HOW THE FINANCIAL PACKAGE IS THE SILVER LINING?
India’s Economic Position India as a resilient economy ranks 59th. For a country that is fifth largest in terms of GDP, this rank of being only the 59th most resilient Economy shows that we need to revisit our economic principles. Reasons for India’s Low Resilient Economy Ranking: Measure Taken I – Productivity MSMEs feared regulatory measures […]
LESSONS FROM THE GREAT DEPRESSION FOR INDIA
Introduction The Great Depression, which gripped the United States (US) in the 1930s, is being discussed in the context of the economic aftermath of Covid-19. The economic downturn began in the US around the end of 1929, with a sharp dip in production and GDP, and a sharp increase in unemployment. Production also dropped significantly […]
MANUFACTURING ACTIVITY REACHES A NEAR 8-YEAR HIGH IN JANUARY
Why in news? Sharp rise in demand drives growth of new business, exports, jobs: IHS Markit Details: The country’s manufacturing sector activity climbed to a near eight-year high in January, driven by a sharp rise in new business orders amid a rebound in demand conditions that led to a rise in production and hiring activity […]
U.P. WITHDRAWS NOTIFICATION ON INCREASED WORK HOURS
Why in news? The Uttar Pradesh government has withdrawn its recent order increasing daily work hour shifts in manufacturing units from the existing 8 hours to 12 hours. Background The U.P. government had on May 8 passed a notification diluting provisions of the Factories Act of 1948 and increased work timings by providing certain exemptions […]
FIFTH TRANCHE OF THE ECONOMIC STIMULUS PACKAGE
Why in news? The fifth and final tranche of the Atmanirbhar Bharat Abhiyan stimulus package, announced by Finance Minister on 17th May 2020. The total package amounts to almost ₹21 lakh crore by the Centre’s accounting, but is heavy on credit-related measures, including ₹8 lakh crore worth of liquidity enhancing measures by the RBI. Highlights of […]
CENTRE BORROWS ANOTHER $1 BILLION FROM WORLD BANK
Why in news? The Centre is taking another $1 billion loan from the World Bank to support its COVID-19 relief measures and financial assistance for the poorest and most vulnerable communities. The loan was approved by the World Bank’s Board of Executive Directors on 14th May 2020, according to an official statement. Details The money will […]
ILO: MGNREGA AS SOCIAL PROTECTION CAN MITIGATE COVID CRISIS
Why in news? The rural employment programme MGNREGA came in for praise from the International Labour Organisation (ILO) in its analysis of social protection coverage in developing countries, which was released on 14th May. Details of what ILO said Even as the ILO pointed to “devastating gaps in social protection coverage in developing countries”, which were […]
THIRD TRANCHE OF ECONOMIC STIMULUS PACKAGE
Why in news? Making long-pending agricultural marketing reforms as the centerpiece – The Third tranche of the Atmanirbhar Bharat Abhiyan economic stimulus package, was announced by Union Finance Minister, on 15th May 2020. Highlights of the Third Tranche Enacting a central law to permit barrier-free inter-State trade of farm commodities. Ensuring a legal framework to facilitate contract […]
REPAYMENT OF GS2020
Why in news? Date for repayment of the outstanding balance under ’8.27% Government Security 2020’ was released. What is a Government Security? A Government Security (G-Sec) is a Government Issued (Central or State) Tradeable Instrument. G-Sec is a debt obligation of the government to fund their fiscal deficit, i.e., it acknowledges the debt obligation of the […]
QUICK ESTIMATES OF INDEX OF INDUSTRIAL PRODUCTION
Why in news? The Quick Estimates of Index of Industrial Production (IIP) is released on 12th of every month (or previous working day) with a six weeks lag and compiled with data received from source agencies. For the month of March 2020, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands […]