Current Socio-Economic Problems
UNCTAD estimates India’s economic growth rate at a 7-year low of 6% in CY 2019 from 7.4% in 2018
- The United Nations Conference on Trade and Development (UNCTAD) in its Trade and Development Report 2019forecasted India’s economic growth rate at a 7-year low of 6% in calendar year (CY) 2019 from 7.4% in 2018.
Key Points:
- The estimates were reduced due to sharp fall of growth to 5.8% in the first quarter of CY19, the risk of shadow banking in countries such as India and China, lower-than-targeted tax collections and limited public spending.
- It also expressed concerns over Sustainable Development Goals (SDGs) and suggested that it needs to rebuild multilateralism around the idea of a ‘Global Green New Deal’.
About UNCTAD:
- Formation: 30 December 1964
- Headquarters: Geneva, Switzerland
New Economic Policy & Govt. Sector
Government reconstitutes EAC-PM till 2021
- Union Government reconstituted the Economic Advisory Council to the Prime Minister (EAC-PM) for a period of 2years with effect from September 26, 2019. Bibek Debroy will continue as Chairman and Mr Ratan P.Watal will continue as the Member Secretary. These are the 2 full time members.
Key Points:
- The strength of the EAC-PM was reduced to 4from 5, with 2 full-time members and 2 part-time members.
- Part-Time Members:Dr Sajjid Chinoy, Indian economist at JP Morgan is the new part-time member and Ashima Goel of Indira Gandhi Institute of Development Research (IGIDR) will continue to be the Part-Time Member.
About EAC-PM:
- It is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister on key economic issues like inflation, microfinance, and industrial output.
PNB launches 1st of its kind Preventive Vigilance portal to facilitate all staff to contribute towards arresting procedural lapses
- In order to promote vigilance awareness,the Punjab National Bank(PNB) has introduced 1stof its kind Preventive Vigilance (PV) portal to facilitate all staff members to contribute towards arresting procedural lapses and unhealthy practices at a function held at PNB Corporate Office, chaired by Sharad Kumar,Central Vigilance Commissioner.
Key Points:
- In a bid to promote a central theme of ‘Integrity – A way of Life’, the bank introduced e-pledge mission, social outreach through technological platforms & modern technology based solutions through the Preventive Vigilance (PV) portal. Research (IGIDR) will continue to be the Part-Time Member.
About PNB:
- Founded: 19 May 1894
- Headquarters: New Delhi
- Managing Director: Sunil Mehta
- Tagline: The Name you can Bank Upon
