Economy

Context ∙ At a group discussion held by Life Skills Collaborative, most of the rural youth when questioned about their aspirations for the future they preferred staying in their village. About ∙ With the prevalent trend of urbanisation — the UN projects that almost 50% of the Indian population will be living in urban areas

In News ∙ India’s real GDP growth in 2023-24 is estimated at 7.3%, compared to 7.2% a year ago, as per the NSO. Key highlights of the NSO estimates ∙ GVA growth for the farm sector is estimated to more than halve from 4% a year ago to 1.8% this year, as is the case

Context ∙ The International Labour Organisation (ILO) has released the World Employment and Social Outlook: Trends 2024 report. Major Findings ∙ Joblessness and the jobs gap have both fallen below pre-pandemic levels but global unemployment will rise in 2024. ∙ The Economic Recovery: The macroeconomic environment deteriorated significantly over 2023. ο Ongoing geopolitical tensions as

Context ∙ Reserve Bank of India Governor Shaktikanta Das recently pushed for a specified framework for the group insolvency mechanism. Group insolvency mechanism ∙ Group insolvency mechanism is a legal framework designed to handle insolvency scenarios where multiple companies within a corporate group are financially distressed. ∙ This framework addresses the complex interdependencies between these

In Context ∙ The Minister of Commerce & Industry highlighted the 150% growth in processed food exports over the last nine years. About ∙ There is an immense potential of the Indian food market, catering to a domestic market of 1.4 billion and a global Indian diaspora of nearly three million people who relish Indian

In News ∙ The Reserve Bank of India is closely examining the risks that can emerge from model-based algorithm lending, which led to the surge in unsecured loans, About Model-based algorithm lending ∙ Algorithmic models are powered by artificial intelligence and machine learning ∙ It has not only reduced operational costs but has also expanded

Context ∙ As per the Global Trade Research Initiative (GTRI), Switzerland’s policy to allow tariff-free entry from all countries limit gains for India under the proposed trade agreement with European Free Trade Association (EFTA). ∙ Switzerland has abolished tariffs on products, including chemicals, consumer goods, vehicles, and clothing. About European Free Trade Association (EFTA) ∙

Context ∙ India’s tea industry is experiencing challenges reminiscent of the “dark phase” of 2002-07, calling for introspection and resilience. Challenges faced by Indian Tea Industry ∙ Increased input cost: The tea prices increased at a compound annual growth rate (CAGR) of around 4% over the past decade, however the cost of inputs like gas

Context ∙ The net Direct Tax collection is 80.61% of the total Budget Estimates of Direct Taxes for F.Y. 2023-24. What is Tax? ∙ In order to garner income for the government to finance social projects, tax is collected from individuals and corporations via direct tax and indirect tax. ∙ Direct tax is the tax