Category: Economy

HDFC Bank starts ‘e-Kisaan Dhan’ App for Farmers

July 2, 2020

• HDFC Bank starts ‘e-Kisaan Dhan’ app for farmers. HDFC Bank on 1st July declared the release of ‘e-Kisaan Dhan’ app for farmers all over India. Through this app, the farmers will be able to access a bouquet of services, both banking and agriculture, by their mobile phones.

India’s GDP may shrink by 6.4% in FY21: Care Ratings

July 2, 2020

• Care Ratings on 2nd July updated India’s GDP growth prediction for the current financial year to (-) 6.4 percent as economic activity continues to be under restraint because of the lockdown on account of the COVID-19 pandemic. The rating agency, in May, had predicted a decline in GDP growth of 1.5-1.6 percent in FY21.

Swiggy starts digital wallet ‘Swiggy Money’ in partnership with ICICI Bank

July 1, 2020

• Bengaluru-based food tech unicorn Swiggy on 30th June declared the release of its own digital wallet ‘Swiggy Money’ to facilitate a ‘single-click checkout experience’ on its platform.
• The digital wallet in partnership with ICICI Bank will allow Swiggy users to store money and be used for all food orders on Swiggy.

World Bank to provide USD 750 mn to help 15 cr viable MSMEs

July 1, 2020

• The World Bank on 1st June declared it will provide a USD 750 million budget assistance to 15 crores micro, small and medium enterprises (MSMEs) to enhance liquidity access for viable small businesses impacted by COVID-19.

Fitch slashes India growth projection to 8% for FY22

July 1, 2020

• Fitch Ratings on 29th June slashed India’s growth forecast for 2021-22 fiscal to 8 percent from 9.5 percent predicted last month. It, however, preserved its prediction of Indian economy contracting by (-5) percent in the current fiscal (FY2020-21).

Tamil Nadu, World Bank ink loan agreements worth $250 mn to advance affordable housing projects

June 30, 2020

• The central government, Tamil Nadu state government and the World Bank on 29th June inked loan ventures worth $250 million for two projects to encourage low-income groups in the state to have access to affordable housing.

World Bank grants USD 500 million to improve the quality of Education System

June 29, 2020

• The World Bank on 28th June declared its Board of Executive Directors has permitted USD 500 million (about Rs 3,700 crore) loan to upgrade quality and governance of school education in six Indian states. The board authorized a loan for Strengthening Teaching-Learning and Results for States Program (STARS) on June 24, 2020.

Union Govt gave Rs 500 cr Emergency Funds to Armed Forces for War Preparedness

June 29, 2020

• The Central Government has invested special financial powers of Rs 500 crore as emergency funds to armed forces for war preparation between ongoing border tensions with China.

India holds the position of the 3rd-largest economy on PPP basis for 2017

June 28, 2020

• India has fixed its spot as the third-largest economy after China and the US in terms of purchasing power parity (PPP) for 2017, stated the government citing the World Bank data.

NCAER forecasts India’s GDP growth at 1.3% in FY21

June 28, 2020

• National Council of Applied Economic Research (NCAER) announced the Indian economy could be developing at 1.3% in FY21 as a base case scenario. This prediction is based on the incorporation of the monetary and fiscal stimulus measures undertaken by the Reserve Bank of India (RBI) and the central government.