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” […]
CREDIT, DEBIT CARD DETAILS OF 4 LAKH INDIANS UP FOR SALE
Why in news? A whopping 98% out of a large packet of sensitive credit and debit card details, that have been put up for sale on the dark net, are those of Indian customers, GroupIB a Singapore based cybersecurity company has revealed. According to GroupIB’ s statement released, the stash of 4,61,976 card payment details […]
RATES TO FALL DESPITE RBI’S STATUS QUO
Why in news? The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) decided at a meeting to keep the interest rates unchanged in the wake of a rise in inflation, but emphasized that there would be space for rate reduction
NILGIRIS: PESTICIDE LEVELS IN POTATO, CARROT
Why in news? A study of fruits and vegetables grown in the Nilgiris has found that some of the produce might be harbouring high levels of pesticide, beyond what is considered advisable Details: Organophosphate use was high in carrot and potato cultivation Using liquid chromatography in tandem with mass spectrometry, the research team developed a […]
RAIL, FLIGHT SERVICES TO TRANSPORT FARM PRODUCE
Why in news? FM has announced ‘Kisan Rail’ Programme Details The Centre has raised the target for agricultural credit by 11% to ₹15 lakh crore in 2020-21 and proposed to begin special rail and flight services to transport farm produce as part of a 16-point action plan for the agriculture sector announced in the Union […]