Economy Current Affairs

Indian Economy Current Affairs, important for Competitive Exams.

Around 25 crore people have lifted themselves out of poverty in the last nine years : NITI Aayog

  1. According to NITI Aayog, nearly 25 crore people in India have lifted themselves out of poverty in the last nine years.
  2. The discussion paper released by NITI Aayog on 16 January 2024, focuses on Multidimensional Poverty in India from 2005 to 2006, analyzing the decline in poverty rates across various dimensions.
  3. The poverty rate has decreased from over 29 percent to around 11 percent in the mentioned nine-year period.
  4. Uttar Pradesh has witnessed the most significant reduction in poverty among Indian states, with nearly 6 crore people escaping poverty in the last nine years.
  5. Other states showing notable declines in poverty include Bihar, Madhya Pradesh, and Rajasthan.
  6. NITI Aayog predicts that India will achieve single-digit poverty rates this year, marking a substantial accomplishment given that over 50 percent of the population was in poverty around 2005.
  7. The Sustainable Development Goal (SDG) target of halving multidimensional poverty by 2030 is expected to be achieved by India much sooner than the set deadline.
  8. NITI Aayog CEO, B.V.R. Subrahmanyam, emphasized that reducing absolute poverty by half in 8 to 9 years is a remarkable achievement that will showcase India’s progress towards its SDG goals to the world.

Q: What is the reported decline in poverty rate in India over the last nine years according to NITI Aayog?

a) 27 percent to around 9 percent
b) 25 percent to around 17 percent
c) 29 percent to around 11 percent
d) 20 percent to around 15 percent

Answer: 29 percent to around 11 percent

Q: Who currently serves as the Chief Executive Officer (CEO) of NITI Aayog in India?

a) Narendra Modi
b) Amitabh Kant
c) Arvind Panagariya
d) B.V.R. Subrahmanyam

Answer: d) B.V.R. Subrahmanyam

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ONGC starts oil production from its Cluster-2 project in Krishna Godavari basin in Bay of Bengal

  1. The Oil and Natural Gas Corporation (ONGC) has initiated oil production from its Cluster-2 project in the Krishna Godavari basin in the Bay of Bengal.
  2. The project is situated in the KG-DWN-98/2 block, characterized as a complex and challenging block.
  3. Initial production is expected to be 45 thousand barrels per day and over 10 million standard cubic metres per day of gas.
  4. The project, located offshore the Godavari river delta, is positioned 35 kilometres off the coast of Andhra Pradesh.
  5. Water depths in the project area range from 300 to 3,200 metres.
  6. The discoveries in the KG-DWN-98/2 block are divided into three clusters, with Cluster-2 being the first to be put into production.
  7. The anticipated impact of the project includes adding 7 percent to the current national oil production and 7 percent to national natural gas production.

Q: Where is the KG-DWN-98/2 block located, where the ONGC starts oil production from Cluster-2 project in January 2024 ?

a) Arabian Sea
b) Bay of Bengal
c) Indian Ocean
d) Andaman Sea

Answer: b) Bay of Bengal

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Govt constitutes 16th Finance Commission with Dr Arvind Panagariya as its Chairman

The Sixteenth Finance Commission has been constituted by the Centre.

  1. Dr. Arvind Panagariya, former NITI Aayog Vice Chairman and current Columbia University Professor, will serve as the Chairman of the 16th Finance Commission.
  2. Ritvik Ranjanam Pandey, an IAS officer, will be the secretary of the Commission.
  3. The Commission’s recommendations will include matters related to the distribution of net proceeds of taxes between the Union and the States, and measures to augment the Consolidated Fund of a State to support Panchayats and Municipalities.
  4. The Commission may review current financing arrangements for Disaster Management initiatives, particularly funds under the Disaster Management Act, 2005, and make appropriate recommendations.
  5. The Finance Commission has been tasked with making its report available by October 31, 2025, covering a five-year period starting from April 1, 2026.

