Here are the short notes on “Recent Economic Current Affairs 2022″. Economic current affairs are one of the vital topics for various competitive exams. In this article, we cover selected current affairs related to the Indian economy based on the previous year’s questions asked in SSC and Banking.
Recent economic current affairs October 2022
☛ The Bombay Stock Exchange has launched Electronic Gold Receipt (EGR) on its platform with two new products of 995 and 999 purity during Diwali Muhurat trading.
☛ The Netherlands has emerged as India’s third-largest export destination, ahead of China and Bangladesh.
• US and the UAE are the largest and second-largest export destinations for India respectively.
☛ According to a new report by the World Economic Forum (WEF), putting drones at the center of a technology-led transformation of Indian agriculture could boost the country’s GDP by 1-1.5% and create at least five lakh jobs over the next few years.
☛ India has growth potential for foreign direct investment (FDI) and is likely to draw $475 billion in FDI inflows over the next five years, according to a CII-EY report.
Recent economic current affairs September 2022
▣ Stock exchange BSE has received final approval from SEBI for introducing the Electronic Gold Receipt (EGR) segment on its platform.
▣ The Asian Development Bank said it will spend at least $14 billion by 2025 to help alleviate growing food crises in the Asia-Pacific region.
▣ Global rating agency S&P said while the US and the Eurozone are headed for recession, India is unlikely to face the impact due to the “not so coupled” nature of its economy with the global economy.
▣ India is set to become the third-largest economy in the world by 2029. According to the report of the State Bank of India, India will surpass Germany in 2027 and most likely Japan by 2029 at the current rate of growth.
▣ As per Bloomberg report, India has surpassed Britain to become the world’s fifth-largest economy.
▣ Top 6 highest-ranking countries in the world in nominal GDP (As per International Monetary Fund)
- United States (GDP: 22.49 trillion)
- China (GDP: 16.4 trillion)
- Japan: (GDP: 5.27 trillion)
- Germany: (GDP: 4.30 trillion)
- India: (GDP: 3.21 trillion)
- United Kingdom: (GDP: 3.2 trillion)
Recent economic current affairs August 2022
▣ India is going to launch its digital currency ‘The e-Rupee‘ soon.
▣ The RMB was China’s first digital currency issued by a major economy.
▣ Recently launched digital currency
• Sand Dollar: Bahamas
• DCash: Eastern Caribbean Central Bank
• e-Naira: Nigeria
• JamDex: Bank of Jamaica
▣ India will start supplying petrol with 20% ethanol from April 2023.
▣ India achieved the target of supplying 10 percent ethanol blended petrol ahead of schedule in June 2022.
▣ India can become a USD 5 trillion economy by 2028-29 if the GDP grows continuously at 9 percent per annum for the next five years.
Recent economic current affairs June 2022
▣ The digital payments market in India is expected to triple from the current $3 trillion to $10 trillion by 2026.
▣ Nasscom report: It claims that an integrated AI and data usage plan could boost India’s GDP by $500 billion by 2025.
Recent economic current affairs July 2022
▣ India recorded an all-time high annual FDI inflow of $85 billion in FY 21-22. In 2020-21, the inflow stands at $83 billion.
▣ India provides UNRWA (United Nations Relief and Works Agency) with a donation of USD 2.5 million for Palestinian refugees.
▣ According to the India Bioeconomy Report 2022, India’s bioeconomy is forecast to reach $150 billion and $300 billion by 2025 and 2030, respectively.
▣ The government has designated “zero coupons zero principal instruments” as securities in preparation for the creation of a social stock exchange (SSE).
Recent economic current affairs May 2022
▣ World Bank Report: India overtakes Mexico as the top recipient of remittances in 2021, pushing China to third place.
▣ The United States overtook China to become India’s top trading partner in 2021-22.
▣ Top 3 Trading Partner of India in 2021-22:
- USA
- China
- UAE
Recent economic current affairs April 2022
▣ India’s agricultural exports crossed USD 50 billion for the first time in the fiscal year 2021-22 (FY22).
• Top 3 exported crops – Rice, Wheat, Sugar.
▣ India has captured nearly 50% of the world’s market for rice.
▣ India surpassed China in real-time transactions with 48 billion transactions.
▣ India’s real-time payments share of total global payments volume is expected to exceed 70% by 2026.
Recent economic current affairs March 2022
▣ Bloomberg report: In terms of market capitalization, for the first time, India’s equity market has entered the world’s top 5 positions.
▣ Top 3 countries In terms of market capitalization:
- US (USD 47.32 trillion)
- China (USD 11.52 trillion)
- Japan (USD 6 trillion)
Recent economic current affairs February 2022
▣ RBI is the second largest buyer of gold in 2021, after the Central Bank of Thailand.
▣ The government of India reduces Agricess for Crude Palm Oil from 7.5 percent to 5 percent.
• Indonesia is the world’s largest producer of palm oil.
▣ India became the second country after China to implement the phased T+1 stock settlement mechanism from February 25.
• Before this, the settlement period of stocks in India was T+2.
Recent economic current affairs January 2022
▣ Deposits in bank accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme have crossed Rs 1.5 lakh crore.
• It was launched by Prime Minister Narendra Modi on 15 August 2014.
• The slogan of the scheme is “Mera Khaata, Bhagya Vidhata”
▣ World Gold Council (WGC) report: The global gold demand rose 10 percent in 2021 to 4,021.3 tonnes.
▣ India is the world’s second-biggest gold consumer after China.
India’s GDP growth forecast
India’s GDP growth forecast by different financial organizations
FDI Inflows in India 2022
FDI Inflows in India 2022, major stats for competitive exams.
