Introduction Foreign trade is one of the most critical drivers of India’s economic growth. As a large, resource-rich, and population-dense country, India engages extensively with the global market to export goods and services and import items necessary for industrialization, technology, and consumption. Foreign trade reflects the economic strength of a nation, its global competitiveness, and…
Introduction The exchange rate is a crucial determinant of a nation’s economic stability and global competitiveness. For an emerging economy like India, with growing trade and financial integration, maintaining exchange rate stability is vital. The Reserve Bank of India (RBI), as the central bank, plays a central role in managing exchange rate movements to ensure…
Introduction Foreign exchange and exchange rate systems are central to the functioning of modern economies in an interconnected world. They determine the value of a country’s currency in relation to others, directly affecting trade, investment, capital flows, tourism, and economic stability. For a developing economy like India, foreign exchange management and exchange rate policy are…
Introduction The management of foreign exchange is a crucial aspect of a nation’s economic policy, as it directly influences trade, investment, currency stability, and overall macroeconomic development. In India, two important legislations have shaped the regulation and management of foreign exchange — FERA (Foreign Exchange Regulation Act, 1973) and its successor, FEMA (Foreign Exchange Management…
Introduction The 21st century has placed nations at the intersection of technology, governance, and economic transformation. In this context, the debate over whether India requires an Engineering Commission or an All India Engineering Service (AIES) has become more relevant than ever. India, with its growing dependence on large-scale infrastructure, digital systems, renewable energy, defense technologies,…
Introduction The global economy has become increasingly interdependent, with international trade serving as a lifeline for growth, industrialization, and technological advancement. However, this interdependence also exposes countries to external shocks arising from disputes between major economic powers. The U.S.-China trade war, which began in 2018, has been one of the most significant disruptions in the…
Introduction In the globalized economy of the 21st century, international trade forms the backbone of economic growth for both developed and developing countries. For a country like India, which is steadily moving towards becoming the world’s third-largest economy, exports are not merely a source of foreign exchange but also a driver of industrial growth, employment…
Introduction The Goods and Services Tax (GST), introduced in India in 2017, was one of the most significant indirect tax reforms in the country’s history. It aimed to replace the complex web of state and central taxes with a unified system, ensuring “One Nation, One Tax.” However, over the years, issues such as multiple tax…
Introduction The Goods and Services Tax (GST), implemented in India in July 2017, was hailed as one of the most significant tax reforms since independence. It aimed to unify the complex indirect taxation system into a “One Nation, One Tax” framework. Over the years, however, challenges such as revenue leakage, compliance burdens, disputes over rates,…
Introduction Fiscal discipline and stability are crucial for any economy aiming for sustainable growth. In India, fiscal deficits have historically been a recurring concern due to high expenditure on subsidies, welfare schemes, and developmental projects, combined with limited revenue mobilization. To address the growing fiscal imbalance, the Government of India has constituted various committees from…