News:The Union Cabinet has approved amendments to the Banking Regulation Act to give the Reserve Bank of India greater control over cooperative banks. Facts: Key provisions of the amendments: Cooperative banks will be brought under the regulation of the RBI. The RBI will have the power to supersede and take control of the cooperative banks… Continue reading Cabinet Clears Amendments To Ensure Greater RBI Control Over Cooperative Banks
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.
Purified Terephthalic Acid (PTA)
News: Finance Minister, in her budget speech has said that the government was abolishing an anti-dumping duty that was levied on imports of Purified Terephthalic Acid (PTA) Facts: About Purified Terephthalic Acid It is a chemical used to make various products, including polyester fabrics. It makes up for around 70-80% of a polyester product like… Continue reading Purified Terephthalic Acid (PTA)
15th Finance Commission report
News:The Finance Minister has tabled the interim report of the 15th Finance Commission recommendations. Facts: About 15th Finance Commission: The 15th Finance Commission was constituted by the President of India under the chairmanship of NK Singh. The term of the commission was originally set to end in October 2019 but was extended to November 30,… Continue reading 15th Finance Commission report
Budget announces implementation of Nirvik Scheme
News:The Finance minister has announced the NIRVIK (Niryat Rin Vikas Yojana) scheme in the Budget 2020. Facts: About NIRVIK Scheme: Aim:To provide a) enhanced insurance cover b) reduced premium for small exporters and c) Simplified procedure for claim settlements. Ministry:The scheme is being prepared by the Ministry of Commerce and Industry. Features of the scheme:… Continue reading Budget announces implementation of Nirvik Scheme
Budget 2020:Dividend Distribution Tax
News:Union Budget has proposed to abolish the dividend distribution tax(DDT) at the company’s level.The dividend income will now be added to the taxable income of the recipient and taxed at the applicable rate. Facts: About Dividend Distribution Tax(DDT): A dividend is a return given by a company to its shareholders out of the profits earned… Continue reading Budget 2020:Dividend Distribution Tax
Budget 2020:Investment Clearance Cell
News:The Finance Minister has proposed setting up of ‘Investment Clearance Cell’ for young entrepreneurs. Facts: About Investment Clearance Cell: The Investment Clearance cell will be a pan-India single-window clearance system for entrepreneurs. It will be setup by the Department for Promotion of Industry and Internal Trade(DPIIT). The cell will give investors free investment advisory, land… Continue reading Budget 2020:Investment Clearance Cell
Budget 2020:Taxation and Governance
News:The Finance minister has announced the Vivad Se Vishwas scheme in Budget 2020-21 that would help in reducing litigation. Facts: About Vivaad se Vishwas Scheme: Vivaad se Vishwaas is an amnesty scheme aims at reducing tax litigations pending at various forums. Under the proposed scheme, a taxpayer would be required to pay only the amount… Continue reading Budget 2020:Taxation and Governance
Union Budget 2020-21
News:The General Budget 2020-21 has been presented by the Union Finance Minister in the Lok Sabha. Facts: About Budget: The word Budget has not been used in the Constitution of India.Rather Article 112 of the Constitution of India mentions the term “Annual Financial statement”. The budget is a statement of the estimated receipts and expenditure… Continue reading Union Budget 2020-21
Budget 2020:Macro-economic Framework Statement (MFS) 2020-21
News:In Budget 2020-21,Government of India has presented the Macro-economic Framework Statement(MFS) 2020-21. Facts: Key Highlights of the statement: The Macroeconomic Framework Statement(MFS) 2020-21 describes the return path of fiscal consolidation without compromising the needs of investment out of public funds. Fiscal Deficit:The government’s fiscal deficit for 2019-20 will be 3.8% of the gross domestic product(GDP)… Continue reading Budget 2020:Macro-economic Framework Statement (MFS) 2020-21
National Technical Textiles Mission Proposed in Union Budget
News:Union Minister for Finance & Corporate Affairs has announced a proposal to set up a National Technical Textiles Mission. Facts: About National Technical Textiles Mission: The National Technical Textiles Mission will be implemented for a period of four-years from 2020-21 to 2023-24 at an estimated outlay of ₹1,480 crore. About Technical Textiles: Technical textiles are… Continue reading National Technical Textiles Mission Proposed in Union Budget
