Fresh Milk And Pasteurised Milk Exempted From Goods And Service Tax (GST): The Government of India clarified that fresh milk and pasteurised milk are fully exempted from Goods and Service Tax (GST). Further, milk products like curd, lassi, butter milk and paneer are also exempted from GST if sold in forms other than those pre-packaged […]
Category: Economics Current Affairs
Windfall Tax
Windfall Tax: With crude oil prices easing amid fears of a global recession, the Indian government has cut the recently imposed cesses and levies on diesel and aviation turbine fuel (ATF) and removed the cess on exports of petrol. A windfall tax is a higher tax rate on sudden big profits levied on a particular […]
Nord Stream Pipeline
Nord Stream Pipeline: Russia restored critical gas supplies to Europe through Germany via the Nord Stream pipeline after 10 days of maintenance, but uncertainty lingered over whether the Kremlin would still trigger an energy crisis on the continent this winter. Germany, which is heavily dependent on Russian gas, had feared that Moscow would not reopen […]
Euro And The U.S. Dollar Reached Parity
Euro And The U.S. Dollar Reached Parity: The Euro and the U.S. dollar reached parity, meaning one dollar could buy one euro in the foreign exchange market. Since the beginning of the year, the euro has lost about 12% against the U.S. dollar and it is expected to lose more value going forward. The price […]
Central Bank Digital Currency (CBDC)
Central Bank Digital Currency (CBDC): The Reserve Bank of India (RBI) is in the process of implementing the Central Bank Digital Currency (CBDC) in a phased manner for wholesale and retail segments, an official said. The introduction of CBDC was announced in the Union Budget 2022-23, by Finance Minister Nirmala Sitharaman and necessary amendments to […]
US Inflation Hit a Record High Of 9.1% In June 2022
US Inflation Hit a Record High Of 9.1% In June 2022: US Inflation hit a record high of 9.1% in June 2022, the highest in 40 years. US observers have argued that the US central bank will not be able to achieve a soft landing for the economy if the yield curve inverts. Start of […]
Jagriti Mascot
Jagriti Mascot: A mascot named Jagriti has been launched by the Department of Consumer Affairs (DoCA) to empower consumers and further generating awareness of their rights. It would be projected as an empowered consumer who is spreading awareness about consumer rights & addressing solutions to the problems faced by the consumers. It would help […]
Global Platform For Disaster Risk Reduction 2022
Global Platform For Disaster Risk Reduction 2022: The Global Platform for Disaster Risk Reduction, 2022 (GP DRR 2022) took place in Indonesia. The outcome was summarised in the Bali Agenda for Reilience Theme: From Risk to Resilience: Towards Sustainable Development For All in a Covid-19 Transformed World. Global Platform was the first global gathering for […]
RBI Seeks Ban On Cryptocurrency
RBI Seeks Ban On Cryptocurrency: The Reserve Bank of India (RBI) has recommended a ban on cryptocurrencies citing ‘destabilising effects’ for the country’s monetary and fiscal health. China has declared all cryptocurrency transactions illegal, effectively imposing a complete ban, whereas El Salvador has permitted Bitcoin as legal tender. At the moment, there is no legislature […]
Forex Reserve
Forex Reserve: Reserve Bank of India (RBI) has undertaken measures to enhance forex inflows, amid Depreciation of Indian rupee. The rupee has depreciated by 4.1 % against the US dollar during the current financial year (2022-23) so far amid the ongoing geopolitical tensions. Indian Rupee has depreciated 4.1 % to 79.30 against the US dollar […]
