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USA Blocks Solar Products Made in China’s Xinjiang Region: Current Affairs Special Series

Team Adda247 and BankersAdda are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is USA Blocks Solar Products Made in China’s Xinjiang Region.

USA Blocks Solar Products Made in China's Xinjiang Region: Current Affairs Special Series_50.1

USA Blocks Solar Products Made in China’s Xinjiang Region

                The government’s total liabilities have stood at Rs.116.21 lakh crore at the end of March 2021, up 6.36% from the previous quarter. The total liabilities of the government which include liabilities under the title of Public Account were Rs.109.26 lakh crore at end-December 2020.

                The Finance Ministry released the data for the January-March 2021 quarter.  This data was analyzed by the Public Debt Management and it said that this represented a quarter-on-quarter increase of 6.36 percent in quarter 4th of FY21. Public debt gauged at 88.10 percent of total outstanding liabilities at end-March 2021. Around 29.33 percent of the outstanding dated securities have a residual maturity of fewer than 5 years. The ownership pattern indicates the share of commercial banks at 37.8 percent and 25.3 percent for insurance companies.

                The yields on Government securities hardened in the secondary market due to an increase in the supply of G-securities during the quarter. Advancing in hardening of yields was more on the short end of the curve due to an increase in weekly borrowing and also the announcement of the resumption of normal liquidity operations by the Reserve Bank. However, the yields were supported by the decision of the RBI’s Monetary Policy Committee meeting held on February 5, 2021, where it kept the policy repo rate unchanged at 4 percent and reiterated to continue with the accommodative stance.

                The central government had issued dated securities worth Rs.3, 20, 349 crores as against Rs.76, 000 crore in the year-ago period, while repayments were at Rs.29, 145 crores during the period of January-March of 2020-21. The Reserve Bank has done nine special and normal open market operations (OMOs) involving simultaneous purchase and sale of government securities during the quarter.

                The share of commercial banks stood at 3.77% which is slightly lower than 37.8% at end-December 2020. The share of Insurance companies and provident funds stood at 25.3% and 4.44% respectively at the end of March 2021.

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