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Why in the News? The U.S. has implemented new tariffs targeting major trading partners like China, Canada, and Mexico. These protectionist measures could disrupt global supply chains, impact economies, and trigger retaliatory tariffs, raising concerns about economic instability and escalating trade conflicts. Consequences of Tariff Wars Tariff wars increase production costs by raising the price …
Read MoreWhy in the News? The zero-for-zero tariff approach is being considered as a way for India to counter US reciprocal tariffs. This method involves mutual tariff elimination on select goods, offering a faster alternative to bilateral trade deals and minimizing the impact of new trade barriers. Impact of Reciprocal Tariffs on India If uniform reciprocal …
Read MoreWhy in the News? President Donald Trump announced reciprocal tariffs on major US trade partners, aiming to reduce the trade deficit and boost domestic manufacturing. However, retaliatory tariffs, market instability, and rising economic uncertainty have raised concerns about a potential global recession. Key Announcements and Rationale: President Donald Trump announced “reciprocal tariffs” on US trade …
Read MoreSyllabus: GS-2: Global Groupings Focus: The U.S. administration has halted foreign aid and scaled back personnel at the U.S. Agency for International Development (USAID), placing a 90-day pause on assistance programs. This move raises concerns about its impact on global development projects, humanitarian aid, and economic stability in several countries, particularly in the Global South. …
Read MoreWhy in the news? The upcoming Union Budget for FY2025-26 highlights newly launched schemes with significant funding and others with reduced allocations. Key sectors like AI, renewable energy, and electric mobility are expected to receive substantial financial support in the budget. Recently Launched Schemes (2024-25 Allocations): Solar Rooftop Installation Scheme: ₹6,250 crore for promoting solar …
Read MoreSyllabus: GS-3: Fiscal Policy, Monetary Policy, Capital Market Focus: The Indian rupee has recently experienced sharp devaluation due to rising capital outflows, increasing import costs, and a shift in RBI’s exchange rate policy, raising concerns about inflation, export competitiveness, and economic stability in a global context of financial uncertainties. Understanding Exchange Rate Dynamics: Exchange Rate …
Read MoreWhy in the News? The National Statistical Office (NSO) released the first advance estimates for GDP for the financial year 2024-25 on January 7. India’s economy is projected to witness a year-on-year (YoY) slowdown in GDP growth: Growth rate for 2023-24: 2% Expected growth rate for 2024-25: 4% The YoY decline may not fully reflect …
Read MoreSyllabus: GS-3: Economics of Animal-Rearing Why in the news? The Ministry of Commerce revised gold import data for April-November 2024, correcting a significant error caused by technical glitches in data migration systems. This revision reduces gold import figures by $12 billion, influencing decisions on import duties and addressing concerns over trade deficits and smuggling. Background …
Read MoreWhy in the news? The Ministry of Statistics and Programme Implementation seeks expert opinions on how to include free PDS items and social transfers in the new Consumer Price Index (CPI). Challenges in Including PDS Items in CPI: The Ministry of Statistics and Programme Implementation (MoSPI) is addressing how to include PDS items and free …
Read MoreWhy in the news? Tamil Nadu Assembly passed a resolution urging the Union government to revoke Hindustan Zinc Limited’s tungsten mining license in Madurai, citing threats to biodiversity, archaeological heritage, and environmental concerns, following local protests and opposition. TN Assembly Opposes Tungsten Mining in Madurai: The Tamil Nadu Legislative Assembly has passed a resolution requesting …
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