Economy Current Affairs

Indian Economy Current Affairs, important for Competitive Exams.

Ajay Kumar Srivastava assumes charge as MD & CEO of Indian Overseas Bank from 1st Jan 2023.

  • Public sector Indian Overseas Bank said it has appointed Ajay Kumar Srivastava as its Managing Director and Chief Executive Officer with effect from 1st January 2023.
  • Prior to this, Srivastava was working as Executive Director in Indian Overseas Bank.
  • Srivastava started his banking career in 1991 as a Probationary Officer in Allahabad Bank. He joined Indian Overseas Bank in October 2017, after over 27 years of service.

Govt revised interest rates on small savings schemes

Finance Ministry notify on 30 December 2022 that Government has been revised interest rates on various small savings schemes for the fourth quarter of the current Financial Year starting from 1st January 2023. 

  • The interest rate of five year National Saving Certificate has been increased to 7 per cent from 6.8 per cent. 
  • The interest rate on senior citizen saving scheme increased to 8 per cent from 7.6 per cent. The Monthly Income Account Saving has also been increased to 7.1 per cent from 6.7 per cent. 
  • The interest rate on Kisan Vikas Patra will now be 7.2 percent and will mature in 120 months. The interest rate of small savings deposit of one year time period has been increased to 6.6 per cent from 5.5 per cent. 
  • However, the interest rate on the Public Provident Fund scheme, Sukanya Samriddhi Account Scheme, and Saving Deposit have been kept unchanged.

India-Australia Economic Cooperation and Trade Agreement has come into force from 29 December.

  • India, Australia Economic Cooperation and Trade Agreement, ECTA has come into force from 29th December. Both countries signed the agreement on 2nd April 2022.
  • ECTA is India’s first trade agreement with a developed country after more than a decade.
  • The agreement covers cooperation in the entire gamut of bilateral economic and commercial relations between the two friendly countries.
  • According to exporters and industry veterans, the agreement will help double bilateral trade to US$ 45-50 billion in about five years.

India’s will become 3rd largest economy by 2035 : CEBR

  • British consultancy Center for Economics and Business Research (CEBR) has said that India will become the third largest economy by 2035 from the current fifth position.
  • In its annual World Economic League Table, the Centre for Economics and Business Research said that over the next five years, India’s annual rate of GDP growth is expected to average 6.4% after which growth is expected to average 6.5% in the subsequent 9 years.
  • The reported growth trajectory will see India move from fifth in the world economic league table in 2022 to third in global rankings by 2037, behind China and the United States.

The Cabinet approved the Minimum Support Price (MSP) for copra season 2023.

  • The Cabinet Committee on Economic Affairs, CCEA approved the Minimum Support Price for Copra for the 2023 season on 23rd December.
  • The MSP for Fair Average Quality of milling copra has been fixed at Rs. 10860/- per quintal and for ball copra at Rs. 11750/- per quintal for 2023 season. This is an increase of Rs. 270/- per quintal for milling copra and Rs. 750/- per quintal for ball copra over the previous season.
  • This would ensure a margin of 51.82% for milling copra and 64.26% for ball copra over the all India weighted average cost of production.
  • The announced MSP of copra for 2023 season is in line with the principle of fixing the MSP at a level of at least 1.5 times all India weighted average cost of production as announced by the Government in the Budget 2018-19.

Sethrichem Sangtam was awarded the Rohini Nayyar Award for Rural Development.

  • Sethrichem Sangtam, who helped triple the income of 1,200 marginal farmers in eastern Nagaland, was honored with the first Rohini Nayyar Award for outstanding contribution to rural development.
  • The award, given to a person aged 40 years or less, was presented by Suman Berry, Vice-Chairman of NITI Aayog.
  • Dr. Nayyar, a noted economist and former principal advisor to the erstwhile Planning Commission, was one of India’s foremost authorities on rural development. He passed away in October 2021.
  • The award was established by the family of late Dr. Rohini Nayyar, an eminent scholar-administrator who spent most of her professional life working on issues related to rural development in India.

Budget 2022: Key Points

  • Finance Minister Nirmala Sitharaman presented her fourth Budget for the FY 2022-23 on 1 February 2022 in Parliament.
  • India’s economic growth in FY22 is projected 9.2%.
  • Income Tax Slabs Unchanged.
  • Income from Long Term Capital Gains will be taxed at 15%, Corporate surcharge to be reduced from 12% to 7%.
  • Customs on polished diamonds, gemstones cut to 5%. Simply sawn diamonds will be exempted.
  • Income from transfer of any virtual digital asset shall be taxed at the rate of 30% plus 1% tax on transaction.
  • Digital rupees to be issued using blockchain & other technologies to be issued by RBI starting 2022-23.
  • 400 new generation Vande Bharat trains with better efficiency to be brought in, 100 PM Gati Shakti Cargo terminals to be developed during next three years.
  • 5G spectrum auction to be conducted in 2022 for rollout of 5G telecom services by private players in FY {2022-23}
  • Capital expenditure outlay being stepped up sharply by 35.4% from Rs 5.54 lakh crore in CY to Rs 7.50 lakh crore in 2022-23, Outlay in 2022-23 will be 2.9% of the GDP.
    • Proposes fiscal deficit of 4.5% of GDP by (2025-26)
    • Projects fiscal deficit of 6.4% of GDP in (2022-23)
    • Revised fiscal deficit for (2021-22) at 6.9% of GDP
    • Total expenditure in (2022-23) seen at 39.45 trillion rupees
Revenue Collection Budget 2022-2023
Expenditure Budget 2022 – 2023
Scroll to Top