News: Union finance minister has unveiled the fifth and last tranche as part of the Atmanirbhar Bharat Abhiyan(Self-reliant India campaign). Facts: Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA): Government to allocate an additional Rs 40,000 crore for MNREGA.This will help generate nearly 300 crore person days in total and will also help provide more… Continue reading Finance minister releases fifth tranche of economic package
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.
Centre raises borrowing limit of states from 3 pc of GSDP to 5 pc in FY21
News: The Central Government has increased the borrowing limit of states from 3% of gross state domestic product (GSDP) to 5%. Facts: Key Facts: States have so far borrowed only 14% of the 3% of GSDP limit which is authorised to them while 86% of the limit remains unutilized.However,the limit of states has now been… Continue reading Centre raises borrowing limit of states from 3 pc of GSDP to 5 pc in FY21
Finance minister announces 4th tranche of economic measures
News:The Union Finance Minister has announced the 4th economic package under Atma Nirbhar Bharat Abhiyan. Facts: Coal sector: Commercial mining will be introduced in the coal sector and the government monopoly in coal mining will be removed. Defence production: Enhancing self-reliance in defence production- Indigenization of imported spares, separate budget provisioning for domestic capital procurement. … Continue reading Finance minister announces 4th tranche of economic measures
World Economic Situation and Prospects Report
News:World Economic Situation and Prospects(WESP) mid year 2020 Report has been released. Facts: The report is released jointly by the United Nations Department of Economic and Social Affairs(UN/DESA), United Nations Conference on Trade and Development(UNCTAD) and the five United Nations regional commissions. Key Takeaways: Global economy: It is forecast to shrink by 3.2% in 2020.… Continue reading World Economic Situation and Prospects Report
Finance minister announces third tranche of economic revival package
News:The Union Finance Minister has announced the 3rd economic package under Atma Nirbhar Bharat to strengthen Infrastructure Logistics, Capacity Building, Reforms for Agriculture, Fisheries and Food Processing Sectors. Facts: Essential Commodities Act: Government will amend the Essential Commodities Act to deregulate cereals, pulses, onions and potatoes. Stock limits will be imposed under very exceptional circumstances… Continue reading Finance minister announces third tranche of economic revival package
2nd economic package tranche: Atma Nirbhar Bharat
News: Union Finance Ministry announced the 2nd economic package under Atma Nirbhar Bharat for supporting the poor, including migrants, farmers, small businesses and street vendors. Facts: Key measures: Migrants: Free food grains will be supplied to all Migrant labourers for 2 months i.e. May and June,2020.Migrant labourers not covered under National Food Security Act(NFSA),2013 or… Continue reading 2nd economic package tranche: Atma Nirbhar Bharat
Major States lost ₹97,100 crore in own revenue in April: India Ratings
News:According to India Ratings and Research, due to lockdown 21 major States will suffer a collective revenue loss of about ₹ 97,100 crore for the month of April alone. Facts: States Sources of Income:The States revenue mainly comes from following heads: State Goods and Services Tax(SGST): It is a destination based tax on consumption of… Continue reading Major States lost ₹97,100 crore in own revenue in April: India Ratings
Economic Package to make India self reliant: Atma Nirbhar Bharat Abhiyan
News:Union Finance Minister has announced the first tranche of the Atma Nirbhar Bharat Abhiyan to deal with the COVID-19 pandemic. Facts: Key Features of the Package: Real Estate:The deadline for completion of projects has been extended by up to six months treating the coronavirus outbreak as an event of ‘force majeure’ under the realty law… Continue reading Economic Package to make India self reliant: Atma Nirbhar Bharat Abhiyan
EPFO contributions reduced; gains in take home, employee cost
News:The Finance minister has provided relaxation to all private sector companies by reducing the statutory PF contribution of both employer and employee from 12% to 10% for the next three months. Facts: Employees’ Provident Fund(EPF) Scheme: Employees Provident Fund (EPF): It is a retirement benefit scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act,… Continue reading EPFO contributions reduced; gains in take home, employee cost
MSME Ministry launches CHAMPIONS portal
News:Ministry of Micro, Small and Medium Enterprises(MSME) has launched CHAMPIONS portal. Facts: CHAMPIONS stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength. It is a technology driven portal which aims to assist Indian MSMEs to enter into the big league as national and global champions by solving their… Continue reading MSME Ministry launches CHAMPIONS portal
