INDIA SIGNS $1.5 BILLION LOAN WITH ADB
Focus: GS-II Indian Economy, Prelims Why in news? The Government of India and the Asian Development Bank (ADB) signed a $1.5 billion loan that will support the government’s response to the novel coronavirus disease (COVID-19) pandemic on 28th April 2020. Earlier, the ADB’s Board of Directors approved the loan to provide budget support to the government […]
PANDEMIC WILL DEEPEN JOB AND LIVELIHOOD CRISIS OF MIGRANTS
Why in news? Migrant workers, who constitute about 50% of the urban population and many of whom are engaged in what are called “3D jobs” (dirty, dangerous and demeaning) are likely to face job and livelihood crisis owing to COVID-19 pandemic, according to findings of a research. Details of how grave the situation is? The […]
QUICK NOD LIKELY FOR CHINA INVESTMENTS
Why in news? The Centre plans to fast track the review of some investment proposals from neigbouring countries such as China following concerns new screening rules could hit plans of companies and investors. Background To avoid opportunistic takeovers during the coronavirus (COVID-19) outbreak, India said this past week that all foreign direct investment from countries […]
CENTRE SHOULD ACT NOW ON FRANKLIN TEMPLETON ISSUE
Why in news? The government was urged to act swiftly, before the markets reopen on 27th April, to resolve the situation created by Franklin Templeton Mutual Fund’s decision to wind up six debt schemes. Background about the Franklin Templeton crisis Franklin Templeton Mutual Fund’s decision to wind up six debt schemes is a matter of grave […]
NO PLAN TO EASE FISCAL DEFICIT TARGETS
Why in news? Despite the strain on government finances due to the COVID-19 pandemic, there is no credible proposal to amend the legislation meant to control the fiscal deficit, Chairman of the 15th Finance Commission said. Speaking to presspersons after a two-day meeting of the Commission’s Economic Advisory Council said the government was currently looking […]
RBI TO RESTART OPERATION TWIST TO MANAGE YIELDS
Why in news? The Reserve Bank of India (RBI) has announced simultaneous purchase and sale of government bonds in a bid to soften long-term yields. The central bank will buy ₹10,000 crore of bonds maturing between 2026 and 2030 and sell the same number of T-bills. Details On a review of current and evolving liquidity […]
GLOBAL REMITTANCES TO WITNESS SHARPEST FALL
Why in news? Global remittances are projected to experience their sharpest decline in recent times — 20% — owing to migrants losing jobs and wages because of the COVID-19 pandemic, the World Bank Group said in a report. This is in stark contrast to 2019 when they grew by 6.1%. In India, remittances for 2020 […]
ITAT HOLDS HEARING THROUGH VIDEO CONFERENCING
Why in news? A division bench of the Income Tax Appellate Tribunal (ITAT) through web-based video conferencing platform, heard and disposed of an urgent stay petition on 24th April 2020. It was the first time ever that hearing was done through video conferencing. The ITAT benches based in 27 locations are equipped to hold similar hearings […]
15TH FINANCE COMMISSION HOLDS MEETING WITH ITS ADVISORY COUNCIL
Why in news? The Fifteenth Finance Commission (XVFC) had online meetings with its Advisory Council on 23-24 April, 2020 and discussed various issues confronting the Commission now. What transpired in the meeting? In the meeting all of them were unanimous to suggest that the projections of real GDP growth made before March 2020 need to […]
Ways and Means Advances Meaning- for UPSC
India’s Central bank recently announced an increase in the Ways and Means Advances (WMA) limits to States enabling them “to undertake COVID-19 containment and mitigation efforts” and “to better plan their market borrowings”. For the first half of FY21, WMA limit of States has been increased by 60 per cent over the level as on […]