IMF BRINGS DOWN INDIA’S GROWTH FORECAST TO 4.8%
Why in news? The International Monetary Fund (IMF) on 20th January, lowered India’s economic growth estimate for the current fiscal to 4.8% Reasons for slowdown. Decline in rural demand growth and an overall credit sluggishness for the lowering of India forecasts IMF The International Monetary Fund (IMF), is an international organization headquartered in Washington, D.C. […]
UNION CABINET APPROVES RECAPITALISATION OF RRBs
Focus: GS-III Indian Economy Why in news? The Centre has approved a ₹1,340-crore recapitalisation plan for regional rural banks (RRBs) to improve their Capital-to-Risk weighted Assets Ratio (CRAR), strengthening these institutions that are critical to the provision of credit in rural areas. On 25th march 2020, the Cabinet Committee on Economic Affairs gave its nod […]
FINANCE MINISTRY WRITES TO RBI FOR RELAXING FARM LOAN NPA NORMS
Focus: GS-III Indian Economy, Economic Development Why in news? The Finance Ministry has asked the Reserve Bank of India (RBI) to relax asset classification norms for farm loans extended by banks following the stress faced by the agriculture sector. What did the Ministries and Departments say? Finance Ministry requested to consider making appropriate relaxation in […]
WHITE HOUSE, CONGRESS AGREE ON $2 TRILLION VIRUS RESCUE BILL
Focus: GS-III Disaster Management, Economic Development Why in news? The White House and Senate leaders of both parties announced agreement early 25th March on unprecedented emergency legislation to rush sweeping aid to businesses, workers and a health care system slammed by the coronavirus pandemic. The urgently needed pandemic response measure is the largest economic rescue […]
MCA TO INTRODUCE ‘SPICe+’ FORM TO REPLACE EXISTING SPICe FORM
Details As part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs would be shortly notifying & deploying a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus) replacing the existing SPICe form. SPICe+ would be an integrated Web form offering multiple services viz. name reservation, incorporation, DIN allotment, mandatory […]
CORE SECTOR GROWTH
Why in news? Eight core industries recorded a 2.2 per cent growth in January helped by expansion in the production of coal, refinery products and electricity Details: It contains index, production and growth of Eight Core Industries. Eight Core Industries are Electricity , steel, refinery products, crude oil, coal, cement, natural gas and fertilizers. The […]
CABINET GIVES CLEARANCE FOR TECHNICAL TEXTILES MISSION
Focus: GS-III Indian Economy and Economic Development, Industry and Infrastructure Why in news? The Cabinet Committee on Economic Affairs (CCEA) has approved the setting up of a National Technical Textiles Mission at an total outlay of ₹1,480 Crore. The aim is to position the country as a global leader in technical textiles and increase the […]
FOREX RESERVES RISE TO RECORD $476 BILLION
Why in News? The country’s foreign ex Mumbai change reserves swelled by $3.091 billion to a lifetime high of $476.092 billion in the week to February 14, mainly due to a rise in foreign currency assets, according to RBI data The Foreign exchange reserves of India consists of below four categories: Foreign Currency Assets Gold […]
ECONOMY NEEDS MORE MONETARY STIMULUS: RBI GOVERNOR
Why in news? Economy needs a further monetary stimulus, thus indicating that the central bank was open to cutting interest rates as Green shoots are visible While the macroeconomy needs further monetary stimulus, the inflation outlook continues to be uncertain Considering the overall evolving growth inflation situation, it would be prudent to continue the focus […]
ONE IN THREE ADOLESCENTS FACE ONLINE ABUSE, FINDS STUDY BY NGO
Why in news? NGO — Child Rights and You (CRY) — conducted a survey in collaboration with Forum for Learning and Action with Innovation and Rigor (FLAIR). It was conducted among 630 adolescents aged between 13-18 years from eight schools in Delhi NCR More about survey One in every three adolescents exposed to the Internet […]