Q: Who has been appointed as the Chairman of the Sixteenth Finance Commission?

a) Dr. Arvind Panagariya
b) Ritvik Ranjanam Pandey
c) Nirmala Sitharaman
d) Dr Subramanyam Swami

Answer: a) Dr. Arvind Panagariya

Q: What is the role of Ritvik Ranjanam Pandey in the Sixteenth Finance Commission?

a) Chairman
b) Secretary
c) Financial Advisor
d) Member

Correct Answer: b) Secretary

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Govt increases rate of interest on 2 small savings schemes for January-March 2024

The Central government has increased the rate of interest on two small savings schemes for January-March 2024 quarter by up to 20 basis points.

  • The rate of interest on the Sukanya Samriddhi Account Scheme has been raised by 20 basis points to 8.2 percent from 8 percent.
  • Interest on the three-year time deposit has been increased by 10 basis points to 7.1 percent from 7.0 percent.
  • All other small savings schemes will continue to offer the same rate of interest as they did in October-December quarter.

Q: What is the increased interest rate on the Sukanya Samriddhi Account Scheme for the January-March 2024 quarter?

a. 7.8 percent
b. 8.0 percent
c. 8.1 percent
d. 8.2 percent

Ans : d. 8.2 percent

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Reversal of liquidity facilities under both SDF and MSF is available with effect from 30th December: RBI

  • The Reserve Bank of India (RBI) announces the availability of reversal of liquidity facilities under Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) on an overnight basis, including Sundays and holidays, effective from December 30.
  • Reversal under SDF and MSF is allowed only on the next working day in Mumbai.
  • RBI Governor Shaktikant Das had previously announced the SDF and MSF reversal facility to remain open on all days for deploying and using tools to manage liquidity in case of elevated inflation.
  • The SDF/MSF bids triggered under the Automated Sweep-In and Sweep-Out (ASISO) facility will reverse on the next calendar day.
  • Manual bids placed through the e-Kuber portal allow eligible entities to choose the tenor at the time of placing the bid.
  • Access to SDF/MSF will be available on all days, including Sundays and holidays.
  • RBI is using the Standing Deposit Facility (SDF) as an additional tool to absorb liquidity and control inflation.
  • The use of SDF enables RBI to take deposits from commercial banks without compensating them with government securities.

Q: Why RBIis using the Standing Deposit Facility (SDF) ?

  • A. To encourage commercial banks to invest in government securities
  • B. To absorb liquidity and control inflation
  • C. To compensate commercial banks with government securities
  • D. To facilitate faster fund transfers between banks.

Ans : B. To absorb liquidity and control inflation

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CBDT notified Income Tax Return (ITR) forms 1 and 4, for the assessment year 2024-25

  • The Central Board of Direct Taxes (CBDT) has notified Income Tax Return (ITR) forms 1 and 4 for the assessment year 2024-25.
  • These forms are for filing income tax returns related to earnings from April 1, 2023, to March 31, 2024.
  • Typically, ITR forms are notified in March or early April, but this year they were notified in December to facilitate early filing.
  • Forms 1 and 4 are meant for individuals and entities with annual total income of up to 50 lakh rupees.

Q: What is the period of the Financial Year in India?

A) April 1 to March 31
B) January 1 to December 31
C) July 1 to June 30
D) October 1 to September 30

Answer: A) April 1 to March 31

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27th WAIPA World Investment Conference in New Delhi from December 11, 2023

India is hosting the 27th WAIPA World Investment Conference in New Delhi from December 11, 2023.

