News:Technology Information, Forecasting and Assessment Council (TIFAC) is preparing a white paper to strategize revival of post-COVID 19 Indian economy. Facts: TIFAC is an autonomous technology think tank set up in 1988 Parent Body: Department of Science & Technology (DST) Nodal Ministry: Ministry of Science and Technology Mandate: Assess the technology trajectories, and support innovation… Continue reading TIFAC explores best methods to revive Indian economy post COVID-19
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.
Renewable Energy Manufacturing Parks
News:The Ministry of Renewable Energy has asked all states and ports to identify lands that can be used to set up Renewable energy(RE) manufacturing Parks. Facts: Aim:To meet the domestic demands as well as to attract firms shifting base from China amid COVID-19 pandemic which has disrupted supply chains. Functions: These parks will:- manufacture equipment… Continue reading Renewable Energy Manufacturing Parks
Strategic Petroleum Reserves(SPR)
News:Ministry for Petroleum & Natural Gas has allowed the public sector refiners to use the strategic Petroleum reserves(SPR) for storing their oil purchases. Facts: Strategic Petroleum Reserves(SPR): These are stockpiles of crude oil maintained by countries or private industries which are meant to tackle emergency situations to counter short-term supply disruptions. The Strategic Crude Oil… Continue reading Strategic Petroleum Reserves(SPR)
West Texas intermediate(WTI)
News:The United States oil markets created history when the prices of West Texas Intermediate(WTI) fell to minus $40.32 a barrel in interlay trade in New York. Facts: West Texas Intermediate(WTI) is a specific grade of crude oil and one of the main three benchmarks in oil pricing along with Brent and Dubai Crude. It is… Continue reading West Texas intermediate(WTI)
RBI announces second set of measures to preserve financial stability
News:The Reserve Bank of India has come out with the second set of monetary policy measures to preserve financial stability after the government has extended the lockdown. Facts: Reverse Repo Rate:It is the short term borrowing rate at which RBI borrows money from banks.It has been cut to 3.75% from 4%. Liquidity Coverage Ratio(LCR): It… Continue reading RBI announces second set of measures to preserve financial stability
Crisis Recovery Facility
News:Asian Infrastructure Investment Bank(AIIB) has set up a US$10 billion Crisis Recovery Facility in the wake of the Coronavirus pandemic. Facts: Aim: To provide financing to both public and private sector entities within its members facing serious adverse impacts as a result of Coronavirus pandemic. Additional Facts: AIIB: The Asian Infrastructure Investment Bank(AIIB) is an… Continue reading Crisis Recovery Facility
Special Drawing Rights
News: India has opposed the general allocation of new Special Drawing Rights (SDR) by the International Monetary Fund(IMF) because it might not be effective as new SDR allocation provides all 189 members with new foreign exchange reserves with no conditions. Facts: Special Drawing Right(SDR):It is neither a currency nor a claim on the IMF.It is… Continue reading Special Drawing Rights
FDI from neighbouring countries
News:The Government of India has revised its existing Foreign Direct Investment policy in light of the current COVID-19 pandemic. Facts: New FDI Policy: It has made prior government approval mandatory for foreign direct investments(FDI) from countries which share a land border with India or where the beneficial owner of an investment is situated in such… Continue reading FDI from neighbouring countries
Finance Minister attends the Development Committee Meeting of the World Bank-IMF
News: The Union Finance Minister participated in the 101st Meeting of the Development Committee of the World Bank-IMF through a video conference. Facts: The main discussions were on World Bank Group Response to the COVID-19 Emergency, and the Covid-19 Debt Initiative: International Call for Action in Support of IDA Countries. World Bank has provided a… Continue reading Finance Minister attends the Development Committee Meeting of the World Bank-IMF
Sovereign Gold Bond Scheme
News:The Government of India in consultation with the Reserve Bank of India has decided to issue Sovereign Gold Bonds. Facts: The Sovereign Gold Bond Scheme was introduced in 2015.They are government securities denominated in grams of gold. Aim: To reduce the demand for physical gold and shift a part of the domestic savings used for… Continue reading Sovereign Gold Bond Scheme
