Least Developed Country’ (LDC) Status: Concerns have been raised at the World Trade Organization (WTO) over the ‘least developed country’ (LDC) status, with Bangladesh potentially losing this tag after surpassing India in terms of GDP per capita. The WTO recognises LDCs relying on a classification by the UN based on a criteria that is reviewed […]
Category: Economics Current Affairs
First Advance Estimates Of GDP: 2021-22
First Advance Estimates Of GDP: The Ministry of Statistics and Programme Implementation (MoSPI) released the First Advance Estimates (FAE) for the current financial year (2021-22). According to MoSPI, India’s Gross Domestic Product (GDP) will grow by 9.2% in 2021-22. First Advance Estimates of GDP first introduced in 2016-17, are typically published at the end of […]
Asian Infrastructure Investment Bank (AIIB)
Asian Infrastructure Investment Bank (AIIB): Former Reserve Bank of India (RBI) governor Urjit Patel has been appointed vice-president of the Beijing-based Asian Infrastructure Investment Bank (AIIB). Mr.Patel will serve a three-year term as one of the multilateral development bank’s five vice-presidents. Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to […]
India To Become Asia’s Second-Largest Economy By 2030
India To Become Asia’s Second-Largest Economy By 2030: According to the Information Handling Services (IHS) Markit report, India is likely to overtake Japan as Asia’s second-largest economy by 2030. Currently, India is the sixth-largest economy, behind the U.S., China, Japan, Germany and the U.K. IHS Markit is a global leader in information, analytics and solutions […]
Domestic Systemically Important Banks (D-SIBs)
Domestic Systemically Important Banks (D-SIBs): Reserve Bank of India has released its list of Domestic Systemically Important Banks (D-SIBs) in 2021. It has identified the state-owned lender State Bank Of India and the private lenders ICICI Bank and HDFC Bank as systemically important banks, which are perceived as banks, ‘too big to fail’. The system […]
Airtel Payments Bank Is Now A Scheduled Bank
Airtel Payments Bank Is Now A Scheduled Bank: The Reserve Bank of India (RBI) has announced the inclusion of Airtel Payments Bank Ltd. in the Second Schedule to the Reserve Bank of India Act, 1934. With this, the bank can now pitch for government-issued Requests for Proposals (RFP) and primary auctions and undertake both Central […]
Consumer Protection Rules, 2021
Consumer Protection Rules, 2021: In exercise of its powers under provisions of the Consumer Protection Act, 2019, the Central Government has notified the Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021. The new rules revised pecuniary jurisdiction for entertaining consumer complaints. Overview of the new rules: Food […]
Extension of GST Compensation Scheme
GST Compensation: Finance Ministers of several States have demanded that the GST compensation scheme be extended beyond June 2022. The adoption of GST was made possible by States ceding almost all their powers to impose local-level indirect taxes and agreeing to let the prevailing multiplicity of imposts be subsumed into the GST. This was agreed […]
Free Trade Agreement (FTA)
Free Trade Agreement (FTA): The Commerce and Industry Ministry said that India is in dialogue with Israel for concluding a Free Trade Agreement (FTA). The announcement coincides with the 30th anniversary of the establishment of diplomatic ties between the two countries. Free Trade Agreement (FTA): It is a pact between two or more nations to […]
Small-Value Digital Payments In Offline Mode
Small-Value Digital Payments In Offline Mode: The Reserve Bank of India (RBI) has come out with the framework for facilitating small-value digital payments in offline mode, a move that would promote digital payments in semi-urban and rural areas. The framework incorporates feedback received from the pilot experiments on offline transactions conducted in different parts of […]
