Current Affairs 2021 Part 2 for upcoming Competitive Exams (By NM Mishra@Brilliant Academy of Learning - Contact No. 9891726652)
1. Monetary Policy is formulated by RBI where as Fiscal policy is formulated by Finance Ministry of Government of India.
2. Fiscal Policy is use of Taxation and Government Spending to promote growth in the Economy. It is used to increase the rate of capital formation both in the public and private sector. Through Taxation ,Government mobilizes financial resources for financing it's various projects.It provides stimulus to increase the saving rate . It provides adequate incentives to the private sector to expand its activities. Fiscal Policy is used to reduce the imbalance of income and wealth.
3. Monetary Policy which is formulated by RBI involves measures taken to control inflation, regulate the supply of money and cost of credit in the Economy.The various instruments of Monetary Policy include variation in Bank rates , other interest rates ,supply of currency etc. in addition to that the current repo rate, reverse repo rate,marginal standing facility rate and the bank rate.
4. Monetary Policy Statement (2021-2022), Resolution of the Monetary Policy Committee (MPC)(August 4 to 6 , 2021)
a. Repo Rate - 4%
b.Reverse Repo Rate - 3.35%
c. Marginal Standing Facility (MSF) - 4.25%
d.Bank Rate - 4.25%
e.SLR(Statutory Liquidity Ratio )- 18%
f.CRR(Cash Reserve Ratio )- 4%
g. RBI maintains GDP forecast same at 9.5% for the current fiscal.
h.CPI inflation seen at 5.3% for this fiscal.
I. RBI extends SLTRO(Special long term repo operations) for small finance Bank of Rs 10000 crores till 31st Dec .
j. RBI increases IMPS (Immediate Payment Service) limit from Rs 2 lakh to 5 lakh transaction.
k. RBI to introduce an internal ombudsman for certain categories of NBFC.
l. Bond Purchases under G - SAP stoppes
m. Open Market operations to continue as needed
n. RBI plans about the framework for retail digital payments in offline mode.
5. Economic Survey of India 2020-2021 presented in Parliament on 29th January 2021. It's theme - Saving Lives and Livelihoods
According to this survey, India's economy is witnessing V shaped recovery after a sharp economic fallout from COVID.
6. According to NSO data released on 31st May 2021 , India's GDP grew by - 7.3% in the year 2020-2021.
7. Normal GDP (Indicative GDP) estimated to grow in the financial year 2021-2022 by +15.4%.
8. As per Economic Survey 2020-2021 India exports the most to 1.America 2.China 3. UAE 4. Hongkong . India imports the most from 1.China 2.America 3.UAE 4. Hongkong
9. Gujarat received maximum FDI in 2020-2021.
10. China has highest forex reserves in the world. India is on 4th place in matter of Forex reserves.
11. According to Economic Survey 2020-2021 the growth rate in Agriculture +3.4%, Industry -9.6%,Service -8.8%
12. As per Economic Survey 2020-2021:
Largest share in GDP - 1.Services 2.Industry 3. Agriculture
Most Employing Sector - 1. Agriculture 2.Service 3. Industry
13. Under Prime Minister Garib kalyan Yojna 80.96 crores people were provided Food Grains
14. As per Economic Survey 2020- 2021 on Health 1.5%,on Education 3.5% of GDP was spent .
15. According to Economic Survey India's place in Production of Fish(2nd),Milk(First),Egg(3rd),Flesh (5th).
16.As per Economic Survey India's place in export of Textiles and Textiles Products ( 6th); In the length of Road network (2nd),In the production of Crude Steel (2nd); In the length of Railways network ( 3rd).
17. The Union Budget 2021- 2022 was presented by Finance Minister Nirmala Sitharaman in Parliament on 1 February 2021.
18. Budget 2021- 2022 was India's first paperless and digital budget.
19.Theme of Budget 2021-2022 is Self reliant India .
20. Total Budget of 2021-2022 is of 34.83 lakh crore.
21. Fiscal Deficit estimated in Budget 2021- 2022 is 6.8% of the GDP.
22.The government aims to bring down the fiscal deficit to 4.5% of GDP by 2025-2026.
23. The government has allocated 35000crore for COVID 19 vaccine in the budget 2021-2022.
24. According to budget ,the 15th Finance Commission submitted it's final report to the president on 9thDecember 2020 for 2021-2026. According to this report ,41% of the fund will go to the states.
25.The most migrants of India are in this order .1.UAE 2.USA 3.Saudi Arabia
26. Maximum number of tourists coming to India are in this order.1.Bangladesh2.USA 3.UK
27. According to Economic Survey 2020-2021 Highest per capita Income in this order 1. Goa 2. Sikkim 3. Delhi
28. According to Economic Survey 2020-2021 Lowest per capita income are in this order 1. Bihar 2. UP 3. Jharkhand
29. Highest poverty rate is in Chattisgarh.
30. Poverty rate of all India is 21.9%.
31. Production Linked Scheme (PLI) was introduced in 10 sectors to make India an integral part of the global supply chain as per Economic Survey 2020-2021.
32. Wages under MGNREGA were increased by Rs 20 to Rs 202 from 1st April 2020.
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