News: The Ministry of Corporate Affairs(MCA) has set up a committee to look into the possibility of including “pre-packs” under the current insolvency regime to offer faster insolvency resolution under the Insolvency and Bankruptcy Code (IBC), Facts: Pre-Pack: It is a pre-planned process in which a financially distressed company and its creditors reach an agreement… Continue reading Explained: What are pre-packs under the present insolvency regime?
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.
Financial Management Index for Rural Development Programmes
News: The Union Minister of Rural Development has released the “Financial Management Index for Rural Development Programmes”. Facts: Aim: To rank states on efficient management of financial resources allocated for implementing rural development programmes. Parameters: The index will rank the States on the basis of following parameters: Preparation of annual plan and projecting the requirement… Continue reading Financial Management Index for Rural Development Programmes
RBI signs $400 mn currency swap with Sri Lanka
News: The Reserve Bank of India(RBI) has signed a $400-million currency swap facility with Sri Lanka under the SAARC Currency Swap Framework 2019-22. Facts: Currency Swap: The term Swap means exchange.Under this, a country provides dollars to a foreign central bank which at the same time provides the equivalent funds in its currency to the… Continue reading RBI signs $400 mn currency swap with Sri Lanka
Consumer Protection (E-Commerce) Rules Comes Into Force
News: Government has notified Consumer Protection (E-Commerce) Rules, 2020. Facts: Aim: To prevent unfair trade practices in e-commerce, direct selling and also to protect the interest and rights of consumers. Rules: The rules will be applicable to all electronic retailers (e-tailers) registered in India or abroad but offering goods and services to Indian consumers. Key… Continue reading Consumer Protection (E-Commerce) Rules Comes Into Force
Gross NPA of banks may rise to 12.5% by March 2021: RBI Financial Stability Report
News: The Reserve Bank of India(RBI) has released its 21st Financial Stability Report. Facts: Financial Stability Report(FSR): It is a bi-annual report published by the Reserve Bank of India(RBI). Aim: To review the nature, magnitude and implications of risks that may have a bearing on the macroeconomic environment, financial institutions, markets and infrastructure. The report… Continue reading Gross NPA of banks may rise to 12.5% by March 2021: RBI Financial Stability Report
NFRA constitutes technical advisory committee
News: National Financial Reporting Authority(NFRA) has constituted a Technical Advisory Committee(TAC) under chairmanship of R.Narayanaswamy to aid and advise NFRA on issues related to the drafts of accounting standards and auditing standards. Facts: National Financial Reporting Authority(NFRA): It is an audit regulator constituted in 2018 by the Government of India under section 132(1) of the… Continue reading NFRA constitutes technical advisory committee
World Youth Skills Day
News: Prime Minister will deliver an address to mark World Youth Skills Day. Facts: World Youth Skills Day: It has been celebrated every year on 15th July since 2014. Aim:To acknowledge and celebrate the importance of equipping young people with skills for employment, decent work and entrepreneurship. Theme: Skills for a Resilient Youth. Additional Facts:… Continue reading World Youth Skills Day
US remains India’s top trading partner in 2019-20
News: Ministry of Commerce and Industry has released the data on Bilateral trade between India-US for 2019-20. Facts: Key Takeaways: Largest Trading Partner: United States(US) has remained India’s top trading partner for the second consecutive fiscal in 2019-20. The bilateral trade between the US and India stood at $ 88.75 billion in 2019-02 as against… Continue reading US remains India’s top trading partner in 2019-20
Govt notifies draft rules for Code on Wages
News: The Labour and Employment Ministry has notified the draft Code on Wages (Central) Rules under the Code on Wages,2019. Facts: Code on wages, 2019: It has amended and consolidated laws relating to wages, bonus and related matters.The Code subsumed four labour laws – a) Payment of Wages Act,1936, b) Minimum Wages Act,1948 c) Payment… Continue reading Govt notifies draft rules for Code on Wages
India ranks 34 on real estate transparency index
News: Global Real Estate Transparency Index(GRETI) has been released by JLL and LaSalle, a global real estate services company. Facts: The index is released biennially.It ranks 99 countries and territories and 163 cities globally. Parameters: It assesses real estate market transparency based on over 200 individual indicators relating to: investment performance, market fundamentals, governance of… Continue reading India ranks 34 on real estate transparency index
