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 […]
DOUBLE BURDEN OF MALNUTRITION: NEED FOR URGENT POLICY ACTION
2019 was remarkable for nutrition in India as – After years of slow and somewhat tentative action to acknowledge, understand and act on the challenge of undernutrition, India’s National Nutrition Mission brought focus and ambition and a range of actions followed. Changes seen: National and State Governments mobilised District Administrators engaged Private sector mobilised in […]
MOODY’S CUTS INDIA GDP GROWTH FORECAST
Focus: GS-III Indian Economy, Prelims Why in news? Moody’s Investors Service sharply cut India’s growth forecast for calendar 2020 to 2.5% from 5.3% estimated barely 10 days ago after the government ordered a nationwide lockdown to curb the spread of the coronavirus. The ratings company estimates a 5% growth for calendar 2019. Global Economy may […]
WORLD IS NOW IN RECESSION: IMF
Focus: GS-III Indian Economy, Prelims Why in news? The COVID-19 pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief said on 27th March 2020. Highlights Over 80 countries, mostly with low incomes, have already requested emergency aid from the International Monetary Fund. $2.2 trillion […]
RBI CUTS RATES, ALLOWS LOAN MORATORIUM
Focus: GS-III Indian Economy Why in news? The Reserve Bank of India (RBI) has opened up the liquidity floodgates for banks even as it reduced the key interest rate sharply by 75 bps and allowed equated monthly instalments (EMIs) to be deferred by three months in a move to fight the economic impact of the […]