Economy
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What are the Objectives and Functions of the World Bank?
World Bank is an international financial institution that provides loans and grants to low and middle-income countries for various projects. Its most recent aim is to reduce the poverty across the world.
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All about China's Polar Silk Road in the Arctic Ocean: Significance, Prospects and Challenges
China has taken a step forward with its plans for building a Polar Silk Road in the Arctic Ocean connecting Pacific and Atlantic Oceans. Know all about the route, its significance and prospects below.
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List Of International Organisations India is a Member Country
Check the list of all the International Organizations India is a part of whether as a founding member or an active member.
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List of International Organizations and their Headquarters in the Area of Economics, Social & Politics
International Organizations is an important examination topic for the candidates preparing for UPSC, SSC, RRB, Bank PO/Clerk or any other government and competitive examinations. In this article, we have provided a list of International Organizations.
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What is Pardon Bribery Scheme? Know the details here
Know what is Presidential Pardon Bribery Scam in USA that has been in the talks recently, the clemency powers and limitations of the US President and the pardon power of the Indian President here.
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Giant Metrewave Radio Telescope (GMRT): India’s 3rd facility to bag IEEE Milestone status
Giant Metrewave Radio Telescope (GMRT) has become the third scientific facility from India to receive the Institute of Electrical and Electronics Engineers (IEEE) milestone. Know all the details of GMRT, IEEE, its significance and details here
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What is Nuclear Doctrine of India-Know about No First Use policy, Nuclear Treaties, NSG, NPT here
India believes in a universal, verifiable and non-discriminatory nuclear disarmament for the elimination of nuclear weapons from around the globe. Check out the details of India's Nuclear Doctrine, its significance and where it stands on global nuclear strength here
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Is India in the position to boycott Chinese products?
India’s trade with China was $87.07 billion in 2018-19. In this duration, Indian import from China was US$70.32 in 2018-19 while Indian export to China was just US$ 16.75. It means India’s trade deficit with China was $53.57 billion in 2018-19. India sends 8% of its total exports to China whereas China sends only 2% of its total exports to India.
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What is Trade Related Aspects of Intellectual Property Rights (TRIPS)?
Trade-Related Aspects of Intellectual Property Rights (TRIPS) covers most forms of intellectual property including copyright, patents, geographical indications, trademarks, industrial designs, trade secrets, and exclusionary rights over new plant varieties. TRIPS came into force on 1 January 1995.
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How does IMF give loan to its Members?
The International Monetary Fund (IMF) was established in July 1944 in the Conference of 44 countries held in Bretton Woods, New Hampshire, USA. India is the founding member of the IMF. Recently, the IMF has granted US$ 1.4 billion aid to Pakistan to fight COVID-19.
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G-20 Summits: List of Summits and Members
List of G-20 Summits and Members: There are 20 members of the G-20 including India. The last annual meeting of the G20 was held in Japan's city Osaka in June 2019 and the next meeting will take place in Riyadh(Saudi Arabia) between 21–22 November 2020.
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Financial Action Task Force (FATF): Meaning and Objectives
The Financial Action Task Force (FATF) prohibits the cases of terror financing, money laundering and human trafficking throughout the world.
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What is the Grey List and Black List of the Financial Action Task Force?
The Financial Action Task Force (FATF) is an independent inter-governmental body. Those countries which don't support terror funding and money laundering are placed in the grey list by the FATF.
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Why are Member countries leaving OPEC?
Organisation of the Petroleum Exporting Countries (OPEC) was established in September 1960 at the Baghdad conference. There are 14 OPEC member countries accounted for 29.3% of the world's total crude oil production in September 2019. According to OPEC's website, these 14 OPEC members had 80% of the world's total crude oil reserves. Venezuela has 25% and Saudi Arabia has 22.4% of the total reserves.
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G-7 and G-20 Organisations: Functions and Members
G-7 refers to the group of 7 highly industrialized nations—France, Germany, Italy, the United Kingdom, Japan, the United States and Canada. These countries hold an annual meeting to foster consensus on global issues like economic growth and crisis management, global security, energy, and terrorism.
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International Monetary Fund (IMF): Objectives & Obligations
The International Monetary Fund (IMF) is the inter-governmental organisation established to stabilize the exchange rate in the international trade. It helps the member countries to improve their Balance of Payment (BOP) condition thorough the adequate liquidity in the international market, promote the growth of global monetary cooperation, secure financial stability, facilitate international trade. It is one of the Bretton woods twins, which came into existence in 1945, is governed by and accountable to the 189 countries that make up its near-global membership.
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Balance of Payment (BOP):Definition and Components
Balance of Payment (BOP) of ac country can be defined as a systematic statement of all economic transactions of a country with the rest of the world during a specific period usually one year. The systematic accounting is done on the basis of double entry book keeping (both sides of transactions credit and debit are included). Economic transaction includes all such transactions that involve the transfer of title or ownership of goods and services, money and assets.
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Convertibility of Currency in India
Prior to the First World War the whole world was having gold standard under which the currency in circulation was allowed to get converted either in gold or other currencies based on the gold standard. But after the failure of Bretton woods system in 1971 this system changed. Presently convertibility of money implies a system where a country’s currency becomes convertible in foreign exchange and vice versa. Since 1994, Indian rupee has been made fully convertible in current account transactions.
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Features of FERA & FEMA in India
In the budget of 1997-98, the government had proposed to replace FERA-1973, by FEMA (Foreign Exchange management act). FEMA was proposed by the both house of the parliament in Dec. 1999. After the approval of president, FEMA 1999 has come into force w.e.f. June, 2000. Under the FEMA, provisions related to foreign exchange have been modified and liberalized so as to simplify foreign trade. Government hopes that the FEMA will make favourable development in the foreign money market.
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International Finance Corporation & MIGA
The World Bank Group (WBG) is a family of five international organizations that are the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), The International Finance Corporation (IFC), The Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID). IFC was established in July 1956 that provides loans to private industries for developing nations without any government guarantee and also promotes the additional capital investment in these countries. MIGA came into existence on April 1988.
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