Can States Tax Mining Activities? Sub: Eco Sec: Fiscal Policy Recent Supreme Court Ruling: On July 25, the Supreme Court affirmed that States have the legislative authority to impose taxes on minerals in addition to the royalty levied by the Centre. This ruling, delivered in an 8:1 decision, emphasized the principles of federalism. […]
Private Sector Fuels Growth of NPS Assets Sub: Eco Sec: Inflation and unemployment Overall NPS Growth: As of July 20, National Pension System (NPS) assets reached ₹12.69 lakh crore, reflecting a 28.33% year-on-year (YoY) increase, according to the latest PFRDA data. In the fiscal year 2023-24, NPS assets saw a robust 30.5% YoY […]
Remittances to India Projected to Reach $160 Billion by 2029: RBI Sub: Eco Sec: Inflation and unemployment Current and Projected Remittance Levels: Remittances to India are expected to rise to $160 billion by 2029, up from $115 billion in 2023, according to the RBI’s latest Report on Currency and Finance (RCF). India is […]
Mudra Loans: New Developments with Budget Boost Sub: Eco Sec: Monetary Policy Introduction: Mudra loans, part of the Pradhan Mantri Mudra Yojana (PMMY), have been a crucial source of funding for small businesses, particularly benefiting women entrepreneurs. Loan Categories: The Mudra scheme offers loans in three categories: Shishu: Loans up to ₹50,000 Kishore: […]
Tax Clearance Certificate Requirement for Travel Abroad Sub: Eco Sec: Fiscal Policy Clarification by Government: The government clarified that not all residents need to obtain a tax clearance certificate for traveling abroad. This requirement applies only to individuals accused of financial irregularities or those with significant tax arrears. Union Budget Proposal: The Union […]
Current State of Employment in India Sub: Eco Sec: Inflation and unemployment The Union Budget for 2024-25 places a strong emphasis on employment, highlighting several initiatives aimed at addressing job creation and unemployment. Workforce Composition: As of 2022-23, India’s workforce is approximately 56.5 crore, with 45% in agriculture, 11.4% in manufacturing, 28.9% in […]
RBI introduces PCA framework to improve financial health of UCBs Subject: Eco Sec: Monetary policy Context: The Reserve Bank of India (RBI) on Friday prescribed a Prompt Corrective Action (PCA) framework for relatively weak urban co-operative banks (UCBs), with deposits above ₹100 crore (upper tier category), to nurse them back to health. Details: […]
Tax Relief Issues for Non-Bank P-Note Holders in GIFT IFSC Subject: Eco Sec: Capital market Lack of Tax Relief: The recent Budget did not extend tax exemptions to non-resident holders of offshore derivatives instruments (ODIs), also known as P-Notes, issued by non-bank entities in GIFT IFSC (Gujarat International Finance Tec-City International Financial Services […]