V-Shaped Economic Recovery Due to Mega Vaccination Drive

V-Shaped Economic RecoveryApprox Read Time: 6 min In News: The Union Minister for Finance recently presented the Economic Survey 2020-21 in the Parliament.The Survey underlines that the year 2020 was dominated by the COVID-19 pandemic and global economic downturn.The lockdowns and social distancing norms brought the already slowing global economy to a stop. Global economic output is estimated to fall by 3.5 percent in 2020 (IMF January 2021 estimates).To deal with this, governments and central banks…

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1.1 crore Houses approved under PMAY(U) so far

Pradhan Mantri Awas YojanaApprox Read Time: 6 min In News: The Central Sanctioning and Monitoring Committee (CSMC) under Pradhan Mantri Awas Yojana (Urban) has sanctioned the construction of 1.68 lakh new houses under the scheme.  News Summary: 14 States/UTs participated in the 52nd Meeting of the Central Sanctioning and Monitoring Committee (CSMC) under PMAY (Urban).After the meeting, construction of 1.68 lakh new houses has been sanctioned under the scheme. These houses…

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Raise govt-spending to cut out-of-pocket expenditure

Economic Survey 2020-21 over Health SectorApprox Read Time: 4 min In News: The Economic Survey 2020-21 has strongly recommended an increase in public spending on healthcare services. Covid brought focus on healthcare: The Survey observed how the COVID-19 pandemic emphasized the importance of healthcare sector and its inter-linkages with other sectors, showing how a health crisis transforms into an economic and social crisis. Importance of affordable healthcare: The Eco Survey observes that the…

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India must continue to focus on Economic Growth to Alleviate Poverty: Economic Survey 2020-21

Recommendations of Economic Survey 2020-21Approx Read Time: 6 min In News: As per the Economic Survey, India’s GDP is projected to record a growth of 11% in 2021-22.The estimate reflects the growth potential, with the continued normalization in economic activities due to the rollout of vaccines.The Economic Survey (ES) also makes several recommendations to support and give a boost to the economy. Recommendations: The Economic Survey has advised the government to continue with…

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Eco Survey introduces a bare necessities index

Economic Survey 2020-21Approx Read Time: 6 min In News: The Economic Survey 2020-21 has highlighted the improvement in access to bare necessities like housing, water, sanitation, electricity etc. and their importance. “Basic needs” approach to economic development: Bare necessities include housing, water, sanitation, electricity, clean cooking fuel etc. which are consumed by all the members of the household and which touch the life of every member.Economic Survey says that the “basic…

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Global Updates: Iran starts enriching Uranium up to 20%, seizes tanker in strait

Iran starts enriching Uranium up to 20%Approx Read Time: 6 min In News: Iran starts enriching Uranium Iran has again begun enriching uranium to levels unseen since its 2015 nuclear deal with world powers. News Summary: Iran has again begun enriching uranium to levels unseen since its 2015 nuclear deal with world powers.It has also seized a South Korean-flagged tanker near the crucial Strait of Hormuz, in a challenge to…

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To boost industries in J&K, centre clears Rs 28,400 crore scheme

New Industrial Development Scheme for Jammu & KashmirApprox Read Time: 5 min In News: The Union Government has formulated a New Industrial Development Scheme for Jammu & Kashmir (J&K IDS, 2021) as Central Sector Scheme for the development of industries in Jammu & Kashmir.The financial outlay of the proposed scheme is Rs.28,400 crore for the scheme period 2020-21 to 2036-37. Need of the scheme: The scheme has been announced in the backdrop of the reorganization of…

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GDP to contract 7.7% in current fiscal, advance estimates show

First Advance Estimates of GDP (2020-21)Approx Read Time: 11 min In News: First Advance Estimates of GDP (2020-21) The National Statistical Office (NSO) has released the First Advance Estimates (FAE) for the current financial year (2020-21).According to NSO, India’s gross domestic product (GDP) — the total value of all final goods and services produced within the country in one financial year — will contract by 7.7 percent in 2020-21.The real GDP in…

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