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ED scores over citizen's fundamental rights in Supreme Court ruling on Money Laundering Act
The Supreme Court verdict on the Prevention of Money Laundering Act (PMLA) lends more power to the ED and infringes on an individual’s fundamental rights
Retail inflation prints at 6.71% in July, declining for the third straight month
The drop in inflation in July is primarily attributed to easing global commodity prices given the looming recession fears. The international crude oil prices are down about 9% this month and below 100 dollars a barrel, hitting pre-Ukraine crisis lows. The fuel tax cut announced by the government has contributed to lower fuel price-based inflation. Restrictions on wheat exports and lower import duties have contributed to easing the pressure on food items.
Tax Revenues
It is the income that is gained by governments through levying taxes on the incomes and wealth of individuals and corporations, and on the goods and services produced, exported and imported.
Union Budget
It comprises of the money received by a government from taxes and non-tax sources to enable it to undertake government expenditures and is an important tool of the government's fiscal policy.
Gross Fixed Capital Formation (GFCF)
Also regarded as 'net investment', it measures the value of net fixed asset acquisitions by the governments, businesses and pure households.
Consumer Confidence
It is an economic indicator that measures the degree of optimism or pessimism that consumers feel about the overall state of the economy and their personal financial situation.
Wholesale Inflation
It measures the changes in the wholesale price of basket of 697 goods. The quantum of rise in the WPI month-after-month is used to measure the level of wholesale inflation in the economy.
Retail Inflation
It is a general rise in consumer price levels where a unit of currency effectively buys lesser goods and services. More commonly, people refer to inflation as "the rising cost of living".
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Tweet of the day
The BJP government admitted in Parliament today that since 2014, while 22 crore youth applied for jobs, the Central govt. was able to provide only 7.22 lakh jobs. #unemployment #TalkingPoint pic.twitter.com/QCudxeuQyr
— The Mirrority (@TheMirrority) July 28, 2022
Stat of the Day
