News:The World Gold Council (WGC) recently released its report, “World Gold Outlook 2020”. Facts: Key takeaways from the report: The Gold has performed the best in 2019.Since 2010 the gold trade in dollars has increased by 18.4% in 2019. The Reserve Bank of India ranks 6th in buying gold abroad.Currently,it holds 625.2 tonnes of gold.This… Continue reading World Gold Council report: RBI ranks 6th in buying gold abroad
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.
CVC releases framework for advisory board for banking and financial frauds
News:The Central Vigilance Commission (CVC) has released a framework for the Advisory Board for Banking and Financial Frauds. Facts: About Advisory Board for Banking Frauds(ABBF): The Advisory Board for Banking frauds will be four-member board.It will be headed by former Vigilance Commissioner T M Bhasin. It will function as the first level of examination of… Continue reading CVC releases framework for advisory board for banking and financial frauds
United Nations World Economic Situation and Prospects(WESP) 2020
News:United Nations(UN) has released its World Economic Situation and Prospects(WESP) 2020. Facts: About WESP Report,2020: The report is released annually by the United Nations Department of Economic and Social Affairs(UN/DESA), the United Nations Conference on Trade and Development(UNCTAD) and the five United Nations regional commissions. Report on Global Economy: The global economy suffered its lowest… Continue reading United Nations World Economic Situation and Prospects(WESP) 2020
Harmonised System of Nomenclature(HSN) code
News:Union Minister of Commerce & Industry has said that no imports will be allowed into the country without HSN code. Facts: Why stricter regulations? The minister said that the free trade agreements(FTA) of India with other countries has not led to the growth of India’s trade because of the poor quality of the products and… Continue reading Harmonised System of Nomenclature(HSN) code
Explained:About India’s fiscal deficit
News:Recently,former Economic Affairs secretary has claimed that the actual fiscal deficit for the last financial year and the current one is more than a full percentage point higher than the official data. Facts: What is Fiscal Deficit? Fiscal Deficit is the difference between the Revenue Receipts plus Non-debt Capital Receipts (NDCR) and the total expenditure.… Continue reading Explained:About India’s fiscal deficit
Retail inflation at 5-year high of 7.3% in December
News:The retail inflation based on Consumer Price Index(CPI) has reached a five and a half year high of 7.35% in December 2019. Facts: Reasons for rise in retail inflation: The rise in retail inflation is primarily due to increase in Consumer food price inflation to 14.12% in December 2019.This is the highest since 17.89% in… Continue reading Retail inflation at 5-year high of 7.3% in December
RBI chalks out financial inclusion strategy for 2024
News:The Reserve Bank of India has released the national strategy for financial inclusion. Facts: About the strategy: The national strategy for financial inclusion sets forth the vision and key objectives of financial inclusion policies in India. It also aims to provide access to formal and affordable financial services; broaden and deepen financial inclusion and promote… Continue reading RBI chalks out financial inclusion strategy for 2024
SBI announces ‘residential builder finance with buyer guarantee’ scheme
News:State Bank of India (SBI) has announced a ‘residential builder finance with buyer guarantee’ (RBBG) scheme. Facts: About the scheme: The scheme aims to give a push to residential sales and improve home buyers confidence. Under this scheme,the SBI will issue a guarantee for completion of select residential projects to customers who have availed home… Continue reading SBI announces ‘residential builder finance with buyer guarantee’ scheme
Northeast gas pipeline grid project
News: The Cabinet Committee on Economic Affairs has approved a Capital Grant as the Viability Gap Funding to Indradhanush Gas Grid Ltd for setting up the North East Natural Gas Pipeline Grid. North East Natural Gas Pipeline Grid States: Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura Cities covered: Guwahati, Itanagar, Kohima, Dimapur,… Continue reading Northeast gas pipeline grid project
World Bank:Global Economic Prospects report
News:The World Bank has released the 2020 Global Economic Prospects report. Facts: Key takeaways from the report: Report on Global and Regional Growth: The Global growth is set to rise by 2.5% this year from 2.4% in 2019 as trade and investment gradually recover. The growth among advanced economies as a group is anticipated to… Continue reading World Bank:Global Economic Prospects report
