Indian Economy

CIRCULAR ECONOMY

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 …

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BANARASI PAAN, LANGDA MANGO

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, …

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DE-DOLLARIZATION OF INTERNATIONAL TRADE.

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 …

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POLITICAL RISK UNDER EXPORT GUARANTEE SCHEME

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 …

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MAHILA SAMMAN SAVINGS CERTIFICATES

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 …

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DISINVESTMENT IN INDIA

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? …

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INDIA’S PUSH FOR SEMICONDUCTORS

The Union Government has disbursed around ₹1,645 crore in performance-linked incentives (PLI) for electronics manufacturers so far, as part of its efforts to bring in more of the electronics supply chain to India. The push for semiconductors, or integrated circuits, is far more pressing now, as these chips are found …

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INDIA TO BUCK GLOBAL SLOWDOWN, MAINTAIN EXPANSION

Even as the global economy is set to slow down or even enter a recession in 2023 as financial markets worldwide face heightened uncertainty, the Indian economy is steadily gathering momentum, Reserve Bank of India (RBI). India had emerged from the pandemic years stronger than initially thought, they asserted. “Unlike …

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CAD TO NARROW, BOLSTER RUPEE AGAINST GLOBAL RISKS

GDP growth may have slowed to 4.4% in the third quarter (Q3) from 6.3% in Q2, but “growth has not gotten shallower” and the momentum has sustained through the course of 2022-23, the Finance Ministry asserted on Monday. Macroeconomic stability was likely to get a further boost this year as …

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