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News in Short

News in Short - 30-August-2019

RBI income shoots up by 146.59% to Rs 193,036 crore

Date: 30 August 2019 Tags: Monetary Policy & RBI
  • The RBI’s income for the year 2018-19 vaulted by a whopping 146.59% and the expenditure decreased by 39.72%.
  • This enabled the central bank’s board to transfer a higher amount of Rs 123,414 crore as surplus to the government for the year 2018-19.
  • The jump in the RBI’s income was mainly due to the rise in interest income and other income.
  • Interest income rose from Rs 73,871 crore in 2018 to Rs 106,837 crore in 2019. Other income skyrocketed from Rs 4,410 crore to Rs 86,199 crore during the period.

Lack of demand is hobbling the economy’s animal spirits, says RBI

Date: 30 August 2019 Tags: Monetary Policy & RBI
  • The Reserve Bank of India (RBI), in its annual report for 2018-19, has said the lack of domestic demand is holding back the animal spirits in the economy.
  • The report said the recent deceleration could be in the nature of a soft patch mutating into a cyclical downswing, rather than a deep structural slowdown.
  • Nonetheless, the report says that there are still structural issues in land, labour, agricultural marketing and the like, which need to be addressed.
  • In the report the RBI emphasised the need to revive consumption demand and private investment during 2019-20.
  • The report said that the policy focus at this point should remain on improving the ease of doing business.

Women in Music launches India chapter

Date: 30 August 2019 Tags: Miscellaneous

Women in Music (WIM):

  • It is a New York-based global non-profit and was established in New York in 1985.
  • The organisation has been working on to attain 50-50 representation in the music industry 
  • It has launched its India chapter to work towards promoting gender parity and women’s visibility in the Indian music industry.

Russia set to offer submarines during Modi-Putin summit

Date: 30 August 2019 Tags: Indian Foreign Policy
  • Russia is likely to offer India its conventional submarines on the government-to-government route under the Navy’s Project-75I at the summit between Prime Minister Narendra Modi and President Vladimir Putin at Vladivostok next week.
  • The Navy is looking to buy six advanced conventional diesel-electric submarines under Project 75I.
  • Russia might consider an offer of Su-57 Russian Fifth Generation Fighter Aircraft (FFGA) to India.
  • The procurement is under the Strategic Partnership (SP) model, and is the 2nd project to be processed through this route after the Navy’s tender for utility helicopters.
  • The two leaders will also review the setting up of a manufacturing plant in India for Ak-203.

Those excluded from final NRC will get a window of 10 months

Date: 30 August 2019 Tags: Miscellaneous
  • Those excluded from the final National Register of Citizens (NRC) to be published on August 31 will get a window of 10 months to prove their citizenship before being sent to detention centres.
  • The publication of the register could be the start of an unprecedented complication more of the humanitarian kind than of law and order, police officers said.
  • However, the outgoing DGP, Kuladhar Saikia, said the police and other forces had ensured that security was in place.