Current Affairs - March, 2020

This category comprises latest Current Affairs of March, 2020 with news summary on current events of National and International importance. Current Affairs March, 2020 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Global Sugar Supply Chains hit globally

The international sugar prices have fell from 15 USD to 12 USD per pound. Also, the Indian Sugar Mills Association (ISMA) has reduced its off-take from mills in the last 15 days. The sugar stock in the wholesale market and retail markets have been sold completely according to ISMA.

Highlights

The fresh sugar procurement in India has come to a halt. However, new markets are being opened for India. This includes Thailand, Indonesia and Australia. These markets are opening towards India for the following reasons

  • In Thailand, sugar production has been hit by 5 million tonnes
  • Indonesia has decided to allow concessional sugar import from India. This is because, the sugar imports from Thailand in the country are greatly hit.

Current Scenario in India

Indian mills have so far dispatched 3 million tonnes of sugar for export. The maximum admissible export quantity (MAEQ) of sugar is 6 million tonnes. The MAEQ is determined by the Government of India.

This year, 457 sugar mills have begun crushing operation as against 527 last year. The downfall is relatively low as compared to other countries. This is mainly because, GoI has kept agriculture and its allied activities open and free from the lock down.

United Nations: India and China likely to stay away from Global Recessions

The United Nations Conference on Trade and Development (UNCTAD) made a new analysis under the title “The COVID-19 Shock to Developing Countries”.

Highlights

The analysis says that leading exporting countries are to face drop in investments between 2 trillion USD and 3 trillion USD in the next two years. The world economy is to go into recession in 2020-21 in spite of the G20 countries infusing 5 trillion USD. The predicted loss of global economy this year is expected to be in trillion USD. In just two months since the spread of the virus, developing countries have taken a huge hit in terms of currency depreciation, capital outflows, falling commodity prices, losing export earnings, declining tourist revenues.

India and China

The report also says that India and china are to stay out of these global recessions. However, the report did not give proper explanation for the countries being out of the recession. Recently, the ICRA, Moody’s and other leading market observers have predicted that the growth rate of India is to decline. However, they did not bring out factors that might put India in recession mode. This says that though India is to get affected economically by the virus, the impacts are to be minimal as compared to other developing countries.

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