What is the News? The World Bank has released its Migration and Development Brief Report. What are the key findings of the report? India is the world’s largest recipient of remittances. It received $87 billion in 2021. India had received over $83 billion in remittances in 2020. Reasons for the increase in Remittances: 1) Migrants… Continue reading India, world’s largest recipient of remittances, received $87 billion in 2021: World Bank
Category: Factly – Indian Economy
This category contains all Current Affairs Factly Articles for Prelims, related to the Indian economy. You can find all relevant Economy updates on this page. This page is specifically useful for UPSC Prelims exam.
RBI working group warns on digital lending by big tech players
What is the News? A working group set up by the Reserve Bank of India (RBI) has proposed stricter norms for digital lenders. Background RBI had constituted the working group on digital lending including lending through online platforms and mobile apps under the chairmanship of Jayant Kumar Dash, Executive Director, RBI. The working group was… Continue reading RBI working group warns on digital lending by big tech players
Personal guarantors may be part of cross-border insolvency framework under the Insolvency and Bankruptcy Code (IBC)
Contents1 What is the News?2 What is Cross Border Insolvency?3 Does India have a Cross Border Insolvency Framework?4 What will be the basis of the Cross Border Insolvency Framework?5 About UNCITRAL Model Law on Cross-border Insolvency, 1997 What is the News? The government is planning to bring personal guarantors for corporate debtors under the purview… Continue reading Personal guarantors may be part of cross-border insolvency framework under the Insolvency and Bankruptcy Code (IBC)
Government will repeal all 3 farm laws: Modi
What is the News? The Prime Minister has announced that the government has decided to repeal the three controversial farm laws passed in the Monsoon Session of Parliament in September 2020. What were the three farm laws that have been repealed? Farmers Produce Trade and Commerce (Promotion and Facilitation) Act, 2020; Essential Commodities (Amendment) Act,… Continue reading Government will repeal all 3 farm laws: Modi
Coal Ministry Accelerates Sustainable Development Efforts: Constitutes Sustainable Development Cell
What is the News? The Ministry of Coal has accelerated the establishment of the Sustainable Development Cell. What is the aim of the Sustainable Development Cell? Aim: To promote environmentally sustainable coal mining in the country and to address environmental concerns during mining operation and till the decommissioning or final closure of mines. What are… Continue reading Coal Ministry Accelerates Sustainable Development Efforts: Constitutes Sustainable Development Cell
Country’s first fisheries business incubator launched in Haryana’s Gurugram
What is the News? Union Minister of Fisheries has inaugurated the country’s first-of-its-kind, dedicated business incubator to be known as LINAC- NCDC Fisheries Business Incubation Centre(LlFlC) in Haryana’s Gurugram. About LINAC- NCDC Fisheries Business Incubation Centre(LIFIC) Aim: To nurture fisheries start-ups under real market-led conditions. Services Provided by the LIFIC: The centre will provide hand… Continue reading Country’s first fisheries business incubator launched in Haryana’s Gurugram
Centre plans to give some strategic disinvestment powers to DPE
What is the news? The central government has decided to give some powers in the strategic disinvestment process to the Department of Public Enterprise (DPE). This department has been brought under the Ministry of finance. How does the current disinvestment process work? As per the current process, NITI Aayog identifies companies for disinvestment. This proposal… Continue reading Centre plans to give some strategic disinvestment powers to DPE
PM launches 2 RBI schemes. All about the central bank initiatives
What is the News? Prime Minister has launched two innovative customer-centric initiatives of RBI, viz. Retail Direct Scheme and the Reserve Bank – Integrated Ombudsman Scheme. What is a Retail Direct Scheme? The Retail Direct Scheme allows retail investors to invest in government securities (G-Sec) by opening a gilt security account with the RBI. The… Continue reading PM launches 2 RBI schemes. All about the central bank initiatives
RBI to hold its first-ever hackathon, HARBINGER 2021, on payments system
What is the News? Reserve Bank of India(RBI) will be organising its first global hackathon titled “HARBINGER 2021–Innovation for Transformation”. What is the purpose of the HARBINGER 2021 Hackathon? HARBINGER 2021 aims to invite participants that can identify and develop solutions which can make: digital payments accessible to the under-served enhance the ease of payments… Continue reading RBI to hold its first-ever hackathon, HARBINGER 2021, on payments system
New online certification system puts exporters in a fix
What is the News? The Ministry of Commerce had launched an online portal to issue Certificate of Origin(CoO) to the exporters from November 1,2021. The portal was launched to facilitate exporters through a secure, electronic, paperless CoO issuance process. However, exporters are facing challenges in registering on to the portal as it requires high-quality digital… Continue reading New online certification system puts exporters in a fix
