IMF-External Sector Report Subject: Economy Section: External Sector Context: The International Monetary Fund (IMF) suggested India withdraw fiscal and monetary policy stimulus gradually in its External Sector Report. Details: It has projected India’s current account deficit (CAD) to widen to 3.1 percent of GDP in FY23 from 1.2 percent of GDP in FY22. […]
RBI Monetary Policy Highlights Subject: Economy Section: Monetary policy Context: The central bank raised the repo rate to above pre-pandemic level and the Monetary Policy Committee is focused on withdrawal of accommodation. Highlights: The RBI Governor said that India has witnessed–financial stability, macroeconomic stability and resilience of growth despite two Black Swan events […]
System of electronic generation of a Document Identification Number (DIN) Subject :Economy Section :Fiscal Policy Context The Supreme Court has directed the Union of India/GST Council to issue an advisory to States regarding implementation of the system of electronic (digital) generation of a Document Identification Number (DIN) in indirect tax administration. Document Identification […]
Income tax–rising number & trend Subject :Economy Section:Fiscal Policy Context : The Income Tax Department has cut the time limit for verification of return to 30 days from 120 days earlier. Details: At present, there are two options for verification – e-Verify returns online, or sending a physical copy of duly signed ITR-V […]
Reserve Bank of India’s financial inclusion index Subject: Economy Section: Monetary Policy Context: The Reserve Bank of India’s (RBI’s) composite financial inclusion index (FI-Index) that captures the extent of financial inclusion across the country, rose to 56.4 in March 2022, up from 53.9 in March 2021, reflecting growth across all sectors. Concept: The […]
No question of recession or stagflation in India, says FM Sitharaman Subject: Economy Section: National income Context: According to Finance Minister ,India is nowhere near a recession or stagflation and the government is making all efforts to bring down retail inflation below 7 per cent.While many major economies have triple-digit debt-to-GDP ratios, the central government’s […]
India’s unique jobs crisis Subject: Economy Section: Unemployment India has “too many people” in agriculture and the inability to move surplus labour from farms constitutes a major policy failure of successive governments. Overall, between 1993-94 and 2018-19, agriculture’s share in India’s workforce came down from 61.9% to 41.4% based on data from the […]