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: Contingency Fund of the Reserve Bank of India(RBI)

News: The Reserve Bank of India(RBI) has retained a whopping amount of Rs 73,615 crore within the RBI by transferring it to the Contingency Fund(CF) of the central bank. Facts: How much has RBI transferred to the Government? The RBI has approved the transfer of Rs 57,128 crore as surplus or dividend to the Central… Continue reading Explained: Contingency Fund of the Reserve Bank of India(RBI)

Centre gives two options to States on GST compensation

News: Finance Minister has chaired the 41st GST Council meet.The council discussed states compensation and revenue losses. Facts: Union Finance Minister has placed before the GST Council two options for borrowing by states to meet the shortfall in GST revenues pegged at Rs 2.3 lakh crore in the current fiscal.The two options are: First Option:… Continue reading Centre gives two options to States on GST compensation

Export Preparedness Index 2020

News: NITI Aayog in partnership with the Institute of Competitiveness has released the Export Preparedness Index (EPI) 2020. Facts: EPI: It is the first report which examines export preparedness and performance of Indian states and intends to identify challenges and opportunities; enhance the effectiveness of government policies and encourage a facilitative regulatory framework. Parameters: The… Continue reading Export Preparedness Index 2020

India ranks among lowest in terms of Internet quality

News: Digital Quality of Life(DQL) Index, 2020 has been released by SurfShark, an online privacy solutions provider. Facts: About the Index: It is a global research on the quality of digital wellbeing in 85 countries (81% of the global population). Parameters: The index ranks countries by looking at five fundamental pillars that define the digital… Continue reading India ranks among lowest in terms of Internet quality

RBI unveils framework for retail payments entity

News: Reserve Bank of India(RBI) has released a ‘Framework for Authorisation of Pan-India Umbrella Entity for Retail Payments’. Facts: In February 2020, RBI had proposed to create an alternative umbrella organisation for retail payments to prevent the monopoly of National Payment Corporation of India(NPCI). About the Framework: New umbrella entity(NUE): It shall be a company… Continue reading RBI unveils framework for retail payments entity

Reserve Bank of India introduces Positive Pay mechanism

News: Reserve Bank of India(RBI) has introduced a Positive Pay mechanism to make cheque payments safer and reduce instances of frauds. Facts: What is Positive Pay Mechanism? It is a fraud detection tool adopted by banks to protect customers against forged, altered or counterfeit cheques. How does it work? It cross verifies all details of… Continue reading Reserve Bank of India introduces Positive Pay mechanism

Prime Minister launches “Transparent Taxation – Honoring the Honest” platform

News: Prime Minister has launched the platform called “Transparent Taxation – Honoring the Honest”. Facts: Aim: To bring transparency in income tax systems and empower taxpayers. Features: The main features of the platform are faceless assessment, faceless appeal and taxpayer charter. Faceless Assessment: It aims to eliminate the interface between the taxpayer and the income… Continue reading Prime Minister launches “Transparent Taxation – Honoring the Honest” platform

Finance Minister launches online dashboard for National Infrastructure Pipeline

News: Finance Minister has inaugurated the National Infrastructure Pipeline (NIP) Online Dashboard. Facts: NIP Online Dashboard: It is a one-stop solution for all stakeholders looking for information on infrastructure projects in India.  The dashboard is being hosted on the India Investment Grid(IIG). Additional Facts: India Investment Grid: It is an interactive and dynamic online platform… Continue reading Finance Minister launches online dashboard for National Infrastructure Pipeline

Reserve Bank of India’s(RBI) monetary policy review

News: The Reserve Bank of India has released its monetary policy committee (MPC) report. Facts: Key Highlights: Repo Rate:It is the rate at which the RBI lends money to the banks for a short term.It remains unchanged at 4%. Reverse Repo Rate:It is the short term borrowing rate at which RBI borrows money from banks.It… Continue reading Reserve Bank of India’s(RBI) monetary policy review

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