Current Affairs - Economy

Exercise :: Economy - Latest Current Affairs

  • Economy - Latest Current Affairs

CRISIL cuts India's GDP growth to __________ for FY20 on weak monsoon rains, muted corporate results.

A. 12.2%
B. 8.3%
C. 5.2%
D. 6.9 %

Answer: Option D


Credit rating agency CRISIL lowered Gross Domestic Product (GDP) growth forecast for India by 20 basis points to 6.9 percent for this fiscal citing weak monsoon and slowing global growth. The GDP data for the first quarter taken into account for powering India's growth estimates. The development came days after the International Monetary Fund (IMF) cut India's growth by 30 basis points for the calendar years 2019 and 2020 to 7 per cent and 7.2 per cent respectively. The global analytical firm, in its latest report on the outlook for India in the financial year 2019 titled 'Uphill trek', the slowdown would be pronounced in the first half. The agricultural terms of trade are also expected to improve with a pick-up in food inflation, adding that farmers would benefit from income transfer of Rs 6,000 per year announced by the Centre. The sops announced so far might not be enough to pitchfork growth in this fiscal to, or above, the past 14-year average of 7 percent per annum.


India's Current Account Deficit (CAD) is expected to remain at how much percent of GDP?

A. 2.3 %
B. 2.4 %
C. 2.5 %
D. 2.6 %

Answer: Option A


According to Investment Information and Credit Rating Agency (IICRA), despite recent slowdown in Merchandise exports and imports, India's Current Account Deficit (CAD) is expected to remain steady at a range of 16-17 billion dollars or 2.3 % of GDP (Gross Domestic Product) in the first quarter.


The GST Council has decided to reduce GST Rate on Electrical Vehicles from 12% to __________.

A. 10%
B. 9%
C. 8%
D. 5%

Answer: Option D


In a bid to promote electric mobility, the GST Council has decided to reduce GST Rate on Electrical Vehicles from 12% to 5% and on charger or charging stations for Electric vehicles from 18% to 5%. The new rates will come into effect from the 1st of August 2019. The Council also approved an exemption from GST on the hiring of Electric Buses by local authorities. Finance Minister Nirmala Sitharaman held the meeting through video conferencing. This is the first GST Council meeting after the presentation of 2019 Union Budget in Parliament on 5th of July.


Centre has approved a five year project Deep Ocean Mission (DOM) with the cost of;

A. Rs. 5,000 crore
B. Rs. 6,000 crore
C. Rs. 8,000 crore
D. Rs. 10,000 crore

Answer: Option C


Centre has approved the Union Ministry of Earth Sciences' Deep Ocean Mission (DOM). The project plans to explore the deepest recesses of the ocean. It is a five year project. The cost estimated for the project is Rs.8,000 crore. DOM will commence from October 31, 2019. A blueprint of the programme was unveiled by the Ministry last July. One of the proposals is offshore desalination plant that will work with tidal energy. The projects also proposes to develop a submersible vehicle that can go to a depth of at least 6,000 metres with three people on board.


Which plan was agreed by the Group of Seven (G7) finance ministers during their meeting in France?

A. Environmental Protection by 2023
B. Climate Change by 2022
C. Two-pillar taxation for large tech companies to be adopted by 2020
D. Eradication of TB by 2025

Answer: Option C


In the event of G7 finance ministers meeting in France, all fully supported two-pillar taxation for large tech companies to be adopted by 2020.Digital Taxes: They agreed on a plan for taxing digital companies such as Facebook, Google, and Amazon in the countries in which they make money, even without any physical presence in the country.They also agreed that a minimum level of effective taxation would contribute to ensuring that companies pay their fair share of tax.The plan would have to be further developed by the G20 group of top 20 economies and then implemented under the aegis of the Organisation for Economic Cooperation and Development (OECD).