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ArticleFinanceIndia

Could India Achieve Arm’s Export Of $ 5 Billion By 2025? Read Here!

Vikas DeshwalJune 22, 20220

The Defence sector is an essential part of any country. India has the second-largest military force over active personnel after China. India is the second-largest importer of weapons behind Saudi Arabia. In 2018, India introduced a new defence production policy to reduce weapons imports. Defence production policy of 2018 has a goal of becoming among the top 5 global producers of aerospace and defence manufacturing with an annual export target of US $5 billion by 2025. Between 2016-2020, India is supposed to have 9.5% of total global arms imports. India imports its arms from Russia, France, Israel, The US and UK are the top 5 partners of defence market. DRDO produced many weapons for the Indian Armed forces including Ushus, Advanced light torpedo, and LAC Tejas by the Indian Air force, ...

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Indian Economy Recovered Strongly Despite COVID-19 Pandemic: US Treasury Report

Arpita SarkarJune 11, 20220

India's economy is turning around in the face of the Corona supermarket. That's according to a report presented to the US Congress on Friday. Fascinated by India's economic growth, Joe Biden, the government's finance minister, said that despite the slowdown in growth in FY 2020-21, India was able to recover in FY 2021-22. Even after the second wave of Corona, India was able to revive its growth rate in the second half of the year, according to the US Treasury Department's half-yearly report. The report also praised the progress of immunisation programs in countries with large populations like India. It has been said that despite the outbreak of infection due to Omicron earlier this year, the Indian economy has been able to avoid that flame. Since the beginning of 2022, India has ...

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ArticleFinanceSociety

Can Economy Be Defined In Terms Of Social And Solidarity Economy? Let’s Find Out!

Pooja YadavJune 10, 20220

As economic crises, growing inequality and temperature change tend to prompt a worldwide debate on the meaning and trajectory of development, increasing attention on one of the important matters is that specialize in ‘social and solidarity economy as a particular approach to sustainable and rights-based development. Social economy institutions and organizations play a very important role in promoting livelihoods and job creation in the fight against poverty. Social economy enterprises offer a very important source of employment in the face of world unemployment and underemployment problem. Currently, it's estimated that the worldwide cooperative movement directly provides productive self-employment for several hundred million workers-owners of production and services cooperatives...

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ArticleFinanceIndia

Credit Card Link With UPI: Check Out What India’s Future Holds In Transaction Domain

Snehashish RoyJune 10, 20220

The Reserve Bank of India (RBI) has announced the provision to link credit cards with the Unified Payments Interface (UPI) and the integration will begin with RuPay credit cards. Both RuPay and UPI are operated by the National Payments Corporation of India (NPCI). According to experts, the move by the RBI will ensure excessive use of credit cards among users as payment through UPI has widely been accepted in India already. UPI can so far be used to link debit cards and bank accounts. “UPI has become the most inclusive mode of payment in India with over 26 crore unique users and five crore merchants on the platform. The progress of UPI in recent years has been unparalleled. Many other countries are engaged with us in adopting similar methods in their countries,” said the RBI gover...

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ArticleFinanceSociety

Employment, Decent Work Are Basic To Eradicate Poverty; Check Out Story!

Pooja YadavMay 31, 20220

Unemployment and underemployment lie at the core of poverty or one can say one of the factors leading to poverty. For the poor, labor is commonly the sole asset they will use to boost their well-being. Hence the creation of productive employment opportunities is crucial for achieving poverty reduction and sustainable economic and social development. It's crucial to produce decent jobs that both secure income and empowerment for the poor, especially women and younger people. The rapid economic process can potentially bring a high rate of expansion of productive and remunerative employment, which might result in a discount in poverty. Nevertheless, the contribution of the expansion process to poverty reduction doesn't depend only on the speed of the economic process, but also on the f...

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ArticleFinanceIndiaInternationalPolitics

Indo-Pacific Economic Framework For Prosperity Goals: What Role India Likely To Play; Check Out!

Pooja YadavMay 30, 20220

India expressed willingness to affix Indo-Pacific Economic Framework for Prosperity (IPEF), a replacement economic initiative led by the United States. The US clarified that IPEF isn't a trade agreement. Thus, it neither seeks to switch the 11-nation CPTPP (Trans-Pacific Partnership) nor the RCEP. The negotiations for the IPEF began on May 24. The primary focus of the negotiation was on four main pillars -- trade, supply chain resiliency, clean energy, and taxes. At the launch of IPEF, PM Modi said that India will work together with other IPEF countries to make an inclusive Indo-Pacific Economic Framework. He expressed confidence that IPEF will cause peace and prosperity within the Indo-Pacific region. One of the roles of IPEF within the Indo-Pacific is going to be to line s...

