Economy Current Affairs

Google mobility trends indicate Indian economy hobbling back to normalcy

According to the Google Covid-19 Community Mobility report that maps mobility trends across six location types — retail and recreation, grocery and pharmacy, transport hubs, parks, workplaces, residential areas — there has been a gradual improvement in activity levels from 1 June. India started unlocking its economy in phases beginning 8 June, allowing more economic […]

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Centre released ₹6,195 crore to 14 states

Central Government has released Rs.6,195 crore to 14 states as a monthly installment of the post-devolution revenue deficit grant on 10 June. It is the third equated-monthly installment of the post-devolution revenue deficit grant as recommended by the 15th Finance Commission. On 3 April and 11 May, the Ministry of Finance released a similar amount

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India signed MOU with Denmark to develop cooperation in the power sector

Government of India has signed a Memorandum of Understanding (MoU) with Denmark on Indo-Denmark Energy Cooperation to develop cooperation in the power sector. The MoU was signed between the Ministry of Power, India, and the Ministry for Energy, Utilities, and Climate, Denmark. Under the MoU, a strong, deep, and long-term co-operation between two countries in

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KCC campaign launched for 1.5 crore dairy farmers

The Government will provide Kisan Credit Card (KCC) to 1.5 crore dairy farmers belonging to Milk Unions and Milk producing Companies within the next two months under a special drive. The Department of Animal Husbandry and Dairyingin association with Department of Financial Services has already circulated relevant circulars and KCC application format to all State

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BSE, NSE cut annual listing fee for SMEs by 25%

The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on Monday decided to reduce the listing fee for their SME platforms by 25 per cent amid challenges faced by small and medium enterprises due to coronavirus pandemic. The fee rebate has been declared following Finance Minister Nirmala Sitharaman’s several announcements to rescue the ailing

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22nd Meeting of the Financial Stability and Development Council

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired the 22nd Meeting of the Financial Stability and Development Council (FSDC). The economy is expected to contract by 5% by some estimates amid the virus crisis. The meeting also took note of the activities undertaken by the FSDC Sub-Committee chaired by RBI Governor Shaktikanta

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EU proposed €750 billion coronavirus recovery fund

The European Union (EU) commissioner Paolo Gentiloni has proposed a 750 billion-euro ($825 billion) recovery fund “European breakthrough” to help the bloc’s economy through the deep recession induced by the COVID-19 pandemic. The aim is to tackle an unprecedented crisis. The move comes as the EU plans to enter its deepest-ever recession as the impact

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Special Liquidity Scheme for NBFCs, HFCs to address their Liquidity Stress

Union Cabinet has approved the new Special Liquidity Scheme for Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs). The scheme aims to improve the liquidity position of the NBFCs/HFCs. The Government has proposed a framework for addressing the liquidity constraints of NBFCs/HFCs through a Special Liquidity Scheme. As per the scheme, a Special Purpose

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India showed 20 percent fall in export during FY21

The Federation of Indian Export Organisations (FIEO) reported that the export from India is expected to fall by 20 per cent in the current fiscal in the wake of the coronavirus pandemic. FIEO directed the exporters to improve their competitiveness in the global markets. It also requested the GoI to provide 2% additional Merchandise Exports

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NABARD released ₹20,500 crore to co-operative banks, RRBs

National Bank for Agriculture and Rural Development (Nabard) has disbursed Rs 20,500 crore to cooperative banks and regional rural banks (RRBs) for on-lending to farmers. Of the total, Rs.15,200 crore has been released to cooperative banks and Rs.5,300 crore to RRBs as special liquidity facilities in various states. The funds to the co-operative banks and

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