Nobel Prize in Economics 2024
Context: To the three American economists Daron Acemoglu, Simon Johnson, and James A. Robinson was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2024 “for their analysis of the subjects of economic and political inequality through insights from development economics, contract theory and mechanisms”. Their study responds to a long-standing […]
Base Year Revision for India’s GDP
Context: Recently, MoSPI pulled together a team of economists and forecasters to deliberate on the issue of revising the base year for estimating GDP for India. This is in fact a demonstration of the firm commitment of MoSPI to broad-based consultation—a necessary expectation, given the controversies generated in the past by revisions of the base […]
RBI Keeps Benchmark Interest Rate Unchanged
Context: The Reserve Bank of India (RBI) maintained its repo rate at 6.50% for the tenth successive monetary policy review since April 2023. Relevance: GS III- Indian Economy Dimensions of the Article: Details: What is the repo rate? Why is the repo rate such a crucial monetary tool? How does the repo rate work? What […]
About New GI Tagged Products
Context: Recently, the Geographical Indications Registry in Chennai has granted the GI tag to eight products from the Assam region, including traditional food items and several unique varieties of rice beer. Relevance: GS III: Indian Economy Dimensions of the Article: About New GI Tagged Products Different Types of Rice Beer Unique in their Way: Traditional […]
About The Annual Survey of Industries
Context: The Ministry of Statistics and Programme Implementation (MoSPI) recently released the Annual Survey of Industries (ASI) for 2022-23. Relevance: GS III: Indian Economy Dimensions of the Article: What is the Annual Survey of Industries (ASI)? Objectives: Coverage of the Survey: Significance: Highlights of the Annual Survey of Industries (ASI) for 2022-23: -Source: Indian Express
About The GST Compensation Cess
Context: The Goods and Services Tax (GST) Council recently set up a 10-member GoM to decide on the taxation of luxury, sin, and demerit goods once the compensation cess ends in March 2026. Relevance: GS III: Indian Economy GST Compensation Cess The GST Compensation Cess is imposed under Section 8 of The Goods and Services Tax (Compensation […]
Global Innovation Index 2024
Context: The Prime Minister has expressed pride for Indian Innovators as India climbs to the 40th rank in the Global Innovation Index of World Intellectual Property Organization (WIPO). Relevance: GS-III: Indian Economy (Growth and Development of Indian Economy, Issues related to Development, Important International Organizations and their reports) Dimensions of the Article: What is Global […]
World Tourism Day 2024
Context: The Ministry of Tourism marked World Tourism Day on September 27th, 2024, under the theme “Tourism and Peace.” This theme emphasizes the role of tourism in fostering global peace through the enhancement of cross-cultural interactions and understanding. Relevance: GS III: Inclusive Growth Dimensions of the Article: The Importance of World Tourism Day: Linking Tourism […]
About The Dispute Resolution Scheme
Context: The Central Board of Direct Taxes (CBDT) has introduced the Dispute Resolution Scheme (e-DRS), 2022, as a streamlined and efficient platform for taxpayers to resolve their income tax disputes. Relevance: GS III: Indian Economy Dispute Resolution Scheme Eligibility Criteria Dispute Resolution Committees (DRCs) -Source: The Hindu
The NCrF as a Framework for well-rounded education
Context: The National Credit Framework (NCrF) is a transformative initiative under India’s National Education Policy (NEP) 2020, aimed at modernizing the education system. It emphasizes a multidisciplinary approach, the flexibility of learning, and vocational training to equip students with the necessary skills for a rapidly evolving job market. This approach moves away from the conventional focus on academics alone, encouraging institutions […]