On 5th October 2017, the GST council, headed by the Finance Minister Arun Jaitley, announced a slew of changes in the GST. It was done to ease compliance norms for small and medium sector enterprises (SMEs). [You may read this article to understand GST: The Goods and Services Tax Explained] The GST council reduced GST rates …
Changes in GST in the 22nd GST Council Meeting (Oct 2017) Read More »
The 2017 Nobel prize in Economic Science has been awarded to Richard H. Thaler. He was a Professor of Economics at the University of Chicago. Thaler has been recognised for his ‘contributions to Behavioural Economics.’ Economists make simplified assumptions about the economy to develop economic models. A common assumption is that individuals are perfectly rational and …
All you need to know about the Economics Nobel Prize for Richard Thaler Read More »
Balance of payments (BOP) The Balance of payments (BOP) is the accounting record of all economic transactions between residents of the country and the rest of the world in a particular time period. These transactions are made by individuals, firms, and the Government. Hence, the BOP is the record of a country’s exports, imports, foreign …
Balance of Payment (BOP), Current Account & Capital Account Explained Read More »
[Updated on 27th Feb 2022] The RBI’s Monetary Policy Committee (MPC) meets every two months/ bi-monthly to review its monetary policy. [Read: The Monetary Policy Committee (MPC) Explained] Monetary policy is the action taken by the RBI to control the amount of money supply in the economy. RBI has several monetary policy tools at its …
Repo, Reverse Repo, LAF, CRR, SLR, MSF, Bank Rate, OMO, MSS- Explained Read More »
Many states in India such as Uttar Pradesh, Punjab, Rajasthan, Karnataka, Tamil Nadu and Maharashtra have announced huge packages for farm loan waiver. Other states have also raised similar demands. This demand for waiver is due to the rural distress faced by the farmers, caused by consecutive droughts in two years followed by the recent …
The international crude oil prices have declined substantially since 2014. In spite of this, the prices of petrol and diesel in India have increased. (Read: Fall in International Crude Prices Explained) In March 2014, when the crude oil price was above $ 100 per barrel, the retail price of petrol was Rs. 73.16 per litre in Delhi. …
The GDP growth rate of India declined to a three-year low of 5.7 % in the March-June 2017 quarter. It was 6.1 % in the last quarter (Jan-Mar 2017). This is the slowest growth rate recorded in two years and has led India to lose its status as the world’s fastest-growing major economy to China. The …