YES BANK PLACED UNDER MORATORIUM BY RBI TILL APRIL 3
Focus: GS-III Indian Economy, Prelims Why in news? The government has put private sector lender Yes Bank under moratorium till April 3 and capped deposit withdrawal at ₹50,000 after severe deterioration of the bank’s financial position. The decision was taken by the government after an application from Reserve Bank of India (RBI). Why was it […]
PUBLIC SECTOR BANK MERGERS GET APPROVAL
Focus: GS-III Indian Economy Why in news? The merger of public sector banks (PSBs) will become effective from April 1, 2020, with the Cabinet giving nod to the proposal on 4th March 2020. Details The consolidation of 10 PSBs into four includes the merger of: Oriental Bank of Commerce and United Bank of India into […]
BOND YIELDS DECLINE ON EXPECTATION OF RATE CUT
Focus: GS-III Indian Economy, Economic Development Why in news? There is a growing expectation in the domestic market that the Reserve Bank of India will be cutting the repo Rate after the U.S. Federal Reserve reduced interest rates on 3rd March 2020, to fight the economic slowdown due to the spread of COVID-19. Bond yields […]
NOD FOR CHANGES TO COMPANIES ACT FOR DECRIMINALISING OFFENCES
Focus: GS-III Indian Economy, GS-II Governance Why in news? On 4th March, the Union Cabinet approved the proposal to amend 65 sections of the Companies Act, in a bid to decriminalise a number of offences and ease corporate social responsibility (CSR) requirements, especially for smaller companies. The amendment bill will also enable the listing of […]
CUT IN BUDGETARY ALLOCATION WILL JEOPARDISE TOURISM: HOUSE PANEL
Focus: GS-III Indian Economy, Economic Development Why in news? The Finance Ministry’s move to cut down the budgetary allocation for the Tourism Ministry in the 2019 financial year will ‘seriously jeopardise’ the targeted tourism outcomes during 2020-21, a Parliamentary panel has said in its report. Details The huge mismatch between the projected demand for funds […]
RUPEE IN FREE FALL ON COVID-19 FEARS; RBI SOOTHES MARKET
Focus: GS-III Indian Economy Why in news? The rupee fell for the third consecutive session on 3rd March 2020 on concerns over the deadly COVID-19 spreading in India amid the central bank stepping in to calm investor sentiment. The rupee dropped below the 73-a-dollar level even as the equity markets bounced back, snapping a seven-day […]
DEFENCE EXPENDITURE
Focus: GS-III Indian Economy, Internal Security Why in news? It may be seen from data of economic survey that Defence Budget as a percentage of GDP may appear to be decreasing due to increasing trend in the growth of GDP. However, it is increasing in absolute terms, implying higher spending. Details The Indian Army, given […]
BOTTOM OR MIRAGE?
Focus: GS-III Indian Economy Why in news? Official estimates of gross domestic product for the fiscal third quarter have pegged growth in the festival demand-filled October-November month period at 4.7%, a distinct slowdown from the revised year-earlier and preceding quarters’ 5.6% and 5.1% paces respectively. Growth of different sectors: Manufacturing, which contributes just under a fifth to gross […]
OECD LOWERS INDIA’S FY21 GDP GROWTH TO 5.1%
Focus: GS-III Indian Economy, Prelims Why in news? Global agency OECD on 2nd March, 2020, lowered its India’s GDP growth forecast to 5.1 per cent from the earlier projection of 6.2 per cent for 2020 on concerns of impact of deadly coronavirus on the domestic as well as the global economy. Details of the report: […]
VIRAL ECONOMIES
Focus: GS-III Economic Development Why in news? The global economy appears headed for uncharted, troubled territory because of the second wave of the Coronavirus that has now spread to countries as far apart as Nigeria and New Zealand Financial impact of COVID The virus has crippled global supply chains, hit air travel and convulsed markets as it appears all set to […]