Brent crude oil and WTI (West Texas Intermediate) are benchmarks of crude oil prices at the international level. The crude oil which is extracted from the North Sea near Norway, Sweden and UK while the crude oil extracted in the USA is benchmarked as the WTI (West Texas Intermediate) prices.
Mauritius has the highest FDI inflow (31% of the total Indian FDI) in India From April 2000 To December 2019. The Indian economy is composed of the three major sectors like i.e., Services sector, Industry sector, and Agriculture sector. The contribution of the Services sector in the Indian economy is around 54.30%. The Value of India's Export stood at US$ 356.96 billion in between April-November 2019.
The finance commission is constituted by the president of India under the provision of Article 280 of the Indian constitution for five years. The tenure of the 14th finance commission was April 1, 2015 to March 31, 2020. Currently, 15th finance commission is in progress which is headed by the N.K. Singh.
Pradhan Mantri Gram Sadak Yojana, Rashtriya Swasthya Bima Yojana, Antyodaya Anna Yojna, and Bharat Nirman, are some important programmes of government of India to upgrade the welfare of the poor citizens of the country.
The International Monetary Fund (IMF) was established in July 1944 in the Conference of 44 countries held in Bretton Woods, New Hampshire, USA. India is the founding member of the IMF. Recently, the IMF has granted US$ 1.4 billion aid to Pakistan to fight COVID-19.
The duration of the first five-year plan was 1951 to 1956. The main target of the first five-year plan was Agricultural development of the country. This plan was based on the Harrod-Domar model. Before the liberalisation, India had launched 7 five year plans.
The per-capita net national income of India rised to Rs 1,35,050/annum in 2019-20. This was 1,26,406 during 2018-19. In terms of NSDP per capita (INR at Current prices), Goa has the highest per capita income Rs 467,998 in FY 2018-19. Delhi is on second place with Rs. 365,529.
Currently, there are 6 payment banks operating in India which were initially 11. The guidelines for the establishment of payment banks were issued on 24 November 2014 by the Reserve Bank of India. Payment banks will be allowed to open a savings account and current account but they can't issue a credit card.
National Savings Certificate, Fixed deposits, Provident Fund, and Kisan Vikas Patra are some products launched to increase saving habit in the general public.These are some products to get stable return. Let us have a look on the rate of interest offered on these products.
Reserve Bank of India (RBI) was established on 1 April 1935 by the RBI Act 1934. The key functions of RBI are to; print the currency notes, work as the custodian of foreign exchange reserve, controller of credit and banker’s bank.
Reserve Bank of India (RBI) is the Central Bank of India. RBI was established on 1 April 1935 by the RBI Act 1934. Key functions of RBI are, banker’s bank, the custodian of foreign reserve, controller of credit and to manage printing and supply of currency notes in the country.
Banks Merger in India: The Finance Minister Sitharaman had announced the merger of 10 Public Sector Banks into four on August 30, 2019. This merger is approved by the union cabinet on 4 March 2020. The merger would be effective from April 1, 2020. Now the number of Public Sector Banks would be reduced to 12 from 27 of 2017.
Pradhan Mantri Ujjwala Yojana (PMUY) is the Scheme for providing LPG connections to the women belonging to the Below Poverty Line (BPL) families. The scheme has been implemented by the Ministry of Petroleum and Natural Gas. Let us read in detail about Pradhan Mantri Ujjwala Yojana, its benefits, how to apply for it, etc.
Strategic Petroleum Reserves: India is making strategic petroleum reserves to store crude oil under the ground. India has already underground caves of 5.33 MMT storage in three places. These include; Padur (2.5 MMT), Visakhapatnam (1.33 MMT), and Mangalore (1.5 MMT).
As per the Economic Survey 2019-20; Petroleum products are the biggest exporting item from India. It accounts for a 14% share of total Indian export followed by precious stones with 7.87%. Read this article to know the list of all the exporting items from India in 2019-20.