Current Socio-Economic Problems
Ban on onion export
- The Directorate General of Foreign Trade (DGFT) has imposed a ban on the export of onions till March 31, 2024 to curb the surging local prices of the product.
- On August 19, the Union government had imposed a 40% duty on the export of onions until December 31.
Current Economic Trends
Monetary Policy Committee (MPC)
- The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) made the following important decisions
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- To keep key interest rates unchanged.
- Raised its GDP growth projection for 2023-24 to 7% from 6.5%.
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- Retained its average inflation forecast at 5.4%
- Warned that inflation could spike through November and December 2023
