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Economic Current affairs 2019

Following the current events and news in the area of geography is very very important for the general studies paper in the UPSC exam. In recent times questions are set on only those topics that have made news. Regular study of Economics from NCERT books or otherwise is no longer required. The idea is to follow the current affairs news related to Economics and understand the Economics behind those issues. This is true for all levels of teh IAS exam - prelims, mains and also the interview.

Current Affairs Quiz

Current Affairs in Economic - May 2019

  • India and Switzerland:They are the two countries which were recently removed by USA from its currency monitoring list of major trading partners, citing certain developments and steps being taken by them which address some of its major concerns. The US currency monitoring list includes Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia and Vietnam. In both Switzerland and India, there was a notable decline in 2018 in the scale and frequency of foreign exchange purchases, the report said. India for the first time was placed by the US in its currency monitoring list of countries with potentially questionable foreign exchange policies in May 2018 along with five other countries - China, Germany, Japan, South Korea and Switzerland.
  • NSIC: It recently signed MOU with Ministry of MSME which envisages provision of enhanced services by NSIC under its marketing, financial, technology and other support services schemes for MSMEs in the country. Under the scheme of National SC-ST Hub being implemented by NSIC on behalf of the Ministry of MSME, it will be a continued endeavour to provide assistance to SC/ST entrepreneurs through different interventions and various outreach activities with the overall objectives to increase their participation in public procurement. The National SC/ST Hub has been set up to provide professional support to Scheduled Caste and Scheduled Tribe Entrepreneurs to fulfil the obligations under the Central Government Public Procurement Policy for Micro and Small Enterprises Order 2012, adopt applicable business practices and leverage the Stand-Up India initiative.
  • EQUIP: It is the name of the ambitious ₹1.5 lakh crore project which the Ministry of Human Resource Development plans to launch to improve the quality and accessibility of higher education over the next five years. EQUIP stands for the Education Quality Upgradation and Inclusion Programme and was crafted by ten committees led by experts within the government. EQUIP is meant to bridge the gap between policy and implementation. The project is made to bring transformation in the higher education system in the upcoming 5 years.
  • OMO: It stands for Open Market Operations. Open market operations is the sale and purchase of government securities and treasury bills by RBI or the central bank of the country. The objective of OMO is to regulate the money supply in the economy. RBI carries out the OMO through commercial banks and does not directly deal with the public. It was in the news recently that The Reserve Bank of India is planning to inject Rs. 15,000 crores into the financial system next month through purchase of government bonds via the auction route.
  • Elephant Bonds:They are the one which the high-level government-appointed committee on trade and industry has suggested to issue to people for declaring undisclosed income to mandatorily invest 50%. Elephant Bonds are the 25-year sovereign bonds in which people declaring undisclosed income will be bound to invest 50 per cent. The fund, made from these bonds, will be utilized only for infrastructure projects.
  • Requirement of strong room: Area of the strong room/ vault of at least 1,500 sq ft. Area of the strong room/ vault of at least 600 sq ft in hilly areas are the two major requirement for setting up of currency chests as per the Reserve Bank of India new guidelines. The other requirements are that the new chests should have a processing capacity of 6.6 lakh pieces of banknotes per day. Those situated in the hilly/ inaccessible places, a capacity of 2.1 lakh pieces of banknotes per day. The currency chests should have Chest Balance Limit (CBL) of Rs 1,000 crore, subject to ground realities and reasonable restrictions, at the discretion of the Reserve Bank.