Economy & Banking Current Affairs

Ind – Ra lowers India’s GDP growth forecast

India ratings (Ind- Ra) has revised its forecast of GDP growth for Financial Year 2019 for the 3rd time and has downgraded it to 6.1% from its previous forecast of 6.7%. This revision has been done in the wake of unsatisfactory performance of Indian economy for the first quarter of FY 2091-20 with GDP growth ..

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India’s data localisation plans hang in the balance

India’s data localisation plans hang in the balance as it will join the other Regional Comprehensive Economic Partnership (RCEP) countries. What is the issue? The RCEP meeting will take place in Bangkok from October 10-13. If India agrees to the provisions of Chapter 10 on e-commerce it won’t be allowed to impose data localisation rules ..

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Slowdown effects more pronounced in India: IMF

The new International Monetary Fund (IMF) chief Kristalina Georgieva warned that the global economy is witnessing ‘synchronised slowdown’ which will result in slower growth for 90% of the world this year. The largest emerging market economies like India are experiencing an even more pronounced effect of the global downturn. Despite this overall deceleration, close to ..

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Government hike DA by 5%

The Cabinet has approved the increment of Dearness Allowance from 12% to 17%. The move will benefit at least 50 lakh government employees and 65 lakh pensioners. The hike would be effective from July. The cost to the exchequer will be ₹16,000 crore. This increase is based on the recommendations of the 7th Pay Commission. ..

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Devaluation of Currency

The Currency devaluation is the deliberate reduction in the value of a country’s currency against another currency. It is used by monetary authorities when they need to improve the country’s trade balance by increasing exports if and when the trade deficit becomes a problem for the economy. The monetary authority then sets a lower exchange ..

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