Topic: Indian Economy
1. Fiscal deficit for fiscal year 2020-21 remains lower than revised estimate in Budget.
- As per Controller General of Accounts (CGA) data, the fiscal deficit for the fiscal year 2020-21 remains lower than the revised estimate in the Budget.
- As per the data, fiscal deficit for the fiscal year 2020-21 reached slightly more than Rs 18.21 lakh crore as against the revised estimate of over Rs 18.48 lakh crore.
- In terms of percentage of GDP, fiscal deficit stood at 9.3% against 9.5% provided in Budget.
- Net tax collection was higher than the revised estimate by nearly 6%. Expenditure was 1.8% higher than the revised estimate.
- Food subsidy was 124% of Revised Estimate (RE). Petroleum subsidy stood at 93% of RE.
- Government’s market borrowing was higher. The government increased the borrowing target to more than Rs 12.73 lakh crore. Its borrowing stood up at Rs 13.19 lakh crore.
- Fiscal deficit is defined as the difference between the government’s total income and total expenditure.
2. SEBI reconstitutes Takeover Panel and appoints N Venkatram MD and CEO, Deloitte India as its new member.
- SEBI has reconstituted Takeover Panel and appointed N Venkatram MD and CEO, Deloitte India as its new member.
- The panel looks into applications for exemption from the mandatory open offer that an acquirer should make to minority shareholders.
- The panel makes recommendations to SEBI on such applications. It is currently chaired by N K Sodhi, the former chief justice of the high courts of Karnataka and Kerala.
- Darius Khambata and Thomas Mathew T are other members of the panel.
- A four-member Takeover Panel was first constituted by SEBI in November 2007 under the chairmanship of former Bank of Baroda chairman K Kannan.
3. Farmers in Gujarat’s Saurashtra region illegally cultivate indigenously developed genetically modified cotton.
- Farmers in Gujarat’s Saurashtra region are illegally cultivating indigenously developed genetically modified cotton.
- The unauthorized variety is known by different names such as 4Bt, Bt4 and 4G.
- It has been developed by crossing cotton grown locally in the Saurashtra region with cotton cultivated in Australia and the US.
- It has a longer fibre length and immunity to pink bollworm.
- The cultivation of HTBt cotton has not been authorised by the Genetic Engineering Appraisal Committee (GEAC). It is illegal.
- Under Environment Protection Act 1986, the state government can take action for unauthorized cultivation.
Topic: Banking System
4. Instant cardless EMI facility launched by ICICI Bank.
- Instant cardless EMI facility for online purchases on e-commerce platforms has been launched by ICICI Bank.
- Customers can convert transactions up to ₹5 lakh into easy EMIs.
- The facility is available to ICICI bank’s pre-approved customers across 2,500 e-commerce brands.
- ICICI Bank (ICICI Bank Limited) is a private sector bank. Girish Chandra Chaturvedi is chairman of its board of directors. Its MD & CEO is Sandeep Bakhshi.
5. Centre extends tenure of Ananta Barua as Whole-time Member (WTM) of SEBI.
- Centre has extended the tenure of Ananta Barua as a Whole-time Member (WTM) of SEBI for two years after July 31.
- His tenure has been extended till July 31, 2023. He was appointed as Whole-time Member of SEBI in June 2018 for three years.
- Centre has also extended the tenure of Santosh Kumar Mohanty as SEBI Whole-time Member by two more years.
- His tenure has been extended up to June 24, 2023. He was appointed in April 2018 as a Whole-time Member of SEBI for a period of three years.
Topic: Reports and Indices
6. Global FDI flows decreased by 35% to $1 trillion from $1.5 trillion in 2019.
- As per a UN report, Global FDI flows decreased by 35% to $1 trillion from $1.5 trillion in 2019.
- As per UNCTAD’s World Investment Report 2021, global FDI flows in 2021 would be at about 25% below the 2019 level.
- As per the report, India recorded a 27% growth in FDI in 2020 to $64 billion.
- Increased investment in information and communications technology (ICT) and construction boosted FDI inflows in India.
- FDI declined in other South Asian Economies such as Bangladesh, Sri Lanka and Pakistan.
- As per the report, FDI recorded a 45% decline in Latin America and the Caribbean. It recorder a 16% decline in Africa.
- World Investment Report is a report focused on trends in foreign direct investment (FDI) worldwide, at the regional and country levels.
- United Nations Conference on Trade and Development (UNCTAD):
- It is a permanent intergovernmental body that was established in 1964.
- It is a central agency that monitors the performance of investment promotion agencies (IPAs) and identifies global best practices.
- Secretary-General: Rebeca Grynspan
- Headquarters: Geneva, Switzerland
Topic: Banking System
7. IndusEasy Credit, a digital lending platform, launched by IndusInd Bank.
- IndusEasy Credit, a digital lending platform, has been launched by IndusInd Bank.
- The platform enables customers to meet their financial requirements from their homes.
- The platform will benefit both existing as well as a non-IndusInd Bank customer.
- Both type of customers can instantly avail personal loans or credit cards in a completely paperless and digital manner.
- IndusEasy Credit offers a fully digital end to end process that uses the power of India’s digital infrastructure, Indiastack.
- Indiastack is a set of Application Programming Interfaces (APIs) that allows the use of a unique digital infrastructure to solve India’s problems.
Topic: Reports and Indices
8. All India House Price Index (HPI) increases by 2.7% year-on-year (yoy) in Q4FY21.
- All India House Price Index (HPI) increases by 2.7% year-on-year (yoy) in Q4FY21.
- On 21 June, RBI has released its quarterly House Price Index (HPI) for Q4:2020-21.
- HPI growth has shown an increase of 15.7% (Bengaluru) to a contraction of (-) 3.6% (Jaipur).
- HPI is based on transaction-level data received from housing registration authorities in ten major cities.
- Delhi, Bengaluru, Kolkata and Jaipur recorded a sequential decline in HPI, However, it increased for other cities.