NO GREEN SHOOTS OF A REVIVAL IN SIGHT AS YET
Why is news? On February 28, as per its release calendar, the National Statistical Office (NSO) put out the third quarter gross domestic product (GDP) estimates, that is, for October-December 2019. Is it Economic Revival? Domestic output grew at 4.7% at constant prices (that is, net of inflation) in 2019, compared to the same period […]
DOUBLE-EDGED SWORD: ON SUPREME COURT’S CRYPTOCURRENCY RULING
Why in news? The Supreme Court has struck down a 2018 circular by the Reserve Bank of India (RBI) that directed entities not to provide services to those trading in “virtual currencies” (cryptocurrencies), as “disproportionate”. What was done about Cryptocurrencies? Ministerial committee recommendations, and warnings by institutions such as the RBI were: The problematic nature […]
MONETARY POLICY CAN’T COMBAT THE COVID-19 IMPACT
Why in news? The huge 50 basis points cut in rates by the U.S. Federal Reserve on 3rd March 2020, to lift economic sentiment hit by COVID-19 has disrupted central banking worldwide. Even as analysts debate whether a monetary policy response is the right strategy, central banks across the world are feeling the pressure to […]
BANKING ON BAILOUTS
Why in news? Just one day after it placed the financially troubled Yes Bank under a moratorium, the Reserve Bank of India announced a draft ‘Scheme of Reconstruction’ that entails the State Bank of India (SBI) investing capital to acquire a 49% stake in the restructured private lender. Views on the Moratorium on Yes Bank […]
AN UNREST, A SLOWDOWN AND A HEALTH EPIDEMIC
Why in news? This article is written by Former Prime Minister Dr Manmohan Singh. He listed following issues India is facing today: Trinity of social disharmony, economic slowdown and a global health epidemic. Social unrest and economic ruin are self-inflicted while the health contagion of COVID-19 disease, caused by the novel coronavirus, is an external shock. Communal tensions have been […]
WHAT IS NEXT FOR VIRTUAL CURRENCY?
Why in news? The Supreme Court set aside a ban by the Reserve Bank of India (RBI) on banks and financial institutions from dealing with virtual currency holders and exchanges. Why did SC put aside ban? The court held that the ban did not pass the “proportionality” test. The test of proportionality of any action by […]
HOW TO HANDLE THE CORONAVIRUS(COVID-19) SCARE?
What test is done for coronavirus? The first test that samples of all suspected patients are sent for is the polymerase chain reaction (PCR) test. If that is positive, the sample is sent to the National Institute of Virology in Pune, which is the only government laboratory currently doing genome sequencing, for final confirmation. This […]
BOTTOM OR MIRAGE?
Why in news? Official estimates of gross domestic product for the fiscal third quarter have pegged growth in the festival demand-filled October-November month period at 4.7%, a distinct slowdown from the revised year-earlier and preceding quarters’ 5.6% and 5.1% paces respectively. Growth of different sectors: Manufacturing, which contributes just under a fifth to gross value added (GVA), was […]
VIRAL ECONOMIES
Why in news? The global economy appears headed for uncharted, troubled territory because of the second wave of the coronavirus that has now spread to countries as far apart as Nigeria and New Zealand Financial impact of COVID The virus has crippled global supply chains, hit air travel and convulsed markets as it appears all set to adversely impact the U.S. […]
EXPLAINED: WHY SNOW IN ANTARCTICA IS TURNING BLOOD-RED
Why in news? Snow around Ukraine’s Vernadsky Research Base, located off the coast of Antarctica’s northernmost peninsula, has started to take on a red tinge, courtesy of an algae that thrives in freezing weather. Because of the red tinge, the snow is often dubbed “watermelon snow”. Why is the snow turning red? Algae found around […]