Business & Economy Current Affairs 2021 - Current Affairs Today

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Last Updated: April 8, 2021

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  • World Economic Outlook International Monetary Fund

    5 days ago
    The International Monetary Fund released the World Economic Outlook entitled Managing Recovery in Different. Highlights: ♦ The report predicts that India’s GDP growth in the current fiscal year 2022 will be 12.5%. This is 1% higher than the previous forecast of 11.5% in January 2021. This is the highest among emerging economies and elite ....

    Digital Currency of China

    6 days ago
    China launched the latest round of pilot trials of its new digital currency in the month of February. According to reports, the plan will be launched on a large scale at the end of this year and before the Beijing Winter Olympics in February 2022. Highlights: ♦ The digital renminbi, officially called "Digital Currency Electronic Payment ....

    Increase in Foreign Direct Investment inflows

    6 days ago
    The government estimates that Foreign Direct Investment (FDI) inflows into the country has increased. Highlights: ♦ From April to January 2021, India has attracted a total of US$72.12 billion in Foreign Direct Investment. ♦ This is the highest level for the first ten months of a financial year, 15% higher than the first ten months of ....

    Expansion Of Emergency Credit Line Guarantee Scheme

    8 days ago
    Recently, the government has extended the 3 lakh-crore rupees Emergency Credit Line Guarantee Scheme (ECLGS) until June 30, 2021, and has also expanded its scope to new areas, including hotels, travel and tourism. ECLGS was launched in May 2020 as part of the Atmanirbhar plan, the center of the response to the Covid-19 crisis. The purpose is to support ....

    Joint Logistics Node in Mumbai

    10 days ago
    The Chief of Defense Staff (CDS) is operational and is committed to the 3rd Joint Logistics Node (JLN) in Mumbai. Highlights: ♦ The third batch of JLN has been put into operation as part of measures to promote the integration of the three services and resource optimization. ♦ JLN will enhance joint interoperability between services ....

    Rates On All Small Savings Instruments Reduced

    11 days ago
    The government has drastically reduced the interest rates on all small savings instruments in the first quarter of 2021-22. Highlights: ♦ Rate of return on the Public Provident Fund: Reduced from 7.1% to 6.4% ♦ Quarterly interest rate paid on one-year term deposits: Reduced from 5.5% to 4.4% ♦ Rate of return on the Senior ....

    Launch of AIM-PRIME

    11 days ago
    In collaborations with BMGF and Venture Center, Atal Innovation Mission launched "AIM-PRIME". Highlights: ♦ AIM-PRIME (Program for Researchers on Innovations, Market-Readiness & Entrepreneurship) is a program that aims to promote and support science-based in-depth technology startups and venture in India. ♦ It was initiated ....

    Reserve Bank Of India Extends Curbs On PMC Bank Till 30 June

    14 days ago
    The RBI has extended restrictions on withdrawals and deposits from Punjab and Maharashtra Cooperative (PMC) bank until June 30, 2021. This decision was made because the central bank was working to finalize investors in multi-state cooperatives bank that had been scammed. Highlights: ♦ PMC Bank is monitoring and investigating suspected violations ....

    Blockage Of Suez Canal

    15 days ago
    The Department of Commerce has formulated a Four Point Plan to solve the blocking problem of the Suez Canal. Highlights: ♦ A four-point plan was developed to deal with the situation caused by the blockage of the Suez Canal. ♦ The plan has been formulated by the Logistics Division of the Department of Commerce. ♦ The plan includes: ♦ ....

    New Committee To Screen New Bank Licences

    20 days ago
    The Reserve Bank of India (RBI) established a five-member Standing External Advisory Committee (SEAC), led by former Reserve Bank of India Deputy Governor Shyamala Gopinath, to evaluate applications from Universal Bank and Small Finance Bank (SFB). The Standing External Advisory Committee (SEAC) will be composed of prominent individuals with experience ....

    Draft Plan For District-Wise Export Promotion

    20 days ago
    After determining the products and services with export potential, the government has prepared draft regional export promotion plans for 451 districts Highlights: ♦ The government’s goal is to achieve double-digit export growth from 500 districts within 3-5 years. ♦ Require states, with the assistance of the Directorate-General ....

    Indias Per Capita - National Steel Policy

    25 days ago
    In Rajya Sabha’s written response, the Minister of Steel pointed out that India’s per capita steel consumption is 74.7 kg, compared to the world average level of 229 kg during 2019-20. About National Steel Policy: ♦ The "National Steel Policy" issued in 2017 aims to achieve 300 tons of steel production capacity in India ....

    India Arms Imports Down By 33 Percent

    27 days ago
    According to a report by the Swedish think tank Stockholm International Peace Research Institute (SIPRI), India’s arms imports fell by 33% between 2011-15 and 2016-20. Highlights: ♦ Despite the decline in imports, India is still the second largest importer of weapons after Saudi Arabia. ♦ The decline in weapons imports between ....

    Indias Foreign Exchange Reserves Now Worlds Fourth Largest

    28 days ago
    India's foreign exchange trading has become the world's fourth largest foreign exchange. Highlights: ♦ India's foreign exchange reserves surpass Russia, becoming the world's fourth largest foreign exchange reserves. ♦ India’s reserves are sufficient to cover approximately 18 months of imports, thanks to the scarce ....

    US Becomes Second Biggest Oil Supplier of India

    28 days ago
    The United States has surpassed Saudi Arabia to become India's second largest oil supplier. This shift came after refineries increased their purchases of cheaper U.S. crude oil to record levels to offset OPEC+ production cuts. Highlights: ♦ The shift in supply was triggered by lower crude oil demand in the United States. It coincided ....

    Xcelerator Bengaluru Initiative unveiled in Bengaluru

    32 days ago
    Karnataka has launched the "Xcelerator Bangalore Initiative" to support women-owned micro-enterprises. Highlights: ♦ The state submitted its 2021-2021 budget on March 8, 2021, which allocated 371.88 billion rupees for women-centered programs. Similarly, the government has also adopted some initiatives, such as the famous "Promotion ....

    Bao-dhaan - Red Rice

    38 days ago
    The first batch of "red rice" exports from Assam to the USA has been postponed. Highlights: This development has greatly promoted the export potential of India’s rice. Bao-dhaan is the name of the "red rice" variety grown in the Brahmaputra Valley of Assam without using any chemical fertilizers. It is rich in iron and is an integral part of Assamese cuisine.

    Red Rice of Assam Exported to US

    38 days ago
    The first batch of "Red Rice" cargo will disembark to the United States on March 4, 2021. This increases the export potential of Indian rice. The rice is purchased by the leading rice exporter "LT Foods". Highlights: ♦ APEDA Chairman Dr. M. Angamuthu held a flag-off ceremony for export goods in Haryana. With the help of ....

    WhatsApp Banking Launched by Axis Bank

    39 days ago
    Axis Bank launched WhatsApp Banking on March 3, 2021 to help and meet the banking needs of its customers. WhatsApp Banking will help customers use the bank anywhere in the chat application, at any time. Know about WhatsApp Banking ♦ In order to use WhatsApp banking services, customers must initiate a chat with the designated Axis Bank number ....

    India Emerged Out of Technical Recession

    42 days ago
    According to data from the National Statistical office (NSO), India’s economy is out of recession, but there is still a long way to go before returning to the pre-pandemic growth rate. Highlights: ♦ India, the third-largest economy in Asia, observed increase in GDP growth of 0.4% in the last three months of 2020, compared with previous ....

    Union Signs $304 million Pact With AIIB for Power Transmission Network

    42 days ago
    Central Government signs $304 million pact with AIIB for power transmission network in Assam. The funds will be used for the "Assam Intra-State Transmission System Enhancement Project", which aims to improve the reliability, capacity and safety of the state's power transmission network. Asian Infrastructure Investment Bank: The AIIB ....

    Grant Of Government Business To Private Banks

    46 days ago
    The embargo lifted government business authorizations for private banks. Highlights: ♦ The Government lifted the embargo on private sector banks (previously only a few were allowed) to conduct Government-related banking transactions, such as tax and other income payment facilities, pension payments, small savings schemes, etc. ♦ This ....

    SWAMIH Fund - Recent Development in Housing Projects

    52 days ago
    All SWAMIH Funds will deliver the first batch of finished apartments in 2021. This is a 2500 crore fund established by the Indian government. The fund was established to complete stalled housing projects. The fund provides a solution that hinders the savings of home buyers and bankrupt developers. Highlights: ♦ In the 2021-2022 financial year, ....

    NDB To Invest in NIIF Fund of Funds

    59 days ago
    The New Development Bank (NDB) has announced an investment of US$100 million in the NIIF Fund (FoF). Through NDB's $100 million investment, NIIF FoF has now secured a commitment of $800 million. Highlights: ♦ NDB has joined the Asian Infrastructure Investment Bank (AIIB), the Government of India (GoI) and the Asian Development Bank (ADB) ....

    Exim Bank to provide Fund for Maldives project

    59 days ago
    The Reserve Bank of India announced that the Export-Import Bank of India (Exim Bank) will provide USD 400 million for the Maldives project. It will provide funding for the "Great Male Connection" project. Highlights: ♦ The Export-Import Bank has signed an agreement with the Maldives government to provide a supported credit line of ....

