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
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.
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
₹20 lakh crore package for “self-reliant” India
News:Prime Minister has announced a special economic package worth 20 lakh crore rupees for an ‘Atma-Nirbhar Bharat’ or self-reliant India. Facts: Aim: To make India self-reliant (Atma-Nirbhar) by promoting business, attracting investment, cutting down import dependence and by strengthening Make in India. The package includes earlier announcements made by the RBI and the government which… Continue reading ₹20 lakh crore package for “self-reliant” India
Jobless rate drops as govt lifts some curbs on economic activity
News:According to the Centre for Monitoring Indian Economy(CMIE), India’s unemployment rate has dropped to 23.97% as the government has lifted some curbs on economic activity. Facts: Unemployment: It is a phenomenon that occurs when a person who is capable of working and is actively searching for the work is unable to find work. The most… Continue reading Jobless rate drops as govt lifts some curbs on economic activity
China tests state-run digital currency in 4 cities amid pandemic
News:China has started testing its digital currency named e- RMB in four major Chinese cities. Facts: e-RMB is set to be the first digital currency operated by a major economy. People’s Bank of China (PBOC), the country’s central bank will be the sole issuer of the digital currency. This is part of China’s Digital Currency… Continue reading China tests state-run digital currency in 4 cities amid pandemic
CAIT to launch national e-commerce marketplace ‘bharatmarket’ for retail traders
News:Confederation of All India Traders(CAIT) has announced to launch the national e-commerce marketplace “Bharat Market”. Facts: Bharat Marketplace:It will be an e-commerce portal that aims to bring retailers on a single platform to provide end-to-end services in the logistics and supply chains from manufacturers to end consumers including deliveries at home. This initiative also has… Continue reading CAIT to launch national e-commerce marketplace ‘bharatmarket’ for retail traders
