Windfall Tax on Crude Petroleum Slashed to Zero in India What is a Windfall Tax and When is it Imposed? A windfall tax is a levy imposed on companies experiencing a sudden and significant surge in profits due to unforeseen circumstances. It serves a dual purpose: redistributing wealth and generating additional government revenue. Indian Government…
India’s WPI Inflation Drops to 4-Month Low of 1.31% in August Wholesale price inflation (WPI) in India eased to a four-month low of 1.31% in August 2024, driven by a decline in prices of manufactured goods and food items. This is a positive development for the Indian economy, as it indicates a moderation in inflationary…
Government Receives Rs 3,662 Crore Dividend from LIC The Government of India has recently received a substantial dividend of Rs 3,662 crore from the Life Insurance Corporation (LIC) of India. This significant financial influx is part of the annual profit distribution to its stakeholders, marking a notable event in the financial sector of the country….
Putin Reappoints Mikhail Mishustin as Russian Prime Minister Russian President Vladimir Putin has reappointed Mikhail Mishustin as the Prime Minister of Russia. Mishustin, who has been serving as the Prime Minister since January 2020, will continue to lead the government after Putin’s decision. This move comes amidst growing tensions with the West and domestic challenges…
Zimbabwe Introduces New Currency Amid Skepticism Zimbabwe, a country with a tumultuous economic history, has recently introduced a new currency, the Zimbabwean dollar, in an effort to stabilize its economy. This decision comes amidst skepticism from both domestic and international observers due to the country’s history of hyperinflation and currency instability. The introduction of a…
Exploring the Top 10 Richest Countries in the World by April 2024 In today’s global landscape, economic prowess often dictates a nation’s influence and capabilities on the world stage. As of April 2024, a snapshot of the world’s economic giants reveals fascinating insights into the top 10 richest countries. Let’s delve into the factors propelling…
Mumbai Surpasses Beijing as Asia’s Billionaire Capital In a significant shift of economic power, Mumbai has overtaken Beijing to claim the title of Asia’s billionaire capital, as per the latest report by the Hurun Research Institute. This report marks a milestone in the economic landscape of Asia, highlighting the rapid growth and emergence of India…
India’s FY24 GDP Growth Projection at 7.3% as Per NSO Data The National Statistical Office (NSO) recently unveiled its projection for India’s Gross Domestic Product (GDP) growth rate for the fiscal year 2024. According to the NSO data, India’s GDP is anticipated to grow at a rate of 7.3%, showcasing a promising trajectory for the…
GCC Inks Free Trade Deal with South Korea The Gulf Cooperation Council (GCC) recently finalized a landmark agreement by signing a free trade deal with South Korea, marking a significant stride in fostering economic ties between the two regions. The pact, reached after extensive negotiations, aims to streamline trade barriers and enhance cooperation across multiple…
Decline in Agriculture’s GDP Share to 15% in FY23 The recent government report revealing a decline in the agriculture sector’s Gross Domestic Product (GDP) share to 15% in the fiscal year 2023 has sparked concerns and discussions among policymakers, economists, and stakeholders. This downturn marks a significant shift in the economy, raising pertinent questions about…
