Business, Economy & Banking Current Affairs - 2020

Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.

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India International Seafood Show held in Kochi

The Marine Products Export Development Authority Organized International Sea Food Show in Kochi. Around 5,000 delegates participated in the show. The show will provide a platform for overseas importers of Indian marine products and also for Indian exporters.

The Show is being held between February 7, 2020 and February 9, 2020.

Highlights

Around 350 stalls, 200 exhibitors and 5,000 delegates are to participate at the event. The show was previously held in Goa in January 2018. The show was organized under the theme

Theme: Blue Revolution: Beyond Production to Value Addition

IISS is one of Asia’s largest food fair. The fair is being held in Kerala after a gap of 12 years. Kerala’s Fisheries sector is important because it contributes 3% of India’s GDP.

Significance

The show aims to increase the seafood trade of India in global market from 4.1% to 6.7% by 2030.

Fisheries Sector

The Global Fisheries sector contribute to 1% of world GDP. The total world population involved in fisheries industry is 40.5 million.

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RBI releases bi-monthly policy: Repo rate unchanged

On February 6, 2020, the Reserve Bank of India released its bi-monthly monetary policy. The apex bank has kept the policy repo rate unchanged. It remains at 5.15%.

Observations of the Committee

The Monetary Policy Committee that meets once in two months under the chairmanship of its Governor has made the following observations

  • The inflation has increased and the unusual price hike in onions has been the main reason behind price rise. The Retail Inflation has increased from 4.6% in October to 5.5% in November. It increased further to 7.4% in December 2019. It is the highest since July 2014.
  • The Committee estimates CPI for Q4 of the Financial Year 2020 at 6.5%. For Q3, it was at 3.2%.
  • The Reverse Repo Rate under the Liquidity Adjustment Facility remained unchanged at 4.9%
  • The Bank Rate and the Marginal Standing Facility Rate stood at 5.4%

Economic Slowdown

According to RBI, the economic slow down is mainly due to muted corporate investments, weak household spending and slowdown in construction and manufacturing activity.

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