Page-14 of Economy & Banking Current Affairs

Decline in Domestic Migration in India

December 26, 2024

India has experienced a notable decrease in domestic migration, with recent data indicating that the number of domestic migrants fell by nearly 12% from 2011 to 2023. The Prime Minister’s Economic Advisory Council (EAC-PM) reported that the total number of ..

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TRAI Introduces New Telecom Regulations

December 24, 2024

The Telecom Regulatory Authority of India (TRAI) has introduced amendments to enhance consumer protection in the telecom sector. The Telecom Consumers Protection (Twelfth Amendment) Regulations, 2024, and the Telecommunication Tariff (Seventieth Amendment) Order, 2024 were published recently, aim to improve ..

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India to Lend USD $500 Million to India for Sustainable Infrastructure

December 24, 2024

The Government of India has recently partnered with the Asian Development Bank (ADB) to enhance sustainable infrastructure, which involves a substantial loan of $500 million aimed at encouraging environmentally friendly projects. The agreement includes a government guarantee, ensuring the funds ..

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GST Council Implements “Track and Trace Mechanism”

December 23, 2024

The GST Council has recently made updates to enhance tax compliance and clarity in the tax framework, aim to reduce tax evasion, and simplify tax processes for businesses and consumers. Track and Trace Mechanism The Council approved a new “Track ..

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Real-Time Payments to Boost India’s GDP by $76.5B

December 21, 2024

Real-time payments are revolutionizing India’s financial landscape with a recent study predicting that this technology will contribute $76.5 billion to India’s economy by 2028. This figure represents 1.5% of the nation’s GDP, equivalent to the output of approximately 8 million ..

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Fiscal Responsibility and Budget Management (FRBM) Act, 2003

December 21, 2024

The Fiscal Responsibility and Budget Management (FRBM) Act, enacted in 2003, aims to maintain fiscal discipline in India, introduced by Finance Minister Yashwant Sinha in 2000 and became effective on July 5, 2004. The Act mandates the government to manage ..

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India Tops Global Remittances for 2024

December 20, 2024

India continues to lead the world in remittances, with non-resident Indians (NRIs) sending home a remarkable $129 billion in 2024, marking an increase from the previous year’s remittance of Rs 8.95 lakh crore. The World Bank report confirms India’s position ..

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World Bank Approves $2 billion for Ukraine, Including US Loan Funds

December 20, 2024

The World Bank has recently approved a substantial funding package aimed at boosting Ukraine’s financial and economic stability. This initiative, announced on December 18, 2024, includes a combination of grants and loans, reflecting international support for Ukraine amidst ongoing challenges. ..

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Direct Tax Collection Surges in 2024-25

December 19, 2024

The Income Tax Department has reported impressive growth in direct tax collections for the financial year 2024-25, surpassing 19.21 lakh crore rupees, marking a substantial 20.32% increase compared to the previous year. This growth reflects a strong economic recovery and ..

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India’s Alternative Assets Market Set to Reach $2 Trillion by 2034

December 19, 2024

The Alternative Assets market in India is currently valued at $400 billion and is projected to expand to $2 trillion over the next decade. The growth is attributed to sophisticated investors seeking better portfolio diversification and higher returns. Regulatory changes ..

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