25Points of current

1.Global Competitiveness Index 2019: India falls to

68th rank, Singapore replaces US at top

Global Competitiveness Index 2019: India slipped down ten

places to be ranked 68th in the annual Global Competitiveness Index 2019.

2.RBI Monetary Policy Highlights in 10 Points: cuts Repo rate,

lowers GDP forecast

RBI monetary policy: To keep the public and market sentiment

high, RBI has cut the Repo rate by 25 bps to 5.15 percent. Subsequently, the Reverse Repo rate reduced to 4.9 percent.

3.What is NIRVIK scheme? How will it help exporters?

NIRVIK scheme: The ECGC has introduced ‘NIRVIK’ scheme to

enhance loan availability for exporters and ease the lending process

NIRVIK scheme: Export Credit Guarantee Corporation of India (ECGC) has introduced ‘NIRVIK’ scheme to ease the lending process and enhance loan availability for exporters. The details of the scheme were shared by Union Minister of Commerce and Industry and Railways, Piyush Goyal on September 16, 2019 during a press conference. The scheme was announced by the Finance Minister Nirmala Sitharaman on September 14 as a part of measures to boost exports.

NIRVIK stand for- NIRYAT RIN VIKAS YOJNA.

4.India is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).

5.India ranked 142nd by GDP (nominal) and 119th by GDP (PPP) per capita in 2018- IMF Report

6.Since the start of the 21st century, annual average GDP growth

has been 6% to 7%, and from 2014 to 2018, India was the

world's fastest growing major economy, surpassing China.

Historically India was one of the largest economy in the world for most of the two millennia from 1st until 19th century.

7.The economy slowed in 2017, due to shocks of

"demonetisation" in 2016 and introduction of Goods and Services Tax in 2017.

8.Nearly 60% of India's GDP is driven by domestic private

consumption and continues to remain the world's sixth-largest consumer market.

9.In 2018, India was the world's tenth-largest importer and the nineteenth-largest exporter.

10. It ranks 63rd on Ease of doing business index and 68th on Global Competitiveness Report.

11.With 520-million-workers, the Indian labour force is the world's second-largest as of 2019.

12.Since India has a vast informal economy, barely 2% of Indians pay income taxes.

13.India's largest trading partners are China, USA, UAE, Saudi

Arabia, Switzerland, Germany, Hong Kong, Indonesia, South Korea, and Malaysia

14.India is the world's sixth-largest manufacturer,

representing 3% of global manufacturing output and employs over 57 million people

15.India has a high national debt with 68% of GDP, while its fiscal deficit remained at 3.4% of GDP

16.India ranks second globally in food and agricultural production,

17.It is the world's tenth-largest oil producer and the third-largest oil consumer.

18.It is also the world's second-largest coal producer,

the second-largest steel producer and the third-largest electricity producer.

19.India’s total GDP $2.936 trillion (nominal; 2019 est.

India’s total GDP $2,172 (nominal; 2019 est.)

20.

142nd (nominal; 2018)

•119th (PPP; 2018)

Inflation CPI 3.05% (May 2019)

21

•Labour force by Occupation.

•Agriculture: 44%

•Industry: 25%

•Services: 31%

Unemployment 6.1% (FY 2018)

22.INDIA’S EXPORT&

IMPORT

Exports $330 billion (2018–19)[24]

Export goods •Agricultural products 12.8%•Fuels and mining products 13.8%•Manufacturers 70.5%•Others 2.9%

[25]

Main export partners • Arab League 17.37%• European Union 17.34%• United States 15.88%• ASEAN 11.38%• China 5.08%

Imports $514 billion (2018–19)[24]

Import goods •Agricultural products 8.1%•Fuels and mining products 30%•Manufacturers 51.7%•Other 10.2%

[25]

Main import partners • Arab League 19.88%• China 13.68%• ASEAN 11.53%• European Union 11.35%• United States 6.92%• Hong Kong 3.50%

India’s share in global trade is 2.1 %

Total export share is 2.%Total import share is 2.4%.

23.FISCAL DEFICIT,

REVENUE DEFICIT&

PRIMARY DEFICIT

24.Frbm act

It means fiscal responsibility budget management.

FRBM bill was introduced by then FM Yashwant Sinha in 2000.

FRBM Act 2003 –task force headed by Vijay Kelkar.

Main targets of Frbm act 2003

1.Eliminate revenue deficit by 2008.(0.5% reduction every year)

2.Fiscal deficit reduced to 3% of GDP.(o.3% reduction P.A)

3.Total debt 9% of GDP.

Annual 1% reduction.

25. Four fiscal indicators were proposed.

4.Total liability of govt should be 9% of GDP.

1.Revenue deficit as % of GDP.(0%)

2.Fiscal deficit as % of GDP.(3%)

3.Tax revenue as % of GDP.(13.2%)

4.Total liabilities as % of GDP.(9%)

25Points of current