Current Affairs - Economy

India's Gross Goods and Services Tax (GST) collections in October 2023 amounted to ₹1.72 Lakh Crore. This was a 13.4% increase year-on-year and the highest in 10 months.

The RBI reported that over 97% of ₹2,000 banknotes in circulation as of May 19, 2023, have been returned by October 31, 2023.

India's fiscal deficit for the first half of the 2023-24 fiscal year reached 39.3% of the annual target, up from 37.3% in the previous year. This widening gap between expenditure and revenue amounted to Rs 7.02 lakh crore by the end of September 2023.

The Reserve Bank of India (RBI) recently undertook a comprehensive review of bulk deposit limits for financial institutions, with a particular focus on Regional Rural Banks (RRBs). As a result of this review, the bulk deposit limit for RRBs has been significantly increased from Rs 15 lakh to Rs 1 crore. This adjustment marks a substantial change in the operational framework of RRBs and is intended to foster a more equitable and inclusive banking landscape.

The government has allocated ₹30,000 crore to expand the Pradhan Mantri Fasal Bima Yojana portal. This initiative will transform the PMFBY into a comprehensive platform that will extend insurance coverage beyond crops to include a wide range of agricultural assets.