Indian Economy: GK, Current Affairs, Questions, Trivia and News

S&P estimates COVID-19 cost to be $620 billion for 14 Asia-Pacific countries

International ratings agency S&P Global Ratings has recently estimated the cost of COVID-19 outbreak for 14 Asia-Pacific countries at $620 billion. Though a country-wise break-up was not provided for its estimate, it said that the total and permanent income loss will affect the balance-sheets of government, banks, corporates and households. Last week, S&P cut India’s ..

Fitch Ratings cuts India’s growth forecast to 5.1% for FY 2020-21

Fitch Ratings has recently cut India growth forecast to 5.1 per cent for FY 2020-21.  Fitch had projected India to grow at 5.6 per cent in 2020-21 and 6.5 per cent in the following year, in its previous report released in December 2019. In its Global Economic Outlook 2020, Fitch also estimated that India will ..

COVID-19 economic response task force to be headed by Finance Minister

Prime Minister Narendra Modi, during his public address, announced the setting up of a COVID-19 economic response task force. The task force is to be headed by Finance Minister Nirmala Sitharaman, to measure the economic impact of the pandemic and take appropriate steps. The Finance Minister is set to meet the Ministers of animal husbandry, dairy and ..

RBI extends authorization issued to Vakrangee to own and operate WLA

The Reserve Bank of India (RBI) has extended the validity of authorization issued to IT service management company Vakrangee, to setup, own and operate the White Label ATMs (WLA) in India. The validity of authorization has been extended till 31 March 2021. RBI has assigned a target of minimum 1,000 ATMS to be deployed by ..

S&P Global Ratings lowered India’s economic growth forecast to 5.2% for 2020

S&P Global Ratings lowered India’s economic growth forecast to 5.2 per cent for the year 2020. The rating agency had earlier predicted the growth rate of 5.7% for 2020. The agency also estimated that the Asia-Pacific economic growth in 2020 will dip to less than 3 per cent. It also revealed that saying the global economy is ..

Marginal decline in number of job seekers

The Union Labour Minister Santosh Kumar Gangwar recently informed that the number of job seekers in the country marginally declined between 2015 and 2017 from 4.35 crore in 2015 to 4.24 crore in 2017. This is the count of job seekers who registered on live register of employment exchanges. The minister also added that all ..

OECD lowers India’s GDP growth forecast to 5.1%

International agency OECD recently lowered India’s GDP growth forecast to 5.1 per cent from the earlier projection of 6.2 per cent for 2020-21. For the financial year ending March 2019, OECD has projected a growth rate of 4.9%. The main reason for the cut in rates was the concerns about the impact of coronavirus on ..

India emerged as 5th largest economy in 2019

World Population Review, a US-based think tank, recently stated in its report that India emerged as the world’s fifth largest economy in 2019, with a GDP of $ 2.94 trillion. India has overtaken the UK and France, to be placed in the 5th position. The report also stated that in Purchasing power parity (PPP) terms, ..