LIFE TURNS TURTLE FOR MSMEs AS LOCKDOWN CHOKES
Focus: GS-III Indian Economy Why in news? The lockdown ordered to stem the spread of COVID-19 has swept over millions of small and medium enterprises in tier-2 and -3 cities and across. Details Moving people and machines to facilitate work- from-home (WFH) options became a daunting task for many, as per industry executives of some […]
RBI RELAXES EXPORT RULES, ALLOWS STATES AND UTS TO BORROW MORE
Why in news? The Reserve Bank of India (RBI) has announced more measures to fight economic disruptions caused by COVID-19, including extension of the realisation period of export proceeds and allowing States to borrow more. Details of the Extension of Export Proceeds realisation period In view of the disruption caused by the pandemic, the time […]
Union Minster releases National Corona Survey:
Why in news? Dr. Jitendra Singh, Minister of State for Personnel, Public Grievances and Pensions today released the National Preparedness Survey on COVID 19 – Responses of District Collectors and IAS Officers (2014-2018 batches). The objectives of this preparedness survey are as follows: to develop a comparative analysis of COVID 19 preparedness across States; to […]
Lifeline Udan
Why in news: As part of India’s war against COVID-19, the Ministry of Civil Aviation has launched “Lifeline Udan” flights for the movement of medical and essential supplies across the country and beyond. Details: Under this initiative, 62 Lifeline Udan flights have been operated for five days towards March 2020 end, transporting over 15.4 tons […]
WORLD’S RICHEST 2,000 PEOPLE HOLD MORE THAN POOREST 4.6 BILLION COMBINED: OXFAM
Why in news? In its “Time to Care” report, Oxfam said it estimated that unpaid care work by women added at least $10.8 trillion a year in value to the world economy – three times more than the tech industry. Details The Nairobi-headquartered charity said in a report released ahead of the annual World Economic […]
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. […]
SOCIAL MOBILITY INDEX: INDIA RANKS LOW AT 76TH PLACE; DENMARK TOPS
Why in news? India has been ranked very low at 76th place out of 82 countries on a new Social Mobility Index compiled by the World Economic Forum Details The report also lists India among the five countries that stand to gain the most from a better social mobility score that seeks to measure parameters […]
SERVICES SECTOR ACTIVITY GROWTH AT 5 MONTH HIGH
India’s services sector activity gained momentum and touched a five month high in December, supported by an uptick in new business orders that boosted output and employment IHS Markit India Services Business Activity Index improved from 52.7 in November to 53.3 in December 2019, highlighting the second strongest rate of increase in output in over […]
STRESSED URBAN COOPERATIVE BANKS TO FACE PCA LIKE CURBS
Why in News? The Reserve Bank of India (RBI) has decided to impose restrictions on urban cooperative banks (UCBs) for deterioration of financial position, in line with the prompt corrective action (PCA) framework that is imposed on commercial banks RBI’s action includes cancellation of banking license Under this revised Supervisory Action Framework (SAF), UCBs will […]
RBI GIVES IN-PRINCIPLE NOD TO SHIVALIK MERCANTILE TO CONVERT TO SFB
Uttar Pradesh based Shivalik Mercantile Co-operative Bank Ltd to convert to a small finance bank (SFB), becoming the first urban cooperative bank (UCB) to make the transition The UCB will get 18 months to comply with the requirements under the scheme, which state that banks with a minimum net worth of ₹50 crore and capital […]