ILO TO PM: ‘SEND CLEAR MESSAGE’ ON LABOUR LAW CHANGES
Why in news? The International Labour Organisation (ILO) has urged Prime Minister to “send a clear message” to the Central and State governments to uphold international labour laws after the recent dilution of laws by some States. Why is ILO showing concern? A group of 10 Central trade unions wrote to the ILO in Geneva […]
India’s crude steel output declines 65 per cent
Why in news? On May 24, 2020, the World Steel Association released the World Steel Report. According to the report, the crude steel report of India declined by 65%. Details: The country had produced 9.02 MT of crude steel during the same month a year ago, the World Steel Association (world steel) said in a […]
EXTEND LOANS WITHOUT FEAR OF 3CS: FM
Why in news? Finance Minister Nirmala Sitharaman on 23rd May 2020 said banks had been asked to extend loans automatically to eligible borrowers without ‘fear of 3Cs — CBI, CVC and CAG’. Details Clear instructions had been given in a meeting with CEOs and MDs of public sector banks and financial institutions on 22nd May that the […]
RBI CUTS REPO RATE AGAIN, EXTENDS MORATORIUM
Why in news? The Reserve Bank of India (RBI) further reduced the key interest rate or the repo rate by 40 bps on 22nd May 2020 after the Monetary Policy Committee (MPC) meeting as the COVID-19 pandemic induced lockdown continues. The Reserve Bank of India (RBI) has extended the moratorium on repayment for term loans by […]
93 MILLION URBAN INFORMAL WORKERS AFFECTED: GOM REPORT
Why in news? As many as 93 million urban informal workers, across five sectors — manufacturing, construction, trade, tourism and hospitality — have been affected by the ongoing Covid-19 pandemic and the lockdown – according to an informal Group of Ministers headed by labour minister. Details of Suggestions submitted Creation of: A database of the […]
FINANCE COMMISSION: HIGH LEVELS OF UNCERTAINTY
Why in news? India’s nominal GDP growth rate in 2020-21 could range between -6% and 1%, according to members of the 15th Finance Commission’s (XV-FC) committee on the fiscal consolidation roadmap. Details of Uncertainty There are high levels of uncertainty, both with regard to the course of the pandemic and the fiscal pressures on the […]
GRASPING THE DEFENCE SELF-RELIANCE NETTLE
India’s Dependence for Defence For the most part of 2010 to 2020 The India had the dubious distinction of being the world’s largest arms importer, accounting for about 12% of global arms imports. Saudi Arabia jumped to first place in 2018 and 2019, but India still takes over 9% of global imports. This external dependence […]
CHINA, BETTER PREPARED FOR THE POST-COVID WORLD
Deep economic impact India has surpassed China with regard to the number of confirmed COVID-19 cases, and the economic impact is quite threatening. India’s exports in the month of April 2020 were the worst in the past 30 years. Well before this, India had been witnessing a persistent economic downward slide. The pandemic could, thus, […]
BRACING THE ECONOMIC FALLOUT OF CORONAVIRUS
China today is a bigger contributor to global growth than the US, Europe and Japan added together. It is a given that the lockdown in Hubei province will have a significant impact on the $13.6 trillion Chinese economy that is today the fulcrum around which global trade growth turns The beleaguered Chinese banking system is […]
TOWARDS A NEW WORLD ORDER
Why in news? The latest Oxfam Report presented at Davos points out that 2,153 billionaires have more wealth than 4.6 billion people. The emergence of billionaires and oligarchs in different parts of the world coincides with increased poverty among the already poor people, especially children. Excess consumption Egregious consumption of energy by the developed world […]