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.

EPFO contributions reduced; gains in take home, employee cost

News:The Finance minister has provided relaxation to all private sector companies by reducing the statutory PF contribution of both employer and employee from 12% to 10% for the next three months. Facts: Employees’ Provident Fund(EPF) Scheme: Employees Provident Fund (EPF): It is a retirement benefit scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act,… Continue reading EPFO contributions reduced; gains in take home, employee cost

MSME Ministry launches CHAMPIONS portal

News:Ministry of Micro, Small and Medium Enterprises(MSME) has launched CHAMPIONS portal. Facts: CHAMPIONS stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength. It is a technology driven portal which aims to assist Indian MSMEs to enter into the big league as national and global champions by solving their… Continue reading MSME Ministry launches CHAMPIONS portal

₹20 lakh crore package for “self-reliant” India

News:Prime Minister has announced a special economic package worth 20 lakh crore rupees for an ‘Atma-Nirbhar Bharat’ or self-reliant India. Facts: Aim: To make India self-reliant (Atma-Nirbhar) by promoting business, attracting investment, cutting down import dependence and by strengthening Make in India. The package includes earlier announcements made by the RBI and the government which… Continue reading ₹20 lakh crore package for “self-reliant” India

Jobless rate drops as govt lifts some curbs on economic activity

News:According to the Centre for Monitoring Indian Economy(CMIE), India’s unemployment rate has dropped to 23.97% as the government has lifted some curbs on economic activity. Facts: Unemployment: It is a phenomenon that occurs when a person who is capable of working and is actively searching for the work is unable to find work. The most… Continue reading Jobless rate drops as govt lifts some curbs on economic activity

China tests state-run digital currency in 4 cities amid pandemic

News:China has started testing its digital currency named e- RMB in four major Chinese cities. Facts: e-RMB is set to be the first digital currency operated by a major economy. People’s Bank of China (PBOC), the country’s central bank will be the sole issuer of the digital currency. This is part of China’s Digital Currency… Continue reading China tests state-run digital currency in 4 cities amid pandemic

CAIT to launch national e-commerce marketplace ‘bharatmarket’ for retail traders

News:Confederation of All India Traders(CAIT) has announced to launch the national e-commerce marketplace “Bharat Market”. Facts: Bharat Marketplace:It will be an e-commerce portal that aims to bring retailers on a single platform to provide end-to-end services in the logistics and supply chains from manufacturers to end consumers including deliveries at home. This initiative also has… Continue reading CAIT to launch national e-commerce marketplace ‘bharatmarket’ for retail traders

Kovilpatti Kadalai Mittai and Kashmir saffron gets GI tag

News:Geographical Indication Registry of India has accorded Geographical Indication(GI) tag to Kovilpatti Kadalai Mittai and Kashmir saffron. Facts: Kovilpatti Kadalai Mittai: It is peanut candy made in southern parts of Tamil Nadu.The candy is prepared from groundnut and jaggery. Uniqueness: a) Water is exclusively used from the river Thamirabarani and b) Production process is done… Continue reading Kovilpatti Kadalai Mittai and Kashmir saffron gets GI tag

1.6 billion at the risk of losing jobs, warns ILO

News:According to the International Labour Organization(ILO) report, nearly half of the global workforce is at risk of losing livelihoods due to COVID-19. Facts: International Labour Organization(ILO): Established in: 1919  Aim: To promote social and economic justice through setting up of international labour standards. Members: 187 member states Headquarters: Geneva, Switzerland Significance: It is the first… Continue reading 1.6 billion at the risk of losing jobs, warns ILO

GI tag to Manipur black rice, Gorakhpur terracotta

News:Geographical Indication Registry of India has accorded Geographical Indication(GI) tag to Manipur Black Rice and Gorakhpur Terracotta. Facts: Manipur Black Rice: Black rice locally known as chakhao is grown in the plains and hills of Manipur.It owes its colour to natural black pigments called anthocyanins. It is normally eaten during community feasts and is served… Continue reading GI tag to Manipur black rice, Gorakhpur terracotta

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