News: The Reserve Bank of India (RBI) decided to will align its financial accounting year with that of the central government’s fiscal year with effect from 2020-21 Facts: Fiscal year: It is used in government accounting, which varies between countries, and for budget purposes. In India, the government’s financial year runs from 1 April to… Continue reading RBI Syncs Financial Year with the Fiscal Year
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.
India becomes 5th largest economy, overtakes UK, France:Report
News:According to a US-based think tank World Population Review,India has emerged as the world’s fifth largest economy by overtaking the UK and France in 2019. Facts: Key takeaways from the report: India’s economy is the fifth largest in the world with a GDP of $2.94 trillion. In purchasing power parity(PPP) terms, India’s GDP (PPP) is… Continue reading India becomes 5th largest economy, overtakes UK, France:Report
Moody’s slashes India’s 2020 growth projection
News:Moody’s Investor Service has released its Global Macro Outlook Report. Facts: Key takeaways from the report: Revised India’s growth forecasts to 5.4% for 2020 and 5.8% for 2021, down from previous projections of 6.6% and 6.7% respectively. India’s key to stronger economic momentum would be revival of domestic demand and resumption of credit growth. It… Continue reading Moody’s slashes India’s 2020 growth projection
MCA rolls out web form SPICe+ for incorporation of companies
News:The Ministry of Corporate Affairs(MCA) has launched a new web form called SPICe+ for incorporation of companies. Facts: About SPICe+: SPICe+ (Simplified Proforma for Incorporating a Company Electronically plus) is an integrated web form offering multiple services related to Company incorporation such as mandatory issue of PAN, Opening of Bank Account, allotment of GSTIN among… Continue reading MCA rolls out web form SPICe+ for incorporation of companies
Maharashtra loses top slot as attractive investment destination to Andhra in FY’19: RBI study
News: Reserve Bank of India has released the data on the top attractive investment destination states. Facts: Key Highlights from the study: In 2018-19,Andhra Pradesh accounted for the highest share in total cost of projects sanctioned by banks and financial institutions. It was followed by Tamil Nadu, Maharashtra, Gujarat, Telangana , Rajasthan and Uttar Pradesh.… Continue reading Maharashtra loses top slot as attractive investment destination to Andhra in FY’19: RBI study
Debts Recovery Tribunals(DRT)
News:Recently,the Union Cabinet has given its nod for amendment of the Direct Tax Vivad se Vishwas Bill, 2020 so that its scope can be widened to cover litigation pending in various debt recovery tribunals(DRTs). Facts: About Debt Recovery Tribunals(DRT): Debt Recovery Tribunals have been established following the passing of the Recovery of Debts due to… Continue reading Debts Recovery Tribunals(DRT)
New Umbrella entity for retail payment systems
News:The Reserve Bank of India(RBI) has released a draft framework for authorisation of a pan-India New Umbrella Entity(NUE) for Retail Payment Systems. Facts: About New Umbrella Entity(NUE): The new pan-India new umbrella entity(NUE) or entities will focus on retail payment systems with a minimum paid-up capital of Rs 500 crore. They may be a ‘for-profit’… Continue reading New Umbrella entity for retail payment systems
Union Cabinet clears Bill to regulate pesticide business
News: The Union Cabinet has approved the Pesticides Management Bill, 2020. It seeks to replace the existing Insecticides Act of 1968 Facts: About Pesticides Management Bill, 2020 Aim: To protect the interest of farmers and ensure they get safe and effective pesticides. Key Features: Farmers would be empowered to get all information regarding the available… Continue reading Union Cabinet clears Bill to regulate pesticide business
RBI issues notification on CRR leeway for new retail, MSME loans
News:RBI has exempted banks from maintaining cash reserve ratio(CRR) for loans to retail and micro, small and medium enterprises for five years if these loans are extended between January 31 and July 31,2020. Facts: About CRR: The Cash Reserve Ratio refers to a certain percentage of total deposits the commercial banks are required to maintain… Continue reading RBI issues notification on CRR leeway for new retail, MSME loans
RBI to release Digital Payment Index by July 2020
News:The Reserve Bank of India announced that it will create a Digital Payment Index by July 2020. Facts: About the Index: Aim:To capture the extent of digitization of monetary payments in the country. The index will have a classification of urban, semi-urban and rural geographies to analyze the kind of digital payments that are gaining… Continue reading RBI to release Digital Payment Index by July 2020
