Balance of Payment crisis Current Affairs, GK & News

COVID-19: Fifth Recession of India

Since Independence in 1947, India has faced four recessions. According to Reserve Bank of India (RBI), the recessions occurred in 1958, 1966, 1973 and 1980. Highlights Recession is defined as the fall in economic activities of the country along with decline in sales, income and employment. India has so far seen four such negative GDP ..

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Cabinet approves amendments to Currency Swap arrangement for SAARC nations

The Union Cabinet headed by Prime Minister Narendra Modi has approved the amendments to the framework on currency swap arrangement for SAARC member countries. The amendments incorporate a standby facility of USD 400 million. This stand-by facility enables India to provide a prompt response to the current request from SAARC member countries for availing the swap amount exceeding the present limit prescribed under the SAARC Swap Framework. SAARC Swap Framework The Framework on ..

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