About The World Economic Outlook
Context: In its January update of the World Economic Outlook (WEO) report, the IMF has marginally improved the forecast for global growth in 2023 — a relief, given the fears of a global recession in 2023. The turnaround reflects “positive surprises and greater-than-expected resilience in numerous economies”. Relevance: GS III: Indian Economy Dimensions of the Article: Highlights […]
What is Rice Fortification
Context: The Centre defended its initiative to supply fortified rice, aimed at combating micronutrient deficiencies, amid safety concerns and claims that it benefits multinational companies. The Union Food Ministry emphasized that iron-fortified rice is safe, following World Health Organization (WHO) guidelines, and is globally recognized. Relevance: GS III- Indian Economy, Public distribution system Dimensions of the Article: […]
A Modified UBI Policy May Be More Feasible
Context: The International Labour Organisation’s observation of lagging job growth due to the rise in automation and artificial intelligence, jobless growth, and unemployment in India has sparked widespread debate about implementing universal basic income as a safety net. Example 1: World Economic Forum’s Future of Jobs Report 2023 projects 83 million job losses due to AI and another economic driver over the next five years. Example […]
Nobel Prize in Economics 2024
Context: To the three American economists Daron Acemoglu, Simon Johnson, and James A. Robinson was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2024 “for their analysis of the subjects of economic and political inequality through insights from development economics, contract theory and mechanisms”. Their study responds to a long-standing […]
Base Year Revision for India’s GDP
Context: Recently, MoSPI pulled together a team of economists and forecasters to deliberate on the issue of revising the base year for estimating GDP for India. This is in fact a demonstration of the firm commitment of MoSPI to broad-based consultation—a necessary expectation, given the controversies generated in the past by revisions of the base […]
RBI Keeps Benchmark Interest Rate Unchanged
Context: The Reserve Bank of India (RBI) maintained its repo rate at 6.50% for the tenth successive monetary policy review since April 2023. Relevance: GS III- Indian Economy Dimensions of the Article: Details: What is the repo rate? Why is the repo rate such a crucial monetary tool? How does the repo rate work? What […]
About New GI Tagged Products
Context: Recently, the Geographical Indications Registry in Chennai has granted the GI tag to eight products from the Assam region, including traditional food items and several unique varieties of rice beer. Relevance: GS III: Indian Economy Dimensions of the Article: About New GI Tagged Products Different Types of Rice Beer Unique in their Way: Traditional […]
About The Annual Survey of Industries
Context: The Ministry of Statistics and Programme Implementation (MoSPI) recently released the Annual Survey of Industries (ASI) for 2022-23. Relevance: GS III: Indian Economy Dimensions of the Article: What is the Annual Survey of Industries (ASI)? Objectives: Coverage of the Survey: Significance: Highlights of the Annual Survey of Industries (ASI) for 2022-23: -Source: Indian Express
About The GST Compensation Cess
Context: The Goods and Services Tax (GST) Council recently set up a 10-member GoM to decide on the taxation of luxury, sin, and demerit goods once the compensation cess ends in March 2026. Relevance: GS III: Indian Economy GST Compensation Cess The GST Compensation Cess is imposed under Section 8 of The Goods and Services Tax (Compensation […]
Global Innovation Index 2024
Context: The Prime Minister has expressed pride for Indian Innovators as India climbs to the 40th rank in the Global Innovation Index of World Intellectual Property Organization (WIPO). Relevance: GS-III: Indian Economy (Growth and Development of Indian Economy, Issues related to Development, Important International Organizations and their reports) Dimensions of the Article: What is Global […]