economy

Central Value Added Tax (CENVAT)

About Central Value Added Tax (CENVAT) It is a tax credit system allowing manufacturers or service providers to claim a set-off on excise duty or service tax paid on inputs or input services used for manufacturing or providing output services....

RBI’s Blind Spots

RBI's decision comes in light of recent inflation data, particularly concerning food prices, which has raised concerns about inflation exceeding the RBI's target. However, there are broader economic considerations influencing this decision beyond just inflation. Inflation Dynamics Current Inflation Status:...

Municipal Corporations’ Tax Revenue Share Rise in Recent Years

Context: A report by the Reserve Bank of India (RBI) on municipal finances highlighted the rise in tax revenue share in recent years. Theme: “Own Sources of Revenue Generation in Municipal Corporations: Opportunities and Challenges.” The first edition was published...

Unshackling the Indian Rupee

Context Since 2022, the Reserve Bank of India (RBI) has been intervening in the foreign exchange market to maintain the stability of the rupee. This intervention includes buying and selling dollars to control the currency’s movement. The RBI's actions have...

How Dedicated Freight Corridors are adding to GDP Growth

What are Dedicated Freight Corridors (DFCs)? They are specialised railway routes designed exclusively for freight transport. They enable faster and more efficient movement of goods. The creation of DFCs was announced in the Railway Budget for FY 2005-06. Dr. Manmohan...

Paradox Of Stagnant Rural Wages

The Indian economy has experienced notable growth from 2019-20 to 2023-24, with an average annual rate of 4.6% and a more robust 7.8% in the last three fiscal years. However, this economic expansion has not translated into significant improvements in...

Human Development Report (HDR) 2023-24 India’s Rank

Highlight of the Human Development Report 2024 India’s rank is 134 out of 193 countries The report categorised India under the medium human development bracket with an HDI value of 0.644. India’s HDI value stagnated at 638 in 2019-2020, fell...

Modified UBI Policy may be more Feasible

What is Meant by Universal Basic Income (UBI)? It is a form of guaranteed income where every citizen or resident of a country is provided with a fixed, unconditional amount of money on a regular basis, regardless of any other...

Nobel Prize in Economics 2024 for an explanation of Why Nations Fail or Succeed

Context The Royal Swedish Academy of Sciences awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2024 to Daron Acemoglu, Simon Johnson, and James A Robinson, three economists based in the United States. Their work...

Safeguarding Gig Workers: Current Status and Background

The Union Ministry of Labour and Employment is in the process of drafting a national law aimed at incorporating gig workers into social security schemes. This initiative is designed to provide essential benefits such as health insurance and retirement savings...