Tag: Recent Economic Trends

Recent Economic Trends  Indian Economy grows 7.8% India’s Gross Domestic Product (GDP) and the Gross Value Added (GVA) grew at 7.8% in the first quarter of the financial year 2023-24 (April-June period). Agriculture, forestry and fishing GVA grew 3.5% Financial, real estate and professional services GVA grew 12.2%. GVA from trade, hotels, transport, communications, and services related to broadcasting rose 9.2%.  GVA from public administration, defense, and other services, as well as the employment intensive construction sector, rose 7.9% each. About GDP and GVA GDP and GVA are the two main ways to ascertain the country’s economic performance. The GDP measures the monetary measure of all “final” goods and services produced in a country in a given period.  The GVA calculates the national income from the supply side.

Indices Coal 2022: Analysis and forecast to 2025 It is an annual report of International Energy Agency (IEA) which offers a thorough analysis of recent trends in coal demand, supply, trade, costs and prices. Key highlights Global coal use is set to rise by 1.2% in 2022, surpassing 8 billion tonnes in a single year for the first time. India, along with China, is world’s largest coal producer, consumer and importer. India’s coal production will surpass a billion tonnes by 2025 and will surpass China. Its coal consumption has doubled since 2007 at an annual growth rate of 6%. About IEA Formation – 1974 Members - 31 (India not a member) Headquarters - Paris, France Recent Economic Trends India's direct tax collection grows 26% to ₹13.63 lakh cr for FY23 According to the Income Tax Department of India, India's gross direct tax collections for the financial year 2022-23 have registered a growth of 25.90%. The gross collection stands at ₹13,63,649 crore as of 17 December 2022. Last year, in the corresponding period it was at ₹10,83,150 crore. The Budget had estimated a direct tax collection of ₹14.20 lakh crore this financial year, higher than the ₹14.10 lakh crore collected last fiscal (2021-22). The largest share in Net Direct Tax collection is of Corporation Tax then Personal Income Tax (PIT) including Security Transaction Tax (STT) constitutes the rest. Note A direct tax is a tax that a person or organization pays directly to the entity that imposed it. Example: income tax, real property tax, personal property tax, or taxes on assets.