    DGCA Announces Raise in The Domestic Airfares

    59 days ago
    The Directorate General of Civil Aviation (DGCA) announced that it will increase air travel fares on February 11, 2021. The fare has been increased to 5600 rupees. Highlights: ♦ The government emphasized that due to the opening of the aviation market, it is necessary to increase fares. ♦ The Ministry of Civil Aviation (MoCA) stated ....

    RBI to Conduct OMO of Rs. 20,000 Crores

    63 days ago
    The Reserve Bank of India (RBI) announced that it will purchase 4 government securities (G-Secs) worth 20,000 crore rupees. The central bank will purchase the product based on Open Market Operations (OMOs) on February 10, 2021. Highlights: ♦ The move was announced after the yield rose to a recent intraday high of 6.1634%. The Reserve Bank ....

    PMFBY: Government allocates Rs.16,000 crores

    63 days ago
    The Central Government has allocated Rupees 16,000 crores for the upcoming 2021-22 financial year for Pradhan Mantri Fasal Bima Yojana (PMFBY). Highlights: ♦ This allocation is made to improve the safety of farmers’ crops. This amount will also ensure that farmers get the maximum benefit of crop insurance. ♦ Compared with the ....

    Expansion of National Agriculture Market (e-NAM)

    66 days ago
    The government announced in the 2021-22 budget that it will expand e-NAM to integrate more than 1,000 mandis. About e-NAM: ♦ The Prime Minister of India launched the e-NAM or e-trading platform (online trading portal) for the National Agricultural Market (NAM) in April 2016. ♦ e-National Agricultural Market (e-NAM) is a pan-India electronic ....

    RBI Plans 24x7 Helpline for Digital Payment Services

    66 days ago
    The Governor of the Reserve Bank of India, Shaktikanta Das, recently announced that the Central Bank will establish a 24 * 7 hotline service platform to strengthen digital payment services in India. Highlights: ♦ The announcement was issued through the "Development and Regulatory Policy Statement". ♦ In addition to the past ....

    Key Facts of Moodys GDP

    67 days ago
    Rating agency Moody's recently predicted that India's nominal gross domestic product (GDP) will grow by nearly 17% in fiscal 2021. Highlights: ♦ The US-based rating agency further predicted that India's fiscal deficit forecast will be higher than expected. ♦ It believes that slower integration will limit India's financial ....

    The Threshold for Paid Up Capital and Turnover For Small Companies

    67 days ago
    The Ministry of Corporate Affairs (MCA) revised the threshold for paid-in capital and turnover for Small Companies. Highlights: ♦ Change the threshold of paid-in capital from "not more than Rs 50 lakh" to "not more than Rs 2 crore", and change the turnover from "not more than Rs 2 crore" to "not more than ....

    Social Security for Gig Economy Workers

    69 days ago
    When introducing the "2021 Union Budget", the Minister of Finance announced that the government has proposed a plan to launch a portal to develop a social security plan for workers in the gig economy in India. Highlights: ♦ The framework of the plan will be developed by collecting relevant information about the population of gig ....

    Mega Investment Textiles Parks Scheme in 2021 Budget

    69 days ago
    The government announced the launch of the Mega Investment Textiles Parks (MITRA) scheme in the 2021-22 Union Budget to make the Indian textile industry globally competitive About MITRA Scheme: ♦ The goal of the scheme is to make the textile industry globally competitive, attract large amounts of investmenst, and promote job opportunities ....

    Summary of 2021 2022 Union Budget

    69 days ago
    The 2021-22 Union budget was proposed during the COVID-19 pandemic on February 1, 2020. Since the 2020 budget, the Indian economy has reduced from a nominal GDP of Rs 22.4 crore to Rs 19.4 crore. The reduction in the size of the economy is due to the slowdown in revenue growth and increased spending in 2020 due to the coronavirus pandemic. The fiscal ....

    Agricultural Infrastructure and Development Cess - Union Budget

    69 days ago
    While introducing the 2021 Union budget, Indian Finance Minister Nirmala Sitharaman announced the Agricultural Infrastructure and Development Tax (AIDC) for some commodities and announced that AIDC will provide support to industries that have become bright spots in the COVID-19 pandemic. Highlights: ♦ AIDC will be applied to a few projects. ....

    The MSP Scheme includes 14 Minor Forest Products

    70 days ago
    The Government decided to add 14 new Minor Forest Products under the mechanism for the marketing of Minor Forest Products by the Minimum Support Price scheme. Highlights: ♦ This new mechanism will help provide remuneration and fair prices to tribal gatherers of forest products. ♦ The items included in the scheme include-Tasar Cocoons, ....

    Economic Survey for the year 2020-21 - Health

    70 days ago
    The 2020-21 Economic Survey strongly recommends increasing public expenditure on medical services from 1% of GDP to 2.5-3% of GDP, as envisaged in the National Health Policy 2017. Highlights: ♦ It pointed out that this can significantly reduce Out-of-Pocket Expenditure (OOPE) of total medical expenditure from 65% to 35%. ♦ The survey ....

