Economy Current Affairs

World Bank launches first Human Capital Index, Singapore tops list

The World Bank has launched its first human capital index, which ranks countries based on their success in developing human capital. While Singapore tops the rankings, African countries occupying the bottom spots.

Top Cabinet Approvals: 10 October 2018

The Union Cabinet has approved the payment of Productivity Linked Bonus (PLB) equivalent to 78 days’ wages for the financial year 2017-18 for all eligible non-gazetted Railway employees. Its financial implication has been estimated to be Rs 2044.31 crore.

IMF predicts India to grow at 7.3 per cent in 2018-19

If the projections are true, then India will regain the tag of the fastest growing major economies of the world, crossing China with more than 0.7 percentage point in 2018 and an impressive 1.2 percentage point growth lead in 2019.

Government launches Sovereign Gold Bond Scheme 2018 -19: Important Information & FAQs

The Sovereign Gold Bonds will be issued every month from October 2018 to February 2019 through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices, and recognised stock exchanges such as the National Stock Exchange and Bombay Stock Exchange.

RBI releases Fourth Bi-monthly Monetary Policy Statement 2018-19; keeps Repo Rate unchanged at 6.5 percent

The decision of the MPC was consistent with the monetary policy in consonance with the objective of achieving the medium-term target for Consumer Price Index (CPI) inflation of 4 percent within a band of +/- 2 percent. Five of the six panel members voted to leave the rate unchanged.

SIDBI launches Udyam Abhilasha campaign in 115 aspirational districts

The Small Industries Development Bank of India has launched a National Level Entrepreneurship Awareness Campaign ‘Udyam Abhilasha’ in 115 aspirational districts identified by NITI Aayog. The main aim behind the initiative is to contribute to the transformation mission unleashed for these districts.

Gita Gopinath becomes first woman Chief Economist at IMF

India-born Gita Gopinath was appointed as the Chief Economist of the International Monetary Fund on October 3, 2018, becoming the first woman to hold the position. She is also the second Indian to hold the position after former RBI Governor Raghuram Rajan.

Government approves constitution of High Level Advisory Group to review India’s global trade strategy

Union Commerce Minister Suresh Prabhu has approved the constitution of a High Level Advisory Group (HLAG) to make recommendations for identifying opportunities and addressing challenges in order to find a way forward for India in the contemporary global trade scenario.

NITI Aayog, UN sign Sustainable Development Framework for 2018-2022

NITI Aayog and United Nations have signed the Sustainable Development Framework (UNSDF) for 2018-2022 at an event in New Delhi. The framework outlines the development cooperation strategy between the Union Government and the United Nations country team in India.

Finance Minister launches Financial Inclusion Index, Jan Dhan Darshak app

Union Finance Minister Arun Jaitley launched the Financial Inclusion Index after his annual performance review meeting with the CEOs of public sector banks in New Delhi. The index will be a measure of access and usage of a basket of formal financial products and services that includes savings, remittances, credit, insurance and pension products.

Union Finance Minister Arun Jaitley launches web portal for MSME banking credit space

The loans are undertaken without human intervention till sanction and or disbursement stage. The Portal sets a new benchmark in loan processing and reduces the turnaround time from 20-25 days to 59 minutes. Subsequent to the principle approval, the loan will be disbursed in 7-8 working days.

Andhra Pradesh, Odisha, MP awarded best-performing states in ’Ease of Living Index’ 2018

The state of Andhra Pradesh has topped the ‘Ease of Living Index’ rankings launched by the Ministry of Housing and Urban Affairs. It was followed by Odisha and Madhya Pradesh. The three states were awarded best-performing states at the National Dissemination Workshop on September 24.

High-Level Committee recommends completion of stalled housing projects in Noida, Greater Noida

A high-level committee of the Uttar Pradesh Government has come out with recommendations that are aimed at providing a solution to the completion of homes in the stalled projects of Noida, Greater Noida and Yamuna Expressway.

SEBI eases KYC norms for Foreign Portfolio Investors

The market regulator relaxed the norms after considering the interim recommendations of the SEBI working group under the Chairmanship of Harun R Khan, a former deputy governor of the Reserve Bank of India.

World Bank approves framework to support India’s transition to high-middle income country

The World Bank board has approved an ambitious five-year Country Partnership Framework (CPF) for India that is in line with India’s objectives of high, sustainable and inclusive growth. The framework sets the strategic focus for the World Bank’s engagement with India for the period FY18-22.

PM Modi lays foundation stone of world-class convention centre in Delhi

The foundation stone of India International Convention and Expo Centre (IICC) was laid by Prime Minister Narendra Modi in New Delhi on September 20, 2018. The centre is being developed as a state-of-the-art centre to boost industrial development in the country.

Government proposes merger of Bank of Baroda, Dena Bank and Vijaya Bank under Alternative Mechanism

The state-owned Bank of Baroda, Vijaya Bank and Dena Bank will be merged to create the country's third largest lender after the SBI and ICICI Banks, as part of efforts to revive credit and economic growth. The scheme of amalgamation, which will now be formed, will be laid before Parliament. However, it would require no change in the banking law.

Government announces steps to check rising Current Account Deficit, fall in rupee

The Union Government has announced a host of measures to check the rising Current Account Deficit (CAD) and the fall in rupee. The CAD widened to 2.4 per cent of the country's gross domestic product (GDP) in the first quarter of 2018-19 from 1.9 per cent in the fourth quarter of 2017-18.

Comparison between India post payments bank and post office saving account: Fact box

India Post Payments Bank (IPPB) was recently launched by Prime Minister Narendra Modi to ensure financial inclusion of the rural population. The bank will have 650 branches and 3250 access points across the country.

Government approves proposal to increase wages of artisans by over 36 percent

This increase will also attract new and younger artisans to Khadi, who were earlier doubtful about their income comparing it to the wages given to the daily wagers under Mahatma Gandhi National Rural Employment Gurantee Act (MNREGA).