News: Government of India has announced a scheme called, ‘Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts’. Facts: Aim: To provide major relief for individuals and MSME borrowers by waiver of the compound interest on specified loans for six months… Continue reading Compound conundrum: On interest waiver
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.
The Future of Jobs Report, 2020
News: World Economic Forum (WEF) has released the Future of Jobs Report, 2020. Facts: About the report: The report maps the jobs and skills of the future by tracking the pace of change. Key Highlights from the report: Reskilling: 50% of all employees will need reskilling by 2025 as adoption of technology increases. Effect of Automation on Jobs: Faster than… Continue reading The Future of Jobs Report, 2020
Environmental clearance to Kaleshwaram given in violation of law: NGT
News: The National Green Tribunal (NGT) has held that environmental clearance (EC) to Kaleshwaram Lift Irrigation Project (KLIP) was granted ex post facto, after completion of substantial work, by the Ministry of Environment, Forests and Climate Change (MoEF&CC) “in violation of law”. Facts: Location: Kaleshwaram Multipurpose Lift Irrigation Project is located in Telangana. It was… Continue reading Environmental clearance to Kaleshwaram given in violation of law: NGT
Foreign Direct Investment Inflow
Facts: The Ministry of Commerce has released the data on the Foreign Direct Investment Inflow in India. Facts: For the period of last 6 years (2014-15 to 2019-20): Total FDI inflow grew by 55%, i.e. from US$ 231.37 billion in 2008-14 to US$ 358.29 billion in 2014-20. FDI equity inflow has also increased by… Continue reading Foreign Direct Investment Inflow
IFSCA introduces framework for ‘Regulatory Sandbox’
News: International Financial Services Centres Authority(IFSCA) has introduced a Framework for Regulatory Sandbox to tap into innovative FinTech solutions. Facts: What is a Regulatory Sandbox? It is an infrastructure that helps financial technology (FinTech) players live test their products or solutions before getting the necessary regulatory approvals for a mass launch. IFSCA Regulatory Sandbox:… Continue reading IFSCA introduces framework for ‘Regulatory Sandbox’
India’s economy to contract by 10.3%, says International Monetary Fund
News: International Monetary Fund(IMF) has released the World Economic Outlook Report,2020 titled “A Long and Difficult Ascent”. Facts: The report is published twice a year. Aim: To provide analysis and forecasts of economic developments of member countries and highlights risks and uncertainty. Key Takeaways: Global growth is projected to be -4.4% ( i.e., a contraction… Continue reading India’s economy to contract by 10.3%, says International Monetary Fund
Expained: The economics of Auction Theory
News: Royal Swedish Academy of Sciences has awarded the 2020 Nobel Prize for Economics — to Paul R Milgrom and Robert B Wilson for their work on auction theory and new auction formats. Facts: Auction Theory: It is an applied branch of economics which deals with how people act in auction markets and researches the… Continue reading Expained: The economics of Auction Theory
Tamil Nadu to establish advanced manufacturing hub
News: Tamil Nadu’s Guidance, nodal investment promotion and facilitation agency has partnered with the World Economic Forum(WEF) to establish India’s first advanced manufacturing hub(AMHUB) in the state. Facts: Advanced manufacturing hub(AMHUB): It is one among the nineteen platforms that has been designed by the World Economic Forum(WEF). Focus of AMHUB: This manufacturing hub focuses on… Continue reading Tamil Nadu to establish advanced manufacturing hub
Poverty and Shared Prosperity Report: World Bank
News: The World Bank has released its biennial Poverty and Shared Prosperity Report. Facts: About the report: The report aims to provide the latest and most accurate estimates on trends in global poverty and shared prosperity. Key takeaways: Global extreme poverty is expected to rise in 2020 for the first time in over 20 years… Continue reading Poverty and Shared Prosperity Report: World Bank
Foreign Direct Investment(FDI) Policy in Defence Sector
News: Department for Promotion of Industry and Internal Trade(DPIIT), Ministry of Commerce and Industry has issued the revised Foreign Direct Investment (FDI) Policy in Defence Sector. Facts: Present Position: Sector/Activity % of Equity/ FDI Cap Entry Route Defence Industry subject to Industrial license under the Industries(Development &… Continue reading Foreign Direct Investment(FDI) Policy in Defence Sector
