduce a new light-touch regulatory framework for passively managed mutual funds like exchange traded funds (ETFs) and index funds, which have seen a sharp uptick in assets under management (AUM) in recent years, a member said. “We are going to introduce new mutual fund regulations which we …

After remianing a net purchaser of US dollar for three consecutive years, RBI became the net seller of US dollar in FY2023. RBI sold $25.52 billion on a net basis in the spot foreign exchange market in FY 2023. The rupee came under heavy pressure due to the Russia-Ukraine conflict and interest rate hikes by the …

In an unprecedented situation the US government is on the verge of Defaulting on its borrowing that could potentially hit economies around the world. The US government has never defaulted, and a default could have catastrophic consequences for America and for the world. The issue was serious enough for the American President to cancel …

PM, CMs to draw up plans for developed economy status for India. India, which is the world’s sixth largest economy with a GDP of USD 2.7 trillion, is currently classified as a developing nation. With eye on achieving developed country status by 2047, Central government will seek suggestions from states to stitch together a 25-year blueprint for …

The government is set to introduce a second production-linked industry aimed at bolstering the local capital goods industry. The expansion of the PLI scheme for steel industry aims to support the manufacture of capital goods and critical consumables such as refractories, low carbon and low loss of ignition fluxes, rollers, …

In 2021, the QUAD nations set up a Critical and Emerging Technology Working Group to facilitate cooperation in development of critical and emerging technologies, that included biotechnology. However, the potential for Quad cooperation in biotechnology remains insufficiently tapped. The establishment of a Quad-led biomanufacturing hub in India will give the necessary fillip to enhance …

When someone artificially affects the supply or demand for a security (for e.g.  causing stock prices to rise or to fall dramatically), it is known as Market manipulation. Market manipulation may involve techniques including: Spreading false or misleading information about a company; Engaging in a series of transactions to make a security appear more actively traded. Rigging …

RBI recently stated that some financial institutions were yet to facilitate an absolute transition away from the LIBOR benchmark. What is LIBOR? The London Interbank Offered Rate (LIBOR) is a global benchmark interest rate that combines individual rates at which banks opine they may borrow from each other at the London interbank …

India’s goods exports have fell the steepest in three years in April, 2023 because of the weakening global demand and declining commodity prices. According to the commerce ministry data, the Exports have declined by nearly 13% i.e., from $39.70 billion to $34.66 billion in the year-ago period. The Merchandise imports have also fell by 14% to $49.90 billion from …

The government has decided to lower the threshold for businesses to generate e-invoice for business-to-business (B2B) transactions, from Rs 10 crore to Rs 5 crore, and has rolled out the automated return scrutiny module for GST returns in a backend application for central tax officers. The automated return scrutiny module …

Go Airlines (India) Ltd (Go First) said that it was filing for voluntary insolvency proceedings with the National Company Law Tribunal (NCLT) What is insolvency? Insolvency is a state of financial distress for an individual or company. It occurs when that entity is no longer able to meet the financial obligations they have agreed upon with …

In the past decade, debt-for-climate swaps have grown relatively popular among low- and middle-income countries. Debt-for-climate swaps allow countries to reduce their debt obligations in exchange for a commitment to finance domestic climate projects with the freed-up financial resources. It was introduced as a debt restructuring device that aims to combat climate change by ensuring that debt-ridden countries do …

India’s ultra-high-net-worth individuals (UHNIs) allocated 6% of their total investable wealth in the gold last year. In 2022, the average UHNI wealth allocation in gold was 3% globally and 4% in the Asia-Pacific region. Indian UHNIs have stepped up gold allocation from 4% in 2018. This is because gold has delivered returns of over 69 percent in the past …

Union Minister says, India set to be major contributor to world’s “Circular Economy”. The circular economy is a systems solution framework that tackles global challenges like climate change, biodiversity loss, waste, and pollution. The circular economy is based on three principles: Eliminate waste and pollution Circulate products and materials (at their highest value) Regenerate nature It …

The famous Banarasi Paan and Banarasi Langda mango are the two latest products to have got the Geographical Indication (GI) tag. As many as 33 products were granted GI certification on a single day by the GI Registry, Chennai. Among them 10 products belong to Uttar Pradesh, including three from Varanasi. As of now, UP has 45 GI goods, …

India and Malaysia have agreed to settle trade in the Indian rupee which indicates that India is willing to take concrete steps towards de-dollarisation of its international trade.  Key details: The Union Bank of India has become the first bank in India to operationalise this option by opening a Special Rupee Vostro Account through …

The government will expand the definition of “political risk” under the export guarantee scheme. To cover any fresh imposition of non-tariff barriers by importing nations after a shipment has left Indian shores. The Export Credit Guarantee Corporation (ECGC) indemnifies exporters for: losses when buyers turn insolvent or default on payments, political risks like war and sudden import restrictions or promulgations of laws or decrees But it does …

Mahila Samman Savings Certificates made available in Post Offices. Mahila Samman Savings Certificate scheme is a small savings scheme backed by the government. It does not have any credit risk. This scheme is a one-time small savings scheme that will be made available for a period of two years, up to March 2025. Eligibility It can be done only in …

The Finance Ministry pared the disinvestment target for 2023-24 to a nine-year low of ₹51,000 crore and publicly acknowledged the multiple challenges it is facing in privatising public sector enterprises (PSEs) and raising funds through minority stake sales, a drive that has stalled since Air India’s sale. What is Disinvestment? …