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ArticleBusinessIndiaNews

White Paper On India’s Economy: NDA Govt’s Comparison To UPA Was Informative, Though Not Complete

Snehashish RoyFebruary 10, 20240

The Union Ministry of Finance recently released a report called 'White Paper on the Indian Economy' which aims to highlight economic issues leading up to the Lok Sabha elections. Although the report is not factually incorrect, it selectively chooses data to showcase the failures of the previous government and the successes of the current government while neglecting the opposite scenarios. For instance, the report mentions that in 2013, Morgan Stanley assessed India as one of the "fragile five" global economies, which is true. However, it fails to mention that India was not among the "fragile five" during the UPA's 10-year rule from 2004 to 2014. India saw the fastest period of growth rate between 2004 and 2009, despite the Global Financial Crisis. Additionally, while the report i...

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ArticleBusinessElectionsIndia

Interim Budget 2024: 6 Key Takeaways From Nirmala Sitharaman’s Speech; What Should You Know

Snehashish RoyFebruary 1, 20240

India's interim Budget speech for 2024 was completed by FM Nirmala Sithatraman within an hour. Here are the six key takeaways from the Budget 2024-25 documents based on the revised estimates for the current year and the Budget Estimates for the coming financial year. 1. The government expects the nominal GDP to grow for the coming financial year (2024-25), projecting India's nominal GDP to be Rs 3,27,71,808 crore, assuming 10.5% growth over the estimated nominal GDP of Rs 2,96,57,745 crore in the current financial year (2023-24). 2. The fiscal deficit has been reduced to a 5.8% level and the FM announced similarly ambitious targets for the FY25 — at 5.1% of GDP— and FY26 — at 4.5% of GDP. While this is welcome news, it leads to questions about how fiscal consolidation is being ac...

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World Inequality Report Calls India “Poor and Unequal”; Nirmala Sitharaman Calls it “Flawed”.

Sonia SolankiMarch 30, 20220

The latest report by The World Inequality Report calls India a 'poor and very unequal country'. India stands out as a poor and very unequal country with 1% of the top-earning population is holding 22% of the national income. Whereas, the bottom 50% earns 13% of the national income. The report also states that the top 10% of richest people hold 76% of the total wealth, holding 57% of the national income in 2021. The average national income of an adult Indian is approximately Rs 2,04,200. The report was submitted by Lucas Chancel, Co-director of the World Inequality Lab with economist Thomas Piketty, Emmanuel Saez And Gabriel Zucman. Lucas Chancel also said that "the pandemic has exacerbated inequalities between the very wealthy and the rest of the population". The World Map of ...

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ArticleIndiaInternationalLatest NewsNewsPolitics

Finance Minister Nirmala Sitharaman To Meet PM To Discuss Russia-Ukraine Conflicts

Pooja YadavFebruary 25, 20220

Finance minister Nirmala Sitharaman on Thursday said she's going to be meeting Prime Minister Narendra Modi to debate the case arising out of the Russia-Ukraine conflict. Requests are rattled by Russia's attack on the Eastern European country. When asked whether there'll be a gathering with the Prime Minister on the Russia-Ukraine issue, Sitharaman said, "surely." On Thursday, Russian President Putin blazoned an exertion in Ukraine and also the move has raised enterprises over the chance of a full-scale military battle between the two countries. The 30- share standard Sensex crashed over points in line with the global meltdown amid the irruption of Ukraine by Russia.   The recent stock behavioural pattern is not very impressive at the same time is a cause of worry amo...

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ArticleEventsIndiaNews

Centre Plans On Running 400 Vande Bharat Trains By 2024; Read More About These Semi-High Speed Trains

Pooja YadavFebruary 17, 20220

Union minister Nirmala Sitaraman has proposed investments for Vande Bharat trains. But Indian Railways plans for 400 such trains by the end of 2024. This itself is a booster for the economy where in terms of job employment generation or technological advancement. Through this article let's analyze how this plan will impact the economy and what's so special about this train. In the Budget speech, the finance minister announced that 400 Vande Bharat trains will be manufactured in the next 3 years. Introduced in 2019, these are the semi-speed trains that have been a novelty so far. Two Vande Bharat train sets originally called Train18 are currently running both from Delhi to Varanasi and Katra. The budget announcement signals the government's intention to turn these self-propelled trai...

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ArticleIndia

Is Budget Allocated To Defense Sufficient Practically?

Pooja YadavFebruary 12, 20220

We have seen an increment in the allocation of finance for defence in the current Union budget. The allocated budget to the defence sector is Rs 5.25 lakh crore. Out of this, Rs 2.33 lakh crore is allowed for revenue expenditure for maintenance of salaries and other purposes. Rs 20 thousand crores was allocated to the ministry of defence and Rs 1.39 lakh crore for the pensioners. Rs 1.5 lakh crore for the capital expenditure was allotted including purchasing of military equipment, warships, and other hardware. In a layman language, we can understand in this way that 28% of the total fund allocated to the defense sector is available for the modernization of our forces. India's vulnerability in this hostile situation is increasing rapidly, the lack of funds for new weapons, ai...

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ArticleFinanceLatest News

Cryptocurrency Becomes Taxable: A Step Towards Its Legalisation In India?

Pooja YadavFebruary 7, 20220

Finance minister Nirmala Sitharaman, while presenting the union budget, has labelled cryptocurrency as digital assets and their transaction is now taxable by 30%. Whatever profit is earned out of the cryptocurrency and other digital assets, 30$ of direct tax will be levied, which is a heavy amount. Does this signal that cryptocurrency has been legalised in the country? Cryptocurrency may be a digital payment system that does not deem banks to verify transactions. It’s a peer-to-peer system that will alter anyone anyplace to send and receive payments. Rather than being physical cash carried around and changed within the globe, cryptocurrency payments exist strictly as digital entries to internet info describing specific transactions. After the transfer of cryptocurrency funds, the tran...

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ArticleFinance

Budget 2022: Income Support Measures, Jobs Need Attention, Claims Report

Aditi priya singhJanuary 27, 20220

Domestic consumption, which accounts for 55 per cent of GDP, has decreased during the financial year 2020-21 in the country. According to a report, the need for some measures has been mentioned in the upcoming general budget. The report suggested some stringent measures to mitigate the losses by focusing on income and job-generating measures in the near term while emphasising a softer fiscal policy. Citing the latest estimates of the National Statistics Office on Gross Domestic Product (GDP). for the current financial year, CRISIL in a report on Tuesday said that domestic consumption in the current fiscal is 3% points lower than the level of the previous fiscal. This is the worst performance on the expenditure-side of GDP since the pandemic. Emphasising the importance o...

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