Crypto taxation Subject: Economy Section: Fiscal Policy Context: The government is working on the classification of cryptocurrency as goods or services under the GST law, so that tax can be levied on the entire value of transactions. Content: Currently, 18 per cent Goods and Services Tax (GST) is levied only on services provided […]
Informal Sector Subject: Economy Section: Employment Context: 270 million informal sector workers join e-Shram portal. Concept: Informal Sector: ‘Informal economy’ represents enterprises that are not registered, where employers do not provide social security to employees. It is characterized as a range of economic units which are mainly owned and operated by individuals and […]
WTO Agreement on Agriculture and the Peace Clause Subject: Economy Section: External sector Concept: India has been accused of using the peace clause at the World Trade Organization (WTO), for exceeding the 10 per cent ceiling on support it offered its rice farmers without meeting the requirement of separately notifying its public stock […]
National Bank for Financing Infrastructure and Development (NabFID) Subject: Economy Section: Monetary Policy and banking Concept: NBFID was announced in the Budget 2021. The National Bank for Financing Infrastructure and Development Bill, 2021 was introduced in Lok Sabha on March 22, 2021. The Bill seeks to establish the National Bank for Financing Infrastructure […]
Transition to net zero impact on Banking sector Subject: Economy Section: Monetary Policy and Banking Concept: India is planning to reduce the carbon emission intensity of its economy by 45 percent by 2030 from 2005 levels, and achieve net zero emission by 2070. This transition to a net-zero carbon emission target will entail […]
The Forex Reserves Subject: Economy Section: External sector India’s forex reserves witnessed the single steepest weekly fall so far (by $9.646 billion). The forex reserves stood at $622.275 billion as at March 11, 2022. The decline in foreign currency assets (FCA) including multi-currency assets (securities, deposits with other central banks and the BIS, […]
Ural Oil Subject: Economy Section: External sector Context: Indian PSU oil companies buys discounted Russian crude resisting west pressure Content: India generally contracts Kazakh and Russian Ural crude oil on a free on board (FOB) basis. Most of the crude oil booked at present is Ural, which is a sulphur heavy grade, but […]
Retail inflation for farm, rural workers rises to 5.59%, 5.94% in February Subject: Economy Section: Inflation and Unemployment Context: Retail inflation for farm workers and rural labourers rose to 5.59 per cent and 5.94 per cent respectively in February, mainly due to higher prices of certain food items. Concept: Labour Bureau has been […]
US Federal Reserve Subject: Economy Section: External Sector Context- This is the first time since 2018 that the US central bank has raised borrowing costs. The Fed had kept interest rates near zero since March 2020 as the Covid-19 pandemic dealt blows to the US economy Concept- The US is the world’s biggest […]