Britain’s economy shrank by a record-breaking 9.9% in 2020, new figures by the Office of National Statistics show, highlighting the impact of Covid-19 restrictions, employment uncertainty and reduced demand, with limited growth in the final quarter narrowly avoiding a double-dip recession. KEY FACTS The 9.9% annual contraction is more than twice that seen in 2009 in the aftermath […]
Leading economists have pencilled in a high 13-15.7 per cent uptick in the economy in the first quarter of 2022-23 with an upward bias. Soumya Kanti Ghosh, the group chief economic adviser at State Bank of India, on Tuesday said he expects the GDP to clip past 15.7 per cent in the first quarter with
Leading Economists Expects Q1 GDP Growth At 13-15.7% Read More »
SEBI has joined the Account Aggregator framework of RBI, this will boost the regulated financial-data sharing system. It will allow customers to share information about their mutual fund and stock holdings with financial service providers. The account aggregator (AA) is a licensed by the RBI to enable the flow of data between Financial Information Providers (FIPs) and Financial Information Users
Retail inflation softened to 6.71 per cent in July due to moderation in food prices but remained above the Reserve Bank’s comfort level of 6 per cent for the seventh consecutive month. With retail inflation continuing to remain high despite a fall in prices of vegetables and edible oils, among other commodities in July, the
According to the UN, India’s population has owned 7.3% digital currency and ranked seventh in the list of top 20 global economies for digital currency ownership as share of population. Ukraine topped the list with 12.7%, followed by Russia (11.9%), Venezuela (10.3%), Singapore (9.4%), Kenya (8.5%) and the US (8.3%). It also been observed that the global use of cryptocurrencies has increased exponentially during the
7.3% of Indians owned digital currency in 2021: UN Read More »
India is likely to be the fastest-growing Asian economy in the Asian region in 2022-23, according to analysts at Morgan Stanley, who expect the expect India’s gross domestic product (GDP) growth to average 7 per cent during this period – the strongest among the largest economies – and contributing 28 per cent and 22 per cent to
India’s GDP Growth to be fastest in Asia in FY23: Morgan Stanley Read More »
The Reserve Bank of India (RBI) proposed to allow non-resident Indians (NRIs) to make utility, education and other bill payments on behalf of their family members living in India. The payments will be processed through Bharat Bill Payment System’s (BBPS) cross-border inward bill payments facility. BBPS is a payments system conceptualized by RBI and run by National Payments
The financial inclusion (FI) index of Reserve Bank of India’s (RBI) has increased to 56.4 in March 2022 from 53.9 in March 2021. It shows growth in across all sectors across the country. Financial inclusion index was constructed to capture the extent of financial inclusion across the country. Sectors: Banking, investments, insurance, postal, pension sector. This index has been created without
The government has collected gross GST for July 2022 is ₹1,48,995 crore, which is the second highest collection ever since the introduction of the Goods and Services Tax. The July 2022 revenue is 28% higher than the revenues in the July 2021 of ₹1,16,393 crore. CGST is ₹25,751 crore, SGST is ₹32,807 crore, IGST is ₹79,518 crore (including ₹41,420 crore
GST revenue collection for July 2022 second highest ever at ₹1.49 lakh cror Read More »
The International Monetary Fund (IMF) has reduced its gross domestic product (GDP) growth forecast for India for the current financial year (FY23) to 7.4%. The IMF has also reduced the growth forecast for FY24 to 6.1% as against 6.9% earlier. Reason: Due to less favourable external conditions and more rapid policy tightening. IMF Headquarters: Washington D.C.; Managing Director:
IMF reduces GDP forecast of India for FY23 to 7.4% Read More »
