economy

Fiscal Federalism – Ongoing Issues, Constitutional Provisions

Context: Kerala Government moved the Supreme Court last year against Centre limiting state's borrowing capacity, and alleged violation Of Fiscal Federalism. The Tamil Nadu Chief Minister recently appreciated Kerala’s action. Fiscal Federalism: An Overview Definition: It refers to the financial...

Increased Tax to GDP Ratio, Reasons, Potential Benefits

Increased Tax to GDP Ratio Context: India’s tax-to-GDP ratio is expected to hit a record high of 11.7% of GDP in 2024-25. Reasons For Increase Growth in Direct Taxes: Increased collections: Direct taxes like income tax and corporate tax are...

Foreign Contribution Regulation Act (FCRA), Salient Features

Context: The Central Bureau of Investigation (CBI) conducted searches at social activist Harsh Mander's office and home in Delhi regarding an alleged Foreign Contribution (Regulation) Act (FCRA) violation case. Foreign Contribution Regulation Act (FCRA) The Foreign Contribution (Regulation) Act (FCRA)...

Multidimensional Poverty in India, Data, Calculation Method

Context: Finance Minister Nirmala Sitharaman stated that in the last decade, 25 crore people in India have been lifted out of multidimensional poverty. Multidimensional Poverty: Basis For This Assessment Source of Data: NITI Aayog's discussion paper titled 'Multidimensional Poverty in...

16th Finance Commission, Constitution, Terms of Reference, Challenges 

The Finance Commission, a constitutionally mandated body established under Article 280 of the Constitution, plays a pivotal role in shaping financial relations between the central and state governments in India.16th Finance Commission was constituted on December 31, 2023, headed by...

Highlights of the Interim Budget 2024-25, Schemes, Initiatives

Highlights of the Interim Budget 2024-25 Social Justice Prime Minister to focus on upliftment of four major castes, that is, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’(Farmer). ‘Garib Kalyan, Desh ka Kalyan’ Government assisted 25 crore people out of...

Economic Survey 2024 (Pre-General Election), Indian Economic Review 2024

As India gears up for the Lok Sabha polls and Finance Minister Nirmala Sitharaman prepares to present an interim budget on February 1, 2024, one notable absence in this election year is the traditional Economic Survey. This comprehensive annual report,...

Viksit Bharat, Litmus Test, Data and Facts

Context: The consecration event of Ram temple in Ayodhya is accompanied by hopes for the realisation of Ram Rajya, symbolising communal harmony, women's safety, and the eradication of poverty. Viksit Bharat, Litmus Test: Data And Facts Poverty 2 million Indians...

CPI Inflation Rates, Components, Significance and Concerns

Context: India’s Consumer Price Index (CPI) based inflation rate touched 5.7% in December 2023. What Is CPI Inflation? The consumer price index measures “changes over time in the general level of prices of a basket of selected goods and services...

Income Inequality as Per RBI Report, Key Highlights, Measurement

Context: Recently, the Economic Research Department of the State Bank of India report stated that income inequality has declined in India with a higher tax base and a shift in taxpayers from lower income to higher income tax bracket. Key...