Economy Current Affairs - 2019

Category Wise PDF Compilations available at This Link

Australian schools to teach Hindi; Australia releases the Asian Century White Paper

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Announcing that Asia’s rise is “unstoppable”, Australia brought out a challenging plan aimed at fortifying its links with India and other booming economies of the Asian region. The Australian plan includes teaching languages like Hindi and Mandarin in its schools. All Australian schools will engage with at least one school in Asia to support the teaching of a priority Asian language — Mandarin, Hindi, Indonesian or Japanese. Australia also released ‘Asian Century White Paper’ with an aim to extend and strengthen it links with Asia.

What is the aim of ‘Asian Century White Paper’?

Australia intends to take advantage of a booming Asian region. The Australian Government commissioned a White Paper on Australia in the Asian Century on September 28, 2012. It released this white paper to consider the likely economic and strategic changes in the region and what more can be done to position Australia for the Asian Century. The white paper lays a strategic framework to guide Australia’s navigation of the Asian Century. It includes:

  • Current and likely future course of economic, political and strategic change in Asia, including China, India, the key ASEAN countries as well as Japan and South Korea.
  • Domestic economic and social opportunities and challenges of the Asian Century for Australia, including in the economy, science and technology collaboration, clean energy, education, business-to-business and people-to-people links and culture;
  • Political and strategic implications of the Asian Century for Australia
  • Role of effective economic and political regional and global cooperation.
  • Actions that will be taken over the next 5 years and further policy initiatives to be developed over the next 10 to 15 years.

Month: Categories: International

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CRR: 4.25%

The Reserve Bank of India (RBI) cut the Cash Reserve Ratio (CRR) by 25 basis points from 4.5 to 4.25 percent.

Why this step?

  • The reduction in the CRR is expected to infuse liquidity to the tune of around Rs. 17,500 crore into the banking system.
  • By doing this RBI intends to preempt a prospective tightening of liquidity conditions, thereby keeping liquidity comfortable and supportive of growth.

Other steps by RBI:

  • RBI cut the growth projections for GDP growth for 2012-13 from 6.5 % to 5.8 %. This was done because of a weak global environment and a sluggish domestic market with low investment.
  • The central bank also raised banks’ provisioning requirement to 2.75 % from the existing 2% on restructured standard loan accounts. This has been done because of the deteriorating asset quality.

Month: Categories: Reports & Indices

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