Economics: GK, Current Affairs, Questions, Trivia and News

US initiates new anti-dumping duty

The US has initiated new antidumping duty and countervailing duty investigations to determine whether forged steel fittings from India and Korea are being dumped there and to find if producers in India are receiving unfair subsidies. In 2018, imports of forged steel fittings from India and Korea were valued at an estimated $92.6 million and ..

Odisha government to partner with MIT-based Abdul Latif Jameel Poverty Action Lab (J-PAL)

The Odisha government has decided to partner with Abdul Latif Jameel Poverty Action Lab (J-PAL) for targeted intervention in a set of social sectors including poorest of the poor through policy formulation and evaluations based on experimental research. The co-founders of J-PAL are Nobel laureates Abhijit Banerjee and Esther Duflo. The Massachusettes Institute of Technology ..

Abhijit Banerjee wins 2019 Nobel Economics Prize for study on poverty

Indian-American Abhijit Banerjee, his wife Esther Duflo and Michael Kremer have jointly won the 2019 Nobel Economics Prize for their experimental approach to alleviating global poverty. Mr Banerjee was educated at the University of Calcutta, Jawaharlal Nehru University (JNU) and Harvard University, where he received his Ph.D in 1988. He is currently the Ford Foundation ..

Govt scraps Import Duty on open cell LED TV panel

The Ministry of Finance has withdrawn the import duties on open cell LED panels used in the production of television sets. This is expected to lower the input costs for TV makers who have been complaining about a slump in demand. The Finance Ministry has also scrapped customs on goods for use in the manufacturing ..

Emerging economies more vulnerable to big oil price moves: Nomura report

The Japanese financial services major Nomura has analysed the impact of the twin drone attacks which targeted Abqaiq, the site of the largest oil processing plant run by the Saudi state oil company, Aramco, and the Khurais oilfield. The attacks wiped out more than half of Saudi Arabia’s crude supply. The attack has surged the ..

Steel Import Monitoring System Launched

The Ministry of Commerce and Industries has launched a steel import monitoring system (SIMS) to provide advance information about steel imports. Steel Import Monitoring System The system has been developed by the Ministry of Commerce and Industries in consultation with the Ministry of Steel on the pattern of US Steel Import Monitoring and Analysis (SIMA) system. Importers ..

Lack of domestic demand is holding back animal spirits in economy

In its annual report for 2018-19, the Reserve Bank of India (RBI) has stated that the lack of domestic demand is holding back the animal spirits in the economy and emphasized the need to revive consumption demand and private investment during 2019-20. The report claimed that the economy is undergoing a cyclical slowdown rather than ..

UNDP releases 2019 global Multidimensional Poverty Index (MPI)

The 2019 global Multidimensional Poverty Index (MPI) has recently released by UN Development Programme (UNDP), the Oxford Poverty and Human Development Initiative (OPHI). As per the report, India lifted 271 million people out of poverty between 2006 and 2016 & recorded the fastest reductions in the MPI values during the period with strong improvements in ..