WTO Members Celebrate 30th Anniversary
Context: Recently, members of the World Trade Organisation (WTO) marked the 30th anniversary of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). The TRIPS agreement, which was reached in Marrakesh and played a pivotal role in the establishment of the WTO in 1995, has had a profound and enduring impact on global trade […]
Understanding the WTO’s Agreement on Agriculture (AoA)
Context: The US and Australia have contended that India has provided sugarcane subsidy beyond the limits set out in the WTO’s Agreement on Agriculture (AoA), which may have distorted global trade. Relevance: GS III: Indian Economy Dimensions of the Article: Understanding the WTO’s Agreement on Agriculture (AoA): Three Pillars of the AoA: Domestic Support: Market […]
RBI Imposes Restrictions on Kotak Mahindra Bank
Context: The Reserve Bank of India (RBI) has prohibited Kotak Mahindra Bank (KMB) from acquiring new customers through its online and mobile banking platforms and issuing new credit cards. Existing customers, however, will continue to receive these services. Relevance: GS III: Indian Economy Dimensions of the Article: Factors Leading to Reserve Bank of India Restrictions: […]
Initiative to Enhance Indigenous Content In Shipbuilding
Focus: GS-2- Government Policies and Interventions GS-3: Growth and Development, Infrastructure Why in News? The Indian Coast Guard (ICG) and Jindal Steel & Power (JSP) recently signed a Memorandum of Understanding (MoU) for the supply of indigenous marine grade steel to enhance the indigenous content in shipbuilding. The initiative aims to foster indigenisation, enhance capabilities […]
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: […]