On 19 May 2023, the Reserve Bank of India (RBI) announced that the ₹2000 banknote has now been withdrawn from circulation.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 aviation sector is once again in the limelight after the Indian GoFirst airline filed for bankruptcy on Tuesday. On 2 May 2023, GoFirst Airline filed an application for resolution under Section 10 of the Insolvency and Bankruptcy Code with the National Company Law Tribunal (NCLT) in Delhi. GoFirst is India’s third-largest budget carrier airline, … 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
In Budget 2022, Indian Finance Minister Nirmala Sitharaman had said that 5G in 2022 and BharatNet broadband will be ready by 2025. Apart from this, Indian Prime Minister Narendra Modi, while addressing the nation on the 75th Independence Day, had said that 5G services are going to start in India soon. Prime Minister Narendra Modi … Read more
Indian stock market touched a significant milestone of 10 crore Demat accounts in August 2022. A total of 22 lakh new Demat accounts were opened in the month of August. Now the total Demat account in India is 10,05,10,862 crores which is a new record for the Indian stock market. According to the National Securities … 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
On Monday 11 July 2022, the Reserve Bank of India (RBI) announced that the settlement of international trade can be done in Indian Rupees (INR) in order to boost the growth of global trade and to emphasize exports from India. And this additional arrangement has been made for invoicing, payment, and settlement of imports and … 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