MIGRANT FOODGRAIN SCHEME REACHED LESS THAN 15% OF TARGET
Focus: GS-III Indian Economy Why in news? The Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) scheme to provide free rations to eight crore migrants under the Aatmanirbhar package reached less than 15% of its target beneficiaries, according to data provided by the Food Ministry Details The PMGKAY Scheme was announced by the Union Finance Minister […]
EIGHT CORE INDUSTRIES’ OUTPUT CONTRACTS 23.4% IN MAY 2020
Focus: GS-III Indian Economy, Industry and Infrastructure Why in news? The output of eight core infrastructure industries shrank by 23.4% in May 2020 due to the COVID-19 Lockdown. Details Barring fertiliser, all seven sectors — coal, crude oil, natural gas, refinery products, steel, cement, and electricity — had recorded negative growth in May. During April-May […]
SPECIAL LIQUIDITY SCHEME FOR NBFCS AND HFCS
Focus: GS-III Indian Economy Why in news? The Union Minister for Finance & Corporate Affairs announced the launch of a Special Liquidity Scheme of Rs. 30,000 crores, to improve the liquidity position of NBFCs as well as HFCs. Details RBI will provide funds for the Scheme by subscribing to government guaranteed special securities issued by […]
MIGRANT CRISIS MAY HURT INCOMES IN POORER STATES
Focus: GS-III Indian Economy Why in news? The only high frequency indicators which are available for the period after the lockdown are the Purchasing Managers’ Indices (PMI). Both the manufacturing and services indices crashed to their lowest-ever values. Among the most visible economic impacts of the lockdown has been a massive reverse migration of workers […]
BANKING INDUSTRY SEEKS RELIEF FROM SC AS DRTS REMAIN SHUT
Focus: GS-III Indian Economy, Prelims Why in news? The banking industry has sought relief from the Supreme Court as the Debt Recovery Tribunals (DRTs) have remained shut for more than two months due to lockdown, seriously impeding recovery of dues. Details Non-availability of DRTs and Debt Recovery Appellate Tribunals (DRATs) during lockdown denied banking and […]
GROSS VALUE ADDED AND THE RELEVANCE TO GDP
Focus: GS-III Indian Economy, Prelims Why in news? The National Statistical Office (NSO) released the provisional estimates of national income for the financial year 2019-20 in which the real GDP was estimated to have expanded by 4.2% in the full fiscal year – slowest pace of growth in 11 years. The release also detailed the […]
GROWTH TRAJECTORY OF DIRECT TAX COLLECTION & RECENT DIRECT TAX REFORMS
Focus: GS-III Indian Economy Drop in net tax collection The net direct tax collection for the FY 2019-20 was less than the net direct tax collection for the FY 2018-19. This fall in the collection of direct taxes is on expected lines and is temporary in nature due to the historic tax reforms undertaken and […]
ADDRESSING PRE-COVID ISSUES IS CRUCIAL FOR INDIA’S RECOVERY
Focus: GS-III Indian Economy Factors that Affect the Economic Impact of the Pandemic How hard the Economic Impact of the Pandemic will be felt is dependent on three factors: The economic situation before the pandemic hit. How the pandemic interacts with existing economic and social fault lines. The policy response to the pandemic. India’s Economic […]
MASSIVE SPIKE IN FOREIGN FLOWS INTO MARKET
Focus: GS-III Indian Economy Why in news? Within the first week of June 2020, the quantum of foreign flows in the equity market has surpassed that of any other month in 2020. The cumulative foreign flows in equities this year, however, is still negative, since March and April 2020 saw huge outflows. Foreign portfolio investors […]
DEBTORS NEED WAIVERS THAT BANKS CAN’T AFFORD
Focus: GS-III Indian Economy Why in news? India’s Supreme Court has sought the response of the finance ministry on demands by debtors for an interest waiver during the moratorium until August. Argument calling for a waiver The moratorium lacks generosity, since credit charges are only to be held in abeyance, not pardoned, with the eventual […]