News:Recently,New Development Bank(NDB) has committed $100 million to India’s National Investment and Infrastructure Fund(NIIF). Facts: About NDB: The New Development Bank(NDB) formerly referred to as the BRICS Development Bank is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa). The bank was founded in 2014 but was was… Continue reading BRICS’ NDB pledges $100 million to NIIF
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.
National Financial Reporting Authority submits first report since constituted
News:The National Financial Reporting Authority(NFRA) has issued its first audit report of IL&FS Financial Services Limited for the year 2017-18. Facts: About NFRA: The National Financial Reporting Authority(NFRA) has been constituted in 2018 by the Government of India under section 132 of the Companies Act,2013. The need for establishing NFRA was felt in the wake… Continue reading National Financial Reporting Authority submits first report since constituted
India ranks 73rd in global E-Commerce ranking
News:United Nations Conference on Trade and Development’s(UNCTAD) has released the Business-to-Consumer(B2C) E-commerce Index 2019. Facts: About the Index: The index compares 152 countries on four major indicators that are highly related to E-Commerce which includes population age, individuals using the internet, postal reliability index and secure internet servers. Key takeaways from the index: Netherlands has… Continue reading India ranks 73rd in global E-Commerce ranking
Cabinet approves Partial Credit Guarantee Scheme
News:Union Cabinet has approved Partial Credit Guarantee Scheme for purchase of high-rated pooled assets from financially sound NBFCs/HFCs by Public Sector Banks(PSBs). Facts: About the Partial Credit Guarantee Scheme: The scheme provides for a one-time partial credit guarantee to Public sector banks(PSBs) for purchase of pooled assets of financially sound NBFCs and HFCs, The scheme… Continue reading Cabinet approves Partial Credit Guarantee Scheme
Cabinet approves Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019
News:The Union Cabinet has approved the amendments in the Insolvency and Bankruptcy Code, 2016 through the Insolvency and Bankruptcy Code (Second Amendment) Bill,2019. Facts: About Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019. The amendments aim to remove certain difficulties being faced during insolvency resolution process to realise the objects of the code and to… Continue reading Cabinet approves Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019
Cabinet authorises NHAI to set up Infrastructure Investment Trust
News:The Union Cabinet has given its approval to National Highways Authority of India (NHAI) to set up infrastructure investment trusts (InvITs). Facts: About InvITs: InvITs are investment scheme similar to mutual funds.They allow investment from individuals and institutional investors in infrastructure projects to earn a portion of the income as return. This investment is more… Continue reading Cabinet authorises NHAI to set up Infrastructure Investment Trust
World economy is slowing down, UNCTAD’s new statistics say
News:United Nations Conference on Trade and Development’s (UNCTAD) has released its Handbook of Statistics report. Facts: About the report: The report provides a wide range of statistics and indicators relevant to the analysis of international trade, investment, maritime transport and development. Key takeaways from the report: The report has predicted that the World gross domestic… Continue reading World economy is slowing down, UNCTAD’s new statistics say
National Policy on Statistics set to be unveiled soon
News:Government of India will shortly unveil a National Policy on Official Statistics. Facts: Background: The policy is being prepared as government is looking to address data quality issues with regard to various surveys. Further,the credibility of India’s official data has also come under strain following leak of the draft Household Consumer Expenditure report, which showed… Continue reading National Policy on Statistics set to be unveiled soon
Explained: Bill to set up a unified Authority to regulate financial products
News:The International Financial Services Centres Authority Bill,2019 is likely to be tabled in the Parliament. Facts: About IFSC: International Financial Services Centres(IFSC) is a jurisdiction that provides financial services to resident and non-resident Indians in foreign currencies. They are intended to provide Indian corporates with easier access to global financial markets, and to complement and… Continue reading Explained: Bill to set up a unified Authority to regulate financial products
After Mallya, Nirav Modi: Who is a ‘fugitive economic offender’?
News:Recently,the special Prevention of Money Laundering Act (PMLA) court has declared Nirav Modi as a fugitive economic offender (FEO) under Fugitive Economic Offenders Act,2018. Facts: About Fugitive Economic Offenders Act,2018: Indian Parliament had passed the Fugitive Economic Offenders Act in 2018. The act seeks to confiscate properties and assets of economic offenders that evade prosecution… Continue reading After Mallya, Nirav Modi: Who is a ‘fugitive economic offender’?
