Rising Seas of Cost: How Red Sea Attacks Affect India’s Export Economy
Agricultural exports are expected to face a downturn of about $5 billion, primarily due to the Modi government’s restrictions on rice, wheat, and sugar exports, aimed at curbing domestic inflation.
Razorpay, Cashfree Resume Operations with RBI’s Payment Aggregator License
The Reserve Bank of India’s (RBI) approval for Razorpay and Cashfree to operate as payment aggregators is a significant development in India’s financial technology sector.
Indian Government Seeks Advisor for Bharat Bond ETF Management as AUM Hits Rs 50,000 Crore
The Bharat Bond ETF’s journey since 2019 has been noteworthy. Its initial offering helped central public sector enterprises raise Rs 12,400 crore, followed by subsequent tranches in 2020 and 2021, raising Rs 11,000 crore and Rs 6,200 crore, respectively. The fourth tranche in 2022 added another Rs 2,800 crore to the fund’s robust portfolio.
New Era of GST Compliance: 2FA Now Required for E-Way Bills and E-Invoices
The 2FA feature was enabled on December 1 and rolled out initially in Haryana, followed by Punjab, Chandigarh, Uttarakhand, Rajasthan, and Delhi in the first phase. The second phase will extend this across India.
Finance Ministry’s Bold Move: Rs 10,000 Crore Advance for MGNREGS
Adding to this, Union Rural Development Minister Giriraj Singh indicated that an extra allocation of Rs 28,000 crore is in the pipeline, awaiting clearance in the ongoing Winter session of Parliament.
PM SVANidhi Scheme Empowers Street Vendors with Rs 9,790 Crore in Loans
The PM SVANidhi scheme, designed as a micro-credit program, targets urban street vendors, offering them collateral-free working capital loans of up to Rs 50,000
RBI Study Reveals Old Pension Scheme to be 4.5 Times More Expensive Than NPS
The RBI’s comprehensive analysis indicates that switching from the NPS to the OPS would incur costs approximately 4.5 times higher. This substantial increase in expenditure is not just a one-off financial burden but is projected to escalate to 0.9 percent of the nation’s Gross Domestic Product (GDP) annually by 2060.
States’ Shift to Old Pension Scheme: A Fiscal Time Bomb, Says RBI
If all states adopt OPS, replacing the National Pension System (NPS), it could lead to a cumulative fiscal burden approximately 4.5 times greater than that of NPS. By 2060, this shift is projected to add an additional 0.9% to the GDP annually in pension-related expenditures.
₹60,000 Crore Lifeline: Centre Aids States in Fiscal Expansion for FY24
The Indian government, through the Department of Expenditure, Ministry of Finance, has granted 22 states permission to undertake additional borrowing of more than ₹60,000 crore (approximately $7.21 billion) in the financial year 2023-24.
Strengthening India: Rs 58,378 Crore Extra Spending Gets Parliamentary Green Light
The approved additional spending of Rs 58,378 crore by the Indian Parliament is a strategic move to bolster key sectors of the economy and to provide support to various government initiatives aimed at socio-economic development