The Opec: OPEC+ has agreed not to increase supply in April as they await a more substantial recovery in demand amid the COVID-19 pandemic. Crude prices rose after the announcement and are up 33% this year. India is the world’s third-biggest oil importer. India imports about 84% of its oil and relies on West Asian […]
Category: Economics Current Affairs
Amendment in Insurance Ombudsman Rules 2021
Amendment In Insurance Ombudsman Rules: The government has amended insurance ombudsman rules. As per the new rules: Insurance brokers are now covered under ombudsman rules. Policyholders are now allowed to file online complaints. The scope of complaints has been enlarged to ombudsmen from only disputes earlier to deficiencies in service on the part of insurers, […]
Central Revenues Control Laboratory (CRCL) : Regional Customs Laboratory (RCL)
Central Revenues Control Laboratory (CRCL): Central Revenues Control Laboratory (CRCL), New Delhi was recognized as a Regional Customs Laboratory (RCL) of the World Customs Organisation (WCO) for the Asia-Pacific Region. Central Revenues Control Laboratory (CRCL), New Delhi is under the administrative control of the Central Board of Indirect Taxes & Customs. Established in 1939, […]
Formation & Promotion of 10,000 FPOs – Key Points
‘Formation & Promotion of 10,000 Farmer Produce Organizations (FPOs): The Ministry of Agriculture and Farmers Welfare celebrated the first anniversary of the Central Sector Scheme titled ‘Formation & Promotion of 10,000 Farmer Produce Organizations (FPOs)’. In February 2020, at Chitrakoot (Uttar Pradesh) with a budgetary provision of Rs. 6865 crore. More than 2200 FPOs produce […]
Second Advance Estimates Of National Income 2020-21
Second Advance Estimates Of National Income, 2020-21: The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released the Second Advance Estimates of National Income, 2020-21 at Constant (2011-12) and Current Prices. The growth in GDP during 2020-21 is estimated at -8.0 percent as compared to 4.0 percent in 2019-20. GDP at Current […]
Competition Commission Of India : Regional Office (South) in Chennai
Competition Commission of India (CCI): Union Minister for Finance and Corporate Affairs inaugurated the Competition Commission of India’s (CCI) Regional Office (South) in Chennai. Status: A statutory body established under the provisions of The Competition Act, 2002. Established in: 2003. A Chairperson and 6 Members appointed by the Central Government. Headquarters: New Delhi. Preceding agency: […]
What Is Inflation Targeting?
Inflation Targeting: The Reserve Bank of India (RBI) in its Currency and Finance (RCF) report for the year 2020-21 has said that the current inflation target band (4% +/-2%) is appropriate for the next 5 years. Inflation Targeting: It is a central banking policy that revolves around adjusting monetary policy to achieve a specified annual […]
Bad loans to be transferred to the Centre’s proposed bad bank.
Bad bank: The Indian Banks’ Association (IBA) has begun identifying bad loans which can be transferred to the Centre’s proposed bad bank. The IBA has written to banks asking them for a list of all bad loans worth Rs 500 crore and above to “identify the magnitude of the problem” and “get clarity over initial […]
CECPA Between India And Mauritius – Approved by Union Cabinet
Comprehensive Economic Cooperation And Partnership Agreement (CECPA) Between India And Mauritius: The Union Cabinet has approved the signing of the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) between India and Mauritius. The India-Mauritius CECPA is the first trade agreement signed by India with a country in Africa. About CECPA : It is a kind of […]
What is a Blank-Cheque Company?
Blank-Cheque Company: Renewable energy producer ‘ReNew Power’ announced an agreement to merge with RMG Acquisition Corp II, a blank-cheque company or a Special Purpose Acquisition Company (SPAC). About Blank-cheque Company: A SPAC, or a blank-cheque company, is an entity specifically set up with the objective of acquiring a firm in a particular sector. The aim […]
