250 New FPOs NABARD

RBI| NABARD| SEBI Current Affairs: 29 Feb 2020

Following are current affairs issues relevant for RBI grade B, SEBI, NABARD and other exams.

Economy

Q3 GDP Growth:

  • As per 2nd advance estimate by NSO, GDP growth rate slumped a 27 quarter low of 4.7% in October-December .
  • The slowdown was marked by a tepid growth in Manufacturing, electricity and construction.
  • GVA which is GDP minus net product taxes and reflects supply-side growth is seen slowing to 4.9% in 2019-20, for Q3 is is estimated at 4.5%.
  • Agriculture GVA growth picked up at 3.5% for Q3 higher from last years 2.0%
  • Final private consumption improved to 5.9% in Q3 from 5.0% in Q1.

Core sector growth in January: at 2.2%

  • It was helped by expansion in the production of coal, refinery products and electricity.

Fiscal Deficit at 128.5%:

  • For the period April-January, fiscal deficit reached 128.5% or Rs 9.85 tn or the revised estimate of Rs 7.7tn.
  • This came in largely on the back of higher capital expenditure and lower tax and divestment receipts.
  • As a % of budget estimate fiscal deficit stands at staggering 140%.
Finance

Single biggest SENSEX day drop in 5 years:

  • The sensex dropped 1,448 points or 3.6% to end at 38,297 the lowest close since October 14, 2019, while the NIFTY plunged 432 points or 3.7% to close at 11,202.
  • Same down word movement was seen in the markets across the globe.
  • This was triggered by the WHO warning that coronavirus has reached pandemic potential.

Minimum Net worth requirement for Investment advisors operating in International financial Services Center (IFSC):

  • As per latest guild-lines bySEBI, Investment advisors operating in International financial Services Center (IFSC) are required to have a net worth of $700,000 (Around Rs 5.5 crore), up from earlier $1.5 million.
  • Also, any recognized entity desirous of operating in IFSCs as an IA, may form a company or LLP to provide investment advisory services.
Agriculture:

250 New FPOs:

  • Center has issued guideline for new 250 Farmer Producers Organisation as was mentioned in the Budget.
  • FPOs will have minimum 300 members, down from the existing 1000.
  • PM will kick off scheme in Chitrakut UP.
  • Current number of FPOs is roughly 5000, of which 2100 are promoted by NABARD.
  • Govt has sanctioned Rs 6868 crore for the new FPO scheme, also 1000 cr credit guarantee fund in NABARD and another 500 cr with NCDC.
  • Under the scheme there will be a three tier structure.
  • At bottom there will be Cluster-based business organisations, which will play the function of resource institutes (RIs). CBBOs will work on ground and could be business support organisations, trusts, societies etc.
  • CBBOs will also help in registration and training of FPOs, appointment of professional experts, assist in regular interface etc.
  • The CBBOs will then be manned and monitored by a National Project Management Agency (NPMA) comprising top sectoral experts, banks and management professionals.
  • On top of all these will be SFAC as nodal agency.

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