SBI announces new buyer guarantee scheme to revive real estate sector
This will focus on affordable housing projects worth up to Rs 2.5 in 10 ciites initially. SBI will refund the entire principal amount if home developer fails to deliver the project within assured deadline.
IMF Forecast for Indian Economy
It is estimated to be at 4.8% in 2019 and it it expected to rise to 5.8% in 2020 and 6.5% in 2021
India has become world’s 5th largest economy – IMF
India has overtaken France and the UK to become the World’s fifth-largest economy as per IMF’s October World Economic Outlook. In 2019, however India’s fortunes changed and it jumped to 5th spot again surpassing UK and France. While UK remained at its 6th spot and France slipped to 7th position.
RBI imposes moratorium limits
RBI imposed moratorium on troubled private lender YES Bank limiting cash withdrawls to Rs. 50,000 per account
Sensex crashes 3000 points, Nifty below 7800: COVID-19 shatters global markets
BSE Sensex crashed sharply by over 3000 points and NSE Nifty falls below 7800 amid increasing number of coronavirus cases that continue to panic global investors
FM announced Garib Kalyan Yojana, Health workers to get Rs. 50 Lakh insurance
It would provide a package of Rs. 1.70 lakh crore to poor, women, Asha workers and needy people. An installment of Rs. 2000 will be deposited in the farmers account in the first week of April, 8.69 crore farmers will get the benefit.
ADB(Asian Development Bank) to invest $100 Million in Indian Infrastructure
Investment in NIIF by Asian Development Bank will help in contribution and long term financing for private sector companies.
This will give assurance for quality jobs, economic growth and development of infrastructure.
Global Economy to shirk in 2020, India to grow at 1.9% – IMF
IMF has forecasted the Indian Economy to grow by 1.9% in 2020-2021
Government issues clarification regarding Section 115BAC of Income-tax Act, 1961
Section 115BAC of the Income Tax Act 1961 provides a concessional rate, but it is subject to the condition that the total income shall be computed without specified exemption or deduction, set off of loss and additional depreciation.
MSMEs to get liquidity support scheme from SIDBI
SIDBI has received Rs. 15,000 crore from Reserve Bank of India(RBI) in order to provide financial help to MSMEs. RBI provided help through a Special Liquidity Facility(SLF)
Imported items shorted in supply in Delhi
The items from some of the famous brands would not be available for sale in the markets which will result in an increasing sale of small and homemade brands
Unemployment Rate in India reaches 27.11% amid COVID-19 pandemic – CMIE
The employment rate of 29.22 percent can be seen in urban areas while rural areas reported the rate to be 26.16%. The monthly unemployment rate in April was 23.52% from March’s 8.74%
177 New mandis integrated with eNam platform
It will promote agricultural marketing and facilities farmers to sell their produce online
Worst recession hits India in the current fiscal year – CRISIL
The first quarter of 2020, from April to June 2020, will be suffering a staggering contraction of 25 percent. It will be the fourth recession since Independence and first since the Liberalisation
FDI in India rises up by 18 percent to reach USD 73 billion in 2019-2020
This long term investment will help in job creation. This jump in the investment has been highest in four years.
GOI and World Bank signs loan agreements to provide affordable housing to low income groups in Tamil Nadu
This will strengthen state government’s housing sector policies, regulations and institutions. Nearly half of Tamil Nadu’s Population is Urban and has been expected to increase to 63% by 2020 and around 6 million people are currently living in slums.
Atal Innovation Mission launches “AIM-iCREST” program in partnership with Bill-Melinda Gates Foundation
Bill and Melinda Gates Foundation and Wadhwani Foundation can lend credible support and expertise in entrepreneurship and the innovation space.
Great Nicobar Island to get trans-shipment port
It will reduce the distance between Delhi and various other parts of the country. Apart from ensuring that the islands are not far away from Delhi and from the hearts of the mainland, the focus will also be on promoting ease of business in the sea and simplifying maritime logistics.
Centre relaxes unemployment allowance norms
The ESIC has decided to extend scheme for duration of one more year up to June 30, 2021. The extended relief under relaxed conditions will be payable during period between 24 March 2020 to 31 December 2020
Postal Department set to promote, transport local products across the country
The Postal department officials have successfully delivered the monetary relief, goods, and medicines to the people during the COVID-19 lockdown. Over 60,000 food packets have been distributed by the Postal Department in Bihar and over 1 lakh in India.
India’s economy to contract in FY21 – World Bank
It is expected to contract by 9.6 % in the current fiscal year (2020-21) because of Covid-19 pandemic. South Asia is set to plunge into its worst-ever recession as the devastating impacts of COVID-19 on the region’s economies linger on.
Centre extends concessional rate on the cargo movement between India, Chabahar Port
The aim behind the extension of discount period is to promote trade through Iran’s Shahid Beheshti Port of Chabahar. The step will also give boost to coastal movement of cargo being handled at Jawaharlal Nehru Port and Deendayal Port from/to Shahid Beheshti Port
GST collection hits 8-month high in October 2020
The government settled Rs 25,091 crore to CGST and Rs 19,427 crore to SGST from IGST as a part of regular settlement.
The total revenue earned by the centre and state governments in October 2020 after regular settlement amounted to Rs 44, 285 crore for CGST and Rs 44, 839 crore for SGST.
The information provided in this timeline can be helpful for answering Indian Economy 2020 related questions in UPSC, SSC, Banking Exams like SBI PO, Railway Exams, NDA, UPPSC, RPSC and other different exams in India.