On 19 May 2023, the Reserve Bank of India (RBI) announced that the ₹2000 banknote has now been withdrawn from circulation. The ₹2000 banknote was introduced after the Narendra Modi-led government demonetised the ₹500 and ₹1000 denomination banknotes on 8 November 2016. The ₹2000 banknote was introduced under Section 24(1) of the Reserve Bank of … Read more
India is becoming a favorable market for fashion retailers. Factors like increase in income levels, improvement in consumer behavior, increase in demand from Tier 3, Tier 4 cities and rural markets, increase in youth spending led to growth in the Indian footwear industry. India’s retail market size was ₹55 trillion in 2020, growing at a … Read more
India’s domestic economic recovery in FY 2021-22 boosted import demand while India’s external sector remained resilient and safe-haven demand for gold expanded the trade deficit from October 2021 to March 2022 time period. But strong capital inflows, dominated by strong exports and foreign direct investment (FDI), eased the pressure on the current account balance. In … Read more
According to GST revenue data released on Saturday 1 October, the gross GST revenue collected in the month of September 2022 increased from 26% year-to-year to Rs 1,47,686 crore as against Rs 1,17,010 crore in the month of September 2021. The gross GST revenue in August 2022 was Rs 1,43,612 crore, while September 2022 increased … Read more
According to the GST revenue data released on Thursday, 1st September, the Gross GST Revenue collected in the month of August 2022 grew by 28% year-on-year to Rs 1,43,612 crore as against Rs 1,12,020 crore in the month of August 2021. Gross GST revenue fell by 3.6% month-on-month to Rs 1,43,612 crore in August 2022, … Read more
The Gross Domestic Product (GDP) figures were released by the Government of India on 31 August 2022, in which India’s GDP grew at the rate of 13.5% in Q1 of FY23 while GDP grew by 20.1% in Q1 of FY22. The Reserve Bank of India (RBI) has increased its benchmark repo rate by 140 basis … Read more
On Monday 15 August 2022, India gifted a Dornier-228 aircraft to strengthen Sri Lanka‘s maritime security. The Indian Air Force and Indian officials handed over the Dornier-228 Maritime Surveillance Reconnaissance Aircraft to the Sri Lankan Air Force base at Katunayake during a ceremony. Katunayake is a suburb of the city of Negombo in Sri Lanka, … Read more
Uranium is considered one of the rarest minerals and has a very high density. India has been confirmed to have reserves of more than 2.5 lakh tonnes of uranium and India produces about 2% of the world’s uranium. Rajasthan is a major state in the availability and diversity of minerals in India and produces about … Read more
RBI Monetary Policy: On Wednesday, 8 June 2022, the Reserve Bank of India (RBI) increased the repo rate by 50 basis points to 4.90% and this is the second time in five weeks the repo rate has been increased by 50 basis points. Whereas the Monetary Policy Committee (MPC) had hiked the repo rate by … Read more
The global market has been falling steadily since the beginning of January 2022. In the last one month, Nifty50 has fallen about 12.7% while in the last one week also Nifty50 has fallen about 5.9%. Nifty is currently trading at 15735.45, down 15% from its all-time high. Due to rising inflation and a weakening rupee, … Read more
Almost all major markets are down since the beginning of 2022. US Fed, Bank of England, and RBI (Reserve Bank of India) have already started rate hikes and the market is expecting that the rates will be hiked further. Due to this the Indian market is also in a downward trend as high inflation is … Read more
In April 2022, there is a power cut in about 12 states of India. Most of the electricity in India is based on coal. At present, there is a coal crisis, due to which Andhra Pradesh, Maharashtra, and 10 states of India are facing power cuts. India imports 15 percent of the country’s coal while … Read more
On Friday 22 April 2022, Indonesia announced a ban on palm oil exports until further notice. Indonesia accounts for about one-third of all vegetable oil exports and Indonesia is the world’s second-largest palm oil exporter and on the other hand, India is the world’s largest palm oil importer. India is the world’s largest importer of … Read more
Sri Lanka is going through a major economic crisis like 10-hour long power cuts or food shortages, besides people facing a shortage of petrol and diesel. The economy of Sri Lanka is dependent on imported goods even for basic products. According to the report, people have been facing power cuts of 10 hours and in … Read more
The Reserve Bank of India (RBI) on Friday 8th April 2022, for the 11th consecutive time, the Monetary Policy Committee (MPC) kept the lending rate or repo rate unchanged at 4% while the reverse repo rate has also been kept unchanged at 3.35%. This is the first meeting of the Monetary Policy Committee (MPC) of … Read more