ON THE FRONT FOOT
Why in news? The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) decided at a meeting to keep the interest rates unchanged in the wake of a rise in inflation, but emphasised that there would be space for rate reduction The introduction of one- and three-year term repos at policy rate of 5.15% […]
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: A LOOK AT WTO’S RULES
How does WTO classify developed and developing countries? The WTO doesn’t define countries as ‘developing’ or ‘developed’. Member nations themselves are required to declare which category they fall under. However, these declarations can be challenged by other member nations. Over two-thirds of WTO’s 164 member countries are developing countries. Advantages of a ‘developing country’ status […]
REIMAGINING OUR ECONOMIC CHOICES
Introduction to our choices The COVID-19 pandemic will reshape all our economic choices. Nations have made a crucial choice in recent weeks, choosing human life over economic growth. Governments including ours have mandated lockdowns to slow the pandemic, relieve the pressure on their hospitals and save lives. Economics is about choices, a study of ‘human […]
MAKING THE PRIVATE SECTOR CARE FOR PUBLIC HEALTH
As the battle against COVID-19 continues in India, it is unclear how well prepared the healthcare system is in dealing with the pandemic. There exist resource constraints at both the Central and State governments and it is clear that government hospitals alone will not be able to manage the fallout. Moreover, even within the government […]
DOUBLING FARMERS INCOME
Why in news? The National Sample Survey Office (NSSO) report for 2013-14, farmers’ average monthly income stood at Rs. 6,426. At present as per the last survey available for 2016-17, it stands at Rs. 8,167. India’s plan to Increase Farmers’ Income National Commission for Farmers was constituted in 2004, chaired by Prof. M. S. Swaminathan, […]
CROP DIVERSIFICATION
Why in news? Department of Agriculture, Cooperation & Farmers Welfare (DAC&FW) is implementing a Crop Diversification Programme (CDP) for replacing paddy crop with less water consuming alternative crops to save water and protect soil in the state of Punjab. What is Crop Diversification Programme? Crop Diversification Programme (CDP), a sub scheme of Rashtriya Krishi Vikas […]
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. […]
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 […]