Priority Sector Lending Subject: Economy Section: Economic Growth Context: Priority Sector Lending means lending credit by the banks to those sectors which are considered important for the development of the basic needs of the country by the Government and the RBI.The banks are mandated to encourage the growth of such sectors with adequate […]
Govt. raises minimum support price for jute Subject: Economy Section: Agriculture Concept: The Cabinet Committee on Economic Affairs on Tuesday approved the Minimum Support Price (MSP) for raw jute for the 2022-2023 season. MSP is the minimum price paid to the farmer for procuring food crops. It offers an assurance to farmers that their […]
Challenges w.r.t normalization of the Indian Economy Subject: Economy Section: Economic Growth Context: NSO’s recent release of India’s GDP data for Q3 of 2021-22 along with Second Advanced Estimates (SAE) implies that post covid-19, the normalization of the economy has been disturbed by the ongoing geopolitical uncertainties. Concept: NSO’s GDP data highlights that […]
Dual circulation economic model Subject: Economy Section: Economic Growth Context: China is working towards becoming a more independent economy, by introducing a ‘dual circulation’ model. Reason for shift from Export led Growth: China has unveiled a “dual circulation” strategy to cut its dependence on overseas markets and technology in its long-term development, a […]
War led energy jolt can lead the economy to recession Subject : Economy Section: National income Context: The energy market shock following Russia’s invasion of Ukraine could tip the world into an economic recession, especially if the war drags on Concept: When the economy contracts for two quarters in a row (or six months), this […]
Infusion of Technologies in Agricultural Sector Subject: Economy Section: Agriculture Context: Govt to provide financial assistance for drone purchase by custom hiring centres. Concept: Steps were taken by the Centre to support State Govts via various schemes including the use of drones in agriculture and make drone technology affordable to farmers and other […]
Agricultural Credit Subject: Economy Section: Agriculture Context: Farmers seeking loans from private money lenders in Maharashtra increased by 27% and the loan amount raised by 42 % in 2021. Concept: Majority of these farmers seeking loans are small and marginal farmers. Their dependence on private money lenders multiplied due to Covid-led lockdowns, closure […]
AtmaNirbhar Bharat- Open and Closed economy Subject : Economy Section : External sector Context: India is not favouring a closed economy by promoting AtmaNirbhar mission, and remains very deeply committed to greater integration with global flows and the regional networks according to the NITI Ayog. Open and Close Economy An economy is divided […]