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Economy Current Affairs February 2nd Week 2021

RBI to Conduct OMO of Rs. 20,000 Crores:

The Reserve Bank of India (RBI) has announced that 4 government securities (G-Secs) worth 20,000 crore rupees will be purchased. On February 10, 2021, the central bank will purchase a commodity focused on Open Market Operations (OMOs).
♦ After the yield rose to a recent intraday high of 6,1634 percent, the move was announced . The Indian Reserve Bank is concerned about higher borrowing from the government.
♦ The yield of the benchmark 10-year G-Sec fell by 3-4 basis points after the announcement of the OMO purchase. Now, relative to the previous closing yield of 6.1283 percent, its coupon rate is 5.77 percent.
PMFBY: Government allocates Rs.16,000 crores:
For the upcoming 2021-22 financial year for Pradhan Mantri Fasal Bima Yojana, the Central Government has allocated Rupees 16,000 crores (PMFBY).
♦ This allocation is made in order to increase the protection of crops for farmers. This sum would also ensure that farmers benefit from crop insurance to the full.
♦ Compared to the 2020-21 fiscal year, the budget has increased by approximately Rs 305 Crore this year.
♦ This therefore demonstrates that the government is committed to the growth of the agricultural sector of the country.
♦ According to the framework, to get the incentives, more than 5.5 crore farmers requests are received on an annual basis.
♦ 84 percent are small and marginal farmers among all registered farmers. The program therefore ensures that the most needy farmers are provided with financial assistance.

DGCA Announces Raise in The Domestic Airfares:

The Directorate General of Civil Aviation (DGCA) has declared that on February 11, 2021, it will increase air travel fares. The fare was raised to 5600 rupees.
♦ The government stressed that it was appropriate to raise tariffs because of the opening up of the aviation market.
♦ The Ministry of Civil Aviation (MoCA) has confirmed that a routine adjustment is the fare increase. Aviation experts say, however, that prices have risen because of rising fuel prices.
♦ The highest price range rose by 30 percent on the 180-210 minute flight. The price went up to Rs 5,600. The price rose from Rs 18,600 to Rs 24,200 as a result.
♦ The price level of the shortest path has been increased by 10% . This is equivalent to a Rs 200 rise.
♦ It has also expanded the choice of domestic fares. For domestic flights, the lower price range was increased from Rs 2,000 to Rs 2,200, while the higher price range was increased from Rs 6,000 to Rs 7,800.
♦ The lowest fare has been raised from Rs 6,500 to Rs 24,200 for the highest fare range, while the highest fare has been increased from Rs 18,600 to Rs 24,200.
♦ The Ministry of Civil Aviation put a fixed limit on air travel when the Covid-19 pandemic reached its height. The price limit has been abolished since the market opened. In March 2020, as the government announced a strict national lockdown to curb the spread of the coronavirus, the government announced the suspension of all commercial passenger flights.
♦ By implementing the 2020 Aircraft (Amendment) Bill, the Directorate General of Civil Aviation (DGCA) is a statutory body created. The investigation of aviation accidents and incidents is the responsibility of this department. All aviation-related regulations are also preserved. The agency is based in New Delhi.

Economy Current Affairs February 2nd Week 2021

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