80% of the demand of crude in India is fulfilled through imports of crude oil. For example, if we are consuming 100 barrels of crude oil, then we are importing 80 of those barrels from outside. This means that there is only 20% production of crude oil done through our domestic facilities. So, we have a huge demand from the foreign markets. And that is why it is impacting our import bill on such a large scale. And because of high import bill, we can see its effect on higher prices, fiscal deficit, current account deficit and other things.
What is IIP? The Index of Industrial Production (IIP) is an index for India which details out the growth of various sectors in an economy such as mineral mining, electricity and manufacturing The Index of Industrial Production (IIP) can be defined as a combined indicator, expressed in the form of an index number. Basically it is a … Continue reading What is IIP (Index of Industrial Production) ? – Definition, Details & Calculations
Let’s understand the FPI or FII investments over the period of last 25 year. 1992 to 1999 Major investment inflow from FPIs or FIIs started from the year 1992-93. Post-liberalization a lot of things have been changed in India, particularly in Indian Capital Market where a lot of foreign flow started coming in. For the … Continue reading Foreign Institutional Investors (FIIs) Activity Since 1992
Before we understand about Fiscal deficit, we should know about various types of revenues & expenditure of Indian government – Revenue ReceiptsThe earnings made by the government which neither create liabilities or reduce assets of the government. For example, receipts from tax collections, interest on investments, dividend earnings and earnings from services provided. Capital ReceiptsThe earnings … Continue reading What is Fiscal Deficit? | Difference between Fiscal, Primary & Revenue Deficit
Background on Shaktikanta Das Is an IAS officer. Became Revenue Secretary in June 2014. A revenue secretary looks over the collection of direct taxes (income tax) and indirect taxes (VAT, service tax, etc. previously, now GST). Was Revenue Secretary till 2015. He has a great knowledge regarding taxation and tax in the economy. Was the … Continue reading Meet our New RBI Governor – Mr. Shaktikanta Das