Category: Economy & Banking

BEML Ltd has recently revealed the BD475-2 Dozer, marking a milestone in India’s engineering capabilities. This crawler dozer, the largest and most advanced in the country, showcases India’s commitment to self-reliance in manufacturing. Key Specifications The BD475-2 Dozer is powered by a robust 950 HP Cummins QST30 engine. Weighing 100 tons, it delivers exceptional performance…

The India-Australia Economic Cooperation and Trade Agreement (ECTA) has marked its second anniversary and has strengthened the economic ties between India and Australia. The Government of India aims to enhance collaboration and innovation to support its goal of becoming a developed nation by 2047. Trade Growth and Statistics Since the ECTA was signed, trade between…

Indian banks have reported improvements in their financial performance during the 2023-24 fiscal year. The Reserve Bank of India (RBI) has noted a notable decrease in bad loans and a rise in profits, reflecting robust economic conditions. Profit Growth in Indian Banks Scheduled commercial banks experienced a remarkable net profit increase of 32.8%. Profits reached…

In the financial year 2024, banks reported increase in fraud cases, with a total of 36,066 incidents, more than doubles the 13,537 cases recorded in 2023. Despite the rise in the number of cases, the financial impact was notably lower, with fraud amounts reaching ₹13,175 crore, the lowest in a decade. Types of Fraud Cases…

India’s coal production reached unprecedented levels in the fiscal year 2023-24, totalling 997.826 million tonnes. This marked an impressive increase of 11.71% from the previous year’s output of 893.191 million tonnes. By mid-December 2023, India had already supplied approximately 963.11 million tonnes of coal, reflecting robust demand and efficient supply chains. Factors Contributing to Increased…

India has experienced a notable decrease in domestic migration, with recent data indicating that the number of domestic migrants fell by nearly 12% from 2011 to 2023. The Prime Minister’s Economic Advisory Council (EAC-PM) reported that the total number of migrants in 2023 stands at approximately 40.20 crore. Migration Statistics The total number of domestic…

The Ministry of Statistics and Programme Implementation (MoSPI) has published the Annual Survey of Unincorporated Sector Enterprises (ASUSE) results for 2023-24, which captures the economic landscape of India’s unincorporated non-agricultural sector from October 2023 to September 2024. This sector contributes to job creation, GDP, and the overall economy. Survey Scope and Data Collection The ASUSE…

Union Home Minister Amit Shah addressed the North East Bankers Conclave 2024 in Agartala, Tripura, which aimed to encourage financial institutions to invest in the region’s development. Importance of Economic Inclusion Amit Shah told the necessity of economic growth across all regions and emphasized that the development of the Northeast is a national responsibility, urging…

The GST Council has recently approved a proposal to streamline the registration process for new and small businesses and aims to enable registration within three working days, reducing bureaucratic hurdles. It addresses issues such as excessive questioning by tax officials and fraudulent practices involving fake identities for Input Tax Credit (ITC) claims. Objectives of the…

The Government of India has recently partnered with the Asian Development Bank (ADB) to enhance sustainable infrastructure, which involves a substantial loan of $500 million aimed at encouraging environmentally friendly projects. The agreement includes a government guarantee, ensuring the funds will be effectively utilized, and will be channeled through the India Infrastructure Finance Company Limited…