News:The GST Council has written to states telling them that the GST and compensation cess collections are unlikely to be met this year. Facts: About GST Compensation Cess: A cess is a tax that is levied by the government to raise funds for a specific purpose. As part of the GST reforms, the GST Compensation… Continue reading GST Council rings first alarm bells on revenue
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.
To track economic offenders, India to collate e-database
News:The Central Government is preparing a comprehensive database of economic offenders called the National Economic Offence Records(NEOR). Facts: About National Economic Offence Records(NEOR): The National Economic Offence Records(NEOR) will be a web portal that will disseminate information to grassroots level officers of enforcement and investigating agencies. The database will help in coordinated actions by multiple… Continue reading To track economic offenders, India to collate e-database
Gross Domestic Product growth falls to 4.5% in Q2 of 2019-20
News:According to data released by the Central Statistics Office (CSO),India’s Gross Domestic Product(GDP) growth has fallen to 4.5% for the second quarter (July-September) of the year 2019-20. Facts: About the slowdown in GDP growth rate: The GDP growth rate has slowed down for the sixth consecutive quarter at 4.5% from 5% in the preceding quarter.… Continue reading Gross Domestic Product growth falls to 4.5% in Q2 of 2019-20
Cabinet approves Double Taxation Avoidance Agreement between India-Chile
News:Union Cabinet has approved the signing of Double Taxation Avoidance Agreement (DTAA) and Protocol between India and the Republic of Chile. Facts: About Double Taxation Avoidance Agreement(DTAA): Double Tax Avoidance Agreements(DTAAs) is a tax treaty signed between two or more countries. The objective of DTAA is that tax-payers in these countries can avoid being taxed… Continue reading Cabinet approves Double Taxation Avoidance Agreement between India-Chile
Boosting Textile Industry Through Technology Upgradation
News:Union Minister of Textiles has informed Rajya Sabha about the Amended Technology Upgradation Fund Scheme(ATUFS). Facts: About Amended Technology Upgradation Fund Scheme(ATUFS): The Technology Upgradation Fund Scheme was introduced by the Government of India in 1999. It’s objective was to facilitate new and appropriate technology for making the textile industry globally competitive and to reduce… Continue reading Boosting Textile Industry Through Technology Upgradation
RBI revises framework on currency swap arrangement for SAARC countries
News:The Reserve Bank has said that it has put in place a revised framework on currency swap arrangement for SAARC countries for 2019-2022. Facts: About currency swap arrangement: A currency swap between countries is an agreement to exchange currencies with predetermined terms and conditions. The countries engage in currency swaps with foreign counterparts to meet… Continue reading RBI revises framework on currency swap arrangement for SAARC countries
Govt. extends 15th finance panel term
News:The Union Cabinet has approved the extension of the term of the 15th Finance Commission setting 30th October,2020 as the new deadline. Facts: About Finance Commission: The Finance Commission is constituted by the President under Article 280 of the Constitution mainly to give its recommendations on distribution of tax revenues between the Union and the… Continue reading Govt. extends 15th finance panel term
Infra spending by States must rise: Crisil
News:The Credit rating agency CRISIL has released its Infrastructure Yearbook 2019. Facts: Key takeaways from the Yearbook: CRISIL has said that states need to scale up investments to Rs 110 lakh crore over the next decade to achieve India’s massive infrastructure targets. The country-wide infrastructure spending required will be Rs 235 lakh crore over the… Continue reading Infra spending by States must rise: Crisil
Reserve Bank flags rising bad assets from Mudra loans
News:The Reserve Bank of India (RBI) has expressed concern over rising bad loans from Pradhan Mantri MUDRA Yojana(PMMY). Facts: About Rising Bad loans in MUDRA Yojana: The RBI Deputy Governor said that MUDRA was launched with the objective of lifting many beneficiaries out of poverty. However,there have been concerns at the growing level of non-performing… Continue reading Reserve Bank flags rising bad assets from Mudra loans
Explained:Nomura’s Food Vulnerability Index(NFVI)
News:According to a report by Nomura Global Market Research, India is ranked 44 out of 110 countries in Nomura’s Food Vulnerability Index. Facts: About Nomura’s Food Vulnerability Index: Nomura is a financial services group with an integrated global network spanning over 30 countries.It is headquartered in Japan. Nomura’s Food Vulnerability Index(NFVI) ranks countries on the… Continue reading Explained:Nomura’s Food Vulnerability Index(NFVI)
