RBI Governor Discusses Anonymity in Digital Currency
Context: RBI Governor Shaktikanta Das emphasized the importance of avoiding permanent deletion of transactions in the e-rupee or central bank digital currency (CBDC). He highlighted that such deletion could render the digital currency anonymous, similar to paper currency, speaking at the BIS Innovation Summit. Relevance: GS III: Indian Economy Dimensions of the Article: Key Highlights […]
Issues Faced by MSMEs
Context: The Union Budget 2023-24 implemented a new provision in the Income-Tax (IT) Act to ensure prompt payments to micro, small, and medium enterprises (MSMEs) within 45 days of the supply of goods or services. However, an unexpected consequence has arisen from this provision. Large companies are reportedly canceling orders placed with registered MSMEs and […]
US Federal Reserve Holds Rates Amid Inflation Concerns
Context: The US Federal Reserve recently announced its decision to maintain its benchmark interest rate unchanged, citing a rise in inflation. The Fed indicated that it would closely monitor incoming price data before considering any rate cuts. This decision contrasts with earlier predictions by analysts, who anticipated a rate cut at the Fed’s May 1 […]
Interest in Inheritance Tax Legislation Grows Among Indian Opposition Leader
Context: A prominent political leader from India’s opposition party has recently expressed interest in proposed legislation regarding Inheritance Tax. This move comes amidst ongoing discussions about utilizing inheritance tax as a means to address income inequality and facilitate wealth redistribution in the country. Relevance: GS III: Indian Economy Dimensions of the Article: Inheritance Tax: Overview […]
India’s Food Inflation Remains High Despite Global Price Drops
Context: In 2023, while world food prices experienced a significant decrease from their 2022 highs, India’s food inflation remained stubbornly high at 9.5% in December 2023. This contrasts starkly with the global trend of deflation, which stood at -10.1%. According to the UN Food and Agriculture Organization (FAO), the food price index averaged 143.7 points […]
PSBs Cannot Request Look Out Circulars for Loan Defaulters
Context: In a significant ruling, the Bombay High Court has declared that public sector banks (PSBs) are not permitted to request Look Out Circulars (LOCs) against loan defaulters. The court invalidated the central government’s Office Memoranda (OM) that authorized PSBs to issue LOCs, asserting that such actions violate fundamental rights guaranteed under the Constitution. Relevance: […]
About Index of Eight Core Industries
Context: The combined Index of Eight Core Industries (ICI) increased by 5.2 per cent (provisional) in March, 2024 as compared to the Index in March, 2023. The production of Cement, Coal, Electricity, Natural Gas, Steel and Crude Oil recorded positive growth in March 2024. Relevance: GS III- Indian Economy About Index of Eight Core Industries: Released by: The […]
Rupee Depreciation Against US Dollar
Context: Between April-end 2014 and the present, the Indian rupee has depreciated by 27.6% against the US dollar, from Rs 60.34 to Rs 83.38. This depreciation is slightly higher than the 26.5% witnessed from April-end 2004 to April-end 2014, during which the rupee fell from 44.37 to 60.34 against the dollar. Relevance: GS III: Indian […]
Critical Minerals
Context: The ‘Critical Minerals Summit: Enhancing Beneficiation and Processing Capabilities’ commenced at the India Habitat Centre, New Delhi. Relevance: GS III- Indian Economy Dimensions of the Article: What are Critical Minerals? Why is this resource critical? What is China ‘threat’? What are countries around the world doing about it?
Nasscom Releases Patenting Trends in India
Context: Nasscom recently unveiled the Patenting Trends in India report on World Intellectual Property Day. Relevance: GS III: Indian Economy Dimensions of the Article: World Intellectual Property Day Historical Background: Patenting Trends in India Report Trends: Key Areas: Artificial Intelligence (AI): -Source: The Hindu