April 24, 2024


India’s net direct tax collections grew 7% in 2023-24 to hit ₹19.58 lakh crore, marginally surpassing the revised estimates for the year, thanks to a surge in personal income tax whose share of the tax kitty rose to 53.3% from 50.06% in the previous year while corporate taxes’ contribution dipped to 46.5% from 49.6%. PIT and STT receipts also grew at almost double the pace of corporate taxes last year. In the beginning of March, net direct taxes had risen 88% to ₹18.9 lakh crore, with PIT and STT accounting for 51.4% of the receipts and corporate tax yielding ₹9.14....Read More

The Insurance Regulatory and Development Authority of India (IRDAI) has removed the age limit for purchasing health insurance policies, with effect from April 1. Earlier, there was an age limit of 65 years to buy new health insurance policies. The IRDAI’s latest move is aimed at bringing in extended health benefits to senior citizens. The move will enhance the accessibility and affordability of healthcare coverage across all age groups. ABOUT IRDAI: - The IRDAI is an autonomous and statutory body responsible for managing and regulating India’s insurance and reinsurance industry. Nodal Ministry: - Ministry of finance. Composition: - 10 Member....Read More

Hindustan Zinc Limited, a Vedanta group company, became the third-largest silver producer globally, according to the World Silver Survey 2024 conducted by ‘The Silver Institute’, USA. According to the Survey, the company’s Sindesar Khurd Mine (Rajasthan) was now the world’s second-largest silver-producing mine, moving up from last year’s fourth position. Mexico-based Fresnillo is the world’s largest silver producer. It has silver and gold mining operations across Mexico. Polish miner KGHM Polska Miedz is the second-largest producer of silver in the world. Hindustan Zinc, a Vedanta Group company in zinc, lead and silver businesses, is the world's second largest integrated zinc....Read More

The International Monetary Fund (IMF) has raised India's growth forecast for 2024-25 to 6.8% from 6.5% on the back of strong domestic demand and a rising working-age population. The Reserve Bank of India, the country's central bank, estimates the economy to grow at 7% in the current financial year that started on April 1. The IMF estimates Asia's third largest economy's gross domestic product to grow at 6.5% in the next financial year. It projected global output growth in 2024 and 2025 at 3.2%, after bottoming out at at 2.3% at the end of 2022.Read More

The "Tirangi Barfi" of Kashi, a sweet treat regarded as the "sweet weapon" of freedom fighters during the Quit India Movement, has finally received the prestigious Geographical Indication (GI) tag. The GI Registry awarded GI certification not only to the Banaras Tirangi Barfi but also to five other Uttar Pradesh products. These include Banaras Metal Casting Craft, Lakhimpur Kheri Tharu Embroidery, Bareilly Cane and Bamboo craft, Bareilly Zardozi Craft, and Pilkhuwa Hand Block Print Textile. Uttar Pradesh now retains its position as the state with the most GI-tagged products in India, reaching a total of 75. Tamil Nadu follows behind....Read More

The United Nations Conference on Trade and Development has raised India’s GDP growth forecast by 30 basis points to 6.5% in 2024. India grew 6.7% in 2023, as per UNCTAD. Global growth is projected to be 2.6% in 2024, slightly slower than the 2.7% in 2023. This makes 2024 the third consecutive year in which the global economy will grow slower than before the pandemic when the average rate for 2015–2019 was 3.2%.Read More

In a tribute to the historic Pran Pratishtha ceremony of Ram Lalla in Ayodhya's Ram Mandir earlier this year, the Government of India has introduced a limited-edition 50gm colored souvenir silver coin for public sale. This release follows Finance Minister Nirmala Sitharaman's unveiling of three commemorative coins in February, including one celebrating the theme of Ram Lalla and the Ram Janmabhoomi Temple, Ayodhya. The inauguration ceremony took place during the 19th foundation day celebration of the state-owned Security Printing & Minting Corporation of India (SPMCIL). Along with the coin honoring Ram Lalla, Sitharaman also revealed a bi-metallic clad souvenir coin....Read More

The sitars and tanpuras of Miraj, a small town in Maharashtra’s Sangli district known for its craftsmanship in making musical instruments, have been awarded the coveted Geographical Indication (GI) tags. The tradition of making sitars and tanpuras in Miraj goes back more than 300 years, with over seven generations of craftsmen having worked towards making these string instruments. On March 30, the government of India’s intellectual property office issued GI tag to the Miraj Musical Instruments Cluster for its sitars and to the Soultune Musical Instrument Producer firm for tanpuras. The wood for making the sitars and tanpuras is procured....Read More

According to the Union Minister for Chemicals and Fertilizers, Mansukh Mandaviya, India will stop importing urea by the end of 2025 due to an increase in local production capacity with the commissioning of new fertilizer plants. India is a big importer of Urea and meets around 30% of its 35 million tonnes of annual urea requirement from imports. The urea production in the country increased from 08 lakh tonnes in 2014-15 to 284.95 lakh tonnes in 2022-23. In 2022-23, the total import of Urea was 75.8 lakh tonnes, which is around 30% of the domestic demand. The main sources of....Read More

The Reserve Bank of India's Monetary Policy Committee (MPC) has decided to keep the policy repo rate unchanged at 5 per cent as retail inflation continues to be above its target of 4 per cent. This is the seventh consecutive meeting that the MPC has maintained a status quo on the repo rate. This is the first monetary policy statement of the current financial year 2024-25. The RBI has maintained India's fiscal year 2025 GDP growth target at 7%. The Consumer Price Inflation (CPI) FY2025 forecast unchanged at 5%. Policy Rates: Repo Rate: 6.5% Standing Deposit Facility Rate: 6.25% Marginal....Read More

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