MSMES NEED HUGE PACKAGE
Why in news? Warning that the COVID-19 lockdown has thrown MSMEs — Micro, Small and Medium Enterprises — into deep distress, opposition has urged the Centre to set up a ₹1 lakh crore corpus fund as part of a relief package for the sector. Views of the Opposition There are over 6.3 crore MSMEs in […]
INDUSTRIAL OUTPUT GROWS 4.5% IN FEB
Why in news? India’s factory output accelerated 4.5% in February in comparison to the previous year. The growth in the Index of Industrial Production came on the back of higher output in mining, electricity and manufacturing sectors, according to the data released by the National Statistical Office on 9th April 2020. Details of Growth The cumulative […]
INFLATION MAY DROP TO 2.4% IN FY21: RBI
Why in news? The consumer price index (CPI)-based inflation, which had stayed elevated in the last few months, is expected to soften during the course of the financial year, the Reserve Bank of India (RBI) said in its monetary policy report (MPR). The Monetary Policy Report was published on 9th April 2020 following the unscheduled monetary […]
WORLD FACES NEW ‘GREAT DEPRESSION’, HALF A BILLION FACE POVERTY
Focus: GS-III Indian Economy, Economic Development, Disaster Management Why in news? The global coronavirus pandemic is causing an economic crisis unlike any in the past century and will require a massive response to ensure recovery, IMF said on 9th April 2020. Around half a billion people could be pushed into poverty as a result of the […]
IRDAI PERMITS INSURERS TO GRANT THREE MONTHS’ MORATORIUM ON TERM LOANS
Why in news? The Insurance Regulatory and Development Authority of India (IRDAI) has permitted insurers to grant a moratorium of three months on repayment of term loans sanctioned by them. Details: Considering the cash flow problems faced by the borrowers and in line with the recent directions of the RBI on moratorium on term loans, […]
ECONOMY TO CONTRACT 4.5% IN FOURTH QUARTER, SAYS ICRA
Why in news? The Indian economy is likely to witness a sharp contraction of 4.5% during Q4FY20 and is expected to recover gradually to post a GDP growth of just 2% in FY21, rating agency ICRA said. Details: ICRA said it reduced the growth forecast due to the nationwide lockdown imposed in the backdrop of […]
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 […]