Context: WPI inflation has been over 10% since last 17 months which makes a cause for worry. About Wholesale Price Index: It captures the average movement of wholesale prices of goods and is primary used as GDP Deflator. The new series of Wholesale Price Index (WPI) with base 2011-2012 is effective from April 2017. It only considers the basic pri... .Read more
Updated on 14 September, 2022 GS3 Economy
Context: Recently, G-7 countries and European Union announced plan to implement comprehensive prohibition of services which enable maritime transportation of Russian-Origin Oil and petroleum products. Do you know? Nord Stream consist of 2 pipelines, which have two lines each. Nord Stream 1 was completed in 2011 and runs from Vyborg in leningra (... .Read more
Updated on 12 September, 2022 GS3 Economy
Context: Recently, Finance Minister stated that states which have not cut-down taxes on Oil are experiencing high Inflation. Concern associated with Inflation: 1. Decreased purchasing power: The increase in prices of essential commodities such as milk, bread or edible oils decreases the overall purchasing power of common man which further d... .Read more
Updated on 9 September, 2022 GS3 Economy
Context: Recently, Finance Ministry released 6th installment of revenue deficit grant of Rupees 7183 crore to 14 states. About Post Devolution Revenue Deficit (PDRD): Post-Devolution Revenue Deficit Grants are provided to states under Article 275 of the Constitution. They are released as per the recommendations of the Finance Commission in mont... .Read more
Updated on 7 September, 2022 GS3 Economy
Context: India has recently overtaken United Kingdom as 5th Largest economy in March 2022. This is not the first time where India have overtaken UK as 5th Largest. Previously, India overtook UK in 2019 but relegated to 6th rank in 2020. Four economies which are ahead of India are: United States, China, Japan and Germany. There are few developments whi... .Read more
Updated on 5 September, 2022 GS3 Economy
Syllabus: Indian Economy-Mobilization of Resources Context: Indian in August’22 has clocked more than 1.40 lakh crore, 28% higher than year ago. About GST: It was introduced through 101st Constitutional Amendment Act, 2016. It is one of the biggest indirect tax reforms in country. It integrated India’s economy which was s... .Read more
Updated on 2 September, 2022 GS3 Economy
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