India’s August GST Collection Surges to ₹1.59 Trillion: In August, India witnessed a notable surge in Goods and Services Tax (GST) collection, amounting to ₹1.59 trillion, signifying an 11% increase compared to the same period last year. This substantial development can be ascribed to improved compliance and anti-evasion measures put in place. Daily Current Affairs […]
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Moody’s Upgrades India’s 2023 GDP Growth Forecast to 6.7%: Moody’s Investor Service, a global rating agency, has upgraded its economic growth prediction for India, presenting a positive outlook for 2023. The agency has increased its forecast for India’s Gross Domestic Product (GDP) growth to 6.7 percent, up from the previous estimate of 5.5 percent. This
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Moody’s retains India’s rating at Baa3.: Rating agency Moody’s has affirmed the Baa3 rating on India and has maintained a ‘stable’ outlook on the Indian economy. On August 18, Moody’s said in a statement, India’s long-term local and foreign-currency issued ratings and local-currency senior unsecured ratings remain at Baa3, while other short-term local-currency ratings are
Dutch Economy Enters Recession: The Dutch economy has entered a recession, contracting 0.3% year on year in the second quarter. This is the first recession since the pandemic, and it comes on the heels of a 0.4% drop in the first three months of the year. The eurozone’s fifth largest economy was driven by a
G20 Digital Economy Working Group meetings to begin in Bengaluru: The G20 4th Digital Economy Working Group and Digital Economy Ministerial meetings will be held in Bengaluru from August 16th to 19th. Daily Current Affairs Quiz: August 2023 Aim: To discuss the various issues relating to digital information, service delivery to citizens and the growth
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China’s July Exports Experience Double-Digit Plunge, Adding Pressure to Bolster Ailing Economy: China, facing a significant economic challenge, saw its exports plummet by double digits in July, raising concerns for the Communist Party to steer the nation’s economy out of its current slump. The decline which includes a 14.5% drop in exports compared to the
India to grow at average 6.7% per year from FY24 to FY31: S&P Global: The analysis, titled “Look Forward: India’s Moment,” by S&P Global, forecasts India’s economic growth trajectory from fiscal year 2023-24 (FY24) to fiscal year 31 (FY31). The country is set to remain the fastest-growing large economy, with an expected GDP growth rate
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Russia-Africa Economic and Humanitarian Summits: On July 27-28, 2023, St. Petersburg, Russia, held the Second Summit of the Russia-Africa Economic and Humanitarian Forum, a historic event that highlighted Russia’s increasing relations with African countries. This summit marked the second time such events of this magnitude were held, indicating the significance and commitment of both parties
GST E-Invoice Rule Update: Companies with Turnover > ₹5 Crore Now Mandated to Generate E-Invoices: The Central Board of Indirect Taxes and Customs (CBIC) announced a substantial adjustment in India’s Goods and Services Tax (GST) laws on July 28, 2023. As per the new guidelines, companies with a turnover of more than ₹5 crore will
India’s Core Sector Records 8.2% Growth in June, Highest in Five Months: According to the latest data issued by the Ministry of Commerce and Industry on July 31, India’s eight core infrastructure industries grew at an 8.2% annual rate in June, the highest in five months.Coal, crude oil, steel, cement, power, fertilisers, refinery products, and
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