News: Union Finance Minister has felicitated the best performing banks on EASE Banking Reforms Index. Facts: EASE Banking Reforms Index: EASE stands for ‘Enhanced Access and Service Excellence’.It was launched in 2018 with the aim to institutionalize clean and smart banking. EASE 2.0 further progresses the reforms built in EASE 1.0 by making the reforms… Continue reading Union Minister declares EASE 2.0 Index Results
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.
Explained: Forex reserves at all-time high — why did this happen, and what does it mean for India’s economy?
News: As per the Reserve Bank of India (RBI) data, India’s foreign exchange (forex) reserves has touched a record high of USD 541.431 billion in the week ended 28th August 2020. Facts: Reasons for High Foreign Reserves: Investment: Rise in investment by foreign portfolio investors and increased foreign direct investments(FDIs). Fall in Crude Oil Prices:… Continue reading Explained: Forex reserves at all-time high — why did this happen, and what does it mean for India’s economy?
Kamath committee picks 26 sectors for loan restructuring, says RBI
News: Reserve Bank of India has released the K V Kamath-led Committee report and has broadly accepted its recommendations. Facts: Background: RBI had formed a five-member committee under the chairmanship of KV Kamath to make recommendations on the financial parameters and the sectors to be considered for the one-time restructuring of loans impacted by the… Continue reading Kamath committee picks 26 sectors for loan restructuring, says RBI
Business Reform Action Plan for the year 2019
News: Union Minister of Finance and Corporate Affairs has announced the 4th edition of Business Reform Action Plan (BRAP) ranking of states,2019. Facts: Business Reform Action Plan(BRAP): The ranking of States based on the implementation of Business Reform Action Plan started in the year 2015.Till date, State Rankings have been released for the years 2015,… Continue reading Business Reform Action Plan for the year 2019
RBI releases revised Priority Sector Lending(PSL) guidelines
News: Reserve Bank of India(RBI) has released revised priority sector lending (PSL) guidelines to augment funding for COVID-19 impacted companies. Facts: Aim: To align Priority Sector lending with emerging national priorities and bring sharper focus on inclusive development. Key Revised PSL Guidelines: Bank finance for start-ups (up to ₹50 crore), loans to farmers for installation… Continue reading RBI releases revised Priority Sector Lending(PSL) guidelines
Limit imposed on total rewards under Merchandise Exports from India Scheme
News: Government of India has decided to cap export incentives under Merchandise Exports from India Scheme(MEIS) at Rs.2 crore per exporter on outbound shipments made during September-December, 2020. Facts: Merchandise Exports From India Scheme(MEIS): It was introduced in the Foreign Trade Policy (FTP) 2015-20. Objective: To offset infrastructural inefficiencies and associated costs involved in exporting… Continue reading Limit imposed on total rewards under Merchandise Exports from India Scheme
SC lets telecom firms stagger AGR payments over 10 years
News: The Supreme Court has said that telecom operators could pay their adjusted gross revenue(AGR) dues to the Department of Telecommunications (DoT) over the next 10 years starting April 1,2021. Facts: What is AGR? Adjusted Gross Revenue(AGR) is the annual license fee (LF) and spectrum usage charges (SUC) that telecom operators are charged by the… Continue reading SC lets telecom firms stagger AGR payments over 10 years
GDP contracts by record 23.9% in Q1
News: The National Statistical Office(NSO) has released the GDP data.It has shown that GDP in the April-June quarter of 2020-21 has shrinked by 23.9% compared with growth of 3.1% in the previous (January-March) quarter. Facts: Indian economy shrank by 23.9%, its worst slump since the country started releasing quarterly data in 1996. Among major economies,… Continue reading GDP contracts by record 23.9% in Q1
Union IT Minister Launches “Chunauti”- Next Generation Start-up Challenge Contest
News: Union Minister for Electronics and Information Technology has launched “Chunauti”- Next Generation Startup Challenge Contest to further boost startups and software products with special focus on Tier-II towns of India. Facts: Chunauti: The programme aims to identify around 300 startups working in identified areas and provide them seed funds of upto Rs. 25 Lakh… Continue reading Union IT Minister Launches “Chunauti”- Next Generation Start-up Challenge Contest
FinMin, UNDP launch Sustainable Finance Collaborative
News: Department of Economic Affairs, Ministry of Finance and United Nations Development Programme(UNDP) India has launched the Sustainable Finance Collaborative(SFC). Facts: Objective: To bring together leading experts and organizations to work together to boost India’s efforts on mobilizing sustainable and green finance. The collaborative saw a host of discussions centred around Sustainable Finance architecture in… Continue reading FinMin, UNDP launch Sustainable Finance Collaborative
