economy

Banking Laws Amendment Bill 2024, Key Provisions

Key Provisions of Banking Laws Amendment Bill 2024 The Banking Laws (Amendment) Bill, 2024 aims to amend multiple banking-related laws Reserve Bank of India (RBI) Act, 1934 Banking Regulation Act, 1949 State Bank of India Act, 1955 Banking Companies (Acquisition...

Govt. Scraps Windfall Tax on Domestic Crude Oil and export of fuels

A Windfall Tax is a higher tax imposed by governments on industries that witness unexpected and above-average profits. These profits typically arise from global or geopolitical events beyond the control of the industry. Key Features of Windfall Tax Definition: The...

India has contributed $ 2 billion to BRICS Bank

The New Development Bank (NDB), popularly referred to as the BRICS Bank, is a multilateral financial institution established by the BRICS nations—Brazil, Russia, India, China, and South Africa—to provide funding for infrastructure and sustainable development projects in developing and emerging...

India’s Q2 GDP Growth Rate Slows to 5.4%, Check Details

India's Q2 GDP Growth Rate for the July-September 2024 quarter came in at a disappointing 5.4%, marking the slowest growth in seven quarters. This was much lower than the 6.8% forecasted by the Reserve Bank of India (RBI) and also...

Basic Animal Husbandry Statistics 2024

Milk Production Total Production (2023-24):30 million tonnes Growth: 62% over the past decade (2014-15: 146.3 million tonnes). 78% over 2022-23. Top Producers: Uttar Pradesh (16.21%) Rajasthan (14.51%) Madhya Pradesh (8.91%) Gujarat (7.65%) Maharashtra (6.71%) Highest Annual Growth Rate (AGR): West...

Open Market Sales Scheme (OMSS), Objectives and Implementation

About Open Market Sales Scheme It is a government initiative that aims to reduce the excess stock of food grains held by the FCI and state agencies. Under this scheme, the FCI sells surplus food grains from the central pool...

Central Value Added Tax (CENVAT)

About Central Value Added Tax (CENVAT) It is a tax credit system allowing manufacturers or service providers to claim a set-off on excise duty or service tax paid on inputs or input services used for manufacturing or providing output services....

RBI’s Blind Spots

RBI's decision comes in light of recent inflation data, particularly concerning food prices, which has raised concerns about inflation exceeding the RBI's target. However, there are broader economic considerations influencing this decision beyond just inflation. Inflation Dynamics Current Inflation Status:...

Municipal Corporations’ Tax Revenue Share Rise in Recent Years

Context: A report by the Reserve Bank of India (RBI) on municipal finances highlighted the rise in tax revenue share in recent years. Theme: “Own Sources of Revenue Generation in Municipal Corporations: Opportunities and Challenges.” The first edition was published...

Unshackling the Indian Rupee

Context Since 2022, the Reserve Bank of India (RBI) has been intervening in the foreign exchange market to maintain the stability of the rupee. This intervention includes buying and selling dollars to control the currency’s movement. The RBI's actions have...