Topic: Indian Economy
1. FDI equity inflow into India increased by 37% from $32.11 billion to $43.85 billion.
- In April-November of FY21, FDI equity inflow into India increased by 37% from $32.11 billion in April-November 2019 to $43.85 billion.
- In April-November of FY21, total FDI increased by 22% from $47.67 billion in April-November 2019 to $58.37 billion. Total FDI includes reinvested earnings.
- FDI equity inflow and total FDI were highest ever for the first eight months period of a financial year.
- As per investment trends monitor of United Nations Conference on Trade and Development (UNCTAD), global FDI in 2020 decreased by 42% from $1.5 trillion in 2019 to $859 billion.
- As per UNCTAD’s investment trends monitor, FDI into India increased by 13% in 2020. Major economies such as the UK, the US and Russia witnessed decline in FDI inflows.
- UNCTAD’s investment trends monitor report says that China was the world’s largest FDI recipient.
- In World Investment Report 2020, UNCTAD has estimated 5% to 10% decline in FDI in 2021.
- Equity capital, reinvested earnings and other direct capital are three components of FDI as per International Monetary Fund (IMF).
Topic: Indian Economy
2. New disinvestment policy is likely to be announced.
- New policy for disinvestment of Public Sector Enterprises (PSEs) is likely to be announced.
- On 17 May, Finance Ministry had announced disinvestment policy as part of the Atmanirbhar Bharat initiative.
- Finance Minister had then announced that government would notify a list of strategic sectors requiring presence of PSEs.
- Currently, the number of Central PSEs (CPSEs) is more than 200. Out of them, 55 are listed. Government may increase the disinvestment target to ₹3-lakh crore or more in the budget.
- Government had announced disinvestment target of ₹2.10-lakh crore for 2020-21. Out of this, ₹1.20-lakh crore is to come from stake sale in CPSEs and ₹90,000 crore from stake sale in LIC and IDBI Bank.
Topic: Infrastructure and Energy
3. Electric buses introduced in Andaman and Nicobar (A & N) Islands.
- With the flagging off of first fleet of electric buses by Lieutenant Governor of A&N, electric buses have been introduced in Andaman and Nicobar Islands.
- NTPC Vidyut Vyapar Nigam Limited (NVVN) is supplying 40 electric buses to Andaman and Nicobar Islands.
- NVVN is a wholly-owned subsidiary of NTPC Ltd. It is developing charging infrastructure in cities and has won bid for providing 90 electric buses in Bengaluru.
Topic: Reports and Indices
4. IMF lowers its estimate for India’s GDP contraction in FY21 by 2.3%.
- In its World Economic Outlook Update January 2021, IMF lowered its estimate for India’s GDP contraction in FY21 by 2.3%.
- In its World Economic Outlook October 2020, IMF estimated a contraction of 10.3%.
- In World Economic Outlook Update January 2021, IMF’s GDP growth projection for India in 2021 is 11.5%.
- IMF’s estimate for GDP contraction is more than government’s first advance estimate of 7.7%.
- IMF’s projection for growth in global economy is 5.5% in 2021 and 4.2% in 2022. In its World Economic Outlook Update January 2021, IMF estimated global growth contraction for 2020 at -3.5%.
5. Ritesh Tiwari appointed as Executive Director, Finance & Chief Financial Officer of Hindustan Unilever Limited (HUL).
- Ritesh Tiwari has been appointed as Executive Director, Finance & Chief Financial Officer of Hindustan Unilever Limited (HUL).
- His appointment will become effective from May 1, 2021. He will replace Srinivas Phatak.
- Hindustan Unilever Limited is an Indian company. Its CEO is Sanjiv Mehta. Lakmé Cosmetics and Kwality Walls are its subsidiaries.
Topic: Reports and Indices
6. Investment in upskilling can increase global GDP by $6.5 trillion by 2030.
- As per the Upskilling for Shared Prosperity report, investment in upskilling can increase global GDP by $6.5 trillion by 2030.
- Upskilling for Shared Prosperity is a report by World Economic Forum (WEF) and PwC, a multinational professional services network of firms.
- It was released during the World Economic Forum’s online Davos Agenda Summit.
- As per the report, 53 lakh new jobs could be created by 2030 by increasing investment in upskilling and reskilling of workers.
- India’s additional employment potential is second highest after US. Additional GDP potential is third highest in India after China and US.
7. UN appoints Jayati Ghosh to high-level advisory board.
- United Nations has appointed Jayati Ghosh to high-level advisory board on economic, social affairs.
- High-level advisory board will give recommendations to UN Secretary-General for responding to socio-economic challenges in the post-Covid-19 world.
- Along with other personalities, Jayati Ghosh will form second UN High-level Advisory Board on Economic and Social Affairs. She is an Indian development economist.
- In June 2018, United Nations High-level Advisory Board (HLAB) on Economic and Social Affairs was formed.
8. CCEA approved increase in Minimum Support Price (MSP) of copra.
- Cabinet Committee on Economic Affairs (CCEA) approved increase in Minimum Support Price (MSP) of copra.
- MSP of copra has been kept at Rs 10,335 per quintal for 2021 season. It is an increase of Rs 375 over 2020 rates.
- Minimum Support Price (MSP) is made available for 23 crops on the basis of recommendations of Commission for Agricultural Costs & Prices (CACP). The names of 23 crops are given below.
Paddy, wheat, maize, bajra, jowar, ragi and barley
Chana, arhar/tur, urad, moong and masur
Rapeseed-mustard, groundnut, soyabean, sunflower, sesamum, safflower and nigerseed
Cotton, sugarcane, copra, raw jute
9. World Economic Forum’s Davos Agenda Summit to be addressed by PM Modi.
- World Economic Forum’s Davos Agenda Summit will be addressed by PM Modi.
- WEF’s Davos Agenda is being organized on 25-29 January 2021. WEF’s Davos Agenda will be a sign of launch of Great Reset Initiative of World Economic Forum.
- During the summit, architect Sir David Adjaye and photographer Sebastião Salgado won 27th annual Crystal Award.
- WEF founder Klaus Schwab’s latest book titled ‘Stakeholder Capitalism: A Global Economy that Works for Progress, People and Planet’ was released. WEF’s physical annual meeting will be held in May in Singapore.
- World Economic Forum (WEF):
- It was founded in January 1971 by Klaus Schwab.
- It is headquartered in Cologny, Switzerland.
- Its motto is “committed to improving the state of the world”.