  1. The conference is organized by the National Investment Promotion and Facilitation Agency of the Government of India and the World Association of Investment Promotion Agencies.
  2. The event will take place at the India International Convention & Expo Centre – Yashobhoomi, New Delhi, under the Department for Promotion of Industry and Internal Trade.
  3. This conference is expected to be the largest World Investment Conference ever held.
  4. Shri Piyush Goyal, the Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, will deliver the keynote address on the Role of Trade and Investment in the Decade of Action on December 13.
  5. Shri Goyal will also launch the Experience India Centre (EIC), which will showcase India’s offerings across services, technology, and products using virtual reality, augmented reality, interactive touch screens, and projection mapping.
  6. This marks the first time the World Investment Conference is being held in India.
  7. The conference is expected to have over 1000 attendees, including 50 Investment Promotion Agencies (IPAs) and various multilateral agencies.

Q: Where is the 27th WAIPA World Investment Conference being hosted?

A) Mumbai
B) Chennai
C) New Delhi
D) Bangalore

Ans : C) New Delhi

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RBI has maintained the policy repo rate at 6.5% for the fifth consecutive time

RBI Governor Shaktikanta Das, in the bi-monthly monetary policy announcement on 8 December 2023 informed following decision of committee.

  • The Reserve Bank of India (RBI) has maintained the policy repo rate at 6.5% for the fifth consecutive time.
  • The decision to keep the policy rate unchanged was influenced by the observed decline in inflation.
  • In the recent Monetary Policy Committee meeting, the RBI revised the Gross Domestic Product (GDP) growth forecast for the financial year 2023-24 to 7%, up from the previous estimate of 6.5%.
  • Governor Shaktikanta Das announced a proposal to increase the limit of UPI transactions in hospitals and educational institutions from one lakh to 5 lakh rupees.

Q: What proposal did Governor Shaktikanta Das announce regarding UPI transactions during the Monetary Policy Committee meeting in December 2023?

a. Limit reduction to one lakh rupees
b. No change in the transaction limit
c. Increase to 2.5 lakh rupees for all users
d. Increase to 5 lakh rupees in hospitals and educational institutions

d. Increase to 5 lakh rupees in hospitals and educational institutions

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42nd India International Trade Fair (IITF) from 14 to 27 November at Pragati Maidan in New Delhi

The 42nd India International Trade Fair (IITF) commenced on November 14 at Pragati Maidan in New Delhi and will run until November 27, 2023.

  • Minister of State for Commerce and Industry, Anupriya Patel, inaugurated the fair, noting the significant participation of over 3500 exhibitors, showcasing global confidence in India.
  • The fair’s theme, “Vasudhaiva Kutumbakam,” underscores the importance of interconnectedness and cooperation in trade for sustainable growth and well-being.
  • The first five days are reserved for the business category, with the fair open to the general public from November 19th.
  • Partner States are Bihar and Kerala, and Focus States include Delhi, Jammu and Kashmir, Jharkhand, Maharashtra, and Uttar Pradesh.
  • Representatives from 13 countries are participating in the fair, showcasing its international character.
  • Fair timings are from 10 A.M. to 7.30 PM, and tickets can be purchased online or at select metro stations. Entry is free for Divyang (disabled individuals) and senior citizens.

Q.: What is the theme of the 42nd India International Trade Fair?

  • a) Sustainable Growth and Well-being
  • b) Global Confidence in India
  • c) Vasudhaiva Kutumbakam
  • d) Trade and Investment for Economic Development

Ans : c) Vasudhaiva Kutumbakam

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Tata To Make iPhones In India For Global Market

The Tata Group is set to become India’s first homegrown iPhone manufacturer. This development follows the acquisition of an assembly plant near Bengaluru from Apple supplier Wistron Corp for approximately $125 million.

  1. Tata Group’s plan is to produce Apple iPhones for both the domestic and global markets.
  2. Production is expected to commence within two and a half years.
  3. The move signifies India’s increasing production capabilities.
  4. Apple’s previous strategy primarily relied on selling devices made in China to customers worldwide.

Question: TATA Group acquired an assembly plant for Apple phones near Bengaluru from which group?

Options:
a) Apple Inc.
b) Samsung Electronics
c) Wistron Corp
d) LG Electronics

Ans : c) Wistron Corp

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