News: Reserve Bank of India(RBI) has released the data on India’s balance of payments (BoP) for Q4 of January-March 2019-20. Facts: Key Takeaways: Current account Surplus: India has managed a small current account surplus of US$ 0.6 billion (0.1%:of GDP) in Q4 of 2019-20 Reason: The surplus in the current account is largely driven by… Continue reading Why India’s trade surplus is a warning signal
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.
Irdai committee to examine Surety Bonds for road contracts
News: Insurance Regulatory and Development Authority(IRDAI) has formed a panel under G Srinivasan to assess the suitability of the Indian insurance industry or any other sector to offer Surety Bonds for road contracts in the country. Facts: Surety Bond: It is a three-party agreement that legally binds together a principal who needs the bond, an… Continue reading Irdai committee to examine Surety Bonds for road contracts
World Bank to give $750 million funding support to MSMEs
News: The World Bank’s Board of Executive Directors has approved a $750 million MSME Emergency Response program for India. Facts: MSME Emergency Response program: It aims to support increased flow of finance into the hands of micro, small, and medium enterprises (MSMEs) which are severely impacted by the COVID-19 crisis. Impact: It will address the… Continue reading World Bank to give $750 million funding support to MSMEs
RBI announces special liquidity scheme for NBFCs and HFCs through SPV
News: Reserve Bank of India(RBI) has operationalised the Rs 30,000 crore special liquidity scheme for non-banking finance companies (NBFCs) and Housing finance companies(HFCs). Facts: Aim: To improve the liquidity position of non-banking finance companies (NBFCs) and housing finance companies(HFCs). Under the scheme, a Special Purpose Vehicle (SPV) has been set up to manage a Stressed… Continue reading RBI announces special liquidity scheme for NBFCs and HFCs through SPV
Government launches 7.15% floating rate bonds
News: Union Finance Ministry has launched Floating Rate Savings Bonds 2020 (Taxable) in place of 7.75 percent Savings (Taxable) Bonds,2018 which was discontinued for subscription. Facts:
Money in Swiss banks: India at 77th place accounts for 0.06% of all foreign funds
News: Swiss National Bank has released the analysis of the latest annual banking statistics. Facts: Key Takeaways: Top Countries: UK was ranked first as it accounted for close to 27% of the total foreign funds parked with Swiss banks at the end of 2019. The UK was followed by the US, West Indies, France and… Continue reading Money in Swiss banks: India at 77th place accounts for 0.06% of all foreign funds
Cabinet approves 2% interest subvention for Shishu-Mudra loans
News: Government has approved a 2% interest subsidy for Shishu loan account holders under the Pradhan Mantri Mudra Yojana(PMMY) for a period of 12 months to eligible borrowers. Facts: Pradhan Mantri MUDRA Yojana(PMMY): It was launched by the Prime Minister in 2015. Aim: To provide loans up to 10 lakh to the non-corporate, non-farm small/micro… Continue reading Cabinet approves 2% interest subvention for Shishu-Mudra loans
Urban, multi-State cooperative banks to come under RBI supervision
News: The Central government has approved an Ordinance to bring all urban and multi-state co-operative banks under the direct supervision of the Reserve Bank of India(RBI). Facts: Aim: To empower more security to depositors and to prevent instances of fraud and serious financial irregularities such as the major scam at Punjab and Maharashtra Co-operative(PMC) Bank… Continue reading Urban, multi-State cooperative banks to come under RBI supervision
MSDE-IBM Partnership Unveils “Skills Build Reignite” Platform
News: Directorate General of Training(DGT) under the Ministry of Skill Development & Entrepreneurship(MSDE) in partnership with IBM has launched Skills Build Reignite Platform. Facts: Skills Build Reignite Platform: It is an online platform that aims to provide job seekers and entrepreneurs with access to free online coursework and mentoring support designed to help them reinvent… Continue reading MSDE-IBM Partnership Unveils “Skills Build Reignite” Platform
India retains position as third largest economy in PPP
News: The World Bank has released the new Purchasing Power Parities (PPPs) for reference year 2017 under its International Comparison Program (ICP). Facts: International Comparison Program(ICP): It is the largest worldwide data-collection initiative managed by the World Bank under the guidance of the UN Statistical Commission(UNSC). Objective: To produce purchasing power parities(PPPs) and comparable price… Continue reading India retains position as third largest economy in PPP
