A study by the Reserve Bank of India (RBI) has mentioned about the possibility of capital outflows to the tune of $100 billion (around Rs 7,80,000 crore) from India in case of a major global risk scenario or a “black swan” event.
About black swan event
- A black swan is a rare, unpredictable event that comes as a surprise and has a significant impact on society or the world.
- These events are said to have three distinguishing characteristics – they are extremely rare and outside the realm of regular expectations; they have a severe impact after they hit; and they seem probable in hindsight when plausible explanations appear.
- The term itself is linked to the discovery of black swans. Europeans believed all swans to be white until 1697, when a Dutch explorer spotted the first black swan in Australia.
- The metaphor ‘black swan event’ is derived from this unprecedented spotting from the 17th century, and how it upended the West’s understanding of swans.
(Source: IE)
GS TIMES UPSC PRELIMS & MAINS CURRENT AFFAIRS BASED BASICS DAILY ONLINE TEST CLICK HERE
CLICK HERE DAILY CURRENT AFFAIRS QUIZ FOR STATE CIVIL SERVICES
MORE THAN 30 QUESTIONS FORM GS TIMES UPSC 2022 PRELIMS CURRENT AFFAIRS DAILY TEST
