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.

Limit imposed on total rewards under Merchandise Exports from India Scheme

News: Government of India has decided to cap export incentives under Merchandise Exports from India Scheme(MEIS) at Rs.2 crore per exporter on outbound shipments made during September-December, 2020. Facts: Merchandise Exports From India Scheme(MEIS): It was introduced in the Foreign Trade Policy (FTP) 2015-20. Objective: To offset infrastructural inefficiencies and associated costs involved in exporting… Continue reading Limit imposed on total rewards under Merchandise Exports from India Scheme

SC lets telecom firms stagger AGR payments over 10 years

News: The Supreme Court has said that telecom operators could pay their adjusted gross revenue(AGR) dues to the Department of Telecommunications (DoT) over the next 10 years starting April 1,2021. Facts: What is AGR? Adjusted Gross Revenue(AGR) is the annual license fee (LF) and spectrum usage charges (SUC) that telecom operators are charged by the… Continue reading SC lets telecom firms stagger AGR payments over 10 years

GDP contracts by record 23.9% in Q1

News: The National Statistical Office(NSO) has released the GDP data.It has shown that GDP in the April-June quarter of 2020-21 has shrinked by 23.9% compared with growth of 3.1% in the previous (January-March) quarter. Facts: Indian economy shrank by 23.9%, its worst slump since the country started releasing quarterly data in 1996. Among major economies,… Continue reading GDP contracts by record 23.9% in Q1

Union IT Minister Launches “Chunauti”- Next Generation Start-up Challenge Contest

News: Union Minister for Electronics and Information Technology has launched “Chunauti”- Next Generation Startup Challenge Contest to further boost startups and software products with special focus on Tier-II towns of India. Facts: Chunauti: The programme aims to identify around 300 startups working in identified areas and provide them seed funds of upto Rs. 25 Lakh… Continue reading Union IT Minister Launches “Chunauti”- Next Generation Start-up Challenge Contest

FinMin, UNDP launch Sustainable Finance Collaborative

News: Department of Economic Affairs, Ministry of Finance and United Nations Development Programme(UNDP) India has launched the Sustainable Finance Collaborative(SFC). Facts: Objective: To bring together leading experts and organizations to work together to boost India’s efforts on mobilizing sustainable and green finance. The collaborative saw a host of discussions centred around Sustainable Finance architecture in… Continue reading FinMin, UNDP launch Sustainable Finance Collaborative

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

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