There are three main dimensions of development: economic, social, and environmental. The economic dimension deals with the efficiency of economic and technological activities, fostering investment and productivity, economic growth, and economic output potential. The economic dimension informs us on how to handle limited resources well and to use them in a way that will benefit…
We know that banks allow us to make payments only up to the credit balance available in our Savings Bank Account or Current Account. Whatever amount we have deposited to the account is credited to our account and whatever payments made through the account or amount withdrawn from the account is debited to the account.…
The terms ‘economic growth’ and ‘economic development’ sound similar. However, the two concepts are different. While economic growth is a quantitative concept, economic development is both a qualitative and qualitative concept. However, Economic development cannot be achieved without economic growth. Let us study here how they are different from each other. What is Economic Growth?…
A foreign trade policy provides a set of guidelines that help a country achieve its domestic production and export goals. The Government of India and the Ministry of Commerce and Industry release Foreign Trade Policies (FTP) every five years; the previous FTP (2015-20) came into effect in April 2015. FTP 2015-20 provides a framework for…
The Foreign Trade Policy (FTP) is a policy framework that defines the government’s strategy for promoting trade and investments in the country. The FTP of India underwent several structural changes during the 1990s, which were crucial for the economic development of the country. The major changes to trade policy in the post-1991 period are a…
Updated and reposted on 14.06.2024 The master circular on Health Insurance products repeals 55 circulars issued earlier and is a significant stride towards reinforcing the empowerment of policyholders and bolstering inclusive health insurance, Irdai said in a statement. IRDAI has issued several new guidelines in 2024, making health insurance more inclusive for all. Important guidelines…
The Reserve Bank of India on Tuesday came out with draft guidelines to further strengthen regulations on payment aggregators, a move aimed at boosting the payment ecosystem. The payments ecosystem in India includes online Payment Aggregators (PA-Os) and Physical Payment Aggregators (PA-P) that cover Point of Sales business, which facilitate face-to-face/proximity payment transactions. For ease…
Global economic integration involves agreements between countries that usually include the elimination of trade barriers and aligning monetary and fiscal policies, leading to a more inter-connected global economy. Globalization provides easy access to foreign resources, including labour markets, to maximize returns and benefit the common good. The capital moved between two or more places, commodities…
In a statement on Monday, the RBI said it has been decided to harmonise the instructions on KFS for loans and advances. “This is being done to enhance transparency and reduce information asymmetry on financial products being offered by different regulated entities, thereby empowering borrowers to make an informed financial decision,” the RBI said. Key…
(This post covers reforms in the financial sector of India covering banking, money market, Government securities market, foreign exchange market, capital market, Credit market, and Payment systems since the 1990s) A country’s financial system comprises commercial banks, insurance companies, non-banking financial companies, co-operatives, pension funds, mutual funds securities markets, and investment funds, and other smaller…