    Final Report of 15th Finance Commission

    70 days ago
    The Fifteenth Finance Committee of India has submitted a five-year final report. The submission of the report aims to change the financial management of Indian municipalities. Highlights: ♦ The interim report for the 2020-21 fiscal year is submitted to Parliament together with the 2020-21 budget. ♦ The final report for the 2021-22 fiscal ....

    No Change in Income Tax Slabs in 2021 Budget

    70 days ago
    Union Finance Minister Nirmala Sitharaman did not propose any changes to the income tax plan in the "2021 Union Budget". However, some relief for the elderly has been announced. Announced that seniors over 75 years old are exempt from paying income tax returns. Highlights: ♦ The government has announced the establishment of a national ....

    Aatma Nirbhar Swasth Bharat Yojana and Mission Poshan 2.0 2021 Budget

    70 days ago
    Indian Finance Minister Nirmala Sitharaman announced two new central sponsorship plans, namely Prime Minister Aatma Nirbhar Swasth Bharat Yojana and Mission Poshan 2.0 while announcing the alliance budget for 2021. According to the announcement, a new central sponsorship program will be launched called PM Aatma Nirbhar Swasth Bharat Yojana PM Aatma ....

    NSO released Revised Estimates of Economic Growth

    71 days ago
    The National Statistical Office (NSO) released revised estimates of Gross Domestic Product (GDP) data on January 29, 2020. This data has been revised for the 2017-18 to 2019-20 fiscal year. Highlights: ♦ The first revised estimate shows a 4% increase in GDP in the 2019-20 fiscal year. This is 20 basis points lower than the 4.2% growth in provisional ....

    World Bank Supports STARS Project

    71 days ago
    Department of Economic Affairs (DEA) and the World Bank signed a financial support agreement for the STARS project. Highlights: ♦ The Department of Economic Affairs (DEA), the World Bank and the Ministry of Education signed a financial support agreement for the implementation of the Ministry of Education's "Strengthening Teaching-Learning ....

    Insolvency and Bankruptcy Board of India Organized a Workshop

    71 days ago
    The Indian Insolvency and Bankruptcy Board organized a workshop on "Creditor Committee: An Institution of Public Trust”. Highlights: ♦ This is the fifth such workshop in this series, and its purpose is to benefit financial creditors, who are the Committee of Creditors (CoC) formed under the Insolvency and Bankruptcy Code, 2016 (IBC). ♦ ....

    Union Budget of this Fiscal Year Focuses on Off-Budget Borrowings

    74 days ago
    The Indian government is ready to submit the 2021 Union budget on February 1, 2021. This year, the budget will focus on extra-budgetary borrowing to reduce the fiscal deficit. Highlights: ♦ Any loan directly obtained by a public institution other than the center is called "extra-budgetary borrowing." Public institutions borrow under ....

    Cabinet Clears PSU Privatization Policy

    74 days ago
    The Union Cabinet has cleared the policy of privatization of public sector enterprises. Detailed information about this policy will be announced in the forthcoming alliance budget to be submitted on February 1, 2021. Highlights: ♦ The policy will provide a roadmap for the existence of government-owned entities in strategic and non-strategic ....

    New Central Bank Digital Currency India

    75 days ago
    The Reserve Bank of India (RBI) is studying whether India needs a new central bank digital currency (CBDC) and is exploring ways to implement digital currency operations. Highlights: ♦ RBI's statement is based on the popularity of private digital currencies, virtual currencies and encrypted currencies. ♦ These currencies cannot ....

    World Economic Outlook by IMF

    75 days ago
    The International Monetary Fund (IMF) released the "World Economic Outlook 2021" report. Highlights: ♦ The report emphasizes that India will witness the strongest growth among major economies. ♦ India’s economy will grow by 11.5% in 2021 as opposed to the 8.8 percent growth that was predicted in October 2020. ♦ ....

    UN Report - The World Economy Is Expected to Recover Its Losses

    75 days ago
    The United Nations World Economic Situation and Outlook report stated that by 2021, the world economy is expected to recover slightly by 4.7%. Due to the COVID-19 pandemic, the economy will decline by 4.3% in 2020. Highlights: ♦ The report emphasizes that the loss in 2020 is more than twice the impact of the 2009 global financial crisis. ♦ ....

    Economic Survey to be Tabled on 29 January

    75 days ago
    The 2020-2021 economic survey will be conducted in Parliament on January 29, 2021, before the coalition budget is presented on February 1, 2021. An economic survey will be released, focusing on the economic impact of lock-in and COVID -19. Highlights: ♦ The survey is expected to outline the economic impact of the COVID 19 pandemic. It will ....

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