RBI ADVANCES SECOND TRANCHE OF OMO
Focus: GS-III Indian Economy Why in news? The Reserve Bank of India (RBI) has advanced its liquidity infusion plan by purchasing government bonds following a review of ‘current liquidity and financial conditions’. The RBI had announced open market operations (OMOs) of ₹30,000 crore in March 2020 — the first tranche was scheduled for March 24 […]
CENTRE AMENDS LAW TO ENABLE EXCISE DUTY INCREASE ON FUEL
Focus: GS-III Indian Economy, Why in news? Finance Minister Nirmala Sitharaman, on 23rd March 2020 moved an amendment to the Finance Bill, 2020, to raise the limit up to which the government can raise special excise duty on petrol and diesel to ₹18 per litre and ₹12, respectively. No hike planned for now This is […]
CABINET GIVES CLEARANCE FOR TECHNICAL TEXTILES MISSION
Focus: GS-III Indian Economy and Economic Development, Industry and Infrastructure Why in news? The Cabinet Committee on Economic Affairs (CCEA) has approved the setting up of a National Technical Textiles Mission at an total outlay of ₹1,480 Crore. The aim is to position the country as a global leader in technical textiles and increase the […]
FOREX RESERVES RISE TO RECORD $476 BILLION
Why in News? The country’s foreign ex Mumbai change reserves swelled by $3.091 billion to a lifetime high of $476.092 billion in the week to February 14, mainly due to a rise in foreign currency assets, according to RBI data The Foreign exchange reserves of India consists of below four categories: Foreign Currency Assets Gold […]
ECONOMY NEEDS MORE MONETARY STIMULUS: RBI GOVERNOR
Why in news? Economy needs a further monetary stimulus, thus indicating that the central bank was open to cutting interest rates as Green shoots are visible While the macroeconomy needs further monetary stimulus, the inflation outlook continues to be uncertain Considering the overall evolving growth inflation situation, it would be prudent to continue the focus […]
FOODGRAINS PRODUCTION SET TO TOUCH A RECORD HIGH
Why in news? Total foodgrains production is projected to scale an all-time high of almost 292 million tonnes in 2019-20, propelled by record production of both rice and wheat
INDIA TO WITNESS SEVERE FOOD INFLATION DUE TO EXTREME WEATHER
Rising prices of food items, particularly that of vegetables, have spiked retail inflation to a 68-month high of 7.59 per cent in January 2020, according to the National Statistical Office Extreme weather events have led to crop damages, leading to a collapse in the supply of vegetables at a time of the year when they […]
Finance Minister announces ₹1.70 lakh crore package for poor
Ms. Sitharaman announced a slew of welfare decisions as the nation is under lockdown due to COVID-19 pandemic. Here are the highlights from her speech: The Finance Minister announced ₹1.70 lakh crore package Pradhan Mantri Gareeb Kalyan Yojana, targetting 80 crore people. Under the scheme, for next three months, each person will get additional 5 […]
DOUBLE WHAMMY: INFLATION UP, IIP DOWN
Why in news? Government data showed industrial production contracted again in December 2019, Retail inflation(CPI) surged to an almost six-year high of 7.59%. The Index of Industrial Production (IIP) recorded a negative growth of 0.3% in December in comparison to the same month the previous year, according to the National Statistical Office (NSO). The IIP […]
GOVERNMENT MULLS ENHANCING AUDIT INDEPENDENCE, ACCOUNTABILITY
The government has proposed significant amendments to existing regulations to enhance independence and accountability of auditors. Background: Many auditors and auditing entities coming under the regulatory lens for alleged misdoings Suggestions for curbing five “threats” for the independence of auditors which pertain to self-interest, self-review, advocacy, familiarity and intimidation. economic concentration of the “Big Four” […]