Daily Current Affairs for UPSC Civil Services Exam – 01 September 2020

Daily Current Affairs for UPSC Civil Services Exam – 01 September 2020

In Today’s News:

  1. GDP shrinks by a record of 23.9% in April-June Quarter.
  2. RBI aims to ease liquidity further.

1.GDP shrinks by a record of 23.9% in April-June Quarter.

News Summary

According to data released by the National Statistical Office, the Indian economy saw its worst contraction in the last 40 years with GDP shrinking by a record of 23.9% in the April to June quarter due to the COVID-19 pandemic.  Modest growth of 3.4% in year-on-year terms was recorded only in the Agriculture sector. All other sectors saw a contraction due to the COVID-19 lockdown and the halt in economic activities.

Prelims GS – Economic Development

GDP:

Click here to view about GDP and GVA on 7th June 2020.

2. RBI aims to ease liquidity further

News Summary

RBI has said that it would conduct additional special Open Mark Operations(OMO)s involving the simultaneous purchase and sale of Government securities for an aggregate amount of Rs 20,000 crore in two tranches of Rs 10,000 crore each to ease liquidity and ensure orderly market conditions. Also, RBI has said that it would conduct Repo operations for Rs. 1 lakh crore to help banks cut costs.

Prelims GS – Economic Development

Open Market Operations:

Click here to view the article on OMOs on 30th June 2020.

 

 

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