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ArticleFinanceInternational

Sri Lanka’s Economy Aggravates As Country Faces Sharp Financial Fall

Sayani ChakrabortyMay 23, 20220

The nation has recently gone through its worst-ever economic crisis. This unprecedented catastrophe was brought on by poor financial management, unscrupulous officials, and natural disasters in rural areas. The government's inept handling of the economy has contributed significantly to the sharp rise in inflation. In order to meet its need for essential goods, Sri Lanka must import a variety of things such as food, paper, sugar, lentils, pharmaceuticals, and transportation equipment. Due to a scarcity of available foreign currency, it will be unable to buy or import certain essential commodities. It is anticipated that there would be a serious lack of food in conjunction with the financial disaster. The decline in the value of the currency has led to a rise in the prices of vario...

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Tax Avoidance, Tax Planning Differentiated By A Thin A Line: Income Tax Department

Pooja YadavMay 17, 20220

Tax Planning and tax evasions are legal jargons that always confuse a layman. When it involves tax savings there are a pair of terms that are important to know. Tax planning and tax avoidance are a number of them. repeatedly they're used as interchangeable terms though there's an enormous difference between them. allow us to find the difference between these two terms. The assessee can reduce his/her tax liability by legal means in any of the two ways- tax planning and tax avoidance. Tax planning is described because of the arrangement of monetary activities in a very way that the assessee can avail of maximum tax benefits by making the simplest possible use of the advantages,i.e, deductions, exemptions, etc. On the contrary tax avoidance may be a technique of refraining from lia...

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ArticleFinanceNews

Dynamics Of Inflation In Economy: Its Impact On Development

Sayani ChakrabortyMay 16, 20220

According to statistics that were released by India's National Statistical Office on Thursday, the country's retail sector had its highest level of inflation in eight years during the month of April. This occurred as a result of escalating prices for food and gasoline, in addition to interruptions in global supply chains brought on by the crisis in Ukraine. According to the Consumer Price Index (CPI), there was a rise of 7.8% in consumer prices in the month of April. The price of food is a substantial contributor to the overall rise in retail price inflation. When inflation goes up, it may be harmful to the economy, yet, when inflation goes down, it can also be harmful to the economy. The Federal Reserve does not have a precise target for inflation, although policymakers, in gene...

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FinanceIndiaPoliticsSociety

Government Subsidies: Are They Solution To A Bigger Issue Or Development’s Foe?

Pooja YadavMay 16, 20220

Subsidies are one of the quintessential attributes of any state. When it comes to India, on the eve of independence was left with an uphill task of socio-economic development. Markets were almost nonexistent, the masses lived in abject poverty and illiteracy, we weren't producing enough food to satiate the hunger of the masses, and our lifespan was just 32 years. There was a crisis in every sphere --  agriculture, industry, health or education -- partly due to colonial legacy. Given such circumstances, the founding fathers of democratic India rightly envisaged the Indian state to be a state. However, 70 years down the road only a few problems have abated, while new ones cropped up and poverty still stubbornly remains a pressing problem. In this context, the latest economic survey rig...

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‘Clarifying To Government Needed If Situation Continues For 5 Months’: RBI Under Pressure For Surging Inflation

Aditi priya singhMay 14, 20220

The rate of inflation has been going above the band (2 to 6%) set by the Reserve Bank of India (RBI) for the last four months. If this situation continues for the next five months, then the Reserve Bank may have to explain to the government as per the rules why it has not been able to control inflation. By the way, by suddenly increasing the repo rate by 0.40% in May 2022, the RBI has made it clear that it is now fully prepared to fight inflation. However, an internal assessment of his also says that it will take six to eight months for his steps to having an effect. At the same time, other external agencies are also assessing that due to the global situation, the prick of inflation will be prolonged this time. Sources say that even when such a situation arises, there is no ob...

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ArticleFinanceSociety

Sri Lanka Crisis: How Country’s Balance Of Payments Problem Played A Major Role In Toppling Its Economy

Pooja YadavMay 12, 20220

Sri Lanka has been in the news such a lot lately that its current woes are the things of popular knowledge. Everyone can see the intense deprivation caused to its people thanks to the absence of their staple food at an inexpensive price within the market and therefore the shortage of petrol at the pump. Those with even a modicum of data on economics can trace it back to the dwindling interchange reserves which are needed not only to import food but also to service external debt. The Sri Lankan economy has been facing a crisis due to a heavy Balance of Payments (BoP) problem. Its exchange reserves are depleting rapidly and it's becoming increasingly difficult for the country to import essential consumer goods. The current Sri Lankan financial condition is the product of ...

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