Current Affairs - Economy

The growth rate of India's core sector in June was 8.2%, marking a five-month high. The Steel sector demonstrated remarkable growth with an output jump of 21.9% in June. The Index of Industrial Production (IIP) is used for calculating quarterly and advance GDP estimates in India.

The growth rate of digital payments in India during FY23 as indicated by the RBI-DPI is 13.24%. The RBI-DPI index was introduced in March 2018 with a base index value of 100. The RBI-DPI is updated semi-annually with a four-month lag.

The new turnover threshold for companies required to generate e-invoices for B2B transactions and exports under the updated GST rule is ₹5 crore. The previous turnover threshold for e-invoicing under the GST rule was ₹10 crore. The CBIC announced the change in the GST e-invoice rule to boost tax collections and compliance under the GST regime.