Adani Group called off the Rs 20,000 crore follow-on public offering (FPO) of its flagship firm, just a day after it was fully subscribed. The company came out with a statement, saying that its board decided not to proceed further with the public offer (FPO) in the interest of its subscribers.   What is a… Continue reading Follow-on Public Offering

Union Finance Minister recently announced the increase of deposit limit for the Post Office Monthly Income Scheme (POMIS).   Details – The deposit limit for the Post Office Monthly Scheme (POMIS) has been revised for a single account from Rs. 4.5 lakh to Rs. 9 lakh and 15 lakh from Rs. 9 lakh for joint… Continue reading Post Office Monthly Income Scheme

Logistics company DP World recently said that it has won a major contract to develop, operate and maintain a mega-container terminal at Deendayal Port in Gujarat under the public-private partnership mode.   About Deendayal Port – Deendayal Port (previously called Kandla port) is situated in the Kandla Creek and is 90 kms from the mouth… Continue reading Dendayal Port

China has started promoting Rice bran as the staple food amid the ongoing food shortage in the country.   About the ‘rice bran’ – Rice bran is one of the main byproducts in the process of the rice milling. It is the outer brown layer of brown rice and is separated during the milling process. The… Continue reading Rice Bran

In its January update of the World Economic Outlook (WEO) report, the IMF has marginally improved the forecast for global growth in 2023 — a relief, given the fears of a global recession in 2023.   About the ‘World Economic Outlook’ report – The World Economic Outlook (WEO) is a comprehensive report published twice a… Continue reading World Economic Outlook

Union Finance Minister recently announced the setting up of a subsidiary of EXIM Bank and data embassies at GIFT City in Gujarat.   About the EXIM Bank – It is the premier export finance institution of the country. It was established by the Government of India, under the Export-Import Bank of India Act, 1981 EXIM Bank… Continue reading EXIM Bank

Finance Minister recently announced that government will set up an Urban Infrastructure Development Fund (UIDF) of Rs 10,000 crore per year for creating infrastructure in Tier-2 and Tier-3 cities.   About Urban Infrastructure Development Fund (UIDF) – UIDF will be established through the use of priority sector lending shortfall. Purpose — The fund will be… Continue reading Urban Infrastructure Development Fund

In Budget 2023-24, the government has proposed to extend the so-called ‘angel tax’ provisions to transactions involving foreign investors. According to the proposal, the excess premium received on sale of shares by an Indian unlisted company to a foreign investor will be construed as “income from other sources” and subject to tax.   What Is… Continue reading Angel Tax

Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament. She emphasised that Indian economy is on the right track, and despite a time of challenges, heading towards a bright future.   Achievements since 2014 – The Union Finance Minister said that the government’s efforts since 2014 have ensured for all citizens a… Continue reading Highlights of the Union Budget 2023-24

During the Budget speech Union finance Minister announced multiple schemes towards Agriculture and Farmers’ Welfare.   Key initiatives – PM PRANAM (Prime Minister Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth) — This programme will seek to incentivise states and union territories to promote alternative fertilisers and the balanced use of chemical fertilisers.… Continue reading Agriculture and Environment Initiatives